It’s well-known that states with the best startup ecosystems, like California and New York, offer more investment opportunities than others. However, it’s surprising to see that some states receive higher average investments per deal. This week, we examine the average amount invested in equity Reg CF and Reg A+ deals in each state over the past 12 months, highlighting disparities among different regions.

  • South Carolina, Hawaii, and Connecticut lead with the highest average investment per deal at $3.3 million. This performance is attributed not only to the success of their startups but also to the fact that each had fewer than 10 offerings in the past year, making it easier for exceptional deals to skew the results.

  • While states like Alaska and Kansas had no offerings on ECF platforms, a few states such as Montana and Oklahoma had four or fewer deals, rendering their data statistically insignificant.

  • California has been the most active state since June 2023, with 469 equity offerings, far surpassing New York’s 81 deals. This high activity level explains why the average amount invested in Californian deals is close to the industry average of $524,771.

  • Interestingly, a few Canadian provinces also had offerings on ECF platforms over the past year. Ontario, Quebec, and British Columbia had a total of 10 startup deals.

  • Despite being home to the dynamic Boston, Massachusetts saw an average investment of only $77,876 in its 22 startup deals.