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Anyway else think it's interesting that $4.6m could be labeled "seed funding"? Seed round 2016 average is around $1m per Crunchbase: https://techcrunch.com/20

Anyway else think it's interesting that $4.6m could be labeled "seed funding"? Seed round 2016 average is around $1m per Crunchbase: https://techcrunch.com/2016/09/07/crunchbase-sees-rise-in-average-seed-round-in-2016/ https://techcrunch.com/2016/09/07/crunchbase-sees-rise-in-av... Cooley has seed round pre-moneys at $4-6m. (Thus, a $5m check is pretty much out of question at that stage.) https://www.cooleygo.com/trends/ https://www.cooleygo.com/trends/ So, this is much more like a Series A? I wonder if they were advised to call it seed funding to leave open the possibility of a "big" Series A, due to the level of interest. It does seem like SV VCs are making somewhat large bets on F/OSS-based companies, so maybe that is wise. I also realize a lot of this is semantics.

ghc 9y ago
General Catalyst and Founder Collective are both Boston funds, so SV rules don't apply here. For better or worse raising in Boston is very different. I did a bit of diligence on this deal as it was going around (for a different fund), and the dynamics of the company stage probably dictated the raise size. It's not uncommon for an institutional seed round to be $2-3MM on a valuation of $6-15MM in Boston right now. The size of rounds is partially a function of how frothy the OSS tools market has gotten. I'm looking at another hybrid enterprise/OSS deal that has a valuation north of $15MM. A rounds nowadays look for $!MM ARR so you can say the letters shifted as well :)