Venture Capital Deal Classification

Overview

VC investment classification uses a multi-factor approach combining company age, funding series, investor composition, and round size to categorize deals into distinct stages. This methodology applies to equity investments in startup companies from external sources.

Pre-Seed Classification

Pre-seed encompasses emergent startups receiving first institutional check. For US/Europe: financing for company founded <2 years ago without prior institutional support. Angel deals may be reclassified based on institutional investor participation history.

Seed Classification

Classified as seed if: (a) explicitly labeled via reliable source, or (b) via Form D when company has no prior VC rounds, no VC board members, and round is $1M-$10M. Pre-seed and pre-Series A deals built as seed when company lacks prior VC backing.

Early Stage

Company must be founded <5 years before deal date. If series specified, must be Series A or B. Companies meeting age criteria without specified series are classified based on additional factors.

Late Stage

Company must be 5+ years old regardless of series. Alternatively, Series C or later regardless of age. This captures mature companies still in private markets raising significant capital.

Venture Growth

Generally Series E or later. Classified by stock series issued or, if unavailable, by company age, number of VC rounds, company status, and participating investors.

Data Definitions