Funding benchmark · last 12 months
The typical Series D round in the United States
From 62 Series D rounds announced in the United States over the last twelve months, each read from a named source. Half of them raised between $129M and $307M.
United States62 rounds counted · recounted nightly
The trend
Median Series D round, quarter by quarter
From $155M in 2024 Q4 to $160M in 2026 Q3. Quarters with fewer than five rounds are left blank.
Who leads
The most active leads
The firms that led the most Series D rounds in the United States this year.
Sequoia Capital
Kleiner Perkins
TCV
Eclipse
Accel
Index VenturesRecent examples
Series D rounds in the United States, latest first
Group14 Technologies29 Oct 2026Not named$169M-11%
Firehawk Aerospace28 Oct 2026Not named$150M-21%
Xona22 Oct 2026Future Ventures$250M+32%
Whop21 Oct 2026Sequoia Capital$200M+5%
Sirona Medical16 Oct 2026Avidity Partners$40M-79%
Varda Space Industries9 Oct 2026Not named$251M+32%
Voltus8 Oct 2026Generation Investment Management$225M+18%
Valon5 Oct 2026Not named$150M-21%
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 in the United States
Series D elsewhere
Raising a Series D round?
See who leads rounds like yours,
and check your raise before you pitch.
Q&A
How big is a typical Series D round in the United States?
The median is $190M, from 62 Series D rounds announced in the United States in the last twelve months. Half of them raised between $129M and $307M; one in ten raised more than $690M.
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.