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Useful Stats: Venture Capital Dollars and Deals by State, 2010-2015
Last year, the venture capital investment hit a 15-year high, with total dollars topping every year since 2000. A slow fourth quarter brought the remarkable trajectory of the year back down to earth, but with a total of $11.3 billion invested, 2015 became the second highest year on record since PricewaterhouseCoopers (PwC) and the National Venture Capital Association (NVCA) began the Moneytree Report in 1995. Much of this growth was due to larger deals, and, in fact, the total number of deals was down from the previous year. California continues to dominate the market, with California firms receiving 57 percent of all investment. Washington surpassed Texas to join the top five states in terms of venture dollars, and Boston surpassed San Jose to join the top three metropolitan regions.
Venture firms invested $58.8 billion in 4,380 deals last year, according to the PwC/NVCA Moneytree Report based on data from Thomson Reuters. Dollars were up about 15.7 percent over the previous year, while deals were slightly down (1.4 percent). While these figures represent only an incremental change from 2014, they are more impressive in light of the state of the venture market in the aftermath of the Great Recession. Just five years ago in 2010, investment levels stood at $23.4 billion in 3,612 deals. From 2010-2015, investment dollars grew by more than 150 percent, while deals increased by a more modest 21.3 percent.
The Moneytree Report credits some of this growth in venture dollars to the rise of megadeals, investments of $100 million or more. In 2015, there were 74 such deals, compared to just 50 in 2014. The total amount invested in these deals is not provided, but NVCA/PwC reports that the top 10 deals represented about 19 percent of all dollars invested in the second half of the year. These were not limited to a single sector, but spanned included deals in the software, retail, financial services, IT services, consumer products and media sectors. Despite the rise of megadeals, the authors note that about half of all deals still support seed and early stage companies.
Access the NVCA/PwC Moneytree data at: https://www.pwcmoneytree.com
California leads the U.S. in venture activity, with $33.7 billion in 1,773 deals last year. In the aftermath of the Great Recession, California-based deals represented about half of all U.S. venture activity. In 2014, the state’s share of activity jumped from about 51 percent to about 58 percent. That figure remained level in 2015.
Massachusetts, the long-time second key market for venture activity, was overtaken in terms of deals by New York in 2013. New York solidified its standing as the second most important venture capital state in 2015 with a large increase in total dollars. New York companies received $6.2 billion last year, a 41 percent increase over 2014. Activity declined in Texas, which remained in the top five, though it was overtaken by Pennsylvania in terms of deals and by Washington in terms of dollars.
SSTI has prepared a table of venture capital investment dollars and deal by state, 2010-2015, based on the PwC/NVCA Moneytree data. In future weeks, the Digest will provide an in-depth look at investment per capita, by gross state product and by share of national total, as well as an analysis of investment by metropolitan area.
