The technology sector in Indiana continued a record-breaking trend at the end of 2021. TechPoint, the state’s not-for-profit tech accelerator, said the state saw more than $958 million in venture capital investment last year, which is nearly triple the previous record set in 2019.
The 2019 record, which totaled $358 million, was also broken in the fourth quarter of 2021 alone, which saw more than $465 million in VC raises.
The majority of that came from Fishers-based Formstack’s $425 million investment led by Silversmith Capital Partners and PSG in Boston.
Roger Shuman, senior relationship manager for TechPoint, told Inside INdiana Business the numbers are a testament to the supportive tech ecosystem and business climate in Indiana.
“2021 was such a breakthrough year for us, with record after record being broken, which was exciting,” Shuman said. “But even more important than the actual dollars is what I’m sensing as commitment from so many emerging tech leaders to keep investing, keep growing and creating new companies here in Indiana. I’m really excited for 2022 and beyond. It could be the kind of thing we talk about for years to come.”
TechPoint said nearly 60 Hoosier tech companies were involved in mergers or acquisitions last year.
In a December interview with Inside INdiana Business, TechPoint Chief Executive Officer Mike Langellier attributed the increase in VC investment to firms having more money to invest after backing off in 2020 due to uncertainty surrounding the pandemic, as well as a blossoming startup community in Indiana.
You can view a breakdown of some of the major fourth quarter investments and M&A transactions by clicking here.