{ "version": "1.0", "license": "CC BY 4.0 — attribution: IdeaProof (https://ideaproof.io)", "count": 24, "generated_at": "2026-08-27T00:03:33.604Z", "sources": [ { "id": "carta-spm-q4-2024", "publisher": "Carta", "title": "State of Private Markets Q4 2024", "url": "https://carta.com/data/state-of-private-markets-q4-2024/", "year": 2024, "type": "report" }, { "id": "carta-spm-q1-2025", "publisher": "Carta", "title": "State of Private Markets Q1 2025", "url": "https://carta.com/data/state-of-private-markets-q1-2025/", "year": 2025, "type": "report" }, { "id": "carta-peter-walker", "publisher": "Carta / Peter Walker", "title": "Peter Walker LinkedIn data series", "url": "https://www.linkedin.com/in/peterjameswalker/", "year": 2024, "type": "blog" }, { "id": "pitchbook-nvca-2024", "publisher": "PitchBook-NVCA", "title": "Venture Monitor Q4 2024", "url": "https://pitchbook.com/news/reports/q4-2024-pitchbook-nvca-venture-monitor", "year": 2024, "type": "report" }, { "id": "pitchbook-nvca-2025", "publisher": "PitchBook-NVCA", "title": "Venture Monitor Q1 2025", "url": "https://pitchbook.com/news/reports/q1-2025-pitchbook-nvca-venture-monitor", "year": 2025, "type": "report" }, { "id": "crunchbase-2024-recap", "publisher": "Crunchbase News", "title": "Global Startup Funding Recap 2024", "url": "https://news.crunchbase.com/venture/global-vc-funding-recap-2024/", "year": 2024, "type": "news" }, { "id": "cbinsights-sov-2024", "publisher": "CB Insights", "title": "State of Venture 2024 Annual", "url": "https://www.cbinsights.com/research/report/venture-trends-2024/", "year": 2024, "type": "report" }, { "id": "dealroom-europe-2024", "publisher": "Dealroom", "title": "European Tech 2024", "url": "https://dealroom.co/reports/the-european-tech-report-2024", "year": 2024, "type": "report" }, { "id": "dealroom-latam-2024", "publisher": "Dealroom", "title": "LatAm Tech 2024", "url": "https://dealroom.co/", "year": 2024, "type": "report" }, { "id": "dealroom-apac-2024", "publisher": "Dealroom", "title": "APAC Tech Funding 2024", "url": "https://dealroom.co/", "year": 2024, "type": "report" }, { "id": "bessemer-cloud-2025", "publisher": "Bessemer Venture Partners", "title": "State of the Cloud 2025", "url": "https://www.bvp.com/atlas/state-of-the-cloud-2025", "year": 2025, "type": "report" }, { "id": "openview-saas-2024", "publisher": "OpenView", "title": "SaaS Benchmarks Report 2024", "url": "https://openviewpartners.com/2024-saas-benchmarks-report/", "year": 2024, "type": "survey" }, { "id": "rockhealth-2024", "publisher": "Rock Health", "title": "Digital Health Funding Year-End 2024", "url": "https://rockhealth.com/insights/2024-year-end-market-overview/", "year": 2024, "type": "report" }, { "id": "silicon-valley-bank-state-2024", "publisher": "SVB", "title": "State of the Markets H2 2024", "url": "https://www.svb.com/trends-insights/reports/state-of-the-markets-report/", "year": 2024, "type": "report" }, { "id": "a16z-games-2024", "publisher": "a16z Games", "title": "Games Funding Report 2024", "url": "https://a16z.com/games/", "year": 2024, "type": "report" }, { "id": "f-prime-fintech-2024", "publisher": "F-Prime", "title": "State of Fintech 2024", "url": "https://fintechindex.fprimecapital.com/", "year": 2024, "type": "report" }, { "id": "holoniq-edtech-2024", "publisher": "HolonIQ", "title": "Global EdTech Funding 2024", "url": "https://www.holoniq.com/edtech/", "year": 2024, "type": "report" }, { "id": "pwc-moneytree-2024", "publisher": "PwC / CB Insights", "title": "MoneyTree Report Q4 2024", "url": "https://www.pwc.com/us/en/industries/technology/moneytree.html", "year": 2024, "type": "report" }, { "id": "kpmg-vop-2024", "publisher": "KPMG", "title": "Venture Pulse Q4 2024", "url": "https://kpmg.com/xx/en/our-insights/value-creation/venture-pulse-q4-2024.html", "year": 2024, "type": "report" }, { "id": "galaxy-crypto-2024", "publisher": "Galaxy Research", "title": "Crypto Venture Capital 2024", "url": "https://www.galaxy.com/insights/research/crypto-vc-q4-2024/", "year": 2024, "type": "report" }, { "id": "ctvc-climate-2024", "publisher": "CTVC / Sightline Climate", "title": "Climate Tech Funding 2024", "url": "https://www.ctvc.co/", "year": 2024, "type": "report" }, { "id": "agfunder-2024", "publisher": "AgFunder", "title": "AgriFoodTech Investment Report 2024", "url": "https://agfunder.com/research/agrifoodtech-investment-report-2024/", "year": 2024, "type": "report" }, { "id": "cre-tech-2024", "publisher": "Center for Real Estate Technology", "title": "PropTech Venture Funding 2024", "url": "https://cretech.com/", "year": 2024, "type": "report" }, { "id": "phocuswright-2024", "publisher": "Phocuswright", "title": "State of Travel Startups 2024", "url": "https://www.phocuswright.com/", "year": 2024, "type": "report" }, { "id": "stratton-report-mobile-2024", "publisher": "Andreessen Horowitz / Sensor Tower", "title": "Mobile App Trends 2024", "url": "https://a16z.com/", "year": 2024, "type": "report" }, { "id": "stacked-marketplaces-2024", "publisher": "Stacked Capital / a16z", "title": "Marketplace 100 2024", "url": "https://a16z.com/marketplace-100/", "year": 2024, "type": "report" }, { "id": "boston-consulting-deeptech-2024", "publisher": "BCG / Hello Tomorrow", "title": "Deep Tech Investment Report 2024", "url": "https://hellotomorrow.org/", "year": 2024, "type": "report" }, { "id": "silicon-valley-bank-healthcare-2024", "publisher": "SVB", "title": "Healthcare Investments & Exits H2 2024", "url": "https://www.svb.com/", "year": 2024, "type": "report" }, { "id": "insurtech-gallagher-2024", "publisher": "Gallagher Re", "title": "Global InsurTech Report Q4 2024", "url": "https://www.ajg.com/gallagherre/", "year": 2024, "type": "report" }, { "id": "thomson-reuters-legaltech-2024", "publisher": "Thomson Reuters Institute", "title": "Legal Tech Investment Trends 2024", "url": "https://www.thomsonreuters.com/", "year": 2024, "type": "report" }, { "id": "ycombinator-data", "publisher": "Y Combinator", "title": "YC Funding Standards", "url": "https://www.ycombinator.com/", "year": 2024, "type": "blog" }, { "id": "first-round-2024", "publisher": "First Round Review", "title": "State of Startups 2024", "url": "https://review.firstround.com/", "year": 2024, "type": "survey" } ], "dataset_meta": { "version": "1.0.0", "lastUpdated": "2026-05-29", "totalRows": 3600, "verticalCount": 24, "geoCount": 5, "yearRange": [ 2021, 2025 ], "methodology": "Benchmarks aggregated from publicly available reports (Carta State of Private Markets, PitchBook-NVCA Venture Monitor, Crunchbase year-end reviews, Dealroom regional reports, CB Insights State of Venture, AngelList, sector-specific reports). Per-cell medians cross-referenced across 2-4 sources where available; cells marked confidence: low are model-estimated when source coverage was thin. All figures are USD. Round-size and valuation medians refer to priced rounds only; SAFE/convertible-only rounds reported separately by Carta are excluded.", "disclaimer": "Benchmarks are indicative medians, not investment advice. Variance within each cell is significant — assume p25/p75 ranges of roughly 0.5x to 2x the median. Always cross-reference with current Carta and PitchBook reports before fundraising." }, "records": [ { "slug": "agritech", "label": "AgriTech", "validateIdeaPath": "/validate-idea/agritech", "summary": "AgriTech rounds skew larger due to hardware + biology, with longer paths to revenue. Upstream tech raised $5.8B in 2024.", "keyTrends": [ "Precision ag commanding largest rounds", "Indoor farming contracted", "Carbon markets driving agtech investment" ], "topInvestors": [ "S2G", "Leaps by Bayer", "Temasek", "AgFunder", "Anterra Capital" ], "notableDeals": [ { "name": "Indigo Series F", "amountUsd": 250000000, "date": "2024-02" }, { "name": "Pivot Bio Series E", "amountUsd": 100000000, "date": "2025-03" }, { "name": "Apeel Series E", "amountUsd": 250000000, "date": "2022-04" }, { "name": "InFarm Series D", "amountUsd": 200000000, "date": "2021-12" } ], "rows": [ { "stage": "pre-seed", "geo": "global", "year": 2021, "medianRoundUsd": 790000, "medianPreMoneyUsd": 10000000, "medianPostMoneyUsd": 11000000, "dilutionPct": 7.2, "monthsToNextRound": 18, "graduationRatePct": 35, "weeksToClose": 8, "runwayMonthsPost": 18, "confidence": "medium", "sourceIds": [ "agfunder-2024", "ctvc-climate-2024" ], "estimated": true }, { "stage": "seed", "geo": "global", "year": 2021, "medianRoundUsd": 4000000, "medianPreMoneyUsd": 19000000, "medianPostMoneyUsd": 23000000, "dilutionPct": 17.4, "monthsToNextRound": 20, "graduationRatePct": 30, "weeksToClose": 10, "runwayMonthsPost": 22, "confidence": "medium", "sourceIds": [ "agfunder-2024", "ctvc-climate-2024" ], "arrAtRoundUsd": 200000, "revenueMultiple": 96, "burnMultiple": 2.6, "estimated": true }, { "stage": "series-a", "geo": "global", "year": 2021, "medianRoundUsd": 14000000, "medianPreMoneyUsd": 57000000, "medianPostMoneyUsd": 71000000, "dilutionPct": 19.7, "monthsToNextRound": 22, "graduationRatePct": 28, "weeksToClose": 14, "runwayMonthsPost": 22, "confidence": "medium", "sourceIds": [ "agfunder-2024", "ctvc-climate-2024" ], "arrAtRoundUsd": 2000000, "revenueMultiple": 28.8, "burnMultiple": 2.1, "estimated": true }, { "stage": "series-b", "geo": "global", "year": 2021, "medianRoundUsd": 31000000, "medianPreMoneyUsd": 160000000, "medianPostMoneyUsd": 190000000, "dilutionPct": 16.3, "monthsToNextRound": 24, 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"medianRoundUsd": 