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  "documentTitle": "Assessing the Impact of Big Tech on Venture Investment",
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      "text": "All stages have seen an increase in average funding size over the past few years though there is a particularly sharp rise in the average funding round size in the secondary market since 2016 and 2017.",
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      "text": "Average funding round size: $300M",
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      "text": "There was also a sharp increase in the number of rounds that raised between $10 million to $50 million in 2017 vs. previous years, which is in line with a shift in funding round mix towards later stages. The growth in later stage average round sizes has similar underlying factors as those seen in Series A funding with human capital costs and ever-growing marketing requirements leading to this sharp rise in recent years.",
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      "text": "All stages have seen an increase in average funding size over the past few years though there is a particularly sharp rise in the average funding round size in the secondary market since 2016 and 2017. This has been driven to a large extent by the growth in mega rounds (>$100 million). In 2013, there were some 20 mega rounds in technology, rising to 77 in 2015 and to a record 107 in 2017. The number of mega rounds increased at a rate of 36 percent a year between 2011 and 2017, with many of these occurring in the secondary markets.",
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      "text": "Notable mega rounds in 2017 include a $780 million investment in Delivery Hero, led by Naspers and a $600 million investment in Lyft, led by KKR. Corporate VCs such as Softbank have also been active in large rounds, with investments in Brain Corp, and Nvidia.",
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      "text": "Note: Non-funding rounds include initial coin offerings, crowdfunding and undisclosed rounds. Source: Crunchbase (http://www.crunchbase.com), Oliver Wyman analysis",
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