New record - 200 startups on Carta were acquired in Q3 2025.
5 things to know about today's M&A environment for startups:
Clear return to dealmaking after the down period of 2023. There are active buyers in the market now (other startups, Big Tech, and PE shops).
About 50% of acquisitions involve companies in pre-seed or seed stage (so not very far along the journey). Another 25-30% are Series A.
However, Q3 2025 saw a new record for Series B acquisitions as well with 26 companies. So this is not simply an acquihire phenomenon.
Getting acquired 𝗱𝗼𝗲𝘀 𝗻𝗼𝘁 𝗺𝗲𝗮𝗻 that everybody on the cap table made money.
Yes, AI is playing a bigger role here. At least 30% of acquired companies in 2025 have been AI companies (and the percentage has climbed each quarter).
Good luck on your next deal!
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