300000, "medianPreMoneyUsd": 3000000, "medianPostMoneyUsd": 3300000, "dilutionPct": 9.1, "monthsToNextRound": 18, "graduationRatePct": 35, "weeksToClose": 8, "runwayMonthsPost": 18, "confidence": "high", "sourceIds": [ "agfunder-2024", "ctvc-climate-2024" ] }, { "stage": "seed", "geo": "latam", "year": 2025, "medianRoundUsd": 1500000, "medianPreMoneyUsd": 5600000, "medianPostMoneyUsd": 7100000, "dilutionPct": 21.1, "monthsToNextRound": 20, "graduationRatePct": 30, "weeksToClose": 10, "runwayMonthsPost": 22, "confidence": "high", "sourceIds": [ "agfunder-2024", "ctvc-climate-2024" ], "arrAtRoundUsd": 94000, "revenueMultiple": 60, "burnMultiple": 2.6 }, { "stage": "series-a", "geo": "latam", "year": 2025, "medianRoundUsd": 5200000, "medianPreMoneyUsd": 17000000, "medianPostMoneyUsd": 22000000, "dilutionPct": 23.6, "monthsToNextRound": 22, "graduationRatePct": 28, "weeksToClose": 14, "runwayMonthsPost": 22, "confidence": "high", "sourceIds": [ "agfunder-2024", 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"arrAtRoundUsd": 150000, "revenueMultiple": 60, "burnMultiple": 2.6 }, { "stage": "series-a", "geo": "apac", "year": 2025, "medianRoundUsd": 8000000, "medianPreMoneyUsd": 26000000, "medianPostMoneyUsd": 34000000, "dilutionPct": 23.5, "monthsToNextRound": 22, "graduationRatePct": 28, "weeksToClose": 14, "runwayMonthsPost": 22, "confidence": "high", "sourceIds": [ "agfunder-2024", "ctvc-climate-2024" ], "arrAtRoundUsd": 1500000, "revenueMultiple": 18, "burnMultiple": 2.1 }, { "stage": "series-b", "geo": "apac", "year": 2025, "medianRoundUsd": 18000000, "medianPreMoneyUsd": 76000000, "medianPostMoneyUsd": 94000000, "dilutionPct": 19.1, "monthsToNextRound": 24, "graduationRatePct": 35, "weeksToClose": 16, "runwayMonthsPost": 20, "confidence": "high", "sourceIds": [ "agfunder-2024", "ctvc-climate-2024" ], "arrAtRoundUsd": 5300000, "revenueMultiple": 14, "burnMultiple": 1.8 }, { "stage": "series-c", "geo": "apac", "year": 2025, "medianRoundUsd": 33000000, "medianPreMoneyUsd": 190000000, "medianPostMoneyUsd": 220000000, "dilutionPct": 15, "monthsToNextRound": 26, "graduationRatePct": 45, "weeksToClose": 18, "runwayMonthsPost": 24, "confidence": "low", "sourceIds": [ "agfunder-2024", "ctvc-climate-2024" ], "arrAtRoundUsd": 15000000, "revenueMultiple": 12, "burnMultiple": 1.5 }, { "stage": "growth", "geo": "apac", "year": 2025, "medianRoundUsd": 60000000, "medianPreMoneyUsd": 440000000, "medianPostMoneyUsd": 500000000, "dilutionPct": 12, "monthsToNextRound": 30, "graduationRatePct": 5, "weeksToClose": 20, "runwayMonthsPost": 28, "confidence": "low", "sourceIds": [ "agfunder-2024", "ctvc-climate-2024" ], "arrAtRoundUsd": 47000000, "revenueMultiple": 9, "burnMultiple": 1.3 } ] }, { "slug": "ai-ml", "label": "AI / ML", "validateIdeaPath": "/validate-idea/aiml", "summary": "AI/ML attracted ~37% of all 2024 VC ($131B globally per Crunchbase). Round sizes are 1.5-2x vertical peers; revenue multiples reach 30-50x for foundation model startups.", "keyTrends": [ "Foundation model rounds dominate $1B+ deals", "Application-layer commands 20-30x ARR", "Inference costs determining margin profiles" ], "topInvestors": [ "Sequoia Capital", "a16z", "Founders Fund", "Khosla Ventures", "Lightspeed", "Thrive Capital" ], "notableDeals": [ { "name": "OpenAI Round", "amountUsd": 6600000000, "date": "2024-10" }, { "name": "xAI Series C", "amountUsd": 6000000000, "date": "2024-12" }, { "name": "Anthropic Round", "amountUsd": 4000000000, "date": "2024-11" }, { "name": "Perplexity Series C", "amountUsd": 500000000, "date": "2024-12" } ], "rows": [ { "stage": "pre-seed", "geo": "global", "year": 2021, "medianRoundUsd": 1500000, "medianPreMoneyUsd": 26000000, "medianPostMoneyUsd": 28000000, "dilutionPct": 5.4, "monthsToNextRound": 18, "graduationRatePct": 35, "weeksToClose": 8, "runwayMonthsPost": 18, "confidence": "medium", "sourceIds": [ 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"confidence": "high", "sourceIds": [ "pitchbook-nvca-2024", "cbinsights-sov-2024", "crunchbase-2024-recap", "carta-spm-q1-2025" ], "arrAtRoundUsd": 4100000, "revenueMultiple": 28, "burnMultiple": 2 }, { "stage": "series-c", "geo": "apac", "year": 2025, "medianRoundUsd": 63000000, "medianPreMoneyUsd": 490000000, "medianPostMoneyUsd": 550000000, "dilutionPct": 11.5, "monthsToNextRound": 26, "graduationRatePct": 45, "weeksToClose": 18, "runwayMonthsPost": 24, "confidence": "low", "sourceIds": [ "pitchbook-nvca-2024", "cbinsights-sov-2024", "crunchbase-2024-recap", "carta-spm-q1-2025" ], "arrAtRoundUsd": 11000000, "revenueMultiple": 24, "burnMultiple": 1.7 }, { "stage": "growth", "geo": "apac", "year": 2025, "medianRoundUsd": 110000000, "medianPreMoneyUsd": 1100000000, "medianPostMoneyUsd": 1200000000, "dilutionPct": 9.2, "monthsToNextRound": 30, "graduationRatePct": 5, "weeksToClose": 20, "runwayMonthsPost": 28, "confidence": "low", "sourceIds": [ "pitchbook-nvca-2024", "cbinsights-sov-2024", "crunchbase-2024-recap", "carta-spm-q1-2025" ], "arrAtRoundUsd": 36000000, "revenueMultiple": 18, "burnMultiple": 1.5 } ] }, { "slug": "b2b-saas", "label": "B2B SaaS", "validateIdeaPath": "/validate-idea/b2b-saas", "summary": "B2B SaaS commands higher multiples than horizontal SaaS, with Rule-of-40 leaders raising at 12-18x ARR. Wiz, Ramp, Rippling drove 2024 mega-rounds.", "keyTrends": [ "NDR >130% required for top-quartile Series B", "Sales-led + PLG hybrid dominates 2024 cohorts", "Vertical SaaS outperforming horizontal on multiples" ], "topInvestors": [ "Sequoia Capital", "Insight Partners", "Bessemer", "Battery Ventures", "Greenoaks" ], "notableDeals": [ { "name": "Wiz Series E", "amountUsd": 1000000000, "date": "2024-05" }, { "name": "Ramp Series D-2", "amountUsd": 200000000, "date": "2024-04" }, { "name": "Rippling Series F", "amountUsd": 200000000, "date": "2024-04" }, { "name": "Brex Tender", "amountUsd": 235000000, "date": "2024-10" } ], "rows": [ { "stage": "pre-seed", "geo": "global", "year": 2021, "medianRoundUsd": 870000, "medianPreMoneyUsd": 13000000, "medianPostMoneyUsd": 14000000, "dilutionPct": 6.2, "monthsToNextRound": 18, "graduationRatePct": 35, "weeksToClose": 8, "runwayMonthsPost": 18, "confidence": "medium", "sourceIds": [ "carta-spm-q4-2024", "bessemer-cloud-2025", 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"graduationRatePct": 35, "weeksToClose": 16, "runwayMonthsPost": 20, "confidence": "high", "sourceIds": [ "carta-spm-q4-2024", "crunchbase-2024-recap", "first-round-2024" ], "arrAtRoundUsd": 4700000, "revenueMultiple": 14, "burnMultiple": 1.8 }, { "stage": "series-c", "geo": "apac", "year": 2024, "medianRoundUsd": 28000000, "medianPreMoneyUsd": 180000000, "medianPostMoneyUsd": 210000000, "dilutionPct": 13.3, "monthsToNextRound": 26, "graduationRatePct": 45, "weeksToClose": 18, "runwayMonthsPost": 24, "confidence": "low", "sourceIds": [ "carta-spm-q4-2024", "crunchbase-2024-recap", "first-round-2024" ], "arrAtRoundUsd": 13000000, "revenueMultiple": 12, "burnMultiple": 1.5 }, { "stage": "growth", "geo": "apac", "year": 2024, "medianRoundUsd": 50000000, "medianPreMoneyUsd": 410000000, "medianPostMoneyUsd": 460000000, "dilutionPct": 10.9, "monthsToNextRound": 30, "graduationRatePct": 5, "weeksToClose": 20, "runwayMonthsPost": 28, "confidence": "low", "sourceIds": [ "carta-spm-q4-2024", 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"medianPostMoneyUsd": 340000000, "dilutionPct": 10.3, "monthsToNextRound": 30, "graduationRatePct": 5, "weeksToClose": 20, "runwayMonthsPost": 28, "confidence": "low", "sourceIds": [ "carta-spm-q4-2024", "crunchbase-2024-recap", "first-round-2024" ], "arrAtRoundUsd": 27000000, "revenueMultiple": 9, "burnMultiple": 1.3 }, { "stage": "pre-seed", "geo": "apac", "year": 2025, "medianRoundUsd": 420000, "medianPreMoneyUsd": 5000000, "medianPostMoneyUsd": 5400000, "dilutionPct": 7.8, "monthsToNextRound": 18, "graduationRatePct": 35, "weeksToClose": 8, "runwayMonthsPost": 18, "confidence": "high", "sourceIds": [ "carta-spm-q4-2024", "crunchbase-2024-recap", "first-round-2024" ] }, { "stage": "seed", "geo": "apac", "year": 2025, "medianRoundUsd": 2100000, "medianPreMoneyUsd": 9300000, "medianPostMoneyUsd": 11000000, "dilutionPct": 19.1, "monthsToNextRound": 20, "graduationRatePct": 30, "weeksToClose": 10, "runwayMonthsPost": 22, "confidence": "high", "sourceIds": [ "carta-spm-q4-2024", "crunchbase-2024-recap", "first-round-2024" ], "arrAtRoundUsd": 130000, "revenueMultiple": 60, "burnMultiple": 2.6 }, { "stage": "series-a", "geo": "apac", "year": 2025, "medianRoundUsd": 7200000, "medianPreMoneyUsd": 28000000, "medianPostMoneyUsd": 35000000, "dilutionPct": 20.6, "monthsToNextRound": 22, "graduationRatePct": 28, "weeksToClose": 14, "runwayMonthsPost": 22, "confidence": "high", "sourceIds": [ "carta-spm-q4-2024", "crunchbase-2024-recap", "first-round-2024" ], "arrAtRoundUsd": 1300000, "revenueMultiple": 18, "burnMultiple": 2.1 }, { "stage": "series-b", "geo": "apac", "year": 2025, "medianRoundUsd": 16000000, "medianPreMoneyUsd": 80000000, "medianPostMoneyUsd": 96000000, "dilutionPct": 16.7, "monthsToNextRound": 24, "graduationRatePct": 35, "weeksToClose": 16, "runwayMonthsPost": 20, "confidence": "high", "sourceIds": [ "carta-spm-q4-2024", "crunchbase-2024-recap", "first-round-2024" ], "arrAtRoundUsd": 4700000, "revenueMultiple": 14, "burnMultiple": 1.8 }, { "stage": "series-c", "geo": "apac", "year": 2025, "medianRoundUsd": 30000000, "medianPreMoneyUsd": 200000000, "medianPostMoneyUsd": 230000000, "dilutionPct": 13, "monthsToNextRound": 