Why Seed Rounds Are Growing as Startups Shrink
Tomasz Tunguz
JULY 27, 2025
A decade ago, these smaller rounds formed the backbone of startup financing, comprising over 70% of all seed deals. Carta data shows SaaS companies are 20% smaller at Series A today than in H1 2020. We’re witnessing a shift in startup financing. Why is the sub-$5 million seed round shrinking? in 2015 to 37.5%
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