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US SERIES-A FUNDRAISING MAP BY INDUSTRY

  • Writer: Fernanda Bezerril
    Fernanda Bezerril
  • Jul 3
  • 1 min read

What Series A Data in the U.S. Tells Us About Sector Trends


Based on 1,095 Series A rounds raised over the past 12 months by U.S. startups on the Carta platform (only primary rounds, excluding bridges and extensions), clear shifts are emerging in investor appetite by sector — offering valuable signals for founders and capital allocators alike.


Scatter plot on a dark background titled “US Series A Fundraising Map by Industry.” Shows technology industries in the United States based on fundraising data (Series A), distributed across two axes: Horizontal axis: median round size, ranging from US$5 million to US$17 million. Vertical axis: median pre-money valuation, ranging from US$ 25 million to US$ 60 million. Each sector is represented by a circle, whose size indicates the number of companies analyzed. The most prominent areas are: AI Software Companies: largest group, with 273 companies, average valuation of ~$50 million, and average round of ~$10 million. Biotech: 109 companies, with one of the highest average rounds (~$15 million), but lower valuation (~$35 million). Healthtech: 123 companies, around $43 million valuation and $10 million round. SaaS: 274 companies, close to the overall average. Web3, Cybersecurity, Edtech, Fintech, Proptech, Renewables, Media, Hardware, HR, Analytics, and other sectors appear in smaller bubbles. The overall medians are marked by dotted lines: Average valuation: $43 million Average round: $11 million Source: Carta.

Here are three key takeaways:


  1. AI is everywhere — and also its own categoryWhile AI shows up across nearly every sector, companies classified as AI-first stood out with median valuations and round sizes so significant that they form a category of their own. Even if underestimated in volume, the message is clear: AI remains the dominant driver of capital and attention.


  2. Health and Deep Tech in focus, with nuancesHealthcare remains strong — particularly healthtech and biotech — while medical devices saw reduced traction. Meanwhile, the broader Deep Tech cluster (including hardware, biotechnology, logistics, semiconductors, and energy) is gaining momentum.


  3. Smaller rounds and less-hyped sectorsSectors like personal care, media, food, and medical devices are raising smaller Series A rounds. This may reflect capital efficiency in some cases — or lower investor interest in others. As always, it depends on the thesis.


Deal structure and dilution are more variable than ever

Although average dilution remains close to 20%, rounds are ranging from as low as 10% to as high as 30%. In a more selective market, investor demand directly influences pricing and deal terms.





By DealMaker Insights | DealMaker

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