Fred Wilson, from Union Square Ventures say this on the subject;
Some startups raise more than they need, resulting in a lost in focus because they are doing 5 things at once, instead of focusing on THE one thing.
So when you’re a startup you raise:
– in your seed round, 12 months of runway;
– in your A and B round, 18 months of runway;
– in your C round and beyond, 24+ months of (runway) capital.