It has completed an “A++++ round” of financing. The number of plus signs is so overwhelming. What's going on in the venture capital market?

In the past two or three years, IT Juzi has noticed that in the primary market, more and more startups have disclosed a series of "Series A+" rounds such as A1, A2, A3, A+, A++, A+++, etc. Similarly, "Series B+" financings are also quite common.

In 2024, after Volant, a low-altitude aircraft company, completed a Series A financing worth hundreds of millions of yuan in February, it added four more rounds of financing in the following months, reaching Series A++++.

After Zhipu Robotics, a humanoid robot company, completed its Series A financing the previous year, it added five more rounds of financing and completed its Series A+++++ financing by early August.

In 2025, OuYe Semiconductor, an automotive chip supplier, disclosed Series B1, B2, and B3 financings within a few months. Previously, the company's Series A included Series A1, A2, A3, A4...

Are you dazzled?

Data from IT Juzi shows that this "Plus Round" phenomenon in the Chinese venture capital market is becoming increasingly common, especially Series A+ and Series B+.

If we look at the present from historical data, can we discover a potential pattern and trend?

Note: In this article, Series A+ includes the series of "A+, A++, A1, A2, etc.", and the same applies to Series B+.

According to IT Juzi data, in the past decade, the proportion of domestic Series A+ and Series B+ investment events in the total investment events has been continuously increasing.

Among them, Series A+ not only has the largest number but also shows the most significant increase in proportion.

In 2015, domestic Series A+ events accounted for only 1.21% of the total investment events. Since then, this ratio has been continuously increasing. In 2024, there were 407 Series A+ investment events, accounting for 7.15%. In the first half of 2025, there were 331 domestic Series A+ events, a year-on-year increase of 35%, and its proportion in the total further increased to 8.84%.

In 2015, there were 41 Series B+ investment events, accounting for only 0.39%. In 2024, there were 213 events, accounting for 3.74%. In the first half of 2025, there were 180 domestic Series B+ events, a year-on-year increase of 49%, and its proportion in the total increased to 4.81%.

According to IT Juzi statistics, in the first half of 2025, a total of 571 companies received "Plus Round" investments, involving a total amount of approximately 40.434 billion yuan. Among them, at least 19 companies received "Plus Round" investments twice or more.

OuYe Semiconductor received three Series B+ financings and is the company that disclosed the most "Plus Round" financings in the first half of the year.

In the early stage of entrepreneurship, many companies choose to continue financing in the form of "Series A+" instead of directly moving on to the next round (such as Series B). This phenomenon is essentially the result of the adaptation between the current capital environment and corporate development strategies, and there are multiple practical considerations behind it:

1. Meeting the flexible demand for financing rhythm

When a round of financing (such as Series A) has just been disclosed, if a new investor quickly expresses a strong willingness to participate, the company may choose to include it in the "Plus Round" of the same round.

This operation can not only seize high-quality capital but also avoid being forced to raise the valuation due to starting a new round in the short term. Especially when there has been no significant breakthrough in the business, an excessively high valuation may pose hidden dangers for subsequent financings, while maintaining the original valuation can lower the decision-making threshold for investors.

2. Balancing the relationships of multiple investment entities

If a company receives investments from different local state-owned funds successively, using the "Series A+" form can achieve "the same price in the same round".

This arrangement is not simply about "not offending" anyone. It is based on the importance of local state-owned assets in resource coordination and policy docking. By keeping the valuation consistent, it reflects fairness to all parties, avoids subtle contradictions in cooperation caused by differences in rounds or prices, and lays the foundation for long-term resource integration.

3. A strategic choice to maintain relationships with old shareholders

When early shareholders want to increase their investment because they are optimistic about the project's progress, the "Plus Round" is a solution that takes both sentiment and interests into account. If a new round is launched at this time and the valuation is raised, it may put pressure on old shareholders to make additional investments at a "higher cost". However, the "Plus Round" with the original valuation can meet the old shareholders' need to increase their investment, release confidence to the market through their continuous support, and at the same time consolidate the trust relationship with core investors.

4. Realistic constraints of valuation game and interest balance

Not moving on to the next round is sometimes not the company's subjective intention but rather due to objective conditions that do not support a valuation increase.

The stability of early business data and the uncertainty of the market environment may cause differences in valuation between new and old shareholders.

Choosing the "Plus Round" at this time can complete the capital supplement without causing valuation disputes and at the same time reduce the complex processes such as equity structure adjustment and term negotiation caused by round upgrades. The more financing rounds there are, the more complicated the details such as shareholder rights and exit mechanisms will be. In fact, the "Plus Round" is a practical choice to reduce transaction costs.

In summary, the frequent occurrence of Series A+ is essentially a "flexible strategy" adopted by startups to balance financing efficiency, shareholder relationships, and long-term development space in the fluctuations of the capital cycle. It not only reflects the adaptation to real conditions but also implies a refined control of corporate valuation and development rhythm.

This article is from the WeChat official account "IT Juzi" (ID: itjuzi521), author: Wu Meimei. It is published by 36Kr with authorization.