2024: recovery with a split by stage

Different slices of the market

Carta counted $89 billion raised by startups on its platform, 18.4% above 2023, even as round count fell 7.3%. Capital at seed and Series A declined on Carta; Series B through later stages increased. Its data describe a customer sample, not the global market.

The AI contribution

Crunchbase reported more than $100 billion for AI-related companies. Large AI financings can lift an annual dollar total without implying comparable access for companies outside the category. A rising total and a difficult early-stage raise can both be true.

Use the right comparison

Carta's average round size rose because more cash was spread across fewer transactions. That average is not a typical price at a given stage. Founders need stage-specific medians, investor fit and runway context before drawing a negotiation benchmark.

The later Crunchbase report revised its 2024 comparison to $328 billion. That is a database update, not an additional $14 billion of financing that occurred in 2025; its year and report vintage must remain separate.