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Map

Venture Capital Fund Money by State

Money raised by U.S. venture capital funds by the fund’s state, latest complete vintage year, $ millions

California is highest at $23.2BNorth Dakota lowest at $0.0M · median $96.3M
YTD1y2y5y10y20yAll
Current·Data to 2025
Under $4.7M$4.7M to $23.0M$23.0M to $96.0M$96.0M to $300.0M$300.0M to $1.10B$1.10B or more

Latest reading for each area, to 2025 · Bins hold about equal counts

Plays the chart through its history, period by period.

Palanor calculation from SEC Form D filings (public domain). A fund is a Form D offering by a U.S.-based pooled fund that calls itself a venture capital fund, deal vehicles left out by name; its vintage is the year of its first notice and its size the money sold to date. Newer vintages keep growing as funds report later closes. A fund’s state is the principal place of business on its notice, usually where its managers work. States with too few funds to make a yearly series are left blank.

Where venture capital is managed. Each state is shaded by the money its venture funds raised; step back through earlier vintages with the slider.

Ranked, 41 areas

#
1California$23.2B2025
2New York$5.52B2025
3Massachusetts$4.38B2025
4Florida$1.82B2025
5Illinois$1.73B2025
6Washington$1.49B2025
7Texas$1.07B2025
8Utah$716.5M2025
9Nevada$679.1M2025
10Minnesota$663.2M2025
11Delaware$429.7M2025
12Connecticut$344.5M2025
13District of Columbia$323.4M2025
14Virginia$295.7M2025
15Tennessee$275.8M2025

What this chart reads·41 series

Show all

Sources·41 sources

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Money Raised by Venture Capital Funds Based in Alabama (vintage year, SEC Form D). Source: Palanor calculation from SEC Form D filings (U.S. Securities and Exchange Commission, Form D data sets; public domain).

Money Raised by Venture Capital Funds Based in Arizona (vintage year, SEC Form D). Source: Palanor calculation from SEC Form D filings (U.S. Securities and Exchange Commission, Form D data sets; public domain).

Money Raised by Venture Capital Funds Based in Arkansas (vintage year, SEC Form D). Source: Palanor calculation from SEC Form D filings (U.S. Securities and Exchange Commission, Form D data sets; public domain).

Money Raised by Venture Capital Funds Based in California (vintage year, SEC Form D). Source: Palanor calculation from SEC Form D filings (U.S. Securities and Exchange Commission, Form D data sets; public domain).

Money Raised by Venture Capital Funds Based in Colorado (vintage year, SEC Form D). Source: Palanor calculation from SEC Form D filings (U.S. Securities and Exchange Commission, Form D data sets; public domain).

Money Raised by Venture Capital Funds Based in Connecticut (vintage year, SEC Form D). Source: Palanor calculation from SEC Form D filings (U.S. Securities and Exchange Commission, Form D data sets; public domain).

Money Raised by Venture Capital Funds Based in Delaware (vintage year, SEC Form D). Source: Palanor calculation from SEC Form D filings (U.S. Securities and Exchange Commission, Form D data sets; public domain).

Money Raised by Venture Capital Funds Based in District of Columbia (vintage year, SEC Form D). Source: Palanor calculation from SEC Form D filings (U.S. Securities and Exchange Commission, Form D data sets; public domain).

Money Raised by Venture Capital Funds Based in Florida (vintage year, SEC Form D). Source: Palanor calculation from SEC Form D filings (U.S. Securities and Exchange Commission, Form D data sets; public domain).

Money Raised by Venture Capital Funds Based in Georgia (vintage year, SEC Form D). Source: Palanor calculation from SEC Form D filings (U.S. Securities and Exchange Commission, Form D data sets; public domain).

Money Raised by Venture Capital Funds Based in Hawaii (vintage year, SEC Form D). Source: Palanor calculation from SEC Form D filings (U.S. Securities and Exchange Commission, Form D data sets; public domain).

Money Raised by Venture Capital Funds Based in Illinois (vintage year, SEC Form D). Source: Palanor calculation from SEC Form D filings (U.S. Securities and Exchange Commission, Form D data sets; public domain).

Money Raised by Venture Capital Funds Based in Indiana (vintage year, SEC Form D). Source: Palanor calculation from SEC Form D filings (U.S. Securities and Exchange Commission, Form D data sets; public domain).

Money Raised by Venture Capital Funds Based in Iowa (vintage year, SEC Form D). Source: Palanor calculation from SEC Form D filings (U.S. Securities and Exchange Commission, Form D data sets; public domain).

Money Raised by Venture Capital Funds Based in Kansas (vintage year, SEC Form D). Source: Palanor calculation from SEC Form D filings (U.S. Securities and Exchange Commission, Form D data sets; public domain).

Money Raised by Venture Capital Funds Based in Kentucky (vintage year, SEC Form D). Source: Palanor calculation from SEC Form D filings (U.S. Securities and Exchange Commission, Form D data sets; public domain).

Money Raised by Venture Capital Funds Based in Louisiana (vintage year, SEC Form D). Source: Palanor calculation from SEC Form D filings (U.S. Securities and Exchange Commission, Form D data sets; public domain).

