PitchBook just released its analysis of Q2 2015 venture capital activity by region, focusing on the six of the most active U.S. regions: the Bay Area; Boston; Los Angeles; the Midwest; New York; and the Pacific Northwest.  Below is also a quick summary of the Q2 2015 highlights by region:

Bay Area:

  • The median pre-money valuation for Q2 2015 was $63.5m (up from $29m for Q4 2014).
  • The most active sector (by both deal count and capital invested), by a wide margin, was software.
  • The region accounted for 33.2% of total global venture capital invested and 18% of the total global venture capital deal count.
  • The reported deals with the highest valuations, by series, were: Zenefits Series C pre-money at $4B; Credit Karma Series D pre-money at $3.33B; Slack Series E pre-money at $2.7B; and Pinterest Series G pre-money at $10.47B.

Boston:

  • The median pre-money valuation for Q2 2015 was $40m (up from $25.6m for Q4 2014).
  • The two most active sectors (by both deal count and capital invested) were software and pharma & biotech.
  • The region accounted for 6.6% of total global venture capital invested and 4.6% of the total global venture capital deal count.
  • The reported deals with the highest valuations, by series, were: Layer3 TV Series B pre-money at $338m; DraftKings pre-money at $650m; Infinidat pre-money at $1.05B; and Intarcia Therapeutics pre-money at $5.28B.
  • The region’s most active investors (by deal count) were Atlas Ventures, CommonAngels Ventures, Charles River Ventures, General Catalyst Partners, New Enterprise Associates and Polaris Partners.

Los Angeles:

  • The median pre-money valuation for Q2 2015 was $13.3m (down from $16.8m for Q4 2014).
  • The two most active sectors (by both deal count and capital invested) were software and healthcare devices & supplies.
  • The region accounted for 3.6% of total global venture capital invested and 4.4% of the total global venture capital deal count.
  • The reported deals with the highest valuations, by series, were: FreedomPop Series B pre-money at $122m; Acorns Series C pre-money at $60m; GumGum Series C pre-money at $141m; and Dollar Shave Club Series D pre-money $540m.

Midwest & Great Lakes:

  • The median pre-money valuation for Q2 2015 was $9.7m (down from $10.4m for Q4 2014).
  • The two most active sectors (by both deal count and capital invested) were software and healthcare devices & supplies.
  • The region accounted for 2.8% of total global venture capital invested and 6.2% of the total global venture capital deal count.
  • The reported deals with the highest valuations, by series, were: Livongo Series B pre-money at $67m; Juventas Therapeutics Series B2 pre-money at $62.5m; LeadPages Series B pre-money at $176m; and Centro Series B pre-money $203m.

New York metro:

  • The median pre-money valuation for Q2 2015 was $31.2m (up from $15.6m for Q4 2014).
  • The two most active sectors (by both deal count and capital invested) were software and commercial services.
  • The region accounted for 7.3% of total global venture capital invested and 7% of the total global venture capital deal count.
  • The reported deals with the highest valuations, by series, were: Oscar Health Series B pre-money at $1.36B; Blue Apron Series D pre-money at $1.87B; AppNexus pre-money at $1.5B; and WeWork pre-money $9.8B.
  • The region’s most active investors (by deal count) were Lerer Hippeau Ventures, RRE Ventures, General Catalyst Partners, Great Oaks Venture Capital and Greycroft Partners.

Pacific Northwest:

  • The median pre-money valuation for Q2 2015 was $21.3m (down from $21.5m for Q4 2014).
  • The two most active sectors (by both deal count and capital invested) were pharma & biotech and software.
  • The region accounted for 3.3% of total global venture capital invested and 3.8% of the total global venture capital deal count.
  • The reported deals with the highest valuations, by series, were: iSpot.tv Series B pre-money at $108m; nLight Series B pre-money at $123m; Stratos Genomics Series B pre-money at $191m; and Privateer Holdings Series B pre-money $415m.
Photo of Trent Dykes Trent Dykes

I am a corporate and securities attorney who represents emerging growth companies and the investors who invest in such companies. I serve as the global co-chair of the DLA Piper’s technology sector, the chair of DLA Piper’s Northwest emerging growth and venture capital…

I am a corporate and securities attorney who represents emerging growth companies and the investors who invest in such companies. I serve as the global co-chair of the DLA Piper’s technology sector, the chair of DLA Piper’s Northwest emerging growth and venture capital practice, and the managing partner of DLA Piper’s Seattle office. My practice focuses on securities offerings, mergers and acquisitions (M&A) and general corporate law. My clients are individual entrepreneurs, early stage, venture-backed and public companies and venture capital investors. I have assisted my clients in closing hundreds of seed/venture financings and M&A transactions and numerous initial and secondary public offerings. I enjoy helping startup companies navigate their way into successful enterprises.

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