The Seed Investment Patterns of Billion Dollar Startups

I think you would need to include companies with < $500M values to be able to answer the question:

> But is the seed strategy working for startups and VCs?

The data presented here appears to have a selection bias since you've only selected companies that resulted in $500M+ valuations.

So, I don't think you can draw this conclusion from the data presented here:

> But on the whole, investing in seeds seems to pay off handsomely for VCs

I do agree that investing in seed pays off if you have a big winner!

> particularly if the seed investing program lands a big winner

Aside from that potential fallacy, I find the data and other questions here interesting.