SaaStr 799: The Series A Landscape in 2025: Insights from Chemistry VC's Ethan Kurzweil SaaStr CEO and Founder Jason Lemkin and Ethan Kurzwiel, previously partner at Bessemer Venture Partners and now founding partner at Chemistry VC, took us through a deep dive of exactly where Series A funding is right now in 2025. Current State of Early-Stage Venture Market The early-stage venture landscape has experienced significant shifts since the peaks of 2021. We're seeing: Deal activity decline: From the highs of 2021 (around 3.5B raised in Q4 2021), we're seeing a return to baseline levels but still below pre-zero interest rate era volumes. Longer funding timelines: Seed to Series A timelines have stretched from approximately 12 months to 25 months on average, requiring founders to plan for longer runways. More capital into fewer deals: While total capital deployment is returning to pre-2021 levels, it's being concentrated in fewer companies, making the environment more binary and competitive. Graduation rates plummeting: The percentage of seed companies successfully raising Series A has dropped significantly across all industries, creating a "crunch" for many startups. Listen in for more! -------------------------------------------------------------------------------------------- Alright everybody in SaaS, this is it. The biggest, best, most action-packed SaaS + AI event of the year—SaaStr Annual 2025—is coming this May. Three full days. 10,000+ SaaS and AI leaders and more tactical, no-fluff content than you'll find anywhere else. If you want to scale faster—$10M, $50M, $100M ARR and beyond—you need the right playbooks, the right connections and the right people in your corner. And SaaStr Annual is where it all happens. We'll have 100's of Legendary speakers from companies like Snowflake, HubSpot, OpenAI, Canva, and more. More networking than you can handle—meet your next investor, co-founder, or biggest deal. A New AI Demo & Pitch Stage— with your chance to win up to $5M in funding! So don't wait—grab your tickets now at SaaStrAnnual.com with my code jason100 to save $100 on tickets before prices go up. That's jason 100 at saastrannual.com See you in May! -------------------------------------------------------------------------------------------- Do you know what would make your customer service helpdesk dramatically better? Dumping it and switching to Intercom. But, youʼre not quite ready to make that change. We get it! Thatʼs why Fin, the worldʼs leading AI customer service agent, is now available on every helpdesk. Fin can instantly resolve up to 80% of your tickets, Which makes your customers happier. And you can get off the customer service rep hiring treadmill. Fin by Intercom. Named the #1 AI Agent in G2ʼs Winter Report. Learn more at : inter.com/saastr --------------------------------------------------------------------------------------------

Ask this episode

“What did the council decide on item 42?” — answered with the speaker and the moment.