Runway, burn multiple, cash balances, and finance team structure across Series A, B, and C companies.
Median runway (Series B)
22 mo.
Median burn multiple
1.8x
Median finance team (Series B)
4.2 FTE
CFO median hire timing
Series B
Executive Summary
Runway discipline defines the 2026 operating environment. Median runway across Series B companies has extended to 22 months, up from 14 months in 2022, as founders and boards have absorbed the lesson of the 2022–2023 funding contraction. [1]
This report benchmarks four dimensions of startup finance: runway, burn multiple, cash balance, and finance team structure — all segmented by Series A, B, and C. Data draws from Carta, Kruze, and STANDARD's engaged operator network. [2]
Contents
Section 01
Figure · Bar chart
months
Source · STANDARD Research, 2026. Aggregated from Carta and Kruze. [1] [2]
Figure · Bar chart
Net burn ÷ net new ARR
Source · STANDARD Research, 2026. [1]
Section 02
Key Finding
The median company hires its first controller between Series A and Series B, and its first full-time CFO at Series B.
Evidence · Cohort analysis of 340 US venture-backed companies through Series C.
Implication · Companies delaying finance leadership past Series B are the exception. Series B is also the stage at which fractional-to-full-time transitions most frequently occur.
| Role | Seed | Series A | Series B | Series C |
|---|---|---|---|---|
| Bookkeeper / AP | 1.0 | 1.5 | 2.0 | 3.0 |
| Controller | — | 0.5 | 1.0 | 1.5 |
| FP&A / Finance Manager | — | 0.5 | 1.5 | 3.0 |
| CFO (full-time) | — | — | 1.0 | 1.0 |
| Total finance FTE | 1.0 | 2.5 | 4.2 | 8.5 |
Methodology
Data sources
Sample size
340 US venture-backed companies through Series C
Collection period
October 2025 – February 2026
Limitations
Definitions
FAQs
Citations