Where does your city rank on the US startup leaderboard?
Here are the new definitive rankings.
And by "definitive", I mean: rankings based on total amount raised by startups using Carta from Seed thru Series C rounds. So, you know, perfect in every way π .
One caveat - for seed rounds, we include priced seeds & SAFE fundraises of $2M-$6M. Lots more activity on the SAFE side these days.
Last caveat - of course total capital raised is not the only metric that matters. You could rank by number of rounds, number of exits, number of many things. But capital does give us a sense of scale.
ππΆπ΄π΅πΉπΆπ΄π΅ππ
Bay Area took in 39% of capital across these stages, a little higher than 2024 and 5 percentage points up from 2023. The Bay is back (never left, but also back).
NYC had a good year with the traditional strength in Fintech showing out.
LA pipped Boston for the third spot! The battle for 3rd is real, with LA showing newfound power in Hardware, AI, and Consumer while Boston holds the cards in Biotech and Healthtech.
Austin is cemented in the 5th spot (which is flat from last year) BUT they have opened a pretty clear gap between Seattle in 6th. Austin is a super well-rounded ecosystem with top 5 finishes in 5 out of 7 sector segments.
The race gets more jumbled near the bottom of the top 10, but special shout out to Chicago. Real latent giant here, love to see them start climbing the ranks.
Ecosystems deserving shoutouts for sector placements:
- Miami in Fintech - Research Triangle in Biotech - Philly in Healthtech - Atlanta in Fintech - Salt Lake in AI
Support your city - and here's to your favorite geo climbing the leaderboard in 2026!
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. Β© 2026 Carta. All rights reserved. Reproduction prohibited.
