Carta becomes San Francisco's latest unicorn

After reports of a large funding round surfaced last month, the equity management company has confirmed it has raised $300m in a Series E funding round led by Andreessen Horowitz

7May

San Francisco-based equity management startup Carta has become the Bay Area's latest tech unicorn after it revealed that it had raised $300m in a Series E funding round at a $1.7bn valuation.

The valuation fell just short of a rumored $1.8bn valuation reported by The Information last month.

The seven-year-old company, whose platform aims to help organizations manage their cap tables, valuations, investments and equity plans, has also announced that Andreessen Horowitz's co-founder Marc Andreessen is joining the board after the venture capital firm led the funding round. Other investors include Lightspeed Venture Partners, Goldman Sachs Principal Strategic Investments, Tiger Global and Thrive Capital, as well as previous backers Tribe Capital, Menlo Ventures and Meritech Capital.

Carta, formally named eShares, was founded in 2012 by CEO Henry Ward with the aim of providing an electronic alternative to the paper securities that were previously given to investors and employees. It has since added several more equity management products for private, venture-backed companies such as cloud software tools for managing complex ownership stakes.

"We believe Carta will change how Wall Street and the financial world operate by transforming private markets," remarked Andreessen. "Carta has created an extensive network of LPs, VCs and growing startups. That network effect is why I'm bullish on the future of this company – Carta is redefining business ownership as we know it."

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