Fundraising is crucial for startups looking to scale, and understanding market benchmarks can help founders and investors navigate the venture landscape. The latest Startup Fundraising Cheatsheet from Carta provides a snapshot of 1,466 US venture rounds in Q4 2024, outlining post-money valuations, cash raised, and dilution percentages at different funding stages.

Startup Fundraising Benchmarks: Q4 2024

Startup Fundraising Benchmarks: Q4 2024 Overview

Introduction

Fundraising is a crucial step for startups looking to scale, and understanding market benchmarks can help founders and investors navigate the venture landscape. The latest Startup Fundraising Cheatsheet from Carta provides a snapshot of 1,466 US venture rounds in Q4 2024, outlining post-money valuations, cash raised, and dilution percentages at different funding stages.

Key Fundraising Metrics by Round

SAFE Rounds (Pre-Seed & Seed on SAFE)

Round	Valuation (25th - 75th Pct)	Cash Raised	Dilution
Pre-Seed ($500K-$1.9M)	$8M - $18M	$0.6M - $1.3M	6.9% - 15.3%
Seed on SAFE ($2M-$4.9M)	$14M - $25M	$2.4M - $3.7M	14.5% - 26.4%

Priced Equity Rounds

Round	Valuation (25th - 75th Pct)	Cash Raised	Dilution
Priced Seed	$11M - $29.6M	$2M - $6M	15% - 25%
Series A	$33.3M - $93.8M	$5.4M - $18.5M	12.3% - 24%
Series B	$62.5M - $235.4M	$6.7M - $36.3M	8.7% - 20.9%
Series C	$120.9M - $649.8M	$9.9M - $75M	6.1% - 18.5%

Key Trends and Takeaways

Early-stage dilution is high: Pre-seed and seed rounds often see dilution exceeding 15%, with the highest dilution occurring in Series A (median: 20%).
Valuations expand significantly in later rounds: Series B and C rounds show broader valuation ranges, highlighting variability in late-stage investments.
Cash raised scales rapidly across rounds: From $2M in Priced Seed to $75M in Series C, emphasizing the capital intensity required for scaling.

Final Thoughts

Understanding these benchmarks allows startup founders to make informed fundraising decisions while helping investors gauge market trends. The funding landscape continues to evolve, but dilution and valuation dynamics remain consistent indicators of startup growth stages.

For deeper insights, visit Carta’s data hub.

# Startup Fundraising Benchmarks: Q4 2024 Overview