Can you have multiple closings in a Series A financing?
Takeaway: Yes, it is possible—and quite common—to have multiple closings in a Series A. But all closings are almost always on the exact same terms as the first closing, and they typically must occur within 90–180 days of that initial closing.
In a seed round raised on SAFEs or convertible notes, multiple “rolling” closings are the norm. As founders move into their first priced round, it’s natural to ask if the same flexibility applies. The answer is yes—but with important differences.
How Multiple Closings Work in Series A
A Series A is structured around a detailed set of financing documents, negotiated primarily with a lead investor. Once those documents are signed and the first closing occurs, additional investors can often join later—but only on the same price and same terms as the initial investors. This ensures fairness and consistency across the round.
Most financing documents specify a window of time—commonly 90 to 180 days after the first closing—during which subsequent closings may occur. After that period, the round is considered closed, and any new investors would require separate negotiations.
Why It’s Done This Way
Flexibility for Investors: Smaller or strategic investors sometimes need more time to complete diligence or secure internal approvals. The multiple-closing structure gives them a path to participate without delaying the lead closing.
Administrative Simplicity: By locking in the terms at the first closing, the company avoids having to renegotiate economics or governance with each additional investor.
Market Standard: This approach is widely accepted in venture practice and provides predictability for all parties involved.
The Key Distinction from Seed Rounds
While Series A rounds can have multiple closings, they are not truly “rolling” in the way seed SAFEs or notes are. In a Series A, the terms are set in stone at the first closing, and later investors must join under those identical terms and within a relatively short period.
Disclaimer: This post is for general informational purposes only and does not constitute legal, tax, or financial advice. Reading or relying on this content does not create an attorney–client relationship. Every startup’s situation is unique, and you should consult qualified legal or tax professionals before making decisions that may affect your business.