Data from Series A fundraising across the US may surprise you.
Is Boston riding out this VC winter best?
Chart below shows the percent difference (from Q1 2022) in median pre-money valuations (orange) and total invested capital (black).
Obviously, given everything else going on, you would have expected both the orange and black lines to have fallen in each of our 5 chosen areas. And they mostly have - but the differences are pretty stark.
In SF, valuations are down about 30% but invested capital is down 78%. Ouch. Still more investment happening here than in any other area but the drop has been steep.
New York
Largest gap between the valuation decline and invested capital decline. Does this mean NY will see Series A vals fall further?
San Jose (Silicon Valley, really)
Only area where valuations are just a bit above Q1 2022 for Series A. Lots of AI influence here.
Boston
The area where invested capital and valuations have moved basically in lockstep - and are quite healthy, all things considered
Los Angeles
Valuation decline has actually outpaced investment decline in this area. Fairly unique pattern.
If valuations at this early stage are driven in large part by capital flows, we may see valuations decline further for SF, NY, and San Jose. Could be wrong here though, would love your thoughts on where Series As are headed over the rest of 2023.
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#cartadata #SeriesA #valuations #fundraising #startups #founders
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