Most startups, including funded startups, seem to pay significantly lower than established tech companies in this area. My anecdotal experience certainly fits that. The last time I was job searching the highest offer I got from a startup was $130k plus a hiring bonus and laughable equity with poor benefits, while the young company (IPO within the previous four years) I accepted an offer from came in at well over 20% more than that all-in.

I think startups undercompensate and more or less target lottery-equity chasers.