{
  "slug": "startup-round-sizes",
  "question": "How big is a typical seed or Series A round, and how many startups make it to the next one?",
  "title": "Startup Round Sizes by Stage 2026: Seed and Series A Medians by Ecosystem",
  "answer": {
    "headline": "A typical seed round is about $1M worldwide — from $0.4M in Cairo to $3M in Tel Aviv — and a typical Series A is $6.2M. Only 3% of US seed-stage startups reach Series A within a year; in Israel 14% get there within two years.",
    "sample": "Startup Genome ecosystem medians (H2 2023–2025), IVC Research Center, British Business Bank, BCG, Bain, Invest Europe, SVB, PitchBook-NVCA — 2024/2025 reference periods",
    "verifiedAsOf": "2026-09-23"
  },
  "sections": [
    {
      "id": "seed",
      "title": "Median seed round by ecosystem (US$ millions)",
      "note": "One methodology across ecosystems: the median of seed rounds raised by tech startups in each ecosystem over H2 2023–2025. Regional and global rows are Startup Genome's averages of the ecosystem medians in that set.",
      "rows": [
        {
          "label": "Tel Aviv",
          "value": "$3.0M",
          "segment": "highest in this set",
          "period": "H2 2023–2025",
          "source": "Startup Genome",
          "url": "https://startupgenome.com/ecosystems/tel-aviv",
          "tier": 2
        },
        {
          "label": "Manila",
          "value": "$1.1M",
          "segment": "earlier edition",
          "period": "H2 2022–2024",
          "source": "Startup Genome GSER 2025",
          "url": "https://startupgenome.com/contents/report/gser-2025_4786.pdf",
          "tier": 2
        },
        {
          "label": "Riyadh",
          "value": "$1.0M",
          "segment": "",
          "period": "H2 2023–2025",
          "source": "Startup Genome",
          "url": "https://startupgenome.com/ecosystems/riyadh",
          "tier": 2
        },
        {
          "label": "Global average of ecosystem medians",
          "value": "$1.0M",
          "segment": "benchmark",
          "period": "H2 2023–2025",
          "source": "Startup Genome",
          "url": "https://startupgenome.com/ecosystems/tokyo",
          "tier": 2
        },
        {
          "label": "MENA average of ecosystem medians",
          "value": "$0.85M",
          "segment": "regional benchmark",
          "period": "H2 2023–2025",
          "source": "Startup Genome",
          "url": "https://startupgenome.com/ecosystems/riyadh",
          "tier": 2
        },
        {
          "label": "São Paulo",
          "value": "$0.66M",
          "segment": "",
          "period": "H2 2023–2025",
          "source": "Startup Genome",
          "url": "https://startupgenome.com/ecosystems/sao-paulo",
          "tier": 2
        },
        {
          "label": "Latin America average of ecosystem medians",
          "value": "$0.43M",
          "segment": "regional benchmark",
          "period": "H2 2023–2025",
          "source": "Startup Genome",
          "url": "https://startupgenome.com/ecosystems/sao-paulo",
          "tier": 2
        },
        {
          "label": "Cairo",
          "value": "$0.40M",
          "segment": "lowest in this set",
          "period": "H2 2023–2025",
          "source": "Startup Genome",
          "url": "https://startupgenome.com/ecosystems/cairo",
          "tier": 2
        }
      ],
      "chart": "bars"
    },
    {
      "id": "series-a",
      "title": "Median Series A round by ecosystem (US$ millions)",
      "note": "Same methodology: the median Series A raised by tech startups in each ecosystem. The spread is wider than at seed — a Series A in Manila is ten times one in Istanbul.",
      "rows": [
        {
          "label": "Manila",
          "value": "$14.5M",
          "segment": "highest in this set · earlier edition",
          "period": "H2 2022–2024",
          "source": "Startup Genome GSER 2025",
          "url": "https://startupgenome.com/contents/report/gser-2025_4786.pdf",
          "tier": 2
        },
        {
          "label": "Riyadh",
          "value": "$9.7M",
          "segment": "",
          "period": "H2 2023–2025",
          "source": "Startup Genome",
          "url": "https://startupgenome.com/ecosystems/riyadh",
          "tier": 2
        },
        {
          "label": "Mexico City",
          "value": "$8.4M",
          "segment": "",
          "period": "H2 2023–2025",
          "source": "Startup Genome",
          "url": "https://startupgenome.com/ecosystems/mexico-city",
          "tier": 2
        },
        {
          "label": "Global average of ecosystem medians",
          "value": "$6.2M",
          "segment": "benchmark",
          "period": "H2 2023–2025",
          "source": "Startup Genome",
          "url": "https://startupgenome.com/ecosystems/tokyo",
          "tier": 2
        },
        {
          "label": "Cairo",
          "value": "$3.0M",
          "segment": "",
          "period": "H2 2023–2025",
          "source": "Startup Genome",
