Bay Area vs New York. The battle for the home of early-stage startups.
...or maybe we've got it all wrong.
According to Carta data, when you add up all the capital invested into Seed and Series A rounds in 2023, New York actually places third behind Boston. The Bay Area remains well ahead with more than double the investment of both 2nd and 3rd place.
Caveats!
If you remove Biotech as an industry, NY is comfortably in second place. But even then, Boston is closer to NY than NY is to the Bay in total investment.
If you instead created the list based on number of rounds, New York is also comfortably second.
So ya, the chart choices matter.
But we should pay more attention to Boston when we discuss the best startup ecosystems.
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