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Founders - use our current benchmark data to help raise your next VC round. Broken out into 25th, 50th, and 75th percentiles so you can place your fundraise within the broad current market. 𝗩𝗮𝗹𝘂𝗮𝘁𝗶𝗼𝗻𝘀 • All numbers in the chart below are post-money valuations for primary rounds in Q3 2024. • Solid growth in Seed and Series A valuations from Q2. 𝗖𝗮𝘀𝗵 𝗥𝗮𝗶𝘀𝗲𝗱 • All numbers reflect the total amount raised in a given round. • Rounds have gotten larger at the 50th pct over the past year. 𝗗𝗶𝗹𝘂𝘁𝗶𝗼𝗻 • Percentages in the chart reflect the total equity sold to investors in the round. For SAFE rounds, it reflects the expected ownership at conversion given the valuation cap. • Dilution is calculated for each round independently - so you can't just read across the median valuation and round size to get the dilution figure! Other people will have different definitions of "pre-seed" - I get it! Amount raised in a SAFE round is the biggest determinant of the valuation cap. Also good to note that some of the pre-seed raises will probably end up raising more money on the same valuation cap. That part of the market is tricky. 𝗞𝗲𝘆 𝘁𝗵𝗶𝗻𝗴𝘀 𝘁𝗼 𝗸𝗻𝗼𝘄 𝗮𝗯𝗼𝘂𝘁 𝗤𝟯 1. Okay quarter. $20B invested into Carta startups, little less than Q2, little more than Q1. 2. Down rounds still hovering around 20% of all rounds. Still more kludge to work through from the boom times. 3. Dilution continues to center around 20% in Seed and Series A. 4. Time between rounds notched down for Seed to A, but up for A to B. Still good to plan for longer than you expect. 5. M&A bounceback? 170 companies acquired last quarter, the highest since 2022. Our full State of Private Markets report for Q3 is now live. Link in comments for the full report. If you want this graphic for your industry, give me shout that out in the comments below. Here's to a strong fundraising close & a better 2025! If you’d like more of our data in your inbox, subscribe today: https://lnkd.in/gNa_Dk-F