          "url": "https://startupgenome.com/ecosystems/cairo",
          "tier": 2
        },
        {
          "label": "Istanbul",
          "value": "$1.5M",
          "segment": "lowest in this set",
          "period": "H2 2023–2025",
          "source": "Startup Genome",
          "url": "https://startupgenome.com/ecosystems/istanbul",
          "tier": 2
        }
      ],
      "chart": "bars"
    },
    {
      "id": "national",
      "title": "National sources by stage: medians and averages",
      "note": "Country reports with their own definitions. Medians and averages are labelled as such and are not interchangeable: an average is pulled up by a few large rounds.",
      "rows": [
        {
          "label": "Israel — median pre-seed round",
          "value": "$0.2M",
          "segment": "median · flat since 2023",
          "period": "H1 2026",
          "source": "IVC Research Center",
          "url": "https://www.ivc-online.com/",
          "tier": 2
        },
        {
          "label": "Israel — median Series A round",
          "value": "$17M",
          "segment": "median · record high",
          "period": "2025",
          "source": "IVC Research Center",
          "url": "https://www.ivc-online.com/",
          "tier": 2
        },
        {
          "label": "United Kingdom — median seed deal",
          "value": "£0.6M",
          "segment": "median · all UK seed equity deals",
          "period": "2025",
          "source": "British Business Bank",
          "url": "https://www.british-business-bank.co.uk/",
          "tier": 1
        },
        {
          "label": "Vietnam — median pre-Series A round",
          "value": "$0.3M",
          "segment": "median",
          "period": "2024",
          "source": "BCG Vietnam Innovation & Private Capital",
          "url": "https://web-assets.bcg.com/69/30/a6baab2b47b8a58e7181953ae024/vietnam-innovation-private-capital-report-2025.pdf",
          "tier": 2
        },
        {
          "label": "Vietnam — median Series A round",
          "value": "$2M",
          "segment": "median",
          "period": "2024",
          "source": "BCG Vietnam Innovation & Private Capital",
          "url": "https://web-assets.bcg.com/69/30/a6baab2b47b8a58e7181953ae024/vietnam-innovation-private-capital-report-2025.pdf",
          "tier": 2
        },
        {
          "label": "Vietnam — median Series B round",
          "value": "$10M",
          "segment": "median · down from $26M in 2021",
          "period": "2024",
          "source": "BCG Vietnam Innovation & Private Capital",
          "url": "https://web-assets.bcg.com/69/30/a6baab2b47b8a58e7181953ae024/vietnam-innovation-private-capital-report-2025.pdf",
          "tier": 2
        },
        {
          "label": "India — average seed deal",
          "value": "~$3M",
          "segment": "average, not median · 803 deals",
          "period": "2025",
          "source": "Bain India Venture Capital Report",
          "url": "https://www.bain.com/globalassets/noindex/2026/bain_report_india_venture_capital_report_2026.pdf",
          "tier": 2
        },
        {
          "label": "India — average Series A deal",
          "value": "~$8M",
          "segment": "average, not median · 315 deals",
          "period": "2025",
          "source": "Bain India Venture Capital Report",
          "url": "https://www.bain.com/globalassets/noindex/2026/bain_report_india_venture_capital_report_2026.pdf",
          "tier": 2
        },
        {
          "label": "India — average Series B deal",
          "value": "~$24M",
          "segment": "average, not median · 147 deals",
          "period": "2025",
          "source": "Bain India Venture Capital Report",
          "url": "https://www.bain.com/globalassets/noindex/2026/bain_report_india_venture_capital_report_2026.pdf",
          "tier": 2
        },
        {
          "label": "Central & Eastern Europe — seed investment per company",
          "value": "€1.17M",
          "segment": "average · 77 companies",
          "period": "2025",
          "source": "Invest Europe CEE Report",
          "url": "https://www.investeurope.eu/media/z3pasguu/20260623_invest-europe_cee-report-2025.pdf",
          "tier": 1
        },
        {
          "label": "Central & Eastern Europe — start-up stage investment per company",
          "value": "€1.59M",
          "segment": "average · 92 companies",
          "period": "2025",
          "source": "Invest Europe CEE Report",
          "url": "https://www.investeurope.eu/media/z3pasguu/20260623_invest-europe_cee-report-2025.pdf",
          "tier": 1
        }
      ]
    },
    {
      "id": "next-round",
      "title": "Getting to the next round: graduation rates and timing",
      "note": "How many startups raise again and how long the gap is. Windows differ between sources (12 months vs two years), so the rates describe each market rather than rank them.",
      "rows": [
        {
          "label": "US seed-stage startups reaching Series A within 12 months",
