Valuation caps with SAFE notes

This is interesting from Carta. It shows what kind of valuation caps are happening with SAFE notes in 2023.

A few observations:
– Sub $500K rounds are happening with a dilution of 10% or less (light blue most significant segment $5M-$7.5M)
– This feels more reflecting the pre-seed and seed market of the US than Europe, where founders still are diluted by 20%-25%
– Many things point out that seed is not as affected by a down market (e.g., $1M to $2M at $10M-$15M is normal from 2021)