Carta Revenue, Valuation, Funding & Investors
Carta is valued at $7.4B as of August 2021, a 49.3x multiple on its last reported $150M revenue.
Last Carta valuation
$7.4B
Series G · Aug 2021
Last Carta funding round
$500M
Series G · Aug 2021
Carta revenue
$150M
Series G · Aug 2021
Key investors in Carta
Spark Capital
Union Square Ventures
Expansion Venture Capital
Oakhouse Partnaers
Tribe Capital
Meritech Capital Partners
About Carta
Carta is a San Francisco-headquartered transfer agent and equity management platform for private companies from seed to pre-IPO stages. The service digitizes stock certificates, options, warrants, and derivatives, providing real-time cap table visibility to shareholders, employees, auditors, and legal teams.
Founded
2012
HQ
San Francisco, CAWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Revenue
$150M (Aug 2021)
Valuation
$7.4B (Aug 2021)
Carta Valuation
Carta is currently valued at $7.4B, based on its Series G in August 2021.
The $500M round was led by Silver Lake.
Carta's valuation has grown 96x from $77M at its Series B in August 2015 to $7.4B in August 2021, across 7 priced rounds.
Carta valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Aug 2021 | Series G | $7.4B | 49.3x |
| May 2020 | Series F | $3.1B | 20.7x |
| May 2019 | Series E | $1.7B | 16.3x |
| Feb 2019 | Series D | $800M | - |
| Dec 2018 | Series D | $800M | - |
| Oct 2017 | Series C | $320M | - |
| Aug 2015 | Series B | $77M | - |
Carta Revenue
Carta's latest recorded revenue is $150M, as of its Series G in August 2021. At a $7.4B valuation, that implies a 49.3x revenue multiple.
Revenue grew from $104M in May 2019 to $150M in August 2021, while the revenue multiple moved from 16.3x to 49.3x.
Carta revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Aug 2021 | $150M | $7.4B | 49.3x | Series G |
| May 2020 | $150M | $3.1B | 20.7x | Series F |
| May 2019 | $104M | $1.7B | 16.3x | Series E |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Carta Funding History
Carta has raised a total of $1.2B across 9 funding rounds.
Carta's first fundraising round was a $2M seed round in August 2013. The most recent completed round was a $500M Series G in August 2021.
Carta funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Aug 2021 | Series G | Silver Lake (lead) | $500M | $7.4B | Carta, operating as eShares Inc., is a San Francisco-based cloud platform providing cap table management, equity management, valuation tools, and a private stock exchange called CartaX for startups, investors, and public companies. It serves over 20,000 companies and more than one million investors, law firms, and employees, helping manage financial tasks like fundraising, valuations, and secondary transactions. In August 2021, Carta raised $500 million in a Series G funding round led by Silver Lake, achieving a post-money valuation of $7.4 billion, up from $3.1 billion in its prior Series F round eight months earlier. Prior to the primary raise, Carta conducted a secondary auction on its own CartaX platform, transacting $100 million in shares and establishing a valuation of $6.9 billion, which informed the primary round pricing and attracted over $1 billion in demand. This allowed Carta to select Silver Lake as lead based on strategic fit rather than valuation pressure. The round marked Carta's largest and simplest raise to date, bringing total funding to approximately $1.29 billion. Traction included reported annual recurring revenue (ARR) of about $150 million earlier in 2021, up from $50 million two years prior, fueled by surging startup investments reaching record venture funding levels. Carta also expanded into professional services for VC firms and launched CartaX for online auctions of private shares. In 2021, Carta facilitated 129 secondary liquidity transactions totaling $7.4 billion, a 4x increase from 2020, spanning companies across sizes and stages. |
