Investor Funnels for Series As
&quot;On average, the companies that raised As had 30 coffee meetings with individual investors. 50% of these meetings led to pitches to individual partners. About 30% of partner pitches led to full partnership pitches. On average, 1 of every 5 partnership meetings produced a term sheet.&quot;<p>Based on the above, it seems the average number of term sheets received by a company that successfully raised a Series A was 1.<p>This surprises me because (i) it&#x27;s often suggested you need more than one term sheet to have a decent negotiating position, and (ii) a YC-backed company should be better placed than most to get multiple, so if they&#x27;re not getting them, then who is?