State of the private markets: Q3 2023

Published 17 October 2023


Carta has published a preview of their Q3 2023 private market report. Key takeaways for US startups include:

  • Slight valuation increase: Median pre-money valuations showed a slight uptick or remained stable across most venture stages in Q3 compared to Q2.
  • Positive changes: Series D and E+ rounds experienced the most positive changes, although valuations at these late stages still lag 2021 highs.
  • Steady round sizes: Median round sizes exhibited minimal changes from Q2, except for notable growth at Series A level.
  • Potential weaker quarter: While final numbers for total rounds and capital raised in Q3 are pending, the overall venture activity might be slightly weaker compared to Q2.

See the preview here.