SAFEs were about five times more common than convertible notes in H1 2023. But in some sectors, convertible notes are still the top choice.

Over the past year-plus, VC-backed startups endured a downturn in valuations and fundraising. The seed stage has proven the most resilient.

Series D rounds are back on the upswing—but for the rest of the late-stage market, fundraising remains difficult.

Introducing our first State of Pre-seed fundraising report.

California is still the center of seed-stage funding in the U.S. But in the past three years, other states have gained ground.

The median pre-money valuation for Series C deals climbed to $250 million in Q2, 35% higher than in Q1.