The Data Minute

Lu Zhang Managing Partner of Fusion Fund joins Peter this week to talk about what it takes to scale an early-stage venture firm—and back game-changing companies—at the speed of today's AI boom.Fresh off her oversubscribed $190M Fund IV raise, Lu talks about what most managers get wrong when pitching institutional LPs, what it takes to stand out in a bubble-driven market, and why true founder support means going way beyond capital. She opens up about her unique CXO and Super Founder networks, team-based investing philosophy, and how Fusion unlocks early commercial contracts—even from highly regulated enterprise buyers.If you're looking to raise a fund, raise a round, or just understand how great institutional investors think, this is a must-listen.Subscribe to Carta's weekly Data Minute newsletter: https://carta.com/subscribe/data-newsletter-sign-up/Explore interactive startup and VC data, with Carta's Data Desk: https://carta.com/data-desk/Chapters:01:15 – Fund IV success: fusion in a $190M market moment02:14 – Why repeat founders are jumping back in03:32 – Different edges: repeat vs. first-time AI founders04:46 – Are we in a valuation bubble?07:10 – Fusion's advice-first approach to early-stage rounds08:19 – CXO network as a go-to-market advantage09:44 – Why “revenue is the best capital”10:14 – Building founder loyalty through value creation11:33 – Handling tough decisions: shutdowns, M&A, and alignment14:38 – Distribution vs. recycling: how Fusion thinks15:15 – Fund structuring and reserving for multiple follow-ons17:05 – Matching long-term firm vision with scaling founder support18:12 – Working across sectors with deep research and reports19:31 – Beyond Silicon Valley: geopolitical signals + timing20:05 – What CXOs actually want from AI startups21:29 – Edge compute, vertical models & AI infrastructure22:24 – Enterprise readiness and compliance bottlenecks23:10 – The true cost of AI: what founders overlook24:18 – Portfolio growth stats: 20x revenue in one year25:04 – When small teams scale to $100M+27:15 – How to break into regulated markets with AI28:25 – Complying with data regulations by design29:12 – The upside of regulation-readiness for AI adoption30:18 – Foundation models & new healthcare openness30:57 – M&A momentum inside Fusion's most recent exits32:14 – Fund IV hard cap decisions & LP allocation dynamics34:04 – M&A vs. IPO: timelines, outcomes & premiums35:07 – From angels to institutions: how Fusion's LP base evolved36:01 – Building LP community with intention36:56 – Graduation moment: from emerging manager to fund IV37:47 – Why large LPs are warming to small fund strategies38:44 – Growing with consistency: keeping method > trend39:42 – The LP metric that matters: revenue at the portfolio level40:43 – Why clean marks and real revenue matter so much now41:17 – Has co-investor behavior changed post-2021?42:12 – Why Fusion's map of investors is still highly consistent42:58 – Lightning round: sectors, geographies & support43:03 – Sector Lu's most excited about? Healthcare & spaceThis presentation contains general information only and eShares, Inc. dba Carta, Inc. (“Carta”) is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services, and is for informational purposes only.  This presentation is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. © 2025 eShares, Inc., dba Carta, Inc. All rights reserved.

