First Cut — State of Private Markets: Q3 2023

First Cut — State of Private Markets: Q3 2023

Author: Peter Walker
Read time:  2 minutes
Published date:  4 October 2023
Initial data from Q3 2023 suggests the recovery from last year’s declines in venture capital valuations is still in its initial stages.

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 work focuses on startup valuations and cash raised across venture stages. 

Here’s how Q3 is shaping up for U.S. startups:

Valuations see slight increase: Median pre-money valuations ticked upward or remained flat for most venture stages from Q2 to Q3. The change was most positive for Series D and E+ rounds, though valuations at those late stages remain well off their 2021 highs.

Round sizes holding steady: Median round sizes saw little change from Q2 save for some substantial growth at Series A.

Although the final numbers on total rounds and capital raised are not yet available for Q3, it may prove to be a slightly weaker quarter than Q2 for overall venture activity.

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, download the addendum below.

Seed & Series A

First Cut Seed and A Valuations - Q3 2023First Cut Seed and A cash raised - Q3 2023

Series B & Series C

First Cut B and C valuations - Q3 2023First Cut B and C cash raised - Q3 2023

Series D & Series E+

First Cut D and E valuations - Q3 2023First Cut D and E cash raised - Q3 2023

Download the addendum

To see the valuations and round size data below split into primary and bridge round figures, you can download this addendum now:

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.