Welcome to State of StartupsSM in the Southeast 2025
In 2025, stability, selectivity, and rigor are defining themes of the Southeastern venture ecosystem, which remains an influential presence in the U.S. innovation economy.
The “return to normal” that began in 2024 has continued, putting deal activity, aggregate capital amounts, and valuations on a steady, slightly upward trend. The Southeast consistently accounts for 10-12% of U.S. capital invested and 9-10% of deals. By comparison, in the past 12 months, the “super-hub” Bay Area and Northeast venture markets deployed 76.7% of all capital into half of the total U.S. deal count. In part, the size differences are due to investors in the Southeast continuing to eschew hype cycles and mega-deals ($100M+) in favor of supporting the continuity and durability of its businesses, funds, and investor community.
Across every region of the U.S., the majority of venture activity in 2024-2025 has focused on AI businesses. A small number of pure-play AI companies have captured mega-deals from the coastal “super-hubs,” but most funding activity is directed at startups using AI to build structural advantages. That is the case in the Southeast, where embedded AI has become an expectation for investment. Capital is funneling into businesses demonstrating measurable operational efficiencies and product advancements using AI.
The Southeast also parallels U.S. venture indicators in terms of capital deployment and deal cycle trends – again, with differences in scale and speed. Between 2018 and 2025 (forecast), the venture economy in the U.S. and the Southeast follows an almost perfect bell curve: steady before a peak in 2021, a correction in 2023 and 2024, and a return to stability in 2025.
Throughout the venture ecosystem, capital deployment is modestly above pre-pandemic norms, while deal counts are somewhat compressed. The trend reflects consolidation among funds. It also signals the imperative to direct capital toward securing exits for later-stage companies already showing promise within portfolios. With this heightened judiciousness, valuations are rational and built on appropriate terms. Funding is selective, startups are being asked to show more proof of strong fundamentals, and investors are writing checks with an expectation of long-term resilience.
The key takeaway of the State of StartupsSM in the Southeast 2025 report is the region's stability, selectivity, and influence. Great businesses continue to capture funding and grow here because the venture community is prudent, vibrant, and committed to exceptional outcomes for its entrepreneurs and investors.
Highlights
38%
Average check sizes are rising noticeably, reaching $6.8M in 2025 – a 38% increase from 2024 ($4.9M) and more than double the 13.7% rise from 2023 ($4.3M).
33%
The $7.1B capital deployed in the first half of 2025 represents a 33% year-over-year rise over the first half of 2024.
45%
The $6.8M average check size in 2025 (YTD) is 45% higher than the average investment in 2018, which hovered around $4.7M.
23%
The amount of capital deployment projected for full-year 2025 is $12B, up 23% from the $9.8B put to work during 2018.
The Context: Deals and Dollars
Venture activity in 2025 reflects measured expansion. In the Southeast, deals and dollars resemble levels seen in 2018-2019, rebalancing after the spike of 2021-2022 and the correction between 2023 and 2024. Investors deployed $7.1 billion in the first half of 2025, marking a 33% year-over-year increase, and activity is projected to reach $12 billion by year-end – more than 23% above the 2018 baseline. The average check size reached $6.8 million, a 45% increase over 2018, as capital continues to concentrate in mature, sector-aligned companies.
Even with the rise in total capital invested, mega-deals remain rare in the Southeast, especially compared with major coastal hubs such as the Bay Area, New York, and Boston. The slight gap between dollars deployed and deal counts indicates some deal compression. In other words, investors are putting larger checks to work in fewer companies – specifically those demonstrating resilience, strong fundamentals, and precise sector alignment. In many cases, these are companies already maturing within existing venture portfolios.
Overall, deal counts and capital activity in 2025 suggest a stable and disciplined innovation environment. The Southeast has reset to its pre-pandemic norms and is progressing with clear evidence of having learned from the volatility of recent years.
Great businesses are still capturing startup and growth funding, but capital is more expensive now. Expectations for executional rigor, capital efficiency, operational excellence, process integrity, and AI-embeddedness have raised the bar for founders building in the Southeast. Especially for many early-stage startups, this selectiveness is translating into a challenging fundraising environment and a supply-demand imbalance for capital. Even for businesses already scaling within established portfolios, growth now depends on maintaining those elevated performance standards.
In short, Southeastern investors are not just backing great ideas. They are advancing resilient, sustainable businesses built on those great ideas.
Southeast VC Deal Count and Total Investments (2018-2025f)
Key Takeaway
The data points to the enduring fact that great businesses are still getting funded. In 2025, however, the requirements are more stringent. Investors are making fewer deals and channeling more capital into follow-on rounds for companies with proven models and markets, but average check sizes have increased. It's an opportunity-rich environment for durable, high-quality companies at rational valuations for founders and the investors seeking to participate in their growth.
Implication for Founders
For founders, the bar for funding is high – but not insurmountable. Capital is flowing to companies that demonstrate strong business fundamentals, clear product-market fit in durable verticals, validated customer demand, sound unit economics, and a defined path to profitability. While most of the largest investments are going to more mature businesses already established within venture portfolios, these same expectations also apply to early-stage startups that can pair disciplined execution with realistic capital planning.
Implication for Investors
For investors, the capital environment has generally returned to its pre-pandemic state, though deal counts remain slightly below funding rates. Venture funds are prioritizing profitability over liquidity, extending exit timelines, and focusing on follow-on investments to sustain proven companies to optimal outcomes. The need for rigorous underwriting, defined exit strategies, and disciplined capital efficiency leaves fewer opportunities to participate in earlier-stage rounds. For convicted, long-term investors, however, the environment offers a chance to realize healthy returns through partnership with innovative, high-quality companies.
