Minnesota
State · United States · Pop. 5.8M · #44 region by EV
Enterprise value
How much Minnesota’s VC-backed companies are worth
Combined enterprise value of VC-backed companies headquartered in Minnesota, founded since 1990 and still operating, at the end of each year. Companies stay in the total after they list or are acquired.
VC investment
How much venture capital flows into Minnesota
VC investment into Minnesota-headquartered, VC-backed companies, broken down by round size, company location, sector and funding stage.
Startup funnel
Minnesota's startup funnel
Companies headquartered in Minnesota at each stage today, by total VC raised. Hover a bar for the split.
Source: Dealroom.co
Quarterly report
Minnesota's latest quarter in venture capital
VC raised by Minnesota-headquartered companies in the quarter shown, against the quarter before and the same quarter a year earlier.
Latest complete quarter
Loading VC raised by Minnesota-headquartered companies…
Largest rounds
Largest funding rounds in Minnesota
A live treemap of the largest VC rounds. Each cell is one round into Minnesota-headquartered companies, grouped by Dealroom sector.
Largest rounds in Minnesota - 2026
Academia
Minnesota's academic flywheel
Companies founded by university alumni or spun out of research, plus the institutions producing the most founders tied to Minnesota.
Location comparison
How Minnesota stacks up
Compare Minnesota with peers from the same country (United States) — switch between combined EV, EV growth, and a growth × size view. Expand the table for the full ranking.
Combined enterprise value of each ecosystem.
Top regions in United States ranked by combined EV. Minnesota's row is highlighted (#12).
| # | Ecosystem | Combined EV | EV growth | Unicorns | VC invested | Tracked startups |
|---|---|---|---|---|---|---|
| 1 | California | $21.6T | 7.7× | 1,138 | $179B | 37K |
| 2 | Western United States (Pacific, excl. Bay Area) | $4.5T | 4.8× | 328 | $29.9B | 16.6K |
| 3 | Northeastern United States | $3.3T | 4.5× | 650 | $53.1B | 31.3K |
| 4 | Washington (State) | $2.9T | 4.5× | 75 | $7.5B | 3,270 |
| 5 | Texas | $2.7T | 10.5× | 139 | $11.4B | 6,785 |
| 6 | Southeastern United States | $1.4T | 4.8× | 191 | $11.8B | 14.5K |
| 7 | New York State | $1.4T | 5.1× | 300 | $31.1B | 15.8K |
| 8 | Massachusetts | $1.1T | 4.4× | 209 | $12.9B | 6,135 |
| 9 | Florida | $798B | 9.8× | 67 | $4.1B | 4,904 |
| 10 | Midwestern United States | $668B | 3.7× | 124 | $9.5B | 10.8K |
| 11 | Western United States (Mountain) | $403B | 4.4× | 112 | $10.2B | 5,588 |
| 26 | Minnesota | $74B | 2.6× | 14 | $1.1B | 1,265 |
More data
Explore Dealroom data →Get the full Minnesota ecosystem on Dealroom
Live company-by-company deal flow, full cap tables, founder pedigrees, hiring signals and revenue trajectories.