Utah raises $413M in Q3, topping 2013
by Tessa Curry in Deals — 17 Oct, 2014 at 9:38 am
http://siliconslopes.com/2014/10/utah-raises-413m-q3-topping-2013/
Utah companies raised $413 million in the third quarter, eclipsing 2013 totals and beating Arizona, Colorado, New Mexico and Virginia combined.
In Q3, Utah companies raised $413.9 million, compared to the $316.2 raised in all of 2013. This is according to The MoneyTree Report by PricewaterhouseCoopers and the National Venture Capital Association based on data from Thomson Reuters.
“It was a banner quarter and we are tracking for a banner year,” said Ryan Dent, partner at PricewaterhouseCoopers, in a phone interview. “It’s an obvious analysis that this has been an incredible year,”
So far this year Utah companies have raised $774.7 million according to the MoneyTree Report. In all of 2013 $316.2 million was raised in Utah.
“We have a strong economy specifically here in Utah and there is an entrepreneurial spirit that has bred companies that we are seeing hit the charts,” Dent said.
The state has seen several mega deals this year, with four companies raising $100 million or more. Of the top ten deals in Q3, two of them were in Utah, Dent said.
Utah is breaking personal records, heading into the fourth quarter.
“We’ve been in the top 10 (states) in dollars in each quarter this year,” Dent said. “I think we have a lot of opportunity. Q4 has been one of our better quarters on record. We are going to round out this year with a very strong year.”
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