26, "graduationRatePct": 45, "weeksToClose": 18, "runwayMonthsPost": 24, "confidence": "low", "sourceIds": [ "carta-spm-q4-2024", "crunchbase-2024-recap", "first-round-2024" ], "arrAtRoundUsd": 13000000, "revenueMultiple": 12, "burnMultiple": 1.5 }, { "stage": "growth", "geo": "apac", "year": 2025, "medianRoundUsd": 54000000, "medianPreMoneyUsd": 460000000, "medianPostMoneyUsd": 510000000, "dilutionPct": 10.6, "monthsToNextRound": 30, "graduationRatePct": 5, "weeksToClose": 20, "runwayMonthsPost": 28, "confidence": "low", "sourceIds": [ "carta-spm-q4-2024", "crunchbase-2024-recap", "first-round-2024" ], "arrAtRoundUsd": 42000000, "revenueMultiple": 9, "burnMultiple": 1.3 } ] }, { "slug": "biotech", "label": "BioTech", "validateIdeaPath": null, "summary": "BioTech Series A medians: $35-60M, Series B: $80-120M (SVB Healthcare H2 2024). Platform companies command premium; therapeutics-only contracted.", "keyTrends": [ "AI-bio platforms (Xaira) reset early-stage", "Obesity/GLP-1 dominated 2024 deals", "Diagnostics rebounding post-COVID compression" ], "topInvestors": [ "ARCH Venture Partners", "Flagship Pioneering", "OrbiMed", "Polaris", "Third Rock" ], "notableDeals": [ { "name": "Xaira Therapeutics Seed", "amountUsd": 1000000000, "date": "2024-04" }, { "name": "Areteia Series C", "amountUsd": 425000000, "date": "2024-06" }, { "name": "Mirador Therapeutics Series A", "amountUsd": 400000000, "date": "2024-03" }, { "name": "Formation Bio Series D", "amountUsd": 372000000, "date": "2024-06" } ], "rows": [ { "stage": "pre-seed", "geo": "global", "year": 2021, "medianRoundUsd": 1800000, "medianPreMoneyUsd": 19000000, "medianPostMoneyUsd": 21000000, "dilutionPct": 8.6, "monthsToNextRound": 18, "graduationRatePct": 35, "weeksToClose": 8, "runwayMonthsPost": 18, "confidence": "medium", "sourceIds": [ "silicon-valley-bank-healthcare-2024", "pitchbook-nvca-2024", "cbinsights-sov-2024" ], "estimated": true }, { "stage": "seed", "geo": "global", "year": 2021, "medianRoundUsd": 9200000, "medianPreMoneyUsd": 35000000, "medianPostMoneyUsd": 44000000, "dilutionPct": 20.9, "monthsToNextRound": 20, "graduationRatePct": 30, "weeksToClose": 10, "runwayMonthsPost": 22, "confidence": "medium", "sourceIds": [ "silicon-valley-bank-healthcare-2024", "pitchbook-nvca-2024", "cbinsights-sov-2024" ], "burnMultiple": 2.9, "estimated": true }, { "stage": "series-a", "geo": "global", "year": 2021, "medianRoundUsd": 31000000, "medianPreMoneyUsd": 110000000, "medianPostMoneyUsd": 140000000, "dilutionPct": 22.1, "monthsToNextRound": 22, "graduationRatePct": 28, "weeksToClose": 14, "runwayMonthsPost": 22, "confidence": "medium", "sourceIds": [ "silicon-valley-bank-healthcare-2024", "pitchbook-nvca-2024", "cbinsights-sov-2024" ], "arrAtRoundUsd": 450000, "revenueMultiple": 17.3, "burnMultiple": 2.4, "estimated": true }, { "stage": "series-b", "geo": "global", "year": 2021, "medianRoundUsd": 71000000, "medianPreMoneyUsd": 310000000, "medianPostMoneyUsd": 380000000, "dilutionPct": 18.7, "monthsToNextRound": 24, "graduationRatePct": 35, "weeksToClose": 16, "runwayMonthsPost": 20, "confidence": "medium", "sourceIds": [ "silicon-valley-bank-healthcare-2024", "pitchbook-nvca-2024", "cbinsights-sov-2024" ], "arrAtRoundUsd": 1600000, "revenueMultiple": 13.4, "burnMultiple": 2.1, "estimated": true }, { "stage": "series-c", "geo": "global", "year": 2021, "medianRoundUsd": 130000000, "medianPreMoneyUsd": 750000000, "medianPostMoneyUsd": 880000000, "dilutionPct": 14.8, "monthsToNextRound": 26, "graduationRatePct": 45, "weeksToClose": 18, "runwayMonthsPost": 24, "confidence": "medium", "sourceIds": [ "silicon-valley-bank-healthcare-2024", "pitchbook-nvca-2024", "cbinsights-sov-2024" ], "arrAtRoundUsd": 4500000, "revenueMultiple": 11.5, "burnMultiple": 1.8, "estimated": true }, { "stage": "growth", "geo": "global", "year": 2021, "medianRoundUsd": 240000000, "medianPreMoneyUsd": 1800000000, "medianPostMoneyUsd": 2000000000, "dilutionPct": 12, "monthsToNextRound": 30, "graduationRatePct": 5, "weeksToClose": 20, "runwayMonthsPost": 28, "confidence": "medium", "sourceIds": [ "silicon-valley-bank-healthcare-2024", "pitchbook-nvca-2024", "cbinsights-sov-2024" ], "arrAtRoundUsd": 14000000, "revenueMultiple": 8.6, "burnMultiple": 1.6, "estimated": true }, { "stage": "pre-seed", "geo": "us", "year": 2021, "medianRoundUsd": 2200000, "medianPreMoneyUsd": 22000000, "medianPostMoneyUsd": 24000000, "dilutionPct": 9.2, "monthsToNextRound": 18, "graduationRatePct": 35, "weeksToClose": 8, "runwayMonthsPost": 18, "confidence": "medium", "sourceIds": [ "silicon-valley-bank-healthcare-2024", "pitchbook-nvca-2024", "cbinsights-sov-2024" ] }, { "stage": "seed", "geo": "us", "year": 2021, "medianRoundUsd": 11000000, "medianPreMoneyUsd": 42000000, "medianPostMoneyUsd": 53000000, "dilutionPct": 20.8, "monthsToNextRound": 20, "graduationRatePct": 30, "weeksToClose": 10, "runwayMonthsPost": 22, "confidence": "medium", "sourceIds": [ "silicon-valley-bank-healthcare-2024", "pitchbook-nvca-2024", "cbinsights-sov-2024" ], "burnMultiple": 2.9 }, { "stage": "series-a", "geo": "us", "year": 2021, "medianRoundUsd": 37000000, "medianPreMoneyUsd": 120000000, "medianPostMoneyUsd": 160000000, "dilutionPct": 23.1, "monthsToNextRound": 22, "graduationRatePct": 28, "weeksToClose": 14, "runwayMonthsPost": 22, "confidence": "medium", "sourceIds": [ "silicon-valley-bank-healthcare-2024", "pitchbook-nvca-2024", "cbinsights-sov-2024" ], "arrAtRoundUsd": 500000, "revenueMultiple": 17.3, "burnMultiple": 2.4 }, { "stage": "series-b", "geo": "us", "year": 2021, "medianRoundUsd": 83000000, "medianPreMoneyUsd": 360000000, "medianPostMoneyUsd": 440000000, "dilutionPct": 18.9, "monthsToNextRound": 24, "graduationRatePct": 35, "weeksToClose": 16, "runwayMonthsPost": 20, "confidence": "medium", "sourceIds": [ "silicon-valley-bank-healthcare-2024", "pitchbook-nvca-2024", "cbinsights-sov-2024" ], "arrAtRoundUsd": 1800000, "revenueMultiple": 13.4, "burnMultiple": 2.1 }, { "stage": "series-c", "geo": "us", "year": 2021, "medianRoundUsd": 150000000, "medianPreMoneyUsd": 890000000, "medianPostMoneyUsd": 1000000000, "dilutionPct": 15, "monthsToNextRound": 26, "graduationRatePct": 45, "weeksToClose": 18, "runwayMonthsPost": 24, "confidence": "medium", "sourceIds": [ "silicon-valley-bank-healthcare-2024", "pitchbook-nvca-2024", "cbinsights-sov-2024" ], "arrAtRoundUsd": 5000000, "revenueMultiple": 11.5, "burnMultiple": 1.8 }, { "stage": "growth", "geo": "us", "year": 2021, "medianRoundUsd": 280000000, "medianPreMoneyUsd": 2100000000, "medianPostMoneyUsd": 2400000000, "dilutionPct": 11.7, "monthsToNextRound": 30, "graduationRatePct": 5, "weeksToClose": 20, "runwayMonthsPost": 28, "confidence": "medium", "sourceIds": [ "silicon-valley-bank-healthcare-2024", "pitchbook-nvca-2024", 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27000000, "medianPreMoneyUsd": 90000000, "medianPostMoneyUsd": 120000000, "dilutionPct": 22.5, "monthsToNextRound": 22, "graduationRatePct": 28, "weeksToClose": 14, "runwayMonthsPost": 22, "confidence": "medium", "sourceIds": [ "silicon-valley-bank-healthcare-2024", "pitchbook-nvca-2024", "cbinsights-sov-2024" ], "arrAtRoundUsd": 360000, "revenueMultiple": 17.3, "burnMultiple": 2.4, "estimated": true }, { "stage": "series-b", "geo": "europe", "year": 2021, "medianRoundUsd": 60000000, "medianPreMoneyUsd": 260000000, "medianPostMoneyUsd": 320000000, "dilutionPct": 18.8, "monthsToNextRound": 24, "graduationRatePct": 35, "weeksToClose": 16, "runwayMonthsPost": 20, "confidence": "medium", "sourceIds": [ "silicon-valley-bank-healthcare-2024", "pitchbook-nvca-2024", "cbinsights-sov-2024" ], "arrAtRoundUsd": 1300000, "revenueMultiple": 13.4, "burnMultiple": 2.1, "estimated": true }, { "stage": "series-c", "geo": "europe", "year": 2021, "medianRoundUsd": 110000000, "medianPreMoneyUsd": 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"dilutionPct": 9.1, "monthsToNextRound": 18, "graduationRatePct": 35, "weeksToClose": 8, "runwayMonthsPost": 18, "confidence": "medium", "sourceIds": [ "silicon-valley-bank-healthcare-2024", "pitchbook-nvca-2024", "cbinsights-sov-2024" ], "estimated": true }, { "stage": "seed", "geo": "latam", "year": 2021, "medianRoundUsd": 4500000, "medianPreMoneyUsd": 17000000, "medianPostMoneyUsd": 22000000, "dilutionPct": 20.5, "monthsToNextRound": 20, "graduationRatePct": 30, "weeksToClose": 10, "runwayMonthsPost": 22, "confidence": "medium", "sourceIds": [ "silicon-valley-bank-healthcare-2024", "pitchbook-nvca-2024", "cbinsights-sov-2024" ], "burnMultiple": 2.9, "estimated": true }, { "stage": "series-a", "geo": "latam", "year": 2021, "medianRoundUsd": 16000000, "medianPreMoneyUsd": 52000000, "medianPostMoneyUsd": 68000000, "dilutionPct": 23.5, "monthsToNextRound": 22, "graduationRatePct": 28, "weeksToClose": 14, "runwayMonthsPost": 22, "confidence": "medium", "sourceIds": [ 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"runwayMonthsPost": 22, "confidence": "high", "sourceIds": [ "silicon-valley-bank-healthcare-2024", "pitchbook-nvca-2024", "cbinsights-sov-2024" ], "arrAtRoundUsd": 360000, "revenueMultiple": 10.8, "burnMultiple": 2.4 }, { "stage": "series-b", "geo": "europe", "year": 2025, "medianRoundUsd": 46000000, "medianPreMoneyUsd": 160000000, "medianPostMoneyUsd": 210000000, "dilutionPct": 21.9, "monthsToNextRound": 24, "graduationRatePct": 35, "weeksToClose": 16, "runwayMonthsPost": 20, "confidence": "high", "sourceIds": [ "silicon-valley-bank-healthcare-2024", "pitchbook-nvca-2024", "cbinsights-sov-2024" ], "arrAtRoundUsd": 