In this episode of The Data Minute, Peter is joined by Beezer Clarkson, Partner at Sapphire Ventures and co-host of the acclaimed Origins podcast, for a candid, rapid-fire look inside the minds of LPs, the realities of fundraising, and why venture isn't broken, but is being reshaped.They cover the biggest questions emerging managers are asking right now: How do you stand out in a market filled with sameness? Do mega-funds really distort early-stage deals? And how should GPs talk to LPs about secondaries, exits, and… failure? Beezer also dives into how newer GPs are using content, transparency, and AI tools to differentiate, and why Sapphire has taken a public voice when so many LPs have stayed quiet.If you've ever asked “What do LPs really care about?” or “How can I build enduring conviction with institutional investors?” — this episode has the answers.Subscribe to Carta's weekly Data Minute newsletter: https://carta.com/subscribe/data-newsletter-sign-up/Explore interactive startup and VC data, with Carta's Data Desk: https://carta.com/data-desk/Chapters:01:14 – Are mega-funds distorting early-stage VC?03:38 – Why nimble managers can win the best early deals05:04 – The myth of aiming for a “base hit” in venture06:57 – Will the best founders always land at the biggest funds?08:08 – Repeat founders vs first-timers in the AI age08:55 – Why Sapphire is still bullish on emerging managers09:28 – How LPs think about adding a new GP to their portfolio11:04 – Relationship inertia: it's not just about the numbers12:14 – The real reasons LPs don't shift allocations more13:36 – Why reporting is fundamentally harder in venture14:03 – Hidden strengths of today's emerging managers15:03 – Better reporting formats: from Notion pages to CEO videos16:24 – Reimagining the Annual General Meeting (AGM)18:18 – The risk of communicating only in failures19:53 – Self-regulating GPs: what long-term LPs really look for21:20 – Learning from anti-portfolio decisions23:49 – Qualitative qualities LPs remember: insight and differentiation25:33 – Generalist funds in an AI-driven market26:22 – How pattern recognition drives better decision-making28:15 – Scouting, accelerators, and thoughtful experimentation29:07 – Why it's gotten harder to stand out as a new manager30:17 – The liquidity crisis: is this the worst it's ever been?32:14 – Normalizing secondaries: opportunity or stigma?33:34 – Why secondaries are often still so uncomfortable36:52 – Founder secondaries and aligning incentives38:20 – Term sheet innovation and collaborative norm-setting39:39 – Is venture broken? Or just economically challenged?41:51 – The core issue: it's not innovation—it's liquidity42:43 – Why funding pathways must evolve for the long private cycle44:45 – What does professionalized venture look like post-2021?45:58 – What LPs can learn from participating in content47:12 – The unexpected upside of LP-led thought leadership49:16 – Content as a learning engine: why Sapphire shares publicly51:21 – Motivation, value, and the Origins podcast origin story52:31 – What going “above and beyond” looks like for today's GPsThis presentation contains general information only and eShares, Inc. dba Carta, Inc. (“Carta”) is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services, and is for informational purposes only.  This presentation is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. © 2024 eShares, Inc., dba Carta, Inc. All rights reserved.

What does it mean to be a “day one partner” for founders—and how does that change in an era of AI-driven acceleration?On this episode of The Data Minute, Peter sits down with Ed Sim, founding partner of Boldstart Ventures and the voice behind “What's Hot

In this episode of The Data Minute, Peter Walker (Head of Insights at Carta) sits down with Liza Benson, Partner at Moderne Ventures, to discuss investing in real-world industries and Moderne's unique LP-driven approach. They discuss the Moderne Passport, a multi-stage investment fund and industry immersion program, how to turn pilots into revenue, and why so many founders overlook real estate as a growth channel. Liza also shares what LPs are really looking for today, as well as practical advice for fund managers on DPI, diligence, and building firms that are more than just capital.Subscribe to Carta's weekly Data Minute newsletter: https://carta.com/subscribe/data-newsletter-sign-up/Explore interactive startup and VC data, with Carta's Data Desk: https://carta.com/data-desk/Chapters:00:00 Welcome & intro 02:17 What makes Moderne Ventures different 03:56 The Moderne Passport program08:00 Is tech's perception of the real estate industry accurate?09:30 “The build vs buy dilemma” in real-estate10:36 How does the Moderne Passport differ from tech accelerators?13:44 Structuring pilot programs18:02 Moderne and Trust & Will20:00 Why are startups hesitant to work with real estate companies? 22:18 How is AI changing the real estate industry23:49 What does Liza suggest her corporate partners focus on?25:52 Why Moderne stands out to LPs28:12 How Moderne operates 30:23 Why early-stage GPs should study later-stage diligence32:49 DPI, secondaries, and the new reality for LP expectations35:16 Thoughts on reserve ratio strategy 39:46 Are companies growing more leanly than before?40:34 What's the best thing a VC can do for founders?41:40 OutroThis presentation contains general information only and eShares, Inc. dba Carta, Inc. (“Carta”) is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services, and is for informational purposes only.  This presentation is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. © 2024 eShares, Inc., dba Carta, Inc. All rights reserved.

