A review of the first venture capital data provided by new partners PitchBook and the National Venture Capital Association reflects as two other recent indicators have some impressive indicators for North Carolina: The state’s entrepreneurial reach continues to broaden – and deepen.
North Carolina startups and emerging companies raised some $168 million across 36 deals, according to the Venture Monitor report. That’s now eight consecutive quarters above $100 million for the state.
Responding to a request from WRAL TechWire, the NVCA broke down the N.C. deals. And here’s what the data shows:
Six biotech deals, which dominate the funding. Nothing new about that, of course.
But, what a mix of deals:
- 4 in medical devices
- 7 in software
- 8 related to consumer products and services
- 2 related to media/services
- 2 to “other” business services
Plus: Deals in semiconductors, materials, and commercial products.
That’s a diverse mix.
Plus, look at the geographical mix:
- Raleigh led in deals with 8.
- Durham reported 7.
- Charlotte had 6.
- Asheville, Morrisville, Greenville, Cary, Greensboro each had two.
- Chapel Hill, Wake Forest, Winston-Salem, Cornelius and Apex also had deals.
That’s called spreading the wealth.
While no deals were reported from Wilmington, that region is emerging as a startup hub as well.
Yes, the Triangle region dominates but seeing deals across the Triad, Charlotte and Mountains as well as “down east” shows that North Carolina continues to grow tech beyond the RTP hub.
Of course, previous venture capital reports over the years have included a big mix of deals and occasional fund-raisers beyond the Triangle. But this trend is growing as proven recently by:
- The growing expansion of NC IDEA Foundation grants up to $50,000 to very early-stage companies across North Carolina
- The recent CED venture capital extravaganza which displayed startups from the coast to the mountains
Here’s another indicator:
The surge of startup hubs and incubators in the Triad, Charlotte and Wilmington. More are coming in other cities, too.
And let’s not forget North Carolina is winning more NSF and other federal grants.
There are literally hundreds of new companies everywhere.
So with eight consecutive $100 million-plus quarters, a mix of startups landing funding, and a growing crop of new/emerging ventures in areas outside RTP, it’s thumbs up for N.C. startups.