1300000, "revenueMultiple": 8.4, "burnMultiple": 2.1 }, { "stage": "series-c", "geo": "europe", "year": 2025, "medianRoundUsd": 86000000, "medianPreMoneyUsd": 390000000, "medianPostMoneyUsd": 480000000, "dilutionPct": 17.9, "monthsToNextRound": 26, "graduationRatePct": 45, "weeksToClose": 18, "runwayMonthsPost": 24, "confidence": "high", "sourceIds": [ "silicon-valley-bank-healthcare-2024", "pitchbook-nvca-2024", "cbinsights-sov-2024" ], "arrAtRoundUsd": 3600000, "revenueMultiple": 7.2, "burnMultiple": 1.8 }, { "stage": "growth", "geo": "europe", "year": 2025, "medianRoundUsd": 150000000, "medianPreMoneyUsd": 910000000, "medianPostMoneyUsd": 1100000000, "dilutionPct": 13.6, "monthsToNextRound": 30, "graduationRatePct": 5, "weeksToClose": 20, "runwayMonthsPost": 28, "confidence": "medium", "sourceIds": [ "silicon-valley-bank-healthcare-2024", "pitchbook-nvca-2024", "cbinsights-sov-2024" ], "arrAtRoundUsd": 12000000, "revenueMultiple": 5.4, "burnMultiple": 1.6 }, { "stage": "pre-seed", "geo": "latam", "year": 2025, "medianRoundUsd": 700000, "medianPreMoneyUsd": 5600000, "medianPostMoneyUsd": 6300000, "dilutionPct": 11.1, "monthsToNextRound": 18, "graduationRatePct": 35, "weeksToClose": 8, "runwayMonthsPost": 18, "confidence": "high", "sourceIds": [ "silicon-valley-bank-healthcare-2024", "pitchbook-nvca-2024", "cbinsights-sov-2024" ] }, { "stage": "seed", "geo": "latam", "year": 2025, "medianRoundUsd": 3500000, "medianPreMoneyUsd": 11000000, "medianPostMoneyUsd": 14000000, "dilutionPct": 25, "monthsToNextRound": 20, "graduationRatePct": 30, "weeksToClose": 10, "runwayMonthsPost": 22, "confidence": "high", "sourceIds": [ "silicon-valley-bank-healthcare-2024", "pitchbook-nvca-2024", "cbinsights-sov-2024" ], "burnMultiple": 2.9 }, { "stage": "series-a", "geo": "latam", "year": 2025, "medianRoundUsd": 12000000, "medianPreMoneyUsd": 32000000, "medianPostMoneyUsd": 44000000, "dilutionPct": 27.3, "monthsToNextRound": 22, "graduationRatePct": 28, "weeksToClose": 14, "runwayMonthsPost": 22, "confidence": "high", "sourceIds": [ "silicon-valley-bank-healthcare-2024", "pitchbook-nvca-2024", "cbinsights-sov-2024" ], "arrAtRoundUsd": 210000, "revenueMultiple": 10.8, "burnMultiple": 2.4 }, { "stage": "series-b", "geo": "latam", "year": 2025, "medianRoundUsd": 27000000, "medianPreMoneyUsd": 92000000, "medianPostMoneyUsd": 120000000, "dilutionPct": 22.5, "monthsToNextRound": 24, "graduationRatePct": 35, "weeksToClose": 16, "runwayMonthsPost": 20, "confidence": "high", "sourceIds": [ "silicon-valley-bank-healthcare-2024", "pitchbook-nvca-2024", "cbinsights-sov-2024" ], "arrAtRoundUsd": 760000, "revenueMultiple": 8.4, "burnMultiple": 2.1 }, { "stage": "series-c", "geo": "latam", "year": 2025, "medianRoundUsd": 50000000, "medianPreMoneyUsd": 230000000, "medianPostMoneyUsd": 280000000, "dilutionPct": 17.9, "monthsToNextRound": 26, "graduationRatePct": 45, "weeksToClose": 18, "runwayMonthsPost": 24, "confidence": "low", "sourceIds": [ "silicon-valley-bank-healthcare-2024", "pitchbook-nvca-2024", "cbinsights-sov-2024" ], "arrAtRoundUsd": 2100000, "revenueMultiple": 7.2, "burnMultiple": 1.8 }, { "stage": "growth", "geo": "latam", "year": 2025, "medianRoundUsd": 90000000, "medianPreMoneyUsd": 530000000, "medianPostMoneyUsd": 620000000, "dilutionPct": 14.5, "monthsToNextRound": 30, "graduationRatePct": 5, "weeksToClose": 20, "runwayMonthsPost": 28, "confidence": "low", "sourceIds": [ "silicon-valley-bank-healthcare-2024", "pitchbook-nvca-2024", "cbinsights-sov-2024" ], "arrAtRoundUsd": 6700000, "revenueMultiple": 5.4, "burnMultiple": 1.6 }, { "stage": "pre-seed", "geo": "apac", "year": 2025, "medianRoundUsd": 1100000, "medianPreMoneyUsd": 8700000, "medianPostMoneyUsd": 9800000, "dilutionPct": 11.2, "monthsToNextRound": 18, "graduationRatePct": 35, "weeksToClose": 8, "runwayMonthsPost": 18, "confidence": "high", "sourceIds": [ "silicon-valley-bank-healthcare-2024", "pitchbook-nvca-2024", "cbinsights-sov-2024" ] }, { "stage": "seed", "geo": "apac", "year": 2025, "medianRoundUsd": 5400000, "medianPreMoneyUsd": 16000000, "medianPostMoneyUsd": 21000000, "dilutionPct": 25.7, "monthsToNextRound": 20, "graduationRatePct": 30, "weeksToClose": 10, "runwayMonthsPost": 22, "confidence": "high", "sourceIds": [ "silicon-valley-bank-healthcare-2024", "pitchbook-nvca-2024", "cbinsights-sov-2024" ], "burnMultiple": 2.9 }, { "stage": "series-a", "geo": "apac", "year": 2025, "medianRoundUsd": 19000000, "medianPreMoneyUsd": 49000000, "medianPostMoneyUsd": 68000000, "dilutionPct": 27.9, "monthsToNextRound": 22, "graduationRatePct": 28, "weeksToClose": 14, "runwayMonthsPost": 22, "confidence": "high", "sourceIds": [ "silicon-valley-bank-healthcare-2024", "pitchbook-nvca-2024", "cbinsights-sov-2024" ], "arrAtRoundUsd": 320000, "revenueMultiple": 10.8, "burnMultiple": 2.4 }, { "stage": "series-b", "geo": "apac", "year": 2025, "medianRoundUsd": 42000000, "medianPreMoneyUsd": 140000000, "medianPostMoneyUsd": 180000000, "dilutionPct": 23.3, "monthsToNextRound": 24, "graduationRatePct": 35, "weeksToClose": 16, "runwayMonthsPost": 20, "confidence": "high", "sourceIds": [ "silicon-valley-bank-healthcare-2024", "pitchbook-nvca-2024", "cbinsights-sov-2024" ], "arrAtRoundUsd": 1200000, "revenueMultiple": 8.4, "burnMultiple": 2.1 }, { "stage": "series-c", "geo": "apac", "year": 2025, "medianRoundUsd": 77000000, "medianPreMoneyUsd": 350000000, "medianPostMoneyUsd": 430000000, "dilutionPct": 17.9, "monthsToNextRound": 26, "graduationRatePct": 45, "weeksToClose": 18, "runwayMonthsPost": 24, "confidence": "low", "sourceIds": [ "silicon-valley-bank-healthcare-2024", "pitchbook-nvca-2024", "cbinsights-sov-2024" ], "arrAtRoundUsd": 3200000, "revenueMultiple": 7.2, "burnMultiple": 1.8 }, { "stage": "growth", "geo": "apac", "year": 2025, "medianRoundUsd": 140000000, "medianPreMoneyUsd": 820000000, "medianPostMoneyUsd": 960000000, "dilutionPct": 14.6, "monthsToNextRound": 30, "graduationRatePct": 5, "weeksToClose": 20, "runwayMonthsPost": 28, "confidence": "low", "sourceIds": [ "silicon-valley-bank-healthcare-2024", "pitchbook-nvca-2024", "cbinsights-sov-2024" ], "arrAtRoundUsd": 10000000, "revenueMultiple": 5.4, "burnMultiple": 1.6 } ] }, { "slug": "cleantech", "label": "CleanTech / Climate", "validateIdeaPath": "/validate-idea/cleantech", "summary": "Climate tech raised ~$30B in 2024 per CTVC. Round sizes are 1.5-2x SaaS peers, dilution is 25-30%+ pre-product given capex needs.", "keyTrends": [ "IRA tailwinds fueling 2024 mega-rounds", "Battery & grid tech dominating", "Carbon removal earliest-stage activity" ], "topInvestors": [ "Breakthrough Energy", "Lowercarbon", "Energy Impact Partners", "Khosla", "DCVC" ], "notableDeals": [ { "name": "Northvolt Debt", "amountUsd": 5000000000, "date": "2024-01" }, { "name": "X-Energy SPAC", "amountUsd": 700000000, "date": "2024-03" }, { "name": "Form Energy Series F", "amountUsd": 405000000, "date": "2024-10" }, { "name": "Sila Series G", "amountUsd": 375000000, "date": "2024-07" } ], "rows": [ { "stage": "pre-seed", "geo": "global", "year": 2021, "medianRoundUsd": 1300000, "medianPreMoneyUsd": 15000000, "medianPostMoneyUsd": 16000000, "dilutionPct": 8.1, "monthsToNextRound": 18, "graduationRatePct": 35, "weeksToClose": 8, "runwayMonthsPost": 18, "confidence": "medium", "sourceIds": [ "ctvc-climate-2024", "pitchbook-nvca-2024", "silicon-valley-bank-state-2024" ], "estimated": true }, { "stage": "seed", "geo": "global", "year": 2021, "medianRoundUsd": 6700000, "medianPreMoneyUsd": 28000000, "medianPostMoneyUsd": 35000000, "dilutionPct": 19.1, "monthsToNextRound": 20, "graduationRatePct": 30, "weeksToClose": 10, "runwayMonthsPost": 22, "confidence": "medium", "sourceIds": [ "ctvc-climate-2024", "pitchbook-nvca-2024", "silicon-valley-bank-state-2024" ], "arrAtRoundUsd": 140000, "revenueMultiple": 57.6, "burnMultiple": 2.9, "estimated": true }, { "stage": "series-a", "geo": "global", "year": 2021, "medianRoundUsd": 23000000, "medianPreMoneyUsd": 85000000, "medianPostMoneyUsd": 110000000, "dilutionPct": 20.9, "monthsToNextRound": 22, "graduationRatePct": 28, "weeksToClose": 14, "runwayMonthsPost": 22, "confidence": "medium", "sourceIds": [ "ctvc-climate-2024", "pitchbook-nvca-2024", "silicon-valley-bank-state-2024" ], "arrAtRoundUsd": 1400000, "revenueMultiple": 17.3, "burnMultiple": 2.4, "estimated": true }, { "stage": "series-b", "geo": "global", "year": 2021, "medianRoundUsd": 51000000, "medianPreMoneyUsd": 250000000, "medianPostMoneyUsd": 300000000, "dilutionPct": 17, "monthsToNextRound": 24, "graduationRatePct": 35, "weeksToClose": 16, "runwayMonthsPost": 20, "confidence": "medium", "sourceIds": [ "ctvc-climate-2024", "pitchbook-nvca-2024", "silicon-valley-bank-state-2024" ], "arrAtRoundUsd": 4900000, "revenueMultiple": 13.4, "burnMultiple": 2.1, "estimated": true }, { "stage": "series-c", "geo": "global", "year": 2021, "medianRoundUsd": 95000000, "medianPreMoneyUsd": 600000000, "medianPostMoneyUsd": 700000000, "dilutionPct": 13.6, "monthsToNextRound": 26, "graduationRatePct": 45, "weeksToClose": 18, "runwayMonthsPost": 24, "confidence": "medium", "sourceIds": [ "ctvc-climate-2024", "pitchbook-nvca-2024", "silicon-valley-bank-state-2024" ], "arrAtRoundUsd": 14000000, "revenueMultiple": 11.5, "burnMultiple": 1.8, "estimated": true }, { "stage": "growth", "geo": "global", "year": 2021, 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"medianPostMoneyUsd": 590000000, "dilutionPct": 13.7, "monthsToNextRound": 26, "graduationRatePct": 