Despite recent challenges, venture capital firms are still seeking out investment opportunities across the country. Since our last analysis of most active VCs in January 2020, we've seen shake-ups across 10 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.
The Covid-19 pandemic put a dent in VC deal activity during Q1’20, while investors cut fewer but larger checks, with funding up 14% quarter-over-quarter.
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.
We based our selection on which VC had made equity investments in the greatest number of tech startups located in a certain state from 2015 to 2020 YTD (6/16/2020). In 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.
Please click to enlarge.
Three of our Smart Money VCs — top VCs according to portfolio valuations and investment outcomes — made their marks on the map: Andreessen Horowitz (California), New Enterprise Associates (Washington DC), and Bessemer Venture Partners (Idaho).
M25 Group is the only repeat investor on our map, leading in tech investments in both Illinois and Nebraska.
There have been a number of shake-ups since we last conducted this analysis in January 2020, with 10 changes in top investors. Among these, M25 Group supplanted Chicago Ventures in Illinois, Matrix Partners overtook CRV in New Hampshire, and Poplar Ventures bumped M25 Group from the top spot in Kentucky.
Andreessen Horowitz (California), Lerer Hippeau Ventures (New York), Accomplice (Massachusetts), and New Enterprise Associates (Washington DC) held their ground in these VC hotspots.
|Alabama||Alabama Futures Fund|
|Arkansas||Five Elms Capital|
|DC||New Enterprise Associates|
|Hawaii||Kearny Venture Partners|
|Idaho||Bessemer Venture Partners|
|Iowa||Next Level Ventures|
|Maine||Maine Venture Fund|
|Maryland||TCP Venture Capital|
|Michigan||Detroit Venture Partners|
|Montana||Next Frontier Capital|
|New Hampshire||Matrix Partners|
|New Jersey||Newark Venture Partners|
|New Mexico||Cottonwood Technology 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|
|Utah||Kickstart Seed Fund|
|Virginia||CIT GAP Funds|
|Washington||Madrona Venture Group|
|West Virginia||Select 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