Sydecar...has been named to the annual Inc. 5000 list, the most prestigious ranking of the fastest-growing private companies in America.

In Q1, Sydecar reported that its median SPV raised $794,973 from eight LPs in only 18 days, with a 10% carried interest fee and a 2% management fee.

According to Shriram Bhashyam, COO of Sydecar, the structural timeline and requirements for going public have changed dramatically over the past decade.

This was written by Sydecar's COO, Shriram Bhashyam. He was previously co-founder and Chief Strategy Officer of EquityZen, a leading marketplace for buying and selling shares of private companies, and Co-Head of Business Development at Forge Global, a platform for institutional trading of private shares.

"Emerging managers are likely to have LPs that don't meet the $200,000 investment minimum," explains Nik Talreja, CEO of SPV and fund automation platform Sydecar. "This means that if they do raise under 506(c), they will still need to verify the accredited status for any smaller investors - so some friction still remains."

Last year, SPV specialist Sydecar recorded 769 SPV deals for venture-backed startups (not limited to just those led by emerging managers). That’s up from 522 in 2023 and just 274 in 2022. More than 35% of those deals in 2024 were in the seed stage.

Top equity deals in Q4'24: Sydecar $11M Series A

"Sydecar flourished despite the [post-pandemic venture pullback], growing its revenue by over 2x in 2024."

“Looking ahead to 2025, Sydecar CEO Nik Talreja sees an improving VC climate on the horizon.”

SPVs. The number of layered SPVs that raised money on Sydecar, which sells software that venture investors use to operate their funds, rose to 24 this year from 1 in 2022.