The median Series A in 2026 is $15 million, at a median post-money valuation of $78.7 million, up 37% year-over-year. That's the headline. The story under the headline is more interesting: 2026 Series A is a bifurcated market, and the median figure hides a 5x spread between sectors.
AI and healthcare rounds regularly exceed $50M. Fintech and consumer rounds typically sit between $8M and $14M. The implication for founders is that the right benchmark to plan against isn't the global median; it's the median in your sector.
This is the Series A companion to our median seed round size by industry guide, using the same methodology. Below is the data, broken down by industry, with the ARR thresholds and the valuation multiples that go with each.
The headline numbers
- Median Series A round size: $15M (upper quartile $25M, lower quartile $7M).
- Median post-money valuation: $78.7M, up 37% YoY from $57.5M.
- Median ARR at the round: $2.5M–$3M, with $3M+ required by tier-one funds (see our Series A traction requirements breakdown)
- Growth threshold: 2x+ year-over-year, with 100%+ growth required for premium valuations.
- Net revenue retention threshold: 110%+ for SaaS, 120%+ for top-tier rounds.
- Burn multiple ceilings: 2.0, with most tier-one deals sub-1.5; the KPIs investors actually scrutinise in 2026 sit here.
- Typical dilution: 18–25%.
Median Series A by industry
Median round size, median post-money valuation, and typical ARR threshold by sector. Numbers reflect Series A deals closed in 2026.
Two patterns stand out. First, AI is its own category; the median AI Series A is roughly 1.7x the cross-industry median, and AI startups command a 38% valuation premium at this stage (the firms behind these deals are mostly on our list of AI/ML investors that aren't just chasing hype). Second, consumer and fintech have moved in opposite directions since 2022: consumer marketplaces are funding at lower medians than they did three years ago, while fintech is finding its footing again after the 2023 correction.
How the medians shifted: 2024 → 2025 → 2026
The 37% jump in median post-money valuation between 2025 and 2026 isn't evenly distributed. The lift is concentrated at the top of the market — AI, defence tech, and frontier healthcare — while the rest of the market is roughly flat. The headline median moves because the top decile drags it up.
Compared to the seed round size data, the Series A bar has moved more dramatically. The median seed round in 2026 grew about 12% YoY; the median Series A round grew 15%, and the median Series A valuation grew 37%. The takeaway: investors are paying up for Series A quality, but the bar to qualify has hardened.
Series A by geography
The US is the global Series A benchmark, but regional Series As are priced differently. For founders raising outside North America, the relevant playbook is geography-specific.
Geographic markets that previously were priced 30-50% below US comparables (Europe, India) have narrowed to a 15-30% discount in 2026. The closure of this gap is driven by US capital flowing into non-US Series As, particularly into AI, healthtech, and vertical SaaS in Europe and India.
For region-specific investor lists by stage and sector, see our roundups of the most active VCs in Europe, the early-stage funders in the UK, the top VCs in India, and the 11 US early-stage investors writing checks in 2026.
The ARR threshold reality
The single most-asked Series A question: how much ARR do I need? The honest answer is sector-specific. Median benchmarks across 2026 Series A deals:
- Horizontal SaaS / B2B: $2.5M – $3M ARR with 100%+ YoY growth, 110%+ NRR
- Vertical SaaS: $2.5M – $3.5M ARR, often higher (more conservative multiples)
- AI / AI infrastructure: $1M – $3M ARR, but often funded pre-revenue on research + team strength
- Fintech: $3M+ ARR with proven unit economics; bar is highest in the market
- Healthtech: $2M+ ARR or milestone-based (FDA progress, anchor health-system contracts)
- Consumer marketplace: $30M+ annualised GMV with strong cohort retention
- Deeptech / hardware: Anchor pilots + strategic customer commitments rather than ARR
The 2026 Series A bar is roughly 40% higher than it was in 2021. The $1.5M-ARR-with-3x-growth Series As of 2021 are 2026 seed extensions – that's the topic of our decision framework on whether to stay at seed or raise Series A. Plan against the new bar, not the old one.
What's driving the AI premium
AI Series A deals are pricing at multiples no other category gets:
- Median AI Series A post-money valuation of $120M – $250M vs $78.7M cross-industry.
- AI valuation premium at Series A: roughly 38%.
- AI infrastructure and AI-native healthcare rounds regularly cross $50M, with several over $100M.
- The market is willing to fund pre-revenue AI startups at Series A on the basis of research breakthroughs, team strength, or strategic customer pilots.
The discipline this requires of non-AI founders is sharp. Investors comparing your Series A pitch against an AI deal happening down the hall need a clear reason your category deserves their dollar. This is usually a moat (regulatory, distribution, or technical), an outsized retention curve, or a unit-economics profile AI startups can't match. The funds writing the largest AI checks are documented in our list of AI/ML investors that aren't just chasing hype.
Round structure: what's actually in the term sheet
The typical 2026 Series A term sheet, by the numbers:
- Round size: $10M – $20M, single tranche.
