New Venture Funds and Capital Raised by State, 2026
Venture capital firms based in California disclosed $36.0B in new funds in the 12 months to 6 Nov 2026, more than any other state, followed by New York ($12.5B) and Massachusetts ($6.6B). Across 46 states, DC and Puerto Rico we hold 2,895 venture capital firms with a known state as of November 2026, and 1,119 of them filed a Form D for a new fund in those 12 months.
Key takeaways
- California, New York and Massachusetts hold 1,663 of 2,895 firms (57%).
- 1,119 firms filed a Form D in the last 12 months. The latest funds they disclosed add up to $80.4B.
- 289 new venture funds were filed in the 8 weeks to 6 Nov 2026, 108 of them in California.
- 27 of these places have 15 or more firms. 4 states have none in our data.
How many venture funds were raised in each state?
The table covers every state where we hold at least one venture capital firm. "Firms" is the same count as the state's list page, which the state name links to; the lists themselves are on the venture capital firms by state page. Fund sizes are the latest fund of each firm that filed in the last 12 months, as stated on Form D: one fund per firm, and funds with no stated size are left out.
| State | Firms | Active | Filed a new fund, 12 months | Fund size disclosed, 12 months | New funds, last 8 weeks | Size disclosed, 8 weeks |
|---|---|---|---|---|---|---|
| California | 1,038 | 560 | 407 | $36.0B | 108 | $4.7B |
| New York | 440 | 266 | 181 | $12.5B | 46 | $2.1B |
| Massachusetts | 185 | 91 | 67 | $6.6B | 12 | $206M |
| Texas | 181 | 101 | 65 | $2.9B | 26 | $1.5B |
| Florida | 177 | 100 | 83 | $4.2B | 25 | $888M |
| Illinois | 87 | 43 | 28 | $5.5B | 6 | $548M |
| Washington | 69 | 30 | 24 | $744M | 4 | $134M |
| Colorado | 67 | 31 | 22 | $969M | 5 | $285M |
| Connecticut | 49 | 21 | 16 | $549M | 4 | $136M |
| Utah | 48 | 30 | 15 | $1.5B | 3 | $44M |
| Pennsylvania | 43 | 21 | 18 | $1.5B | 3 | $200M |
| New Jersey | 40 | 22 | 18 | $781M | 7 | $81M |
| Maryland | 39 | 21 | 17 | $232M | 9 | $80M |
| Tennessee | 33 | 15 | 13 | $418M | 2 | $25M |
| Virginia | 32 | 10 | 10 | $166M | 1 | $20M |
| Nevada | 28 | 9 | 7 | $174M | 2 | $20M |
| North Carolina | 28 | 15 | 16 | $403M | 3 | $151M |
| Georgia | 27 | 10 | 11 | $502M | 3 | $1.2B |
| District of Columbia | 22 | 12 | 9 | $477M | 3 | $11M |
| Ohio | 22 | 11 | 7 | $1.3B | 2 | $270M |
| Arizona | 20 | 13 | 9 | $420M | 1 | 0 |
| Minnesota | 20 | 12 | 6 | $247M | 1 | $100M |
| Michigan | 18 | 12 | 9 | $243M | 1 | $100M |
| Missouri | 18 | 6 | 5 | $143M | 1 | $3M |
| Wyoming | 18 | 8 | 7 | $191M | 2 | $25M |
| Wisconsin | 17 | 8 | 3 | $12M | 0 | 0 |
| Oregon | 16 | 10 | 7 | $216M | 3 | $23M |
| New Hampshire | 12 | 6 | 4 | $117M | 1 | $5M |
| Puerto Rico | 10 | 3 | 4 | $401M | 0 | 0 |
| South Carolina | 10 | 6 | 4 | $16M | 0 | 0 |
| Alabama | 9 | 4 | 0 | 0 | 0 | 0 |
| Indiana | 9 | 5 | 3 | $165M | 1 | $65M |
| Oklahoma | 9 | 5 | 4 | $99M | 0 | 0 |
| Kansas | 7 | 6 | 5 | $167M | 0 | 0 |
| Maine | 6 | 4 | 4 | $68M | 0 | 0 |
| New Mexico | 6 | 1 | 1 | $50M | 0 | 0 |
| Idaho | 5 | 2 | 1 | $30M | 0 | 0 |
| Hawaii | 4 | 1 | 1 | $2M | 1 | $2M |
| Iowa | 4 | 3 | 1 | $20M | 0 | 0 |
| Kentucky | 4 | 0 | 0 | 0 | 0 | 0 |
| Louisiana | 4 | 2 | 3 | $32M | 0 | 0 |
| Vermont | 4 | 1 | 1 | $10M | 0 | 0 |
| Montana | 3 | 1 | 1 | $123M | 0 | 0 |
| Arkansas | 2 | 0 | 0 | 0 | 0 | 0 |
| South Dakota | 2 | 1 | 1 | $10M | 0 | 0 |
| Delaware | 1 | 0 | 0 | 0 | 3 | $187M |
| Nebraska | 1 | 1 | 1 | $24M | 0 | 0 |
| Rhode Island | 1 | 0 | 0 | 0 | 0 | 0 |
| All states | 2,895 | 1,540 | 1,119 | $80.4B | 289 | $13.1B |
Download this table as CSV. 80 US venture capital firms have no state on file and are not in the table. States with no firm in our data: Alaska, Mississippi, North Dakota, West Virginia.
