Seed stage is pretty normal - with one glaring outlier.
At least in the hearts and minds (and portfolios) of seed-stage investors.
Data below comes from 1,346 seed rounds raised in the last 12 months in the US. Each bubble represents a sector of companies, from Logistics to Fintech to Renewables.
X-axis = median round size Y-axis = median post-money valuation
One of these bubbles is not like the other ones!
Much of the AI Infrastructure build is on new foundational models or deep devtooling.
But if you're building something that's not in those categories, best to ignore the massive valuations in the headlines. Those are for a very narrow set of startups 🙏
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