The 4 most striking data points from our Q1 2024 report:
The share of down rounds hit 23% in Q1 - highest percentage in Carta history.
Priced seed and Series A came in short of Q4 numbers in both total rounds and total cash raised.
Startups in the West census region took in 62% of all cash raised, enhancing a recent trend of the West regaining share it had lost to other regions.
Q1 had a higher share of deals with liquidation preference over 1x than any quarter in the last 5 years.
So…not great, Bob!
You can read our full State of Private Markets, Q1 2024 report here- it's not heartwarming, but the data is the data.
Let me know in a reply to this email if you'd like the report in Excel workbook format to build your own charts or plug into other models.
On to a (better, please) Q2!
Subscribe here if you're new to the Data Minute. Forwarding encouraged!
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.