          "value": "3%",
          "segment": "2025 graduation cohort",
          "period": "2025",
          "source": "SVB State of the Markets H1 2026",
          "url": "https://www.svb.com/globalassets/trendsandinsights/reports/sotm/state-of-the-markets-h1-2026.pdf",
          "tier": 2
        },
        {
          "label": "Israel seed-stage startups reaching Series A within two years",
          "value": "14%",
          "segment": "2024 cohort · rebound",
          "period": "2024",
          "source": "IVC Research Center",
          "url": "https://www.ivc-online.com/",
          "tier": 2
        },
        {
          "label": "US AI companies raising a second VC round after their first",
          "value": "12.1%",
          "segment": "first VC deal in 2025",
          "period": "2025",
          "source": "PitchBook-NVCA Venture Monitor Q2 2026",
          "url": "https://nvca.org/wp-content/uploads/2026/07/Q2-2026-PitchBook-NVCA-Venture-Monitor.pdf",
          "tier": 1
        },
        {
          "label": "US Series A rounds preceded by a seed extension",
          "value": "18%",
          "segment": "all 2025 Series A deals",
          "period": "2025",
          "source": "SVB State of the Markets H1 2026",
          "url": "https://www.svb.com/globalassets/trendsandinsights/reports/sotm/state-of-the-markets-h1-2026.pdf",
          "tier": 2
        },
        {
          "label": "UK median time between funding rounds, seed stage",
          "value": "14.4 months",
          "segment": "up from 12.4 months in 2024",
          "period": "2025",
          "source": "British Business Bank",
          "url": "https://www.british-business-bank.co.uk/",
          "tier": 1
        },
        {
          "label": "US VC-backed enterprise software — median cash runway",
          "value": "14 months",
          "segment": "median",
          "period": "2023",
          "source": "SVB State of the Markets H1 2026",
          "url": "https://www.svb.com/globalassets/trendsandinsights/reports/sotm/state-of-the-markets-h1-2026.pdf",
          "tier": 2
        },
        {
          "label": "SaaS startups — time to close a round, most respondents",
          "value": "1–6 months",
          "segment": "survey band",
          "period": "2025",
          "source": "High Alpha SaaS Benchmarks 2025",
          "url": "https://www.highalpha.com/saas-benchmarks",
          "tier": 2
        }
      ]
    }
  ],
  "reconciliation": {
    "title": "Why round-size numbers from different reports disagree",
    "body": "Three things change the answer. First, median against average: a handful of large rounds pulls an average far above the typical deal, which is why Bain's Indian averages sit above most ecosystem medians. Second, who counts as a startup and what counts as a round: Startup Genome takes all tech startups in an ecosystem, IVC covers Israeli tech companies, the British Business Bank counts all UK equity deals, and Invest Europe reports investment per company rather than per round. Third, the window: Startup Genome uses a rolling H2 2023–2025 window, and the Manila figures come from the previous edition (H2 2022–2024). Graduation rates use different windows too — 12 months for SVB, two years for IVC — so they are not a league table. Read each row as a planning range for its own market, and use the ecosystem medians when you need one comparable number across countries.",
    "sources": [
      {
        "source": "Startup Genome — ecosystem pages and Global Startup Ecosystem Report",
        "url": "https://startupgenome.com/"
      },
      {
        "source": "IVC Research Center",
        "url": "https://www.ivc-online.com/"
      },
      {
        "source": "British Business Bank — Small Business Equity Tracker",
        "url": "https://www.british-business-bank.co.uk/"
      },
      {
        "source": "SVB — State of the Markets H1 2026",
        "url": "https://www.svb.com/globalassets/trendsandinsights/reports/sotm/state-of-the-markets-h1-2026.pdf"
      },
      {
        "source": "PitchBook-NVCA Venture Monitor Q2 2026",
        "url": "https://nvca.org/wp-content/uploads/2026/07/Q2-2026-PitchBook-NVCA-Venture-Monitor.pdf"
      }
    ]
  },
  "methodology": "Every number on this page is a fact node in the God of Startups Atlas — a knowledge graph where each metric carries its source URL, reporting period, evidence tier and the verbatim quote it was taken from. Tier 1 means official or statutory sources (British Business Bank, Invest Europe, PitchBook-NVCA); tier 2 means industry research with a disclosed method. Values are shown in the currency the source reports; nothing is converted, estimated or modelled.",
  "page": "https://godofstartups.com/atlas/startup-round-sizes",
  "license": "https://creativecommons.org/licenses/by/4.0/",
  "note": "Each row carries its primary source, period and evidence tier (1 = official/statutory, 2 = industry research with disclosed method)."
}