What makes a great venture ecosystem? We could list a host of factors: infrastructure, institutions, networks, money…and of course, people. More people means more startups, which means more rounds being raised.
That's why accounting for population is important. While general rankings based on total cash raised or deal volume are also useful, it can sometimes feel like they're comparing apples and oranges.
This week, we looked at metro area rankings based on total cash raised per capita over the past year. Some findings, like the Bay Area's dominance, stayed the same, while others changed up quite a bit. San Francisco and San Jose—which jointly represent the Bay—take the top two spots, as expected.
After the Bay Area, quite a few metros claimed higher spots than New York, which typically ranks second in total cash raised. Notably, Austin ranks third. And Boulder and Ann Arbor, which typically don't even make the top ten, outranks New York. On the other hand, Los Angeles falls down to #9 by this methodology.
It's clear that some smaller cities are punching above their weight by building strong institutions and networks of support for their startups. Beyond California and the Northeast, great startups are emerging from many places!
Recent Episodes of The Data Minute Podcast
The Seed Existential Crisis
Peter sits down with Rob Go, founding partner of NextView Ventures, to unpack the structural shifts in early-stage venture.
The Venture Debt
Masterclass
Peter chats with Marshall Hawks, former SVB expert and author of the book Venture Debt Deals.
Subscribe here if you're new to the Data Minute. Forwarding encouraged!
Cheers,
Hamza Shad
Carta Insights
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.
