If your business has developed some key performance indicators you may consider opting for Series A funding. For any startups not requiring FDA you will need the following:
- A product with revenue- preferably, this revenue should be above $500K/year.
- A growth plan- this plan should be designed to reach $10M annual revenue.
- A strong team- for the best results, make sure the team has growth company experience.
- A credible funding plan- make sure the funding plan aims to maintain growth with reasonable burn rates.
- Updated financial pro forma- this should show growth plan and use of funds.
- Pitch deck- it’s important that you have a pitch deck showing your growth plan.
Keep in mind that if you are aiming for a target valuation you may have to raise a Seed+ round of $500K to position the company with the proper KPIs and growth rates before pursuing the Series A.