It says: - they want to hire more senior managers - they want to open offices outside the US (and maybe sales ppl) - they want to hire more engineers to work

It says: - they want to hire more senior managers - they want to open offices outside the US (and maybe sales ppl) - they want to hire more engineers to work on the product I don't specifically know why they raised, but often it's because, although revenue is growing, so is spending. So if you make (say) $30M per year, that's great, but you're probably spending $30-35M per year. So money in the bank (from all previous rounds) is usually less than a year's worth of revenue/spending. That's not so safe, come an economic downturn (or your growth flatlines), you're caught with your pants down. (Note that this actually assumes a fairly successful startup with revenue in the same ballpark as spending.) So companies raise more money for protection. It makes sense for them if they're growing, because they can get it for "cheap". Cheap means they can sell the VCs on future growth (high valuation), so they have to give up a relatively low % of the company in return for the safety net of having money in the bank.