The key insight this week
Move to Miami. If you're not in New York, you're missing out. It doesn't count unless it happens in Los Angeles.
I revisited the Twitter (X?) debate around where the startup action lives this week after a few local reporters called asking about their hometowns. I wondered: if we split the data by vertical, do we get more intriguing answers than "Bay Area wins"?
Turns out, not really. Bay Area took the top spot for capital invested so far in 2023 (across Seed, Series A, and Series B rounds) in 8 of the 11 listed verticals.
It may be that Carta's client base is weighted more heavily towards Silicon Valley than startups as a whole - but overall I think the data is fairly indicative of the continued primacy of SV.
Still - lots of interesting details!
Boston has a very healthy lead in biotech, more than doubling the Bay in second place. Add in a strong showing in medical devices and it's clear where lifescience startups find their home.
Interesting to see Austin break into the top 3 in both energy and fintech. I got a chance to get granular around Austin startup data with Jason Scharf on the Austin Next podcast recently.
Healthtech seems to be the most evenly dispersed of the major verticals with 8 cities accruing over $50M invested.
For those of you wondering "where's the AI data" - it's a fair question, and we're working on it! Should have the full H1 dive into AI and its impact across startups ready in a few weeks.
If you didn't get a chance to join our recent event with Maren Bannon of January Ventures, I highly recommend the linked recording. Maren gave out a number of tactical tips for founders headed into the fall fundraising season (which we are all hoping is busier than last year).
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Peter Walker
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