The number of new tender offers administered by Carta has now increased in five of the past six quarters. That includes Q3, which saw 26 new tender offers—the highest quarterly total since the boom times of 2022.

The number of special-purpose vehicles has grown in recent years, and the size of SPVs is growing—a sign of their growing appeal among private equity and venture capital firms.

The median seed valuation climbed to $14.8 million and the median Series A valuation rose to $45 million in Q3, as investors became more proactive after several quarters of patience.

In the aftermath of the remarkable pandemic bull run of 2021 and early 2022, the venture market has settled into a new normal. The third quarter showed upward trends at the later stages in deal activity and M&As.

Distributions are a critical metric by which LPs measure the fund performance of VC funds. In recent years, however, they’re getting harder to find.

See the latest pre-seed data on deal sizes, management fees, valuation caps, a breakdown of SAFEs compared to convertible notes, and a map of the states where the most pre-seed activity takes place.