Funding continues to find its way towards Phoenix’s growing technology hubs
In the early stages of May, Phoenix has already seen $778 million dollars of venture capital throughout the Valley year-to-date.
May 08, 2019
- With the increasing number of technology and high-tech manufacturing activity finding its way to Phoenix, venture capital has become a great fuel source for the scaling of companies headquartered throughout the Valley with a total of $5.26 billion raised across 373 companies, at an average funding volume of $14 million.
- The Phoenix capital train largely began with JDA Software attracting attention to the Scottsdale Area in Q4 of 2016, securing $575 million in a single series round. Since then, Scottsdale has accounted for $1.79 billion of total funding after 2016, as companies look to take advantage of Downtown Scottsdale’s youthful aesthetic and economic cost of living compared to other tech hubs around the nation.
- The city of Phoenix and Chandler follow closely behind, bringing in $1.7 billion and $995 million since 2016, respectively. Of all reported deals, Carvana set the largest footprint, raising $600 million in a single round of funding for a total of $960 million raised in total via venture capital.
- In the early stages of May, Phoenix has already seen $778 million dollars of venture capital throughout the Valley year-to-date; on track to bring in $2.3 billion by the end of the year if deals continue at their current pace.
Source: JLL Research, Crunchbase