The story of how it got much more difficult to get from seed-stage to Series A. Each line is a set of seed-stage companies. One line per quarter from 2018-H1 2022. Recent cohort quarters are lagging way behind the past 5 years in percentage getting to Series A at 1 year, 2 years, and 3 years. Questions remaining: will those cohorts ever catch up? Have they just been bridging into a better future? Or are they going to be effectively lost over time as new cohorts overtake them in investor attention? Certainly some of these companies responded to the macro change by becoming profitable or otherwise funding themselves out of revenue. But I just don't think that option will prove possible for most who started down the venture path. Better fundraising times are coming soon-ish (my guess is the latter half of 2024 will prove more fruitful). But it may be too late for many 2021 and early 2022 vintage companies.