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Why It’s Taking Forever to Get to Series A
If you feel like you’ve been running a marathon toward your Series A and the finish line keeps moving further away — you’re not imagining it. The goalposts have shifted. And no, it’s not just you, your deck, or your pitch skills. The entire funding environment has changed.
Let’s start with the numbers:
In the US, the average startup now takes about 2.5 years to reach Series A — up from just 1.5 years a decade ago (Wall Street Journal).
Graduation rates (the % of seed-funded startups that make it to Series A) have dropped to around 11% — down more than 50% from 15 years ago (WSJ data cited in the Upside podcast).
In the UK & Europe, the picture’s slightly better: roughly double the percentage (around 20%) make it to Series A, and the average timeline is closer to 18 months — but rounds tend to be smaller, often 2–3x less than their US equivalents (Upside podcast).
The slowdown isn’t just at Series A. Series C timelines have stretched too — data from Carta shows the median time from Series A to Series C now exceeds 4 years, compared to under 3 years pre-2020 (Carta).
Why? A messy cocktail of macroeconomics, shifting investor appetite, and post-2021 hangovers.
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What’s Driving the Delay
Macro Headwinds – Interest rates are still historically high (even after recent UK cuts), public markets are lukewarm, and the IPO window remains barely open. Investors have less urgency — and more caution — than during the 2021 frenzy.
Quality Filter Is Back – In the zero-rate era, VCs threw money at anything with a logo and a landing page. That’s over. Investors now want clear product-market fit, sustainable unit economics, and actual revenue before signing a Series A cheque.
Bridge Rounds are Eating A’s Lunch – The podcast nailed this point: in both the US and Europe, bridge rounds (aka “extension” or “top-up” rounds) have overtaken full Series A rounds. Founders are using these to extend runway without facing the brutal valuation resets that can come with raising an A too early.
AI Noise and Sector Swings – In some spaces (AI, climate tech), there’s still aggressive funding. But that creates a two-tier market: hot sectors race ahead, everyone else waits in the lobby.
Why This Isn’t All Bad News
Here’s the contrarian take: slower Series A and C timelines might actually be good for some founders.
More Time to Build Moats – If you’re forced to operate leaner for longer, you’re less likely to scale prematurely and blow up. You have more time to refine product, culture, and go-to-market before the pressure cooker of Series A growth targets kicks in.
Stronger Metrics = Better Terms – Arriving at Series A with revenue, sticky customers, and healthy margins means you negotiate from strength. That’s the antidote to giving away half your company at a “desperate founder” valuation.
Weeding Out the Weak – Yes, this is brutal. But in a tighter funding market, weak competitors die faster. Survive the valley, and you’ll have less noise in your category.
The Risks of the Wait Game
That said, stretching timelines has its dangers.
Runway Burn – Longer to Series A means a bigger gap to cover. Many founders underestimate how much capital they’ll need to bridge that time.
Talent Retention – Top hires don’t like uncertainty. A never-ending pre-Series A limbo can push great people toward more stable gigs.
Market Timing – Wait too long, and the market window you were building for might close or be dominated by someone else who raised faster.
So, What Can You Do?
Here’s the part where we get practical (and yes, blunt).
Start Investor Conversations Early – If it’s taking 18–30 months to raise an A, you should be building those relationships 12 months before you actually need the cash. The “3-month raise” myth will kill you.
Plan for More Capital Than You Think You Need – Whether via bridge rounds, strategic angels, or revenue-based financing, secure more than your spreadsheet’s “ideal scenario” says.
Track Investor-Ready Milestones – You’ll need proof points that resonate in this climate:
£1m+ ARR or high double-digit month-on-month growth
Clear CAC/LTV ratios
Customer retention metrics you can brag about
A product roadmap that doesn’t look like a wish list
Be Bridge-Round Smart – If you take a bridge, set clear objectives for how it will get you to Series A rather than just delaying the inevitable.
Don’t Obsess Over the US Pace – Yes, US rounds are bigger and slower right now, but the European funding culture is different. Play to your market’s strengths — strategic angels, government grants, and smaller-but-faster rounds can give you leverage without waiting years.
Bottom Line
The longer march to Series A and C isn’t a temporary blip — it’s the new reality. That means your job as a founder is to adjust, not complain. In a market where only 1 in 10 US startups and 1 in 5 European startups graduate to Series A, the winners will be the ones who treat fundraising like a multi-year campaign, not a sprint.
If you can build something valuable, hit the right milestones, and keep the lights on while others run out of cash — your Series A will come. And when it does, you might just be glad it took longer.
✅ This isn’t just another funding hot take — it’s the new reality for founders. Share it with someone still thinking Series A is a 12-month sprint.
It’s time for a POLL
(👉 Vote now — we’ll share the results in next week’s issue. All votes are anonymous)😀
Series A is “supposed” to take ~2 years to reach. Where does YOUR startup stand right now?
RAFE FOUNDERS EVENTS ❤️
Rare Founders
Raise Smarter: VC Tactics Exposed
This masterclass with former VC turned founder Soma Pirityi will take you inside the investor’s mind and show you what really drives funding decisions. Drawing on his experience backing 50+ startups across the US and Europe, Soma will share the psychology behind investor trust, the common mistakes that cost founders equity, and the strategies that make teams stand out. Whether you’re raising for the first time or gearing up for your next round, you’ll walk away knowing how to position yourself and your team as the one investors can’t ignore.
