Lesson learned - people do not think about location by "counties".
Appreciate the feedback here (and privately) about some recent analysis that looked at startup investment by US county. Turns out, most people don't think about location in that geographic unit!
Here's another attempt. This chart uses MSA (Metropolitan Statistical Area) as the basis for comparison.
After a little weekend work, we should be able to produce insights across all 380 or so of these MSAs moving forward 🙏 so ask your questions, if you have any.
As expected, SF-Oakland-Berkeley takes the top spot in terms of venture rounds and investment. Outperforms on almost every measure, especially since it is only the 13th most populous MSA in the country.
Much more location-specific data to come, but let me know if we should think about organizing in other geo ways as well.
#cartadata #geography #counties #MSAs #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.
