Founders: if you're raising a seed round, our data can help.
The chart below maps out dozens of startup industries for priced equity seed rounds. All the data comes from Carta companies who raised rounds in the first half of 2023. US only.
If your industry is not shown, it's likely because there just weren't enough rounds to visualize the medians. Apologies!
X-Axis: the median pre-money valuation by industry Y-Axis: the median cash raised per round Bubble Size: the number of rounds raised in the industry
A few takeaways:
Investors assigned higher valuations to Gaming, Biotech, and Hardware startups, while giving lower vals to Food and Apparel companies.
More rounds happened in B2B SaaS, Healthtech, and Fintech (as usual). Strong showing from Cybersecurity and Data Analytics over these 6 months, likely driven in part by AI stories in those sectors.
Strong round sizes for Renewable Energy and ERP/HR, not so much for Real Estate.
Hope this helps you walk into those conversations with a VC armed with up-to-date knowledge of the market. If you crave more data like this, we just released our State of Private Markets Report for Q2 this morning. You can find it in your closest Google search bar, "Carta Q2 Private Markets"
Happy fundraising!
#cartadata #seed #fundraising #founders #startups #valuations
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.