Sector Shifts: Who's Got the Juice?
From a capital standpoint, venture activity in the Southeast has remained generally stable since 2023, despite some deal compression. The most meaningful story lies in the sectors attracting that capital.
As is the case across the U.S., AI adoption continues to shape funding activity in the Southeast. Businesses that have natively embedded AI into their models are capturing the largest share of capital. On the other hand, startups that are unable to demonstrate how AI strengthens their operational efficiency, product performance, or customer experience are finding fundraising difficult, with longer investment timelines and downward pressure on valuations.
Ironically, Southeastern investors are also avoiding pure-play AI or "picks-and-shovels" companies, reinforcing a trend that emerged in 2024: AI is now a vital tool, not the whole toolbox.
The sectors winning in this environment stand out.
According to 2025 projections, Information Technology and Healthcare are drawing the most investment in the Southeast by large margins. Information Technology is a decisive juggernaut, with forecasted funding exceeding $7 billion, primarily driven by the deep integration of AI across enterprise and infrastructure SaaS solutions. Healthcare remains a durable second, as AI-driven diagnostics, workflow automation, and patient engagement tools grow in adoption.
B2C and B2B companies, particularly those employing data and AI-based automation, show steady year-over-year growth. Meanwhile, Energy, Financial Services, and Materials and Resources remain comparatively small slices of the capital landscape but are holding steady, which is a good sign of a stable, diversified ecosystem – not one that pours money into hype cycles.
Deal Counts and Capital Invested in the Southeast by Sector
Sector Trends
Information Technology: AI as Default Infrastructure
Information Technology leads the venture market in both deal counts and dollars invested. The sector has grown steadily since 2023, fueled by enterprise enablement, AI infrastructure, and developer tooling. Venture potential remains strong as AI continues to establish itself as the baseline for enterprise platforms. Investors are seeking IT solutions that drive automation, data efficiency, and workflow optimization across back-end infrastructure and operations.
Healthcare: Durable Growth Engine
Healthcare remains a core growth engine of venture activity in the Southeast. Deal volume surged during the pandemic, stabilized in 2023 and 2024, and is on a slight upward trajectory in 2025. Systemic platforms in diagnostics and care operations continue to scale, delivering high venture upside. AI acts as an accelerant in this sector, particularly in diagnostics, patient monitoring, and drug discovery. Generalist VCs are increasingly drawn to healthcare for its efficiency and scalability gains, while specialists remain committed due to its non-cyclical and regulated nature.
Business Products and Services (B2B): Regional Strength
Business Products and Services has proven resilient through market cycles, consistently capturing 15-20% of deal counts. Strength in vertical SaaS, logistics, and industrial infrastructure continues to drive expansion. The next wave of growth is likely to come from AI-driven productivity layers that enhance sales, operations, and workflow management. Investors view B2B as a durable category for long-term enterprise value creation.
Consumer Products and Services (B2C): Specialized Opportunities
Consumer Products and Services is a steady contributor to Southeast venture activity, driving approximately 14% of deals. Much of the capital is coming through smaller allocations from accelerators and incubators rather than large VC rounds. Momentum remains strongest among consumer technology, e-commerce, and experience-driven platforms that leverage AI for personalization and operational efficiency.
Financial Services: Establishing Utility
The financial services sector, particularly fintech, has cooled and become more selective following the 2022 spike. Capital is concentrating in support for infrastructure plays across compliance, payments, and fraud detection. Venture upside is emerging in "Fintech 2.0," which is characterized by AI-driven compliance, fraud prevention, and wealth management tools that shift the category from disruption to embedded functionality.
Energy: Small and Steady
Energy maintains a small but consistent presence in the Southeast venture landscape. While AI contributes to operational optimization, most capital continues to flow toward hardware innovations, such as renewable energy, grid modernization, and energy storage. Investor interest remains steady as sustainability and infrastructure modernization gain policy and corporate momentum.
Materials and Resources: Targeted and Strategic
Materials and Resources remains the smallest venture sector in the Southeast, but its growth is increasingly strategic. As manufacturing demand and industrial digitization rise, investors are targeting industrial tech, cleantech, and supply chain modernization rather than AI-enabled models. The sector’s progress underscores a measured but essential role in the region’s innovation economy.
Capital Invested By Sector (2023-2025f)
Key Takeaway
Since the venture market began to stabilize in 2023, Information Technology and Healthcare have led venture activity in the Southeast. Business Products and Services (B2B) and Consumer Products and Services (B2C) are distant seconds in terms of capital invested, but both continue to play important roles in the region's economy. The sectors leading venture activity in the Southeast prove that point, as investors deploy capital where they see proof of strong business models, market demand, and effective use of AI.
Implication for Founders
For founders, the table stakes for securing capital are proof of an innovative solution to a complex, even previously unsolvable problem. It includes an intelligent business model that is executed well and can prove durable market demand and repeatable revenue. AI is required, but it is neither a differentiator nor a standalone feature. The companies capturing funding and building traction are those able to deploy AI to accelerate innovation, strengthen operations, and secure value creation.
Implication for Investors
For investors, the focus remains on underwriting long-term durability – both for portfolio businesses and the sectors that shape their investing thesis. Deep diligence is at work to separate AI signal from noise. The Southeast’s sector diversity mitigates risk, but disciplined underwriting around AI integration and operational fundamentals will define the highest-performing portfolios.
AI is Eating the World.
