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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Teams Shrunk; Non-Payroll Spend Rose
- Series A and earlier-stage teams are materially smaller than before, with A teams dropping from ~25 to ~15–17 people.
- Companies are spending more on non-payroll items (compute, distribution) despite lower headcount.
Only AI Engineers Are Getting Bigger Grants
- Compensation for most early hires has not increased and in some cases fell slightly.
- AI/ML engineers are a clear exception, with pay packages rising 25–40% in 18 months.
Model Advances Raise Value And Competition
- Foundation models radically increase obvious value opportunities but simultaneously raise competition.
- The main durable edge is faster go-to-market, vertical specialization, and founder domain relationships.