The real narrative is total VC is still down a lot. Bay Area is still the spot for startups none the less.
I will say, putting my Philly cap on, I was surprised to not see my city on here.
and what's extra strange is when you look up local articles about the Pitchbook data that EY is citing in their article, the numbers don't actually line up.
For instance, AZ Innov, has an article published citing the same report:
Venture capital deals in Arizona decline in Q1, report says
Quote:
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Arizona companies inked 26 deals totaling $131.5 million in the first quarter, compared to 44 deals and $222.2 million raised in Q1 2022, according to the Venture Monitor report, released Thursday by research firm Pitchbook and the National Venture Capital Association.
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What's doubly strange is when you look up Philadelphia local articles about the same report:
Philly’s Q1 2023 VC breakdown: Dollars are down from last year, but deals are still flowing
Quote:
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After local founders raised billions in the first half of the year, Q4 saw pre-pandemic levels of venture capital raised by Philadelphia companies with $597.3 million raised across 108 deals, according to data released by PitchBook and the National Venture Capital Association. And in the first quarter of 2023, that trend continued with $559.7 million raised across 84 deals, per the organizations’ newest Venture Monitor report.
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While both cities do start with "Ph", I'm pretty sure my reading comprehension skills tell me that only one of them actually raised $600mn in the first quarter of 2023 lol. Like where am I misreading it? Or did EY really put the wrong city in the chart?