The borough of Manhattan has the largest number of early-stage startups in the U.S. for the first time, besting San Francisco, the longtime center of startup activity, over the 12 months ending March 31, according to data from Carta, a San Francisco-based equity management platform for startups.
There were 543 companies based in Manhattan that raised a seed or series A round between March of 2022 and March of 2023, according to Carta. During the same period, 486 San Francisco-based companies raised either of these early-stage rounds.
“Most of that is actually concentrated between Soho and Flatiron, a walkable stretch of 1.5 miles,” tweeted Shai Goldman, a New York employee for San Francisco-based financial management software firm Brex; Goldman helps build founder communities in New York.
Goldman was nodding at one of the features that has set New York apart from its competition—being a dense, culture-rich city where tech workers want to live.