Carta CEO Henry Ward claimed that an employee had violated internal policies, affecting three companies, including Linear. He also said Carta had launched an investigation and reached out to the impacted founders, and on Monday, that it would be exiting its secondaries business entirely to avoid conflicts of interest.

Indeed, after big leaps in valuation, from $1.7 billion in 2019 to $3.1 billion in 2020, Carta announced in the summer of 2021 that it was worth a whopping $7.4 billion after first selling $100 million worth of its shares at a $6.9 billion valuation on its own platform.

The Series C market bounces back: Series C startups raised $4.6 billion in new capital in Q1, a 130% increase from the previous quarter. The median primary Series C valuation was $195.7 million, up 48% from the prior quarter.