Carta Data Desk
@cartainc.bsky.social
Insights from startup and private capital data. Brought to you by Ashley, Hamza, and Peter—the Carta Insights team.
Health startups - healthtech, biotech & pharmaceuticals, and medical devices - on Carta combined to raise $23 billion in new venture funding across 1,387 individual rounds in 2024. After the ups and downs of the decade’s earlier years, the health sector has settled into a new normal. #startups #VC
May 7, 2025 at 2:27 AM
Startups across APAC & the Middle East are shifting gears. The expansion-at-all-costs mindset of 2022 is behind us. As of Q4 2024, hiring is slowing, equity grants are tightening—and employee departures are outpacing new hires. Read more at carta.com/data
April 30, 2025 at 3:44 PM
Startups across APAC & the Middle East are shifting gears. The expansion-at-all-costs mindset of 2022 is behind us. As of Q4 2024, hiring is slowing, equity grants are tightening—and employee departures are outpacing new hires. Read more at carta.com/data
At private companies, monthly vesting is the norm—65% of employees and 63% of execs at PE-backed firms get monthly grants. Quarterly vesting is more common in PE vs VC, though. Frequent vesting helps retain top talent with regular financial upside. How frequently does your company equity vest?
April 28, 2025 at 9:25 PM
At private companies, monthly vesting is the norm—65% of employees and 63% of execs at PE-backed firms get monthly grants. Quarterly vesting is more common in PE vs VC, though. Frequent vesting helps retain top talent with regular financial upside. How frequently does your company equity vest?
California's still strong—but in 2024, Washington topped startup valuations at every stage (+22% at Series A). Texas, Florida, and Illinois also edged ahead in key rounds. You don’t have to be in the Bay to build big. #startups #DataMinute
April 25, 2025 at 2:47 AM
California's still strong—but in 2024, Washington topped startup valuations at every stage (+22% at Series A). Texas, Florida, and Illinois also edged ahead in key rounds. You don’t have to be in the Bay to build big. #startups #DataMinute
Downrounds are rising—and so is the time between startup raises. In Q4 2024, the median interval hit what used to be the 75th percentile. One theory? Founders delay fundraising, hoping for better terms. But when they can’t wait any longer valuations are paying the price. #startups #vc
April 21, 2025 at 10:21 PM
2024 saw a record number of startups on Carta targeted for acquisition. Half were early-stage, with their most recent round being Seed or Series A. Twenty-one percent were at the growth stage, Series B or C, and twenty-three percent had never raised any priced funding. #Startups #Acquisitions
April 11, 2025 at 4:00 PM
2024 saw a record number of startups on Carta targeted for acquisition. Half were early-stage, with their most recent round being Seed or Series A. Twenty-one percent were at the growth stage, Series B or C, and twenty-three percent had never raised any priced funding. #Startups #Acquisitions
While IRR reflects the time value of money, the 2023 vintage is showing early promise with the 90th percentile IRR at 24.5% after just one year. This is a significant jump from the 2022 vintage and on par with the strong returns seen in the late 2010s. #VentureCapital #IRR #2023Vintage
April 10, 2025 at 4:00 PM
While IRR reflects the time value of money, the 2023 vintage is showing early promise with the 90th percentile IRR at 24.5% after just one year. This is a significant jump from the 2022 vintage and on par with the strong returns seen in the late 2010s. #VentureCapital #IRR #2023Vintage
Smaller venture funds often outperform larger ones. In the 2018 vintage, funds with $1M-$10M in assets had a 90th percentile TVPI of 4.03x, while those with $100M+ in assets had just 1.67x. Size doesn't guarantee better returns in venture capital. #VentureCapital #FundPerformance #TVPI #VC
April 9, 2025 at 4:00 PM
Smaller venture funds often outperform larger ones. In the 2018 vintage, funds with $1M-$10M in assets had a 90th percentile TVPI of 4.03x, while those with $100M+ in assets had just 1.67x. Size doesn't guarantee better returns in venture capital. #VentureCapital #FundPerformance #TVPI #VC
Half of 2018 vintage funds haven't returned any capital to their LPs yet. Distributions are even rarer in newer vintages: Only 26% of 2020 funds and 12% of 2021 funds have started recording DPI. #VC #PrivateEquity #Investing
April 8, 2025 at 4:00 PM
Half of 2018 vintage funds haven't returned any capital to their LPs yet. Distributions are even rarer in newer vintages: Only 26% of 2020 funds and 12% of 2021 funds have started recording DPI. #VC #PrivateEquity #Investing
How will tariffs & trade changes affect startup investment? Last year, hardware, med devices & biotech grew—hardware up 65%! Will manufacturing focus boost or hurt it? Lots of questions for VCs & founders in a shifting landscape. #startups #tariffs #fundraising #VC
April 7, 2025 at 4:00 PM
How will tariffs & trade changes affect startup investment? Last year, hardware, med devices & biotech grew—hardware up 65%! Will manufacturing focus boost or hurt it? Lots of questions for VCs & founders in a shifting landscape. #startups #tariffs #fundraising #VC
The founder role is professionalizing, leading to more equal equity splits. Founding teams now often divide equity more evenly, reflecting full-time commitment and shared responsibilities. This trend is narrowing the gap in ownership, especially for smaller teams. #startups #founders #equity
April 4, 2025 at 9:00 PM
he median time between funding rounds is growing longer. For startups raising a Series A in Q4 2024, the wait since their seed round is 774 days, or 2.1 years—84% longer than in Q4 2021. The gap between Series A & B is up 97% over the same period. #startups #fundraising #venturecapital
April 3, 2025 at 10:58 PM
he median time between funding rounds is growing longer. For startups raising a Series A in Q4 2024, the wait since their seed round is 774 days, or 2.1 years—84% longer than in Q4 2021. The gap between Series A & B is up 97% over the same period. #startups #fundraising #venturecapital
In 2022, the median VC fund with $100M-$250M in AUM on #Carta had 83 LPs, the highest in recent history. By 2024, that dropped to 47, a nearly 50% decline. To make up for it, remaining LPs are writing bigger checks—median check size rose from $23.1M in 2022 to $35M in 2024. #VC #fundraising
April 2, 2025 at 11:20 PM
In 2022, the median VC fund with $100M-$250M in AUM on #Carta had 83 LPs, the highest in recent history. By 2024, that dropped to 47, a nearly 50% decline. To make up for it, remaining LPs are writing bigger checks—median check size rose from $23.1M in 2022 to $35M in 2024. #VC #fundraising
Downrounds? Nah. We call them 'Market-Aligned Growth Rounds'—a strategic opportunity for investors to get in at the right price. They say the best climbs start from the valley—especially those made from silicon. 🚀 #AprilFools #ReframingReality #WhatsDownIsUp
April 1, 2025 at 10:05 PM
Downrounds? Nah. We call them 'Market-Aligned Growth Rounds'—a strategic opportunity for investors to get in at the right price. They say the best climbs start from the valley—especially those made from silicon. 🚀 #AprilFools #ReframingReality #WhatsDownIsUp
In 2024, U.S. pre-seed startups raised $4B through 25,000+ convertible instruments on Carta, a flat amount from 2023. Even industries with high capital needs, like medical devices, are shifting from convertible notes to SAFEs. Is this a sign of evolving fundraising trends?
