Venture capital is not healthy.
Yes, VC-backed companies raised much more money this year than last.
But the number of startups receiving dollars from that capital geyser just won’t budge.
More money, fewer startups = anxiety.
Graph below shows the total dollars invested into US startups on Carta vs total primary rounds.
The money is up 130% over the past two years and the rounds per quarter is up...3%.
𝗪𝗵𝗮𝘁 𝗧𝗵𝗶𝘀 𝗠𝗲𝗮𝗻𝘀
Competition has gotten fierce. Every $400M seed round has millions within it that could have been allocated to many more companies, but instead was concentrated into a single bet
The gap between "haves" and "have-nots" is growing daily. All the founders outside the golden AI company circle have this disparity shoved in their faces daily.
The outcomes 𝗵𝗮𝘃𝗲 to be bigger. If the exits are not much larger than at any point in history, much of this money goes up in smoke.
Is this a good thing?
No, probably not.
But it is the game (and the feeling) on the field.
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.
