Venture capital for startups is down this year both nationally and among the major U.S. startup hubs, but a new study shows smaller markets — including Madison — have seen increases in venture capital financings.

Nationwide, startups have laid off thousands of workers this year in an economy marked by rising interest rates, high inflation and a struggling stock market. In this environment, U.S. startups received $58.7 billion in funding last quarter, down 18.6% compared with the first quarter and down 20.8% year over year, the report found.

But Madison startups raised $299 million during the second quarter of 2022 — a nearly 800% increase compared with its average quarterly funding amount over the prior 12 months, according to a recent report from investment and research firm York Investments LLC of Manchester, New Hampshire.

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