Our map infographic shows the top tech startups in every US state, as determined by funding totals. Companies include JUUL Labs, Magic Leap, and Vox Media.
The tech boom has diffused beyond the traditional hotbeds of California, New York, and Massachusetts, spreading across the entire US.
In our latest map of the most well-funded tech startup in each state, some companies with the deepest pockets were found in Florida (Magic Leap, $2.6B), North Carolina (Epic Games, $1.6B), and Washington (Convoy, $675M).
Using the CB Insights database, we identified the most well-funded technology startups by state based on disclosed equity funding. The continued success of these startups will largely depend on individual business models, strategy, and leadership given current market volatility.
The full list of startups is included below the map.
We exclude funding from debt, loans, and lines of credit, and only consider tech companies that have raised at least $1M of equity funding since January 2015. We include Washington D.C. in our analysis.
Please click to enlarge.
- The most well-funded US tech startup is California-based e-cigarette company JUUL Labs, with $14.6B in disclosed equity funding.
- After JUUL, the most well-funded startups on our map are Florida-based AR/VR company Magic Leap ($2.6B in equity funding) and North Carolina-based video game developer Epic Games ($1.6B).
- Our map features 15 unicorn companies valued at $1B+, including real estate platform Compass ($6.4B valuation), restaurant management system Toast ($4.9B), and insurtech company Root Insurance ($3.7B). Oregon-based Vacasa is the most newly minted unicorn on our map: the rental management company reached a $1B valuation following its Series C round in October 2019.
- 4 startups on the map have raised over $1B in total disclosed equity financing: JUUL Labs, Magic Leap, Epic Games, and Compass. All of these are valued at more than $1B.
- Including the 4 startups mentioned above, 30 companies on the map have raised $100M or more in equity funding.
- 17 of the startups on our map have raised $50M or less in equity. The VC-backed startup with the least funding on the map is Oklahoma’s SendaRide ($1.7M).
Since our last update of the map in October 2019, 4 previously featured startups have exited:
- Maryland-based Sonatype was acquired by Vista Equity Partners in November 2019.
- Massachusetts-based gaming platform DraftKings went public in a reverse merger in December 2019.
- Kentucky-based maternity analytics provider Lucina Health was acquired by Unified Women’s Healthcare in January 2020.
- New York-based software maker Infor was acquired by Koch Equity Development in February 2020.
|State||Company||Total Equity Funding ($M)|
|North Carolina||Epic Games||1595|
|Connecticut||Cedar Gate Technologies||220|
|Maine||Tilson Technology Management||109|
|New Mexico||Descartes Labs||58|
|Delaware||College Ave Student Loans||50|
|New Hampshire||Parallel Wireless||45|
|Mississippi*||Next Gear Solutions||11|
*Company is not VC-backed
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