I think you would need to include companies with < $500M values to be able to answer the question:<p>> But is the seed strategy working for startups and VCs?<p>The data presented here appears to have a selection bias since you've only selected companies that resulted in $500M+ valuations.<p>So, I don't think you can draw this conclusion from the data presented here:<p>> But on the whole, investing in seeds seems to pay off handsomely for VCs<p>I do agree that investing in seed pays off if you have a big winner!<p>> particularly if the seed investing program lands a big winner<p>Aside from that potential fallacy, I find the data and other questions here interesting.