Before we dive head-first into the numbers, here are some caveats:<\/p>\n

First, we\u2019re looking at data pulled from Carta\u2019s users. That comes with considerations around the geography covered and the completeness of the data. Still, as Carta is a popular tool, its data is a strong place to start even if it is, as all data sets are, imperfect.<\/p>\n

The seed stage is a bit of an outlier compared to later stages because venture funding for very early-stage startups has remained comparatively immune from the woes of the public market. As a result, pre-money median seed valuations have stayed relatively flat. That was true last quarter, too.<\/p>\n<\/p><\/div>\n

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