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.