THE SERIES A IS DEAD, LONG LIVE THE SERIES A

Summary from the TLDR Founders newsletter

Series A rounds are growing larger, with median sizes quadrupling over the last decade, pushing many funds out and refocusing investments into pre-seed and seed stages. The market now features fewer Series A investors, leading to less liquidity and an emphasis on companies with extreme growth or ambitious narratives. Small funds struggle as they must adapt to these expectations while focusing on higher concentration strategies and potential exits in the changing landscape.