Why invest in seed and early stage companies, with all the risk of picking winners early, and dilution down the road? Because that’s where the money is, according to Cambridge Associates. Seed and early stage investments have accounted for 75% of VC investment gains in recent years! This is based on the top 100 investments in every year. Seed and early stage investments have accounted for two-thirds or more of investment gains in every year where data is available.