Venture capital investment in Indiana exceeded $1 billion for the second straight year.
Investment in Hoosier startups totaled $1.099 billion, the second-highest year on record after the $1.4 billion invested in 2021, according to Elevate Ventures.
Elevate Ventures' 2022 Indiana Venture Report found more than 190 venture capital deals were made in the state last year, a 19% year-over-year increase. Pre-seed deals of less than $500,000 accounted for 27% of the deals made last year, or 52 transactions total.
Most of the venture capital investments, 63 in total, fell within the $1 million to $4.9 million range.
About 23 later-stage investments exceeded $10 million, which Elevate Ventures said suggested the venture capital ecosystem was maturing in Indiana.
“I believe the market is more robust than ever. We’re seeing disparate stakeholders from across the state lean in with new ideas to help companies get started and grow. Companies in Indiana also grow more efficiently than other markets throughout the country, so we are expecting another record-breaking year,” said Elevate Ventures CEO Christopher Day.
While Indiana is not a high-tech hub like Silicon Valley, Boston or Austin, the report found Indiana trailed only Illinois in deal activities in the Great Lakes and Midwestern regions.
The state accounted for 0.4% of the nation's venture capital dollars, the same as the previous year. About 57% of the venture capital dollars invested in Indiana went to the business-to-business tech sector. Another 31.4% went to life sciences and ag sciences.
Most of the venture capital investments took place in central Indiana and west central Indiana.
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