Real data on how startup industries compare for Series A - valuations, cash raised, and number of rounds.
All data from 905 Series A rounds raised from Apr 2023 thru Mar 2024. Primary rounds only, US rounds only. Industries had to have 10 separate raises to be included.
A note on AI - if you tracked it as a separate industry, it would be near the top of every list. But it exists within many of these categories as well.
𝗔𝗰𝘁𝗶𝘃𝗶𝘁𝘆 (𝗻𝘂𝗺𝗯𝗲𝗿 𝗼𝗳 𝗿𝗼𝘂𝗻𝗱𝘀) 1) SaaS 2) Healthtech 3) Biotech 4) Fintech 5) Data Analytics
Interesting movement here from Healthtech in particular, which usually hovers around the fourth spot but was second over this timeframe. Fintech took a real dip, as did Web3. Personal Products and DTC Retail continue to have weak activity at this stage.
𝗣𝗿𝗲-𝗠𝗼𝗻𝗲𝘆 𝗩𝗮𝗹𝘂𝗮𝘁𝗶𝗼𝗻 (𝗺𝗲𝗱𝗶𝗮𝗻) 1) Proptech 2) Web3 3) Media 4) Renewables 5) Hardware
The top 3 spots are high vals, yes, but on very low volume (which suggests only the best companies in that space are getting funded). The strong showings from Hardware and Cybersecurity seem more solid given the level of activity paired with high median valuations.
𝗖𝗮𝘀𝗵 𝗥𝗮𝗶𝘀𝗲𝗱 (𝗺𝗲𝗱𝗶𝗮𝗻) 1) Renewables 2) Proptech 3) Media 4) Biotech 5) Hardware
Again, few surprises here (other than Media - not sure why that would be capital intensive!) The round sizes are mostly dictated by dilution and allocation needed by funds given the valuations decided upon earlier.
Hope this helps - share with a fundraising founder. Overall, Series A has been a real chokepoint in the venture fundraising landscape over the past 12 months and 2024 did not begin on a high note. Hopeful for the back half of the year.
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