Download the table in Excel format…
| State | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Deals | Amount | Deals | Amount | Deals | Amount | Deals | Amount | Deals | Amount | Deals | Amount | |
| U.S. Total | 3,612 | $23,386,821,100 | 3,937 | $29,462,811,000 | 3,936 | $27,578,404,700 | 4,293 | $30,285,933,100 | 4,441 | $50,835,653,500 | 4,380 | $58,811,188,300 |
| Alaska | 0 | $0 | 0 | $0 | 0 | $0 | 0 | $0 | 0 | $0 | 0 | $0 |
| Alabama | 2 | $600,000 | 2 | $3,515,000 | 6 | $23,106,000 | 4 | $4,237,000 | 3 | $10,894,000 | 3 | $39,100,000 |
| Arkansas | 1 | $5,000,100 | 0 | $0 | 1 | $5,000,000 | 5 | $85,522,000 | 5 | $19,874,100 | 11 | $10,375,000 |
| Arizona | 16 | $78,430,100 | 22 | $229,138,200 | 20 | $243,438,100 | 24 | $111,899,300 | 30 | $251,926,000 | 28 | $113,512,000 |
| California | 1,450 | $11,879,510,800 | 1,594 | $14,723,780,900 | 1,638 | $14,519,270,300 | 1,732 | $15,381,077,900 | 1,872 | $29,351,890,000 | 1,773 | $33,666,771,300 |
| Colorado | 87 | $449,929,600 | 107 | $615,706,300 | 109 | $610,615,300 | 85 | $472,501,100 | 93 | $817,424,700 | 87 | $782,622,600 |
| Connecticut | 63 | $218,156,600 | 56 | $156,729,700 | 49 | $151,447,200 | 55 | $214,040,800 | 56 | $563,884,800 | 57 | $446,667,100 |
| District of Columbia | 16 | $107,454,900 | 11 | $53,419,600 | 26 | $60,106,200 | 34 | $280,588,500 | 32 | $242,247,100 | 23 | $171,977,200 |
| Delaware | 9 | $32,176,000 | 10 | $26,234,200 | 7 | $9,221,900 | 6 | $71,293,000 | 11 | $28,689,000 | 9 | $98,155,000 |
| Florida | 46 | $239,383,100 | 55 | $346,284,400 | 36 | $202,630,400 | 50 | $458,496,400 | 44 | $864,926,100 | 58 | $460,769,200 |
| Georgia | 69 | $338,426,000 | 60 | $383,448,100 | 55 | $262,328,300 | 43 | $396,475,400 | 60 | $491,603,800 | 71 | $836,077,800 |
| Hawaii | 3 | $9,499,900 | 3 | $600,000 | 3 | $645,000 | 1 | $703,000 | 1 | $350,000 | 0 | $0 |
| Iowa | 2 | $51,500,000 | 3 | $28,402,000 | 2 | $6,332,000 | 4 | $34,607,900 | 8 | $21,980,000 | 4 | $12,276,000 |
| Idaho | 4 | $7,750,000 | 3 | $5,145,000 | 4 | $15,150,000 | 2 | $6,500,000 | 2 | $1,873,000 | 3 | $63,000,100 |
| Illinois | 75 | $658,593,000 | 101 | $769,817,600 | 83 | $622,932,100 | 93 | $457,827,700 | 98 | $1,052,819,400 | 96 | $1,119,035,600 |
| Indiana | 17 | $79,969,300 | 14 | $177,927,100 | 17 | $84,161,300 | 13 | $23,413,100 | 21 | $49,806,900 | 17 | $54,942,100 |
| Kansas | 36 | $41,714,000 | 46 | $57,242,000 | 12 | $47,601,700 | 10 | $32,851,200 | 11 | $51,441,100 | 5 | $56,199,800 |
| Kentucky | 15 | $16,729,900 | 9 | $12,546,000 | 8 | $23,643,000 | 7 | $15,374,700 | 14 | $20,907,100 | 4 | $22,582,000 |
| Louisiana | 3 | $17,951,000 | 8 | $21,863,900 | 3 | $628,200 | 6 | $5,731,100 | 4 | $47,471,000 | 3 | $10,100,000 |
| Massachusetts | 372 | $2,421,402,100 | 395 | $3,132,535,100 | 427 | $3,345,403,800 | 380 | $3,041,193,300 | 393 | $4,655,699,500 | 426 | $5,713,623,700 |
| Maryland | 75 | $446,716,300 | 73 | $314,026,900 | 64 | $405,769,700 | 80 | $657,124,400 | 88 | $371,352,400 | 71 | $820,012,600 |
| Maine | 7 | $4,328,000 | 5 | $38,629,000 | 6 | $12,787,200 | 6 | $29,685,900 | 12 | $18,669,000 | 12 | $88,168,000 |
| Michigan | 31 | $151,658,500 | 36 | $84,752,900 | 52 | $245,652,000 | 74 | $111,062,400 | 51 | $223,933,000 | 54 | $328,400,000 |
| Minnesota | 29 | $138,911,500 | 47 | $274,355,000 | 31 | $259,907,000 | 35 | $266,895,000 | 37 | $359,828,800 | 30 | $371,688,400 |
