Currently tech start-ups no longer have to originate in California and New York only. Other US states are increasingly making strides in producing tech companies that are defined as start-ups. Although California and New York still lead the pack with California’s Uber, with $15.7B in disclosed equity funding and New York’s Infor ($4.1B in equity funding).
CBInsights recently delved into US state start-ups with the most funding for each state and have provided their report, “The Most Well-Funded Tech Startup In Every US State”, stating exactly that:
“We identified the most-well funded VC-backed technology startups by state based on disclosed equity funding.”
Funding from debt, loans, and lines of credit were excluded and only start-ups with at least $1M of equity funding since January 2014 were considered for inclusion in the report.
Some of the more prominent, well-funded start-ups include, Magic Leap $2.4 B (Florida), Avant $655M (Illinois) and Kabbage $490M (Georgia). The list includes 10 unicorn status companies valued at $1B+ including ride-hailing company Uber ($72B valuation), video game developer Epic Games ($15B valuation), and direct-to-consumer teeth alignment startup Smile Direct Club ($3.2B valuation). Twenty-nine companies have raised $100M or more in equity funding. Fifteen companies have raised less than $50M in equity.
