Bay Area startups in 2025: $154 billion raised.
The next 10 ecosystems: $118 billion.
Note I'm using Dealroom data, not Carta data here as our international dataset is still growing.
I saw this graphic in an Economist article, and I just had to recreate it. Mostly because they did the thing where they shortened the x-axis to more easily compare ecosystems 2-11 which is always a little silly.
But mostly because I was surprised at the scale difference. More money raised in the Bay than the next 10 cities worldwide? Wild.
Now, there's one completely valid retort to this analysis. It is:
"Sure, in total funding the Bay is far ahead. But if you remove the top 3 companies or so, things look very different"
Solid objection. Although maybe you should also remove the top 3 companies in every city just to be fair :)
Side note - the Economist published this with the headline "How London became the rest of the world's startup capital" So interesting how the framing dictates the feeling!
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