| May 2020 | Series F | Tribe Capital (lead); Two Culture Capital; FirstMark; BluePointe Ventures; Sand Hill Angels; Lightspeed Venture Partners; Tomales Bay Capital; Company Ventures; FinSight Ventures; Meritech Capital Partners | $180M | $3.1B | Carta is a global ownership management platform that provides cap table software, electronic securities, 409A valuations, fund administration, board management tools, and transfer agent services for private and public companies, investors, and employees. It began as eShares in 2012 issuing electronic stock certificates before rebranding to Carta in 2017 as its offerings expanded. The company manages equity for a significant portion of venture-backed businesses, with over $500 billion in equity on its platform by the end of 2018 and an estimated $1 trillion in total equity value by 2020, representing 35% of venture-backed companies' ownership graphs. In late 2018, Carta raised $80 million in its Series D funding round led by Meritech Capital and Tribe Capital, with participation from existing investors including BluePointe Ventures, Company Ventures, FinSight Ventures, FirstMark, Lightspeed Venture Partners, Sand Hill Angels, Tomales Bay Capital, and Two Culture Capital. The capital was intended to expand products for investors, such as data collection from portfolio companies and back-office management, as well as enhance transfer agent and equity administration services to support companies transitioning to public markets. By 2018, Carta had grown to 450 employees from 310 the prior year, completed more 409A valuations than any other provider, and powered IPOs for companies like Tilray, the first cannabis firm on Nasdaq. It also launched Board Management and Portfolio Insights products to improve VC-portfolio company collaboration and published research on equity gender gaps covered widely in media. The platform supported over $1 billion in tender volume growing 1.9x year-over-year by early 2020, signaling product-market fit for its exchange capabilities. This Series D preceded rapid growth, with a Series E at $1.7 billion post-money in mid-2019 and further rounds reaching $3.1 billion by 2020. Tribe Capital highlighted Carta's fast-growing fund admin business and dominance in private markets infrastructure just 24 months post-Series D. |
| May 2019 | Series E | Andreessen Horowitz (lead) | $300M | $1.7B | Carta, formerly eShares, is a San Francisco-based equity management platform that helps private company founders, investors, and employees manage equity holdings, ownership, cap tables, and related financial operations. It also offers fund administration for venture firms and tools for analyzing portfolio companies and limited partners. By 2019, Carta served over 11,000 companies, 700,000 shareholders, and 143 venture firms, positioning itself as a comprehensive ownership network aiming to create liquidity in private markets through features like CartaX for trading private shares. On May 6, 2019, Carta announced a $300 million Series E funding round led by Andreessen Horowitz, with participation from Lightspeed Venture Partners, Goldman Sachs Principal Strategic Investments, Tiger Global, Thrive Capital, and prior investors including Tribe Capital, Menlo Ventures, and Meritech Capital. The round valued Carta at a $1.7 billion post-money valuation, more than doubling its $800 million valuation from the prior $80 million Series D in December 2018. This brought total funding to approximately $447-448 million. Marc Andreessen joined the board to support expansion into blurring lines between public and private markets. CEO Henry Ward described the funding as fueling growth for new financial infrastructure, including a private stock market to democratize access to private investments amid companies staying private longer. The valuation drew comparisons to Solium's $900 million acquisition by Morgan Stanley earlier that year, roughly double Carta's prior total funding. Investors bet on Carta's network effects and the rising importance of private market liquidity and trading. |
| Feb 2019 | Series D | Union Square Ventures (lead); Expansion Venture Capital; Teamworthy Ventures; Spark Capital; Evolution VC Partners; K9 Ventures; Haystack; Service Provider Capital; Nelstone Ventures; Oakhouse Partnaers; Proton Enterprises; April Underwood | $30M | $800M | - |
| Dec 2018 | Series D | Meritech Capital Partners (lead); Tribe Capital (lead) | $80M | $800M | Carta, formerly eShares, is a cap table management platform that provides equity management products for private and public companies, including stock-option grants, 409A valuations, portfolio insights, fund administration, ESPP, and secondaries. It helps startups manage equity distribution, valuations, and transitions to public markets, while offering investor tools for data aggregation and back-office management. Founded in 2012 by Henry Ward, Carta rebranded in 2017 as its offerings expanded beyond electronic stock certificates. In December 2018, Carta raised an $80 million Series D funding round led by Meritech Capital Partners and Tribe Capital, with participation from existing investors like Spark Capital, Menlo Ventures, and Union Square Ventures. The