The lines have gotten so blurry compared to 20 years ago (entrepreneural creativity in action?), so sorting out the wheat and chaff is harder. More data - less definition.

Briefly, most of the published analysis is top-down and less is bottom-up. People seem to bundle Seed+Series-A in most places. There's a lot of talk about medians without a deal-count. There are counts for numbers of deals with a size exceeding some threshold, but that doesn't give us what we're looking for.

Here's a chart - US only: - https://files.pitchbook.com/images/Angel.Seed%20Activity.png

At about a thousand deals at about a million bucks, that's bumping the $1B mark, but doesn't break $2B.

Also if you'd like you can email me at the address in my profile, this thread is getting nested very deep.