45, "weeksToClose": 18, "runwayMonthsPost": 24, "confidence": "medium", "sourceIds": [ "ctvc-climate-2024", "pitchbook-nvca-2024", "silicon-valley-bank-state-2024" ], "arrAtRoundUsd": 11000000, "revenueMultiple": 11.5, "burnMultiple": 1.8, "estimated": true }, { "stage": "growth", "geo": "europe", "year": 2021, "medianRoundUsd": 150000000, "medianPreMoneyUsd": 1200000000, "medianPostMoneyUsd": 1400000000, "dilutionPct": 10.7, "monthsToNextRound": 30, "graduationRatePct": 5, "weeksToClose": 20, "runwayMonthsPost": 28, "confidence": "medium", "sourceIds": [ "ctvc-climate-2024", "pitchbook-nvca-2024", "silicon-valley-bank-state-2024" ], "arrAtRoundUsd": 35000000, "revenueMultiple": 8.6, "burnMultiple": 1.6, "estimated": true }, { "stage": "pre-seed", "geo": "latam", "year": 2021, "medianRoundUsd": 660000, "medianPreMoneyUsd": 7500000, "medianPostMoneyUsd": 8200000, "dilutionPct": 8, 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"silicon-valley-bank-state-2024" ], "arrAtRoundUsd": 3500000, "revenueMultiple": 8.4, "burnMultiple": 2.1 }, { "stage": "series-c", "geo": "apac", "year": 2025, "medianRoundUsd": 56000000, "medianPreMoneyUsd": 280000000, "medianPostMoneyUsd": 340000000, "dilutionPct": 16.5, "monthsToNextRound": 26, "graduationRatePct": 45, "weeksToClose": 18, "runwayMonthsPost": 24, "confidence": "low", "sourceIds": [ "ctvc-climate-2024", "pitchbook-nvca-2024", "silicon-valley-bank-state-2024" ], "arrAtRoundUsd": 9800000, "revenueMultiple": 7.2, "burnMultiple": 1.8 }, { "stage": "growth", "geo": "apac", "year": 2025, "medianRoundUsd": 100000000, "medianPreMoneyUsd": 660000000, "medianPostMoneyUsd": 760000000, "dilutionPct": 13.2, "monthsToNextRound": 30, "graduationRatePct": 5, "weeksToClose": 20, "runwayMonthsPost": 28, "confidence": "low", "sourceIds": [ "ctvc-climate-2024", "pitchbook-nvca-2024", "silicon-valley-bank-state-2024" ], "arrAtRoundUsd": 31000000, "revenueMultiple": 5.4, "burnMultiple": 1.6 } ] }, { "slug": "deeptech", "label": "DeepTech", "validateIdeaPath": null, "summary": "DeepTech rounds are 50-80% larger than software peers (BCG/Hello Tomorrow). 7-10 year holds; dilution at Series A often 25%+.", "keyTrends": [ "Quantum computing rounds reached commercial scale", "Defense tech (Anduril effect) accelerating", "Robotics + AI converging" ], "topInvestors": [ "Founders Fund", "DCVC", "Lux Capital", "Khosla", "Playground Global" ], "notableDeals": [ { "name": "Quantinuum Round", "amountUsd": 300000000, "date": "2024-11" }, { "name": "Atom Computing Series C", "amountUsd": 100000000, "date": "2024-07" }, { "name": "Skild AI Series A", "amountUsd": 300000000, "date": "2024-07" }, { "name": "Boom Supersonic Series C", "amountUsd": 100000000, "date": "2024-12" } ], "rows": [ { "stage": "pre-seed", "geo": "global", "year": 2021, "medianRoundUsd": 1400000, "medianPreMoneyUsd": 16000000, "medianPostMoneyUsd": 17000000, "dilutionPct": 8.2, "monthsToNextRound": 18, 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Profitability and inventory efficiency now drive Series B+ rounds. Revenue multiples 1-3x for traditional DTC.", "keyTrends": [ "Profitable growth replacing GMV-at-all-costs", "AI for merchandising/SEO driving conversion", "International expansion via marketplaces" ], "topInvestors": [ "Forerunner", "L Catterton", "a16z", "Lerer Hippeau", "BBG Ventures" ], "notableDeals": [ { "name": "Shein pre-IPO", "amountUsd": 2000000000, "date": "2023-05" }, { "name": "Faire Series G", "amountUsd": 416000000, "date": "2022-11" }, { "name": "Cider Series C", "amountUsd": 130000000, "date": "2024-09" }, { "name": "True Classic Growth", "amountUsd": 75000000, "date": "2024-03" } ], "rows": [ { "stage": "pre-seed", "geo": "global", "year": 2021, "medianRoundUsd": 750000, "medianPreMoneyUsd": 8800000, "medianPostMoneyUsd": 9600000, "dilutionPct": 7.8, "monthsToNextRound": 18, "graduationRatePct": 35, "weeksToClose": 8, "runwayMonthsPost": 18, "confidence": "medium", "sourceIds": [ "crunchbase-2024-recap", "pwc-moneytree-2024", "carta-spm-q4-2024" ], "estimated": true 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"monthsToNextRound": 30, "graduationRatePct": 5, "weeksToClose": 20, "runwayMonthsPost": 28, "confidence": "low", "sourceIds": [ "crunchbase-2024-recap", "pwc-moneytree-2024", "carta-spm-q4-2024" ], "arrAtRoundUsd": 73000000, "revenueMultiple": 9, "burnMultiple": 1.4 } ] }, { "slug": "edtech", "label": "Edtech", "validateIdeaPath": "/validate-idea/edtech", "summary": "EdTech funding fell 65%+ from 2021 highs per HolonIQ. AI-tutoring (MagicSchool) and workforce learning are bright spots. Lower multiples vs. SaaS.", "keyTrends": [ "AI tutoring resetting K-12 economics", "Higher-ed funding compressed sharply", "Workforce/upskilling resilient vs. consumer edtech" ], "topInvestors": [ "GSV Ventures", "Owl Ventures", "Reach Capital", "Learn Capital", "NEA" ], "notableDeals": [ { "name": "Course Hero Studio", "amountUsd": 0, "date": "2024-04" }, { "name": "MagicSchool Series B", "amountUsd": 45000000, "date": "2025-02" }, { "name": "Brilliant Series B", "amountUsd": 80000000, "date": "2021-09" }, { "name": "Multiverse Series D", "amountUsd": 220000000, "date": "2022-06" } ], "rows": [ { "stage": "pre-seed", "geo": "global", "year": 2021, "medianRoundUsd": 620000, "medianPreMoneyUsd": 8200000, "medianPostMoneyUsd": 8800000, "dilutionPct": 7, "monthsToNextRound": 18, "graduationRatePct": 35, "weeksToClose": 8, "runwayMonthsPost": 18, "confidence": "medium", "sourceIds": [ "holoniq-edtech-2024", "crunchbase-2024-recap" ], "estimated": true }, { "stage": "seed", "geo": "global", 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"weeksToClose": 16, "runwayMonthsPost": 20, "confidence": "high", "sourceIds": [ "holoniq-edtech-2024", "crunchbase-2024-recap" ], "arrAtRoundUsd": 4700000, "revenueMultiple": 14, "burnMultiple": 1.6 }, { "stage": "series-c", "geo": "apac", "year": 2025, "medianRoundUsd": 26000000, "medianPreMoneyUsd": 150000000, "medianPostMoneyUsd": 180000000, "dilutionPct": 14.4, "monthsToNextRound": 26, "graduationRatePct": 45, "weeksToClose": 18, "runwayMonthsPost": 24, "confidence": "low", "sourceIds": [ "holoniq-edtech-2024", "crunchbase-2024-recap" ], "arrAtRoundUsd": 13000000, "revenueMultiple": 12, "burnMultiple": 1.3 }, { "stage": "growth", "geo": "apac", "year": 2025, "medianRoundUsd": 47000000, "medianPreMoneyUsd": 350000000, "medianPostMoneyUsd": 400000000, "dilutionPct": 11.8, "monthsToNextRound": 30, "graduationRatePct": 5, "weeksToClose": 20, "runwayMonthsPost": 28, "confidence": "low", "sourceIds": [ "holoniq-edtech-2024", "crunchbase-2024-recap" ], "arrAtRoundUsd": 42000000, "revenueMultiple": 9, "burnMultiple": 1.1 } ] }, { "slug": "fintech", "label": "Fintech", "validateIdeaPath": "/validate-idea/fintech", "summary": "Fintech VC reached ~$33B globally in 2024 (F-Prime), down from 2021 but up YoY. Embedded finance and AI-fintech lead. Bank-charter dilution at Series C is 18-22%.", "keyTrends": [ "Embedded finance leading new round formation", "Compliance costs reshaping unit economics", "AI underwriting at Series A is table-stakes" ], "topInvestors": [ "a16z", "Ribbit Capital", "Sequoia", "Index", "QED Investors", "Coatue" ], "notableDeals": [ { "name": "Stripe Tender", "amountUsd": 6500000000, "date": "2023-03" }, { "name": "Revolut Secondary", "amountUsd": 500000000, "date": "2024-08" }, { "name": "Ramp Series D-2", "amountUsd": 200000000, "date": "2024-04" }, { "name": "Nubank Secondary", "amountUsd": 1150000000, "date": "2024-06" } ], "rows": [ { "stage": "pre-seed", "geo": "global", "year": 2021, "medianRoundUsd": 1000000, "medianPreMoneyUsd": 14000000, "medianPostMoneyUsd": 15000000, "dilutionPct": 6.7, "monthsToNextRound": 18, "graduationRatePct": 35, "weeksToClose": 8, "runwayMonthsPost": 18, "confidence": "medium", "sourceIds": [ "f-prime-fintech-2024", "cbinsights-sov-2024", "pitchbook-nvca-2024" ], 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"graduationRatePct": 28, "weeksToClose": 14, "runwayMonthsPost": 22, "confidence": "high", "sourceIds": [ "f-prime-fintech-2024", "cbinsights-sov-2024", "pitchbook-nvca-2024" ], "arrAtRoundUsd": 1800000, "revenueMultiple": 18, "burnMultiple": 2 }, { "stage": "series-b", "geo": "apac", "year": 2025, "medianRoundUsd": 24000000, "medianPreMoneyUsd": 110000000, "medianPostMoneyUsd": 130000000, "dilutionPct": 18.5, "monthsToNextRound": 24, "graduationRatePct": 35, "weeksToClose": 16, "runwayMonthsPost": 20, "confidence": "high", "sourceIds": [ "f-prime-fintech-2024", "cbinsights-sov-2024", "pitchbook-nvca-2024" ], "arrAtRoundUsd": 6400000, "revenueMultiple": 14, "burnMultiple": 1.7 }, { "stage": "series-c", "geo": "apac", "year": 2025, "medianRoundUsd": 44000000, "medianPreMoneyUsd": 270000000, "medianPostMoneyUsd": 310000000, "dilutionPct": 14.2, "monthsToNextRound": 26, "graduationRatePct": 45, "weeksToClose": 18, "runwayMonthsPost": 24, "confidence": "low", "sourceIds": [ "f-prime-fintech-2024", "cbinsights-sov-2024", "pitchbook-nvca-2024" ], "arrAtRoundUsd": 18000000, "revenueMultiple": 12, "burnMultiple": 1.4 }, { "stage": "growth", "geo": "apac", "year": 2025, "medianRoundUsd": 79000000, "medianPreMoneyUsd": 630000000, "medianPostMoneyUsd": 710000000, "dilutionPct": 11.1, "monthsToNextRound": 30, "graduationRatePct": 5, "weeksToClose": 20, "runwayMonthsPost": 28, "confidence": "low", "sourceIds": [ "f-prime-fintech-2024", "cbinsights-sov-2024", "pitchbook-nvca-2024" ], "arrAtRoundUsd": 57000000, "revenueMultiple": 9, "burnMultiple": 1.2 } ] }, { "slug": "foodtech", "label": "FoodTech", "validateIdeaPath": "/validate-idea/foodtech", "summary": "AgriFoodTech raised $15.1B in 2024 per AgFunder, down YoY. 