Which seed-stage sectors did VCs love in 2024?
Data below shows a breakout of 1,300+ primary seed-stage rounds on Carta (US companies only, sorry international folks).
Quick guide on reading the chart:
The X-axis is median pre-money valuation
The Y-axis is median cash raised
The bubble size relates to the total number of rounds
The two AI categories, Digital AI and Physical AI, are aggregated from many different industries. So you can have an AI cybersecurity company or and AI hardware company.
𝗛𝗲𝗮𝗱𝗹𝗶𝗻𝗲𝘀 𝗶𝗻 𝟮𝟬𝟮𝟰
1. Seed stage was full of AI.
2. Physical AI companies (those building AI into physical products) were less common than Digital AI companies, but more highly valued on a median basis.
3. Good year for Cybersecurity, Hardware, Renewables (the bright green bubble inside of SaaS).
4. Not so good year for DTC Retail, Food, and Personal Products.
5. About 40% of seed deals on Carta this year were done on SAFEs (counting any SAFE deal that raised over $2M in this data set).
6. Crypto not shown on the map but it had a solid comeback in the latter half of the year and would be around the Transport bubble.
7. About 65% of seed deals done on Carta this year went to companies who had previously raised capital (pre-seed or angel).
8. Total seed investment looks to be about 4% behind 2023, on slightly fewer rounds.
Good year - but we're all ready for 2025 to be better.
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More year end wrap up graphics out all this week and next on this feed!
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