First of all, the ABCDEFG round of financing does not mean that the more the better. If a company does not have enough money for Series A financing, it will have Series B and Series C. Therefore, listing and financing are not directly related.

A seed round usually involves nothing but a founder and an idea.

Seed rounds generally range from RMB 500,000 to RMB 1 million, making it difficult for institutions to get involved. Generally, individual angels and incubator foundations focus on this area.

Angel rounds are generally when the core team has basically taken shape, the project has a direction, and there may be a product prototype, and the financing amount is usually a few million yuan.

Zhenge, Xianfeng, Meihua, including institutions like our Qingrui, will focus on this area.

PreA round is a new concept created due to the cold winter of capital. It is between angel and A. The financing amount is generally 5-15 million yuan. The institutions participating in PreA are similar to the above-mentioned angel institutions. Our Qingrui has half of the projects.

This stage of investment.

Some US dollar funds with relatively small amounts of money will also invest in this stage, such as Gobi, Sinovation Ventures, etc.

Round A generally has products and sufficient data, and the business model has been verified.

The amount is mostly RMB 20-30 million.

Most general US dollar funds currently on the market that do a lot of PR focus on this field, such as Matrix Partners, Jinshajiang, Morningside, Northern Lights and the newly established Source Code.

Round B has a relatively mature business model, data, and generally sustained revenue. Such projects are generally the leader in a niche field - a similar model.

Financing amounts range from 50 million to hundreds of millions of yuan.

Generally, the above-mentioned VCs who invest in Series A will also invest in Series B.

Rich VCs, such as Sequoia and GGV, generally tend to intervene at this stage.

Rounds C and D generally use money for continuous expansion, including another competitor burning each other's money.

For the same model in the same segment, it is generally impossible for a third company to obtain financing after Series C, only two at most.

In addition, some companies that have achieved better income or even break even after Series B do not necessarily need new financing from Series C and beyond.

Series C and D rounds are generally in the hundreds of millions of RMB.