Q2 2025: The new Series A Bar is $3M ARR—& only 20% of seed startups make it. | Peter Walker, Head of Insights at Carta

Peter Walker from Carta drops the hard data every founder needs. Based on actual cap table data from 1000s of startups, this Q2 update reveals the brutal new reality. It takes 2+ years to go from seed to A (up from 1.6), you need 3X the revenue you used to, and if you're not AI, you're getting half the attention. But there's good news too—teams are finally getting leaner, exits are picking back up, and the worst of the funding winter might be behind us. If you're raising in 2025, ...