Love the smell of fresh data in the morning.
We published our latest edition of the Carta State of Pre-Seed report this week, this time covering all fundraising on SAFEs or Convertible Notes up through Q3 2024.
A few highlights to whet the appetite:
Slightly slower quarter: Q3 saw a slowdown in capital raised in pre-priced rounds, although we expect the final tally to move to Q2 over time.
Messy market with wide distributions: There are pre-seed rounds happening at $20M post-money valuation caps. There are pre-seed rounds happening at $5M post-money valuation caps. It's all over the place.
The discount-only SAFE makes an appearance: SAFEs with a discount as the sole conversion term make up 8% of SAFEs signed in 2024 so far, double the 4% share they held in 2023. Start of a bigger trend or just a blip?
Read the full report now for many more piercing data insights - and be sure to follow its author, our newest Insights teammate Ashley Neville, on LinkedIn for more data morsels.
Onwards!
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Peter Walker
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.
