Does the data back up the story that all the attention is on seed-stage startups these days?
Very much yes.
Over the past 5 years, priced equity seed rounds have accounted for ~7% or so of all capital invested into Carta companies. In 2023, that percentage has jumped up to 13%. And that figure doesn't include the boost from "seed on SAFE" rounds that have become much more commonplace.
Series A and Series B have also returned to a more steady state, taking between 25%-29% of venture capital.
The biggest difference during the boom years of 2020 and 2021 were the massive late-stage rounds, particularly in Series E+ companies. That part of the market traditionally sees 10-12% of the total investment, but in those years it ran hot.
The $100M round, a staple of tech headlines in 2021, has basically disappeared lately. Only 13 such round took place in Q3 of this year, as opposed to 157 in Q4 2021.
Tough to be a founder at any point in the journey right now, but may be even more difficult at the later stages.
It will be fascinating to see whether those late-stage companies caught in the lurch can put together creative financing outside of the traditional venture round structures. Or perhaps they will all go public soon (please, for all of us!)
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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.
