Sources & methodology
Trust is in
the details.
A useful number tells you what was measured, by whom, over which period, and when that reading was recorded.
Our editorial contract
Traceable by design.
Venture Trace is a venture-data newsroom for founders, operators and people who read private markets closely. Each source is a piece of evidence; our interpretation is labelled as analysis.
Edition updated 19 September 2026. This local edition is held for review and is not a live market feed.
One provider per series
We preserve each report’s population, currency, period and scope. Comparisons across providers explain different coverage rather than manufacture a consensus.
Dates are different things
A source publication date is not our publication date. Archive notes cover historical reporting and were prepared in September 2026. Nothing is backdated.
Revisions stay visible
Report-time values remain attached to their original sources. Later citations are shown separately with their own dates; they are not labelled as final.
An example is an example
Constructed cap tables and arithmetic are labelled. We separate reported facts from interpretation, and do not invent interviews, quotes or people.
Limits travel with claims
Platform samples, approximate figures and missing source dates stay explicit. We do not equate funding with returns, participation with deployed capital, or a filing with available cash.
Edition note / 19 Sep 2026
A stronger record, with an explicit boundary.
The original six-document research pack is retained unchanged. Its unverified 2026 market totals are excluded from this edition. Primary reports support the historical archive below; the 2020–2025 chart shows annual report snapshots. Supplied cap-table examples were replaced with independently calculated, labelled illustrations.
Publication remains held. Source refresh, complete release evidence and owner approval are still required. AI assisted research organization, drafting and implementation. Source links support the factual claims; generated text is not evidence.
26 primary-source records / 24 notes
The source ledger.
Crunchbase News
Global VC Report 2020: Funding And Exits Blow Past 2019 Despite Pandemic Headwinds
- Source date
- 13 Jan 2021
- Retrieved
- 16 Sept 2026
- Period / geography
- 2020 · Global
Reported global venture and growth funding
historical report snapshot. Reported deals can be added later; later reports revise historical totals.
Crunchbase News
Global Venture Funding And Unicorn Creation In 2021 Shattered All Records
- Source date
- 5 Jan 2022
- Retrieved
- 16 Sept 2026
- Period / geography
- 2021 · Global
Reported global venture and growth funding
historical report snapshot. Reported deals can be added later; later reports revise historical totals.
Crunchbase News
Global Funding Slide In 2022 Sets Stage For Another Tough Year
- Source date
- 5 Jan 2023
- Retrieved
- 16 Sept 2026
- Period / geography
- 2022 · Global
Reported global venture and growth funding
historical report snapshot. Reported deals can be added later; later reports revise historical totals.
Crunchbase News
Global Startup Funding In 2023 Clocks In At Lowest Level In 5 Years
- Source date
- 4 Jan 2024
- Retrieved
- 16 Sept 2026
- Period / geography
- 2023 · Global
Reported global venture and growth funding
historical report snapshot. Reported deals can be added later; later reports revise historical totals.
Crunchbase News
Startup Funding Regained Its Footing In 2024 As AI Became The Star Of The Show
- Source date
- 7 Jan 2025
- Retrieved
- 16 Sept 2026
- Period / geography
- 2024 · Global
Reported global venture and growth funding
historical report snapshot. Reported deals can be added later; later reports revise historical totals.
Crunchbase News
Global Venture Funding In 2025 Surged As Startup Deals And Valuations Set All-Time Records
- Source date
- 7 Jan 2026
- Retrieved
- 16 Sept 2026
- Period / geography
- 2025 · Global
Reported global venture and growth funding
historical report snapshot. Reported deals can be added later; later reports revise historical totals.
Carta
Startup shutdowns continued to accelerate in Q1 2024
- Source date
- 16 Jul 2024
- Retrieved
- 16 Sept 2026
- Period / geography
- Q1 2024 · Carta platform
Aggregated Carta customer data
historical report snapshot. Customer sample and reporting lag; not a market census.
Carta
Graduation rate from seed to Series A
- Source date
- 5 Feb 2025
- Retrieved
- 16 Sept 2026
- Period / geography
- 2018 and 2022 cohorts · Carta platform
Aggregated Carta customer data
historical report snapshot. Customer sample and reporting lag; not a market census.
Carta
State of Private Markets: Q4 and 2024 in review
- Source date
- 12 Feb 2025
- Retrieved
- 16 Sept 2026
- Period / geography
- 2024 · Carta platform
Aggregated Carta customer data
historical report snapshot. Customer sample and reporting lag; not a market census.
Carta
State of Private Markets: 2025 in review
- Source date
- 18 Feb 2026
- Retrieved
- 16 Sept 2026
- Period / geography
- 2025 · Carta platform
Aggregated Carta customer data
historical report snapshot. Customer sample and reporting lag; not a market census.
NVCA / PitchBook
NVCA Releases 2025 Yearbook Showcasing 2024 VC Trends
- Source date
- 27 Mar 2025
- Retrieved
- 16 Sept 2026
- Period / geography
- 2024 · United States
US venture deals, funds and exits
historical report snapshot. Provider taxonomy differs from other series.
NVCA / PitchBook
NVCA Releases 2026 Yearbook: Charts a Venture Industry in Transition
- Source date
- 13 Apr 2026
- Retrieved
- 16 Sept 2026
- Period / geography
- 2025 · United States
US venture deals, funds and exits
historical report snapshot. Provider taxonomy differs from other series.
