Carta – State of Private Markets, Q3 2024

Carta's "State of Private Markets, Q3 2024" report provides an in-depth analysis of venture capital trends, highlighting a stabilization in deal activity and capital raised over the past nine quarters. The report notes that private startups have consistently raised between 1,250 and 1,650 new rounds, securing $15.7 billion to $23.8 billion in new capital each quarter. In Q3 2024, late-stage deal activity showed an upward trend, with 43 new Series D rounds—the highest in over two years. Additionally, mergers and acquisitions (M&A) activity increased, with 170 transactions, marking the highest quarterly figure in more than two years. However, the prevalence of down rounds remained notable, accounting for over 20% of rounds closed last quarter. The report also highlights a shift in deal terms, with only 4.1% of new term sheets involving participating preferred shares, the lowest rate so far this decade. These findings suggest a venture market that has settled into a new normal, characterized by consistent deal activity and evolving investment terms.