The seed-to-Series-A gap

What the clock measures

The comparison fixes a 24-month window after the seed round. Companies that raise an A later can still succeed; companies that do not raise another priced round may continue operating or exit. It is neither a lifetime graduation rate nor a failure rate.

Why timing changed

The 2022 cohort entered a market in which investor requirements and valuations were shifting. Carta also recorded declining seed and Series A activity in 2024, despite a broader increase in capital raised on its platform. The route from first institutional capital to the next priced round remained selective.

Practical reading

A fundraising plan should allow for a longer path and alternatives to a quick A. The relevant milestone is evidence that fits the next investor's underwriting, supported by a cash plan that can survive a delayed process. The cohort statistic is a warning about timing, not a prediction for one company.

There is also a denominator story. A larger seed cohort can lower the percentage graduating even if the absolute number of A rounds is stable. That distinction requires matched cohort counts before making a causal claim.