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One methodology consideration: I believe Crunchbase defines "Series A" as a round over $5M.

So, large seed rounds are potentially getting incorrectly counted as Series As (vs, say, using a round's legal docs to determine official round, which is not very feasible for CB).

If you assume seed rounds were larger during the peak ZIRP years, then the differences in seed to A may be somewhat exaggerated here.

Probably not by too much, though! I certainly believe the trendlines.

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