First Cut - State of Private Markets: Q1 2024

First Cut - State of Private Markets: Q1 2024

Author: Peter Walker
Read time:  2 minutes
Published date:  5 April 2024
Updated date:  5 April 2024
Valuations and round sizes rose at most stages in Q1 2024.

Every quarter, Carta releases information on the startup ecosystem in our State of Private Markets report. It can take a few weeks for rounds to be recorded on our  platform, so we  produce a full analysis after we get the final numbers.  

However, we publish a “first cut” of data as close to the end of the quarter as possible. This initial analysis focuses on round valuations and cash raised across the venture stages.

Here’s a preliminary look at Q1 data for U.S. startups:

Valuations rose—but not for late-stage: Median pre-money valuations ticked upwards for most venture stages, but declined (albeit on low round volume) for Series D and E+.

Round sizes grew: The median amount of cash raised was up for seed, Series A, Series B, and Series C, with particularly sharp increases in the priced seed and Series C stages.

Although the final numbers on total rounds and capital raised are not yet available for Q1, it looks like another quarter of modest growth for venture capital activity is likely.

We’ll publish our full set of quarterly data in the coming weeks. To receive the full report direct to your inbox, sign up for our Data Minute newsletter.

To see the valuations and round size data below split into primary and bridge round figures, you can download the data addendum to the report.

Seed & Series A

First Cut Q1 2024 Seed and A valuationsFirst Cut Q1 2024 Seed and A rounds

Series B & Series C

First Cut Q1 2024 B and C valuationsFirst Cut Q1 2024 B and C rounds

Series D & Series E+

First Cut Q1 2024 Late-stage valuationsFirst Cut Q1 2024 Late-stage rounds

Download the addendum

DISCLOSURE: This communication is on behalf of eShares Inc., d/b/a 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. ©2024 eShares Inc., d/b/a Carta Inc. ("Carta"). All rights reserved. Reproduction prohibited.

Peter Walker
Author: Peter Walker
Peter Walker runs the Insights team at Carta, focused on discovering key data and narratives across the private capital ecosystem. In a former life, he was a marketing executive for a media analytics startup and led the data visualization team at the Covid Tracking Project.