Our map shows the top VC into each US state, determined by number of tech companies they've funded there. The VCs on the map include Andreessen Horowitz, Foundry Group, and Bessemer Venture Partners.

Although startups based in California, New York, and Massachusetts have traditionally accounted for the majority of VC tech investment activity in the United States, VCs are spurring other hotbeds of innovation across the country.

With this in mind, we used CB Insights data to analyze the most active venture capital firm, by the number of investments into tech startups, in each US state from 2012 to 2017 year-to-date (through 5/17/17).

We based our selection on investments into unique tech companies in each state (not counting multiple rounds to the same company). We excluded debt deals, and only considered venture capital, corporate venture capital, super angel, and growth equity firms. When there was a tie across multiple VCs in one state, we used recency of deals, overall deal activity, and investor quality to select the most active tech startup investor for that state.

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There were various top VCs (aka smart money VCs) making their mark on the map. For example, Andreessen Horowitz (a16z) was the most active investor into California tech startups, Foundry Group was the most active investor into Colorado, and Bessemer Venture Partners into South Dakota. There was just one investor that was the most active VC into more than one state: smart money investor Bessemer Venture Partners was the most active investor into South Dakota and Hawaii.

From when we last conducted and published this analysis in May 2016, there have been a number of changes among the list of most active VCs. Most notably, a16z overtook SV Angel as the most active VC into California, although the two firms were still close in absolute terms. Additionally, Accomplice edged past General Catalyst Partners as the most active VC into Massachusetts.

See the infographic below. The full list of VCs featured is included at the end of this post.

Note: The most active VC into Texas, Austin Ventures, failed to raise an eleventh fund and wound down its operations. We have instead featured the next most-active VC into the state, Silverton Partners, in the map below.

Click on the image below to enlarge. 

US of VC image edited


Most Active VC By Unique Tech Investments In Each US State 2012 – 2017 YTD (5/17/17)
State Top Investor
Alabama Ballast Point Ventures
Alaska N/A
Arizona Tallwave
Arkansas FundersClub
California Andreessen Horowitz
Colorado Foundry Group
Connecticut Connecticut Innovations
DC Fortify Ventures
Delaware Leading Edge Ventures
Florida Insight Venture Partners
Georgia BIP Capital
Hawaii Bessemer Venture Partners
Idaho Epic Ventures
Illinois Pritzker Group Venture Capital
Indiana Allos Ventures
Iowa Next Level Ventures
Kansas OpenAir Equity Partners
Kentucky Chrysalis Ventures
Louisiana Energy Innovation Capital
Maine CEI Ventures
Maryland Maryland Venture Fund
Massachusetts Accomplice
Michigan Detroit Venture Partners
Minnesota Arthur Ventures
Mississippi Sterling VC
Missouri Cultivation Capital
Montana Next Frontier Capital
Nebraska Invest Nebraska
Nevada VTF Capital
New Hampshire Borealis Ventures
New Jersey Edison Partners
New Mexico Verge Fund
New York Lerer Hippeau Ventures
North Carolina IDEA Fund Partners
North Dakota Gen7 Investments
Ohio Rev1 Ventures
Oklahoma Spectrum Equity Investors
Oregon Seven Peaks Ventures
Pennsylvania Rittenhouse Ventures
Rhode Island Slater Technology Fund
South Carolina BioAdvance
South Dakota Bessemer Venture Partners
Tennessee Solidus Company
Texas Silverton Partners
Utah Kickstart Seed Fund
Vermont FreshTracks Capital
Virginia CIT GAP Funds
Washington Madrona Venture Group
West Virginia Select Venture Partners
Wisconsin HealthX Ventures
Wyoming Causeway Media Partners


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  • http://leadpages.net/ BobTheTeacher Jenkins

    Arthur Ventures (MN) and Foundry Group (CO) have been awesome partners as investors in our company, Leadpages (Avenue 81, Inc.). Thanks for putting together a great map, and showing that the startup world isn’t limited to Silicon Valley.

  • Henry Peter

    Surprised that many VC’s in silicon valley not able to dissect and identify smart entrepreneurs who can build true value based companies especially when those entrepreneurs don’t fit the usual pattern of Stanford, PhD, etc., I have had first hand experience and surprised at how they cannot filter the noise and identify good targets…

  • Conor

    These roadmaps of top investors are a solid piece of scorekeeping. Today’s chilly climate towards outside capital in the USA is smoothed out in such colorful information, you gave your readers a gift, thanks.