I don't think anyone has done this math... PG said to be prepared for 6-9 months for Series A. Angel seems to be 1-3 months and Series A seems to be closer to

I don't think anyone has done this math... PG said to be prepared for 6-9 months for Series A. Angel seems to be 1-3 months and Series A seems to be closer to 4-6 for YC companies. I talk to plenty of non-YC founders who raise money for 6-12 months. Blech. I think only 20ish of the 80 "graduating" companies have gotten Series A, and most of the rest (who are alive) got angel.