Pop quiz: how much money is raised in a typical startup Series A?
Not to answer a question with another question...but which quarter are we talking?
The median Series A on Carta raised about $12 million in Q1 2022.
The median for the same cohort in Q1 2023 was just over $7 million.
Of course every company is different and varies in a hundred ways, (industry, revenue, location, velocity, etc). But when we break out the data by cash raised tier in the bubble chart below, we see strong shifts across the board to smaller rounds.
Nearly half (46.9%) of Series A rounds raised between $10M and $25M in Q1 2022. Only 28% of companies raised that amount in the most recent quarter. You can see the smaller segments, notably $1M-$2M and $2M-$3M, bump up significantly.
So what's it all mean?
Founders: if you go into a Series A expecting $12M, be prepared to get $8M. Or maybe $7M. Maybe you'll buck the trend! But it's more likely you'll be asked to accomplish bigger goals with less cash.
And if you want to know exactly what valuations that cash gets you, sign up for our data newsletter in the comments. Full valuations data in your inbox tomorrow morning.
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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.
