Don't dwell on the letter of the round. Some companies raise 10M in Series E because they don't require as much capital. Others raise more in Series A because t

Don't dwell on the letter of the round. Some companies raise 10M in Series E because they don't require as much capital. Others raise more in Series A because they do. Telecom is a capital intensive industry, which is why startups need to raise such large amounts of money. This is also why Twilio needed so much money (>$200mm) though they did take it in later rounds. Venture and Growth Investors are only looking for $1 billion plus exits, so the $100M breakeven doesn't bother them. Instead, they ask, "What's a new telecom company going to be valued at?" and "What are the chances this can get there?" and "What will our ownership be then?". They multiply the three #s, and then do some discounting.