Ignore the headlines about massive AI deals - Q1 was actually a fairly weak quarter for startups looking to raise venture capital.
Deal counts were lower across most stages, time between rounds continued to lengthen, down rounds remained firmly on the menu…Q1 was not the prettiest quarter.
Now there were some bright spots. Valuations at early stage rose again, dilution per round remains firmly in the founder-friendly camp, and M&A hit an all-time high with 180 transactions involving Carta companies.
But it's not easy out there.
Read the full report for yourself: State of Private Markets, Q1 2025
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.