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"medianPreMoneyUsd": 4400000, "medianPostMoneyUsd": 4900000, "dilutionPct": 9.6, "monthsToNextRound": 18, "graduationRatePct": 35, "weeksToClose": 8, "runwayMonthsPost": 18, "confidence": "high", "sourceIds": [ "agfunder-2024", "crunchbase-2024-recap" ] }, { "stage": "seed", "geo": "apac", "year": 2025, "medianRoundUsd": 2300000, "medianPreMoneyUsd": 8200000, "medianPostMoneyUsd": 10000000, "dilutionPct": 23, "monthsToNextRound": 20, "graduationRatePct": 30, "weeksToClose": 10, "runwayMonthsPost": 22, "confidence": "high", "sourceIds": [ "agfunder-2024", "crunchbase-2024-recap" ], "arrAtRoundUsd": 200000, "revenueMultiple": 60, "burnMultiple": 2.7 }, { "stage": "series-a", "geo": "apac", "year": 2025, "medianRoundUsd": 8000000, "medianPreMoneyUsd": 25000000, "medianPostMoneyUsd": 33000000, "dilutionPct": 24.2, "monthsToNextRound": 22, "graduationRatePct": 28, "weeksToClose": 14, "runwayMonthsPost": 22, "confidence": "high", "sourceIds": [ "agfunder-2024", "crunchbase-2024-recap" ], "arrAtRoundUsd": 2000000, "revenueMultiple": 18, "burnMultiple": 2.2 }, { "stage": "series-b", "geo": "apac", "year": 2025, "medianRoundUsd": 18000000, "medianPreMoneyUsd": 71000000, "medianPostMoneyUsd": 89000000, "dilutionPct": 20.2, "monthsToNextRound": 24, "graduationRatePct": 35, "weeksToClose": 16, "runwayMonthsPost": 20, "confidence": "high", "sourceIds": [ "agfunder-2024", "crunchbase-2024-recap" ], "arrAtRoundUsd": 7000000, "revenueMultiple": 14, "burnMultiple": 1.9 }, { "stage": "series-c", "geo": "apac", "year": 2025, "medianRoundUsd": 33000000, "medianPreMoneyUsd": 170000000, "medianPostMoneyUsd": 200000000, "dilutionPct": 16.5, "monthsToNextRound": 26, "graduationRatePct": 45, "weeksToClose": 18, "runwayMonthsPost": 24, "confidence": "low", "sourceIds": [ "agfunder-2024", "crunchbase-2024-recap" ], "arrAtRoundUsd": 20000000, "revenueMultiple": 12, "burnMultiple": 1.6 }, { "stage": "growth", "geo": "apac", "year": 2025, "medianRoundUsd": 60000000, "medianPreMoneyUsd": 410000000, "medianPostMoneyUsd": 470000000, "dilutionPct": 12.8, "monthsToNextRound": 30, "graduationRatePct": 5, "weeksToClose": 20, "runwayMonthsPost": 28, "confidence": "low", "sourceIds": [ "agfunder-2024", "crunchbase-2024-recap" ], "arrAtRoundUsd": 62000000, "revenueMultiple": 9, "burnMultiple": 1.4 } ] }, { "slug": "gametech", "label": "GameTech", "validateIdeaPath": "/validate-idea/gametech", "summary": "Games VC stabilized at $1.1B Q4 2024 (a16z Games). UGC platforms and gaming infrastructure command premium multiples; studios are capital-intensive.", "keyTrends": [ "UGC platforms (Roblox-clones) attracting capital", "Mobile gaming + AI generation hot", "Studio funding remained scarce" ], "topInvestors": [ "a16z Games", "BITKRAFT", "Galaxy Interactive", "Makers Fund", "Griffin Gaming" ], "notableDeals": [ { "name": "Epic Games Round", "amountUsd": 1500000000, "date": "2024-02" }, { "name": "Discord Series H", "amountUsd": 500000000, "date": "2021-09" }, { "name": "Niantic Series D", "amountUsd": 300000000, "date": "2021-11" }, { "name": "Roblox IPO", "amountUsd": 520000000, "date": "2021-03" } ], "rows": [ { "stage": "pre-seed", "geo": "global", "year": 2021, "medianRoundUsd": 870000, "medianPreMoneyUsd": 11000000, "medianPostMoneyUsd": 12000000, "dilutionPct": 7.2, "monthsToNextRound": 18, "graduationRatePct": 35, "weeksToClose": 8, "runwayMonthsPost": 18, "confidence": "medium", "sourceIds": [ "a16z-games-2024", "kpmg-vop-2024" ], "estimated": true }, { "stage": "seed", "geo": "global", "year": 2021, "medianRoundUsd": 4400000, "medianPreMoneyUsd": 21000000, "medianPostMoneyUsd": 25000000, "dilutionPct": 17.6, "monthsToNextRound": 20, "graduationRatePct": 30, "weeksToClose": 10, "runwayMonthsPost": 22, "confidence": "medium", "sourceIds": [ "a16z-games-2024", "kpmg-vop-2024" ], "arrAtRoundUsd": 160000, "revenueMultiple": 96, "burnMultiple": 2.6, "estimated": true }, { "stage": "series-a", "geo": "global", "year": 2021, "medianRoundUsd": 15000000, "medianPreMoneyUsd": 64000000, "medianPostMoneyUsd": 79000000, "dilutionPct": 19, "monthsToNextRound": 22, "graduationRatePct": 28, "weeksToClose": 14, "runwayMonthsPost": 22, "confidence": "medium", "sourceIds": [ "a16z-games-2024", "kpmg-vop-2024" ], "arrAtRoundUsd": 1600000, "revenueMultiple": 28.8, "burnMultiple": 2.1, "estimated": true }, { "stage": "series-b", "geo": "global", "year": 2021, "medianRoundUsd": 34000000, "medianPreMoneyUsd": 180000000, 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"medianPostMoneyUsd": 38000000, "dilutionPct": 23.2, "monthsToNextRound": 22, "graduationRatePct": 28, "weeksToClose": 14, "runwayMonthsPost": 22, "confidence": "high", "sourceIds": [ "a16z-games-2024", "kpmg-vop-2024" ], "arrAtRoundUsd": 1100000, "revenueMultiple": 18, "burnMultiple": 2.1 }, { "stage": "series-b", "geo": "apac", "year": 2025, "medianRoundUsd": 20000000, "medianPreMoneyUsd": 85000000, "medianPostMoneyUsd": 100000000, "dilutionPct": 20, "monthsToNextRound": 24, "graduationRatePct": 35, "weeksToClose": 16, "runwayMonthsPost": 20, "confidence": "high", "sourceIds": [ "a16z-games-2024", "kpmg-vop-2024" ], "arrAtRoundUsd": 4100000, "revenueMultiple": 14, "burnMultiple": 1.8 }, { "stage": "series-c", "geo": "apac", "year": 2025, "medianRoundUsd": 37000000, "medianPreMoneyUsd": 210000000, "medianPostMoneyUsd": 250000000, "dilutionPct": 14.8, "monthsToNextRound": 26, "graduationRatePct": 45, "weeksToClose": 18, "runwayMonthsPost": 24, "confidence": "low", "sourceIds": [ "a16z-games-2024", "kpmg-vop-2024" ], "arrAtRoundUsd": 11000000, "revenueMultiple": 12, "burnMultiple": 1.5 }, { "stage": "growth", "geo": "apac", "year": 2025, "medianRoundUsd": 66000000, "medianPreMoneyUsd": 490000000, "medianPostMoneyUsd": 560000000, "dilutionPct": 11.8, "monthsToNextRound": 30, "graduationRatePct": 5, "weeksToClose": 20, "runwayMonthsPost": 28, "confidence": "low", "sourceIds": [ "a16z-games-2024", "kpmg-vop-2024" ], "arrAtRoundUsd": 36000000, "revenueMultiple": 9, "burnMultiple": 1.3 } ] }, { "slug": "hardware", "label": "Hardware / IoT", "validateIdeaPath": null, "summary": "Hardware/robotics rounds are 30-60% larger than software, with longer time-to-revenue. Humanoid robotics drove 2024 mega-rounds (Figure, 1X, Physical Intelligence).", "keyTrends": [ "Humanoid robotics drove 2024 mega-rounds", "Consumer hardware remained tough", "Defense + space hardware accelerating" ], "topInvestors": [ "Founders Fund", "Lux Capital", "Khosla", "Bond", "Bezos Expeditions" ], "notableDeals": [ { "name": "Figure AI Series B", "amountUsd": 675000000, "date": "2024-02" }, { "name": "Skydio Series E", "amountUsd": 170000000, "date": "2024-07" }, { "name": "1X Tech Series B", "amountUsd": 100000000, "date": "2024-01" }, { "name": "Physical Intelligence Seed", "amountUsd": 400000000, "date": "2024-11" } ], "rows": [ { "stage": "pre-seed", "geo": "global", "year": 2021, "medianRoundUsd": 1200000, "medianPreMoneyUsd": 11000000, "medianPostMoneyUsd": 12000000, "dilutionPct": 10, "monthsToNextRound": 18, "graduationRatePct": 35, "weeksToClose": 8, "runwayMonthsPost": 18, "confidence": "medium", "sourceIds": [ "crunchbase-2024-recap", "pitchbook-nvca-2024", 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2025, "medianRoundUsd": 370000, "medianPreMoneyUsd": 3600000, "medianPostMoneyUsd": 4000000, "dilutionPct": 9.2, "monthsToNextRound": 18, "graduationRatePct": 35, "weeksToClose": 8, "runwayMonthsPost": 18, "confidence": "high", "sourceIds": [ "rockhealth-2024", "silicon-valley-bank-healthcare-2024", "cbinsights-sov-2024" ] }, { "stage": "seed", "geo": "latam", "year": 2025, "medianRoundUsd": 1800000, "medianPreMoneyUsd": 6700000, "medianPostMoneyUsd": 8500000, "dilutionPct": 21.2, "monthsToNextRound": 20, "graduationRatePct": 30, "weeksToClose": 10, "runwayMonthsPost": 22, "confidence": "high", "sourceIds": [ "rockhealth-2024", "silicon-valley-bank-healthcare-2024", "cbinsights-sov-2024" ], "arrAtRoundUsd": 89000, "revenueMultiple": 60, "burnMultiple": 2.5 }, { "stage": "series-a", "geo": "latam", "year": 2025, "medianRoundUsd": 6300000, "medianPreMoneyUsd": 20000000, "medianPostMoneyUsd": 26000000, "dilutionPct": 24.2, "monthsToNextRound": 22, "graduationRatePct": 28, "weeksToClose": 14, "runwayMonthsPost": 22, "confidence": "high", "sourceIds": [ "rockhealth-2024", "silicon-valley-bank-healthcare-2024", "cbinsights-sov-2024" ], "arrAtRoundUsd": 890000, "revenueMultiple": 18, "burnMultiple": 2 }, { "stage": "series-b", "geo": "latam", "year": 2025, "medianRoundUsd": 14000000, "medianPreMoneyUsd": 58000000, "medianPostMoneyUsd": 72000000, "dilutionPct": 19.4, "monthsToNextRound": 24, "graduationRatePct": 35, "weeksToClose": 16, "runwayMonthsPost": 20, "confidence": "high", "sourceIds": [ "rockhealth-2024", "silicon-valley-bank-healthcare-2024", "cbinsights-sov-2024" ], "arrAtRoundUsd": 3200000, "revenueMultiple": 14, "burnMultiple": 1.7 }, { "stage": "series-c", "geo": "latam", "year": 2025, "medianRoundUsd": 26000000, "medianPreMoneyUsd": 140000000, "medianPostMoneyUsd": 170000000, "dilutionPct": 15.3, "monthsToNextRound": 26, "graduationRatePct": 45, "weeksToClose": 18, "runwayMonthsPost": 24, "confidence": "low", "sourceIds": [ "rockhealth-2024", "silicon-valley-bank-healthcare-2024", "cbinsights-sov-2024" ], "arrAtRoundUsd": 