
This is a model of how startups are built. Question: when along this curve is the right time to raise venture capital?
Is it during the experimentation/pivoting phase, to elongate runway?
Is it as "starts working" happens, to fuel growth?
Is it post-product market fit, to bridge to the next iteration of PMF (which is usually not a single point in time)?
Or does it depend on external factors like competitive environment, market conditions, etc?
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.



