I assume the author's numbers come from TheFunded or AngelList, which I'd expect to be a highly biased sample. You would expect more seed deals to go through th

I assume the author's numbers come from TheFunded or AngelList, which I'd expect to be a highly biased sample. You would expect more seed deals to go through these sites, since they will typically cast a wider net. Later deals will be more private, unpublicized, and with companies that are already connected to institutional funds. It would be much more interesting to see numbers from SEC filings in the tech sector.