Building the next Silicon Valley takes many things.
Talent, obviously. Angel networks. Capital. Exits. On and on.
But one perhaps overlooked element? Time.
Across Carta companies, 63% of priced seed rounds were raised by companies outside of the Bay and NYC over the past two years. That same figure is just barely over half for Series E+ rounds.
Interesting to see the Bay Area advantage in such sharp relief even in comparison to New York. The two ecosystems are drawing more level in early-stage, but the Bay has more than triple the Series E+ share.
So, to all the startup ecosystems outside of the Valley, you got this. Just give it time.
And let's celebrate that startups really can start anywhere these days!
ICYMI, we put out some rapid preliminary data on Q4 and FY 2023 last week. 6 charts upfront, with another 8 in the downloadable addendum for the detail-oriented among you.
On a personal note: my work is about sharing insights - building trust through data.
To be clear, the data I use here and in all our Carta data reports is aggregated and anonymized in order to maintain client privacy. We will never put out any analysis in which it's possible to identify individual company information. That is a charge I take very seriously and I'm always open to feedback should you have any.
Onwards - and thank you.
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Peter Walker
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.
