Research · Round sizes
What are the typical median round sizes for seed, Series A, and Series B fundraises?
Summary
Among USD rounds that VC-backed startups announced in 2025, the median seed round was $6.0 million, the median Series A $20.0 million and the median Series B $43.0 million. These stage medians cover 1,662 announced rounds (January 2019 to June 2026), with yearly figures from 2021. The 2015 to mid-2026 trend uses SEC filings (Form D notices) from 7,724 VC-backed startups; these carry no stage label.
In that sample, the median equity offering was $7.2 million in 2025; the median first offering was $6.4 million, up from $3.0 million in 2019. All amounts are nominal US dollars. First-half 2026 figures are provisional.
Key takeaways
- Company-announced USD rounds, 2025: median seed $6.0 million (159 rounds), Series A $20.0 million (155) and Series B $43.0 million (82).
- SEC Form D filings, 2025: median equity offering by VC-backed startups $7.2 million, about 43% above 2019 and 21% below the 2021 peak (nominal).
- First Form D equity offerings: median $6.4 million in 2025, more than double 2019's $3.0 million (nominal).
- Third-or-later Form D offerings: median $8.0 million in 2025, less than half the 2021 level of $18.4 million.
- First half of 2026 (provisional) vs 2025's first half: no significant Form D change; announced-round rises, including Series B to $68.5 million, are borderline at most.
For founders benchmarking a raise: stage medians since 2021, SEC filing trends since 2015, and each figure's limits.
What is the median seed, Series A and Series B round size?
In 2025, the median company-announced seed round was $6.0 million, Series A $20.0 million and Series B $43.0 million. The startups chose to announce these rounds, so they may not represent every round.
The figures cover 1,662 USD rounds by VC-backed startups, January 2019 to June 2026, with stage medians from 2021. The set is global: about 58% are US-based among the 736 rounds with a known headquarters.
The middle half of 2025 rounds ran $3.5–8.0 million for seed, $12.0–32.5 million for Series A and $29.25–75.0 million for Series B.
How representative are announced rounds?
Most rows are each company's latest round, but that does not inflate the medians: in 2021–2025, latest rounds were usually smaller than earlier ones of the same stage and year.
Show the data
| Stage | Period | Rounds | P25 | Median | P75 |
|---|---|---|---|---|---|
| Seed | 2021 | 41 | 2.25 | 4.20 | 7.00 |
| Seed | 2022 | 66 | 2.73 | 4.25 | 7.53 |
| Seed | 2023 | 67 | 3.27 | 5.50 | 9.50 |
| Seed | 2024 | 103 | 4.00 | 5.00 | 8.12 |
| Seed | 2025 | 159 | 3.50 | 6.00 | 8.00 |
| Seed | 2026 H1 (provisional) | 91 | 4.75 | 7.00 | 10.00 |
| Series A | 2021 | 74 | 10.00 | 19.00 | 33.00 |
| Series A | 2022 | 87 | 12.00 | 20.00 | 32.00 |
| Series A | 2023 | 70 | 10.25 | 15.50 | 25.00 |
| Series A | 2024 | 110 | 10.00 | 17.25 | 26.75 |
| Series A | 2025 | 155 | 12.00 | 20.00 | 32.50 |
| Series A | 2026 H1 (provisional) | 138 | 15.00 | 23.00 | 50.00 |
| Series B | 2021 | 47 | 22.00 | 35.00 | 76.00 |
| Series B | 2022 | 51 | 30.00 | 50.00 | 65.00 |
| Series B | 2023 | 46 | 20.00 | 40.50 | 59.25 |
| Series B | 2024 | 56 | 30.00 | 44.50 | 108.25 |
| Series B | 2025 | 82 | 29.25 | 43.00 | 75.00 |
| Series B | 2026 H1 (provisional) | 76 | 40.00 | 68.50 | 108.50 |
How big is a typical VC-backed round in SEC filings?
Among VC-backed startups filing Form D, the median equity offering in 2025 was $7.2 million (1,630 offerings by 1,489 startups). That is about 43% more than in 2019 and 21% less than at the 2021 peak (nominal).
