Definitive benchmarks for US startup fundraising in 2025.
Angel rounds through Series A.
Data: over 4,000 rounds raised in 2025. Only includes software companies, deep tech version coming soon.
Rounds on SAFEs in the blue/green 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 orange color tiers split by round names. Just primary rounds, no bridges or extensions or “Series A Jr” stuff going on.
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. Said differently - if you are not in SF, you should adjust these medians down.
3. More rounds moved from priced equity to SAFEs in these stages this year. Roughly half of all seed rounds now happen on SAFEs.
4. AI is ALL OVER this data. If you're building a software company and not using AI, expect to be asked why a lot by VCs and to get a lower valuation.
5. Founders should care about not getting overly diluted. But they should never kill the company by refusing cash they need because the dilution isn't right at median. Stay alive first.
6. These are just benchmarks. Each deal is different. Typically dilution does NOT scale with size, meaning a large seed round still usually sells about 20% equity.
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 the total number of rounds is falling. The venture tale of “haves and have nots” has never been more true.
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