Industry Analysis - July 16, 2023

Breaking Down Online Startup Funding by State


Today’s Chart of the Week looks at aggregate funding amounts for each state from January 2021 to May 2023 (based on startup HQ locations). 


  • Startups based in California raised an aggregate of $789 million in the online equity and debt crowdfunding markets across both RegCF and RegA raises. This sum is nearly 4x the next closest state.
  • This is not surprising as California is home to the most robust startup scene in the world.
  • New York ranked second, with startups raising nearly $200 million here. 
  • Rounding out the top 5 are Texas ($125 million), Nevada ($120 million), and Florida ($109 million).
  • These three states have newly emerged as popular places to start new businesses, so it is not surprising to see them rounding out the top 5 states. 
  • The only two states with $0 in equity crowdfunding raised were Nebraska and West Virginia.

About: Teddy Lyons

Teddy comes to KingsCrowd with a background in venture capital and investment banking. He worked at Deutsche Bank as an Investment Banking Analyst in the Technology, Media, and Telecommunications group. Prior to that, he served as an Associate at Alchemi Capital, a venture capital firm in Boston that invests in early-stage technology companies. Teddy holds a degree in Economics and Psychology from Wesleyan University, where he was captain of the varsity soccer team. He also holds a M.S. in Finance from Boston College.

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