---
title: "Step-Ups \u0026 Duration : The Shape of Things to Come to the Series A in 2024"
description: "Analyze 2024 Series A trends: Software startups now take 15 months post-seed vs 12 months in 2022, with 2x valuation multiples. Key data for startup founders."
categories: ["fundraising","trends","data analysis"]
keywords: ["Theory Ventures","Series A funding","venture capital","software startups","fundraising trends","valuation multiples","startup growth","Tomasz Tunguz"]
ai_summary: "Explore 2024 Series A funding trends, highlighting longer timelines and lower valuation multiples for software startups."
date: 2023-12-14
lastmod: 2026-07-28
canonical_url: https://www.tomtunguz.com/the-typical-round-in-2023/
author: "Tomasz Tunguz"
---

The typical software startup raised their Series A 15 months after raising their seed at 2x their seed valuation. 

A year ago, that Series A would have been raised three months earlier at 3.5x the valuation. 

![image](https://res.cloudinary.com/dzawgnnlr/image/upload/lrv9nt3cfq874bn3wnm7.png)

Here's another way of visualizing the data. The red dot is 2023 - the other years are in grey. Across rounds for the 50th & 75th percentile of companies, step-up valuations are the lowest multiples in about ten years.

![image](https://res.cloudinary.com/dzawgnnlr/image/upload/a8wfm1ysl5o0vtplifek.png)

The time between rounds has also lengthened - something all of Startupland felt throughout 2023.

![image](https://res.cloudinary.com/dzawgnnlr/image/upload/iyxuurbzponimx3bqidd.png)

In almost every category, the time between rounds is also at decade highs.

![image](https://res.cloudinary.com/dzawgnnlr/image/upload/olcwotzqy6t6ptsfclxq.png)

In 2024, I expect most of these figures to revert to the mean - not the peaks of 2020-2021, but more akin to 2018. 

The public valuation environment & pace of venture capital investments mirror those years better than others. 

Five years ago, valuations continued to grow, competitive rounds didn't last in market for more than a week or so, & pre-emptions did occur. But most of the market operated at a steady cadence with predictable figures for traction, valuation, & dilution.