Money Raised by Venture Capital Funds Based in Maryland (vintage year, SEC Form D). Source: Palanor calculation from SEC Form D filings (U.S. Securities and Exchange Commission, Form D data sets; public domain).

Money Raised by Venture Capital Funds Based in Massachusetts (vintage year, SEC Form D). Source: Palanor calculation from SEC Form D filings (U.S. Securities and Exchange Commission, Form D data sets; public domain).

Money Raised by Venture Capital Funds Based in Michigan (vintage year, SEC Form D). Source: Palanor calculation from SEC Form D filings (U.S. Securities and Exchange Commission, Form D data sets; public domain).

Money Raised by Venture Capital Funds Based in Minnesota (vintage year, SEC Form D). Source: Palanor calculation from SEC Form D filings (U.S. Securities and Exchange Commission, Form D data sets; public domain).

Money Raised by Venture Capital Funds Based in Missouri (vintage year, SEC Form D). Source: Palanor calculation from SEC Form D filings (U.S. Securities and Exchange Commission, Form D data sets; public domain).

Money Raised by Venture Capital Funds Based in Nevada (vintage year, SEC Form D). Source: Palanor calculation from SEC Form D filings (U.S. Securities and Exchange Commission, Form D data sets; public domain).

Money Raised by Venture Capital Funds Based in New Hampshire (vintage year, SEC Form D). Source: Palanor calculation from SEC Form D filings (U.S. Securities and Exchange Commission, Form D data sets; public domain).

Money Raised by Venture Capital Funds Based in New Jersey (vintage year, SEC Form D). Source: Palanor calculation from SEC Form D filings (U.S. Securities and Exchange Commission, Form D data sets; public domain).

Money Raised by Venture Capital Funds Based in New Mexico (vintage year, SEC Form D). Source: Palanor calculation from SEC Form D filings (U.S. Securities and Exchange Commission, Form D data sets; public domain).

Money Raised by Venture Capital Funds Based in New York (vintage year, SEC Form D). Source: Palanor calculation from SEC Form D filings (U.S. Securities and Exchange Commission, Form D data sets; public domain).

Money Raised by Venture Capital Funds Based in North Carolina (vintage year, SEC Form D). Source: Palanor calculation from SEC Form D filings (U.S. Securities and Exchange Commission, Form D data sets; public domain).

Money Raised by Venture Capital Funds Based in North Dakota (vintage year, SEC Form D). Source: Palanor calculation from SEC Form D filings (U.S. Securities and Exchange Commission, Form D data sets; public domain).

Money Raised by Venture Capital Funds Based in Ohio (vintage year, SEC Form D). Source: Palanor calculation from SEC Form D filings (U.S. Securities and Exchange Commission, Form D data sets; public domain).

Money Raised by Venture Capital Funds Based in Oklahoma (vintage year, SEC Form D). Source: Palanor calculation from SEC Form D filings (U.S. Securities and Exchange Commission, Form D data sets; public domain).

Money Raised by Venture Capital Funds Based in Oregon (vintage year, SEC Form D). Source: Palanor calculation from SEC Form D filings (U.S. Securities and Exchange Commission, Form D data sets; public domain).

Money Raised by Venture Capital Funds Based in Pennsylvania (vintage year, SEC Form D). Source: Palanor calculation from SEC Form D filings (U.S. Securities and Exchange Commission, Form D data sets; public domain).

Money Raised by Venture Capital Funds Based in South Carolina (vintage year, SEC Form D). Source: Palanor calculation from SEC Form D filings (U.S. Securities and Exchange Commission, Form D data sets; public domain).

Money Raised by Venture Capital Funds Based in Tennessee (vintage year, SEC Form D). Source: Palanor calculation from SEC Form D filings (U.S. Securities and Exchange Commission, Form D data sets; public domain).

Money Raised by Venture Capital Funds Based in Texas (vintage year, SEC Form D). Source: Palanor calculation from SEC Form D filings (U.S. Securities and Exchange Commission, Form D data sets; public domain).

Money Raised by Venture Capital Funds Based in Utah (vintage year, SEC Form D). Source: Palanor calculation from SEC Form D filings (U.S. Securities and Exchange Commission, Form D data sets; public domain).

Money Raised by Venture Capital Funds Based in Vermont (vintage year, SEC Form D). Source: Palanor calculation from SEC Form D filings (U.S. Securities and Exchange Commission, Form D data sets; public domain).

Money Raised by Venture Capital Funds Based in Virginia (vintage year, SEC Form D). Source: Palanor calculation from SEC Form D filings (U.S. Securities and Exchange Commission, Form D data sets; public domain).

Money Raised by Venture Capital Funds Based in Washington (vintage year, SEC Form D). Source: Palanor calculation from SEC Form D filings (U.S. Securities and Exchange Commission, Form D data sets; public domain).

Money Raised by Venture Capital Funds Based in Wisconsin (vintage year, SEC Form D). Source: Palanor calculation from SEC Form D filings (U.S. Securities and Exchange Commission, Form D data sets; public domain).

Charts are drawn from Palanor's signal library and recomputed from source data on every view. Transformations (changes, indexing, year-on-year rates) are Palanor's.

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