The Season of Money

Anecdotally, there is a bias towards not raising funds (angel or Series A) during vacation periods, like summer or winter. The logic is that this is the time when investors go on holidays, so there are less investors around to fund startups. Makes sense, but I always wondered whether this was true or not.


  • Analyzed Crunchbase angel fundraising data across three of the largest capital-raising European countries (UK, France, Germany)
  • Looked at monthly fundraising across three years (2013, 2012, 2011) in each country
  • Tracked two metrics: the numbers of deals and the average $ in deals

    Results and Thoughts:
    Line graph of average $ deal by month

    Looking at the average deal size by month graph, a few points jump out:

  • The larger average deals seem to happen in the fall across the three countries
  • When in the fall is unique among the three countries: UK is around November, Germany December, and France in September
  • France is particularly active between June and July for some reason
  • Fundraising in Jan/Feb in the UK looks promising as well

    Line graph of # deals by month

    Looking at the deal velociy by month graph, a few points jump out:

  • More angel deals are done in the fall, with UK in September, Germany in August, and France around July
  • UK though, looks active also in the beginning of the year, around January and Feburary
  • France and Germany can be fairly more active in June compared to the rest of the year