(1) Angel Wheel: Very early, maybe it's just an idea, nothing, even the company is not registered. At this time, the investors who invest are called angel investors.
If you don't take the money invested by angels, the company has been operating for a while and the products have come out, but the company is still relatively weak. At this time, investment is still called angel wheel.
(2) Round A: The prototype of the product has begun to appear, but it is still relatively weak, and it may not be profitable and has not formed its own hematopoietic function. At this time, the risk of the enterprise is still relatively large, and the investors who invest are generally called venture capitalists (VC); Some entertainment enterprises started with the founder's own money, without angel investment or external financing. By the time he raised funds, he had already made a profit of tens of millions or even tens of millions. At this time, I think the first financing is also round A. At this time, round A means more rounds.
(3) Round B: The company is relatively mature, the model is relatively clear, and more funds are needed for replication. At this time, investors will either continue to be venture capitalists or PE funds will start to come in.
The meaning of PE fund is not elaborated, and it is directly understood that PE fund is a fund that invests in more mature enterprises.
The difference between PE fund and venture capital is that venture capital is earlier, its valuation is lower at that time, and it is willing to take greater risks to obtain higher returns; In the later period of PE fund investment, the valuation is often higher. They prefer to invest in more mature enterprises at higher cost and reduce investment risks.
(4) Round C: The company model is very mature. At this time, enterprises often have scale profits. At this time, the investment base is mainly PE funds.