The Ledger, every show
Every statement that passed quotation and attribution checks, across all 44 shows. Pick shows below, then mix any filter with any other.
shows 
every show 44 of 44
Ward: Carta projects $600M base ARR up to $10B revenue by 2025
“Our base case, if none of our bets work out, we think we'll be around six hundred million in ARR, growing 50 to 70% year over year as a software business. If some of our more financial products that we're working on hit, We have a broad spectrum. These are hig…”
Ward: Cap table software is an N-of-1 market with one winner
“People looked at it as a, this is a small market, so it must be uninteresting. And what we looked at it is because of the network effect of this market, this is an end of one market. There will be one and only one platform for this.”
Ward: Carta will only enter markets where it can achieve monopoly status
“When we look at markets to go after, we really have three requirements. One is this has to be an end of one market. We won't enter a market that we think can be fractured where we would face competition to, we have to have some innovation on the business model…”
Ward: Carta will acquire and convert services firms into software businesses
“We'll buy as many services firms as we can that we can turn into software businesses.”
Capital markets suffer from public hyper-liquidity but zero private liquidity
“I think one of the big problems structurally in the capital markets world today is we have an environment of hyper liquidity in the public universe, and then zero liquidity in the private. And there's literally nothing in between right now.”
Great enduring companies will remain privately held rather than going public
“I think when we look 20 years ahead our vision for the world is that the great enduring companies will actually be privately held and they will find liquidity in private markets rather than public markets.”
Ward: Carta will be synonymous with PE infrastructure in 3 to 5 years
“My expectation, my hope is in three to five years, how Carta is sort of synonymous with infrastructure for venture in three to five years, it'll be synonymous with infrastructure for PE.”
Ward: Carta's 409A valuation business operates at over 70% gross margins
“So that today our four nine a business runs at over 70% margins.”
Startups staying private longer is a permanent structural shift
“The time it takes to build a company these days at the scale that venture and our investors would like us to build companies at just takes longer and longer. It's harder the journey's longer, and it's much more expensive. So I think, and I think that trend's g…”
The Silicon Valley talent war will be won with equity over salary
“I think the talent war at Silicon Valley would be one with Better equity comp than salary comp.”
Ward: Private equity and credit will drive Carta's growth for next 2-5 years
“We're on the second half of an S-curve in venture, but the beginning of an S-curve in private equity and private credit. And that's driving a lot of the, I think the next two to five years of growth.”
Henry Ward: Small market size was Carta's biggest investor criticism
“The biggest investor criticism of Carta has always been small markets.”
Henry Ward: Carta serves 10,000 companies, adding 400 monthly
“You know, we have 10,000 companies. We're acquiring about 400 a month today.”
Early investors criticized eShares for lacking a billion-dollar outcome path
“And that's been true for us for the beginning is that investor criticism of eShares is there isn't line of sight to a big outcome.”
Ward: Carta is growing ARR by over 20% at scale
“And now we're, you know, 20 plus percent grower at scale.”
Ward: Carta has 2,500 venture funds and 35,000 startups
“Yeah, about 2500 venture funds, about 35,000 startups.”