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First Cut — State of Private Markets: Q2 2023
First Cut — State of Private Markets: Q2 2023
In Q2 2023, startup valuations showed signs of a comeback from the venture downturn that started in early 2022.
Trends in 409A valuations
Trends in 409A valuations
After rocketing to record highs throughout 2021 and into early 2022, pre-money valuations have slid at every fundraising stage. Our first Trends in 409 Valuations report offers insight into how this volatility has affected 409A valuations.
Ownership trends in private equity
Ownership trends in private equity
Carta’s Ownership Trends in Private Equity report offers a first look into the shift toward employee ownership in private equity-backed companies.
Seed deals level out while Series A continues downward spiral
Seed deals level out while Series A continues downward spiral
VCs backed away from Series A deals in Q1, but the seed market stayed resilient, signaling a divergence in how investors are approaching these stages.
Startup employees were less likely to exercise stock options in Q1
Startup employees were less likely to exercise stock options in Q1
In recent months, fewer employees have been taking advantage of the opportunity to purchase an ownership stake in the companies where they work.
Less cash, longer runways force startups to stretch VC dollars further
Less cash, longer runways force startups to stretch VC dollars further
How much a venture-backed company can spend depends on two factors: How much capital it has already raised, and how long it will wait before raising capital again.