Top trend in 2023 venture capital so far? Bridge rounds.
More and more venture capital is going to bridge rounds vs primary rounds this year. Nearly 1 in 4 dollars invested into Carta cap tables is happening in a bridge in 2023.
We've defined bridge rounds in this case as rounds completed at the same valuation as the prior round. The vast majority of the investors in a bridge were already on the cap table.
Data caveats - this analysis is on US startups, Seed through Series F.
What does this mean for founders?
1. Your current investors are the primary starting point for more capital.
2. More of a given fund's dollars are going to current bets - so if you're a new bet, be aware.
3. Keep an eye on the specific clauses in the term sheet - bridge rounds can come with more onerous terms for the founder than a new primary (but hey, it's money in the door).
A bridge to...somewhere, we hope!
As always, more data goodies in the newsletter (linked in first comment)
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