Fresh data on startup valuations for Q1 2024 - let's dig in.
On Thursday we'll release the median valuations and cash raised for rounds across Carta in Q1 2024, from seed-stage through Series D.
But the chart below gives a little context on how median pre-money valuations for primary rounds have trended since the boom time really began in Q1 2021.
𝗞𝗲𝘆 𝗽𝗼𝗶𝗻𝘁𝘀
Median Seed, Series A, and Series B valuations are all 𝘩𝘪𝘨𝘩𝘦𝘳 now than they were to begin 2021 - surprising! Of course, the total number of rounds completed in each stage has been cut by 30-40% over that time period. So fewer companies but healthy valuations.
Series C valuations remain quite a bit lower than the early-stages, off 40% from Q1 2021.
Series A valuations for primary rounds actually lost a little ground from Q4 2023 to Q1 2024, something to watch closely.
Peak vals happened earlier for late-stage rounds and more recently for early-stage ones.
Okay, a little forecasting (since we don't have complete data for the quarter yet - full report with round volume and all data won't drop until early May).
I think volume for Q1 is going to come in just above Q4 - slight improvement, nothing major.
Yes - AI is driving up the overall valuations here, just as crypto excitement did in 2021 and other bubbles have across much of venture history. The cash is still flowing in AI.
Median valuations rose in CA and NY, yes - but also in less mature VC ecosystems. Hopefully the rebound continues to touch markets outside of Silicon Valley.
Reminder that this data refers only to primary rounds (which removes the bridge/extension data that can confuse the general pattern).
Onwards 🙏
#cartadata #valuations #startups #founders #venturecapital ____________________
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