For seed VCs looking to benchmark your portfolio - what is a "good" graduation rate to Series A? Depends on the time since seed, of course. After year 1: - 5% is low, 20% is high Year 2: - 15% is low, 35% is high Year 3: - 20% is low, 40-45% is high 100% graduation rate is probably bad, actually - not taking enough risk!