Many Series B round companies that request funding are often in a much better position than earlier round companies. They typically receive more appealing financing terms from a more respectable investment firm and raise more capital. Despite having strong growth metrics needed for another funding round, however, many investors will also often request a pitch deck as a synopsis for what the company does. Websites usually only provide limited information, especially regarding the key team members and historical performance metrics.

The pitch deck for a Series B round company is mostly based on the historical performance and current state of the business rather than massively relying on assumptions about future performance. Series B round investors are more interested in your historical performance and they will form their own assumptions about how well you will do in the future – but you should outline your performance so that it is sufficiently reasonable to assume that you will perform very well over then next few years with your team, strategy for growth, and financial performance (clearly separating the past from projected numbers).

The value proposition of a Series B round company should be well established, tested, and proven by this stage. The value proposition should be relatively straightforward and easy to understand from your investment team. This may only take a couple slides with very specific information about your business and should be very easy to understand. When dealing with Series B round investors, it is often more effective to discuss what your value proposition has been and will continue to be – rather than proposing a pivot, since your historical operating performance is largely based on this value proposition. In other words, if you have grown 1,000% by solving problem X, you may not want to switch to problem Y unless you have a good reason.

Related: Avoid these 7 Pitch Deck Mistakes

The business model for a Series B pitch deck explains how you deliver the solution to the market. It is likely that your business model has changed given your experiments performed after your seed and Series A rounds, so this should be reflected in the business model. Slides for this should be simple and clean as possible – if it is complex and difficult to understand, it will likely be concerning for many investors. Not because they don’t understand it, but because complex often means that it is difficult to manage and more things can go wrong as you scale. For instance, greater regulations, intermediaries, and complex engineering issues all cause delays and pitfalls for growth.

The financial projections should be almost entirely based on what operating experience you have acquired since your inception. If you increase the rate of growth, you should have a clear justification for why it will increase that is ideally reflected in your financial model and business strategy. For instance, if you have only been able to convert 10% of free members to paid members for the past 18 months, assuming you can get this to 20% in your financial projections should have a clear reason why. The financial projections should show the number of customers, average order, and growth associated with your marketing efforts and product development rather than just listing number and clearly outline what exactly you are requesting the funds for.

Related: Approaching Investors for Capital

Make it clear that the problem your organization addresses is one that ought to be solved. Identify the marketplace, including any important rivals (both indirect and direct), and succinctly explain how your solution to the problem is unique and better. If feasible, compare development statistics against growth data from competitors. Few investors may be put off by the competitive environment, but your firm must show that it welcomes the struggle and is willing to go to any length to overcome those difficulties. There's no need to avoid addressing the competitors as long as you can convince investors that their money will go a long way toward helping your firm rule the relevant industry. Early funding rounds such as Pre-seed, seed, and even Series A investment rounds are all about exhibiting your company's potential and to raise money and getting financial buy-in making that potential a realization. The stakes are significantly greater with a Series B. A Series B financing is about expanding on your company's existing momentum and assuring VCs and angel investors that your company will continue to be a robust, fast-growing, and a successful venture.