Startup Valuation Data From Q4 2023 Just Four Days After End of Quarter

Founders - here's the freshest possible data on startup valuations and round sizes, published only 4 days after the end of Q4.

All data is from US startups on Carta (41,000+ and counting), broken out by stage and quarter.

If you'd like full data, including the values for both primary and bridge rounds in each stage, download the addendum to this State of Private Markets report here: https://lnkd.in/dqWUBaDv

Results!

𝗣𝗿𝗶𝗰𝗲𝗱 𝗦𝗲𝗲𝗱

• Median pre-money valuation of $14M

• Median cash raised of $3M

𝗦𝗲𝗿𝗶𝗲𝘀 𝗔

• Pre-money val: $45M

• Median cash: $9M

𝗦𝗲𝗿𝗶𝗲𝘀 𝗕

• Pre-money valuation: $103M

• Median cash: $16M

and some late-stage figures as well.

Before you ask - we don't have full data for either number of rounds or total capital invested in each stage yet. We can produce these medians right after the quarter ends, but need to wait a bit for some data lag to talk about final counts. Coming in 3-4 weeks, I promise.

Takeaways:

Looks like Q4 was a decent quarter for valuations in particular, although still some weakness in mid-growth rounds, particularly Series C. I'm fairly optimistic about the turnaround in late-stage valuations in particular (and I think total volume in late-stage will be higher than Q3, which is nice but not saying much).

The colors in the graphic below indicated whether a given quarter is above or below Q1 2021. Interesting to see the early-stages well above the start of that year and the late-stages way below it. The gap in venture remains wide depending on company maturity.

All in all, a decent launchpad for what we all hope will be a better year in 24!

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