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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

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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