Investors turn selective even as cheque sizes grow in early-stage deals: report

Average cheque sizes at the seed and pre-Series A stage rose in 2024, with around 54% of early-stage deals falling in the $500,000 to $2 million range, according to a report by venture debt firm InnoVen Capital.

Despite this upward trend, investors have become more selective—only one in three backed startups that had not started generating revenue yet in more than 20% of their portfolio, reflecting a growing preference for companies with early commercial traction, the Early-Stage Investment Insights Report 2025 said.

The report, based on inputs from…