Fundraising Seasonality in Series A: Market Shifts from 2014 to 2022

Tomasz Tunguz analyzes whether fundraising seasonality patterns have changed since 2014, finding that the US software Series A market has become significantly less seasonal over time. While 2013 showed clear peaks in June/July and December, 2022 data reveals a different pattern with early-year strength collapsing by October. The broader insight suggests that current bid/ask spreads between founders and VCs are creating market suppression regardless of seasonal timing.