In this episode of The Data Minute, Peter Walker (Head of Insights at Carta) sits down with Brianne Kimmel, founder and managing partner at Worklife Ventures, to explore what it really takes to build enduring companies in today's AI-first startup landscape.They discuss the new playbook for go-to-market, why “renewals are the new revenue,” and how modern founders are raising—and deploying—capital differently. Brianne brings a tactical lens to everything from strategic hiring and secondaries to the shift toward multi-product strategies earlier in a startup's life cycle. Plus, she shares her hot take on failure, why founder-LP relationships are more personal than ever, and how Worklife approaches DPI with intention.Subscribe to Carta's weekly Data Minute newsletter: https://carta.com/subscribe/data-newsletter-sign-up/Explore interactive startup and VC data, with Carta's Data Desk: https://carta.com/data-desk/Chapters:00:00 Welcome & intro 01:22 Introducing Brianne Kimmel03:14 AI-first GTM: What's changed?07:50 Raising strategically in a competitive landscape10:46 The importance of failure—and knowing when to quit13:12 Why companies can't wait to go multi-product17:00 Lean teams and smart hiring 24:22 Starting Worklife30:00 Fund strategy and founder support35:50 Delivering DPI the right way42:00 Relationships with LPs45:00 Angel investing as a community builder48:30 The vision behind Worklife53:10 Rethinking what VCs can do58:05 OutroThis presentation contains general information only and eShares, Inc. dba Carta, Inc. (“Carta”) is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services, and is for informational purposes only.  This presentation is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. © 2024 eShares, Inc., dba Carta, Inc. All rights reserved.

Welcome to a very special episode of The Data Minute. For the first time, Peter Walker (Head of Insights at Carta) is joined by an actual Founder and CEO, Anubhav Srivastava whose company Tactyc.io is now a part of the Carta family! Join them for an in-depth conversation that goes in two directions. First, for VCs, they discuss reserve ratios, recycling capital, forecasting, and the effect LP influence could have on your fund metrics. Second, Anubhav shares his experience on what it's like to be acquired. If you're a founder wondering if it's time to join something bigger, you won't want to miss the advice and insight Anubhav brings to the entire process.Subscribe to Carta's weekly Data Minute newsletter: https://carta.com/subscribe/data-newsletter-sign-up/Explore interactive startup and VC data, with Carta's Data Desk: https://carta.com/data-desk/Chapters:00:00 Welcome02:06 An overview of Tactyc06:42 Solving problems in portfolio management9:08 What are the metrics that matter most?11:36 Reserves and recycling 18:07 Bigger impact? Initial or reserve investments?19:17 What do LPs wish more GPs told them?27:33 A founder's thoughts on being acquired32:40 OutroThis presentation contains general information only and eShares, Inc. dba Carta, Inc. (“Carta”) is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services, and is for informational purposes only.  This presentation is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. © 2024 eShares, Inc., dba Carta, Inc. All rights reserved.

In this week's episode of The Data Minute, Peter Walker (Head of Insights at Carta) and Marie Drez (Venture Capital CFO) sit down for an insightful conversation on the crucial role of fund CFOs and how emerging managers can find one. This discussion is full of expert insights. Marie shares important lessons from the SVB crisis, questions to ask banking partners, and why, in the world of AI, great CFOs are more important than ever. Subscribe to Carta's weekly Data Minute newsletter: https://carta.com/subscribe/data-newsletter-sign-up/Explore interactive startup and VC data, with Carta's Data Desk: https://carta.com/data-desk/Chapters:00:00 Intro1:24 What does a fund CFO do? 5:37 How to manage valuation, auditing, and taxes10:45 What should be included in a fund's valuation policy?15:17 What role do CFOs play in fundraising? 19:25 How to keep LP's informed 20:45 Lessons from the Silicon Valley Bank collapse 25:46 Establishing a new banking relationship27:23 The role of AI and automation33:07 How to find a CFO35:35 Final thoughtsThis presentation contains general information only and eShares, Inc. dba Carta, Inc. (“Carta”) is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services, and is for informational purposes only.  This presentation is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. © 2024 eShares, Inc., dba Carta, Inc. All rights reserved.

