Magic Johnson, chairman of Magic Johnson Enterprises, meets biotech billionaire… (Kevok Djansezian/Getty…)
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.
The infusion of funds was led by software companies, $6.7 billion in 2011. Biotech companies received $4.7 billion in the same period.
Here's the state-by-state breakdown:
California $14.5 billion
Massachusetts $ 3 billion
New York $2.3 billion
Texas $1.5 billion
Illinois $0.7 billion
Colorado $0.6 billion
Virginia $0.6 billion
Washington $0.5 billion
New Jersey $0.5 billion
Pennsylvania $0.5 billion
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