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New data from Carta indicates that valuations for very early-stage startups are holding up better than we might have expected in the current slowdown.

But while it appears that the price at which investors are willing to put capital into various startup sectors is at times becoming more expensive, the pace at which deals are happening is slowing enough that the changing value of seed deals actually makes sense.

Call it the glass half-full/glass half-empty seed market. If you are bullish, there’s good news aplenty. And if you are bearish, well, we have enough data to make that argument as well.