Why Seed Rounds Are Growing as Startups Shrink
Tomasz Tunguz
JULY 27, 2025
percentage point drop fundamentally reshaped how startups raise their first institutional capital. US venture capital fundraising nearly doubled from $42.3B Carta data shows SaaS companies are 20% smaller at Series A today than in H1 2020. Carta data shows SaaS companies are 20% smaller at Series A today than in H1 2020.
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