How did your sector stack up for Series A funding over the past year?
Data below is from 1,095 Series A rounds raised by US startups on Carta over that last 12 months.
We excluded all the messy bridges and extensions, just primary rounds.
X-Axis = the median round size for the sector
Y-Axis = the median pre-money valuation of rounds in the sector
Bubble Size = total number of rounds
𝗡𝗼𝘁𝗲 𝗼𝗻 𝘁𝗵𝗲 𝗔𝗜 𝗯𝘂𝗯𝗯𝗹𝗲
AI is involved in every single one of these sectors, but folks talk about it as its own thing so we also split it out. The orange-yellow AI bubble is representative of the median valuation / round size if you treated AI software companies as a separate industry. The size is not quite right (there are more AI companies than that)
𝗧𝗵𝗲 𝗔𝗻𝗶𝗺𝗮𝘁𝗲𝗱 𝗛𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝘀
Health is a big sector but widely varied. Investors were fairly bullish on Biotech and Healthtech but Medical Devices lagged behind.
Deep Tech (which includes Hardware, Biotech, Renewables, Semiconductors, Logistics, and more) was a growing theme at Series A. Capital for physical things is on the rise.
Certain sectors like Personal Products, Media, Food, and Med Devices are raising much smaller rounds at the A than other industries. Could be a good thing (capital efficiency) or a negative one (lack of interest).
The bubbles at this stage have more widely varied implied dilution. 20% is still the median for most of these rounds but deals are getting done with 10% dilution and 30% dilution. Demand matters!
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