Valuation at Series C is no longer based on potential alone. Investors expect valuations to be grounded in financial performance, market positioning and credible growth projections.

While there is still room for forward-looking assumptions, these must be supported by historical data and market evidence.

Series C valuations are often influenced by macroeconomic conditions, sector trends and investor sentiment.

As such, founders must be prepared to justify valuation expectations using multiple methodologies and to explain how their business compares to peers in the market.