The end is in sight for the most difficult year for venture-backed startups in a decade - will it bring with it more deals?
Simon says - quite possibly (Simon was a notorious hedger).
Based on Carta data for every full year since 2019, December is usually a major month for startup deals.
Of course, the data is based on when the deals were signed, not when they were negotiated - so it may be the case that founders have already missed their chance to bring in funding before year end.
This monthly view gives us a couple other insights however. January and February are pretty light months for priced equity fundraising (similar pattern in pre-seed SAFEs and convertible notes, though not as pronounced).
Q2 is usually the most reliable full quarter for deals, with a lull in Q3 due to the summer months followed by furious negotiation in Q4 that culminates in digital pen on paper in December.
May we see a similar pattern this year!
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Peter Walker
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