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Median time from seed to Series A is 23 months — up from 18
The fundraise runway math nobody does properly.
The PUBlish Desk · 16 April 2026
PitchBook's 2024 US venture data puts the median time from a seed round to a Series A at 23 months. In 2021 it was 18 months. The runway math hasn't caught up.
A seed round raised for "18 to 24 months of runway" today is actually a 15-month runway at best — because the next round takes longer to close than the last one did.
Operators raising right now should underwrite 30-month runways when they think 24, and 36 when they think 30. The penalty for being cautious is overcapitalization. The penalty for being optimistic is a bridge round in eight months at flat or down terms.
Pick the cautious penalty.
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