New fundraising cheatsheet for early-stage founders in 2024.
Covers median valuation, cash raised, and dilution (or expected dilution) for each stage of the early fundraising journey - including the data on SAFE raises which have come to dominate this part of the VC market.
Wanted to include only the freshest possible data, so limited it to the most recent 75 rounds in each stage. Generally covers a period from Dec 1 2023 thru today.
Post-money SAFEs for the first three sections, primary priced rounds for the bottom two. All data for US tech startups only 🙏
To the data!
𝗔𝗻𝗴𝗲𝗹 𝗥𝗼𝘂𝗻𝗱 (𝗨𝗻𝗱𝗲𝗿 $𝟱𝟬𝟬𝗞 𝗿𝗮𝗶𝘀𝗲𝗱)
$6M val cap
$150K raised
2.3% dilution (upon the completion of a priced round)
𝗣𝗿𝗲-𝗦𝗲𝗲𝗱 ($𝟱𝟬𝟬𝗞-$𝟭𝗠 𝗿𝗮𝗶𝘀𝗲𝗱)
$10M val cap
$695K raised
8.1% implied dilution
𝗦𝗲𝗲𝗱 𝗼𝗻 𝗦𝗔𝗙𝗘𝘀 ($𝟭𝗠-$𝟮.𝟱𝗠 𝗿𝗮𝗶𝘀𝗲𝗱)
$12M val cap
$1.52M raised
15.2% implied dilution
𝗣𝗿𝗶𝗰𝗲𝗱 𝗦𝗲𝗲𝗱 𝗥𝗼𝘂𝗻𝗱
$12.4M pre-money valuation
$3.5M raised
20.8% dilution
𝗦𝗲𝗿𝗶𝗲𝘀 𝗔
$47.3M pre-money valuation
$10.3M raised
19.9% dilution
Of course these are medians, so many rounds happening above and below these figures. Dynamics for each raise are unique, dictated by sector, founder profile, fund economics, etc etc.
But hopefully these give founders (and investors) a sense of the current baselines.
Plug in to more data on startups and the venture capital that funds them in our Data Minute newsletter - https://lnkd.in/gNa_Dk-F
#cartadata #startups #fundraising #founders #earlystage
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