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Fundraising: Size of Rounds

Often asked, a surprisingly simple question without a straight answer is: what is the typical size of a _ round. Since I’ve tried to answer it many times, here is a stab on what I have seen over the years, and how they fit in my general buckets. Of course there are financings outside these ranges, but this should cover ~90%* of the distribution for each:


F&F:       $20-500K,   Avg 50K

Seed:      $100K-2M, Avg 300-800K

Series A: $1-10M,     Avg 2-3M

Series B: $5-40M,     Avg 7-15M

Series C+: bigger, but things get crazy with either down-rounds, bridges, or giant growth rounds if you are killing it.


*while I am pulling numbers out of the air, why not one more!