Credit: Lucas Lopatin.

• Approximately half of the startups that closed did so without raising capital rounds from VCs. The other half had at least one priced round.

• Within the cohort that had emerged from venture capitalists, 90% of the closures were Seed or Series A startups.

• 34 startups that obtained a Series B or later have closed so far this year, a figure higher than the 25 in 2022.

• 87 startups that raised at least $10 million from VCs closed this year. That's almost double last year's total.

No matter how you look at it, this is the toughest year for startups in at least a decade.

They expect the shutdown to continue at a high rate for the next 2-3 quarters. The dichotomy between startups receiving backing from VCs and incumbents floundering without cash will be difficult to resolve.

Carta is not the market. Far from it.

Thanks, Adeo for your comment. This is well noted.