Funding benchmark · last 12 months

The typical Series D round worldwide

From 98 Series D rounds announced worldwide over the last twelve months, each read from a named source. Half of them raised between $101M and $311M.

See the roundsAll benchmarks

Series DWorldwide
Median round$158M
$40M1 in 10 below$101M – $311Mmiddle half$644M1 in 10 above

98 rounds counted · recounted nightly

Rounds counted98Series D rounds worldwide, last 12 months
Biggest 10%$644M+the top tenth of Series D rounds
Since last round13 momedian gap, from 50 companies we saw raise before
Lead named86%of these rounds name the investor who led

The trend

Median Series D round, quarter by quarter

From $135M in 2024 Q4 to $125M in 2026 Q3. Quarters with fewer than five rounds are left blank.

$135M'24 Q413 rds
$100M'25 Q114 rds
$108M'25 Q218 rds
$90M'25 Q314 rds
$281M'25 Q413 rds
$153M'26 Q122 rds
$180M'26 Q218 rds
$125M'26 Q327 rds

Who leads

The most active leads

The firms that led the most Series D rounds worldwide this year.

  1. 1Sequoia Capital5 led
  2. 2Kleiner Perkins4 led
  3. 3Eclipse4 led
  4. 4Accel3 led
  5. 5TCV3 led
  6. 6Qatar Ban3 led

Recent examples

Series D rounds worldwide, latest first

How to read these figures

They come from announced rounds. Large rounds are almost always announced and many small ones never are, so the true typical round is probably a little smaller than shown, most of all at pre-seed and seed. Every round behind them is in the record with its source. How we read rounds.

Other stages worldwide

Pre-seed$2.0MSeed$5.5MSeries A$20MSeries B$50MSeries C$100MGrowth$108M

Series D elsewhere

United States$190MAI$150M

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Q&A

How big is a typical Series D round worldwide?

The median is $158M, from 98 Series D rounds announced worldwide in the last twelve months. Half of them raised between $101M and $311M; one in ten raised more than $644M.

Which rounds are counted?

Rounds announced in the last twelve months with a stated amount and stage, each read from a named article or filing. A page is only published where at least 30 rounds stand behind it.

Are these figures biased?

Towards larger rounds, yes. Big rounds are announced; many small ones never are. So the true typical round is probably a little smaller than the figure here, especially at pre-seed and seed.

How often does it change?

The figures are recounted from the record every night, as new rounds are read.