North Dakota
State · United States · Pop. 797K
Enterprise value · 2015–2025
North Dakota grew 38.7× since 2015
Combined enterprise value of every tracked startup headquartered in North Dakota that's still operating today — public and private companies combined, totalled by founding-year cohort.
Adjacent regions by EV
Startup funnel
North Dakota'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.
* 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.
Academia
North Dakota's academic flywheel
Companies founded by university alumni or spun out of research, plus the institutions producing the most founders tied to North Dakota.
Vs. similarly-sized ecosystems
How North Dakota stacks up
Peers chosen from the same country (United States), sized closest to North Dakota by combined EV. The scatter plots growth × current size — outliers in the upper-right are ecosystems compounding fastest.
Top overview
United States — top regions
Top regions in United States ranked by combined EV. North Dakota'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 |
| 41 | North Dakota | $10.6B | 30.6× | 0 | $10.5M | 83 |
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 North Dakota dataset — or see a sample on the Dealroom app.
Get the full North Dakota ecosystem on Dealroom
Live company-by-company deal flow, full cap tables, founder pedigrees, hiring signals and revenue trajectories.