In this episode of The Data Minute, Peter Walker (Head of Insights at Carta) and Aditi Maliwal (Partner, Upfront Ventures) have an in-depth conversation regarding the seed and Series A market. They discuss seed stage dynamics across the U.S. plus AI companies and how to determine which companies are worth investing in.There's also a discussion on the importance of grit, both in an investor portfolio and as a founder trait, and, of course, speed round questions.Subscribe to Carta's weekly Data Minute newsletter: https://carta.com/subscribe/data-newsletter-sign-up/Explore interactive startup and VC data, with Carta's Data Desk: https://carta.com/data-desk/Chapters:00:00 Welcome01:26 Shoutout to Jane!01:58 Intro to Upfront Ventures11:45 Changes in AI investing over the last two years18:25 Thoughts on the founders market23:01 Median valuations on non-AI companies28:39 Discussing the Seed/Series A chasm32:52 The desire to be a founder40:36 Speed round questions40:45 What's a category that's overlooked that still has opportunity?41:40 Most unique way a fund has helped portfolio founders?44:19 The one question more founders should ask in fundraising?47:34 OutroThis presentation contains general information only and eShares, Inc. dba Carta, Inc. (“Carta”) is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services, and is for informational purposes only.  This presentation is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. © 2024 eShares, Inc., dba Carta, Inc. All rights reserved.

In this episode of The Data Minute, Peter Walker (Head of Insights at Carta) is joined by Rex Salisbury (Founding GP, Cambrian Ventures) to discuss what's developing in the fintech space, GPs calling more capital, and Rex's idea on how to get into the tech industry.This conversation also covers Rex's personal cheat sheet explaining why someone shouldn't be a VC, and should instead start a career in tech or become a founder.Subscribe to Carta's weekly Data Minute newsletter: https://carta.com/subscribe/data-newsletter-sign-up/Explore interactive startup and VC data, with Carta's Data Desk: https://carta.com/data-desk/Chapters:00:00 Intro01:07 State of pre-seed and seed markets03:16 Comparing SaSS and fintech valuations06:34 The value of specialized funds08:52 Best places for early-stage fintech founders13:13 How are founders thinking about hiring?19:01 Should founders care about GP deployments?24:15 Are LPs rotating away from venture?27:19 The allure of going public28:11 Rex's cheat sheet on getting into VC36:30 Why do so many MBAs want to be VCs?39:14 When will we have a $1B company with one employee41:20 OutroThis presentation contains general information only and eShares, Inc. dba Carta, Inc. (“Carta”) is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services, and is for informational purposes only.  This presentation is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. © 2024 eShares, Inc., dba Carta, Inc. All rights reserved.

In this episode of The Data Minute, Peter Walker (Head of Insights at Carta) is joined by David Willbrand (Chief Legal Officer, Pacaso) for a wide-ranging conversation on fundraising with SAFEs, liquidation preferences, and the relationship between founders and lawyers. What started as a discussion on the technical aspects of raising a SAFE, late-stage liquidation outcomes, and other fundraising topics turned into an examination of the founder/lawyer relationship with one of the world's top experts on the subject. It's a unique look at a partnership that you don't want to miss. Subscribe to Carta's weekly Data Minute newsletter: https://carta.com/subscribe/data-newsletter-sign-up/Explore interactive startup and VC data, with Carta's Data Desk: https://carta.com/data-desk/Chapters:00:16 Intro02:01 Are SAFEs properly understood?07:41 What should founders know before a priced round?13:30 Valuation caps and discounts20:30 How much should liquidation preferences matter?32:02 Exploring the value of counsel to founders41:41 The shifting perception on founder secondaries 47:09 OutroThis presentation contains general information only and eShares, Inc. dba Carta, Inc. (“Carta”) is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services, and is for informational purposes only.  This presentation is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. © 2024 eShares, Inc., dba Carta, Inc. All rights reserved.

In this episode of The Data Minute, Peter Walker (Head of Insights at Carta) is joined by Charles Hudson (Managing Partner and Founder, Precursor Ventures and writer of the Venture Reflections Substack - chudson.substack.com) for a deep discussion about pre-seed deals, the differences between multi-stage and small funds, and the types of investing that work in this AI dominated market. They also cover SAFEs, how pre-seed investing has changed, Charles' time in the National Venture Capital Association, and how what happens in Washington can affect emerging managers nationwide.Subscribe to Carta's weekly Data Minute newsletter: https://carta.com/subscribe/data-newsletter-sign-up/Explore interactive startup and VC data, with Carta's Data Desk: https://carta.com/data-desk/Chapters:00:00 Welcome1:42 Intro to Precursor Ventures7:06 The changes in pre-seed syndication13:38 Setting aside reserves in funding15:23 Competing with multi-stage funds19:12 Distinctions in AI funding 23:09 Making the case for small funds30:51 SAFEs and priced rounds37:47 Handling LP concerns39:34 Secondary selling and liquidity 43:24 Speed round questions43:29 Most interesting sector or subsector for investment?44:12 Most unique way that a GP has brought value to a portco?45:45 The one question more founders should ask in fundraising?48:16 The National Venture Capital AssociationThis presentation contains general information only and eShares, Inc. dba Carta, Inc. (“Carta”) is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services, and is for informational purposes only.  This presentation is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. © 2024 eShares, Inc., dba Carta, Inc. All rights reserved.

