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Country region · North America

Midwestern United States

Country region · United States · Pop. 69.6M · #16 region by EV

A public taster of the full Midwestern United States ecosystem on Dealroom — request a demo for live deal flow, founder pedigrees, AI-talent maps, and the full cap table for every company below.

$654B+29%
Combined startup EV
$9.2B
VC invested (last 12mo)
10.8K
Tracked startups
#39/ 69
Unicorns per 1M people · regions rank
🦄 Unicorns
104
104 live · +13 new in 2025 (incl. 1 new decacorns)
💎 Decacorns
8
$10B+ tier
🐎 Thoroughbreds
88
Top 1% growth · $500M+

Adjacent regions by EV

Startup funnel

Midwestern United States's power-law funnel

From the first cheque written to a $10B+ outcome. Each arrow shows what fraction of companies at one stage graduate to the next, tracked by founding cohort.

Pre-Seed
2,526
Seed
1,988
Series A
1,581
Series B
851
Series C
450
Unicorn
95
Decacorn
9

* C→Unicorn and Unicorn→Decacorn rates are derived from current counts (no founding-cohort data); the four mid-funnel rates use Dealroom's cohort tracking.

Notable companies

Top private companies in Midwestern United States

Up to 20 names per tier from Dealroom's tracked dataset. Decacorns are valued $10B+, unicorns $1B+, thoroughbreds have crossed $100M in revenue.

Decacorns $10B+ valuation 9
Horizon TherapeuticsClariosOak Street HealthAcrisureCitadel SecuritiesExact SciencesLineageTempusWorldPay
Unicorns $1B+ valuation 95
Kin InsurancePaylocitySummit Carbon SolutionsElectric Last Mile SolutionsNature’s FyndNICLanzaTechExactTargetSlate AutoOur Next EnergyLoadsmartVivid SeatsOutcome HealthKeyfactorLordstown MotorsG2EnfusionSyntellis Performance SolutionsInspire Medical SystemsGoHealth+75 more
Thoroughbreds+ $100M+ revenue 84
AcrisureEquipmentShareExact SciencesEnova InternationalAlightPaylocityRootTempusGreen Thumb IndustriesSotera HealthRush Street InteractiveNeueHealthAngiDuo SecurityInspire Medical SystemsWorkivaOneStreamVivid SeatsProtolabsFetch Rewards

Academia

Midwestern United States's academic flywheel

Companies founded by university alumni or spun out of research, plus the institutions producing the most founders tied to Midwestern United States.

University-linked startup formation
322
University spinouts
12.7K
Total alumni-founded companies
7,459
Of which startups (<$15M raised)
3,792
Breakouts ($15M-100M)
1,461
Scaleups ($100M+)

Vs. similarly-sized ecosystems

How Midwestern United States stacks up

Peers chosen from the same country (United States), sized closest to Midwestern United States by combined EV. The scatter plots growth × current size — outliers in the upper-right are ecosystems compounding fastest.

Combined enterprise value
$729B
Midwestern United States
$654B
$264B
$263B
$215B
EV growth (5-yr ×) vs current EV
peer median 4.4× 1.6× 16.1× 30.6× $5.2B $337B $21.7T EV growth (5yr ×) Combined enterprise value (log) California Western United States (Pacific, excl. Bay Area) Northeastern United States Washington (State) Texas New York State Southeastern United States Massachusetts Florida Western United States (Mountain) Illinois Pennsylvania New Jersey Colorado Midwestern United States

Top overview

United States — top regions

Top regions in United States ranked by combined EV. Midwestern United States's row is highlighted.

# Ecosystem Combined EV 5-yr EV growth Unicorns VC invested Tracked startups
1 California $21.7T 7.7× 976 $180B 36.4K
2 Western United States (Pacific, excl. Bay Area) $4.8T 8.1× 279 $29.9B 16.3K
3 Northeastern United States $3.5T 4.9× 571 $52.8B 30.2K
4 Washington (State) $3.1T 10.6× 72 $7.3B 3,203
5 Texas $2.3T 10.0× 107 $11.2B 6,215
6 New York State $1.5T 5.4× 270 $29.9B 15.3K
7 Southeastern United States $1.3T 5.3× 145 $11.4B 13.6K
8 Massachusetts $1.2T 4.5× 184 $13.5B 5,968
9 Florida $729B 9.7× 49 $3.9B 4,511
10 Midwestern United States $654B 3.6× 104 $9.2B 10.8K
11 Western United States (Mountain) $346B 4.0× 86 $9.1B 5,151
12 Illinois $264B 3.4× 51 $2.2B 3,354

Premium analytics

What we don't show on this page (yet)

Sector breakdowns, founder origins, AI-talent leaderboards and live deal flow are gated to logged-in Dealroom users. Book a demo to access the full Midwestern United States dataset — or see a sample on the Dealroom app.

Sector breakdown
Where Midwestern United States's unicorns concentrate
Fintech
AI / Enterprise SW
Health Tech
Biotech
Cybersecurity
Consumer
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Capital autonomy
Midwestern United States's domestic vs foreign capital mix
% domestic VC by stage
Cross-border lead investors
Sovereign-fund participation
Foreign-LP exposure
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Recent momentum
Midwestern United States's VC investment trajectory by stage
2024 vs 2025 by stage
Round-size trends
Stage-conversion deltas
Quarterly velocity
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Founder origins
Where Midwestern United States's startup founders come from
By country of origin
Per capita
Top universities
Top alumni-factory companies
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AI talent
Top employers of AI talent in Midwestern United States
Core AI roles
Frontier AI roles
YoY hiring growth
Senior + lead engineers
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Deal flow
Live deal flow & funding rounds in Midwestern United States
New rounds last 30 days
Stage breakdown
Active investors
Round-size trends
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