Podcast consensus

Points of consensus

▶Multiple sources cite a Carta report indicating that approximately 50% of Limited Partners (LPs) are no longer allocating new capital to the venture capital asset class.Apr–May 2026

▶Carta's core business strategy, as articulated by its CEO, is to transform services-based industries like cap table management and fund administration into software-based industries, often by replacing spreadsheet-based workflows.Apr–May 2026

▶The company's primary growth strategy for the near future is centered on expanding its services from the venture capital ecosystem into the private equity and private credit markets.Apr–May 2026

▶Carta utilizes its proprietary data to publish industry reports on trends such as M&A activity and LP sentiment, positioning itself as a source of market intelligence.

Points of debate

▶There is a debate on the trustworthiness and use of Carta's data; while the company promotes its data for industry reports, at least one CEO refuses to use the platform due to alleged misuse of customer information for marketing.Apr 2026

▶The value and necessity of Carta's platform are contested. While the company positions itself as essential infrastructure, some experts argue that its cap table management services do not replace the need for a corporate attorney to review legal documents.Apr–May 2026

▶Carta's market reputation is mixed. The CEO aims for the company to be synonymous with private equity infrastructure, but it faces public criticism from users like Alex Cohen over its business practices.Apr–May 2026

▶While Carta's go-to-market motion is successfully moving upmarket to sell high-value solutions to CFOs, there is implicit debate on whether its platform is a complete solution or a supplementary tool that still requires traditional professional services.Apr 2026

Key themes

▶Strategic Pivot to Private MarketsApr–May 2026

Carta is actively shifting its focus from its initial base of early-stage startups to the larger, more complex private equity and private credit markets. CEO Henry Ward states this expansion is the primary driver for growth over the next two to five years and is essential for reaching the $1 billion revenue milestone.

This upmarket move represents a significant strategic pivot, trading the high-volume, lower-cost startup market for a lower-volume, higher-contract-value enterprise segment, which will test the scalability of its platform and the sophistication of its sales motion.

▶The 'Software-ization' of Financial ServicesApr 2026

Carta's fundamental strategy is to identify services-based industries, particularly those reliant on spreadsheets like cap table management and fund accounting, and convert them into software-driven industries. This involves building products that automate and structure processes traditionally handled by professionals.

This theme highlights Carta's role as a disruptor of traditional financial services, but its success depends on overcoming the inertia and established workflows of legal and accounting professionals who may be resistant to ceding control to a software platform.

▶Data as a Double-Edged Sword

The company leverages its vast repository of capitalization and funding data to publish influential reports on market trends, establishing itself as a thought leader. However, this data asset is also a source of controversy, with at least one CEO publicly refusing to use the service due to allegations of misusing client information for marketing.

Carta's proprietary data is a powerful competitive moat, but the allegations of misuse create a significant reputational risk that could undermine the trust essential for handling sensitive financial information, potentially becoming its Achilles' heel.

▶Aggressive, Multi-Faceted Growth

Having achieved a "triple, triple, double, double" growth trajectory to $100M, Carta is now approaching $500M ARR with a 20%+ YoY growth rate. This growth is supported by a planned M&A strategy, with the CEO expecting to execute two to three deals annually for the next two years.

Carta is pursuing a capital-intensive strategy of simultaneous organic growth into new markets and inorganic growth via acquisitions, signaling an aggressive push for market dominance before a potential IPO.

Source episodes

Timeline

Early Stage

Carta established its initial market presence by selling $6,000 cap table products to early-stage founders, achieving a rapid "triple, triple, double, double" growth trajectory on its way to $100 million in revenue.

Growth & Fundraising

The company raised approximately $1 billion in total funding across seven rounds from prominent investors including Andreessen Horowitz, Union Square Ventures, and Silver Lake, scaling its platform to serve 35,000 startups and 2,500 venture funds.

Current State

Now approaching $500 million in ARR and growing over 20% year-over-year, Carta's go-to-market motion has evolved to selling million-dollar accounting solutions to CFOs in private equity.

Emerging Discourse

As Carta's influence grows, critical discourse has emerged. Concerns are raised about alleged misuse of customer data for marketing and the platform's limitations, with some experts cautioning it does not replace the need for corporate attorneys.

Future Outlook (2-5 Years)

CEO Henry Ward has outlined a forward-looking strategy focused on dominating the private equity and private credit markets, aiming for Carta to become synonymous with PE infrastructure within three to five years, supported by an active M&A strategy.

Suggested prompts

How will Carta's transition from serving startups to serving large private equity firms impact its product development, sales cycle, and company culture? &nearr;What are the specific risks and potential mitigations associated with Carta's strategy of using its proprietary data for industry reports, especially in light of customer data misuse allegations? &nearr;Can Carta's software-centric model truly displace the high-touch, service-based nature of fund administration in the private equity market, or will it remain a complementary tool? &nearr;Given the planned M&A activity, what types of companies would be the most strategic acquisitions for Carta to accelerate its penetration into the private equity and private credit markets? &nearr;

Key concepts

Private Equity 1 ep Growth & Revenue 1 ep Venture Capital 3 ep Data & Industry Reports 3 ep Fundraising & Investors 1 ep M&A Strategy 1 ep Criticism & Risk 2 ep AI Strategy 1 ep Product Strategy 1 ep

Notable quotes

“My expectation, my hope is, three to five years. Now Carta is sort of synonymous with infrastructure for venture, and three to five years will be synonymous with infrastructure for PE.”

Henry Ward · Carta CEO Henry Ward on Raising $1B, Path to ~$500M ARR, & the Move into PE

“Alex Cohen refuses to use Carta due to alleged misuse of customer and client information for marketing campaigns.”

Alex Cohen · Hello Patient CEO Alex Cohen - SaaS Sprawl and Meme Culture

“Carta actually just put out a report. I covered it in Sorcery that LPs are committing less to the category. About 50% are not going to be allocating to venture anymore.”

Bucky Moore · Why Bucky Moore Joined $30 Billion AUM Megafund Lightspeed

Report last updated: May 5, 2026

Get started free

Back to Entities Intelligence Report