Venture funding for the states of California, Massachusetts, and New York dropped by over 40% YoY in 2022, per Crunchbase.
The three states remain the top three highest-funded states despite the reduction in funding.
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- Startups in California nabbed $91.9B in venture funding in 2022, down 42% from the peak of $157.4B in 2021.
- 13 startups in the state secured over $500M in respective fundraisers, with the honors for the largest funding rounds going to SpaceX, Anduril Industries, and Cruise.
- Venture funding for New York state nearly halved from $52.3B in 2021 to $26.5B in 2022.
- The steep funding drop was likely the result of a drop in fintech funding, per Crunchbase.
- Nevertheless, Web3 and fintech startup ConsenSys was able to nab a $450M funding round in 2022.
- Massachusetts saw a funding decline of 46%, from $35.7B in 2021 to $19.5B in 2022.
- Form Energy's $450M Series E, Circle Internet Financial's $400M fundraiser, and VulcanForm's $355M Series C were the three largest funding rounds for Massachusetts-based startups in 2022.
