The TL;DR: If you raised your seed round in the past few years you have a 39% chance of taking 3+ years to raise your Series A. That’s double the rate from just three years ago.
Carta just analyzed 3,365 US startups that raised a Series A between Q1 2018 and Q3 2025. The chart above tells a story that every seed-stage founder needs to understand: the time between seed and Series A is stretching out dramatically.
39% of Companies Now Take 3+ Years to Get From Seed to Series A
Back in 2018-2019, the venture market was humming. Around 40% of companies were raising their Series A within 1.5-2 years of their seed round. The 3+ year category? That was sitting at 18-21% consistently. It was the exception, not the rule.
Fast forward to 2025, and the world has flipped:
- Q3 2025: Only 23% of companies raised Series A within 1.5-2 years (down from 41% in Q3 2019)
- Q3 2025: 39% of companies took 3+ years (more than double the 19% rate in Q3 2019)
Let me repeat that: 39% of companies now take 3+ years to get from seed to Series A. That’s essentially tied with the 1.5-2 year cohort at 39%.
What Changed?
Many of the very best are raising rounds faster and faster. But not most of us in the Age of AI. By late 2023 and into 2024-2025, we’re seeing the hangover from 2021-2022 and the fact that the bar to raise has gone up. VCs are expected 5x+ growth or more on the way to $10m ARR today, not 3x.
What This Means for You
If you’re raising a seed round in 2025, here’s what you need to know:
1. Your seed round needs to last 3+ years, not 18 months. I know the conventional wisdom is “raise 18-24 months of runway.” That’s no longer sufficient. You need to be planning for 36+ months, or you need to be absolutely certain you can hit Series A metrics in under 2 years.
2. Series A metrics are higher than ever. A few years ago, $1M ARR with strong growth might get you a Series A conversation. Now? You’re looking at $2M-3M+ ARR minimum, with efficient growth metrics and strong retention. The bar moved, and it’s not moving back down.
3. The bridge round is becoming standard. What do you do if you’re 24 months into your seed with $1.5M ARR but need $2.5M to get Series A interest? You raise a bridge. We’re seeing this play out across the market. It’s not a sign of failure – it’s the new normal.
4. Burn efficiency matters more than ever — for all but the hottest at least . If you’re going to make your seed last 3 years, you can’t be burning $200K/month. Do the math: even a $3M seed at that burn gets you to 15 months. You need to operate at $75K-100K/month burn to make it work. That means staying lean, staying scrappy, and being ruthlessly efficient.
The Founder Trap
Here’s where founders get stuck: they raise a seed round with 18-24 months of runway, assume they’ll hit Series A metrics quickly, and then 18 months in they realize they’re not even close. Now they’re scrambling – do they try to raise a bridge? Do they cut burn dramatically? Do they try to stretch to breakeven?
None of these are great options when you’re in panic mode.
The smart play is to plan for 3 years from the start. Raise enough capital or plan your burn to last that long. Yes, it means you might grow slower. Yes, it means you might have to say no to some hires or marketing spend. But it also means you won’t be in a desperate position 20 months in when the Series A market doesn’t materialize.
What About the Winners? Yes, They Are Raising Faster
The data shows that even in Q3 2025, 23% of companies are still raising their Series A in under 2 years. Who are these companies?
They’re the ones that are absolutely crushing it. They’re AI companies with explosive early traction. They’re B2B SaaS companies that found product-market fit immediately and are scaling efficiently. They’re companies in hot categories that VCs are actively hunting for.
If you’re one of these companies, great. But be honest with yourself: are you really in this category, or are you more likely to be in the 39% that takes 3+ years?
The Bottom Line
The venture market has fundamentally changed. The time between seed and Series A has stretched from 18-24 months to 3+ years for a huge chunk of companies. If you’re not planning for this reality, you’re setting yourself up for a painful crunch 18-24 months into your journey.
Raise more. Burn less. Plan for 3 years. That’s the new seed-stage playbook.
The data doesn’t lie. 39% of Q3 2025 Series A companies took 3+ years to get there. Don’t be the founder who runs out of cash at month 20 because you didn’t see this coming.
Data source: Carta analysis of 3,365 US startups raising Series A between Q1 2018 and Q3 2025
