After digging through the data, I lay out my expectations for the rest of the year.

Peter & Allyson share about some of the things founders should be aware of when raising money on SAFE notes.

Peter Walker dubbed 2023 “The Year of the Bridge Round.” In many cases, the founders did what they set out to do, it’s just that the bar for Series A moved.

Startups getting from Seed to Series A in two years has dropped by a third. It’s creating a “messy middle in the earliest parts of the market,” according to Peter Walker.

There are rays of hope for the market, but the most important thing is to stay focused on what you can control.

There are rays of hope for the market, but the most important thing is to stay focused on what you can control.

If all Seed & Pre-Seed funds shift just 5% of their allocation from first checks to follow-on checks, there will be $3 billion fewer available for first checks.

If all Seed & Pre-Seed funds shift just 5% of their allocation from first checks to follow-on checks, there will be $3 billion fewer available for first checks.

The backlog in the private markets extends from IPOs to PE, all the way down to Series A. It’s one of the primary drivers of so many startups stuck at Seed.

The market conditions driving Seed have been building for the past few years. More Seed funds kept Seed isolated from the later stage problems… until now.