round brought total funding to $147.8 million and valued the company at a post-money valuation of $800 million. Sources including Business Insider, TechCrunch, and Fintech Global confirmed the valuation near $800 million to $1 billion, with the deal announced around December 27, 2018. The funding aimed to expand Carta's product suite, particularly transfer agent and equity administration services for startups going public, and new investor products for portfolio data collection and management. By late 2018, Carta had achieved milestones like managing $500 billion in equity on its platform, growing to 450 employees, launching board management and portfolio insights tools, and leading in 409A valuations. Competitors were described as manual processes like people and spreadsheets. Carta positioned itself to transform ownership management, enabling fluid secondary markets for private shares and challenging Wall Street infrastructure. The company anticipated prolonged private company lifespans, increased employee liquidity, and more IPOs in 2019, planning to support both. This round preceded a larger Series E in 2019 at $1.7 billion valuation led by Andreessen Horowitz. |
| Oct 2017 | Series C | Menlo Ventures (lead); Social Capital (lead) | $42M | $320M | Carta, founded in 2012 as eShares by Manu Kumar and Henry Ward, provides equity management software including cap table management, valuations, fundraising, share issuance, and equity planning, rebranding to Carta in 2017 to reflect expanded offerings. On April 18, 2018 (sources vary slightly on date around mid-2017 to early 2018), it raised a $42 million Series C round led by Menlo Ventures and Social Capital, with Matt Murphy and Arjun Sethi joining the board. This round achieved a post-money valuation of $320 million, as detailed in a Tribe Capital analysis reflecting their contrarian investment thesis on Carta's potential beyond traditional cap table tools. At the time of the Series C, Carta's primary product remained cap table management, with its 409A valuation business newly launched and limited product synergy, yet leadership envisioned broader private market unlocking including investor services. The investment diverged from conventional views pegging the total addressable market at around $1 billion in revenue by comparing to incumbents like Solium. Post-Series C, Carta rapidly expanded, raising an $80 million Series D in December 2018 at $800 million valuation led by Meritech Capital Partners and Tribe Capital, followed by a $300 million Series E in May 2019 at $1.7 billion led by Andreessen Horowitz. By 2020, it managed ownership graphs for 35% of venture-backed businesses, over $1 trillion in equity value, and supported growing secondary tender volumes exceeding $1 billion notional. |
| Aug 2015 | Series B | Spark Capital (lead); Expansion Venture Capital; Industry Ventures; SierraMaya360; Anthemis; Union Square Ventures; Oakhouse Partnaers; Arjun Sethi; Flight Ventures | $17M | $77M | Carta, founded in 2012 as eShares by Henry Ward and Manu Kumar, provides software for cap table management, valuations, and equity for private companies. In August 2015, it raised a $17 million Series B round led by Spark Capital, with investors including Anthemis, Arjun Sethi, Expansion Venture Capital, Flight Ventures, Industry Ventures, Oakhouse Partners, SierraMaya360, and Union Square Ventures, at a $60 million post-money valuation. This followed a $7 million Series A in January 2015 led by Union Square Ventures and a $1.8 million seed round in 2012. The platform issues electronic stock certificates and offers tools for managing equity distribution, 409A valuations, and stock options for startups through to IPO. By 2018, Carta doubled its valuation to $800 million in an $80 million Series D led by Meritech and Tribe Capital. |
| Jan 2015 | Series A | Union Square Ventures (lead); Spark Capital; Hanover Technology Investment Management | $7M | - | - |
| Aug 2013 | Seed | Expansion Venture Capital; Scott Banister; Long Journey Ventures; K9 Ventures; Oakhouse Partnaers; Arjun Sethi; Steve O'Brien; Elefund; Andy Palmer; Scott Belsky; Kima Ventures; Draper Associates | $2M | - | - |
Who has invested in Carta?
40 investors have backed Carta across its funding rounds, including Spark Capital, Union Square Ventures, Expansion Venture Capital, Oakhouse Partnaers, Tribe Capital and Meritech Capital Partners.
Lead investors include Silver Lake, Tribe Capital, Andreessen Horowitz, Union Square Ventures, Meritech Capital Partners and 3 other investors.
