New York startups raised $4.94B across 54 rounds in October, the largest month for startup funding in NYC history. Capital is up 61% from September and 254% above October 2025. Ramp’s $1.85B Series G was the largest startup funding round in New York City history, and with Kalshi’s $1B and Modal’s $750M it brought the top three to $3.60B, or 73% of the month. The 2026 total now stands at $27.10B across 677 rounds, 42% above the full-year 2025 total of $19.11B with two months still to go.
- The largest month and the largest round ever. October tops June 2026 ($4.69B) and March 2021 ($4.67B) as the largest months on record. Ramp’s $1.85B Series G passes Articulate’s $1.5B in 2021 as the biggest startup round in New York City history.
- Repeat raisers. Ramp has raised $2.60B this year across two rounds, adding to its $750M in June. Kalshi raised $1B in March and another $1B in October.
- Three rounds, 73% of the month. Ramp, Kalshi and Modal raised $3.60B between them. The other 51 rounds totaled $1.34B.
- Fintech set the pace. Five of the six rounds of $100M or more went to fintech companies: Ramp, Kalshi, Whop, Valon and Capitolis. Together they raised $3.32B, 67% of October capital.
- Late-Stage took 86% of capital on 10 rounds, up from 59% in September. Series B capital fell from $771M to $228.2M.
- Fewer, bigger deals. 54 rounds is 28% below last October, yet the average round reached $91.6M, up from $52.8M in September.
- Early-Stage cooled. Rounds fell from 26 to 19 and capital from $181.6M to $114.4M. Y Combinator backed six October rounds and BoxGroup four, the most of any investors.
- New York held a large share of the nation. NYC companies took 23.7% of US venture capital and 40% of US Late-Stage dollars.
+254% vs. Oct 2025
-28% vs. Oct 2025
+392% vs. Oct 2025
+42% vs. full-year 2025
Trailing 12 Months
| Month | Capital | Rounds |
|---|---|---|
| Nov 2025 | $1.30B | 51 |
| Dec 2025 | $2.05B | 74 |
| Jan 2026 | $1.30B | 77 |
| Feb 2026 | $2.53B | 75 |
| Mar 2026 | $3.73B | 94 |
| Apr 2026 | $1.91B | 73 |
| May 2026 | $2.27B | 80 |
| Jun 2026 | $4.69B | 80 |
| Jul 2026 | $1.82B | 52 |
| Aug 2026 | $837.9M | 34 |
| Sep 2026 | $3.06B | 58 |
| Oct 2026 | $4.94B | 54 |
Funding by Stage
| Stage | Rounds | Capital | Share | Median Round |
|---|---|---|---|---|
| Early-Stage | 19 | $114.4M | 2.3% | $4.6M |
| Series A | 18 | $332.6M | 6.7% | $15M |
| Series B | 7 | $228.2M | 4.6% | $23M |
| Late-Stage | 10 | $4.27B | 86.3% | $135M |
| Total | 54 | $4.94B | 100.0% | $14.1M |
Top 10 Rounds
| # | Company | Amount | Stage |
|---|---|---|---|
| 1 | Ramp | $1.85B | Late-Stage |
| 2 | Kalshi | $1.00B | Late-Stage |
| 3 | Modal Labs | $750M | Late-Stage |
| 4 | Whop | $200M | Late-Stage |
| 5 | Valon | $150M | Late-Stage |
| 6 | Capitolis | $120M | Late-Stage |
| 7 | TriGemX Bio | $94M | Late-Stage |
| 8 | North.cloud | $60M | Series B |
| 9 | Daytona | $60M | Series B |
| 10 | Stuut | $52.5M | Series B |
The Month in Detail
Late-Stage: 10 rounds, $4.27B
Ramp raised $1.85B in a Series G led by Dragoneer and Thrive Capital, the largest startup round in New York City history and ahead of Articulate’s $1.5B in 2021, and Kalshi closed a $1B Series G co-led by Sequoia Capital and Wellington Management. Modal Labs added a $750M Series D led by Accel. Whop ($200M Series D), Valon ($150M Series D) and Capitolis ($120M Series E) followed, with TriGemX Bio ($94M, to advance a Phase 3 migraine program), Opentrons ($40M Series E), Coast ($35M) and Allara ($30M) rounding out the stage.
Series B: 7 rounds, $228.2M
Daytona and North.cloud each raised $60M, followed by Stuut ($52.5M), Brellium ($23M), iVerify ($17M), Clasp ($13.2M) and TRUE ($2.5M). September’s Series B total was $771M across 9 rounds, so the stage came back to earth after a run of large raises.
Series A: 18 rounds, $332.6M
Series A added rounds and dollars, up from 13 rounds and $310.1M in September. Ultra ($50M) and Hyphenate ($45M) led, followed by Wally Health and Qualitate at $25M each. Melius, Prism Data and Firefly each raised $20M.
Early-Stage: 19 rounds, $114.4M
Scuba’s $34M seed was the largest early round, ahead of Evos ($9M pre-seed), ShareWillow ($8.5M) and Othello ($8M). The median Early-Stage round was $4.6M.
NYC vs. US: October 2026
| Metric | NYC | US | NYC Share |
|---|---|---|---|
| Capital Raised | $4.94B | $20.83B | 23.7% |
| Rounds | 54 | 563 | 9.6% |
| Average Round | $91.6M | $37.0M | |
| Change vs. Oct 2025 (capital) | +254% | +71% | |
| Change vs. Sep 2026 (capital) | +61% | -25% |
By Stage
| Stage | NYC Rounds | US Rounds | NYC Share | NYC Capital | US Capital | NYC Share |
|---|---|---|---|---|---|---|
| Early-Stage | 19 | 341 | 5.6% | $114.4M | $1.98B | 5.8% |
| Series A | 18 | 121 | 14.9% | $332.6M | $5.11B | 6.5% |
| Series B | 7 | 50 | 14.0% | $228.2M | $2.98B | 7.7% |
| Late-Stage | 10 | 51 | 19.6% | $4.27B | $10.77B | 39.6% |
| Total | 54 | 563 | 9.6% | $4.94B | $20.83B | 23.7% |
Looking Ahead
With two months left, 2026 already stands $7.99B above the full-year 2025 total. October’s total will move as late-reported rounds reach the index, and November will show whether rounds of this size keep arriving or whether the month was an outlier. Explore every round at the AlleyWatch funding index.
Methodology
Data comes from AlleyWatch’s proprietary NYC funding index, with US figures from its national dataset. Corporate rounds, private equity and debt are excluded. Stages are grouped as Early-Stage (Pre-Seed, Seed, Angel, Accelerator and Incubator), Series A, Series B and Late-Stage (Series C and later). Year-over-year and month-over-month comparisons use previously published totals.
