Carta Report: Founder Ownership Falls to 10% by Series D Funding
Carta's 2026 Founder Ownership Report reveals how startup ownership evolves through successive funding rounds. While founders own nearly 55% after Seed funding, their median stake drops to just 10.4% by Series D as investor and employee ownership continues to grow.
English Translation
The 2026 Founder Ownership Report published by Carta, the global equity management platform, highlights significant changes in startup ownership structures as companies progress through successive fundraising rounds.
The report is based on data from startups that completed funding rounds between 2023 and 2025 and illustrates how ownership shifts among founders, investors, and employees as businesses scale.
Founders Hold Majority Ownership After Seed Round
According to the report, founders retain a median ownership stake of 54.8% after completing a Seed funding round.
At this stage, existing and new investors collectively own 33.1% of the company, while employee equity pools account for the remaining 12.1% on a fully diluted basis.
Investors Take the Lead in Later Funding Stages
As startups advance to Series A, investor ownership rises significantly to 50% of total equity.
By the Series B stage, investors hold 62.6% of company ownership, while founders' median stake declines to 21.8%. During the same period, employee equity increases to 15.6%.
The report shows that founder ownership continues to shrink as companies raise additional capital, falling from 54.8% after the Seed round to just 10.4% by the time startups reach Series D.
Meanwhile, investor ownership continues to expand, reaching 71.4% at the Series D stage, reflecting the increasingly important role of venture capital in supporting startup growth and expansion.
Employee Equity Becomes Increasingly Important
Employee stock ownership also grows steadily throughout a startup's lifecycle.
The report found that employee equity pools increase from 12.1% during the Seed stage to 18.2% by Series D, as companies rely more heavily on equity-based compensation to attract and retain top talent.
One of the report's most notable findings is that at the Series C stage, employee ownership reaches 16.8%, surpassing founders' median ownership of 16.1%.
This milestone reflects how startup ownership becomes increasingly distributed among investors, employees, and founders as companies mature and secure larger rounds of financing.