Disentangling what, exactly, a “seed” round is these days is kinda tough. Not so long ago, a company might’ve raised a little bit of money from friends and family to get off the ground, and raised their first institutional investment round at Series A. But institutional capital has moved further and further upstream. In many cases today, seed is the first institutional round a company raises.
You might have the feeling that seed rounds are getting larger. On the whole, current data suggests that they indeed are.
Jason D. Rowley of Crunchbase analyzed 15,538 funding rounds labeled as seed in their dataset for a closer look.