“…the underlying intrinsic value of the best of Silicon Valley’s new companies. My own theory is that we are in the middle of a dramatic and broad technological and economic shift in which software companies are poised to take over large swathes of the economy…More and more major businesses and industries are being run on software and delivered as online services… Software is also eating much of the value chain of industries that are widely viewed as primarily existing in the physical world… Companies in every industry need to assume that a software revolution is coming."
(Marc Andreessen, ‘Software is Eating the World,’ 2011)
In an August 2011 Wall Street Journal article, venture capitalist Marc Andreessen shared his now-famous thesis that "software is eating the world.”
At the time, the economy was emerging from the global financial crisis, and skepticism was high around startup valuations and the sustainability of massive new entrants like Facebook. Andreessen argued that those valuations reflected real, intrinsic value. It was a recognition of software’s role in driving a profound technological shift.
In 2025, that same argument can be made, this time, swapping “AI” for “software.” Since late 2022, when ChatGPT introduced generative AI to the consumer market, artificial intelligence has become nearly as ubiquitous as the Internet.
AI funding hit a milestone in the first half of 2025, exceeding half of all U.S. venture check-writing activity. Between January and June, 52.5% of capital went to a mix of AI infrastructure developers and companies embedding AI into business and industry applications.
While AI is now a core operational tool transforming how innovators are building products and running businesses, pure-play AI companies have not yet catalyzed step-change deal volume or valuations in the Southeast.
Instead, regional investors are prioritizing “AI + [sector]” models that demonstrate scalability, efficiency, and defensible market value – favoring companies that use AI as an enabler, not a pitch.
Southeast Investment Behaviors:
Margins Have Meaning
Across the U.S., every region experienced record-setting capital deployment and soaring valuations in 2021 and 2022, followed by a sharp correction in 2023. Since then, capital investment has risen steadily, though not uniformly. Mean post-money valuations have now risen above both capital invested and deal count trends (as graphed below, a first since BIP Ventures began tracking the State of Startups in 2017).
This alignment suggests that valuations are increasingly being assigned to companies with proven efficiency, durable business models, and strong profitability prospects, rather than to those driven by market hype.
The Southeast has followed a similar pattern, but its cycle has been less extreme, reflecting the region’s characteristic emphasis on careful progress, disciplined capital deployment, and controlled valuations. That judicious approach has proven particularly well-suited to the current environment.
By trailing national activity slightly, Southeastern investors and founders gain the ability to absorb lessons from faster-moving coastal markets and proceed with an information advantage and informed precision. That slower, more deliberate cadence approach has created a more stable recovery trajectory than is happening in other innovation markets.
Capital Invested & Post-Money Valuation (SE vs U.S.)
(Southeast) Post Money Compared to Capital Invested
(U.S.) Post Money Compared to Capital Invested
$6.8M
1H 2025 Average Check Size (Southeast)
$13.3M
1H 2025 Average Check Size (U.S.)
$159.1M
1H 2025 Post-Money Average Value (Southeast)
$352.8M
1H 2025 Post-Money Average Value (U.S.)
Key Takeaway
In 2025, post-money valuations are rising faster than dollars deployed, signaling a shift in investor focus toward later-stage, proven companies. The Southeast venture market has mirrored national trends, but its character remains distinctly measured. Now, deal counts are compressing even as valuations climb, confirming the benefits of disciplined deployment and a preference for companies with clear fundamentals and durable market traction – and offering proof that the Southeast has matured into a selective, fundamentals-driven market where margins matter.
Implication for Founders
For founders, the Southeast continues to offer stability and opportunity in a selective funding environment. Capital flow has resettled, but investors are deploying larger checks into fewer, proven companies. Success hinges on raising well-timed, appropriately priced rounds, demonstrating measurable progress, and repricing upward over time. The bar is higher related to business expectations, but startups that meet it have the chance to access larger valuations, greater investor confidence, and a steadier path to scale.
Implication for Investors
For investors, the Southeast is a measured and maturing market where valuations are climbing faster than dollars deployed – a sign that capital is concentrating in later-stage, fundamentals-driven companies. The environment rewards disciplined underwriting: validating business models, stress-testing revenue and cash-burn assumptions, and confirming market durability before committing to elevated valuations. As valuations rise and exits extend, the region is positioned to advance balanced risk-adjusted opportunities anchored in sound fundamentals.
Capital Invested by Stage Cohorts (% Share)
2018-2019
Capital invested in the Southeast was fairly evenly distributed across every stage from Seed through D+ rounds.
2020-2021
As money flooded the market, seasoned investors were forced to move earlier in the company lifecycle to deploy capital. In the Southeast, this meant more Series A and Seed investments, with less late-stage capital deployments.
2022-2023
Even as the market began to go through a reset as interest rates rose, capital continued to shift to earlier stage companies, reaching over 50% of invested dollars in 2023.
2024-2025
As raised capital sources dry up, Southeast investment focuses on more mature businesses, pushing late-stage investment levels back to percentages not seen since 2019.
From 2018 through 2025, the venture cycle in the Southeast has mirrored the broader U.S. market while retaining its distinct identity. The past eight years reveal a clear arc toward "normalcy." Deal counts and capital activity in 2025 look much like they did in 2018 and 2019 – with funding activity dispersed across early-, mid-, and late-stage companies. The Southeast’s selective, performance-aligned investment style is working well, and great businesses of all stages continue to secure funding.
As venture teams prioritize extending the growth of known, proven portfolio companies, there is a trend toward fewer first-time investments and more follow-on rounds. Investing in known portfolio companies has become both a pragmatic survival strategy and a way to preserve liquidity for investors. As capital has become harder to raise, funds are deploying dry powder judiciously, backing businesses they know well and moving them closer to exit.
