Every quarter, Carta releases information on the startup ecosystem in our State of Private Markets report. It can take a few weeks for rounds to be recorded on our platform, so we produce a full analysis after we get the final numbers.
However, we publish a “first cut” of data as close to the end of the quarter as possible. This initial analysis focuses on round valuations and cash raised across the venture stages.
Here’s a preliminary look at Q1 data for U.S. startups:
Valuations rose—but not for late-stage: Median pre-money valuations ticked upwards for most venture stages, but declined (albeit on low round volume) for Series D and E+.
Round sizes grew: The median amount of cash raised was up for seed, Series A, Series B, and Series C, with particularly sharp increases in the priced seed and Series C stages.
Although the final numbers on total rounds and capital raised are not yet available for Q1, it looks like another quarter of modest growth for venture capital activity is likely.
We’ll publish our full set of quarterly data in the coming weeks. To receive the full report direct to your inbox, sign up for our Data Minute newsletter.
To see the valuations and round size data below split into primary and bridge round figures, you can download the data addendum to the report.
Seed & Series A
Series B & Series C
Series D & Series E+
Download the addendum
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