Our map shows the top VC investing in tech companies in each state, from 500 Startups in California to Lerer Hippeau in New York.
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 firm in each state. We based our selection on which VC had invested in the greatest number of tech startups located in a certain state from 2014 to 2019 YTD (8/7/2019).
We excluded debt deals and only considered venture capital, corporate venture capital, super angel, and growth equity firms. In the case 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.
The full list of VCs featured is included at the end of this post.
Please click to enlarge.
Three of our smart money VCs — top VCs according to portfolio valuations and investment outcomes — made their mark on the map: Andreessen Horowitz (California), Foundry Group (Colorado), and New Enterprise Associates (Washington, DC).
There are no repeat top investors on our map.
There have been a number of shake-ups since we last conducted this analysis in May 2019, with 7 changes in top investors. Among these, smart money VC Andreessen Horowitz supplanted 500 Startups in California, and Petra Capital Partners overtook Bessemer Ventures in South Dakota.
Investors like Lerer Hippeau Ventures (New York), Accomplice (Massachusetts), and New Enterprise Associates (DC) held their ground in these VC hotspots.
|Alabama||Alabama Futures Fund|
|Arkansas||Five Elms Capital|
|DC||New Enterprise Associates|
|Florida||DeepWork Capital (fka Fan Fund)|
|Hawaii||Black Dog Venture Partners|
|Iowa||Next Level Ventures|
|Maryland||Maryland Venture Fund|
|Michigan||Detroit Venture Partners|
|Montana||Next Frontier Capital|
|New Hampshire||Wasabi Ventures|
|New Jersey||Edison Partners|
|New Mexico||Verge Fund|
|New York||Lerer Hippeau Ventures|
|North Carolina||Cofounders Capital|
|North Dakota||Gen7 Investments|
|Oregon||Portland Seed Fund|
|Rhode Island||Slater Technology Fund|
|South Carolina||Good Growth Capital|
|South Dakota||Petra Capital Partners|
|Utah||Kickstart Seed Fund|
|Virginia||CIT GAP Funds|
|Washington||Madrona Venture Group|
|West Virginia||Select Venture Partners|
|Wyoming||Causeway Media Partners|