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In-person event
Runway East Bloomsbury, 24-28 Bloomsbury Way, London, WC1A 2SN, UK
Mon 18 Aug, 09:30 - 14:30 BST
Rare Founders
Open Mic Pitching and Networking - DEFENCE Special
A special edition of Rare Founders’ Open Mic & Networking Night focused on defence and dual-use startups. With billions in new defence spending and major innovation funding, we’ll dive into the latest trends with industry experts, followed by open mic pitching and high-energy networking.
In-person event
Blue Marlin Ibiza London, 45 Curtain Rd, London, EC2A 3PT, UK
Mon 18 Aug, 18:00 - 22:30 BST
Rare Founders
🇧🇪🇬🇧 Embassy Pitching Series: UK & Belgium
On 7 October, we’re teaming up with the Embassy of Belgium in London to host a special cross-border demo day. Expect 20-30 promising startups from Belgium (Flanders & Brussels) and the UK pitching to an audience of investors, followed by drinks, networking, and a DJ set.
Whether you want to pitch or just come along to meet founders and investors, the waitlist is now open.
🗓 Application deadline: Sep 5th 11:59PM
In-person event
Belgian Embassy Residence, 36 Belgrave Square, London, SW1X 8QB
Tue 7 Oct, 14:30 - 22:00 BST
OTHER LONDON EVENTS🌟
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Fin
A Technology Announcement
Join an event that will unveil a major technological milestone, offering a glimpse into the company’s future direction. Attendees will gain insights into the vision and technical strategies shaping its AI advancements.
Online event
Thu 14 Aug, 20:30 - 21:30 BST
Entrepreneurs First
Lab to Launch: Demo your Research
An evening gathering for AI researchers to share their work, exchange ideas, and explore pathways into entrepreneurship. The event features short demos, engaging discussions, and networking over a free dinner.
In-person event
Senna Building, Gorsuch Pl, London, E2 8JF, UK
Sat 16 Aug, 17:00 - 21:00 BST
London Startup Founder
Co-Founder Networking: Find A Business Partner
This interactive session explores best practices for building and formalizing a strong co-founder relationship, highlighting the benefits of having the right partner in a startup journey. Participants will also connect with like-minded entrepreneurs through networking activities and speed sessions to identify potential co-founders.
Online event
Tue 19 Aug, 18:00 - 20:00 BST
Data/BI Analyst london
Ideas to Action
Join this intimate meetup that gathers aspiring founders, builders, creatives, and investors to connect, share ideas, and turn concepts into real products. With a focus on action over talk, it offers a space for collaboration, co-founder matching, and building meaningful projects together.
In-person event
National Theatre, South Bank, London, SE1 9PX, UK
Tue 19 Aug, 18:00 - 20:00 BST
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Sclr labs
Smoke Signals: Rooftop BBQ for Founders & Funders
A private rooftop gathering bringing together founders and investors for an evening of BBQ, candid lightning talks, and honest conversations. Guests will share unfiltered stories, industry insights, and behind-the-scenes perspectives in a relaxed, fireside atmosphere.
In-person event
Crestfield St Area, London, UK
Tue 19 Aug, 18:00 - 21:00 BST
Startup Connect
Pitch & Networking Event: Sustainability And Green Tech Startups
Join this event that offers a platform for innovators, investors, and experts in sustainability and green tech to share ideas, pitch projects, and explore collaborations. Attendees can network with like-minded change-makers while discovering ventures driving impactful climate solutions.
In-person event
1 Ropemaker St, London, EC2Y 9HT, UK
Tue 19 Aug, 19:00 - 22:00 BST
Tech Startup Meetups
Founders Meetup London
This event offers practical fireside chats with seasoned entrepreneurs and vibrant speed networking to connect founders, potential co-founders, and investors. Attendees can share ideas, seek support, and gain tactical insights on building and scaling startups in a collaborative, community-driven setting.
In-person event
London Bridge Area, London, UK
Wed 20 Aug, 18:00 - 20:30 BST
Novabook
Bob Ross And Wine @ Londinium The Residency
Join a lively gathering where unconventional thinkers mix creativity with conversation, sharing bold ideas over wine and paint. Attendees leave with fresh perspectives, unexpected collaborations, and a splash of color—literally.
In-person event
Carbis Rd Area, London, UK
Wed 20 Aug, 19:00 - 22:00 BST
Enterprise Nation
Tech Hub: Scaling Lead Generation And Growing Your Customer Network
These mini bootcamps equip participants with practical strategies to scale lead generation, craft a compelling value proposition, and grow their business network. Attendees will learn to leverage digital tools, social media, and strategic partnerships to attract ideal customers and expand beyond existing markets.
Online event
Wed 20 Aug, 20:00 - 22:00 BST
SeedLegals
Launching Into The US market
Join this session that offers practical guidance for startups entering the US market, covering legal structures, funding, and growth strategies. Attendees will gain insights on key steps to take and pitfalls to avoid when expanding internationally.
Online event
Wed 20 Aug, 17:00 - 18:00 BST
The AI Collective
Secure Inference at Scale: Real-World AI Deployment With Protopia, Cyborg, And AWS
This session explores practical strategies for deploying AI securely while protecting sensitive data at every stage of the lifecycle. Attendees will gain insights, see a live demo, and learn actionable approaches for building production-ready AI systems on trusted infrastructure.
Online event
Thu 21 Aug, 10:00 - 11:00 BST
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Vasily Alekseenko
Founder
@ Rare Founders
Rare Founders - building the bridge between founders and investors via regular in-person and online events, meetups, conferences.
