The same trends are playing out across the ocean, where US Seed stage companies raise signi昀椀cantly larger rounds - roughly twice as large as their European counterparts. This delta starts narrowing as companies mature, disappearing by Series C. Round size ($M) per quarter by stage, 2019 to 2023 Median Seed Last 5 years average Last 10 years average 3 US Median 2 ) M $ ( e z i s d n u o R 1 0 9 9 9 9 0 0 0 0 1 1 1 1 2 2 2 2 3 3 3 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 1 2 3 4 1 3 1 2 3 4 1 2 3 4 1 2 3 Q Q Q Q Q Q2 Q Q4 Q Q Q Q Q Q Q Q Q Q Q Median Series A Last 5 years average 16 Last 10 years average US Median 14 12 ) 10 M $ ( e z i s 8 d n u o R 6 4 2 0 9 9 9 9 0 0 0 0 1 1 1 1 2 2 2 2 3 3 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 1 2 3 4 1 3 1 2 3 4 1 2 3 4 1 2 3 Q Q Q Q Q Q2 Q 4 Q Q Q Q Q Q Q Q Q Q Q Q Notes: Data is as of 30 September 2023. Sources: Powered by 87 | Companies