Has it become harder to raise money? is a question I hear all the time. On one hand, the total dollars invested by VCs is relatively flat at just under $30B per year, according to the NVCA. On the other hand, the stories of difficulty raising series As and Bs have become a steady drumbeat. To get some sense of the patterns, I analyzed 917 companies from seed through Series B over the past 14 years, using Crunchbase data.