| Missouri | 15 | $96,977,500 | 23 | $134,415,300 | 12 | $21,461,000 | 36 | $59,752,900 | 48 | $170,101,900 | 43 | $257,182,300 |
| Mississippi | 0 | $0 | 1 | $1,000,000 | 2 | $4,623,000 | 2 | $700,000 | 1 | $0 | 0 | $0 |
| Montana | 3 | $1,910,000 | 2 | $3,215,000 | 6 | $5,575,100 | 1 | $25,000 | 0 | $0 | 2 | $1,500,000 |
| North Carolina | 58 | $428,556,300 | 48 | $304,634,900 | 35 | $181,171,300 | 53 | $261,711,900 | 56 | $348,691,600 | 63 | $675,500,300 |
| North Dakota | 1 | $3,161,000 | 1 | $4,000,000 | 1 | $2,400,000 | 3 | $24,052,000 | 2 | $7,500,100 | 1 | $50,000 |
| Nebraska | 4 | $11,500,000 | 1 | $0 | 4 | $3,115,000 | 9 | $11,044,900 | 18 | $41,530,300 | 13 | $119,981,100 |
| New Hampshire | 10 | $56,944,100 | 13 | $56,258,100 | 8 | $81,126,000 | 19 | $93,439,000 | 10 | $112,793,300 | 13 | $125,708,600 |
| New Jersey | 71 | $455,229,700 | 64 | $485,860,400 | 55 | $417,347,600 | 45 | $339,296,300 | 34 | $375,466,700 | 53 | $966,108,200 |
| New Mexico | 8 | $10,085,200 | 10 | $64,919,100 | 15 | $35,131,000 | 17 | $49,994,200 | 13 | $21,922,000 | 17 | $73,774,900 |
| Nevada | 5 | $33,943,000 | 3 | $9,500,000 | 4 | $3,273,200 | 9 | $15,114,200 | 8 | $45,266,000 | 6 | $12,242,000 |
| New York | 296 | $1,412,628,900 | 345 | $2,429,055,100 | 356 | $1,920,793,100 | 433 | $2,837,914,300 | 443 | $4,419,239,500 | 462 | $6,230,598,100 |
| Ohio | 63 | $177,470,900 | 73 | $432,536,700 | 56 | $266,578,500 | 78 | $254,297,500 | 66 | $300,571,800 | 71 | $262,718,900 |
| Oklahoma | 2 | $13,000,000 | 4 | $27,115,000 | 6 | $33,036,000 | 8 | $8,213,900 | 8 | $13,555,100 | 10 | $29,758,000 |
| Oregon | 35 | $183,412,300 | 37 | $236,810,800 | 30 | $124,617,800 | 39 | $143,520,100 | 31 | $188,902,100 | 44 | $226,470,100 |
| Pennsylvania | 161 | $524,168,500 | 151 | $510,690,500 | 189 | $524,181,100 | 237 | $464,929,200 | 189 | $787,371,200 | 201 | $638,164,200 |
| Puerto Rico | 1 | $4,494,500 | 0 | $0 | 1 | $100,000 | 0 | $0 | 0 | $0 | 0 | $0 |
| Rhode Island | 11 | $59,302,000 | 14 | $42,151,000 | 15 | $85,059,100 | 13 | $81,662,800 | 15 | $124,090,800 | 11 | $16,262,900 |
| South Carolina | 9 | $26,715,000 | 4 | $59,725,000 | 5 | $39,499,900 | 15 | $85,710,200 | 5 | $47,731,000 | 7 | $53,693,100 |
| South Dakota | 1 | $5,000,000 | 2 | $4,146,000 | 1 | $0 | 1 | $11,900,000 | 1 | $3,001,000 | 2 | $7,052,000 |
| Tennessee | 30 | $67,776,500 | 37 | $107,387,800 | 49 | $97,708,800 | 108 | $169,871,300 | 88 | $152,707,100 | 75 | $193,817,900 |
| Texas | 163 | $1,067,390,300 | 167 | $1,580,151,700 | 171 | $1,019,488,100 | 161 | $1,324,747,000 | 187 | $1,426,811,200 | 163 | $1,170,788,400 |
| Utah | 27 | $139,000,800 | 49 | $244,458,400 | 44 | $318,397,200 | 34 | $299,072,500 | 42 | $794,733,500 | 55 | $719,517,800 |
| Virginia | 58 | $409,316,300 | 77 | $617,964,900 | 79 | $272,430,200 | 67 | $636,826,800 | 75 | $476,899,900 | 74 | $422,578,300 |
| Vermont | 7 | $33,069,000 | 8 | $24,840,100 | 5 | $4,415,000 | 9 | $21,042,300 | 13 | $39,356,000 | 9 | $22,994,000 |
| Washington | 118 | $621,262,600 | 125 | $550,915,200 | 111 | $852,236,100 | 129 | $899,017,300 | 114 | $1,344,453,200 | 116 | $1,210,820,700 |
| Wisconsin | 21 | $134,966,000 | 15 | $72,861,100 | 14 | $92,295,900 | 17 | $31,776,400 | 26 | $71,895,300 | 23 | $87,851,000 |
| West Virginia | 4 | $3,750,000 | 2 | $2,100,000 | 3 | $14,568,000 | 1 | $1,200,000 | 2 | $1,572,100 | 1 | $0 |
| Wyoming | 1 | $10,000,000 | 0 | $0 | 0 | $0 | 0 | $0 | 0 | $0 | 0 | $0 |
useful stats, venture capital