Where Is Venture Capital Flowing?
Top 20 MSAs Breakdown
by Dennis Lee, CEO at Market Stadium
At Market Stadium, one key metric we’ve been tracking is Venture Capital Funding by Metropolitan Statistical Area (MSA).
We analyzed quarterly VC funding trends among the top 20 MSAs with the highest VC funding, selected from the top 50 MSAs, from 2019Q1 to the most recent quarter.
💡 Why Does This Matter?
Understanding the venture funding trends of top-performing cities helps investors and developers pinpoint where innovation and economic growth are thriving. These cities attract high-profile talent with strong purchasing power, particularly in housing—whether through renting or buying. This influx of talent not only drives demand for high-quality real estate but also fuels broader local economic development, making these markets highly attractive for investment.
🧩 Key Takeaways:
1️⃣ Overall VC Growth, but at Different Rates
VC funding trends are increasing across all MSAs, but the pace of growth varies. Some markets show a steeper upward trajectory, while others experience a more gradual rise.
2️⃣ Volatility in Major Markets
San Francisco, San Jose, and Boston show high quarterly fluctuations, but their long-term trend remains upward.
New York, Miami, Houston, and Dallas exhibit steady growth with relatively fewer fluctuations, indicating consistent VC inflows.
3️⃣ Emerging VC Hubs
Cities like Tulsa, Charlotte, and Las Vegas show no clear trend and remain highly volatile. Midland, however, has shown a notable upward trend since 2023Q3, which is worth watching.

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Dennis Lee
CEO at Market Stadium
Prev. Lionstone Investments Research Team
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