Venture capital is stalling at seed
Venture capital's series progression is stalling at seed, according to new Carta data.
By the numbers: 46% of all seed deals were bridge rounds in Q1 2024, which is the highest bridge rate for any stage since Carta has been tracking such data.
The rate was 39% for full-year 2024 and just 31% in 2022.
Behind the scenes: One interpretation is that market volatility is having downstream impacts, with startups delaying new priced rounds until they have more valuation certainty.
Another is that this is less about supply than demand — or the so-called "Series A crunch."
Most of that is driven by post-2022 VC fundraising difficulties, save for a small number of successful firms who've raised large funds that encourage later-stage checkwriting.
Series A deal count fell 79% between Q1 2022 and Q1 2025, per Carta.
Why it matters: Startups staying in seed can alter ROI expectations up the stack, assuming that they eventually graduate to letter rounds.
That's not necessarily a problem for founders or early employees, but definitely changes the math for LPs investing in Series A or Series B-focused funds.
Other Carta findings: Median founder dilution fell from seed-stage through Series D, while the median time between Series A and Series B rounds hit an all-time high of 2.8 years.
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