Funding Stage Funnel
How many companies reached each funding stage
Average Deal Size by Stage
How much capital is raised at each round
Stage Breakdown
| Stage↕ | Companies↓ | Avg Amount↕ | Total Amount↕ | vs. Prior↕ |
|---|---|---|---|---|
| Venture | 20,711 | $16.7M | $346.7B | +673% |
| Seed | 11,102 | $859K | $9.5B | — |
| Round A | 8,172 | $6.9M | $56.7B | -61% |
| Round B | 5,104 | $13.7M | $69.7B | -38% |
| Round C | 2,705 | $21.2M | $57.4B | -47% |
| Angel | 2,678 | $1.0M | $2.8B | -76% |
| Round D | 1,245 | $28.7M | $35.7B | -54% |
| Round E | 499 | $32.9M | $16.4B | -60% |
| Round F | 168 | $49.7M | $8.3B | -66% |
What Each Stage Means
A guide to how startup funding rounds work
Seed
The earliest institutional funding. Typically $100K–$2M to validate an idea, build an MVP and find initial product-market fit.
Angel
Pre-institutional capital from individual investors. Usually smaller checks ($25K–$500K) in exchange for equity at the earliest stage.
Venture
General venture funding: rounds not categorized into a specific series (Seed through H).
Round A
Series A: the first major venture round. Typically $2M–$15M to scale a product that has early traction and a clear market.
Round B
Series B: growth capital. Typically $10M–$50M to scale operations, expand the team and accelerate customer acquisition.
Round C
Series C: expansion capital. $30M–$100M+ to enter new markets, make acquisitions, or prepare for an eventual IPO.
Round D
Series D: late-stage funding. Usually $50M–$200M+ for companies approaching profitability or preparing for public listing.
Round E
Series E and beyond: rare, large rounds for companies that have delayed IPO or need significant capital for global expansion.
Round F
Series F: very late-stage. Typically indicates a company that has raised many rounds before a liquidity event.