Founders - here are the best places in the US to raise pre-seed funding.
Some really dense data here covering 34,000 individual SAFEs & Convertible Notes. Likely the biggest such database anywhere in the world 😄
𝗦𝘁𝘂𝗳𝗳 𝗧𝗵𝗮𝘁 𝗦𝘁𝗼𝗼𝗱 𝗢𝘂𝘁 𝗧𝗼 𝗠𝗲
No surprised in the top 5 - Bay Area has a strong lead, followed by NYC, Boston, and LA.
Miami at 6! Very interesting. Maybe the groundswell of Miami fans were right (and the change in funding would definitely start at this early stage).
Convertible Notes (in the dark orange) are not dead. They take up grater share in markets with high percentage of Biotech and less mature ecosystems.
Changes from the last time we ran the data - DC and Chicago rose a bit, Salt Lake City fell (it was 16 this time, so just off the list).
Funding year over year is down in most of these markets - but still higher than it was pre-pandemic and seems to have been made more concrete. I think the phrase "you can start a company anywhere" has never been more true than right now.
𝗛𝗼𝘄 𝗧𝗵𝗲 𝗥𝗮𝗻𝗸𝗶𝗻𝗴 𝗪𝗼𝗿𝗸𝘀
Ranking is by total capital invested, with these criteria:
SAFE or Note raised between Jan 2023 and May 2024
All before any priced rounds (so this includes "pre-seed", "friend & family", "seed on SAFE")
City is based on company HQ, not investor location
All data from companies using Carta, including our free Carta Launch program
Good luck to all those founders currently hustling for their first checks!
Give me a shout in the comments if you want to know the ranking for a city outside the top 15.
DISCLOSURE: This communication is on behalf of eShares, Inc. dba Carta, Inc. ("Carta"). This communication is for informational purposes only, and contains general information only. Carta is not, by means of this communication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. Before making any decision or taking any action that may affect your business or interests, you should consult a qualified professional advisor. This communication is not intended as a recommendation, offer or solicitation for the purchase or sale of any security. Carta does not assume any liability for reliance on the information provided herein. © 2026 Carta. All rights reserved. Reproduction prohibited.
