Where Early Stage Startups Are Still Raising by Industry

Where do early-stage startups cluster by industry?

Made a splash yesterday discussing the length of time between named venture rounds these days. Of course those lengthened timelines are a bit of a downer, so let's look at where early-stage startups are still raising rounds.

Silicon Valley is a key market in just about every startup vertical. But counties across the country have their own favorite industries. These maps show the total invested capital by county into Seed or Series A startups in a given industry on Carta in 2022.

𝗦𝗮𝗮𝘀

• The traditional powerhouse of Silicon Valley still holds strong in the Bay

• Lots of activity in New York, growing centers around Austin and Seattle

𝗕𝗶𝗼𝘁𝗲𝗰𝗵

• More capital raised for Seed/Series A in the Middlesex MA county than SF last year!

• San Diego is another strong performer

𝗛𝗲𝗮𝗹𝘁𝗵𝘁𝗲𝗰𝗵

• Perhaps the most geographically diverse industry. Big centers in SV, NYC, but also Cook County IL and Los Angeles.

• Could be due to the strong set of research universities in those major cities

𝗘𝗻𝗲𝗿𝗴𝘆

• Probably the least Silicon Valley-focused of the selected verticals

• Strong in WA, CO, and the East Coast