Definition
A financing round raised at the same valuation as the previous round, suggesting a company has neither advanced nor declined—essentially treading water while burning cash. More diplomatically acceptable than a down round but almost as concerning to investors.
Example Usage
We raised $10M in a flat round at our Series A valuation, which at least avoided anti-dilution triggers but signaled stagnation.
Origin
Venture capital financing terminology emerging alongside down round terminology
Fun Fact
Flat rounds are sometimes structured as down rounds with nominal increases (like 5% up) to avoid triggering anti-dilution provisions on technicalities.
Source: Venture capital financing terminology
Related Terms
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See “flat round” in Corporate Speak, Gen-Z Slang, Pirate Speak, and more.
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