North American venture capital investment held up at near-record-setting levels in the third quarter, as both early- and late-stage dealmaking remained on fire and big exits accumulated.Overall, investors put $79.6 billion to work across all stages from seed through technology growth, according to Crunchbase estimates. That’s just a hair shy of the $80 billion total for the prior quarter, and the second-highest total on record.
Everything in the venture capital universe is getting more expensive, and that includes seed rounds. A few years ago, seed deals above $3 million were comparatively unusual. Now they’re commonplace, with more than 300 in Q3 alone for North America, per Crunchbase data.
The ballooning size of a typical seed round explains why funding at this stage continues to hold strong. For Q3, investors put $2.8 billion into 1,372 reported rounds at seed stage. That’s down from Q2, but because seed rounds often get reported to our database weeks or months after they close, we expect the totals to shift higher over time.