The $100M+ round has moved down the stage ladder since 2017
Stage distribution of $100M+ rounds
17
18
19
20
21
22
23
24
25
26
Seed
1
2
3
8
9
5
5
19
27
Series A
28
47
44
31
104
65
42
59
58
87
Series B
45
59
74
101
290
197
102
113
120
160
Series C
46
98
88
123
355
220
90
100
145
159
Series D
64
89
111
99
305
176
66
76
110
100
Series E
28
59
66
73
182
91
23
51
58
50
Series F+
30
53
55
88
167
60
32
42
60
63
Growth
87
142
122
143
265
233
134
126
132
123
Bridge
2
5
3
12
14
11
9
6
8
9
Other
8
13
17
31
49
47
27
51
34
33