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The Peel with Turner Novak
Market Update: Peter Walker on 2023 VC Valuation Trends, Dry Powder, New Bubbles, Employee Trends
Mar 28, 2024
Peter Walker, Head of Insights at Carta, discusses VC market trends such as increasing seed valuations, AI startup valuations, and the potential biotech bubble. He also touches on topics like downrounds, emerging manager fundraising, startup shutdowns, and co-founder equity splits.
01:26:58
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Quick takeaways
- Seed valuations remained steady due to larger funds moving down market, supporting multiple safe rounds.
- Biotech, AI, and non-traditional sectors are gaining traction for investment, challenging software dominance.
Deep dives
Seed Stage Evaluations Remain Stable Amid Market Shifts
Despite market fluctuations, seed stage evaluations have not declined since Q1 2021, showing a 40% increase over the past 18-24 months. This stability is driven by larger funds moving down market and companies raising multiple safe rounds before their first priced equity round, supporting valuations. The complexity of safe agreements and concerns about founders understanding them well contribute to maintaining seed valuations.
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