A flight to quality has reshaped new-logo investing. In 2025, fewer first-time checks are being written than in previous years. Many emerging startups are raising smaller rounds at lower valuations and being asked to achieve more with less.
Portfolio companies across all stages are expected to show proof of traction and revenue, satisfy strong operational requirements, and operate with high capital efficiency. Some are opting to raise additional funds at a reduced valuation or as an extension of prior rounds.
Raised expectations and a constrained capital environment are also driving more startups to seek alternative financing. Venture debt, private credit, and Evergreen capital structures are filling the gap. Perpetual models like Evergreen Funds and BDCs have gained popularity because they extend capital options for founders while opening private markets to a broader range of investors.
The current focus on late-stage companies is not a replay of 2018 and 2019 but an evolution. Today’s investments reflect a commitment to companies seeded during the 2020-2021 boom, as Southeast investors concentrate on known businesses most likely to deliver successful outcomes. The strategy underscores a disciplined effort to prioritize probability over potential, and to build portfolios for stability and sustainable returns.
Key Takeaway
The distribution of capital across early-, mid-, and late-stage companies has balanced, with roughly one-third of total funding now directed to each. This marks a return to pre-pandemic investing norms, following more than two years when over half of all Southeast capital flowed into early-stage deals. The trend reflects a maturing, fundamentals-driven market in which investors are spreading risk more evenly and concentrating capital on companies with proven performance and durable growth potential. By reestablishing equilibrium across stages, the Southeast venture ecosystem continues to demonstrate measured confidence, selectivity, and long-term stability – all hallmarks of its continued influence.
Implication for Founders
For founders, competition for capital is intense as companies seeded during the 2020–2021 cycle now work to sustain growth. Across every stage, however, companies are facing non-negotiables from investors – demonstrate traction quickly and often, show relevant and strong metrics, and plan carefully for follow-on funding. Great businesses are proving clear product-market fit, efficient unit economics, and scalable growth. Founders who balance discipline with innovation and show measurable progress between rounds are the best positioned to sustain momentum and capture long-term investor confidence.
Implication for Investors
For investors, the Southeast’s current funding cycle reflects an ongoing effort to sustain businesses seeded during the 2020-2021 vintage. Investors are channeling resources into top performers to drive durable outcomes for their founders and investors. Meanwhile, innovative alternatives like Evergreen Funds, BDCs, and private credit are expanding optionality and improving liquidity pathways. For investors (as is the case for founders), conviction and discipline are defining advantages.
State-by-State Comparisons
In 2025, the Southeastern venture and startup ecosystem continues to evolve and mature. Collectively, the region outperforms most others in the U.S. on deal count and capital deployed, confirming its long-term strength as a hub for innovation. Almost all states in the region are experiencing a recalibration in capital deployment. Investors are putting similar amounts of capital into fewer, but higher-quality, inked deals – underscoring the Southeast's trademark discipline and selectivity.
As is the case in the U.S., generally, a small number of large transactions are capturing a disproportionate share of capital. Information Technology (including SaaS, which is heavily influenced by embedded AI) leads all sectors by deal count and investment. University systems, public-private partnerships, and corporate venture programs are all helping to expand the innovation base and strengthen local ecosystems.
Each state tells a distinct story of recalibration. Some have normalized to pre-pandemic deal levels, while others are accelerating with renewed momentum.
Alabama and Mississippi remain early-stage strongholds where incubators and accelerators drive most of the deal activity. Florida and Georgia are mature ecosystems channeling steady capital into fewer, stronger companies. North Carolina continues to model stability. Kentucky and Virginia maintain consistent early-stage performance supported by institutional and government capital, while South Carolina and Tennessee are sustaining healthy growth marked by rising deal volumes and strong sector performance.
What emerges from this state-by-state snapshot is a region characterized by resilience, selectivity, and steady momentum – a Southeast that continues to scale its innovation economy even amid capital constraints and economic recalibration.
Click on a state to review its corresponding data
State: Georgia
State: Alabama
State: Florida
State: Mississippi
State: Kentucky
State: Tennessee
State: Virginia
State: South Carolina
State: North Carolina
3,236
TOTAL number of investments since 2018
$17.7B
TOTAL dollars invested since 2018
244
Number of investments 2025 (FORECAST)
$1.5B
Dollars invested 2025 (FORECAST)
Georgia has lost some deal activity since the pandemic “bump” of 2021-2022 and projections for 2025 indicate a slowdown in deal counts. On the other hand, overall capital deployment has remained steady since 2023. While venture activity hasn't fully recovered to pre-pandemic levels, it is considered healthy. Like most states in the region, most funding activity is happening inside incubators and accelerators, including corporate and university centers. Information Technology (including SaaS) dominates other sectors in terms of deal count and capital deployed, though Healthcare and Fintech remain important to the state’s Innovation Economy. Even with the projected slowdown, Georgia remains one of the Southeast’s most mature and diverse startup markets, with broad sector strength and capital access.
Georgia has not minted any new Unicorns since Stord in 2021. The state benefited from two significant exits in 2024: food science company CP Kelco and healthcare workforce management company QGenda, collectively worth $4.4B.
