NYC Startups Raised $4.94 Billion in October, a Monthly Record

New York City startups raised $4.94 billion across 54 funding rounds in October, the highest monthly total on record for the city, according to AlleyWatch's latest funding index.

The figure marked a 61% jump from September and stood 254% above October 2025. Year-to-date, city startups have pulled in $27.10 billion across 677 rounds — already 42% above the full-year 2025 total, with two months still on the calendar.

Which deals drove the record?

Three giant late-stage financings did almost all the work. Ramp, the fintech company, led with a $1.85 billion Series G — the largest startup round in New York City history, according to AlleyWatch. Bloomberg reported that the financing valued Ramp at about $60 billion, with Dragoneer Investment Group and Thrive Capital leading and Founders Fund also participating.

Kalshi followed with a $1 billion Series G. The company said Sequoia Capital and Wellington Management co-led the round at a $40 billion post-money valuation. Modal Labs added $750 million in a Series D led by Accel.

Together, those three deals totaled $3.60 billion, roughly 73% of all October venture dollars in the city.

Fintech dominated the top of the market even beyond that trio:

• Five of the six rounds above $100 million went to fintech companies: Ramp, Kalshi, Whop, Valon and Capitolis.
• Those financings alone totaled $3.32 billion, or 67% of all capital raised during the month, according to AlleyWatch.

How concentrated was the money?

The month's structure was sharply top-heavy. Late-stage rounds made up just 10 of the 54 deals but absorbed 86% of total capital. The average round size climbed to $91.6 million, even as the deal count fell 28% from a year earlier.

Early-stage activity cooled at the same time. Early-stage rounds numbered 19 and raised $114.4 million. Series A deals brought in $332.6 million across 18 rounds. Series B activity slowed after a much larger September.

Investor participation reflected the split. Y Combinator backed six October rounds, the most of any investor in the period. BoxGroup supported four.

What does the record mean for the national picture?

New York captured a disproportionate share of U.S. venture capital. AlleyWatch said city startups took 23.7% of all U.S. venture dollars in October — nearly a quarter of the national total. They also drew 40% of national late-stage funding.

Those two numbers explain the month's record more than deal volume does. Fewer companies raised money than a year ago, but the ones that did raised far more, and most of that capital flowed through New York at the late stage.

The October figures cap one of the strongest fundraising stretches on record for the city. With 2026 heading into its final stretch, New York startups have already beaten last year's full-year total by 42%, and the concentration of mega-rounds in fintech suggests the city's pull on large private financings is still growing.