Startup Valuations From Seed to Series D Right Now

Founders, don't get fooled by headlines with massive valuations - here's what the market actually looks like for startup valuations from Seed to Series D.

Data: 1,084 rounds raised by US 𝘀𝗼𝗳𝘁𝘄𝗮𝗿𝗲 companies in the last 6 months or so.

No bridges, no extensions, no weird convertible follow-ons. Just primary fundraising data. All figures refer to the pre-money valuation of the round. Yes, this includes AI rounds which continue to take market share.

𝗦𝗲𝗲𝗱

• $15.2M median valuation

• 78% are under $25M

𝗦𝗲𝗿𝗶𝗲𝘀 𝗔

• $48.9M median

• About a third of rounds in this stage are valued from $50M-$99M

𝗦𝗲𝗿𝗶𝗲𝘀 𝗕

• $115M median

• Wide distribution per usual (Series B is typically all over the place). 8% under $25M, 6% over $500M

𝗦𝗲𝗿𝗶𝗲𝘀 𝗖

• $254M median

• More than half cross the $250M mark, but the lower end is fragmented

𝗦𝗲𝗿𝗶𝗲𝘀 𝗗

• $545M median

• 50% of rounds cross half a billion in valuation

Now, these medians aren't headline figures but they are actually pretty damn high already. For Seed and Series A specifically, they are about as high as they've ever been (not adjusted for inflation).

Other interesting fundraising tidbits:

• Higher vals, lower round activity in Q1.

• Lots of capital is being shoved into massive, late-stage, AI rounds. But if you peek behind those hefty deals, the rest of venture is kinda struggling a little.

• Still a high % of down rounds, still a high % of bridge rounds.

It is 𝗻𝗼𝘁 𝗲𝗮𝘀𝘆 to fundraise right now. Probably a contributing factor in why so many founders are doing the smart thing and considering whether they need venture money at all (or if they do, how many rounds is right).

Good luck out there 🙏

#startups #founders #fundraising

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