The greater Detroit area and Pittsburgh have grown the most in the amount of equity funding they attract by percent, year over year, a report by Crunchbase states. In 2019, publicly reported funding for Detroit was up 985 percent to $1.8 billion and Pittsburgh rose by 727 percent to $1.2 billion. The greater Philadelphia area ranked No. 5 on the list, after Tampa Bay and Miami.
Crunchbase points to large funding rounds in a single company as part of the reason why — Uber ATG in Pittsburgh, Rivian in Detroit, NextEra energy in the Miami Area, and KnowBe4 in the Tampa Bay Area.
The Philadelphia Area’s ecosystem, with a growing biotech and health care sector, is creating a more diverse set of companies, Crunchbase pointed out.
Despite this growth, the San Francisco Bay area still pulled in 44 percent of the country’s total funding, followed by the areas of New York, Boston, Los Angeles and Seattle, respectively.