- Pre-money valuation: $25M – $50M for B2B SaaS, $50M – $150M for AI, $20M – $40M for fintech.
- Option pool refresh: 10–15%, pre-money.
- Liquidation preference: 1x non-participating, standard.
- Anti-dilution: broad-based weighted average.
- Pro rata rights: yes, for all lead investors; pro rata for major angels at the lead's discretion.
- Board: one investor seat, one independent (mutually agreed); founder retains majority.
- Information rights: monthly investor updates, quarterly board meetings, audited financials.
- Vesting refresh: increasingly common, with 25-50% of founder equity re-vested over 24-48 months.
The vesting refresh is the term sheet line item that catches first-time founders by surprise in 2026. Series A diligence in 2026 routinely asks for vesting refreshes – particularly when founders have been at the company less than 36 months. For a clause-by-clause breakdown of the rest of the term sheet, see our term sheet guide for founders. On the math side, our post-money valuation calculator guide walks through how the headline number actually changes your ownership.
What's not changing: the metrics that matter at diligence
Round sizes shift, valuations shift, market sentiment shifts. The metrics that drive Series A diligence outcome hasn't moved in five years:
- Growth efficiency (burn multiple, LTV/CAC, payback period)
- Cohort retention (GRR, NRR, expansion patterns)
- Sales motion clarity (repeatable GTM, clear ICP, predictable conversion)
- Team depth (founder-market fit, key hires, retention of early team)
- Pipeline coverage (3-4x next-quarter target, multi-stage)
These five categories drive 80% of Series A pass-or-proceed decisions. Hit them, and you'll close at the higher end of your sector's range. Miss any one of them, and you'll close at the bottom or not at all.
The diligence questions to expect in detail are in our Series A due diligence checklist, and the broader playbook for both seed and Series A diligence sits in the complete due diligence preparation guide.
How long the Series A actually takes in 2026
From the first VC meeting to the closed round, the median Series A in 2026 takes 14 weeks, up from 12 weeks in 2024. That includes 4-6 weeks of diligence and another 4-6 weeks of legal close.
The implication: start the process at least 6 months before you run out of cash, not 3 months. Series A processes that start with 3 months of runway routinely become bridge rounds at materially worse terms.
If you're still deciding whether to raise now or extend the seed, our stay at seed or raise Series A decision framework covers the five conditions that say 'raise now' versus 'extend'.
How to use these benchmarks in your raise
Three practical applications, in order of how often founders get them wrong:
- Build your data room against the sector benchmark, not the cross-industry median. Investors anchor on what's normal for your sector. The investor data room checklist for seed vs Series A map of the documents to include at each stage and the 7 documents every investor expects covers the must-haves.
- Set your target round size in the lower half of your sector range. The headline median includes outsized rounds at the top. Targeting the sector median (not the upper quartile) materially raises your odds of closing.
- Use the geography table to sanity-check term sheets from non-US investors. A $10M Series A at a $35M post-money valuation in Europe is on-market. The same offer in the US is below-market.
FAQ
What's the average Series A round size in 2026?
The US median is $15M, with the upper quartile at $25M and the lower quartile at $7M. The median has moved up steadily from $11M in 2024 to $15M in 2026.
What ARR do I need for a Series A in 2026?
Across most B2B SaaS sectors, $2.5M–$3M ARR is the median. Tier-one funds typically want $3M+ with 100%+ YoY growth. Fintech is the highest bar at $3M+ with proven unit economics. AI deals can close pre-revenue or at $1M+ ARR on research and team strength. Full breakdown in our Series A traction requirements piece.
What's the median Series A valuation?
The 2026 median US Series A post-money valuation is $78.7M, up 37% YoY. Pre-money valuations typically sit at $25M–$50M for B2B SaaS, $50M–$150M for AI, and $20M–$40M for fintech.
Why are AI Series As bigger than other industries?
AI startups command roughly a 38% valuation premium at Series A. The combination of larger addressable opportunities, scarce technical talent, and competition between funds for AI deals is pushing AI rounds to median post-money valuations of $120M–$250M, with several rounds crossing $100M.
How much dilution should I expect at Series A?
18–25% is the typical range. Competitive processes with strong metrics can pull this to 15–18%. Diluted rounds with multiple investors or complex structure push it to 28%+. To model the impact on your ownership, see our post-money valuation guide.
How long does a Series A take to close in 2026?
Median time from the first VC meeting to the closed round is 14 weeks. That's 4-6 weeks of diligence plus 4-6 weeks of legal close. Plan to start the process at least 6 months before runway runs out.
How does this compare to seed round sizes?
The 2026 median seed round is materially smaller; see the full breakdown in our median seed round size by industry analysis. The Series A median is roughly 4-5x the seed median, with the valuation step-up typically running 2-3x from seed post-money to Series A pre-money.
Open a Series A-ready data room in 60 seconds
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See also our guide to the best data room for fundraising in 2026 if you're comparing tools.
