NO TION T At Seed stage there is no ‘trend’ for how employees ALENT A S are split between functions. Some companies are SES SMENT 80% engineers, others are 5% engineers. At later stages, however, this isn’t true to the same extent: companies converge at around 1/3 Sales and Marketing, 1/3 Tech and R&D and 1/3 ‘Other’. This can be seen in the Standard Deviation table above, which shows a high variance at seed and a much lower variance at Series D. 22