Real VC Round Benchmarks Seed Through Series B

Real data from 1,000+ VC rounds raised in the lat 6 months. Let's dig in:

𝗦𝗲𝗲𝗱 𝗦𝘁𝗮𝗴𝗲

• Valuations are hitting new records, with median now at $25M for AI startups

• Cash raised continues to rise as well

• Dilution has fallen a bit from the 20% level down to 18% median.

𝗦𝗲𝗿𝗶𝗲𝘀 𝗔

• $90M median for AI...that's pricey.

• Much larger money raised for AI than not during this round

𝗦𝗲𝗿𝗶𝗲𝘀 𝗕

• Widening gap in valuation for AI here

• Startups are selling 12%-13% of the company on median

𝗦𝗲𝗿𝗶𝗲𝘀 𝗖

• Continuation of the same pattern where AI startups are preferred strongly to non-AI

• 9% dilution

𝗦𝗲𝗿𝗶𝗲𝘀 𝗗

• Valuations in the billions, round sizes between $50M-$100M

Note this data is for software startups only. Excludes biotech, hardware, medical devices, etc.

Some notes for founders, per usual:

• Your round is not a "median" round. These benchmarks should be used to develop a shared sense of reality, not as specific targets.

• The highest valuation is not always the best choice 😁

• Amount of money raised and valuation are two major variables of a multivariate equation. Perhaps optimizing for terms, board seats, control, or other provisions matters more to you than the big dollar signs.

• Comparison remains the thief of joy.

Good luck raising!