成长期企业融资困局待解 "C轮死"魔咒背后存四大症结 "以前总说'C轮死'，没想到这么多年过去，这个魔咒还是没被打破。"近期一位投资人的感慨，戳中了成长期创业企业的集体痛点。 在创投市场，如今已呈现哑铃式融资格局：早期项目靠技术故事吸引资本，成熟期企业凭稳定业绩冲击IPO，而成长期企业却卡在一个"中间地带"：既没 了早期估值的吸引力，又还没具备成熟期的流动性与"造血"能力，融资难成为横在它们面前的一道鸿沟。这道鸿沟为何迟迟难以填平？有何破局之道？值 得整个行业静下心来深思。 B轮成了"融资坎" "去年我们看了约200个成长期项目，没有一个能达到我们的投资安全边际，最终一个都没法出手。"融创投资创始合伙人赵俊峰无奈说道。在他看来，所 谓的"投资安全边际"，即企业拥有正向经营现金流，而非账面上不断累积的应收账款与大量存货，不然就不是高质量增长的表现。 华南一券商资深投行人士解枫（化名）对此有同感："我接触过不少这类卡在中间的企业。比如一家做非侵入式脑机接口的公司，产品性能已达标，但偏 偏卡在商业化落地很难推进，没有医疗渠道和经销商资源，量产又需要大额预付资金，资金压力陡增。结果就是B轮之后，早期投资人不敢继续加注 ...

成长期企业融资困局待解 "C轮死"魔咒背后存四大症结 "以前总说'C轮死'，没想到这么多年过去，这个魔咒还是没被打破。"近期一位投资人的 感慨，戳中了成长期创业企业的集体痛点。 在创投市场，如今已呈现哑铃式融资格局：早期项目靠技术故事吸引资本，成熟期企业 凭稳定业绩冲击IPO，而成长期企业却卡在一个"中间地带"：既没了早期估值的吸引力， 又还没具备成熟期的流动性与"造血"能力，融资难成为横在它们面前的一道鸿沟。这道 鸿沟为何迟迟难以填平？有何破局之道？值得整个行业静下心来深思。 B轮成了"融资坎" "去年我们看了约200个成长期项目，没有一个能达到我们的投资安全边际，最终一个都 没法出手。"融创投资创始合伙人赵俊峰无奈说道。在他看来，所谓的"投资安全边际"， 即企业拥有正向经营现金流，而非账面上不断累积的应收账款与大量存货，不然就不是 高质量增长的表现。 华南一券商资深投行人士解枫（化名）对此有同感："我接触过不少这类卡在中间的企 业。比如一家做非侵入式脑机接口的公司，产品性能已达标，但偏偏卡在商业化落地很 难推进，没有医疗渠道和经销商资源，量产又需要大额预付资金，资金压力陡增。结果 就是B轮之后，早期投资人 ...

"以前总说'C轮死'，没想到这么多年过去，这个魔咒还是没被打破。"近期一位投资人的感慨，戳中了 成长期创业企业的集体痛点。 在创投市场，如今已呈现哑铃式融资格局：早期项目靠技术故事吸引资本，成熟期企业凭稳定业绩冲击 IPO，而成长期企业却卡在一个"中间地带"：既没了早期估值的吸引力，又还没具备成熟期的流动性 与"造血"能力，融资难成为横在它们面前的一道鸿沟。这道鸿沟为何迟迟难以填平？有何破局之道？值 得整个行业静下心来深思。 B轮成了"融资坎" "去年我们看了约200个成长期项目，没有一个能达到我们的投资安全边际，最终一个都没法出手。"融 创投资创始合伙人赵俊峰无奈说道。在他看来，所谓的"投资安全边际"，即企业拥有正向经营现金流， 而非账面上不断累积的应收账款与大量存货，不然就不是高质量增长的表现。 华南一券商资深投行人士解枫（化名）对此有同感："我接触过不少这类卡在中间的企业。比如一家做 非侵入式脑机接口的公司，产品性能已达标，但偏偏卡在商业化落地很难推进，没有医疗渠道和经销商 资源，量产又需要大额预付资金，资金压力陡增。结果就是B轮之后，早期投资人不敢继续加注，后续 资金方也望而却步。" IT桔子数据显示 ...

Company Overview - The company "Zhu Fan Er" was founded in October 2015 by four Tsinghua University graduates, initially focusing on light renovations for rental properties targeting young people [5] - Over the years, the company expanded its business into media content, community e-commerce, offline retail, and home decoration, becoming a "dark horse" in the home furnishing industry [6] - The company has raised a total of over 300 million yuan through five rounds of financing, with notable investors including Jinsha River Venture Capital, Huachuang Capital, Innovation Works, and others [3][7] Current Situation - Recently, the company has faced a severe cash flow crisis, with reports indicating that it has stopped operations at multiple construction sites in Beijing and Shanghai, affecting hundreds of renovation projects [1][3] - The CEO, Liu Xianran, acknowledged the company's cash flow has dropped by 100 million yuan and has personally invested over 10 million yuan to address the funding gap [3] - Liu has submitted his passport to the police, indicating no intention to flee, while the company is seeking new investments and support from industry partners [3][2] Industry Context - The home furnishing industry is currently under significant pressure, with Zhu Fan Er's situation reflecting broader challenges faced by the sector [12][14] - The market is experiencing intense competition, rising operational costs, and changing policy environments, leading to a wave of bankruptcies and operational difficulties among various companies [15][16] - Notably, other companies in the industry, such as the home community platform "Haohao Zhu," have also ceased operations and faced financial difficulties [13] Future Outlook - The industry is expected to undergo profound changes and consolidation, with companies needing to enhance their competitiveness and risk management capabilities to survive [16] - There is hope that Zhu Fan Er can recover from its current predicament and that the industry can achieve transformation and upgrade for better development prospects [17]