What is a Series A round?

The Series A is usually a company's first large priced round, led by a firm that takes a board seat and prices the equity. It funds scaling something that demonstrably works — investors underwrite early product-market fit and a believable path to an order of magnitude more.

The seed-to-A transition is the hardest graduation in venture: A investors are milestone-driven, and the bar (revenue, growth rate, retention) moves with market cycles. The round converts outstanding SAFEs and notes, making dilution from the whole early stack visible at once.