How Much Cash to Expect in Your Next Venture Round

Founders - some new data on how much cash you should expect to raise in your next round.

Data from 630 rounds raised between July and September of this year by US startups on Carta.

We split the figures both by alphabet stage and by round type (primary or bridge).

Obviously, the further you get down the alphabet stages, the fewer rounds we have to work off of, but there is still a meaningful sample even down to Series C. To the highlights:

𝗣𝗿𝗶𝗰𝗲𝗱 𝗦𝗲𝗲𝗱

• Median of $3.4M raised in a primary round

• 3 out of 4 rounds raised less than $5M

𝗦𝗲𝗿𝗶𝗲𝘀 𝗔

• Median of $11M in a primary round and $5.3M in a bridge round - so about half as much cash for an extension of A.

• Fairly wide distribution here, some companies getting $50M, some working with less than $5M

𝗦𝗲𝗿𝗶𝗲𝘀 𝗕

• $20M median cash for a primary round

• Majority of primary rounds raised less than $25M

𝗦𝗲𝗿𝗶𝗲𝘀 𝗖

• Very wide distribution with a median at $26.5M

• More $100M+ rounds at this stage than we've seen in awhile, good sign?

Tracking these distributions over time, we see a slight tendency towards bigger rounds this past quarter when compared with Q1 of this year. Still nowhere near the balloon rounds of 2021 but a gently increase quarter over quarter.

Full Q3 report from Carta coming at the end of this month, subscribers to the link in graphic get it delivered by courier pigeon direct to their inbox of choice. Could be you!

#cartadata #startups #fundraising #founders #roundsize