$1,200
$120 $110
$1,110
$100
$1,000
$90
$900
$80
$800
$70
$700
$60
$600
$50
$500
$40
$400
$30
$300
$20
$200
$10
$100
$0
$0
3 0
Financing Stage
We primarily invest in early stage, with 73% of our investments in Series A and B rounds.
Financing Rounds, in $M
As companies raise more money, valuations increase to preserve ownership.
SEED SERIES A SERIES B SERIES C SERIES D+
Series A
Series A
Seed
Seed
Series B
Series B
Series C
Series C
Series D+
Series D+
Median Round Size
Median Post-Money Valuation
$8.0
$40.0
$10.0
$40.0
$22.5
$95.0
$40.6
$268.4
$110.0
$1,100.1
NUMBER
OF
INVESTMENTS
2% 32% 41% 17% 8%
