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Number of seed investors

Seed to Series A conversion by number of seed investors

Seed to Series A conversion by number of seed investors
1	12.3%
2	20.3%
3	28.1%
4	35.2%
5	33.4%
6+	29.6%

There is a clear step change between one-investor and two-investor seed rounds. Companies with a single named investor at seed convert at 12.3%, whilst those with two convert at 20.3%. The rate climbs to 28–31% for three to five investors and plateaus around 30–35% for larger syndicates.