636
TOTAL number of investments since 2018
$2.5B
dollars invested since 2018
72
Number of investments 2025 (Forecast)
$626M
Dollars invested 2025 (Forecast)*
Alabama continues to be a great state for pre-seed and seed-stage startups, with deals under $1M comprising around 60% of all activity. Incubators and accelerators drive most of the funding, closing over three times the number of deals as venture funds. Case in point, gBETA, a seven-week free accelerator with locations across Alabama, has matched the total venture deal volume in the state. Like most states in the U.S., the Information Technology sector is capturing the most capital and deals. In part, that is due to Fleetio’s $450M Series D, which brought the company’s total raised to $621M – over two-thirds of Alabama’s total IT investment since 2018. It’s worth noting that none of the venture funds backing Fleetio have headquarters in Alabama.
As of YTD 2025, Alabama has no Unicorns listed and no notable exits.
*The $626M projected for 2025 takes into account the $450M Series D funding round in Fleetio.
6,794
TOTAL number of investments since 2018
$40.3B
Total dollars invested since 2018
700
Number of investments 2025 (Forecast)
$4.5B
Dollars invested 2025 (FORECAST)*
Florida is retaining its reputation as a reliable environment for launching and scaling startups, especially in early-stage companies. The state has experienced a slight consistent slowdown in deal activity since 2023, although the capital deployed has returned to levels above pre-pandemic norms. The deal rate consolidation and consistent capital deployment signal that the state continues to be a healthy, maturing startup ecosystem. Fintech, which dominated the state’s activity until recently, no longer drives significant venture activity. Information Technology (which includes SaaS) now dominates, with triple the deal count and significantly more capital than the other two top sectors, B2C and Healthcare. Incubators and accelerators are doing the most deals by a wide margin.
Florida has not minted any new Unicorns since 2023 (Headway App). The state has had two significant exits in the past year: healthcare tech company CentralReach was acquired by Roper Technologies for $1.9B, and McKesson acquired Florida Cancer Specialists & Research Institute for $3.6B.
818
TOTAL number of investments since 2018
$1.8B
TOTAL dollars invested since 2018
66
Number of investments 2025 (FORECAST)
$219M
Dollars invested 2025 (FORECAST)
Compared with other large states in the Southeast, the amount of capital put to work in Kentucky remains comparatively modest despite an active deal environment. Across every investor category, deals appear to be pre-seed or seed-sized based on check sizes. Keyhorse Capital is a standout example. The state’s most active VC, Keyhorse has closed 161 deals since 2018 – over 100 of those checks were less than $1M. That approach may be changing as the total forecasted capital deployment for 2025 is almost twice what it was in 2023 and 2024, despite a similar deal count.
Kentucky has not minted any new Unicorns since 2021 (JumpCloud). The state saw two IPOs in 2024, both in the Healthcare space: BrightSpring Health Services and Waystar Health.
162
TOTAL number of investments since 2018
$189M
TOTAL dollars invested since 2018
18
Number of investments 2025 (FORECAST)
$6M
Dollars invested 2025 (FORECAST)
Mississippi’s venture landscape is quiet and somewhat unpredictable. Funding events happen but are isolated enough that each one can skew venture activity trends. Activity in Mississippi didn’t follow the 2020–2024 “bell curve” that defined the venture environment for other states in the Southeast and U.S. innovation hubs. Instead, activity dipped in 2021, rose unevenly through 2024, and is forecast to drop in 2025. For example, the 2024 acquisition of Yak Access by United Rentals increased the state's total capital investment to $33M (from $6M in 2023). That number is projected to fall back to $6M in FY2025. Incubators and accelerators drive the most activity in the state, with Mississippi State University leading the way. Most investors close only one deal, and nearly all are under $1M – only about 25% of top sector deals surpass that threshold.
In 2025 (YTD), Mississippi has not produced any Unicorns. In 2024, the state saw one sizeable acquisition – Yak Access (by United Rentals).
3,389
TOTAL number of investments since 2018
$26.1B
TOTAL dollars invested since 2018
362
Number of investments 2025 (FORECAST)
$3B
Dollars invested 2025 (FORECAST)
North Carolina’s startup ecosystem remains steady, with deal volume, capital deployment, deal sizes, and sector strength showing comparatively less volatility between 2018 and 2025 than the other states in the Southeast. Capital and activity in 2025 are lagging, but generally remain in line with trends in the state, region, and nation, and have risen slightly above pre-2020 levels. All of this stability reflects a mature, reliable startup environment with continued upside. Interestingly, deal activity is somewhat consolidated. Like many other active funding hubs, Information Technology (which includes SaaS) is capturing almost twice the amount of capital and significantly more deals than Healthcare, the next-most funded sector.
In 2024, North Carolina has had one (1) $1B+ exit with the acquisition of Snap One (Conferencing Hardware) by Resideo Technologies. The state has not produced a new Unicorn since 2022.
699
TOTAL number of investments since 2018
$1.7B
TOTAL dollars invested since 2018
92
Number of investments 2025 (FORECAST)
$240M
Dollars invested 2025 (FORECAST)
South Carolina is a healthy venture capital market where the top ten VCs generate twice as many deals as the leading incubators, angels, or government sources. The growth in capital deployed and deals completed in 2024 appears to be continuing in 2025. Despite no massive outlier deals (i.e., unicorn IPOs or acquisitions) as of 1H 2025, deal counts and capital invested are both likely to see YoY increases in 2025. That trend positively differentiates South Carolina within the region. Healthcare and Fintech remain resilient centers of innovation, but – as with nearly every other state in the region – Information Technology (including SaaS) is garnering virtually twice the number of deals and amount of capital as any other sector.
South Carolina has had no outlier deals so far in 2025. The last notable deal in the state took place in 2023, with Arko’s acquisition of Transit Energy Group. The state has not produced a Unicorn since 2022 (Palmetto).