A Form D is the short notice a US company files with the SEC (the US securities regulator) when it sells securities privately. It shows how much was sold and when, but not the round's stage.
The median fell 22% in 2022 and another 26% in 2023, then rose 24% in 2024. The change from 2024 to 2025 (+10%) is within the margin of error.
Show the data
| Period | Offerings | P25 | Median | Median 95% CI | P75 |
|---|---|---|---|---|---|
| 2015 | 872 | 1.28 | 4.21 | 3.59 to 5.16 | 15.00 |
| 2016 | 973 | 1.00 | 3.41 | 3.00 to 3.91 | 10.53 |
| 2017 | 1,165 | 1.24 | 4.16 | 3.73 to 4.86 | 11.70 |
| 2018 | 1,408 | 1.38 | 4.60 | 4.10 to 5.14 | 14.07 |
| 2019 | 1,562 | 1.75 | 5.00 | 4.85 to 5.51 | 15.14 |
| 2020 | 1,696 | 1.73 | 5.18 | 4.92 to 5.79 | 19.01 |
| 2021 | 2,536 | 2.76 | 9.04 | 8.00 to 10.00 | 30.00 |
| 2022 | 2,104 | 2.50 | 7.04 | 6.54 to 7.55 | 20.00 |
| 2023 | 1,706 | 2.00 | 5.25 | 5.00 to 5.80 | 14.65 |
| 2024 | 1,815 | 2.55 | 6.50 | 6.00 to 7.00 | 17.91 |
| 2025 | 1,630 | 2.50 | 7.15 | 6.50 to 7.78 | 21.73 |
| 2025 H1 | 858 | 2.50 | 6.77 | 5.92 to 7.56 | 20.44 |
| 2026 H1 (provisional) | 481 | 2.70 | 7.51 | 6.07 to 9.60 | 23.26 |
How big is a startup's first round, and is it getting bigger?
A VC-backed startup's first Form D equity offering, the closest stand-in for a first round, had a median of $6.4 million in 2025. That is up from $3.0 million in 2019 (nominal), and above the 2021 level of $5.0 million.
Startups are older at their first filing now, but age does not explain the rise: among startups aged 0–1 years, the median grew from $1.95 million in 2015–2019 to $4.64 million in 2025.
A common mistake is to call the first Form D offering a seed round. To be fair, it is the closest stand-in SEC filings offer, but it can also be a friends-and-family round, a SAFE (a simple agreement for future equity) or note, or a later round of a startup that never filed before.
Have later rounds recovered from 2021?
Not yet. Among VC-backed startups filing Form D, the median third-or-later offering was $8.0 million in 2025, less than half its 2021 level of $18.4 million and not significantly different from 2019.
The gap has narrowed: the third-or-later median was 3.4 times the first-offering median in 2015 and 1.25 times in 2025. For a founder, the typical first filing among VC-listed startups is now larger than before 2021; it is a median, not a threshold to clear.
Show the data
| Period | 1st: offerings | 1st: median | 2nd: offerings | 2nd: median | 3rd or later: offerings | 3rd or later: median |
|---|---|---|---|---|---|---|
| 2015 | 375 | 2.62 | 181 | 5.10 | 267 | 9.00 |
| 2016 | 400 | 2.13 | 250 | 4.03 | 289 | 5.46 |
| 2017 | 460 | 2.55 | 275 | 4.63 | 408 | 7.85 |
| 2018 | 577 | 2.78 | 328 | 5.22 | 469 | 7.62 |
| 2019 | 607 | 3.01 | 345 | 6.00 | 583 | 9.29 |
| 2020 | 626 | 3.31 | 419 | 5.00 | 630 | 10.03 |
| 2021 | 986 | 5.00 | 598 | 10.48 | 931 | 18.35 |
| 2022 | 852 | 5.04 | 508 | 7.97 | 736 | 11.09 |
| 2023 | 609 | 4.42 | 381 | 5.25 | 706 | 7.00 |
| 2024 | 626 | 5.51 | 420 | 5.81 | 757 | 8.63 |
| 2025 | 495 | 6.39 | 378 | 7.15 | 747 | 8.00 |
| 2026 H1 (provisional) | 146 | 7.24 | 115 | 9.48 | 217 | 7.05 |
Which sectors raise the largest rounds?
