pov: you realize your ‘risky’ seed round is 65% bigger than Series A

12 Oct 2026 · 1 min

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In this YouTube episode, Leon Eisen, PhD, highlights a striking anomaly in recent U.S. venture funding: the average seed round ($41.5 million) is 65 % larger than the average Series A round ($25 million), despite seed being the riskiest, earliest stage. He notes that just seven days later the average seed round fell to $9.5 million, underscoring volatility. Eisen questions what investors are actually purchasing with these oversized seed checks and promises to trace the money to uncover the true value investors are paying for at the seed stage.

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Seed is risky, risky stage with the least proof. Series A comes after it with a bigger company and a bigger check. Last week I scored 22 funded US rounds between $5 and $100 million, and the average seed round was $41.5 million. The average Series A was $25 million. Seed checks, 65% bigger than the stage that is supposed to come after them. And 7 days later, the average seed round was $9.5 million. So what were investors buying with those seed checks? In this episode, I follow that money to see what investors were really paying for.