1,719
TOTAL number of investments since 2018
$9.1B
TOTAL dollars invested since 2018
226
Number of investments 2025 (Forecast)
$1.5B
Dollars invested 2025 (Forecast)
The Innovation Economy is gaining momentum in Tennessee. Deal activity and capital amounts are rising steadily, nearly reaching the peak years of the pandemic. Venture funds, accelerators, and government programs have picked up their investment pace in 2025, some significantly. In particular, Launch Tennessee and the Nashville Entrepreneur Center have both nearly doubled deal volume year-over-year and surpassed the state’s top ten angels combined. Healthcare remains a standout industry in the state, as evidenced by the $2.7B Elevance Health acquisition of CareBridge (which achieved unicorn status in 2022). Nonetheless, Information Technology (including SaaS) outpaces Healthcare slightly in deal count. Total capital deployed dipped to $780M in FY2024 (from $2B in FY2023) but is projected to rebound to $1.5B in 2025, highlighting a return to growth and resilience for the state’s startups and investors.
CareBridge achieved Unicorn status in 2022. In 2024, Elevance Health acquired the company for $ 2.7 billion. No other outlier deals have happened since.
2,933
TOTAL number of investments since 2018
$15.7B
TOTAL dollars invested since 2018
316
Number of investments 2025 (Forecast)
$2.2B
Dollars invested 2025 (Forecast)
In Virginia, strong accelerator, government, and institutional capital sources support innovation growth. Deal volume peaked in 2023 and has experienced a slight decline since. However, capital invested has not followed the same pattern. Investment amounts bumped up over $2B annually in 2021 and have mostly remained at those levels. Forecasted capital deployment for 2025 is back up to pandemic levels, despite fewer completed deals. Information Technology (including SaaS) dominates funding activity, with twice the number of deals and twice the amount of funding as Healthcare.
Virginia has not minted any new Unicorns since 2022 (Somatus). The state has had one significant acquisition in 2025, BlueHalo (Government) by Arlington Capital Partners.
Top Industries (Deals & Capital 2018-YTD 2025)
Information Technology (includes SaaS) | $9.7B
Financial Services (includes Fintech) | $2B
Healthcare (includes Biotech/Pharma) | $2B
Information Technology (includes SaaS) | 1,381
Healthcare (includes Biotech/Pharma) | 544
B2B| 530
Total Deals (2018-YTD 2025) = 3,236
Total Investments (2018-YTD 2025) = $17.7B
Investment Leaders by Deals Completed
Venture Capital Funds
Angel Activity
Incubators & Accelerators
State-level Government & Non-Profit VC-Backed Funds
Top Industries (Deals & Capital 2018-YTD 2025)
Information Technology (including SaaS) | $917M
Healthcare (includes Biotech/Pharma) | $411M
B2C | $392M
Information Technology (including SaaS) | 215
Healthcare (includes Biotech/Pharma) | 151
B2C | 99
Total Deals & Investments (2018-YTD 2025) = 636
Total Investments (2018-YTD 2025) = $2.58B
Investment Leaders by Deals Completed
Venture Capital Funds
Angels
Incubators & Accelerators
State-level Government & Non-profit VC-backed Funds
Top Industries (Deals & Capital 2018-YTD 2025)
Information Technology (including SaaS) | $17.0B
Healthcare (includes Biotech/Pharma) | $6.6B
B2C | $4.9B
Information Technology (including SaaS) | 2,725
B2C | 1,219
Healthcare (includes Biotech/Pharma) | 1,085
Total Deals (2018-YTD 2025) = 6,794
Total Investments (2018-YTD 2025) = $40.3B
Investment Leaders by Deals Completed
Venture Capital Funds
Angels
Incubators & Accelerators
State-level Government & Non-Profit VC-Backed Funds
Top Industries (Deals & Capital 2018-YTD 2025)
Healthcare (includes Biotech/Pharma)| $492M
Materials and Resources | $480M
Information Technology (includes SaaS) | $235M
Information Technology (includes SaaS) | 244
B2C | 203
Healthcare | 154
Total Deals (2018-YTD 2025) = 818
Total Investments (2018-YTD 2025) = $1.8B
Investment Leaders by Deals Completed
Venture Capital Funds
Angels
Incubators & Accelerators
State-level Government & Non-Profit VC-Backed Funds
Top Industries (Deals & Capital 2018-YTD 2025)
B2B | $94M
B2C | $28M
Healthcare (includes Biotech/Pharma)| $27M
B2C | 48
B2B | 38
Information Technology (includes SaaS) | 35
Total Deals (2018-YTD 2025) = 162
Total Investments (2018-YTD 2025) = $189M
Investment Leaders by Deals Completed
Venture Capital Funds
Angels
Incubators & Accelerators
State-level Government & Non-Profit VC-Backed Funds
Top Industries (Deals & Capital 2018-YTD 2025)
Information Technology (includes SaaS) | $12.9B
Healthcare (includes Biotech/Pharma) | $6.6B
B2B | $1.8B
Information Technology (includes SaaS) | 1,097
Healthcare (includes Biotech/Pharma) | 887
B2C | 595
Total Deals and Investments
Investment Leaders by Deals Completed
Venture Capital Funds
Angels
Incubators & Accelerators
State-level Government & Non-Profit VC-Backed Funds
Top Industries (Deals & Capital 2018-YTD 2025)
Information Technology (includes SaaS) | $530M
Fintech | $282M
Healthcare (includes Biotech/Pharma) | $273M
Information Technology (includes SaaS) | 245
B2C | 142
Healthcare (includes Biotech/Pharma) | 137
Total Deals (2018-YTD 2025) = 699
Total Investments (2018-YTD 2025) = $1.7B
Investment Leaders by Deals Completed
Venture Capital Funds
Angels
Incubators & Accelerators
State-level Government & Non-Profit VC-Backed Funds
Top Industries (Deals & Capital 2018-YTD 2025)
Healthcare (includes Biotech/Pharma) | $4.5B
Information Technology (includes SaaS) | $1.7B
B2B | $1.1B
Information Technology (includes SaaS) | 488
Healthcare (includes Biotech/Pharma) | 479
B2C | 279
Total Deals (2018-YTD 2025) = 1,719
Total Investments (2018-YTD 2025) = $9.1B
Investment Leaders by Deals Completed
Venture Capital Funds
Angels
Incubators & Accelerators
State-level Government & Non-Profit VC-Backed Funds
Top Industries (Deals & Capital 2018-YTD 2025)
Information Technology (includes SaaS) | $7.3B
Healthcare | $3.2B
B2B | $1.6B
Information Technology (includes SaaS) | 1,264
Healthcare (includes Biotech/Pharma) | 507
B2C | 428
Total Deals (2018-YTD 2025) = 2,933
Total Invested (2018-YTD 2025) = $15.7B
Investment Leaders by Deals Completed
Venture Capital Funds
Angels
Incubators & Accelerators
State-level Government & Non-Profit VC-Backed Funds
Conclusion and Methodology
Venture and startup activity between July 2024 and July 2025 confirms that the Southeast venture ecosystem continues to operate with stability, selectivity, and rigor – qualities that have long distinguished the region from other U.S. innovation hubs.
