The tech boom has diffused beyond the traditional hotbeds of California, New York, and Massachusetts, spreading across the entire US.
In our latest map of the most well-funded tech startup in each state, some companies with the deepest pockets were found in Florida (Magic Leap, $3B), North Carolina (Epic Games, $3.4B), and Washington (Convoy, $675M).
Using CB Insights data, we identified the most well-funded technology startups by state based on total disclosed equity funding. The full list of startups is included below the map.
Our analysis ranks private tech companies based on total disclosed equity funding. Companies included have raised at least $1M in equity funding since January 2015. All companies on our map are VC-backed, with the exceptions of companies in Alaska, Mississippi, and West Virginia.
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- The most well-funded US tech startup is California-based e-cigarette company JUUL Labs, with a whopping $15B in disclosed equity funding.
- After JUUL, the most well-funded startups on our map are North Carolina-based video game developer Epic Games ($3.4B in equity funding) and Florida-based AR/VR company Magic Leap ($3B).
- Our map features 15 unicorn companies valued at $1B+, including real estate platform Compass (NY, $6.4B valuation), restaurant management system Toast (MA, $4.9B), and delivery service GoPuff (PA, $3.9B).
- Minnesota-based Arctic Wolf Networks is the most recently minted unicorn on our map: the cybersecurity company reached a $1.3B valuation following its Series E round in October 2020.
- 5 startups on the map have raised over $1B in total disclosed equity financing: JUUL Labs, Epic Games, Magic Leap, Compass, and GoPuff. All of these are valued at over $1B.
- Including the 5 startups mentioned above, 32 companies on the map have raised $100M or more in equity funding.
- 16 of the startups on our map have raised $50M or less in equity funding. The VC-backed startup with the least funding on the map is Oklahoma’s SendaRide ($1.7M).
Since our last update of the map in March 2020, 3 previously featured startups have exited:
- Georgia-based Kabbage was acquired by American Express in August 2020.
- Idaho-based Cradlepoint was acquired by Ericsson in September 2020, in a deal valued at $1.1B.
- Ohio-based Root Insurance went public via IPO in October 2020.
|State||Company||Total Equity Funding ($M)|
|North Carolina||Epic Games||3375|
|Minnesota||Arctic Wolf Networks||348|
|Connecticut||Cedar Gate Technologies||220|
|Maine||Tilson Technology Management||109|
|New Mexico||Descartes Labs||58|
|Delaware||College Ave Student Loans||50|
|South Carolina||Commerce Guys||46|
|Mississippi*||Next Gear Solutions||11|
|Alaska*||Wind Talker Innovations||2.5|
*Company is not VC-backed
The post The United States Of Startups: The Most Well-Funded Tech Startup In Every US State appeared first on CB Insights Research.