/ Pre-IPO Risk Index / Carta

Carta

Fintech · Pre-IPO · $7.4B (2021; meaningfully reset 2024)
D+

High Risk (D+) — Round Z Pre-IPO Risk Grade

Carta operates cap-table management and secondary-market platforms for private companies. The January 2024 'CartaGate' scandal — alleged improper use of cap-table data to facilitate secondary transactions without company authorization — produced material customer-trust damage and governance criticism. Multiple customer defections (Carta Bridge product wound down).

48
Composite / 100
/ Subscore Breakdown · 5 Dimensions

Where this grade comes from.

Governance Risk
D
Valuation Methodology
D
Secondary Liquidity
C
Financial Disclosure
C
Exit Probability
D+
/ Public-Record Events

Key risk events & disclosures.

  • 'CartaGate' scandal January 2024 — alleged improper cap-table data use
  • Carta Bridge secondary platform wound down March 2024
  • Multiple customer defections to AngelList Stack, Pulley, others
  • $7.4B 2021 valuation; secondary trades at meaningful discount

/ Best for

Limited recommendation. Investors who can price the post-CartaGate customer-trust reset and have conviction on Carta's defensive remediation.

/ Watch out for

AngelList Stack, Pulley, and Capboard competitive pressure intensifying. Customer-trust damage from 2024 scandal may produce sustained revenue-trajectory effects.