Carta specialists analyzed all the facts of attracting investments that were formalized with the help of SAFE or convertible bonds.
We are talking about investments that took place before any significant venture rounds. That is, the sample includes both pre-seed and later seed.
According to Carta, in 2023, 34.6% of all pre-seed funding rounds went to Bay Area companies. However, the picture changes slightly if we look at the deals themselves and their number rather than the capital. Small angel rounds of less than $1 million have become much more dispersed across the US geography.
