Wing, a nine-year-old, Silicon Valley venture firm co-founded by veteran VCs Peter Wagner and Gaurav Garg, produces interesting research about its own industry every now and then, based on a smaller data sets than firms like Pitchbook or CB Insights tend to use. Instead of looking at funding activity broadly, the firm tracks deal-making at the top 21 venture firms in the U.S. to “really focus on the signal,” as Wagner has explained to us in the past. Last year, for example, the firm determined that the funding pullback that everyone was worried about had actually happened in 2016.
More recently, Wing has been tracking deal sizes, capturing the details of 6,205 financings of 2,982 companies funded by one of those 21 firms over the last nine years to discern the ways in which rounds sizes are changing. And the results, while not shocking, are still eye-opening.
Starting with seed rounds, last year, says Wing, the average company had raised a total of $5.6 million prior to raising a Series A, up from $5.2 million in 2017. That’s a lot of seed capital, especially for people in the industry who might have been investing in 2010,