Up Round

Also called Flat Round

A round raised at a higher valuation than the previous one, the outcome every founder wants. A flat round holds the valuation steady.

Why it matters

An up round rewards the progress since the last raise and dilutes everyone less for the same money. Stringing together up rounds is how a cap table stays healthy over a company's life.

For example

After a strong year, a startup raises its Series B at a 400 crore valuation, up from the 150 crore Series A, rewarding everyone who held on.

Related terms

Down Round Pre-Money Valuation Dilution

Go deeper

See how founders actually handle this on Raising your first round, part of the Starting Up hub.

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