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Is vc still a thing   final Slide 1 Is vc still a thing   final Slide 2 Is vc still a thing   final Slide 3 Is vc still a thing   final Slide 4 Is vc still a thing   final Slide 5 Is vc still a thing   final Slide 6 Is vc still a thing   final Slide 7 Is vc still a thing   final Slide 8 Is vc still a thing   final Slide 9 Is vc still a thing   final Slide 10 Is vc still a thing   final Slide 11 Is vc still a thing   final Slide 12 Is vc still a thing   final Slide 13 Is vc still a thing   final Slide 14 Is vc still a thing   final Slide 15 Is vc still a thing   final Slide 16 Is vc still a thing   final Slide 17 Is vc still a thing   final Slide 18 Is vc still a thing   final Slide 19 Is vc still a thing   final Slide 20 Is vc still a thing   final Slide 21 Is vc still a thing   final Slide 22 Is vc still a thing   final Slide 23 Is vc still a thing   final Slide 24 Is vc still a thing   final Slide 25 Is vc still a thing   final Slide 26 Is vc still a thing   final Slide 27 Is vc still a thing   final Slide 28 Is vc still a thing   final Slide 29 Is vc still a thing   final Slide 30 Is vc still a thing   final Slide 31 Is vc still a thing   final Slide 32 Is vc still a thing   final Slide 33 Is vc still a thing   final Slide 34 Is vc still a thing   final Slide 35 Is vc still a thing   final Slide 36 Is vc still a thing   final Slide 37 Is vc still a thing   final Slide 38 Is vc still a thing   final Slide 39 Is vc still a thing   final Slide 40 Is vc still a thing   final Slide 41
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16 The Series A and Is vc still a thing final

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16
The Series A and B part of the market is very similar to how it was 15 years ago—
except with a 3x bigger top end of the funnel.
Series A
funds
Series A
funds
THEN NOW
Angel / Seed
Angel / pre-seed
Seed funds
Source: Upfront analysis
Series B
funds
Series B
funds
Bottom end of the funnel haven’t changed much
Top end of
the funnel is
now 3x larger

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16 The Series A and B part of the market is very similar to how it was 15 years ago— except with a 3x bigger top end of the funnel. Series A funds Series A funds THEN NOW Angel / Seed Angel / pre-seed Seed funds Source: Upfront analysis Series B funds Series B funds Bottom end of the funnel haven’t changed much Top end of the funnel is now 3x larger

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