According to the latest Pitchbook-NVCA Venture Monitor report, the Greater Philadelphia area ranked fifth in the U.S. for the most closed venture capital deals in 2022 and has since held that spot to begin 2023.
The combined statistical area (CSA), which stretches from Reading to the west, the Jersey Shore to the east, and Dover, Delaware, to the south, closed 94 deals worth about $700 million between January and March of 2023. Among the 10 CSAs included by PitchBook, Philadelphia was only behind the Bay Area, New York, Los Angeles and Boston.
The Venture Monitor report also states that Philadelphia has “built its venture market into the fifth most active relatively quickly,” even in the face of national macroeconomic challenges. Read the full story in the Philadelphia Business Journal here.