The latest benchmarks for US startup fundraising - from pre-seed through Series C.
Data: nearly 1,500 rounds raised so far in 2025. Only includes software companies, but don’t worry - a deep tech version is coming soon.
Rounds completed on SAFEs in the orange color tiers are split by total amount raised, since everyone has a slightly different definition of “pre-seed” and “seed on SAFEs”.
Rounds on priced equity in the blue color tiers split by round names. Just primary rounds, no bridges or extensions or “Series A Jr” stuff going on.
Couple things to keep in mind:
1) these are heavily influenced by SF and NY deals because…that’s where the most deals are happening! National figures take on the character of the most mature markets.
2) Actually fewer deals are happening these days but at robust valuations and round sizes.
3) Lots of AI up and down these figures.
4) These are just benchmarks. Each deal is different. You can have a high valuation and high dilution, or tiny dilution and a high val, or a hundred other ways.
These are pretty expensive numbers, candidly. $20M post-money at Seed is pricey!
But the underlying dynamic is not all rosy for founders. VCs are competing hard for certain deals but again the total number of rounds is falling. The venture tale of “haves and have nots” has never been more true.
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#startups #founders #fundraising
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