By the end of 2023, according to the inquiries of enterprises, the purpose of the D round of financing is to further expand market share, develop new projects or conduct mergers and acquisitions. In some cases, the D round of financing is to prepare for listing, but it does not mean that all companies in the D round and above have already listed.
The D round of financing occurs when the company has completed the previous rounds of financing (such as Angel Round, A Round, B Round and C Round) and achieved certain results.