Y Combinator
The SAFE — the open standard for startup fundraising
- Source date
- Date not stated
- Retrieved
- 16 Sept 2026
- Period / geography
- Evergreen reference · United States context
YC post-money SAFE mechanics
Page checked on retrieval date; not a historical snapshot. Educational explanation. Actual agreements, reporting conventions and jurisdictions differ.
Carta
What is an option pool? A guide for startup founders
- Source date
- 20 Aug 2026
- Retrieved
- 16 Sept 2026
- Period / geography
- Evergreen reference · United States context
Option-pool timing and dilution
Page checked on retrieval date; not a historical snapshot. Educational explanation. Actual agreements, reporting conventions and jurisdictions differ.
Carta
Liquidation preferences
- Source date
- 7 Aug 2023
- Retrieved
- 16 Sept 2026
- Period / geography
- Evergreen reference · United States context
Preferred-stock exit economics
Page checked on retrieval date; not a historical snapshot. Educational explanation. Actual agreements, reporting conventions and jurisdictions differ.
Carta
RVPI explained: The key to interim fund performance
- Source date
- 6 Oct 2025
- Retrieved
- 16 Sept 2026
- Period / geography
- Evergreen reference · United States context
Fund performance definitions
Page checked on retrieval date; not a historical snapshot. Educational explanation. Actual agreements, reporting conventions and jurisdictions differ.
Carta
How a pro forma cap table can help you secure your next round
- Source date
- 15 Jan 2026
- Retrieved
- 16 Sept 2026
- Period / geography
- Evergreen reference · United States context
Modelling a proposed financing
Page checked on retrieval date; not a historical snapshot. Educational explanation. Actual agreements, reporting conventions and jurisdictions differ.
US Securities and Exchange Commission
Form D: Notice of Exempt Offering of Securities
- Source date
- Date not stated
- Retrieved
- 16 Sept 2026
- Period / geography
- Evergreen reference · United States context
Form D fields and instructions; Items 7 and 13
Page checked on retrieval date; not a historical snapshot. Educational explanation. Actual agreements, reporting conventions and jurisdictions differ.
Partech Africa
2020 Africa Tech Venture Capital Report
- Source date
- 11 Feb 2021
- Retrieved
- 19 Sept 2026
- Period / geography
- 2020 · Africa
Equity rounds above $200,000 in African tech and digital startups, including confidential rounds
Historical report snapshot. Partech collects confidential transactions directly; disclosure rates differ by year and this is its defined sample, not all African businesses.
CB Insights
State Of Digital Health 2021 Report
- Source date
- 20 Jan 2022
- Retrieved
- 19 Sept 2026
- Period / geography
- 2021 · Global
CB Insights tracked digital health startup financing
Historical report snapshot. Sector taxonomy and database coverage belong to CB Insights; the public page is a report preview.
Crunchbase News
Many Of 2021's IPOs Have Flopped. What Does That Mean For 2023's Hopefuls?
- Source date
- 25 Aug 2023
- Retrieved
- 19 Sept 2026
- Period / geography
- 2021 cohort, assessed August 2023 · United States
Crunchbase Billion-Dollar Exits Board, US venture-backed companies with exits initially valued at $1 billion or more
Historical 2023 assessment of a 2021 cohort. Public-market values are a dated snapshot; the board selects by initial exit value and includes IPO and SPAC listings.
CB Insights
State of Fintech 2022 Report
- Source date
- 18 Jan 2023
- Retrieved
- 19 Sept 2026
- Period / geography
- 2022 · Global
CB Insights tracked fintech startup equity investment and deals
Historical report snapshot. CB Insights taxonomy and reported deals define the series; do not combine directly with broader venture totals.
Galaxy Research
2023: Crypto VC Seeks a Bottom
- Source date
- 11 Jan 2024
- Retrieved
- 19 Sept 2026
- Period / geography
- 2023 · Global
Galaxy crypto and blockchain venture deals, using PitchBook data
Historical report snapshot. Deal reports arrive with a lag and the provider may revise quarterly figures; token prices and private financing measure different things.
Crunchbase News
The Portion Of US VC Funding That Went To Female Founders Hit A New Peak In 2023, Thanks To Massive AI Deals
- Source date
- 6 Jun 2024
- Retrieved
- 19 Sept 2026
- Period / geography
- 2023 · United States
Crunchbase US venture rounds to companies with at least one listed female founder
Historical report snapshot. Founder records and gender tags are incomplete; a company with any female cofounder is distinct from a female-only founding team.
Atomico / State of European Tech
State of European Tech 2024: Investment Levels
- Source date
- 19 Nov 2024
- Retrieved
- 19 Sept 2026
- Period / geography
- 2024 through September; full-year extrapolation · Europe
European technology company investment in State of European Tech analysis
2024 report estimate based on 30 September data. 2024 annual figures are linearly extrapolated; biotech, debt, lending capital and grants are excluded.
PwC
State of Climate Tech 2024
- Source date
- 3 Dec 2024
- Retrieved
- 19 Sept 2026
- Period / geography
- Q4 2023 to Q3 2024 · Global
PwC Climate Tech Investment Index, startup equity and grant flows, with selected private-equity investment
Historical report snapshot with expanded 2024 coverage. Index expanded from 8,000 to more than 12,000 startups; the 12-month window is not calendar 2024 and definitions differ from past editions.