Carta Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| New York City, NY | 3 | Participant | Aug 2013 | |
| San Francisco, CA | 3 | Lead | Jan 2015 | |
| New York City, NY | 3 | Lead | Jan 2015 | |
| San Francisco, CA | 3 | Participant | Aug 2013 | |
| San Francisco, CA | 2 | Participant | Aug 2013 | |
| San Francisco, CA | 2 | Participant | Aug 2013 | |
| San Francisco, CA | 2 | Lead | Dec 2018 | |
| San Francisco, CA | 2 | Lead | Dec 2018 | |
| San Francisco, CA | 1 | Lead | Aug 2021 | |
| San Francisco, CA | 1 | Participant | Aug 2015 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Scott Banister | San Francisco, CA | 1 | Participant | Aug 2013 |
| San Francisco, CA | 1 | Lead | Oct 2017 | |
 Dublin | 1 | Participant | May 2020 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Carta
Carta has acquired 8 companies to date.
Last acquisition by Carta was on May 12th 2026. Carta acquired Avantia Law for undisclosed valuation.
Latest Acquisitions by Carta
| Description | Avantia Law is a law firm handling compliance, contracts, and LP transfers for asset managers. Legal teams negotiate NDAs, non-reliance letters, engagement letters, and commercial contracts. | ListAlpha offers a deal and relationship management platform for private equity investors. The software streamlines deal sourcing, diligence, and tracking while integrating with Office 365 and Microsoft Teams for team collaboration. | Sirvatus is a Denver-based SaaS platform automating end-to-end loan administration for lenders and servicers. The system handles origination, underwriting, servicing, and investor reporting with workflow automation and compliance tools. Sirvatus integrates with mortgage systems like Encompass and Black Knight, enabling digital closings and portfolio management for residential and commercial loans. | Accelex is a software platform using AI and machine learning to extract, organize, and analyze data from alternative investment portfolios for investors and servicers. It automates processing of documents from private equity, real estate, and credit funds down to underlying assets. New York-based Accelex provides portfolio-level insights and compliance reporting. Launched in 2020, it streamlines data management for asset managers handling unstructured information. | |
| HQ Country | |  | | | |
| HQ City | New York City, NY | London | Austin, TX | London | |
| Deal Date | 12 May 2026 | 2 Mar 2026 | 9 Oct 2025 | 2 Oct 2025 | |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
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Investments by Carta
Carta has invested in 4 companies to date.
Latest investment by Carta was on May 7th 2025. Carta invested in SimpleClosure in their $15M Series A round.
Latest Investments by Carta
| Description | SimpleClosure is a Texas-based service launched in 2022 that guides businesses through dissolution by handling state filings, tax clearances, and creditor notifications. It supports LLCs and corporations in all 50 US states, automating paperwork for asset liquidation and final payroll. The platform has assisted over 1,000 closures, integrating with accounting tools like QuickBooks to ensure compliance with IRS and secretary of state requirements. | Arch is a New York-based digital platform for private investment portfolio management used by family offices and advisors. It digitizes capital calls, distributions, valuations, and reporting for alternative assets like private equity and venture capital. Arch integrates with custodians and GPs to automate K-1 tax packages and liquidity tracking. The platform processes over USD 100 billion in assets under management from its cloud-based system. | Tap is a marketplace for private fund secondaries enabling liquidity for LP interests in VC and PE funds. Headquartered in New York, it lists 500 opportunities from managers like Sequoia and a16z. Launched in 2022, Tap facilitates trades with KYC and escrow, attracting family offices and endowments. | Syndicate is a San Francisco-based decentralized finance platform launched in 2021 on Ethereum and Base blockchains. It enables on-chain investment syndicates allowing accredited investors to pool funds into early-stage web3 projects. The protocol facilitates group deals with reduced fees, featuring tools for deal creation, backing, and social networking among 10,000-plus members. |
