Follow the discussion on Twitter When we started Equal Ventures, one of the core hypotheses we had was that “Seed was becoming the new Series A.” Series A rounds had historically been several million dollars as the first institutional capital to come into rounds, but then those rounds started to drift bigger and later as the costs of starting companies fell, enabling companies to achieve meaningful progress on angel capital (what had previously been largely considered for “friends, family and fools”). This dynamic all of a sudden made angel investing extremely attractive, giving birth to its professionalization — seed investing.