How much cash should founders expect in their next venture round?
Freshly baked data from Carta for Q2 2023 says:
Seed: $3.5M for median cash raised in a primary round
Series A: $9M
Series B: $20M
Series C: $32.3M
Series D: $35.3M
Medians are great! But they can obscure underlying trends. So we also broke things out by cash raised tier in the chart.
73% of seed-stage rounds raised under $5M (big white section in the first column). You can see the distribution shift as you move through the alphabet stages. Later stage raises like Series C and D have very wide distributions, with some founders raising $100M+ and some netting less than $10M.
As mentioned above, this is primary round data only. So the medians and distributions are not impacted by extensions, bridges, or any other fun-round name :)
If you'd like our full initial view into valuations and round sizes for Q2, head over to our blog at carta dot com. Or just search, "carta first cut q2" in your favorite browser.
More data as always in our weekly Data Minute newsletter: https://z.carta.com/data
Happy Q3 to all who celebrate 🙏
#cartadata #roundsize #fundraising #seed #SeriesA #SeriesB
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. © 2026 Carta. All rights reserved. Reproduction prohibited.
