First, Seed and Angel Wheel, as the name implies, are very early companies, which may be just an idea and have not actually gone out. At this time, VC institutions (venture capital) will generally look at the background and vision of entrepreneurs and make angel wheel valuation.
Second, Round A and Round A are also startups. Many qualified and well-connected people got the angel wheel through themselves or the founding team. When they actually got the money from VC, it was round A. The company of Round A is characterized by its prototype products, which can be brought to the market to face users, but it has little or no income. Similar companies, such as Xiaomi and Ping An Good Doctor, all have products and got the A round, but the company still has no profit; At this time, investors still pay more attention to the qualification background of entrepreneurs, as well as market prospects and company vision.
Third, the company in Round B is relatively mature and its profit model is clear. But if the profit is actually less, VC institutions will pay more attention to its business model, application scenarios and future coverage.
Fourth, after the C round, you will generally see the company's profitability. If the company has a good market prospect, such as Didi, because of its wide coverage, wide application scenarios and high market share, even if it is not profitable, there will be a bunch of VC institutions rushing to invest. Generally speaking, companies in Series C and beyond will have a much greater chance of survival.