California last year attracted more venture capital than any other state, pulling in almost five times as much money as No. 2-ranked Massachusetts.
A new report from PricewaterhouseCoopers and the National Venture Capital Assn. said that California received more than half of the country's $28 billion in 2011 venture capital investments.
The report was cited Thursday in a blog posted by Dennis Meyers, the principal economist of the California Department of Finance.
Nationally, venture capital investments increased 22% last year compared to 2010. California ventures got $14.5 billion, up 24% from the previous year. The bulk of the money went to Silicon Valley firms.