Seed valuations hit all-time highs in 2025 — but raising got harder, not easier. The median seed round held around $4M while post-money valuations climbed to a record $24M, AI swallowed 42% of all seed capital, and the odds of graduating to Series A fell sharply. This is the Value Add VC annual reference on what's actually normal at seed, with sources.
2025 (Carta)
The 95th-percentile round is over 4x the median.
Source: Carta
Nearly double the pre-ChatGPT share of 23%.
Source: Carta
Priced seed equity is now the exception.
Source: Carta
The odds nearly halved between the 2018 and 2023 cohorts.
Source: Carta
2025 (Carta)
all-time high (Carta, Q4 2025)
+14% YoY (Carta, Q3 2025)
vs priced equity
up from 1.5 years in 2019
2023 cohort — down from 30.6%
vs 23% before ChatGPT
pre-seed rounds
The median seed round on Carta held at roughly $4M in 2025, but valuations set records: the median pre-money rose to about $16M (a new high, +14% year over year) and the median post-money hit an all-time high of around $24M. The market is sharply bifurcated, though — the 95th-percentile seed round was about $16.6M, more than 4x the median, as top (often AI) startups raise far larger rounds than the typical company.
| Metric | Value | Note |
|---|---|---|
| Median seed round size | ~$4M | 2025 |
| Median pre-money valuation | $16M | +14% YoY (Q3 2025) |
| Median post-money valuation | $24M | all-time high (Q4 2025) |
| 95th-percentile seed round | ~$16.6M | over 4x the median |
Priced seed equity is now the exception. Roughly 90%+ of early-stage instruments on Carta are SAFEs or convertible notes, and most US rounds under $4M skip a priced round entirely. The default structure is a post-money SAFE with a valuation cap and no discount — about 61% of SAFEs. Typical valuation caps run around $10M for $250K–$1M raises and ~$15M for $1M–$2.5M raises.
Getting to Series A has gotten materially harder and slower. The median time from seed to Series A has stretched to about 2.1 years (from 1.5 years in 2019), and only about 15% of the early-2023 seed cohort reached Series A within roughly 24 months — down from 30.6% for the 2018 cohort. The longer-horizon picture is less bleak: roughly half of seed companies eventually reach Series A by year four.
Raising a great seed is no longer the milestone — surviving the 2+ year gap to Series A is. Budget runway for 30 months, not 18, or you'll be raising a bridge you didn't plan for.
| Metric | Value |
|---|---|
| Median time seed → Series A (2025) | ~2.1 years |
| Median time seed → Series A (2019) | ~1.5 years |
| 2023 cohort reaching A within ~24mo | ~15% |
| 2018 cohort reaching A within ~24mo | 30.6% |
| Eventually reach Series A by year 4 | ~49% |
AI's dominance starts at the earliest stage. AI companies took about 42% of all seed capital in 2025 — nearly double the ~23% share before ChatGPT. For non-AI founders, that's the quiet story behind the record valuations: the headline numbers are inflated by a concentrated rush into AI, and the bar for everyone else is higher than the medians suggest.
The median seed round was about $4M in 2025 per Carta, but the market is bifurcated — the 95th-percentile round was roughly $16.6M, over 4x the median, as top (often AI) startups raise far larger rounds than the typical company.
Median pre-money valuation on new seed rounds hit a record ~$16M in 2025 (+14% YoY) and median post-money reached an all-time high of ~$24M, per Carta. For pre-seed SAFEs, typical valuation caps run about $10M–$15M.
Yes. Roughly 90%+ of early-stage instruments on Carta are SAFEs or convertible notes, and most US rounds under $4M skip priced equity. The default is a post-money SAFE with a valuation cap and no discount (about 61% of SAFEs).
Harder than it used to be. Only about 15% of the early-2023 seed cohort reached Series A within ~24 months (down from 30.6% for 2018), and the median time from seed to A has stretched to ~2.1 years. Roughly half of seed companies eventually reach Series A by year four.
Compiled and maintained by Trace Cohen · @Trace_Cohen · t@nyvp.com. Free to cite with attribution (CC BY 4.0).