Among VC-backed startups filing Form D in 2023–2025, industrials and deep tech, health and life sciences, and software and infrastructure had the highest medians ($7.6–8.6 million); education, real estate and construction, agriculture and food, and business software the lowest ($3.8–4.4 million).
Only the gap between these two groups is supported, by statistical tests of each highest sector against each lowest; the order within each group is not, and the four sectors in between cannot be told apart from their neighbours.
For AI specifically, see how much VC funding goes to AI startups.
Show the data
| Sector group | Group | Offerings | Median | 95% CI |
|---|---|---|---|---|
| Industrials & deep tech | Highest | 437 | 8.59 | 6.97 to 10.25 |
| Health & life sciences | Highest | 1,443 | 8.00 | 7.09 to 8.93 |
| Software & infrastructure | Highest | 523 | 7.55 | 6.70 to 8.49 |
| Fintech | Not separable | 513 | 6.99 | 6.00 to 7.97 |
| Mobility & logistics | Not separable | 169 | 6.55 | 4.94 to 9.00 |
| Climate & energy | Not separable | 301 | 6.22 | 5.20 to 7.50 |
| Consumer | Not separable | 516 | 5.07 | 4.55 to 6.00 |
| Business software | Lowest | 644 | 4.36 | 3.98 to 5.00 |
| Agriculture & food | Lowest | 151 | 4.30 | 3.41 to 6.93 |
| Real estate & construction | Lowest | 253 | 4.11 | 3.42 to 4.64 |
| Education | Lowest | 80 | 3.79 | 2.82 to 5.13 |
Did round sizes grow in 2026?
Not measurably. Provisional Form D data for the first half of 2026 show a median equity offering of $7.5 million, not significantly different from $6.8 million in the first half of 2025.
The 2026 data are incomplete: 2026 Q2 offerings are only 41% of the 2025 Q2 count. Late filing explains about 34 points of that gap (34% of 2025 Q2 offerings were filed after the quarter ended); the rest could be listing delay or a real decline.
Announced rounds show higher provisional first-half 2026 medians: seed $7.0 million, Series A $23.0 million and Series B $68.5 million. Against the first half of 2025, no rise passes both statistical tests: Series B is borderline, and seed and Series A show no significant change. The medians stay higher among latest rounds only, so the round mix does not explain them.
How was this measured?
The benchmark uses SEC filings (Form D notices) for VC-backed startups, 2015 to mid-2026, compiled by VC Catalog; stage figures use rounds the startups announced.
- Form D sample: 17,948 equity offerings with a first sale from January 1, 2015 to June 30, 2026, by 7,724 startups that VC firms list in their portfolios; 96.4% have a US issuer address.
- Filter: each offering (a notice plus its amendments, not a duplicate) is dated by first sale, else filing date, and kept if $10,000 to $2 billion was sold. Debt-only offerings (debt box ticked, but neither the equity nor the option or warrant box) are dropped, so convertible notes stay only if the option box is ticked. 221 offerings from a separate matching pass are left out; they would lift the 2025 median to $7.3 million and the 2026 H1 median to $8.0 million.
- Size and order: size is the largest amount sold across the notice and its amendments. Offerings are ranked by first-sale date (same-day ones largest first), leaving out startups stating incorporation before 2008.
- Announced rounds: 1,662 USD rounds labelled seed, Series A or Series B, dated January 2019 to June 2026, by 1,407 startups; Wikipedia-sourced rounds, which cover only the largest startups, are left out.
- Statistics: medians (the middle value) with 95% confidence intervals (the likely range). A change is significant only when two statistical tests that check whether a difference could be chance agree (Form D: resampling interval and Mood's median test; announced rounds: Mann-Whitney and Mood), comparing the first half of 2026 with that of 2025. Years with fewer than 30 rounds of a stage get no median.
