"Financing round" (also known as capital round, investment round or cash round) is a step or series of steps a company takes to raise outside capital. The time between funding rounds varies and depends on how long it takes a company to achieve certain goals or milestones, often leading to an increase in the value of the company. As a company develops and the risk to investors decreases, larger amounts can usually be "raised" in later rounds of financing.

During each financing round, terms are renegotiated, with investors given specific rights linked to the shares. Shares from different funding rounds are usually named with Series A, Series B, and so on. In practice, investors will usually seek more favorable or at least equivalent terms as in earlier rounds.