TLDR:
- Carta releases First Cut: State of Private Markets report for Q2 2024, showing modest increases in median valuation and round size in US venture ecosystem.
- Median pre-money valuations increased at most venture stages, while round size consolidation was noted.
The latest data from Carta’s First Cut—State of Private Markets: Q2 2024 shows modest increases in median valuation and round size across the US venture ecosystem. The report reveals that median pre-money valuations ticked upward at most venture stages, with rapid increases seen in Series D and E+ rounds.
There was also a consolidation in round size, with the median amount of cash raised staying level from seed through Series C stages after rising from the lows seen in 2023. Although the total rounds and capital raised numbers for Q2 are not finalized yet, it is expected that overall fundraising will only see a slight increase compared to Q1.
Carta, trusted by over 40,000 companies and two million people in nearly 160 countries, supports almost 7,000 funds and SPVs and represents around $130B in assets under administration. The platform currently manages close to three trillion dollars in equity globally, with companies like Flexport, Tribe, and Harlem Capital using Carta for their businesses.
A previous report by Carta on the State of Private Markets for Q1 2024 noted that venture capital fundraising remained slow but valuations held steady or increased. The startup fundraising market in 2024 started cautiously, with a decline in deal counts seen across various stages of venture lifecycle.
The full quarterly data from Carta for Q2 2024 is set to be released in the coming weeks, providing a more detailed analysis of the trends and changes in the US venture ecosystem. Overall, the data suggests that while there are some modest increases in valuations and round sizes, fundraising activity is expected to see only slight growth compared to the previous quarter.
