The short answer
The Zalarma database has 12,677 US startup investor records listing Series A; 3,427 have a state outside California, New York and Massachusetts. Texas leads with 481, then Illinois (382) and Florida (359) (Zalarma investor database, as of 2026-11-01).
- 3,427 Series A investor records are outside CA, NY and MA.
- Texas (481), Illinois (382) and Florida (359) lead.
- Venture firms dominate: 11,331 of 12,677 Series A records.
- Regional A rounds have a regional, national or sector-specialist lead.
- Meet Series A firms during your seed and send quarterly updates.
The Series A is where many regional companies feel the pull to move to the coasts. Pre-seed and seed can be raised from local angels and regional funds, the thinking goes, but the A requires Sand Hill Road or Manhattan. Our data says the picture is more mixed. The Zalarma database has 12,677 US startup investor records that list Series A, and 3,427 of them have a known state outside California, New York and Massachusetts (Zalarma investor database, as of 2026-11-01).
Where Series A investors are
| State | Records listing Series A | Records listing seed |
|---|---|---|
| Texas | 481 | 811 |
| Illinois | 382 | 592 |
| Florida | 359 | 610 |
| Washington | 291 | 540 |
| Pennsylvania | 187 | 305 |
| Washington, DC | 184 | 306 |
| Colorado | 156 | 335 |
| Utah | 142 | 238 |
| North Carolina | 120 | 257 |
| Connecticut | 116 | 174 |
| Georgia | 101 | 229 |
| Ohio | 90 | 177 |
Texas leads with 481 Series A records, then Illinois (382), Florida (359) and Washington (291). Pennsylvania, DC, Colorado, Utah, North Carolina, Connecticut and Georgia each have more than 100. For comparison, California has 4,950 and New York 2,570.
Who writes Series A checks
Venture firms dominate this stage: 11,331 of the 12,677 Series A records are venture firms and partners, against 1,449 angels. Corporate VCs (262) matter more here than at earlier stages. Check sizes shift up: 3,269 Series A records list $1M or more. Note that many investors who list Series A participate rather than lead; a $6M round might have one lead writing most of it and several smaller participants.
Firms with Series A investors outside the coasts
Firms with the most Series A investors listed outside California, New York and Massachusetts include Alliance of Angels (35 listed), VentureSouth (25), Moving Capital (21), Florida Funders (18), Plexus Capital (18), Cultivation Capital (16) in St. Louis, Baird Capital (14) in Chicago, Pelion Venture Partners (14) in Utah, Hatteras Venture Partners (13) in North Carolina and Ben Franklin Technology Partners of Southeastern Pennsylvania (13). Angel networks on that list typically participate in A rounds rather than lead them.
What a regional Series A usually looks like
Outside the coasts, Series A rounds commonly take one of three shapes:
- A regional lead. A firm in Texas, Chicago, Utah or the Southeast leads, with existing seed investors and a few new participants. Common when the company has strong revenue and a regional customer base.
- A coastal or national lead with regional insiders. A national fund leads, and the company's local seed investors take their pro rata. Common for companies with national ambitions.
- A sector specialist lead. A health, fintech, climate or industrial specialist leads regardless of geography.
In all three, your existing local investors matter. Insiders who take their pro rata and vouch for you make a new lead's decision easier.
How to prepare from seed
- Know the bar. Ask Series A investors in your sector what metrics they look for. Do it during your seed, not when you need the money.
- Build relationships early. Meet five to ten Series A firms in the year before you raise, regional and national. Send them short quarterly updates.
- Keep your cap table clean. A messy seed round with unusual terms slows an A. See the term sheet guide.
- Use your seed investors for introductions. Regional seed funds often have long co-investment relationships with Series A firms.
- Raise when the numbers are clearly there. A regional company with strong metrics can often run a competitive process with national funds by video, without moving.
Do you need to move?
Usually not. Many national Series A investors back companies outside their home city, and a strong team in a lower-cost market can be a selling point: capital goes further, and retention can be better. What you need is a lead who believes in the market and the plan. Our guide to coastal fundraising trips covers when travel helps.
A hypothetical Series A
A hypothetical Nashville health services software company with $3M in annual recurring revenue might raise a $10M Series A led by a national health specialist fund, with its Nashville seed fund and a Southeast growth investor participating. The local seed investors make the introduction, vouch for the team and take their pro rata. The company stays in Nashville, close to its customers.
Browse the Series A investors page, or ask us to hand-pick five investors who fit your next round.
How we counted
Counts are records in the Zalarma investor database tagged as startup investors with a US location, as of 2026-11-01. A record is a person or a firm, and one record can list several stages, sectors and check sizes, so columns do not add up to the total. Shares use only records where that field is known. We never publish a count under 10; a dash means fewer than 10. Firm counts are shown only when 10 or more. More on sources in our data.
Frequently asked questions
Can you raise a Series A outside Silicon Valley?
Yes. 3,427 US Series A investor records in our data are outside California, New York and Massachusetts, and many national funds lead rounds anywhere.
Which states have the most Series A investors outside the coasts?
Texas (481 records), Illinois (382), Florida (359) and Washington (291).
Do I need to move to raise a Series A?
Usually not. A lead who believes in your market and plan matters more than your location.
When should I start talking to Series A investors?
During your seed round, about a year before you raise, with short quarterly updates.