Mixed
A mixed round — some signals are off the norm.
Round size vs peers
Far above the typical Series C round (9.6× the median) — an outlier.
Syndicate size
Healthy syndicate of 3 investors.
Insider conviction
All-new money — no prior investors re-upped.
Investor track record
Mostly newer or unproven managers.
Heuristic read of round size vs peers, syndicate size, insider conviction, and investor track record. Not investment advice.
vs. Series C rounds (999)
Round size distribution98th pct
smaller Series C roundslarger
Post-money valuation60th pct
$29Mthis round: $1B$3B
