Series D

A late-stage round that funds further expansion, often preceding an IPO by 1-2 years.

Definition

Series D and beyond are raised by mature startups that need additional capital for large-scale expansion, acquisitions, or to extend runway before going public. These rounds can range from $50M to several hundred million dollars. Companies raising a Series D are typically valued at $500M or more and are actively considering IPO timing.

Why it matters

If your company raises a Series D, an exit event is likely getting closer. This is also when secondary sale opportunities may become available, letting you sell some shares before the IPO.

Example

A cloud company valued at $2B raises a $150M Series D from Tiger Global and T. Rowe Price. It plans to IPO within 12 months and offers employees a secondary sale opportunity.

Related terms

Series C

A later-stage round, typically $30M-$100M+, to expand into new markets or prepare for IPO.

Late Stage

Companies that have raised Series C or later and are approaching IPO or acquisition readiness.

Initial Public Offering (IPO)

When a private company first sells shares to the public on a stock exchange.

Secondary Sale

Selling your private company shares to another investor, providing liquidity before an exit.

Tender Offer

A company-organized opportunity for employees to sell some of their vested shares to a buyer.

Growth Equity

Investment in established, profitable or near-profitable companies to accelerate scaling.

More from Funding Rounds

This definition is an educational summary. It is not legal, tax, or investment advice. Specific terms in your equity grant or company documents may differ.