Venture Math
Session 11 / 11 · Fall 2026
The numbers that matter most are the ones nobody shares.
This course reveals them.
Using Carta’s proprietary data on 40,000+ startups, we’ll take a data-driven tour through the startup lifecycle—from co-founder equity splits to IPO—exposing the benchmarks founders won’t share and the math investors won’t explain.
Doreen
Linfoot
Investments, Augment ·
Formerly Point72
Works on investments at Augment, after years on the institutional investing side including Point72. Brings a public-markets lens to the last stretch of the startup lifecycle: what the IPO actually changes for the people holding equity.
Hosted by Lorenzo Barberis Canonico,
President of Cassandra Labs
11
The Public Markets Transition
The IPO isn’t the end — it’s a transition to a completely different game, and the data on founder and employee outcomes is rarely shown
01
Getting out: IPO, M&A, or neither
02
The IPO is getting rarer, and later
03
What the price does on the way out
04
Tender offers: liquidity before the exit