Pre-seed founders: 90% of your peers are choosing to raise their initial capital on SAFEs. Here's the current market benchmark for SAFE valuation caps in the US.
Data from over 2,000 individual startups that raised SAFE rounds from Oct 2024 through March 2025. Post-money SAFEs only, all fundraising happened before any priced equity.
We throw around terms like "angel rounds", "pre-seed", and "seed (on SAFEs)". But they aren't really well-defined because...definitions are hard! It's some combination of round size + traction + team experience, etc.
Well, at Carta we can't get a good view into the traction or pitch deck or product maturity. But we have the best data on round size, so that's how we've split up the valuation caps below.
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Median valuation cap for a fundraise under $250,000: $7M.
$250K-$499K raised = $10M median valuation cap
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$500K-$999K raised = $10M median val cap
$1M-$1.9M raised = $12.5M median val cap
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$2M-$2.9M raised = $15M val cap
$3M-$3.9M raised = $18M val cap
$4M-$4.9M raised = $26.5M val cap
...kinda weird numbers right?
Like why is the $10M figure sticky across a wide range of fundraise sizes? Why are the 75th percentiles so high across the board?
Honestly I think there are two major lessons:
1. SAFE valuation caps are π»πΌπ real valuations. They are round numbers and are decided upon with much less rigor.
2. Deals are being done all. over. the. place. Don't get caught up in comparison.
Watch that dilution, especially if you do multiple SAFE rounds!
Share with a fundraising founder π
#startups #SAFEs #fundraising #founders #valuationcap
Full Q1 2025 data report for pre-seed out shortly. Subscribe to the Data Minute for a copy in your inbox: https://lnkd.in/gNa_Dk-F
DISCLOSURE: This communication is on behalf of eShares, Inc. dba Carta, Inc. ("Carta"). This communication is for informational purposes only, and contains general information only. Carta is not, by means of this communication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. Before making any decision or taking any action that may affect your business or interests, you should consult a qualified professional advisor. This communication is not intended as a recommendation, offer or solicitation for the purchase or sale of any security. Carta does not assume any liability for reliance on the information provided herein. Β© 2026 Carta. All rights reserved. Reproduction prohibited.
