The key insight this week
We (sorry, I) often fall into the pattern of speaking about startup valuations as a single number or perhaps a range of values. "The median seed-stage valuation in Q1 was just about $13 million" - see? It's easy.
But visualizing the distinctions between startup sectors reveals that underneath the one big number there are several different mini-markets, all governed by their own quirks.
So which sectors are garnering the most attention at the moment?
Number of rounds
Enterprise SaaS, biotech, fintech, and healthtech all saw over 30 seed rounds raised by Carta companies last quarter. Those sectors typically receive the most attention from investors, so nothing new there.
Valuations
Video games came in with the highest median pre-money valuation in Q1 (just below $20 million). Biotech and data analytics companies also saw healthy valuations in their rounds. A few lagging sectors like edtech and personal products saw valuations dip below the $10 million median.
Cash Raised
Seed rounds in transportation received the most cash per round (unsurprising - would bet that industry takes a lot of upfront capital). Most sectors clustered around the $3 million mark for median cash, with marketplaces and real estate bringing up the rear.
It's useful to have a broad sense of how the seed market is moving. But when it comes to an individual round, you have to dig deeper into the data for relevant benchmarks.
Speaking of seed rounds - they are damn expensive! Founders spend between $40,000 and $75,000 just to close their first priced round. Essentially 2%-4% of the total cash raised flies out the door before the digital ink is dry.
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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.
