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Minnesota

State · United States · Pop. 5.8M · #42 region by EV

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

910 Pool of Funded Startups

New Startups

207 Annual Startups FoundedAll new ventures

72 Annual Startups FundedReceived investment

get funded 35%

658Startups

256 Pre-Seed Startups$100K–1M

219 Seed Startups$1–4M

Pre-Seed to Seed 23%

183 Series A Startups$4–15M

Seed to Series A 34%

208Breakouts

142 Series B Breakouts$15–40M

A to Series B 24%

66 Series C Breakouts$40–100M

B to Series C 31%

44Scaleups

34 Mega Scaleups$100–250M

reach Mega 3.7%

10 Mega+ Scaleups$250M+

reach Mega+ 1.1%

13Valuation Outcomes

12 Unicorns($1–10B valuation)

reach Unicorn 1.3%

1 Decacorns($10–100B valuation)

reach Decacorn 0.11%

Pre-Seed

256

Seed

219

Series A

183

Series B

142

Series C

Unicorn

Decacorn

* 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.

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

Every $15M+ VC round into Minnesota-headquartered companies in 2026, grouped by Dealroom sector.

- rounds · - raised

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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.

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.

University-linked startup formation

199

University spinouts

831

Total alumni-founded companies

451

Of which startups (<$15M raised)

263

Breakouts ($15M-100M)

117

Scaleups ($100M+)

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.

$254B

$242B

$202B

$177B

$159B

$144B

$138B

$128B

Minnesota

$73.2B

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	$21.5T	7.7×	1,101	$177B	36.6K
2	Western United States (Pacific, excl. Bay Area)	$4.6T	4.8×	317	$28.2B	16.4K
3	Northeastern United States	$3.4T	4.6×	652	$54.3B	30.9K
4	Washington (State)	$3T	4.5×	72	$7.3B	3,242
5	Texas	$2.7T	10.5×	128	$11.2B	6,610
6	New York State	$1.4T	5.0×	298	$30.9B	15.5K
7	Southeastern United States	$1.4T	4.8×	172	$11.5B	14.1K
8	Massachusetts	$1.2T	4.4×	210	$13.2B	6,078
9	Florida	$781B	9.6×	61	$3.7B	4,750
10	Midwestern United States	$666B	3.6×	114	$9.4B	10.7K
11	Western United States (Mountain)	$367B	4.1×	98	$9.8B	5,447
25	Minnesota	$73.2B	2.6×	13	$1.1B	1,235

More data

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Country United States Country · North America · Pop. 340.1M · #1 country by EV Region North America Continent / region · Pop. 60M · #2 region by EV

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