Data & Research

First Cut — State of Private Markets: Q4 2023 and FY 2023

January 4, 2024
Peter Walker

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 Q4 data for U.S. startups:

Valuations saw slight increases: Median pre-money valuations increased across all venture capital stages save for Series C in Q4. The change was most apparent in Series A, which rose from $29 million to $45 million in median pre-money valuation.

Round sizes fell gently: Median round sizes were flat or slightly down for much of venture capital in Q4. The lone bright spot was in Series D, which saw round size increase, albeit on a small number of deals.

Although the final numbers on total rounds and capital raised are not yet available for Q4, it is reasonable to expect another middling quarter across U.S. venture capital as a whole.

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 this  addendum now.

Seed & Series A

First Cut Q4 2023 Seed & Series A valuationsFirst Cut Q4 2023 Seed & Series A round sizes

Series B & Series C

First Cut Q4 2023 Series B & C valuationsFirst Cut Q4 2023 Series B & C round sizes

Series D & Series E+

First Cut Q4 2023 Series D & E valuationsFirst Cut Q4 2023 Series D & E round sizes

Download the addendum