Series A fundraising map: what should you know today before your raise?
These bubble plots show all 3 of the key benchmarks for startup fundraising: cash raised, valuation, and volume, courtesy of Carta data.
A few highlights:
There's a gap of $7 million between the lowest median cash for an industry (Ad Tech) and the highest (Biotech).
There's a much wider gap of $27 million between Medical Device valuations and Fintech valuations.
Investors seem to have stuck to traditional startup industries (led by SaaS per usual) last year - I'd expect more of that in 2023 until the gloom lifts across VC as a whole.
More importantly - a median across all industries can hide key distinctions! These industries have different capital needs, different average headcount, and widely varied definitions of product-market fit.
Perhaps the most crucial point of this chart, however, is the bubble size. It's clear that SaaS is a business model and industry that gives founders access to the greatest breadth of potential investors. Founders building in Edtech or Gaming need to be laser-focused on specific investors since far fewer of these rounds will actually come to pass.
More fundraising maps or should we pivot into more comp data as the week goes on?
Shoutout to Hans Rosling, whose work I think of every time a bubble chart passes into view. Worth watching his Ted Talk on the most fascinating stats you've never seen: https://lnkd.in/g3iVHRtU
#cartadata #vc #startups
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.
