What this teaches
Gil maps what each round is actually evaluated on: seed buys the team and idea, A buys early product signal, B buys proof the machine works, C buys scaling economics, with implications for what to emphasize at each.
Why it matters
From the author of the High Growth Handbook; a compact map most first-time founders lack.
Key lessons
- Each round has a distinct dominant question; answer that one, not last round's
- Raising on the next round's criteria too early reads as unfocused
- Investor composition should evolve with stage
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