Founders - your next round may bring in less cash than expected.
Chart below tracks percentage change in median cash raised for each fundraising stage. Every quarter is compared with the Q1 2019 figures (all from Carta data for U.S. startups).
The median seed-stage fundraise brings in about 33% more money than a similar raise would have in Q1 2019. That's not adjusted for inflation, by the way, so in purchasing power it's less.
Q4 2022 Series A is also slightly above Q1 2021...but no other stage is so lucky.
And comparison with recent quarters is pretty rough. For instance, the median Series C fundraise brought in nearly $60 million during the Q2 2021 boom. Today, that same fundraise is around $24 million.
Don't miss that steep drop-off in Series D cash raised lat quarter as well. Can't wait for those IPO markets to open again!
Recap: fundraising has gotten more difficult in most (if not all aspects):
Fewer rounds raised
For lower valuations
For less money per round
Was this a necessary reset? Probably, given the wild rise of 2021. But damn if the whiplash isn't hard to handle.
If you're wondering what happened in Q1...sign up the newsletter in the first comment below and get our freshest Q1 2023 data in your inbox the moment it's ready (rumor has it, that'll be next week).
#cartadata #fundraising #roundsize #venturecapital #efficiency #startups #founders
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