Round sizes are getting smaller, as tech innovations are transforming the industry and creating leaner models. In this Industry Spotlight, we explore the data and the impacts for founders and investors.

The boom times of 2022 have come to an end. The LP base has downsized, anchor checks have shrunk, and venture fund managers are adapting to a new reality. Carta has all the data on performance, including IRR, DPI, TVPI, and more.

The median wait time between a seed round and a Series A is much longer today than it was three years ago. At other stages, the difference is even more noticeable—though not in all sectors.

More than 30 new charts and accompanying analysis illuminate the key trends for startups, founders, and employees, including salary and equity data by job function, job level, industry, and more.