Carta's 2024 annual equity report

This year, Carta's Annual Equity Report provides a comprehensive analysis of how equity and opportunities in the U.S. venture ecosystem are distributed by race, ethnicity, and gender. Drawing from anonymized data from tens of thousands of startups and over 1.5 million employees, the report uncovers both progress and persistent disparities across the entrepreneurial landscape.

Key Findings:

  • Startup Employees:

    • In 2024, 33% of new hires came from non-white backgrounds, ending a three-year decline in racial diversity among startup hires

    • Men continue to dominate new hires across all racial and ethnic groups, receiving a disproportionately larger share of issued equity

  • Founders:

    • The percentage of founders from non-white backgrounds reached a record 45.5%

    • Younger founders (ages 20-29) show greater racial and ethnic diversity, with 56% identifying as non-white

    • Women represent just 14.3% of all founders, a slight decline from prior years

  • Funding and Valuation Gaps:

    • Startups with male CEOs continue to secure higher valuations and larger funding rounds than those led by female CEOs

    • However, women-only founding teams made gains at later funding stages (Series B and C), raising 5.3% of all VC funding in priced rounds-up from 3.1% in 2023

  • Equity Distribution:

    • Women accounted for 33% of all new equity-receiving hires in 2024 but received only 22.5% of issued equity

    • Employees from East Asian and South Asian backgrounds are more likely to hold roles with higher-than-average equity packages, a trend that has intensified in recent years

What's Next?

While some areas have seen measurable progress, the report highlights ongoing inequities in hiring, funding, and equity distribution, especially for women and underrepresented groups in leadership roles.

Curious to learn more?
Dive into the full report for detailed data and analysis, and join the conversation about shaping a more equitable future for startups.

Read the Full Report →

Share your thoughts! How can we foster greater diversity in the venture ecosystem? Let us know what you think in the comments.



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Brent Devey
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