WHERE ARE THEY GOING? The tables below show cities across the country where Bay Area- and New York City-based VCs have deployed significant capital over the past decade. While the lists are similar, geography does play a role: Figure 4 skews slightly west, and Figure 5 slightly east. FIG. 4 Top CSAs by seed- and early-stage VC dollars in FIG. 5 Top CSAs by seed- and early-stage VC dollars in rounds with Bay Area investor participation (2011–2021*) rounds with New York investor participation (2011–2021*) CSA DOLLARS INVESTED CSA DOLLARS INVESTED Los Angeles $24.2B Los Angeles $18.0B Seattle $5.8B Philadelphia $3.1B Austin $4.2B Washington, D.C. $3.0B Washington, D.C. $3.2B Seattle $3.0B Denver $3.1B Austin $2.4B Chicago $3.0B Chicago $2.2B Philadelphia $2.9B Atlanta $2.2B Dallas $2.9B Denver $2.0B Atlanta $2.3B Miami $2.0B Miami $1.9B Dallas $1.3B Salt Lake City $1.6B Salt Lake City $984M Minneapolis $1.3B Columbus $834M Raleigh $1.0B Raleigh $827M Portland $852M Minneapolis $704M Phoenix $637M Houston $626M Detroit $597M Detroit $554M Houston $572M Phoenix $504M Orlando $435M Portland $471M Columbus $432M Orlando $382M Sacramento $427M Pittsburgh $364M Nashville $391M St. Louis $351M Pittsburgh $325M Nashville $348M Las Vegas $321M Cincinnati $266M Cincinnati $300M Indianapolis $245M Reno $269M Las Vegas $198M St. Louis $245M Kansas City $165M Indianapolis $243M Charlotte $139M Kansas City $205M Buffalo $138M Tucson $180M Hartford $132M Sarasota $174M Cleveland $121M Source: PitchBook | Geography: US | *As of September 1, 2021 Source: PitchBook | Geography: US | *As of September 1, 2021 Note: Excludes startups in the Bay Area, New York, and Boston Note: Excludes startups in the Bay Area, New York, and Boston 4 / Beyond Silicon Valley: Coastal dollars and local investors accelerate early-stage startup funding across the US