To get at the trends in funding rounds, we dug through Crunchbase data for every company on the GovTech 100 list and compiled averages for seed rounds, Series A through E and other kinds of funding. The data isn’t perfect — for example, Crunchbase sometimes only has a Series B listed for a company, and many individual investments are categorized simply as “venture capital” with no attachment to a round. In the end, the list provided 33 companies with seed round data available, 22 that had gone through a Series A, 16 for Series B and six for Series C. Too few companies had completed D and E rounds to provide a meaningful figure.
Below are the average figures for A through C rounds, as well as “other” funding and an average for all companies on the list that had funding data available.
In terms of percentage increase, the jump from seed to Series A is by far the most dramatic leap for new companies. The average A round was 439 percent larger than the average seed round, while B rounds were 114 percent larger than A rounds. C rounds were only 55 percent larger than B rounds.
The average amount of “other” funding — $4.8 million — reflects miscellanea such as debt capital, unassigned venture capital and grants.
GT100 funding round averages
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