# Methodology: how we build the record > Where every figure on Millionrounds comes from: the publications and filings we read, how strong each kind of evidence is, how much of the funding world we... Source: https://millionrounds.com/methodology (Millionrounds; every figure on the page links to its filing or article) Methodology # What we *saw*, and how we know 1,343 rounds read in the last 30 days, from 334 publications Most investor databases print what funds say about themselves. We print what we watched them do, with the source beside it, and we measure the size of our own blind spot rather than let you assume there isn't one. Latest rounds read - Article **Google News search** 7 Nov - Extracted **Positron AI** Series C · $875M - Matched **Duplicates folded, investors linked** One record, every source kept - Published **On the rounds stream** With the link to the article - Article **Tech.eu** 6 Nov - Extracted **TEKEVER** Series D · $580M - Matched **Duplicates folded, investors linked** One record, every source kept - Published **On the rounds stream** With the link to the article - Article **GEF Capital Partners** 5 Nov - Extracted **Yulu** Series C · $93M - Matched **Duplicates folded, investors linked** One record, every source kept - Published **On the rounds stream** With the link to the article - Article **Google News search** 5 Nov - Extracted **Morpho** Seed · $175M - Matched **Duplicates folded, investors linked** One record, every source kept - Published **On the rounds stream** With the link to the article - Article **GEF Capital Partners** 5 Nov - Extracted **Arya.ag** Series D · $81M - Matched **Duplicates folded, investors linked** One record, every source kept - Published **On the rounds stream** With the link to the article - Article **GEF Capital Partners** 5 Nov - Extracted **Kimbal** Series B · $22M - Matched **Duplicates folded, investors linked** One record, every source kept - Published **On the rounds stream** With the link to the article Investors **398,488** 184,109 firms and 214,379 people *$95.4T* under management Rounds **226,723** *$4.9T* raised Filings **268,337** *$3.2T* sold in filed raises Cheques **414,192** linked to a named investor Exits **21,460** *$5T* across 5,305 priced **Spotted something wrong?** Corrections are free and need no account. [Send a correction →](https://millionrounds.com/corrections) 1 · The evidence ladder ## Not every fact is equally strong, so we never mix them Every round and every claim carries the kind of evidence behind it, and pages say which. A filing outranks an article, an article outranks a list, and what a firm says about itself is kept apart from what we saw. Filed **12,215** Rounds matched to the company's own filing with the SEC, so the amount and date come from the regulator. Reported **96,658** Rounds read from a named publication, with the company, stage, amount, date and every named investor, and the link kept. Listed **12,698** Rounds from public funding lists. Lower confidence, shown as listed, never as observed. Historical **117,346** Rounds before 2016 from older exports. Marked on every page, counted only in all-time totals. Claimed **263,386** Portfolio companies firms list on their own websites. Their word, kept separate, never turned into a round. 2 · Where it comes from ## Public sources, read every night The press **334** publications reported a round we hold in the last 90 days Funding news is read every morning. Each article about a raise is read automatically for the company, stage, amount, date and every named investor. When several outlets report the same round it becomes one record with several sources, so a fund that made one investment never looks like it made four. Regulators SEC Form D filings (company rounds, funds raising funds, and the people named on them), Form ADV advisers, 13F holdings, the IRS register of foundations and endowments, Companies House filings and share allotments in the UK, and the global legal entity register. Firms themselves Every investor website we hold is fetched and read: what the firm is, its team page, its portfolio page and its news feed. 158,168 websites checked. Open data Founding years, countries, founders and parent companies from Wikidata, by website, filling only empty fields; photos from Wikimedia Commons. Lists Purchased, public and supplied lists are leads, not facts. Each firm on them is checked against its own website, which regularly contradicts the list it came from. Facts on records with their source written beside them Investor lists, each checked **369,230** Firms' own websites **307,091** Website details **187,778** Wikidata **148,082** Country from the web address **131,467** Companies' own websites **115,334** Companies House **43,538** SEC adviser filings **30,175** Web search, checked by hand **2,241** Funds' own news **309** Employers named in filings **308** 3 · The publications ## Who reported the rounds we hold 1 FinSMEs **9,390** 2 TechCrunch **2,770** 3 Firms' own news pages **1,604** 4 Ventureburn **1,299** 5 TechStartups **1,015** 6 China Money Network **775** 7 Google News search **621** 8 AlleyWatch **598** 9 LatamList **498** 10 Startup Daily **391** 11 Crunchbase News **319** 12 The SaaS News **315** And 1,417 more publications **9,346** Some outlets block automated reading. We do not work around that, so their rounds reach us only when another publication also covers them. 4 · What we miss ## We measure our blind spot instead of guessing it Take two publications covering the same country. If one reported 500 rounds, another 400, and 100 are the same round, each is catching a knowable share of the whole. It is the arithmetic used to count wildlife. Measured per country, because outlets specialise by region. **500** in outlet A **400** in outlet B **100** in both **≈ 2,000** in all: 500 × 400 ÷ 100 **52%** United States 2,044 of about 3,913 **65%** United Kingdom 236 of about 364 **57%** France 102 of about 180 Share of the rounds the press itself reports that we hold. Rounds never announced (most family-office, LP and private-credit activity) are invisible to everyone, us included. The harder measure What US companies told the regulator, Apr 2009 to Oct 2026 **34.2%** of 54,125 technology and health raises over $1M filed with the SEC are rounds we can point at (18,495). Far worse than the press figure, and the more truthful of the two: most raises are never written about anywhere. It is why a fund's absence from our record is never evidence it is inactive. 5 · Rules we apply ## Three judgements, made the same way every time Before we call a fund dormant - At least four cheques observed before, so its deals do get announced - Nothing seen for more than eighteen months - Its website is dead or parked All three, or we say nothing. Family offices, LPs, private credit and others that rarely announce are never marked dormant at all. Before we trust a website - Live **63.6%** - Dead **17.9%** - Errors **8.9%** - Redirects elsewhere **4.3%** - Blocks reading **4.0%** - Parked domain **1.3%** A website that never mentions the firm it is attached to is treated as wrong: nothing read from it is published. Before we fill a blank We don't. An unknown is printed as unknown, and a figure we did not observe is not printed at all. No estimates dressed as data. 6 · What we will not do **Publish contact data.** No emails, no phone numbers. **Resell lists as they shipped.** Every list is checked first. **Work around blocks.** A site that says no is not read. ## See the record this describes Every round with its source, every investor judged by what they funded. [Open the investor database](https://millionrounds.com/investor-database)[Report a correction](https://millionrounds.com/corrections) ## Questions about the method Why is a fund I know missing, or showing no recent rounds? Most likely because its deals were never announced anywhere we read. Our measured coverage is about half of what the press reports, and the press misses most of what is filed. Absence in our record is never evidence a fund is inactive. Do you publish contact details? No email addresses and no phone numbers, ever. We publish the names of people named in rounds, filings and firms' own team pages, linked to the firm, and nothing that would let anyone rebuild a contact list. What is a historical round? A round from before 2016, from older public exports. We keep 117,346 of them for context and all-time totals, mark them "Historical record" on every page, and leave them out of every headline count of rounds observed. Something is wrong. How do I get it fixed? Use the corrections page. It is free, needs no account and is not conditional on claiming a profile. A firm's request to remove its own record is honoured; an accurate, sourced record of an announced deal is not removed. Every figure on this page is read from the live database when the page is built, not written by hand.