Executive summaryIn Q3 2026, median Seed and Series A checks rose by about 6% to 7%, while median pre-money valuations rose by about 3.5%. Because the check grew faster than the valuation, atypical round now takes roughly half a percentage point more of the company than it didlast quarter. Our Seed benchmark is a $5.3M check on an $11.4M pre-money valuation,about a third of the company. Our Series A benchmark is an $11.0M check on a $36.4M pre-money valuation, a little under a quarter. Both stages have risen for two quarters in a rowsince the Q1 2026 low, but neither is back at its end of 2025 high. For founders raising now,the market is better than last quarter, and how much you raise matters as much as thevaluation you get.What we found this quarterWe track the median check and the median pre-money valuation at Seed and Series A everyquarter. In Q3 2026 both rose for the second quarter in a row, but not at the same pace.Checks rose by about 6% to 7%. Pre-money valuations rose by about 3.5%. Investors arepaying more for companies, and they are putting in even more money.