#Startups #VC #SAFEs
#Startups #VC #SAFEs
March 31, 2025 at 8:05 PM
Did you get our newsletter this week? 📧 It drops every Thursday – just 1 chart and a 2-minute read. Quick insights on startups and funds to keep you in the loop! Subscribe now! https://z.carta.com/data-bsky
March 28, 2025 at 3:02 PM
Did you get our newsletter this week? 📧 It drops every Thursday – just 1 chart and a 2-minute read. Quick insights on startups and funds to keep you in the loop! Subscribe now! https://z.carta.com/data-bsky
In yesterday's Comp Webinar, I referenced a @wsj.com article showing the salary bump from job hopping has closed. In 2023, the 2% premium shrank to just 0.2%. Carta data shows people are staying longer, with nearly half of startup employees with 3+ years of tenure. #CompensationTrends
March 27, 2025 at 3:00 PM
In yesterday's Comp Webinar, I referenced a @wsj.com article showing the salary bump from job hopping has closed. In 2023, the 2% premium shrank to just 0.2%. Carta data shows people are staying longer, with nearly half of startup employees with 3+ years of tenure. #CompensationTrends
In Q4 2024, healthcare seed rounds on Carta were 30% smaller than the previous year, with Series A rounds down 31%. Despite valuations near recent highs, total cash raised dropped 15% YoY, and deal count fell by 13%.
Healthcare spotlight released today: carta.com/data #Healthcare #Startups #Carta
Healthcare spotlight released today: carta.com/data #Healthcare #Startups #Carta
March 26, 2025 at 9:15 PM
In Q4 2024, healthcare seed rounds on Carta were 30% smaller than the previous year, with Series A rounds down 31%. Despite valuations near recent highs, total cash raised dropped 15% YoY, and deal count fell by 13%.
Healthcare spotlight released today: carta.com/data #Healthcare #Startups #Carta
Healthcare spotlight released today: carta.com/data #Healthcare #Startups #Carta
The venture slowdown is leaving a mark. Every fund vintage from 2017 to 2020 has seen significant declines in median IRR over the last 2-3 years. The 2017 vintage, for example, fell from 16.8% to 12.0% since Q4 2021.
Read more in Carta’s 2024 VC Fund Performance Report. z.carta.com/3QODdY0
Read more in Carta’s 2024 VC Fund Performance Report. z.carta.com/3QODdY0
March 26, 2025 at 12:25 AM
The venture slowdown is leaving a mark. Every fund vintage from 2017 to 2020 has seen significant declines in median IRR over the last 2-3 years. The 2017 vintage, for example, fell from 16.8% to 12.0% since Q4 2021.
Read more in Carta’s 2024 VC Fund Performance Report. z.carta.com/3QODdY0
Read more in Carta’s 2024 VC Fund Performance Report. z.carta.com/3QODdY0
The startup employment market of 2024 was leaner:
between Jan '22 and Jan '24, new monthly hires declined by more than 50%. In 2024, startups on Carta's platform made 1.06 hires for every departure, down from 1.75 in 2022.
Join Ashley for our webinar on Wednesday at 10am PST. z.carta.com/4l1v00o
between Jan '22 and Jan '24, new monthly hires declined by more than 50%. In 2024, startups on Carta's platform made 1.06 hires for every departure, down from 1.75 in 2022.
Join Ashley for our webinar on Wednesday at 10am PST. z.carta.com/4l1v00o
March 25, 2025 at 12:13 AM
The startup employment market of 2024 was leaner:
between Jan '22 and Jan '24, new monthly hires declined by more than 50%. In 2024, startups on Carta's platform made 1.06 hires for every departure, down from 1.75 in 2022.
Join Ashley for our webinar on Wednesday at 10am PST. z.carta.com/4l1v00o
between Jan '22 and Jan '24, new monthly hires declined by more than 50%. In 2024, startups on Carta's platform made 1.06 hires for every departure, down from 1.75 in 2022.
Join Ashley for our webinar on Wednesday at 10am PST. z.carta.com/4l1v00o