In this episode of The Data Minute, Peter Walker (Head of Insights at Carta) and Waseem Daher (Co-founder and CEO, Pilot) discuss all things financial for early-stage startups. They go deep on founders' salaries, those important calculations every startup should know, like burn rate and runway, as well as building a startup in different interest rate environments.Throughout this episode, you'll hear references to Pilot's incredible founder salary report, which you should check out here: https://pilot.com/report/founder-salary-2024Subscribe to Carta's weekly Data Minute newsletter: https://carta.com/subscribe/data-newsletter-sign-up/Explore interactive startup and VC data, with Carta's Data Desk: https://carta.com/data-desk/Chapters:00:00 Welcome1:43 Intro to Pilot2:56 Founder salary report overview6:15 Founder salaries by location and team7:44 The AI founder market10:12 Common questions on founder salaries and financials 11:58 Managing burn rate12:51 Runway timelines16:36 Difference in the pre and post-zero interest rate era 18:54 Discussing layoffs21:02 The emphasis on different metrics22:14 What does “line of sight" mean?24:25 Advice for founders27:05 The capital light VC29:11 Closing thoughtsThis presentation contains general information only and eShares, Inc. dba Carta, Inc. (“Carta”) is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services, and is for informational purposes only.  This presentation is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. © 2024 eShares, Inc., dba Carta, Inc. All rights reserved.

In this episode of The Data Minute, Peter Walker (Head of Insights at Carta) is joined by Kate Shillo Beardsley (Founding Partner, Hannah Grey) for a wide-ranging conversation on VC, private equity, investor trends, and the chasm between seed stage startups and those that make it to series.This jam-packed conversation also includes a debate on priced rounds versus SAFEs, the importance of a founder's DNA over where they are located, and, of course, AI.Subscribe to Carta's weekly Data Minute newsletter: https://carta.com/subscribe/data-newsletter-sign-up/Explore interactive startup and VC data, with Carta's Data Desk: https://carta.com/data-desk/Chapters:00:00 Welcome03:29 Intro to Hannah Grey04:44 How are a VC or thesis and a sector different?07:02 Discovering and identifying trends10:11 Leading vs. following in investing15:25 Priced rounds, SAFEs, and leverage21:22 Developing an AI thesis 25:42 The Series A Chasm32:10 Is it easier to build a business today with less cash?34:47 Difference in founder mindset by geography37:16 The thesis Kate is most excited about right now39:26 Most unique way a fund has brought value to a portco42:22 The number one question founders should ask during fundraising 45:28 When does venture stop being positive?This presentation contains general information only and eShares, Inc. dba Carta, Inc. (“Carta”) is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services, and is for informational purposes only.  This presentation is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. © 2024 eShares, Inc., dba Carta, Inc. All rights reserved.

In this episode, Peter reads a few of your most pressing questions for a special pre-seed focused Data Minute Q&A. Using information from the State of Pre-Seed: Q1 2024 report, Peter uses five charts to answer five questions related to pre-seed fundraising. Learn about:How pre-seed funding is faring in this marketSAFEs and convertible notesValuation caps and your businessYou can access this data and more with our State of Pre-Seed: Q1 2024 report, which you can read here: https://carta.com/blog/state-of-pre-s...Plus, if you want us to answer your question on the Data Minute, send us an email to dataminute@carta.comAlso, if you're a pre-seed founder, you can start building your cap table and fundraise with SAFEs for free on Carta Launch. Learn more here: https://carta.com/launchChapters:00:00 Intro00:35 How is pre-seed funding faring in this venture capital downturn?01:24 What sorts of instruments are pre-seed founders fundraising on?02:11 What kind of SAFE should I use?03:43 What are the key terms of a SAFE that I need to understand?04:51 What valuation cap should I choose for my business?06:26 Final thoughtsThis presentation contains general information only and eShares, Inc. dba Carta, Inc. (“Carta”) is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services, and is for informational purposes only.  This presentation is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. © 2024 eShares, Inc., dba Carta, Inc. All rights reserved.

