Almost 45% with seed funding are second-time founders: Report
Jungle Ventures. At $1.2 million, the median funding raised by these companies is three times the overall median of $0.4 million, it said.
These founders are raising significantly more funds than those by first-time entrepreneurs, and their businesses are largely concentrated on the top-ten funded sectors, such as fintech, retail, enterprise and healthtech, said the report, titled ‘The First Cheque Report 2024’.
«Despite whatever has happened as first-time founders, these people are coming back and starting a second startup. These second-time founders are still pursuing their ventures instead of going back to corporate jobs and are raising money,” Jungle Ventures founding partner Amit Anand said.
Investment amounts and deal counts in the seed stage have been decreasing since the boom of 2022, but have started showing early signs of stabilising, Anand said. The total seed funding in 2024 so far stands just over $1 billion, nearly matching the $1.2 billion raised in 2023 and compared with $1.9 billion in 2022.
“The amount of capital going into seed-stage companies, while it may have come off a historical high and you should never look at those spikes as a norm, I think the good news here is that it's at least stabilised now,” said Anand.
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