Carta – State of Startups 2025
Summary
This report provides comprehensive data and analysis on startups and venture capital trends.
It covers founder equity, early team equity, SAFEs & notes, funding rounds from seed to Series D, AI valuations, startup graduation rates, dilution per funding round, hiring trends, fund performance, management fees, deep tech fundraising, M&A, and secondary markets. The report offers insights into VC-backed startups and venture funds, including fundraising landscapes, cofounder and early team dynamics, fund economics, LP dynamics, and liquidity opportunities.
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