In this week's episode of The Data Minute, Peter Walker (Head of Insights at Carta) sits down with Darcy Casarella (Director of Talent, NEA) for a wide-ranging discussion all about how founders should think about compensation and how to structure teams.Hiring at startups is down and compensation trends are shifting, so it's a perfect time to talk to an expert that advises many startup founders at New Enterprise Associates.Subscribe to Carta's weekly Data Minute newsletter: https://carta.com/subscribe/data-newsletter-sign-up/Explore interactive startup and VC data, with Carta's Data Desk: https://carta.com/data-desk/Chapters:00:00 Intro1:50 The role of a talent team at a VC fund9:14 When do most people bring in an in-house recruiter? 11:35 Chart: Q1 hiring16:25 Is there a difference in the kinds of people that are being hired more frequently? Fractional execs19:50 Compensation for fractional execs23:47 Is fractional better suited for certain functions over others?25:48 Do startups promote well?29:37 Why is it so much easier for equity comp to change than salary comp?34:22 Salary vs. equity comp at the exec levelThis presentation contains general information only and eShares, Inc. dba Carta, Inc. (“Carta”) is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services, and is for informational purposes only.  This presentation is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. © 2024 eShares, Inc., dba Carta, Inc. All rights reserved.

In this week's episode of The Data Minute, Peter Walker (Head of Insights at Carta) sits down with Darren Cooke (Executive Director, Berkeley Life Sciences Entrepreneurship Center) for an enlightening discussion about some emerging trends with biotech companies: Namely, while pharma and biotech currently rank as the 5th most-funded type of pre-seed startups, they simultaneously enjoy favorable valuations to other SaaS-type businesses.This leads Peter and Darren into a conversation about biotech, the challenges and differences for biotech founders when raising seed capital, and of course, Darren's history and experience leading Berkeley's accelerator program, SkyDeck — one of the most celebrated accelerators in the startup world.Subscribe to Carta's weekly Data Minute newsletter:https://carta.com/subscribe/data-newsletter-sign-up/Explore interactive startup and VC data, with Carta's Data Desk:https://carta.com/data-desk/Chapters:00:00 Intro00:44 Darren Cooke, Berkeley Life Sciences Entrepreneurship Center02:05 Berkeley SkyDeck04:39 The pre-seed experience for biotech companies08:22 Regulation, reimbursement, and outside funding10:29 Round sizes in the biotech industry12:27 Investor interest in biotech16:42 The five stakeholders biotech companies need to know21:15 Pre-seed fundraising and priced rounds23:27 Demo day25:52 Words of adviceThis presentation contains general information only and eShares, Inc. dba Carta, Inc. (“Carta”) is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services, and is for informational purposes only.  This presentation is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. © 2024 eShares, Inc., dba Carta, Inc. All rights reserved.

In this episode of The Data Minute podcast, Peter Walker (Head of Insights at Carta) is joined by Mendel Chuang (GP at Acquired Wisdom Fund) for a wide-ranging discussion around two interesting trends in Carta's data:• How valuation caps have been changing over time since Q1 2022• The percentage of seed rounds that are priced, by raise amountAlong the way, Peter and Mendel share insights and perspectives on countless issues in venture — from how often founders should update their investors, to what Mendel looks for in a company valuation-wise, the mentality of pre-seed VCs, and more.Subscribe to Carta's weekly Data Minute newsletter: https://carta.com/subscribe/data-newsletter-sign-up/Explore interactive startup and VC data, with Carta's Data Desk: https://carta.com/data-desk/Chapters:00:24 Intro01:15 Mendel Chuang and Acquired Wisdom Fund06:22 Differences between pre-seed and seed rounds09:02 Chart: Median raise for a priced seed round14:30 SAFEs, side letters, and investor updates17:58 The importance of having a founder network21:18 On founders and accelerators23:22 SAFEs and convertible notes27:26 Raising capital, AI, and being a leader in a space29:40 Chart: How valuation caps have been trending lately35:18 Advice for founders on the pre-seed VC market

