Why do we discuss startups by alphabetical stage name?
I'm as guilty as anyone - but there are such wide distributions of cash, terms, and valuations across each named stage that sometimes lumping a group of startups into "Series A" makes little sense.
Look at the cash distribution chart below for 2022. Especially in Series A, B, and C, things are all over the place.
𝗦𝘄𝗲𝗲𝘁𝘀𝗽𝗼𝘁 𝗳𝗼𝗿 𝗲𝗮𝗰𝗵 𝘀𝘁𝗮𝗴𝗲: Seed: 60% of rounds raised $1M-$5M Series A: 38% raised $10M-$25M Series B: 29% raised $10M-$25M Series C: 29% raised $25M-$50M Series D: 33% raised over $100M Series E+: 34% raised over $100M
Obviously this convention is flexible - and we likely default to these categories because more detailed descriptors like valuation or financial metrics are not widely available (and even then, industries differ greatly).
Maybe there's no great way to segment these early companies, but founder shouldn't be put off if their rounds vary from their fellow founders, even in the same named stage.
Series A+ for the best students :)
#cartadata #vc #startups
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.
