The number of rounds to get to IPO

Sammy Abdullah
2 min readJan 13, 2022

How many rounds has it taken the latest crop of tech companies to go public? Below is the data from the last 49 SaaS IPOs.

Software. On median, publicly traded software companies raised through their Series E before going public. Note that Palantir went all the way through their Series K. Other companies like Datto did zero rounds because they were private equity owned.

Consumer Focused Tech. The number of SaaS IPOs is far greater than consumer focused tech, but we do have the data on 10 IPOs. The rang is wide as Doximity raised only through the Series C while Duolingo went to a Series H. Others like Bumble had no rounds because they were largely owned by private equity at the time of going public.

Notably, the data does not show whether there were multiple occurrences of the same round (for instance B, B1, B2) or bridge rounds, but both are unlikely since these companies all were successful enough to go public. Overall, to get to the promised land, it’s likely going to take some serious fundraising so make sure your capital formation strategy and use of capital is well planned and efficient. Only take the capital you need.

Visit us at and email me directly at All founders and funds welcome! We invest in companies with run rate revenue of $2mm to $30mm, with year over year growth of 20% to 50%+ depending on revenue. We lead or follow in growth rounds and special situations like inside rounds, small rounds, rushed rounds, corralling investors with our term sheet, bridges, inbetweeners, cap table clean up, and extensions. We can commit in 3 weeks and our check is $1mm to $3mm. Also visit for always updated SaaS metrics.