3x Growth in Tender Offers as Startups Stay Private for 15 Years

Employee stock sales at private companies are becoming easier to execute. NewView and Carta have integrated their platforms to simplify the process for startups. The move addresses a growing problem for workers who hold equity in firms that remain private for extended periods.

Startups are increasingly staying private for 12 to 15 years, according to Ravi Viswanathan, founder and managing partner of NewView. During these long stretches, employees often receive a portion of their compensation in stock. Without a public listing or acquisition, that equity remains locked up. The new partnership aims to allow companies to sell a portion of shares to approved buyers through tender offers.

Data from a recent study by NewView Capital and Carta shows the frequency of these deals is rising. Tender offers among Series C and later-stage startups have grown threefold over the past three years. However, the practice is not yet widespread. Only 44 tender offers were executed in the first half of 2026. Viswanathan noted that these deals are no longer limited to high-profile firms like OpenAI, Databricks, or Anduril.

Viswanathan cited Hightouch, a marketing customization startup, as an example. NewView led a tender offer for the company last year at a valuation of $1.3 billion. At the time, the company was seven years old. Other recent companies to hold such offers include Decagon, an AI customer support startup, and Wayve, a self-driving technology firm. ElevenLabs, an AI voice generator, conducted two separate offerings in under a year.

The integration combines NewView’s experience in secondary deals with Carta’s equity platform. Viswanathan described the collaboration as a tool to help companies launch liquidity programs more smoothly. He called early liquidity a win-win-win for employees, companies, and investors. He argued that the standard recruiting pitch of reaching unicorn status has lost weight as the number of billion-dollar companies has grown.

Viswanathan stated that a tender offer allows a company to promise employees liquidity during their tenure. He described tenders as strong retention tools and morale boosters. He said the longer timelines for going public are unlikely to reverse. To prevent talent from moving to public companies, he said, "we need to make sure that there is liquidity for the employees."

The partnership is designed to reduce friction in the sales process. Companies can use the combined tools to structure and run liquidity programs with less administrative burden. The goal is to make the decision to offer tenders more straightforward for CEOs. This approach provides a path to cash for employees without requiring a full exit event.