February 1, 2016
9:00 am
Have you ever thought, “What is the most well-funded startup in North Dakota?” I’m guessing not – unless you happen to live in North Dakota and have a startup. Aside from South Dakota, what are the most funded startups by state?
We tend to hear about the same companies (I purposely didn’t use the word “startup” because a lot of them are beyond startup status in my opinion) getting funding over and over again. The ones that make national news tend to come from major cities where money flows like water. Based on what the media tells us, you would never guess that there are well-funded startups in Vermont, Idaho (Boise is actually a hub these days with companies like TSheets among others), or Minnesota (where Code42 Software, has raised $137.5M in equity funding).
Venture capital database CB Insights culled the data on the most well-funded startups in each state – based on disclosed equity funding – and built a map that shows the results. They only looked at companies that raised more than $5 million in equity funding, have raised funding since 2011, and excluded those that raised debt funding. Sorry Hawaii and Alaska, due to the criteria for selection you were excluded. All of the other continental 48 states and Washington, D.C. were represented.
The list excluded Alaska and Hawaii, but included Washington DC, where Living Social took the title. The least-funded startup was Louisiana edtech startup Kickboard, with $6.8M in equity funding and the most well-funded startup was Uber (shocker) in California, with $7.8B of equity funding to date. There are actually a total of 9 startups on this list that have raised over $1 billion, giving them unicorn status.
Here’s the complete list in order from most funded to least funded.
- California – Uber
- Illinois – Avant
- Georgia – Kabbage
- New York – Vice Media
- Oregon – Integra Telecom
- Washington, D.C. – Living Social
- Massachusetts – DraftKings
- New Jersey – Jet.com
- Texas – GenBand
- Arizona – IO
- Florida – Fanatics
- Utah – Domo Technologies
- Virginia – Privia Health
- North Carolina – AvidXchange
- Connecticut – Datto
- Missouri – Adknowledge
- Maryland – Tenable Network Security
- Kansas – C2FO
- Ohio – Hyland Software
- Delaware – SevOne
- Washington – Avalara
- Colorado – WellTok
- New Hampshire – DataGravity
- Vermont – Ello
- Minnesota – Code42 Software
- Indiana – ChaCha
- Arkansas – Acumen Brands
- Pennsylvania – Duolingo
- Michigan – Liquid Web
- Tennessee – eDo Interactive
- Nebraska – Hudl
- South Carolina – PeopleMatter
- Idaho – Kount
- Iowa – Involta
- Rhode Island – TeeSpring
- Nevada – OrderWithMe
- Wisconsin – Network Insights
- Maine – CashStar
- Mississippi – Bomgar
- South Dakota – DocuTAP
- Kentucky – Appriss
- New Mexico – Skorpios Technologies
- Alabama – Momentum
- West Virginia – Geostellar
- North Dakota – Intelligent InSites
- Montana – Submittable
- Oklahoma – Weather Decision Technologies
- Wyoming – Alces Technology
- Louisiana – Kickboard
Did anyone on the list surprise you? I’d love to hear your thoughts in the comments section below.
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