Glossary
Average check size
The typical amount a fund invests in a single company at a given stage — a sizing signal distinct from the fund's total AUM.
A fund's average check size is the typical amount it invests in a single deal, as distinct from its total assets under management (AUM). A fund with a large AUM but a small average check is likely writing many small bets across a wide portfolio; a fund with a comparable AUM but a large average check is concentrating in fewer companies with bigger positions.
Average check size is most useful read alongside a fund's disclosed stages: a fund whose average check sits at the high end of typical Seed rounds is likely leading or co-leading, while one at the low end of Series A ranges may be a smaller participant in the round rather than the lead. Neither the check size nor the stage list alone tells you which role a fund tends to play — read them together.