U.S. seed investment is surging, but with more money going into fewer deals, it's not altogether surprising that the funding uptick isn't lifting all startup hubs equally. Crunchbase data shows that while seed capital is still flowing nationwide, it's concentrating in a familiar place: the San Francisco Bay Area. In 2025, the Bay Area expanded its dominance of U.S. seed funding ' capturing a growing share of both deals and dollars ' even as most startups remained geographically dispersed, an analysis of Crunchbase data shows. The Greater Los Angeles area and the Greater Boston area are the next-largest hubs for seed investment after the Bay Area and New York, but their share of funding at this stage, as measured by dollars, has dipped 1 or 2 percentage points each since 2024. The Bay Area and New York remain the two central hubs for U.S. startup activity. The New York area has largely held steady as a seed funding center, while the Bay Area is pulling ahead, led by heavy investment...
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