The median seed round has shrunk back toward pre-boom levels. Founders who raised during the peak describe the pressure of a valuation they had to grow into. The current cohort is raising less, hiring slower and reaching revenue sooner.
What investors want now
Evidence that a customer will pay, a plan that survives without a follow-on round and a team that has shipped before. Deck polish matters less than a working demo and a list of people who have asked to buy it.
Key takeaways
- Median seed size is down roughly a third from peak
- Capital efficiency is the headline metric
- Working demos beat decks
This story is part of our ongoing coverage of startups. We will update it as more details emerge.
