Venture capital raised by Indiana companies more than doubled in 2018 compared with 2017’s total, according to the latest report by PitchBook-NVCA Venture Monitor.
Hoosier companies landed $367.74 million in venture capital on 93 deals in 2018, according the report. That’s a 118 percent increase from the $168.11 million raised in 2017 on 91 deals.
Venture capital activity remained strong in Indiana throughout the year, the report said. Indiana businesses raised $96.75 million on 27 deals in the fourth quarter, far exceeding the $24.76 million raised in 17 deals in the fourth quarter of 2017.
Almost 39 percent of the total amount raised by state companies in 2018 was raised in the third quarter, when 22 deals accounted for $142.30 million in funding.
Indiana’s 2018 numbers followed national trends, the report said, with more money being invested in each deal.
U.S. companies landed $130.9 billion in venture capital, surpassing the all-time high set in 2000. Overall, there were 8,948 deals.
Late-stage deals dominated venture investment, making up 63 percent of total deal value in 2018. The number of mega-deals—deals of more than $100 million—nearly doubled, to a record 199.
Technology and health care-related companies were the biggest recipients of venture funding nationally, the report said.