Posts by

Kevin Dowd

Kevin Dowd is a writer covering the private markets. Prior to joining Carta, he reported on venture capital and private equity at Forbes, where he wrote the Deal Flow newsletter, and at PitchBook, where he wrote The Weekend Pitch.

Percent of total cash raised by state, aggregated to US Census Regions, Q1 2023

Mapping VC activity: Texas gains ground in Q1, but California still reigns

In Q1, the Lone Star State made big gains in the share of venture capital dollars it brings home.

Secondary markets: How transactions & liquidity work for private shares

Understand the function of the private secondary market and how companies can benefit from secondary liquidity & secondary market transactions.

Valuations, step-up multiples trended up in Q1

Startup valuations remain well below the lofty heights they reached at the peak of 2021’s bull market. But in the first quarter of 2023, there were signs that the VC valuation environment is growing friendlier.

Percent of rounds by quarter with investor-friendly terms | Q1 2019-Q12023

As VC deals shrink, convertible fundraisings are on the rise

To lengthen runway and avoid a down round, startups are increasingly embracing SAFEs and convertible notes.

Series D and E+ median pre-money valuation by stage and quarter, Q12020-Q12023

In late-stage VC valuations, what went up has come down—and then some

At Series D and beyond, median round sizes continued to decline for venture-backed startups in Q1 2023.

Series B and C median pre-money valuation by stage and quarter, Q12020-Q12023

Series B valuations ticked up 10% in Q1, the largest leap since 2021

For the first time in a year, Series B valuations are trending up.