A Product Market Fit Show | Startup Podcast for Founders Q3 2025 w/Carta: What you need to raise a Series A. | Peter Walker, Head of Insights at Carta
Nov 27, 2025
Peter Walker, Head of Insights at Carta, brings a wealth of knowledge on early-stage venture capital trends. He shares surprising data showing seed deals are down and highlights a concerning divide between top-performing companies and the rest. Discover why smaller teams are thriving and the real median valuations for pre-seed to Series A funding. Walker also discusses the implications of founder motivations and the rising importance of employee liquidity, making this a must-listen for anyone in the fundraising arena.
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Fundraising Is Concentrating At The Top
- Seed rounds are becoming more concentrated: fewer companies get the lion's share of capital despite rising headlines.
- Many founders in the middle may be left building without venture support or must pursue non-VC paths.
Low Seed Valuations Greatly Reduce A Chances
- Seed valuation quartiles only slightly affect Series A graduation except at the very bottom.
- Companies in the lowest seed valuation quartile graduate to Series A at about half the rate of others after 24 months.
Raise Enough To Avoid Becoming The Low-Quartile
- Don't raise too little cash just to avoid dilution; insufficient runway can halve your Series A odds.
- Stress-test requested round size by asking what you'll do with the dollars and how competitive the environment is.