| HQ Country | | | | |
| HQ City | Los Angeles, CA | New York City, NY | New York City, NY | San Francisco, CA |
| Deal Date | 7 May 2025 | 9 Nov 2023 | 12 Jun 2023 | 25 Mar 2022 |
| Round | Series A | Series A | Seed | Series A |
| Raised | $15M | $20M | $3M | $6M |
| Investors | TTV Capital; The LegalTech Fund; Anthemis; Foxe Capital; Vera Equity; Infinity Ventures | Menlo Ventures; Focus Financial Partners; Scott Prince; Marc Spilker; Citi Ventures; Gary Cohn; GPS Investment Partners; Quiet Capital; Craft Ventures | Courtside Ventures; Fin Capital; Precursor Ventures; AngelList | Atacama Ventures; Ulu Ventures; FalconX; Outliers Fund; Circle Ventures; Electric Ant; Andreessen Horowitz; CoinList; South Park Commons; Polygon; OpenSea |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed |
| EV/Revenue | ||||
| EV/EBITDA | ||||
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Carta Competitors
Carta competitors include listed companies like Shenzhen Fortune Trend, TP ICAP, Tradeweb Markets and HiThink, and private ones like StashAway and MX Technologies.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 China | Publicly listed | $55M | $50M | $4.1B | 68.1x | |
| United Kingdom | Publicly listed | $3.2B | $502M | $3.1B | 0.1x | |
| United States | Publicly listed | $2.1B | $1.4B | $22B | 9.0x | |
| China | Publicly listed | $899M | $530M | $23B | 18.9x | |
 Singapore | Private | - | - | $2.2B | - | |
| Salt Lake City, UT | Private | - | - | $1.9B | - |
Carta Public Comps
Carta is still privately-owned, but its public comps include Beijing Compass Technology, Morningstar, Swissquote, StoneX Group, Mobility Global, Allfunds, Nordnet, IG Group, MarketAxess and BGC Group.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $320M | $46M | 16.8x | 13.7x | 116.3x | 101.7x | |||
| $2.4B | $718M | 3.7x | 3.5x | 12.5x | 11.3x | |||
| $880M | - | 7.1x | 6.9x | - | - | |||
| $132B | $2B | 0.2x | 5.0x | 14.6x | - | |||
| $1.8B | $637M | 4.7x | - | 12.9x | - | |||
| $749M | $295M | 8.4x | 8.1x | 21.2x | 12.3x | |||
| $550M | - | 17.3x | 14.9x | - | - | |||
| $1.3B | $533M | 4.2x | 3.2x | 10.0x | 6.8x | |||
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Common questions about Carta
| When was Carta founded? | Carta was founded in 2012. |
| Where is Carta headquartered? | Carta is headquartered in San Francisco, CA, United States. |
| Is Carta publicly listed? | No, Carta is a private, VC-backed company. |
| What is Carta's valuation? | Carta was last valued at $7.4B in its Series G in August 2021. |
| How much funding has Carta raised? | Carta has raised $1.2B across 9 funding rounds. |
| What was Carta's last funding round? | Carta's last funding round was a $500M Series G in August 2021, led by Silver Lake. |
| Who are Carta's investors? | Carta's investors include Expansion Venture Capital, Spark Capital, Union Square Ventures, Oakhouse Partnaers, K9 Ventures, Arjun Sethi, Tribe Capital, Meritech Capital Partners, Silver Lake, Industry Ventures and 30 others. |
| What is Carta's revenue? | Carta's latest recorded revenue is $150M (August 2021). |
| What is Carta's revenue multiple? | Carta's latest valuation implies a 49.3x revenue multiple ($7.4B valuation on $150M of revenue). |
| Which companies are comparable to Carta? | Companies comparable to Carta include Shenzhen Fortune Trend, TP ICAP, Tradeweb Markets, HiThink, StashAway and MX Technologies. |
| How many companies has Carta acquired? | Carta has acquired 8 companies, including Avantia Law, ListAlpha, Sirvatus, Accelex and Tactyc by Carta. |
| How many companies has Carta invested in? | Carta has invested in 4 companies, including SimpleClosure, Arch, Tap and Syndicate. |
| What was Carta's last investment? | In May 2025, Carta invested in SimpleClosure's $15M Series A alongside TTV Capital, The LegalTech Fund, Anthemis and 3 other investors. |
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