It's common knowledge these days that early-stage startups are doing better than late-stage startups - in fundraising, valuations, all the metrics that matter.
That is true, but damn if the early-stage isn't taking a big hit as well.
Compared to the first 9 months of 2022, total fundraising in the first 9 months of 2023 is down 52%.
That figure is dictated primarily by the decline in the Bay Area (an exact 52% drop from a year prior) alongside a 54% drop in NYC and 58% retraction in Los Angeles.
So are any markets doing even okay?
Yes - turns out Boston, with a 19% decline from last year, is holding up by far the best of any major venture capital market. Washington, D.C. has seen the smallest total decline (just 9%) but Boston is the only market with over $1 billion invested in Seed & Series A companies AND a 20% or smaller decline.
Overall takeaway here - 2023 has been the most difficult year in venture fundraising since Carta began in 2013, especially when you take into account the whiplash from the boom times only 24 months ago.
Hug a founder and stay tuned for our full Q3 recap out early next week.
Friends @ Carta Update
Well that certainly blew up! I truly appreciate the overwhelming response to our new Friends @ Carta campaign - and apologize to those of you still waiting for a response. We are working through thousands of requests for compensation information and we're grateful for your patience.
Subscribe here if you're new to the Data Minute. Forwarding encouraged!
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.
