New benchmarks for VC startup fundraising with real data from over 1,000 rounds.
Software companies only included, all rounds raised in the last 6 months, no bridges / extensions / weird stuff. All companies use Carta cap table.
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Median valuation of $24.3M on $4.1M raised
Median dilution fell to 18% and has been ticking down for months
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Median val of $80M on $14.4M raised
18% dilution is lower than at any point in the last few years
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$191M valuation on $25M raised (big money!)
12% of the company sold on median
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$391M post-money valuation on nearly $40M raised
Selling, on median, less than 10% of the company in the round
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$789M valuation on $63M raised (medians)
Median of 8% of the company sold
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Medians are not some special number. They simply reflect the middle of a wide range of rounds. Guideline only, each deal is different.
Valuations are often simply the output of the other two parts of the equation (cash raised and dilution). Most massive valuation rounds also come with massive funding amounts. How much cash do you really need?
Startups raising in the top decile at Seed do not always raise in the top decile at A β and vice versa.
Ya, there is a lot of AI here! Probably at least half of these companies would fall under the definition of AI-native.
Data on both deep tech benchmarks and AI-only benchmarks coming soon π
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