State of Texas Startups & Venture: The Texas Seed Report, Presented by Carta
Texas Venture Gala & Forum 2026 Panel, “State of Texas Startups & Venture: The Texas Seed Report, Presented by Carta”; moderated by Orrick, Herrington, & Sutcliffe’s Partner, Montana Ware
The panel featured ClutchVC General Partner Rajiv Bala and S3 Ventures General Partner Aaron Perman, who discussed findings from the Texas Seed Report and current trends shaping Texas’ startup and venture capital landscape. Read more about the report here.
Clutch VC is an Austin-based, Texas-focused venture capital firm that leads pre-seed and seed rounds for B2B software companies, typically investing between $500,000 and $2 million. They’re one of Texas’s most experienced seed-focused investors, with more than 40 years of combined operating and investing experience.
Founded in Austin in 2005, S3 Ventures invests nationwide in business and healthcare technology companies from seed through Series B. It is the largest Texas-native venture capital firm, with more than $1 billion under management; its 75-plus portfolio companies have raised over $3.5 billion, while more than 35 exits have collectively been valued above $3 billion.
Aaron Perman, partner at S3 Ventures connecting with William Steele, founder of harva, and our Texas Venture Startup of the Year 2025.
The conversation examined how Texas compares with other venture markets and where opportunities remain to strengthen investment within the state. Panelists highlighted defense technology, aerospace, and B2B technology as active sectors while discussing the importance of increasing exposure to venture investing and keeping more capital connected to Texas companies.
Thanks to Texas Venture Gala & Forum partners Carta and Orrick for support in showcasing the Texas venture landscape:
Orrick is a global law firm serving technology, venture capital, life sciences, energy, infrastructure and financial-sector clients throughout the company lifecycle. PitchBook ranked Orrick third globally, fourth in the United States and first in Europe for venture-capital deal work in the first quarter of 2026, when the firm helped clients raise more than $40 billion.
Carta is a global private-capital platform that helps companies, investors and funds manage ownership, capitalization tables, equity compensation, valuations and fund administration. It serves more than 50,000 companies and 9,000 funds and SPVs, with over $4.5 trillion in assets on its platform and $220 billion under administration.
This Texas Venture Gala & Forum panel recap was made possible by our Editorial Partner, Texas State University. Their McCoy College of Business Center for Student Entrepreneurship program exists to prepare the next generation of founders to build ventures that matter. Learn more about their innovation and commercialization here. Check out the entire Texas Venture Gala & Forum 2026 recap here.
