What early signals can we uncover about the trend in startup fundraising?
Well, before any founder can celebrate closing their round, the cash has to be "called" by the GPs of the fund.
(Quick aside for founders reading this - the vast majority of the capital for any given VC fund actually sits with their LPs most of the time. Periodically, GPs will do a "capital call" and actually take possession of the committed dollars in order to invest in startups).
And whaddya know - the total capital called by funds on Carta has started to climb.
The rolling 3-month average of called capital crossed $1 billion in November 2023 for the first time 16 months. Not a massive leap forward, but progress.
Of course January was also the month with the most startup shutdowns we've ever seen on the platform. It was the best of times, it was the… you get it.
On a tactical note - we are actively ramping up our ability to uncover data insights about venture capital funds, not just startups. If you are a VC with ideas about topics we can illuminate, please reply with your wishlist!
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.
