Rank List: States in Profile

Venture Capital Invested Per Deal in 2023 adjusted to 2025

Rank	State	FIPS Code	Adj. Value
1	West Virginia	54000	$39,833,185
2	Massachusetts	25000	$19,186,272
3	California	06000	$17,825,472
4	Tennessee	47000	$14,100,782
5	Missouri	29000	$13,553,523
6	Nevada	32000	$13,528,888
7	Illinois	17000	$11,272,211
8	Arkansas	05000	$10,796,485
9	Colorado	08000	$10,415,082
10	New York	36000	$9,802,964
11	Maryland	24000	$9,347,532
12	Virginia	51000	$9,117,707
13	Arizona	04000	$9,105,773
14	District of Columbia	11000	$8,970,553
15	Texas	48000	$8,807,863
16	Ohio	39000	$8,334,563
17	New Hampshire	33000	$8,186,521
18	Utah	49000	$8,095,693
19	New Jersey	34000	$8,036,335
20	Washington	53000	$7,816,777
21	Georgia	13000	$7,745,489
22	Alabama	01000	$7,712,238
23	Minnesota	27000	$7,567,569
24	New Mexico	35000	$7,106,212
25	North Carolina	37000	$6,968,878
26	Oklahoma	40000	$6,864,944
27	Pennsylvania	42000	$6,530,329
28	Vermont	50000	$6,057,522
29	Michigan	26000	$5,984,188
30	Hawaii	15000	$5,920,464
31	Florida	12000	$5,674,609
32	Connecticut	09000	$5,617,497
33	Rhode Island	44000	$5,432,009
34	Kansas	20000	$4,902,617
35	Idaho	16000	$4,747,804
36	North Dakota	38000	$4,608,022
37	Wyoming	56000	$3,908,141
38	Oregon	41000	$3,732,056
39	Iowa	19000	$3,675,550
40	Maine	23000	$3,346,102
41	Indiana	18000	$3,334,973
42	Louisiana	22000	$3,249,142
43	Delaware	10000	$3,185,904
44	Nebraska	31000	$2,832,736
45	Wisconsin	55000	$2,759,033
46	Alaska	02000	$2,599,854
47	South Dakota	46000	$2,552,092
48	South Carolina	45000	$2,498,681
49	Kentucky	21000	$1,967,981
50	Montana	30000	$1,933,119
51	Mississippi	28000	$913,137

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

This page was generated on 9/9/2026 9:44:54 AM