Venture capital is experiencing its own version of trickle-down economics, and not everybody loves the results.

According to a quarterly report released by Pitchbook and National Venture Capital Association on Wednesday, mega-deals — defined as investments of $100 million or more — are on track to reach an all time high in 2019, as of September.

But more interesting is its parallel finding that angel and seed funding, typically a startup's earliest influx of outside cash, is also on track to set new records this year.

The report found that the average angel and seed deal in 2019 hovered around $2 million. For comparison, the report said, deals valued at under $1 million comprised more than 60% of angel and seed deals 5 years ago. Through September, that percentage had shifted, with more than half being valued at over that mark. 

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