How much does industry matter in pre-seed startup fundraising?
Short answer: way more than I thought.
Back to our regularly scheduled Friday Q&As after a brief hiatus (bank runs and all).
Yesterday we looked at how the valuation cap and total fundraise for pre-seed companies moves in tandem. Today we split out the median valuation cap and median total raise for 15 key startup industries.
How to read the chart:
y-axis is the median valuation cap (all data is for pre-seed SAFEs)
x-axis is the median amount raised per company in a given industry
bubble size is how many companies in the dataset
This is the freshest possible data - we're looking only at companies that have raised on SAFEs so far in 2023.
Note that this data comes from US startups only and is skewed towards those in CA and NY.
FINDINGS:
Biotech companies raise the most money at the highest valuation caps - but not a lot of them actually get funded.
SaaS is middle of the pack in val cap and total raised, but by far the biggest category.
Investors seem less enthused about food startups lately.
Check out the newsletter in the comments to get more detail on pre-seed fundraising from Carta.
And leave your question below! Might get your answer in next Friday's Q&A.
Have a great weekend, pre-seed founders.
#cartadata #preseed #angelinvesting #startups #fundraising #SAFEs
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.
