Companies in the Midwest and South are making major plays for investment dollars, according to CB Insights, with Kansas City’s PayIt and C2FO earning spots on the latest map of the nation’s most well-funded tech startups.
“The tech boom has diffused beyond the traditional hotbeds of California, New York, and Massachusetts, across the entire United States,” the CB Insights report said.
The new map assigns top-funded startups in each U.S. state.
Fresh off a more than $100 million investment from New York-based Insight Partners in March, GovTech platform PayIt landed on the report for the first time, representing Missouri. Other investors include Advantage Capital, Royal Street Ventures, Five Elms Capital, and KCRise Fund, according to CB Insights.
Click here to read more about what PayIt’s recent investment news means for Kansas City.
The startup’s focus is on simplifying government to make it more modern, convenient, accessible and transparent — taking out the friction of working with city, county and state entities, said John Thomson, PayIt CEO and co-founder.
“We’ve emerged as the disruptive new tech in a market full of old tech,” he said. “We generate real outcomes, not just for constituents to simply their lives, but real benefits to the governments as well. We’re helping them collect revenue faster, improve compliance, and drive big savings and efficiencies.”
On the Kansas side of the border, Leawood-based FinTech firm C2FO has logged nearly $200 million from Temasek Holdings, Tiger Global Management, Mubadala Investment Co, and Union Square Ventures, Mithril Capital Management, according to the report.
Click here for more on C2FO’s $100 million funding round in 2018.
CB Insights map was created using disclosed equity funding, excluding money from debt, loans, and lines of credit. Only tech companies that have raised at least $1 million of equity funding since January 2014 are considered.
Click here for a closer look at the funding map.
Key takeaways from the CB Insights report include:
- The most well-funded tech startup was California’s Uber, with $15B in disclosed equity funding;
- Companies with the deepest pockets were found in Florida (Magic Leap, $2.4 billion in disclosed equity funding), Illinois (Avant, $655 million), and Georgia (Kabbage, $490 million); and
- The VC-backed startup with the least funding on the list is Oklahoma’s SendaRide with $1.74 million in funding.