Round size ($M) per quarter by stage, 2019 to 2023 Seed Median 3 Last 5 years average Last 10 years average 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 2 Q 4 Q Q Q Q Q Q Q Q Q Q Q Q Q Series A Median 16 Last 5 years average Last 10 years average 14 US Median 12 ) 10 M $ ( e z i s 8 d n u o R 6 4 2 0 9 9 0 0 1 1 2 2 3 3 1 1 2 2 2 2 2 2 2 2 0 0 0 0 0 0 0 0 0 0 1 2 2 2 2 2 2 2 2 2 2 Q 3 1 3 Q1 3 1 3 1 3 Notes: Q Q Q Q Q Q Q Q Data is as of 30 September 2023. Excludes the follow- ing: biotech, secondary transactions, debt, lending Sources: Powered by capital, and grants. 43 | Executive summary