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California is by far the leading state in luring venture capital

April 05, 2012|By Marc Lifsher
  • Magic Johnson, chairman of Magic Johnson Enterprises, meets biotech billionaire Patrick Soon-Shiong at L.A. venture capital forum.
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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