Rank List: States in Profile

Venture Capital Invested in 2023 adjusted to 2025

Rank	State	FIPS Code	Adj. Value
1	California	06000	$79,929,415,259
2	New York	36000	$19,821,592,979
3	Massachusetts	25000	$16,097,282,287
4	Texas	48000	$8,587,666,535
5	Illinois	17000	$4,305,984,675
6	Colorado	08000	$4,291,013,718
7	Florida	12000	$4,153,813,555
8	Washington	53000	$3,564,450,208
9	Virginia	51000	$2,534,722,541
10	Tennessee	47000	$2,368,931,349
11	Pennsylvania	42000	$2,266,024,174
12	New Jersey	34000	$2,145,701,414
13	Maryland	24000	$2,075,152,036
14	Delaware	10000	$2,042,164,752
15	North Carolina	37000	$1,958,254,811
16	Georgia	13000	$1,820,190,021
17	Ohio	39000	$1,716,920,004
18	Minnesota	27000	$1,483,243,436
19	Utah	49000	$1,481,511,851
20	Nevada	32000	$1,461,119,925
21	Missouri	29000	$1,314,691,696
22	Arizona	04000	$1,311,231,243
23	Michigan	26000	$1,190,853,365
24	District of Columbia	11000	$923,966,949
25	Connecticut	09000	$887,564,454
26	Oregon	41000	$615,789,232
27	Indiana	18000	$533,595,648
28	Oklahoma	40000	$411,896,667
29	New Hampshire	33000	$401,139,520
30	Alabama	01000	$401,036,385
31	Arkansas	05000	$323,894,558
32	New Mexico	35000	$291,354,706
33	Wisconsin	55000	$262,108,146
34	Kansas	20000	$254,936,087
35	Wyoming	56000	$230,580,297
36	Vermont	50000	$205,955,745
37	Nebraska	31000	$189,793,342
38	Iowa	19000	$180,101,930
39	Kentucky	21000	$147,598,601
40	Idaho	16000	$147,181,922
41	Maine	23000	$140,536,288
42	South Carolina	45000	$134,928,775
43	Louisiana	22000	$129,965,699
44	North Dakota	38000	$124,416,581
45	West Virginia	54000	$119,499,554
46	Hawaii	15000	$112,488,823
47	Rhode Island	44000	$103,208,174
48	Montana	30000	$65,726,044
49	South Dakota	46000	$30,625,101
50	Alaska	02000	$15,599,121
51	Mississippi	28000	$8,218,230

Data Source: PricewaterhouseCoopers/National Venture Capital Association MoneyTree Report (tm) based on data from Thomson Financial

This page was generated on 10/9/2026 7:11:06 AM