NewView and Carta have formed a partnership to simplify the process of conducting tender offers for startups. The collaboration integrates NewView’s expertise in secondary deal structuring with the equity management platform provided by Carta.
According to a study by the two firms, the number of tender offers for Series C and later-stage companies is projected to triple over a three-year period. Despite this growth, the market remains limited, with only 44 such transactions executed during the first half of 2026.
NewView founder Ravi Viswanathan notes that tender offers are increasingly used by companies beyond the most highly valued private firms. For example, his firm led a tender for HighTouch last year at a valuation of $1.3 billion.
Recent examples of companies that have utilized tender offers include Decagon, Wayve, and ElevenLabs. The latter firm completed two such offerings within a period of less than one year.
Viswanathan advocates for these programs as a tool for talent retention, noting that startups now remain private for 12 to 15 years. Providing early liquidity is presented as a strategy to prevent talent from moving to public companies.
