The Most Well-Funded Startups By State

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.

  1. California – Uber
  2. Illinois – Avant
  3. Georgia – Kabbage
  4. New York – Vice Media
  5. Oregon – Integra Telecom
  6. Washington, D.C. – Living Social
  7. Massachusetts – DraftKings
  8. New Jersey –
  9. Texas – GenBand
  10. Arizona – IO
  11. Florida – Fanatics
  12. Utah – Domo Technologies
  13. Virginia – Privia Health
  14. North Carolina – AvidXchange
  15. Connecticut – Datto
  16. Missouri – Adknowledge
  17. Maryland – Tenable Network Security
  18. Kansas – C2FO
  19. Ohio – Hyland Software
  20. Delaware – SevOne
  21. Washington – Avalara
  22. Colorado – WellTok
  23. New Hampshire – DataGravity
  24. Vermont – Ello
  25. Minnesota – Code42 Software
  26. Indiana – ChaCha
  27. Arkansas – Acumen Brands
  28. Pennsylvania – Duolingo
  29. Michigan – Liquid Web
  30. Tennessee – eDo Interactive
  31. Nebraska – Hudl
  32. South Carolina – PeopleMatter
  33. Idaho – Kount
  34. Iowa – Involta
  35. Rhode Island – TeeSpring
  36. Nevada – OrderWithMe
  37. Wisconsin – Network Insights
  38. Maine – CashStar
  39. Mississippi – Bomgar
  40. South Dakota – DocuTAP
  41. Kentucky – Appriss
  42. New Mexico – Skorpios Technologies
  43. Alabama – Momentum
  44. West Virginia – Geostellar
  45. North Dakota – Intelligent InSites
  46. Montana – Submittable
  47. Oklahoma – Weather Decision Technologies
  48. Wyoming – Alces Technology
  49. 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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Kristin is an aspiring entrepreneur who is enthusiastically navigating her way through the DC startup space. She has an unending passion for learning and is never satisfied with the status quo. During the day she is an ops, biz dev, and marketing maven for Fission Strategy