A Funny Thing Happened on the Way to Sand Hill Road
Tom Tunguz
DECEMBER 13, 2022
When capital is scarce, it’s rationed. In the 2010s, US venture capital grew 40x in 10 years. More capital meant the constraints of yester-decade no longer applied. So, did headcount at the Series A. In 11 years, the median headcount at Series A swelled from 15 to 28. [1]. Round sizes ballooned.
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