CRAFTED. What You Need to Know About Startup Funding Right Now, With Carta's Head of Insights, Peter Walker | The Startup Podcast (cross-post)
Dec 12, 2025
Peter Walker, Head of Insights at Carta, dives into the complex world of startup funding. He reveals how local market benchmarks matter more than Silicon Valley headlines for founders. Peter explains the surge of AI startups and their impact on funding, while exploring why high early valuations can set unrealistic expectations. He also addresses the surprising statistic that 70% of startup employees never exercise their equity. With insights on SAFEs and founder vesting, it's a treasure trove of data-backed funding strategies for aspiring entrepreneurs.
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Local Markets Behave Differently
- Benchmark fundraising to your local ecosystem, not San Francisco headlines.
- San Francisco valuations dominate media but rarely reflect dynamics elsewhere.
High Early Valuations Increase Tail Risk
- Higher valuations can increase risk of down rounds and all-or-nothing outcomes.
- Raising at top-of-market prices often forces unicorn-or-bust trajectories.
Fund Size Shapes Investment Incentives
- Fund returns depend heavily on fund size and strategy, not just geography.
- Mega‑funds alter deal dynamics because they can deploy capital across many winners.