The next round of equity financing after the Seed Round is a Series A. Generally, a startup has demonstrated product-market fit and has some traction in the form of user growth and/or revenue. The Series A funding is about trying to scale the product and the team to take the company to the next level.
There are many macro-economic and company-specific variables, but a Series A typically raises between $10 million and $20 million. The investor base is usually professional venture capital (VC) firms, though a few strategic angels may be involved.
Most Series A rounds in the United States are based on the model National Venture