💥Startup Survival Rates, State of Seed Rounds, Peak Unicorn Funding, Sizing Finance Teams & More
Digesting Insights From the Data
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Unicorn Funding Is Back & Bigger Than Ever
Jackie DiMonte reports that over the past three quarters, unicorn fundraising has surpassed 2021’s previous peak. While overall deal volume is down, capital is consolidating at the top end of the market.
High‑Value Rounds Reign: In 2021 the average unicorn round was $260M; today it’s nearly doubled to $490M, with unicorns making up 2.8% of all venture rounds versus 3.0% in 2021.
Few Funds, Many Unicorns: In the past six months, only about a dozen funds closed deals over $500M, yet roughly 190 unicorns raised rounds at that scale—highlighting capital concentration.
Stable Unicorn Share: Even as VC deal volume dips overall, the proportion of unicorn deals has held steady at around 3%, meaning the top-tier funding ecosystem remains buoyant.
✈️ KEY TAKEAWAYS
Unicorn funding in 2025 has exceeded the previously assumed peak of 2021. A shrinking number of large funds are fueling bigger rounds in fewer companies, reinforcing consolidation at the top of the venture market.