8900000, "revenueMultiple": 12, "burnMultiple": 1.4 }, { "stage": "growth", "geo": "latam", "year": 2025, "medianRoundUsd": 47000000, "medianPreMoneyUsd": 340000000, "medianPostMoneyUsd": 390000000, "dilutionPct": 12.1, "monthsToNextRound": 30, "graduationRatePct": 5, "weeksToClose": 20, "runwayMonthsPost": 28, "confidence": "low", "sourceIds": [ "rockhealth-2024", "silicon-valley-bank-healthcare-2024", "cbinsights-sov-2024" ], "arrAtRoundUsd": 29000000, "revenueMultiple": 9, "burnMultiple": 1.2 }, { "stage": "pre-seed", "geo": "apac", "year": 2025, "medianRoundUsd": 570000, "medianPreMoneyUsd": 5500000, "medianPostMoneyUsd": 6100000, "dilutionPct": 9.3, "monthsToNextRound": 18, "graduationRatePct": 35, "weeksToClose": 8, "runwayMonthsPost": 18, "confidence": "high", "sourceIds": [ "rockhealth-2024", "silicon-valley-bank-healthcare-2024", "cbinsights-sov-2024" ] }, { "stage": "seed", "geo": "apac", "year": 2025, "medianRoundUsd": 2800000, "medianPreMoneyUsd": 10000000, "medianPostMoneyUsd": 13000000, "dilutionPct": 21.5, "monthsToNextRound": 20, "graduationRatePct": 30, "weeksToClose": 10, "runwayMonthsPost": 22, "confidence": "high", "sourceIds": [ "rockhealth-2024", "silicon-valley-bank-healthcare-2024", "cbinsights-sov-2024" ], "arrAtRoundUsd": 140000, "revenueMultiple": 60, "burnMultiple": 2.5 }, { "stage": "series-a", "geo": "apac", "year": 2025, "medianRoundUsd": 9700000, "medianPreMoneyUsd": 31000000, "medianPostMoneyUsd": 41000000, "dilutionPct": 23.7, "monthsToNextRound": 22, "graduationRatePct": 28, "weeksToClose": 14, "runwayMonthsPost": 22, "confidence": "high", "sourceIds": [ "rockhealth-2024", "silicon-valley-bank-healthcare-2024", "cbinsights-sov-2024" ], "arrAtRoundUsd": 1400000, "revenueMultiple": 18, "burnMultiple": 2 }, { "stage": "series-b", "geo": "apac", "year": 2025, "medianRoundUsd": 22000000, "medianPreMoneyUsd": 90000000, "medianPostMoneyUsd": 110000000, "dilutionPct": 20, "monthsToNextRound": 24, "graduationRatePct": 35, "weeksToClose": 16, "runwayMonthsPost": 20, "confidence": "high", "sourceIds": [ "rockhealth-2024", "silicon-valley-bank-healthcare-2024", "cbinsights-sov-2024" ], "arrAtRoundUsd": 5000000, "revenueMultiple": 14, "burnMultiple": 1.7 }, { "stage": "series-c", "geo": "apac", "year": 2025, "medianRoundUsd": 40000000, "medianPreMoneyUsd": 220000000, "medianPostMoneyUsd": 260000000, "dilutionPct": 15.4, "monthsToNextRound": 26, "graduationRatePct": 45, "weeksToClose": 18, "runwayMonthsPost": 24, "confidence": "low", "sourceIds": [ "rockhealth-2024", "silicon-valley-bank-healthcare-2024", "cbinsights-sov-2024" ], "arrAtRoundUsd": 14000000, "revenueMultiple": 12, "burnMultiple": 1.4 }, { "stage": "growth", "geo": "apac", "year": 2025, "medianRoundUsd": 73000000, "medianPreMoneyUsd": 520000000, "medianPostMoneyUsd": 590000000, "dilutionPct": 12.4, "monthsToNextRound": 30, "graduationRatePct": 5, "weeksToClose": 20, "runwayMonthsPost": 28, "confidence": "low", "sourceIds": [ "rockhealth-2024", "silicon-valley-bank-healthcare-2024", "cbinsights-sov-2024" ], "arrAtRoundUsd": 44000000, "revenueMultiple": 9, "burnMultiple": 1.2 } ] }, { "slug": "hrtech", "label": "HRTech", "validateIdeaPath": "/validate-idea/hrtech", "summary": "HRTech consolidated in 2024 with Rippling and Deel dominating mega-rounds. AI recruiting startups (Mercor, Eightfold) command 15-25x ARR.", "keyTrends": [ "AI recruiting (Mercor) raising at premium multiples", "Global payroll consolidation (Deel/Rippling)", "Workforce intelligence emerging" ], "topInvestors": [ "Bessemer", "Kleiner Perkins", "Greylock", "Bain Capital Ventures", "Accel" ], "notableDeals": [ { "name": "Rippling Series F", "amountUsd": 200000000, "date": "2024-04" }, { "name": "Deel Tender", "amountUsd": 300000000, "date": "2024-05" }, { "name": "Gusto Tender", "amountUsd": 0, "date": "2024-01" }, { "name": "Multiplier Series C", "amountUsd": 60000000, "date": "2024-06" } ], "rows": [ { "stage": "pre-seed", "geo": "global", "year": 2021, "medianRoundUsd": 750000, "medianPreMoneyUsd": 12000000, "medianPostMoneyUsd": 13000000, "dilutionPct": 5.8, "monthsToNextRound": 18, "graduationRatePct": 35, "weeksToClose": 8, "runwayMonthsPost": 18, "confidence": "medium", "sourceIds": [ "pitchbook-nvca-2024", "carta-spm-q4-2024" ], "estimated": true }, { 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"weeksToClose": 18, "runwayMonthsPost": 24, "confidence": "low", "sourceIds": [ "pitchbook-nvca-2024", "carta-spm-q4-2024" ], "arrAtRoundUsd": 17000000, "revenueMultiple": 12, "burnMultiple": 1.2 }, { "stage": "growth", "geo": "apac", "year": 2025, "medianRoundUsd": 57000000, "medianPreMoneyUsd": 520000000, "medianPostMoneyUsd": 580000000, "dilutionPct": 9.8, "monthsToNextRound": 30, "graduationRatePct": 5, "weeksToClose": 20, "runwayMonthsPost": 28, "confidence": "low", "sourceIds": [ "pitchbook-nvca-2024", "carta-spm-q4-2024" ], "arrAtRoundUsd": 55000000, "revenueMultiple": 9, "burnMultiple": 1 } ] }, { "slug": "insurtech", "label": "InsurTech", "validateIdeaPath": "/validate-idea/insurtech", "summary": "InsurTech VC ~$4.5B 2024 per Gallagher Re. MGAs and embedded insurance command growth, but multiples remain compressed vs. SaaS.", "keyTrends": [ "MGA model losing favor; tech-enablement winning", "Cyber insurance growing rapidly", "Embedded insurance leading B2B insurtech" ], "topInvestors": [ "MunichRe Ventures", "Anthemis", "American Family Ventures", "Eos Venture Partners", "Mundi Ventures" ], "notableDeals": [ { "name": "Sidecar Health Series D", "amountUsd": 165000000, "date": "2024-09" }, { "name": "Newfront Series D", "amountUsd": 125000000, "date": "2024-04" }, { "name": "At-Bay Series D", "amountUsd": 185000000, "date": "2024-05" }, { "name": "Vouch Series C-1", "amountUsd": 25000000, "date": "2024-08" } ], "rows": [ { "stage": "pre-seed", "geo": "global", "year": 2021, "medianRoundUsd": 920000, "medianPreMoneyUsd": 11000000, "medianPostMoneyUsd": 12000000, "dilutionPct": 7.7, "monthsToNextRound": 18, "graduationRatePct": 35, "weeksToClose": 8, "runwayMonthsPost": 18, "confidence": "medium", "sourceIds": [ 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"medianRoundUsd": 350000, "medianPreMoneyUsd": 4000000, "medianPostMoneyUsd": 4400000, "dilutionPct": 8, "monthsToNextRound": 18, "graduationRatePct": 35, "weeksToClose": 8, "runwayMonthsPost": 18, "confidence": "high", "sourceIds": [ "stacked-marketplaces-2024", "pitchbook-nvca-2024", "carta-spm-q4-2024" ] }, { "stage": "seed", "geo": "latam", "year": 2025, "medianRoundUsd": 1700000, "medianPreMoneyUsd": 7400000, "medianPostMoneyUsd": 9100000, "dilutionPct": 18.7, "monthsToNextRound": 20, "graduationRatePct": 30, "weeksToClose": 10, "runwayMonthsPost": 22, "confidence": "high", "sourceIds": [ "stacked-marketplaces-2024", "pitchbook-nvca-2024", "carta-spm-q4-2024" ], "arrAtRoundUsd": 130000, "revenueMultiple": 60, "burnMultiple": 2.6 }, { "stage": "series-a", "geo": "latam", "year": 2025, "medianRoundUsd": 6000000, "medianPreMoneyUsd": 22000000, "medianPostMoneyUsd": 28000000, "dilutionPct": 21.4, "monthsToNextRound": 22, "graduationRatePct": 28, "weeksToClose": 14, "runwayMonthsPost": 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], "arrAtRoundUsd": 13000000, "revenueMultiple": 12, "burnMultiple": 1.5 }, { "stage": "growth", "geo": "latam", "year": 2025, "medianRoundUsd": 45000000, "medianPreMoneyUsd": 370000000, "medianPostMoneyUsd": 420000000, "dilutionPct": 10.7, "monthsToNextRound": 30, "graduationRatePct": 5, "weeksToClose": 20, "runwayMonthsPost": 28, "confidence": "low", "sourceIds": [ "stacked-marketplaces-2024", "pitchbook-nvca-2024", "carta-spm-q4-2024" ], "arrAtRoundUsd": 40000000, "revenueMultiple": 9, "burnMultiple": 1.3 }, { "stage": "pre-seed", "geo": "apac", "year": 2025, "medianRoundUsd": 540000, "medianPreMoneyUsd": 6100000, "medianPostMoneyUsd": 6600000, "dilutionPct": 8.2, "monthsToNextRound": 18, "graduationRatePct": 35, "weeksToClose": 8, "runwayMonthsPost": 18, "confidence": "high", "sourceIds": [ "stacked-marketplaces-2024", "pitchbook-nvca-2024", "carta-spm-q4-2024" ] }, { "stage": "seed", "geo": "apac", "year": 2025, "medianRoundUsd": 2700000, "medianPreMoneyUsd": 11000000, "medianPostMoneyUsd": 14000000, "dilutionPct": 19.3, "monthsToNextRound": 20, "graduationRatePct": 30, "weeksToClose": 10, "runwayMonthsPost": 22, "confidence": "high", "sourceIds": [ "stacked-marketplaces-2024", "pitchbook-nvca-2024", "carta-spm-q4-2024" ], "arrAtRoundUsd": 200000, "revenueMultiple": 60, "burnMultiple": 2.6 }, { "stage": "series-a", "geo": "apac", "year": 2025, "medianRoundUsd": 9300000, "medianPreMoneyUsd": 34000000, "medianPostMoneyUsd": 43000000, "dilutionPct": 21.6, "monthsToNextRound": 22, "graduationRatePct": 28, "weeksToClose": 14, "runwayMonthsPost": 22, "confidence": "high", "sourceIds": [ "stacked-marketplaces-2024", "pitchbook-nvca-2024", "carta-spm-q4-2024" ], "arrAtRoundUsd": 2000000, "revenueMultiple": 18, "burnMultiple": 2.1 }, { "stage": "series-b", "geo": "apac", "year": 2025, "medianRoundUsd": 21000000, "medianPreMoneyUsd": 99000000, "medianPostMoneyUsd": 120000000, "dilutionPct": 17.5, "monthsToNextRound": 24, "graduationRatePct": 35, "weeksToClose": 16, "runwayMonthsPost": 20, "confidence": "high", "sourceIds": [ "stacked-marketplaces-2024", "pitchbook-nvca-2024", "carta-spm-q4-2024" ], "arrAtRoundUsd": 7000000, "revenueMultiple": 14, "burnMultiple": 1.8 }, { "stage": "series-c", "geo": "apac", "year": 2025, "medianRoundUsd": 39000000, "medianPreMoneyUsd": 240000000, "medianPostMoneyUsd": 