Thanks to 107 equity investment deals across the state, 93 North Carolina entrepreneurial companies landed nearly $769 million in the first half of this year, according to a new report. That’s a big jump of $300 million over 2015 and 2016, and the state’s entrepreneurs appear headed toward $1 billion for the second time in three years.
“2017 is looking like a banner year for NC entrepreneurial funding!”
So declares Miriam Andrews Wilson, CED’s Vice President of Investors Relations.
“We are pacing similarly to 2015 which exceeded $1 billion in total funding,” she told WRAL TechWire.
“While big deals are driving up the dollars, we are also seeing an increase in the number of deals. In the first half of 2017, we saw 107 deals versus 82 in the first half of 2016 and 98 in the first half of 2015.”
However, there’s a big caveat.
Of tha $769 million, some $300 million went to Charlotte-based AvidXchange.
The Council for Entrepreneurial Development (CED) Innovators Report includes venture capital, angel, corporate, growth equity and strategic investments. Deals are tracked for life science, technology, cleantech and advanced manufacturing and materials sectors.
Interestingly, Charlotte landed the two biggest deals: AvidXchange ($300 million) and SmartSky Networks LLC ($176 million) and thanks to those deals Charlotte has secured the most funding rather than the Triangle, which has dominated in the past, the CED notes.
Deal flow still favors the Triangle with 71 spread across Durham, Raleigh, Chapel Hill, Cary and Morrisville.
Sixteen deals closed in Charlotte.
First Half of 2017 by Quarter:
- Q1 – $352,516,298 through 55 equity deals
- Q2 – $416,427,991 through 52 equity deals
First Half of 2017 by Sector:
- Tech – $595,491,121 in 48 companies through 50 equity deals
- Life Science – $139,681,057 in 32 companies through 42 equity deals
- Cleantech – $23,210,557 in 5 companies through 6 equity deals
- Advanced Manufacturing and Materials – $10,561,554 in 8 companies through 9 equity deals
- Dova Pharmaceuticals (DOVA)
- G1 Therapeutics (GTHX)
- 1st Order Pharmaceuticals, Inc. was acquired by Xenon Pharmaceuticals
- BioSignia, Inc. was acquired by Orthus Health
- Blogads was acquired by Racery
- DILIsym was acquired by Simulations Plus
- KnowledgeTree Inc. was acquired by SAVO Group
- Polyglot Systems Inc. was acquired by First Databank Inc.
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Data partners include:
- National Venture Capital Association (NVCA)
- North Carolina Biotechnology Center
- Small Business Technology Development Center (SBTDC)
- Groundwork Labs NCIDEA
- Ernst & Young
- PricewaterhouseCoopers, MoneyTree