What are the limits of this data?
This is a sample of VC-backed startups in SEC filings plus a smaller set of self-selected announced rounds, not the whole market.
- Sample, not market: 8,441 startups, 7.5% of the 113,285 that VC firms list, have a Form D record. Counts are not US totals.
- Survivor bias: only startups that VC firms still list in 2026 are included, so failed startups are under-represented.
- No stage on Form D: one financing can span several offerings.
- Not every notice is a startup round: convertible notes stay in; some large offerings are merger share issuances (the SEC merger flag is missing for most); and about 2–3% of offerings are placements by already-public companies or SPACs. Without them, the 2025 median is $7.0 million, not $7.2 million.
- Matching errors: some filings sit on the wrong startup (Luminary Cloud's on Silicon Box, Casago's on turnkeyvr.com).
- Nominal dollars: part of any 2015–2025 increase is inflation.
- Announced rounds: global, USD-only and chosen by the startups. An announced amount sometimes combines tranches or an extension. Never combine them with the Form D medians.
Bottom line
Announced 2025 medians put seed at $6.0 million, Series A at $20.0 million and Series B at $43.0 million, for rounds the startups chose to publish.
- First offerings grew most: a $6.4 million median, more than double 2019 (nominal).
- Later offerings remain well below their 2021 sizes.
- Provisional 2026 Form D data show no reliable change.
Frequently asked questions
How much is a typical seed round in 2025?
Among USD seed rounds that VC-backed startups announced in 2025, the median was $6.0 million (159 rounds). These are mostly self-published latest rounds and may not represent every seed round.
How much does a typical Series A raise?
The median company-announced Series A was $20.0 million in 2025 (155 USD rounds). The provisional first-half 2026 median is $23.0 million, not significantly above the first half of 2025 ($20.0 million) by either statistical test.
How big is a typical Series B round?
The median company-announced Series B was $43.0 million in 2025 (82 USD rounds). The provisional first-half 2026 median of $68.5 million is a borderline increase: against the first half of 2025 ($41.6 million), only one of two statistical tests finds it.
What share of VC-backed rounds are $100 million or more?
About 6% of the 2025 Form D equity offerings in this sample were $100 million or more (103 of 1,630), against 9% in 2021 and 3% in 2023 (nominal). Without the 68 offerings by already-public companies or SPACs (17 were $100 million-plus), the 2025 share is 5.5% (86 of 1,562). Some of the rest are merger share issuances, not funding rounds, such as Transcarent's and Casago's 2025 filings.
Which sectors raise the smallest rounds?
Among VC-backed startups filing Form D in 2023–2025, the lowest medians were in education ($3.8 million), real estate and construction ($4.1 million), agriculture and food ($4.3 million) and business software ($4.4 million). Their gap to the three highest groups is supported; their order is not.
How long do startups take to raise their next round?
Among VC-backed startups with a first Form D equity offering in 2015–2020, the estimated median time to a second equity offering was 23–27 months (about 33 for the 2021 group), counting those that have not raised again. Those that did raise again waited a median of 15–19 months. Failed startups are under-represented, so these figures overstate how fast startups raise again.
Where to go next
Next steps
- Browse the VC-backed startup dataset: see companies by sector and funding round to find peers raising at your stage.
- Explore VC firms by fund size and sector: shortlist investors whose fund size suits the round you plan.
- Compare VC firms side by side: check how candidate investors differ before you pitch.
- Read more venture-capital statistics: other VC Catalog reports on funding, firms and exits.
Related research
- What Percentage of VC Funding Goes to AI Startups? (2023-2026 Data): how much of VC-backed funding goes to AI companies.
- Which VC Firms Hold the Most Private Fund Assets? (2026 Data): who holds the money behind the rounds.
- What Percentage of VC Fund Managers Raise a Next Fund?: whether your lead investor is likely to raise again.
- Do VCs Actually Invest in the Sectors They Claim to Focus On?: test a VC's stated focus before you pitch.