In this episode of The Data Minute, join Peter as he breaks down five charts from Carta's recent State of Compensation Report to answer five of the most common founder questions related to startup compensation today. Using anonymized, aggregated data from Carta's Total Compensation tool, Peter dives deep into:• Startup hiring and layoffs• Equity and salary compensation compared to previous years• The state of remote work at U.S. startupsYou can access this data and more with our State of Startup Compensation report, which you can read at the link below. And if you have a question you'd like Peter to answer on the Data Minute, send us an email at dataminute@carta.com.Read the State of Startup Compensation report: https://carta.com/blog/startup-compensation-h2-2023/Subscribe to Carta's weekly Data Minute newsletter: https://carta.com/subscribe/data-newsletter-sign-up/Chapters:00:00 Intro01:13 Are startups still hiring?02:15 Who got hit in startup layoffs?03:25 How is salary trending across private startups?04:38 What is happening to equity compensation?06:00 What is the state of remote work at U.S. startups?07:10 Final thoughtsThis presentation contains general information only and eShares, Inc. dba Carta, Inc. (“Carta”) is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services, and is for informational purposes only.  This presentation is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. © 2024 eShares, Inc., dba Carta, Inc. All rights reserved.

Even in turbulent times, early-stage investing has held up in one particular area: Healthcare. In fact: Biotech, pharmaceutical, and digital therapeutic startups are receiving more capital now than before the pandemic, in 2018 - 2019.In this week's episode of The Data Minute, join Peter Walker (Head of Insights at Carta) as he sits down with Marissa Bertorelli (Principal, Polaris Partners) for an illuminating conversation around trends they're seeing in early-stage healthcare investing.In a wide-ranging discussion, they discuss how the pandemic changed investing in the sector, the transformative potential of AI in healthcare, the hurdles of early-stage healthtech startups, whether founders are wasting their time pitching "generalist funds," and much more.Subscribe to Carta's weekly Data Minute newsletter: https://carta.com/subscribe/data-newsletter-sign-up/Explore interactive startup and VC data, with Carta's Data Desk: https://carta.com/data-desk/Chapters:00:00 Intro01:29 Marissa's background and Polaris Partners03:16 The pandemic's impact on healthtech06:12 Early 2024 trends07:23 AI and the hurdles of early-stage healthtech companies 11:16 Investor specialization12:57 Do healthtech founders waste time pitching generalist funds?14:57 Is a cofounder needed?18:10 Exit strategies and vision21:32 Differences in the early-stage healthtech and SaSS founder experience24:26 The Angel Investor community25:40 Academia and entrepreneurship29:00 Can you found a healthtech company without being a scientist?32:42 Robots in healthtech?33:51 Final thoughtsThis presentation contains general information only and eShares, Inc. dba Carta, Inc. (“Carta”) is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services, and is for informational purposes only.  This presentation is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. © 2024 eShares, Inc., dba Carta, Inc. All rights reserved.

In the inaugural episode of The Data Minute podcast, Peter Walker (Head of Insights at Carta) sits down with Dave Anderson (GP at Beat Ventures) to discuss recent venture industry data around two key questions: • In today's fundraising market, how many individual checks should the average founder plan to raise in their first SAFE round?• Do early-stage companies from California tend to raise at higher valuation caps than companies in other states — and if so, why?Along the way, Peter and Dave take detours into a number of emerging trends and perspectives, from founders returning to “cluster cities” like San Francisco and New York, to the premium that investors pay for companies in accelerator programs like Y Combinator, and much more.Subscribe to Carta's weekly Data Minute newsletter: https://z.carta.com/4cSucXw Explore interactive startup and VC data, with Carta's Data Desk: https://z.carta.com/3vOwjuS This presentation contains general information only and eShares, Inc. dba Carta, Inc. (“Carta”) is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services, and is for informational purposes only.  This presentation is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. © 2024 eShares, Inc., dba Carta, Inc. All rights reserved.

Starting April 15th: Join Carta's Head of Insights, Peter Walker, as he breaks down the data that's fueling today's most fascinating trends in startups, VC, and the private market ecosystem. Featuring guests from across the venture industry — from founders to investors, and everyone in between — each new Data Minute is a bite-sized breakdown of the metrics, patterns, and important insights you need to navigate the ever-changing world of startups.This presentation contains general information only and eShares, Inc. dba Carta, Inc. (“Carta”) is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services, and is for informational purposes only.  This presentation is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. © 2024 eShares, Inc., dba Carta, Inc. All rights reserved.