Another week, another heaping helping of startup data.
Our State of Private Markets FY 2024 report is live. A few highlights to whet your appetite:
Seed valuations rose to new highs: The median pre-money valuation across both primary and bridge rounds at the seed stage climbed to $16 million in Q4, the highest quarterly figure dating back to at least 2016. Competition among investors to gain access to the most appealing early-stage investments remains fierce.
Dilution declined at most stages: The median dilution level on new funding rounds decreased in Q4 at every major fundraising stage except for seed, where it held steady. At some stages, the landscape has changed considerably: Median dilution on Series B rounds was 15% in Q4, compared to 18.6% a year earlier.
Startup M&A became more common: Startups on Carta were the target in 642 M&A transactions during 2024, the highest annual total of the past six years. Amid a slower exit environment, some companies are still finding ways to generate liquidity for their shareholders.
The full report is worth your time - and please don't hesitate to reply here if you'd like to Excel file behind these charts, should you want to create your own visuals.
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.
