<img src="http://tomtunguz.com/images/cooley_pre_money_series_a_082014.png" width=100%/><p>What a difference a few quarters make! In the past nine months, Series A valuations have skyrocketed. In fact, 2014 Series A pre-money valuations have surpassed Series B valuations from 10 years ago, accounting for inflation. The same is true for Series B valuations exceeding median Series C valuations a decade before.</p>