Founder Fridays No. 93
www.founderfridays.co
Happy Friday!
The May funding data from AngelList is in and the top line summary is that funding is remaining fairly steady (in some cases, slightly up).
Pre-Seed
Median Money Raised:
$1,190,400
Median Post-Money Valuation:
$9,600,000
Seed
Median Money Raised:
$2,982,000
Median Post-Money Valuation:
$21,000,000
Series A
Median Money Raised:
$13,468,800
Median Post-Money Valuation:
$73,200,000
Series B
Median Money Raised:
$21,965,000
Median Post-Money Valuation:
$95,500,000
Thanks for the weekly newsletter. It's good stuff.
The funding data is perplexing though. Median valuation post Series A is $73M.
Median Series B raise is $21M. Median Series B valuation is $95M.
The data says that on average, companies aren't creating any value between series A and B - or that there's a big disconnect between series A and B investors on valuations.
What do you think is driving this dynamic?