Fundraising dynamics continued to evolve in Q1 2025, with early-stage companies seeing a modest uptick in down rounds while late-stage companies experienced fewer. Down rounds rose to 20.8% of deals at the Seed through Series B stages, up from 18.5% in the second half of 2024. In contrast, only 22.2% of Series C+ rounds were down, a significant drop from the first half of last year.
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