they sure aren't. at least the early stage ones....

By the end of this year, this will be a hockey-stick chart:

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NTIs (non-traditional investors) are also investing earlier but it's missing here:

Everyone is now raising new funds every year and deploying it immediately.

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"Venture capital has expanded globally, with many firms building a multiple fund approach for each specific asset class, seed, early-stage venture and growth equity. Venture funds are also raising funds every two years rather than every four years, on average, and mostly raising more for each subsequent fund.

And many funds are defining themselves earlier in the stack. We have seen early-stage funds redefining themselves as leading at pre-Series A, or seed or a pre-seed lead. And seed funds are operating like multistage venture raising opportunity funds for portfolio follow on or opportunistic late-stage investing."

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"In this record-breaking environment, growth equity firms are not sticking to their lane in late-stage investing, but are investing at earlier stages too, based on my analysis.

Both micro and venture capitalists have lost a proportional share of the early-stage market to private equity, but it is worth noting the amount of dollars by each investor cohort has grown alongside this trend."

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