Founders raising Series A in 2025 - here's how your sector stacked up in 2024.
Data covers 775 primary Series A rounds raised by US startups using Carta. No bridge/extension figures, no convertible notes or SAFEs.
We split SaaS into AI and Non-AI because the medians are so distinct, but of course you can find AI startups in nearly every sector listed.
So which sector did "best"? Depends on your metric of choice.
๐ ๐ผ๐๐ ๐๐๐ป๐ฑ๐ฟ๐ฎ๐ถ๐๐ถ๐ป๐ด ๐๐ฐ๐๐ถ๐๐ถ๐๐
1) SaaS (AI and non-AI combined)
2) Biotech
3) Healthtech
4) Fintech
5) Renewables (first top 5 finish in a long time)
๐๐ถ๐ด๐ต๐ฒ๐๐ ๐ ๐ฒ๐ฑ๐ถ๐ฎ๐ป ๐ฉ๐ฎ๐น๐๐ฎ๐๐ถ๐ผ๐ป๐
1) AI SaaS
2) Transportation
3) Media (on very few deals)
4) Renewables
5) Marketplaces
๐๐ถ๐ด๐ต๐ฒ๐๐ ๐ ๐ฒ๐ฑ๐ถ๐ฎ๐ป ๐๐ฎ๐๐ต ๐ฅ๐ฎ๐ถ๐๐ฒ๐ฑ
1) Renewables
2) AI SaaS
3) Cybersecurity
4) Hardware
5) Adtech
Total Series A fundraises were down about 10% from 2023 (though the gap will shrink as the last bits of data come in for 2024). All in all, a tricky year to get from Seed to Series A as investors digested the shift in velocity for underlying performance metrics (or got swamped by AI hype, take your pick).
Here's to the founders making it happen in 2025! Share with a founder friend ๐
150+ slides of insights from Carta due out Dec 30th - subscribe at the link in graphic to reserve your copy of the data deck!
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Peter Walker
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