Early-stage funding climbs back, led by bigger cheques

This year's fundraising average is likely to surpass 2022, with more deals yet to be reported

- Rwit Ghosh

Average early-stage cheque sizes in 2025 are nearing 2022's peak, hitting $3.75 million as of late November.

(MINT)

Early-stage venture capital (VC) funding in startups is creeping up, with average cheque size nearing the 2022 highs, when the pandemic-driven digital surge and ultra-low interest rates globally triggered a flood of investments into the startup ecosystem.

According to Venture Intelligence data, early-stage cheque sizes averaged $3.84 million in 2022. As of 26 November, they're already at $3.75 million—just $90,000 short, and with four weeks of deals still to be reported, this year's average is likely to exceed 2022.

The rise in average cheque sizes signals a shift in India's startup market, which turned cautious after splurging on lofty valuations in 2022. As several marquee VC-backed firms go public, confidence is returning in startups' ability to deliver on business models. Bigger cheques shows investors believe these firms can justify fresh capital.