Flat Series Round

Definition

A funding round where the valuation is identical to (or extremely close to) the previous round's valuation, which founders desperately pretend is actually good news.

Example Usage

We did a flat Series B at the same $100M valuation as our Series A, which everyone diplomatically called 'market validation' rather than 'we failed to grow enough to justify higher valuation.'

Origin

Venture capital terminology, popularized in down-market cycles

Fun Fact

A flat round is slightly better than a down round but generally signals that growth isn't meeting investor expectations

Source: Venture capital terminology

Related Terms

Advanced

409A valuation

An IRS-mandated appraisal of your company's common stock price, required so employees don't accidentally commit tax fraud when exercising options. It's always mysteriously lower than what you tell investors your company is worth.

🚀 Startup / VC

Intermediate

Defensibility

A venture capitalist's way of asking 'why won't everyone else just copy your idea in six months?' Often answered with 'moat' or 'network effects,' which are sometimes real.

🚀 Startup / VC

Beginner

innovative

The adjective slapped on every product, service, and startup pitch deck to signal 'we're doing something allegedly new.' Something innovative is supposed to be groundbreaking and forward-thinking, though these days it often means 'we added AI to it.' If your company isn't innovative, you're basically admitting you're stuck in 2005 with a flip phone.

🚀 Startup / VC

Beginner

warm intro

An introduction to an investor or customer through a mutual connection, vastly more effective than cold outreach. The difference between your email being read and being instantly deleted by an EA.

🚀 Startup / VC

Beginner

sand hill shuffle

The exhausting process of pitching multiple venture capital firms on Sand Hill Road in Menlo Park, often receiving similar feedback and soft rejections. It's speed dating for capital, and you're getting ghosted.

🚀 Startup / VC

Intermediate

Ramen Profitability

When a startup's revenue covers basic operating expenses (ramen-level salaries), allowing it to survive without external funding.

🚀 Startup / VC

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