We examined the states that have consistently been the largest for seed investment—California, Colorado, Florida, Massachusetts, New York, Texas, and Washington—and found that the typical round size and valuation can vary widely.

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.