A mature market that rewards discipline over exuberance, the Southeast continues to account for 10-12% of U.S. capital invested and 9-10% of total deals, maintaining its long-standing position as a steady contributor to national innovation.
The “return to norm” that began in 2024 has continued. Deal activity, capital deployment, and valuations have stabilized and are trending modestly upward. Two structural shifts have defined the past 12 months. First, AI has become embedded infrastructure – not a pure-play sector. Startups using AI to drive measurable efficiency and product advancement are attracting sustained funding.
Second, investors are concentrating capital into follow-on rounds for established companies with proven business models and disciplined valuations to fuel sustainable growth inside funds and across the region.
The Southeastern venture ecosystem has matured into one of the most stable and discerning in the country. Great businesses at every stage continue to attract capital here because investors value sound fundamentals, operational discipline, and durable growth.
For founders and investors, the takeaway is this: the Southeast remains an enduring force in the Innovation Economy.
The State of Startups in the Southeast 2025 Summary Tables & Graphs
Southeast Top 10s
(January 1, 2018-June 30, 2025)
| Incubators / Accelerators | Deal Count | |
|---|---|---|
| 1 | Techstars | 458 |
| 2 | Plug and Play Tech Center | 220 |
| 3 | NC Idea | 196 |
| 4 | Y Combinator | 154 |
| 5 | CREATE-X* | 112 |
| 6 | Google for Startups | 112 |
| 7 | i.Lab Incubator* | 105 |
| 8 | Nashville Entrepreneur Center | 101 |
| 9 | Tampa Bay Wave* | 96 |
| 10 | gBETA | 88 |
*New to the rankings as of 2025.
| Angels | Deal Count | |
|---|---|---|
| 1 | VentureSouth | 85 |
| 2 | Keiretsu Forum | 66 |
| 3 | Charlottesville Angel Network | 52 |
| 4 | Miami Angels | 44 |
| 5 | Atlanta Technology Angels | 37 |
| 6 | Bluegrass Angels | 30 |
| 7 | CAV Angels | 30 |
| 8 | 757 Angels | 26 |
| 9 | IrishAngels | 25 |
| 10 | Mark Cuban | 21 |
*No new entities in the rankings for 2025.
| VC Funds | Deal Count | |
|---|---|---|
| 1 | Virginia Venture Partners | 200 |
| 2 | Triangle Tweener Fund | 165 |
| 3 | Keyhorse Capital* | 164 |
| 4 | Gaingels | 120 |
| 5 | Right Side Capital Management | 114 |
| 6 | Alumni Ventures | 107 |
| 7 | Florida Funders | 89 |
| 8 | Service Provider Capital | 81 |
| 9 | Tech Square Ventures | 80 |
| 10 | Andreessen Horowitz | 77 |
*New to the rankings as of 2025.
| Government-Backed Venture Investments | Deal Count | |
|---|---|---|
| 1 | U. S. National Science Foundation* | 92 |
| 2 | Launch Tennessee | 58 |
| 3 | Virginia Innovation Partnership Corporation* | 55 |
| 4 | Georgia Research Alliance | 54 |
| 5 | Georgia State University* | 31 |
| 6 | National Institutes of Health* | 28 |
| 7 | The Company Lab* | 20 |
| 8 | Bronze Valley | 17 |
| 9 | South Carolina Research Authority* | 17 |
| 10 | NC State Entrepreneurship* | 6 |
*New to the rankings tables as of 2025.
Notable Exits by State Since 2018
(January 1, 2018-June 30, 2025)
Rankings prior to 2024 were based on deal size. For 2024 and going forward, rankings are based on post-money valuation. The amended criteria caused some changes to the companies listed in the tables for each state. All other criteria have remained consistent (formerly backed by private market funds, full or partial exits via IPO or private market transaction, minimum transaction value of $1B, since January 2019).
