European Data Insights

19th Mar 2024

Arik Oslerne and Nicholas Richards

The European market has witnessed one of the most volatile periods of venture capital in recent years. Our research aims to help founders, investors and startup employees navigate the complex world of venture capital with more clarity.


There is a ‘new normal’ for pre-seed and seed rounds. Relative to a peak in 2022, the median round size for pre-seed startups was up 40%, while seed rounds were smaller by a marginal 14%.   

Series A rounds were smaller in 2023 but the quickest to raise. By the end of 2023, the median period for raising a Series A – from closing a seed round – was a year and a half, and round sizes were 21% smaller.

Later stage markets attracted  more capital. The median cash raised at Series B was 56% higher in the second half of 2023 than in the first half. Fundraising timelines were longer with the median time between Series A and B rounds at 760 days.

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Carta globally supports more than 41,000 primarily venture-backed companies and 2,300,000 security holders manage over $2.9 trillion in equity. This data represents a sample of that data and only in relation to companies residing in Europe. We share insights from this unmatched dataset about the private markets and venture ecosystem to help founders, employees, and investors make informed decisions and understand market conditions. 

This study uses an aggregated and anonymised sample of Carta customer data. Companies that have contractually requested that we not use their data in anonymised and aggregated studies are not included in this analysis.

The data presented in this private markets report represents a snapshot of the ecosystem as of December 31, 2023. Historical data may change in future studies due to an administrative lag between the time a transaction took place and when it is recorded in Carta. In addition, new companies signing up for Carta’s services will increase historical data available for the report.

Arik Oslerne

Arik Oslerne heads Carta’s  European Fund Administration business. Prior to this, he was the COO at Vauban, and has been an executive in the FinTech space for over 15 years. 

Nicholas Richards

Nicholas heads Carta’s European strategic partnerships division, partnering with VCs, law firms and other tech ecosystem players. Prior to this, his 13-year career spans across PE and VC investing, and M&A advisory.