If you are If you’re building a startup today, it’s probably harder for you to raise money than it was a year ago. However, new data makes it clear that not every startup phase experiences the same headwinds.

A lack of uniformity in the startup fundraising climate is not new. We’ve seen a Series A crunch at one point in several ways, and a Series B crunch on another. Today, however, we see something completely different: a series C-crunch.

This does not mean that all early stage rounds are in good shape or that later venture rounds are healthy. Almost everywhere you look, there are declines in entrepreneurial activity that founders are dealing with. But new data from Carta indicates that Series C is the current and real bottleneck in Venture Land, meaning it is the new bottleneck for startups looking to raise their next tranche of cash.

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The data point is not that surprising. It’s somewhat common wisdom that the later a startup is in its maturity cycle, the more critical it will be when it comes to looking for more money. With the IPO window closed, public market valuations in the proverbial latrine, and crossover capital suddenly becoming scarce, late-stage startups are being vetted more like public companies these days. And many of them are not ready yet.