List of Funded Series B Startups For 2025

Series B funding is typically the third institutional investment round that startups raise after proving product-market fit in Series A. At this stage, companies have validated their business model and are focused on scaling operations, expanding market reach, and building the infrastructure needed for sustainable growth. Series B rounds typically range from $20 million to $60 million and come from institutional venture capital firms.

Most Series B investors expect companies to have between $5 million and $10 million in annual recurring revenue (ARR), though requirements vary by industry and growth rate. More important than absolute revenue is demonstrating consistent growth (typically 15-20% monthly), strong unit economics, and a clear path to profitability. SaaS companies should also show solid metrics like net revenue retention above 100%.

Series A funding focuses on proving your business model works and achieving product-market fit, typically raising $2-15 million. Series B is about scaling that proven model, usually raising $15-60 million or more. Series A investors evaluate potential and vision, while Series B investors want hard data on growth rates, operational efficiency, and unit economics. The team expectations also evolve from scrappy early-stage to mature organization with specialized leadership.

The fundraising process typically takes 3-6 months from initial investor meetings to closing. However, founders should prepare 9-12 months ahead by fixing inefficiencies, hiring experienced executives, and documenting repeatable processes. Most successful raises involve building relationships with potential investors 6-9 months before you need the capital, sharing quarterly updates so investors can track your progress.

Series B investors focus on proven business fundamentals including strong revenue growth, positive unit economics, customer retention metrics, and efficient capital deployment from previous rounds. They want to see that your growth isn’t dependent solely on the founding team’s hustle but is driven by repeatable, scalable processes. Key metrics include burn multiple, customer acquisition cost versus lifetime value, gross margin expansion, and evidence of a path to profitability.

Startups should consider raising Series B when they’ve achieved significant revenue milestones ($5-10M ARR), proven they can efficiently acquire and retain customers, built a scalable go-to-market motion, and need capital to accelerate expansion into new markets or verticals. Most investors recommend raising 18 months of runway, giving you 12 months to hit growth metrics and 6 months to raise another round if needed.

The current Series B landscape shows strong investment in artificial intelligence and B2B software, biotechnology and healthcare innovation, fintech and financial services, and climate tech and renewable energy solutions. AI-powered enterprise tools are particularly hot, with companies like LangChain ($125M) and Modal Labs ($87M) raising substantial rounds. Healthcare and biotech continue attracting major capital, reflecting investor confidence in life sciences innovation.

After closing a Series B round, startups typically focus on aggressive market expansion, building out leadership teams with experienced executives, investing heavily in sales and marketing to capture market share, and developing additional products or features to increase customer value. Successful execution of the Series B plan positions companies for Series C funding (typically 18-24 months later), which focuses on scaling internationally, achieving market leadership, or building toward profitability and potential IPO.