Mixed
A mixed round — some signals are off the norm.
Round size vs peers
Larger than the typical Series D round (3.9×).
Syndicate size
Party round (10 investors) — diffuse ownership and signal.
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 D rounds (1,000)
Round size distribution90th pct
smaller Series D roundslarger
Post-money valuation64th pct
$65Mthis round: $2B$6B
