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If you are fundraising or thinking about fundraising for your startup, you need to read this report. Carta’s VC Fund Performance Report reminds us that we are living in a time of careful deployment and a high percentage of zombie funds. Whatever the market was from late 2020 through 2021, the current market is almost the opposite. ?? ?????????????? ???????????????????? ????????????: Funds in the 2022 vintage have deployed only 43% of their committed capital at the 24-month mark, the lowest share of any analyzed vintage. ?? ?????????? ??????????????????????: Only 15.4% of startups that raised a seed round in Q1 2022 made it to Series A within two years. ?? ???????? ???? ???????? ??????????????????????: Median TVPI for the 2021 vintage remains below 1×, trailing behind earlier vintages that had 85% of funds crossing the 1× mark. ?? ?????? ??????????????: Median IRR for the 2021 vintage is still in negative territory three years in, a stark contrast to the 19.4% IRR seen in the 2019 vintage. ? ???????????? ?????????????????????? ????????????: The median time between a seed round and Series A has stretched to over 2 years, and between Series A and B to 2.5 years. Thanks to Peter Walker, Michael Young, Alex Lester , and Kevin Dowd for putting this together.