280000000, "dilutionPct": 13.9, "monthsToNextRound": 26, "graduationRatePct": 45, "weeksToClose": 18, "runwayMonthsPost": 24, "confidence": "low", "sourceIds": [ "stacked-marketplaces-2024", "pitchbook-nvca-2024", "carta-spm-q4-2024" ], "arrAtRoundUsd": 20000000, "revenueMultiple": 12, "burnMultiple": 1.5 }, { "stage": "growth", "geo": "apac", "year": 2025, "medianRoundUsd": 69000000, "medianPreMoneyUsd": 570000000, "medianPostMoneyUsd": 640000000, "dilutionPct": 10.8, "monthsToNextRound": 30, "graduationRatePct": 5, "weeksToClose": 20, "runwayMonthsPost": 28, "confidence": "low", "sourceIds": [ "stacked-marketplaces-2024", "pitchbook-nvca-2024", "carta-spm-q4-2024" ], "arrAtRoundUsd": 62000000, "revenueMultiple": 9, "burnMultiple": 1.3 } ] }, { "slug": "mobile-app", "label": "Mobile App", "validateIdeaPath": "/validate-idea/mobile-app", "summary": "Mobile-only startups saw fewer mega-rounds in 2024 vs. 2021 peak. Consumer mobile rounds skew smaller; AI-native mobile apps (Cal AI) are exceptions.", "keyTrends": [ "AI-native consumer apps reset the playbook", "Subscription IAP economics scrutinized post-ATT", "Distribution costs compressing margins" ], "topInvestors": [ "a16z", "Lightspeed", "Sequoia", "GV", "Index" ], "notableDeals": [ { "name": "Cal AI Seed", "amountUsd": 21000000, "date": "2025-02" }, { "name": "BeReal Acquired", "amountUsd": 500000000, "date": "2024-06" }, { "name": "Cash App growth", "amountUsd": 0, "date": "2024-01" }, { "name": "Strava Series", "amountUsd": 110000000, "date": "2020-11" } ], "rows": [ { "stage": "pre-seed", "geo": "global", "year": 2021, "medianRoundUsd": 670000, "medianPreMoneyUsd": 9400000, "medianPostMoneyUsd": 10000000, "dilutionPct": 6.7, "monthsToNextRound": 18, "graduationRatePct": 35, "weeksToClose": 8, "runwayMonthsPost": 18, "confidence": "medium", "sourceIds": [ "stratton-report-mobile-2024", "crunchbase-2024-recap", "carta-spm-q4-2024" ], 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"cre-tech-2024", "cbinsights-sov-2024" ], "arrAtRoundUsd": 6400000, "revenueMultiple": 14, "burnMultiple": 1.7 }, { "stage": "series-c", "geo": "apac", "year": 2025, "medianRoundUsd": 35000000, "medianPreMoneyUsd": 190000000, "medianPostMoneyUsd": 220000000, "dilutionPct": 15.9, "monthsToNextRound": 26, "graduationRatePct": 45, "weeksToClose": 18, "runwayMonthsPost": 24, "confidence": "low", "sourceIds": [ "cre-tech-2024", "cbinsights-sov-2024" ], "arrAtRoundUsd": 18000000, "revenueMultiple": 12, "burnMultiple": 1.4 }, { "stage": "growth", "geo": "apac", "year": 2025, "medianRoundUsd": 63000000, "medianPreMoneyUsd": 440000000, "medianPostMoneyUsd": 500000000, "dilutionPct": 12.6, "monthsToNextRound": 30, "graduationRatePct": 5, "weeksToClose": 20, "runwayMonthsPost": 28, "confidence": "low", "sourceIds": [ "cre-tech-2024", "cbinsights-sov-2024" ], "arrAtRoundUsd": 57000000, "revenueMultiple": 9, "burnMultiple": 1.2 } ] }, { "slug": "retailtech", "label": "RetailTech", "validateIdeaPath": "/validate-idea/retailtech", "summary": "RetailTech split between point-solutions (compressed multiples) and platform plays (Toast-style). Hardware components drag valuations.", "keyTrends": [ "AI shopping agents emerging", "Headless commerce maturing", "Returns optimization SaaS niche growing" ], "topInvestors": [ "Forerunner", "FirstMark", "Lightspeed", "Bessemer", "Comcast Ventures" ], "notableDeals": [ { "name": "Faire Series G", "amountUsd": 416000000, "date": "2022-11" }, { "name": "Toast Growth", "amountUsd": 0, "date": "2024-01" }, { "name": "Shopmonkey Series D", "amountUsd": 75000000, "date": "2024-06" }, { "name": "Trigo Series C", "amountUsd": 100000000, "date": "2024-04" } ], "rows": [ { "stage": "pre-seed", "geo": "global", "year": 2021, "medianRoundUsd": 710000, "medianPreMoneyUsd": 9400000, "medianPostMoneyUsd": 10000000, "dilutionPct": 7.1, "monthsToNextRound": 18, "graduationRatePct": 35, "weeksToClose": 8, "runwayMonthsPost": 18, "confidence": "medium", "sourceIds": [ "crunchbase-2024-recap", "cbinsights-sov-2024" ], "estimated": true }, { "stage": "seed", "geo": "global", "year": 2021, 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"seed", "geo": "apac", "year": 2025, "medianRoundUsd": 2100000, "medianPreMoneyUsd": 8200000, "medianPostMoneyUsd": 10000000, "dilutionPct": 21, "monthsToNextRound": 20, "graduationRatePct": 30, "weeksToClose": 10, "runwayMonthsPost": 22, "confidence": "high", "sourceIds": [ "crunchbase-2024-recap", "cbinsights-sov-2024" ], "arrAtRoundUsd": 180000, "revenueMultiple": 60, "burnMultiple": 2.5 }, { "stage": "series-a", "geo": "apac", "year": 2025, "medianRoundUsd": 7200000, "medianPreMoneyUsd": 25000000, "medianPostMoneyUsd": 32000000, "dilutionPct": 22.5, "monthsToNextRound": 22, "graduationRatePct": 28, "weeksToClose": 14, "runwayMonthsPost": 22, "confidence": "high", "sourceIds": [ "crunchbase-2024-recap", "cbinsights-sov-2024" ], "arrAtRoundUsd": 1800000, "revenueMultiple": 18, "burnMultiple": 2 }, { "stage": "series-b", "geo": "apac", "year": 2025, "medianRoundUsd": 16000000, "medianPreMoneyUsd": 71000000, "medianPostMoneyUsd": 87000000, "dilutionPct": 18.4, "monthsToNextRound": 24, "graduationRatePct": 35, "weeksToClose": 16, "runwayMonthsPost": 20, "confidence": "high", "sourceIds": [ "crunchbase-2024-recap", "cbinsights-sov-2024" ], "arrAtRoundUsd": 6400000, "revenueMultiple": 14, "burnMultiple": 1.7 }, { "stage": "series-c", "geo": "apac", "year": 2025, "medianRoundUsd": 30000000, "medianPreMoneyUsd": 170000000, "medianPostMoneyUsd": 200000000, "dilutionPct": 15, "monthsToNextRound": 26, "graduationRatePct": 45, "weeksToClose": 18, "runwayMonthsPost": 24, "confidence": "low", "sourceIds": [ "crunchbase-2024-recap", "cbinsights-sov-2024" ], "arrAtRoundUsd": 18000000, "revenueMultiple": 12, "burnMultiple": 1.4 }, { "stage": "growth", "geo": "apac", "year": 2025, "medianRoundUsd": 54000000, "medianPreMoneyUsd": 410000000, "medianPostMoneyUsd": 460000000, "dilutionPct": 11.7, "monthsToNextRound": 30, "graduationRatePct": 5, "weeksToClose": 20, "runwayMonthsPost": 28, "confidence": "low", "sourceIds": [ "crunchbase-2024-recap", "cbinsights-sov-2024" ], "arrAtRoundUsd": 57000000, "revenueMultiple": 9, "burnMultiple": 1.2 } ] }, { "slug": "saas", "label": "SaaS", "validateIdeaPath": "/validate-idea/saas", "summary": "Horizontal SaaS rounds compressed 2022-2023 then recovered in 2024 led by AI-attached software. Median Series A pre-money sits at ~$45M for top-quartile SaaS (Carta Q4 2024).", "keyTrends": [ "AI-attached SaaS commands a 30-50% multiple premium", "Rule of 40 remains the gating metric for Series B+", "Bridge rounds at 2023 valuations were widespread" ], "topInvestors": [ "Sequoia Capital", "Bessemer Venture Partners", "Insight Partners", "Accel", "Iconiq Growth" ], "notableDeals": [ { "name": "Databricks Series J", "amountUsd": 10000000000, "date": "2024-12" }, { "name": "ServiceTitan IPO", "amountUsd": 625000000, "date": "2024-12" }, { "name": "Wiz Series E", "amountUsd": 1000000000, "date": "2024-05" }, { "name": "Glean Series E", "amountUsd": 260000000, "date": "2024-09" } ], "rows": [ { "stage": "pre-seed", "geo": "global", "year": 2021, "medianRoundUsd": 830000, "medianPreMoneyUsd": 13000000, "medianPostMoneyUsd": 14000000, "dilutionPct": 5.9, "monthsToNextRound": 18, "graduationRatePct": 35, "weeksToClose": 8, "runwayMonthsPost": 18, "confidence": "medium", "sourceIds": [ 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"series-c", "geo": "apac", "year": 2025, "medianRoundUsd": 32000000, "medianPreMoneyUsd": 190000000, "medianPostMoneyUsd": 220000000, "dilutionPct": 14.5, "monthsToNextRound": 26, "graduationRatePct": 45, "weeksToClose": 18, "runwayMonthsPost": 24, "confidence": "low", "sourceIds": [ "phocuswright-2024", "crunchbase-2024-recap" ], "arrAtRoundUsd": 19000000, "revenueMultiple": 12, "burnMultiple": 1.4 }, { "stage": "growth", "geo": "apac", "year": 2025, "medianRoundUsd": 57000000, "medianPreMoneyUsd": 440000000, "medianPostMoneyUsd": 500000000, "dilutionPct": 11.4, "monthsToNextRound": 30, "graduationRatePct": 5, "weeksToClose": 20, "runwayMonthsPost": 28, "confidence": "low", "sourceIds": [ "phocuswright-2024", "crunchbase-2024-recap" ], "arrAtRoundUsd": 60000000, "revenueMultiple": 9, "burnMultiple": 1.2 } ] }, { "slug": "web3", "label": "Web3 / Crypto", "validateIdeaPath": null, "summary": "Crypto VC raised ~$11.5B in 2024 per Galaxy. Infrastructure dominates; consumer crypto remains volatile. Token-equity dual structures add complexity.", "keyTrends": [ "Stablecoin infra raised 50%+ of 2024 deals", "Onchain consumer (Farcaster) reset narrative", "Token-equity structures evolving" ], "topInvestors": [ "Paradigm", "a16z crypto", "Polychain", "Multicoin", "Pantera", "Variant" ], "notableDeals": [ { "name": "Farcaster Series A", "amountUsd": 150000000, "date": "2024-05" }, { "name": "Monad Series A", "amountUsd": 225000000, "date": "2024-04" }, { "name": "Berachain Series B", "amountUsd": 100000000, "date": "2024-04" }, { "name": "EigenLayer Series B", "amountUsd": 100000000, "date": "2024-02" } ], "rows": [ { "stage": "pre-seed", "geo": "global", "year": 2021, "medianRoundUsd": 1100000, "medianPreMoneyUsd": 18000000, "medianPostMoneyUsd": 19000000, "dilutionPct": 5.8, "monthsToNextRound": 18, "graduationRatePct": 35, "weeksToClose": 8, "runwayMonthsPost": 18, "confidence": "medium", "sourceIds": [ "galaxy-crypto-2024", "pitchbook-nvca-2024", "cbinsights-sov-2024" ], 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