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PitchBook Analyst Note: VC Varies by Ecosystem

Q3 2021

PitchBook Analyst Note: VC Varies by Ecosystem

September 20, 2021

PitchBook Analyst Note: VC Varies by Ecosystem
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Dominant venture hubs drive the trends. What does the rest of US VC look like?

The Bay Area, New York, Boston and Los Angeles are unquestionably the premier venture hubs in the US. Their outsized influence means these four cities shape the story that has come to define US VC, and activity in smaller markets is typically lumped in with that narrative—whether or not it fits.

Our newest analyst note breaks out the data by ecosystem to evaluate the disparities between the four hubs and emerging venture markets around the US.

Takeaways include
 
  • The differences in median deal sizes across investment stages.
 
  • How that deal size spread affects valuations, percentage stakes acquired and more.
 
  • The impacts of other factors, including cost of living, industry and local network size.
 

Table of Contents
Key takeaways 1
Introduction 2
Tech hubs driving deal trends 3
Valuation disparity across ecosystems 6
Moving forward 9