A Founders’ Stack research series
The Other 95%
Funding reports lead with the total, and the total is set by a few hundred giant rounds. The Other 95% takes those rounds out and shows what raising money looks like for most founders: how many rounds there are, how big a normal one is, and where it is getting harder.
The Other 95%: Q3 2026
Seed and Series A funding in Q3 2026 and the year so far, across North America, Europe, Asia, Latin America, Africa and Oceania. The world has half the first rounds it had in 2022, and giant rounds took 80% of the money.
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All editions
- The Other 95%: Q3 2026, early-stage funding1 November 2026
The early-stage edition is updated every quarter. Each new edition is added here and keeps its own page, so you can compare quarters.
How every edition works
- We take out the giant rounds.
Rounds of $100M or more, or each source’s own big-round line, are shown separately. Every average “without the giant rounds” is the rest of the money divided by the rest of the deals.
- We count rounds, not only money.
The Early-Stage Index compares seed and Series A rounds per quarter with 2022. 100 means as many as in 2022, 50 means half. It tells you how many founders are getting a first cheque.
- We show the middle round.
The median deal, the one right in the middle, is not moved by a few very large rounds, so it is closer to what a normal founder raises.
- We never mix sources.
Each comparison between regions and countries uses one main source. Country close-ups use local sources, named next to every chart, and are read on their own.
- Every number is checkable.
Each PDF lists the source and page behind every figure, and the web edition puts the data behind every chart in a table.
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New editions go out first in Founders’ Capital, a free newsletter on fundraising and venture capital.