New data shows that even though national venture capital activity was slightly down in 2019, the overall trend over the last decade reflects an economy in which VC funding continues to flow steadily upward as startup hubs across the country grow.
U.S.-based companies raised about $136.5 billion across more than 10,700 deals in 2019, according to a new report from the National Venture Capital Association and PitchBook, a Seattle organization that monitors VC activity. Last year’s VC activity was slightly lower compared to 2018, when U.S. companies raised $140 billion across 10,500 deals.
The dip was due to a slower fourth quarter, PitchBook says. But overall, the data, released Tuesday, shows that venture capital raised by U.S. companies has been steadily rising since 2006.
California startups saw the most funding of any state, with companies raising more than $63 billion across 3,623 deals. The state had several multi-million-dollar deals from San Francisco companies such as DoorDash, which raised $700 million last year, and Databricks, which raised $400 million in October.
Following California was New York, whose startups raised more than $27 billion across 1,315 deals, and Massachusetts, which saw more than $10 billion raised in 2019 across 740 deals. Read the full story here.