Key findings

The architecture of a winning path

Three things separate the companies that reach Series A from those that stall: how much they raise at seed, who backs them again, and when.

$1M+

The threshold

Crossing $1M more than doubles the odds of conversion, from 12.7% to 26%.

32.6%

Investor continuity

When pre-seed investors follow on into seed, conversion jumps from 19.3% to 32.6%.

12–18m

The sweet spot

Companies that wait 12 to 18 months after pre-seed to raise seed convert at the highest rate, 31.2%.