Is venture capital a seasonal business?
Yes - but perhaps not as much as you'd think.
Based on Carta data for every full year since 2019, December is usually a major month for startup deals.
Because Carta is directly tied to the cap tables of these companies, the dates of these rounds are accurate - not taken from PR releases, TechCrunch headlines, etc.
Of course, the data is based on when the deals were signed, not when they were negotiated - so it may be the case that founders have already missed their chance to bring in funding before year end.
Doesn't mean you shouldn't be trying to build those relationships now, however!
This monthly view gives us a couple other insights however. January and February are pretty light months for priced equity fundraising (similar pattern in pre-seed SAFEs and convertible notes, though not as pronounced).
Q2 is usually the most reliable full quarter for deals, with a lull in Q3 due to the summer months followed by furious negotiation in Q4 that culminates in digital pen on paper in December.
Really hoping we see a similar pattern this year!
#cartadata #venturecapital #founders #startups #fundraising
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