The percentage of venture funds on Carta that have begun to return capital to their LPs jumped noticeably in Q2 for every vintage from 2017 through 2023, as investors demonstrated a new urgency around generating DPI.

In Q2, 16.6% of all venture capital raised came from bridge rounds, up from 11.8% during the same period last year. What’s behind the recent bump?

Series A deal count on Carta was down 18% year over year, while cash raised declined by 23%. But valuations at the stage keep going up.

So far this year, about 61% of tenders administered on Carta involved companies at Series C or later, while the other 39% involved companies between the seed stage and Series B.

In the first half of 2025, startup salaries have risen—especially for legal, product, and AI roles— while equity packages remain static. Hiring has slowed in most sectors except hardware, as companies focus on leaner teams and more strategic growth.