03/09/2026
In 2019, 41 percent of companies reached a Series A within eighteen to twenty-four months of their seed round. By late 2025 that was down to 23 percent, while the share taking three or more years went from 19 percent to 39 percent.
Most seed rounds are still sized against the old number. J.P. Morgan's own read is that the eighteen to twenty-four month rule of thumb "would have left some founders short."
The headline medians tell a milder story, and there is a reason they are misleading.
The full piece is here:
🔗 https://angelhive.io/blog/the-road-to-series-a-is-longer-than-your-runway-plan