How does a small startup funding look like in developing countries?

Do they follow the seed, series A, B, and C which sound like an American concept even it's been rolled out into other countries now?

Currently, I live in a small country where most startups are based on a handshake and written agreement, etc! it's a mess, I know! Is there another framework used in smaller countries that is cheaper and more effective giving the valuation of startups here are generally $300,000 which is equivalent to 3 million in the US or so giving the currency purchasing power?