Seattle ranked third among cities for SaaS seed and Series A funding in a rolling 12-month comparison of startups using Carta, according to GeekWire’s November 5, 2024 report. The result was a sector-specific showing—not a ranking of all startup funding—and it reflects Carta platform users rather than every startup in each city.
What Seattle’s third-place ranking measured
GeekWire reported that Seattle reached No. 3 in SaaS seed and Series A funding among cities in Carta data. Peter Walker, Carta’s head of insights, said it was Seattle’s first time in the top three on a rolling 12-month basis. The result describes the period covered by the report, not Seattle’s current position.
For the four quarters from Q4 2023 through Q3 2024, GeekWire attributed these shares of SaaS funding to Carta:
| City or region | Share of SaaS funding |
|---|---|
| Bay Area | 43.6% |
| New York | 12.5% |
| Seattle | 5.4% |
| Boston | 5.3% |
| Los Angeles | 5% |
These are figures as reported by GeekWire from Carta data, not an independently verified census of venture funding across all companies.
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How Seattle’s SaaS result compared with its other funding positions
The third-place SaaS result was stronger than Seattle’s overall position in the same reporting. GeekWire said Seattle ranked fifth for total funding, with 3.9% of capital raised. Walker said it had been No. 7 on that overall list in each of the previous two years.
| Category | Seattle’s reported position |
|---|---|
| SaaS seed and Series A funding | No. 3 |
| Total funding | No. 5; 3.9% of capital raised |
| Biotech | No. 6 |
| Healthtech | No. 10 |
| Fintech | No. 10 |
| Hardware and consumer | Outside the top 10 |
The placements are not interchangeable: SaaS is one sector, while the overall figure covers total capital raised. GeekWire did not publish a complete city ranking table in the report.
Why Seattle may be well positioned—and what the report establishes
GeekWire pointed to Seattle’s software and AI activity, including Microsoft and Amazon and the region’s AI talent, as ecosystem context. It also relayed a SignalFire figure saying Seattle had 23% of all AI engineers in the United States. The report does not establish that AI talent or cloud infrastructure caused Seattle’s funding position, and it does not provide enough information to assess the underlying SignalFire estimate independently.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the Carta-based comparison leaves out
The ranking covers startups using Carta’s equity management platform. It therefore should not be read as a complete accounting of funding for every startup in Seattle or the other places compared. A platform-based sample can differ from a full market census.
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Quick Recap
Source: Taylor Soper, GeekWire, November 5, 2024.
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