Which states raised the most venture capital in new funds?
Ranked by the fund sizes disclosed on Form D in the 12 months to 6 Nov 2026. This is capital raised by fund managers based in the state, not money invested in the state's startups.
| State | Fund size disclosed, 12 months | Firms that filed | Share of US total |
|---|---|---|---|
| California | $36.0B | 407 | 45% |
| New York | $12.5B | 181 | 16% |
| Massachusetts | $6.6B | 67 | 8% |
| Illinois | $5.5B | 28 | 7% |
| Florida | $4.2B | 83 | 5% |
| Texas | $2.9B | 65 | 4% |
| Pennsylvania | $1.5B | 18 | 2% |
| Utah | $1.5B | 15 | 2% |
| Ohio | $1.3B | 7 | 2% |
| Colorado | $969M | 22 | 1% |
Where are firms most active?
Among states with 15 or more firms, ranked by the share that is active (a new investment in 12 months or a new fund in 24). Activity status is our research.
| State | Active firms | All firms | Share active |
|---|---|---|---|
| Michigan | 12 | 18 | 67% |
| Arizona | 13 | 20 | 65% |
| Utah | 30 | 48 | 62% |
| Oregon | 10 | 16 | 62% |
| New York | 266 | 440 | 60% |
| Minnesota | 12 | 20 | 60% |
| Florida | 100 | 177 | 56% |
| Texas | 101 | 181 | 56% |
| New Jersey | 22 | 40 | 55% |
| District of Columbia | 12 | 22 | 55% |
Method and limits
- Source
- SEC Form D filings for venture funds, joined to the firm that manages each fund. Activity status is our research from filings and each firm's own website.
- State
- The firm's address on its SEC filing or, without one, on its website. A firm with offices in several states is counted once, where it files.
- Fund size
- The latest fund per firm: total offering amount on Form D, or the amount sold where the offering is open-ended. It is what the fund set out to raise or had raised when it filed, not a final close.
- New funds, 8 weeks
- First Form D notices only, amendments left out, for the 8 weeks to 6 Nov 2026.
- Limits
- Most firms that have never filed a Form D are missing. Accelerators, angel networks and venture debt funds are not counted here. Funds with an indefinite offering amount and nothing sold yet have no size, so the totals are a floor.
- Refresh
- Weekly for filings. Rows last checked in November 2026.
Questions
Which state has the most venture capital firms?
California, with 1,038 firms on our list, followed by New York (440) and Massachusetts (185).
How many states have venture capital firms?
We hold at least one firm in 46 states, DC and Puerto Rico. 27 of those places have 15 or more.
Which state raised the most venture capital in new funds?
California: firms there disclosed $36.0B across the latest funds they filed in the last 12 months, 45% of the US total.
How many new venture funds were filed recently?
289 new US venture funds filed a first Form D notice in the 8 weeks to 6 Nov 2026. The weekly list is on New VC funds.
Does a firm only invest in its own state?
No. The state is where the firm files, not where it invests. Most venture firms invest across states, so treat the state as a starting point for outreach.
Where does this data come from?
SEC Form D filings on EDGAR for the filing date, the fund size and the address. Which firms are active is our own research, checked against each firm's website.
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Related
How many VC firms are in the USForm D filing statisticsHow to read a Form DForm D glossaryVenture capital firms in the US (2,975)Active venture capital firms in the US (1,574)Venture capital firms by stateHow to build an investor listWhat is in the investor databaseInvestor matching tool
Cite this page
Muhammad Tayyab Shabbir, "New Venture Funds and Capital Raised by State, 2026", The Investor Database, 10 Nov 2026. https://theinvestordatabase.com/guides/venture-capital-fundraising-by-state/
The figures and tables on this page may be quoted or republished with a link to this page (CC BY 4.0). The contact data in the paid files is not covered.