How big is a typical pre-seed, seed or Series A round, and how long and how likely is it to get to the next one?

United States: median round size by stage (US$ millions)

One source, one methodology: the PitchBook-NVCA median VC deal value by series, all sectors. Rounds for AI companies are shown separately because they now run well above the all-sector median at every stage.

Median seed round by ecosystem (US$ millions)

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. City medians sit well below national US and European medians from PitchBook data — see the note at the bottom of the page.

Median Series A round by ecosystem (US$ millions)

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.

Europe and Central & Eastern Europe: pre-seed, seed and Series A medians

Europe-wide rows are PitchBook data published by KPMG. Country rows for Central and Eastern Europe come from a regional fund's tracker of disclosed rounds — small samples per country, so treat them as a range, not a precise figure. Values are in the currency each source reports.

Other national sources by stage: medians and averages

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.

How long it takes to raise the next round

Time from seed to Series A, or between consecutive rounds where that is all a source publishes. Cohort studies and deal trackers measure different things; read each row within its own market.

How many startups make it to the next round

Graduation rates depend on the window (12, 24 or 36 months, or 8 quarters) and on the cohort year. Compare rows with the same window only.

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 (PitchBook-NVCA, British Business Bank, Invest Europe); tier 2 means industry research with a disclosed method; tier 3 rows are marked as proxy and come from trackers or single publishers without independent confirmation. Values are shown in the currency the source reports; nothing is converted, estimated or modelled.

Related benchmarks

Analysis built on this data

Market cells behind this benchmark

Fact tables from the same knowledge graph — one market, every number with its source, period and evidence tier.