Despite recent challenges, venture capital firms are still seeking out investment opportunities across the country. Since our last analysis of most active VCs in June 2020, we've seen shake-ups across 6 states. Our graphic maps out the most active VC investor in every US state.
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.
In Q3’20, VC investments to US-based companies hit a 7-quarter high — the second-highest quarterly funding record — despite uncertainty brought on by the Covid-19 pandemic. And the rebound hasn’t been limited to VC firms — big tech saw a second consecutive record quarter for investments in Q3’20.
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, 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.
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) and New Enterprise Associates (Washington DC). Since our last update, Bessemer Venture Partners has been replaced by Epic Ventures in Idaho.
M25 is the only repeat investor on our map, leading in tech investments in Illinois, Michigan, and Nebraska.
There have been a few shake-ups since we last conducted this analysis in June 2020, with 6 changes in top investors.
Meanwhile, Andreessen Horowitz (California), Lerer Hippeau Ventures (New York), Accomplice (Massachusetts), and New Enterprise Associates (Washington DC) held their ground in these VC hotspots.
Alabama Futures Fund
Five Elms Capital
New Enterprise Associates
Leading Edge Ventures
Kearny Venture Partners
Next Level Ventures
Maine Venture Fund
TCP Venture Capital
Next Frontier Capital
|New Hampshire||Matrix Partners|
Newark Venture Partners
Cottonwood Technology Fund
Lerer Hippeau Ventures
Portland Seed Fund
Slater Technology Fund
Good Growth Capital
|Virginia||CIT GAP Funds|
Madrona Venture Group
Second Century Ventures
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