Shenzhen closed 155 rounds, up from 75. Seattle closed 116, down from 141
Rounds with a disclosed amount, by size, January to September: 2025 and 2026. Seattle, which also tripled its VC, for comparison
Shenzhen 75 → 155 rounds
Startupunder $15M
4398
Breakout$15–100M
2830
Scaleup$100M and up
427
Beijing 87 → 124 rounds
Startupunder $15M
4352
Breakout$15–100M
3643
Scaleup$100M and up
829
Shanghai 99 → 140 rounds
Startupunder $15M
5564
Breakout$15–100M
3154
Scaleup$100M and up
1322
Seattle 141 → 116 rounds
Startupunder $15M
8370
Breakout$15–100M
4531
Scaleup$100M and up
1315