Venture capital funding in the US continues to break records. We map out the most active VC investor in every US state. Since our last analysis in January 2021, we've seen shake-ups across 7 states.
Despite the global pandemic, VC funding to US-based companies has thrived, hitting a new high in 2020. This momentum has continued into 2021, with Q1’21 breaking a quarterly funding record with over $62B, up 117% year-over-year.
Although startups based in California, New York, and Massachusetts have traditionally accounted for the majority of VC tech investment in the US, VCs are spurring other hotbeds of innovation across the country.
Using CB Insights data, we analyzed the most active venture capital firms investing in tech startups in every US state.
See the full list of VCs at the end of this post.
Our analysis looks at the most active VC in each US state plus Washington DC, based on unique equity investments to tech startups located in that state. In cases of a tie, we used recency of deals, overall deal activity, and investor quality to select the most active tech startup investor for that state. Mississippi-based companies had no VC investors meeting our criteria.
Please click to enlarge.
Two of our Smart Money VCs — top VCs according to portfolio valuations and investment outcomes — made their marks on the map: Andreessen Horowitz (California, Idaho) and New Enterprise Associates (Washington DC).
Three investors appear multiple times on our map. Andreessen Horowitz is the top investor in California and Idaho. In the Midwest, M25 leads in Illinois and Nebraska. And in the Southwest, Kickstart Fund is the top VC investor in New Mexico and Utah.
There have been a few shake-ups since we last conducted this analysis in January 2021, with 7 changes in top investors. Meanwhile, Andreessen Horowitz (California), Lerer Hippeau Ventures (New York), Accomplice (Massachusetts), and New Enterprise Associates (DC) held their ground in these VC hotspots.
| State | Top Investor |
|---|---|
| Alabama | Alabama Futures Fund |
| Alaska | Factor(e) Ventures |
| Arizona | The Arizona Founders Fund |
| Arkansas | Revolution Rise Of The Rest Seed Fund |
| California | Andreessen Horowitz |
| Colorado | Foundry Group |
| Connecticut | Connecticut Innovations |
| DC | New Enterprise Associates |
| Delaware | Titan Capital |
| Florida | Florida Funders |
| Georgia | BIP Capital |
| Hawaii | Kearny Venture Partners |
| Idaho | Andreessen Horowitz |
| Illinois | M25 |
| Indiana | High Alpha |
| Iowa | Next Level Ventures |
| Kansas | KCRise |
| Kentucky | Poplar Ventures |
| Louisiana | Innovation Catalyst |
| Maine | Maine Venture Fund |
| Maryland | Blu Venture Investors |
| Massachusetts | Accomplice |
| Michigan | Detroit Venture Partners |
| Minnesota | Matchstick Ventures |
| Missouri | Cultivation Capital |
| Montana | Next Frontier Capital |
| Nebraska | M25 |
| Nevada | SeventySix Capital |
| New Hampshire | CRV |
| New Jersey | Newark Venture Partners |
| New Mexico | Kickstart Fund |
| New York | Lerer Hippeau Ventures |
| North Carolina | Cofounders Capital |
| North Dakota | Gen7 Investments |
| Ohio | Rev1 Ventures |
| Oklahoma | Greycroft |
| Oregon | Portland Seed Fund |
| Pennsylvania | Birchmere Ventures |
| Rhode Island | Slater Technology Fund |
| South Carolina | Good Growth Capital |
| South Dakota | ClearSky |
| Tennessee | Innova Memphis |
| Texas | Silverton Partners |
| Utah | Kickstart Fund |
| Vermont | FreshTracks Capital |
| Virginia | CIT GAP Funds |
| Washington | Madrona Venture Group |
| West Virginia | Second Century Ventures |
| Wisconsin | Winnebago Capital Partners |
| Wyoming | Omega Venture Partners |
This report was created with data from CB Insights’ emerging technology insights platform, which offers clarity into emerging tech and new business strategies through tools like:
- Earnings Transcripts Search Engine & Analytics to get an information edge on competitors’ and incumbents’ strategies
- Patent Analytics to see where innovation is happening next
- Company Mosaic Scores to evaluate startup health, based on our National Science Foundation-backed algorithm
- Business Relationships to quickly see a company’s competitors, partners, and more
- Market Sizing Tools to visualize market growth and spot the next big opportunity