Startups

Report: Philly had nation’s largest increase in VC investment in Q2

We at Technically Philly love July. Not because this is the month we celebrate the birthplace of our nation (Ed.: In the birthplace of our nation) or because we get to travel to the Jersey Shore. No, because we’re amped for the second quarter regional venture capital numbers. If you recall, last quarter was abysmal […]

money_treeWe at Technically Philly love July.
Not because this is the month we celebrate the birthplace of our nation (Ed.: In the birthplace of our nation) or because we get to travel to the Jersey Shore. No, because we’re amped for the second quarter regional venture capital numbers.
If you recall, last quarter was abysmal for the region and the rest of the country as VC investment slowed to a near halt. Some declared a sort of VC armageddon.
This quarter, the national numbers went the only direction they could have: up.
In the aggregate, the national venture capital outlook only received a modest bump in the second quarter with some regions growing faster than others. But no region saw growth like Philadelphia.

According to PBJ, the surge was anchored by a few very large deals. Roughly $108 million of the $161 million can be credited to three deals. One deal was responsible for $50 million.
We got a small glimpse of the general direction of the local VC scene a month ago when First Round capital was reported to be the newly crowned champ of early-stage seed investing.
According to PricewaterhouseCoopers (.xls link), Q2 was much more generous to Philly startups than to the rest of the country. In the first quarter, the region saw roughly $31 million invested, while the second quarter netted $161 million. The increase of over 500 percent is the largest among the 19 regions the report tracks and ranks us 13th in total dollars invested.
Silicon Valley and the 67th ward both saw decreases in dollars invested.
If you discount Sacramento’s jump from two deals in Q1 to four in Q2, Philadelphia also was the region that saw the largest increase in total deals completed. In Q1 Philly had 13 deals, compared to 22 this quarter. Philadelphia ranks 12th in total number of deals, but again, first in growth.
More detailed numbers are expected August 3rd.

Companies: First Round Capital

Before you go...

Please consider supporting Technical.ly to keep our independent journalism strong. Unlike most business-focused media outlets, we don’t have a paywall. Instead, we count on your personal and organizational support.

3 ways to support our work:
  • Contribute to the Journalism Fund. Charitable giving ensures our information remains free and accessible for residents to discover workforce programs and entrepreneurship pathways. This includes philanthropic grants and individual tax-deductible donations from readers like you.
  • Use our Preferred Partners. Our directory of vetted providers offers high-quality recommendations for services our readers need, and each referral supports our journalism.
  • Use our services. If you need entrepreneurs and tech leaders to buy your services, are seeking technologists to hire or want more professionals to know about your ecosystem, Technical.ly has the biggest and most engaged audience in the mid-Atlantic. We help companies tell their stories and answer big questions to meet and serve our community.
The journalism fund Preferred partners Our services
Engagement

Join our growing Slack community

Join 5,000 tech professionals and entrepreneurs in our community Slack today!

Trending

The man charged in the UnitedHealthcare CEO shooting had a ton of tech connections

From rejection to innovation: How I built a tool to beat AI hiring algorithms at their own game

How a laid-off AI enthusiast pivoted to become a founder — while holding down a day job

ZeroEyes lands major Temple partnership after multimillion-dollar raise

Technically Media