Gary Schofield is the founder and CEO of the mobile social app developer Ravel Labs. Over the course of his career as an entrepreneur, Gary Schofield has managed a number of successful startups in Silicon Valley.
After securing seed funding to develop a product or service, startup companies typically begin a round of funding known as Series A. The primary goal of Series A funding is to develop a viable business model and identify a true product, which can then be marketed to consumers or enterprises. Once a startup has identified its target user base, it can use Series A funding to reach more users and maximize its user base. Series A funding also enables startup companies to scale their businesses across verticals or geographic regions.
Although there is no set amount for a Series A funding round, the average figure has recently risen to somewhere between $7 million and $15 million. Once a startup has implemented a business model with Series A funding, it can apply for Series B funding to scale the business as a whole.
