Terminal
See capital move while it is still moving
By the time a round reaches a newsletter it is old. Terminal reads 707,000+ disclosed rounds across 469,000+ companies, so deal teams work from activity rather than announcements.
Live coverage
What Terminal reads
Generated from the database at build time. Aggregates are always "of disclosed rounds" — never an estimate presented as fact.
- 0
- Disclosed funding rounds
- 0
- Rounds in the last 12 months
- 0
- Companies
- 0
- Investors
How deal teams use it
- Watch the sectors you underwrite Filter by sector, stage and geography and see the rounds landing there — volume, velocity and which investors keep appearing.
- Track competitors and co-investors Open any investor to see recent participation, portfolio and the stages they actually write at, rather than the ones on their website.
- Take the question to the data The research assistant answers from our own records first and says when it falls back to the open web, so an answer can be traced before it reaches a memo.
How much of each stage carries a disclosed amount
Round counts by stage, and the share where the amount was publicly disclosed. That share is the one number that decides whether an aggregate is safe to put in front of an investment committee, so it is stated rather than smoothed away.
Seed
- Rounds in total
- 312,030
- Last 12 months
- 14,537
- Amount disclosed
- 213,276
68% with a disclosed amount
All stages we classify. Rounds with no disclosed amount are counted but carry no figure — they are never modelled into one.
What makes it usable for diligence
Disclosed means disclosed
Round amounts appear only where they were publicly disclosed. Around a quarter of rounds have no amount, and those stay blank rather than being modelled into a number that looks like a fact.
Deduplication by name and website
Records are merged on normalised name plus website, never name alone — the same name at a different domain is usually a different firm, and merging them quietly corrupts every aggregate built on top.
Enrichment runs continuously
Companies, investors and rounds are enriched by background workers rather than in periodic batches, so activity reflects recent weeks instead of the last refresh cycle.
Judge the data before you put it in front of an IC
Coverage, refresh cadence and known gaps are published rather than described. If the depth is thin for your sector, you will see that on the coverage page rather than three weeks into a subscription.