How Much Runway Do You Need Before Series A?
Timing your Series A raise is critical. Start too early and you'll waste months on a process you're not ready for. Start too late and you'll negotiate from desperation. Here's how to get the timing right.
The Key Number
Start your Series A process with 9-12 months of runway remaining. This gives you enough time to run a proper process without desperation.
Every founder asks this question: "When should I start raising my Series A?" The answer depends on understanding how long fundraising actually takes and how your runway affects your negotiating position.
In our experience as fractional CFOs, we've seen too many founders start too late and end up in difficult positions. Let's make sure that doesn't happen to you.
The Quick Answer
The Rule of Thumb
9-12
Months of runway to start
3-6
Months for the process
6+
Months remaining at close
Why these numbers? Because a typical Series A fundraise takes 3-6 months from first meeting to money in the bank. You want to close with enough runway remaining that you never felt desperate during negotiations.
Understanding the Series A Timeline
Most founders underestimate how long Series A takes. Let's break down the reality:
Typical Series A Timeline
Preparation
Update deck, finalize metrics, build target list, get warm intros
First Meetings & Follow-ups
Initial pitches, partner meetings, diligence calls, data room access
Deep Diligence & Terms
Reference calls, customer interviews, term sheet negotiation
Legal & Closing
Legal docs, final diligence, board formation, wire transfer
Total: 4-5 months in a good scenario. Can stretch to 6+ months if you need to course-correct or expand your search.
What Can Go Wrong
The timeline above assumes things go smoothly. But things rarely go smoothly:
- No traction with first batch of investors – Need to expand list, iterate on pitch
- Market conditions shift – Investors slow down decision-making
- Key metric drops – Have to pause and rebuild momentum
- Holiday seasons – Thanksgiving through New Year is often dead time
- Partner departures or fund dynamics – Delays at the VC firm
This is why we recommend starting with 9-12 months of runway, not 6. Buffer time is your friend.
When to Start Your Series A Process
Beyond runway, you also need to be ready for Series A. Starting a process you're not prepared for wastes time and burns relationships.
You're Ready to Start When...
- ✓You have 9-12 months of runway – Enough cushion for a full process
- ✓You've found product-market fit signals – Retention, engagement, or willingness to pay
- ✓You have clear metrics – Know your ARR/MRR, growth rate, retention, CAC/LTV
- ✓You can articulate your next phase – Clear plan for how you'll deploy Series A capital
- ✓You can commit 30-50% of your time – Fundraising is a major time investment
Series A Readiness Checklist
Before starting your process, make sure you have these elements in place:
Metrics & Financials
- • Clean financial statements (last 12+ months)
- • Revenue metrics (ARR, MRR, growth rate)
- • Unit economics (CAC, LTV, payback period)
- • Retention/churn data
- • Burn rate and runway calculation
- • Financial projections (18-24 months)
Pitch Materials
- • Compelling pitch deck (10-15 slides)
- • Executive summary / memo
- • Data room (organized documentation)
- • Customer references lined up
- • Team bios and org chart
- • Cap table summary
Different Runway Scenarios
What if you're not in the ideal 9-12 month window? Here's how to handle different runway situations:
Comfortable Position
You have time to be strategic. Focus on hitting milestones that will make your raise easier.
What to do:
- • Build relationships with target investors (coffee, not pitching)
- • Focus on metrics that matter for Series A
- • Prepare your data room in advance
- • Be selective about when you formally "launch" the process
Urgent but Manageable
You need to start now. If you're ready, launch the process. If not, consider extending runway while preparing.
What to do:
- • Start fundraising prep immediately
- • Begin reaching out to investors this month
- • Consider runway extension in parallel
- • Have a backup plan (bridge round from existing investors)
Danger Zone
You're in a tough spot. Series A in this timeframe is very difficult unless you have exceptional traction.
What to do:
- • Priority 1: Extend runway aggressively
- • Talk to existing investors about a bridge round
- • Be realistic—you may need to take a down round or bridge
- • If Series A isn't viable, focus on path to profitability
Raising From a Position of Strength
The best fundraises happen when you don't desperately need the money. Here's how runway affects your negotiating position:
| Your Position | Investor Perception | Likely Outcome |
|---|---|---|
| Strong 12+ months runway, growing fast | "They're raising because they want to accelerate, not because they have to" | Better terms, competitive process |
| Neutral 6-9 months runway, steady growth | "Normal fundraising timeline, let's evaluate the business" | Market terms, standard process |
| Weak <6 months runway | "They're running out of money—we can wait or push for better terms" | Worse terms, slow process, higher risk |
Pro Tip: Never Show Desperation
Even if runway is tight, don't lead with it. Focus conversations on your traction, vision, and why now is the right time to accelerate. Sophisticated investors will figure out your runway situation anyway, but leading with strength matters.
Common Timing Mistakes
Mistake #1: Starting Too Late
The most common mistake. Founders think they can close in 2-3 months. The reality is 4-6 months minimum, often longer.
Mistake #2: Starting Before You're Ready
Pitching with weak metrics burns investor relationships. You often only get one shot with a particular partner.
Mistake #3: Not Building Relationships Early
The best time to meet investors is when you're not raising. Start building relationships 6-12 months before you need to raise.
Mistake #4: Ignoring Seasonality
December and August are dead months. Factor in holidays and summer vacations when planning your timeline.
Key Takeaways
- 1Start your Series A process with 9-12 months of runway
- 2Budget 4-6 months for the fundraising process
- 3Make sure you're actually ready before starting (metrics, materials, PMF signals)
- 4If you're under 6 months, focus on extending runway first
- 5Build investor relationships before you need them
Preparing for Your Series A?
Eagle Rock CFO helps seed-stage startups prepare for Series A with clean financials, clear metrics, and investor-ready materials. Get your financial house in order before you start fundraising.
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