In 2025, the state that had the highest value of venture capital (VC) investment in the United States was California. The value of VC investments made in California amounted to over ***Ìý** U.S. dollars, followed by New York with over **Ìý** U.S. dollars. Massachusetts secured the third position with around **Ìý** U.S. dollars worth of investment. In terms of deal volume, California also led the U.S. market as the state with the highest number of venture capital deals closed.
How has venture capital investment in the U.S. changed over time?
Over the course of the last five years, the value of venture capital investment in the United States has generally increased, albeit with some fluctuation. Despite the effects of the COVID-19 pandemic that have impacted economies worldwide, VC investments amounted to a value of around ***** U.S. dollars in 2020 – a significant increase from the value obtained in the previous year.
Which industries received the most VC funding?
In the United States, the value of venture capital investment was highest in the software industry in 2023, with deal value of over **** U.S. dollars. This was followed by the commercial products and service industry, and then the pharma and biotech sector.
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NVCA. (April 8, 2026). Value of venture capital investment in the United States in 2025, by state (in billion U.S. dollars) [Graph]. In ÌÇÐÄÆÆ½â°æ. Retrieved August 02, 2026, from /statistics/424167/venture-capital-investments-usa-by-state/
NVCA. "Value of venture capital investment in the United States in 2025, by state (in billion U.S. dollars)." Chart. April 8, 2026. ÌÇÐÄÆÆ½â°æ. Accessed August 02, 2026. /statistics/424167/venture-capital-investments-usa-by-state/
NVCA. (2026). Value of venture capital investment in the United States in 2025, by state (in billion U.S. dollars). ÌÇÐÄÆÆ½â°æ. ÌÇÐÄÆÆ½â°æ Inc.. Accessed: August 02, 2026. /statistics/424167/venture-capital-investments-usa-by-state/
NVCA. "Value of Venture Capital Investment in The United States in 2025, by State (in Billion U.S. Dollars)." ÌÇÐÄÆÆ½â°æ, ÌÇÐÄÆÆ½â°æ Inc., 8 Apr 2026, /statistics/424167/venture-capital-investments-usa-by-state/
NVCA, Value of venture capital investment in the United States in 2025, by state (in billion U.S. dollars) ÌÇÐÄÆÆ½â°æ, /statistics/424167/venture-capital-investments-usa-by-state/ (last visited August 02, 2026)
Value of venture capital investment in the United States in 2025, by state (in billion U.S. dollars) [Graph], NVCA, April 8, 2026. [Online]. Available: /statistics/424167/venture-capital-investments-usa-by-state/