Companies in Orange are new exits since 2023.
| Company | Buyer | Year | Value ($ Million) |
|---|---|---|---|
| Point Broadband | Berkshire Partners | 2023 | $1,300 |
| Wittichen Supply Company | Bejer Ref | 2023 | $1,373 |
| Abaco Systems | Ametex | 2021 | $1,345 |
| Company | Buyer | Year | Value ($ Million) |
|---|---|---|---|
| Florida Cancer Specialists & Research Institute | McKesson | 2025 | $3,557 |
| CentralReach | Roper Technologies | 2025 | $1,850 |
| Cheney Brothers | Performance Food Group | 2024 | $2,000 |
| KnowBe4 | Vista Equity Partners | 2023 | $4,600 |
| Cloud Software Group | Vista Equity Partners, Elliott Investment Management, Ares Management | 2022 | $28,551 |
| Anaplan | Thomabravo | 2022 | $10,700 |
| AeroCare Holdings | AdaptHealth | 2021 | $2,431 |
| Ion Media | E.W. Scripps | 2021 | $2,650 |
| KnowBe4 | IPO | 2021 | $2,657 |
| Tech Data | SYNNEX | 2021 | $7,224 |
| Advanced Disposal | Wast Management | 2020 | $2,800 |
| Chewy | IPO | 2019 | $8,769 |
| Ultimate Software Group | UKG | 2019 | $7,525 |
| Company | Buyer | Year | Value ($ Million) |
|---|---|---|---|
| QGenda | Hearst Corporation | 2024 | $2,500 |
| CP Kelco | Tate & Lyle | 2024 | $1,900 |
| EVO Payments | Global Payments | 2023 | $4,000 |
| Wencor Group | Heico | 2023 | $2,054 |
| Immucor | Werfen Life Group | 2023 | $2,000 |
| Cloudmed | R1 RCM | 2022 | $4,100 |
| SalesLoft | Vista Equity Partners | 2022 | $2,300 |
| BMC Stock Holdings | Builders Firstsource | 2021 | $3,658 |
| First Advantage | IPO | 2021 | $2,248 |
| Aveanna Healthcare | IPO | 2021 | $2,162 |
| HD Supply | The Home Depot | 2020 | $8,637 |
| Company | Buyer | Year | Value ($ Million) |
|---|---|---|---|
| Waystar Health | IPO | 2024 | $3,583 |
| BrightSpring Health Services | IPO | 2024 | $2,225 |
| Appriss Insights | Equifax | 2021 | $1,825 |
| BrightSpring Health Services | Kohlberg Kravis Roberts, Walgreens Boots Alliance | 2019 | $3,308 |
| Company | Buyer | Year | Value ($ Million) |
|---|---|---|---|
| Yak Access | United Rentals | 2024 | $1,825 |
| Company | Buyer | Year | Value ($ Million) |
|---|---|---|---|
| Snap One | Resideo Technologies | 2024 | $1,405 |
| Syneos Health | Patient Square Capital, Veritas Capital, Elliott Investment Management | 2023 | $7,100 |
| PRA Health Sciences | Icon | 2021 | $12,042 |
| AvidXchange | IPO | 2021 | $4,894 |
| Hayward Industries | IPO | 2021 | $3,937 |
| Driven Brands | IPO | 2021 | $3,624 |
| Pharmaceutical Product Development | Thermer Fisher Scientific | 2021 | $16,036 |
| Pharmaceutical Product Development | IPO | 2020 | $9,160 |
| Asklepios BioPharmaceutical | Bayer | 2020 | $3,861 |
| Red Hat | IBM | 2019 | $34,000 |
| Arysta LifeScience | UPL | 2019 | $4,700 |
| Company | Buyer | Year | Value ($ Million) |
|---|---|---|---|
| Hargary Communications | Sparklight | 2021 | $2,117 |
| Natalist | Everly Health | 2021 | $2,900 |
| Diversey | IPO | 2021 | $4,560 |
| Company | Buyer | Year | Value ($ Million) |
|---|---|---|---|
| Integrated Oncology Network | Cardinal Health | 2024 | $1,115 |
| CareBridge | Elevance Health | 2024 | $2,700 |
| Pilot Company | Berkshire Hathaway | 2023 | $19,807 |
| OneOncology | AmerisourceBergen, TPG | 2023 | $2,100 |
| Change Healthcare | Optum | 2022 | $13,000 |
| Tivity Health | Stoneback Capital | 2022 | $3,200 |
| TransCore | ST Engineering | 2022 | $2,680 |
| Shoals Technologies Group | IPO | 2021 | $4,165 |
| Nom Nom (Food Products) | Mars | 2021 | $1,000 |
| NaviHealth | Optum | 2020 | $2,954 |
| SmileDirectClub | IPO | 2019 | $8,852 |
| Change Healthcare | IPO | 2019 | $1,769 |
| Compassus | TowerBrook Capital Partners, Ascension Health | 2019 | $1,000 |
| Company | Buyer | Year | Value ($ Million) |
|---|---|---|---|
| Venture Global LNG | IPO | 2025 | $60,489 |
| BlueHalo (Government) | Arlington Capital Partners | 2025 | $4,100 |
| Mandiant | Alphabet | 2022 | $6,101 |
| PAE | Amentum Services | 2022 | $1,900 |
| Trader Interactive | Carsales.com | 2022 | $1,575 |
| Fluence (Energy Storage) (NAS: FLNC) | IPO | 2021 | $4,667 |
| Neustar | TransUnion | 2021 | $3,100 |
| Privia Health (NAS: PRVA) | IPO | 2021 | $2,364 |
| Alion Science and Technology | Huntington Ingalls Industries | 2021 | $1,780 |
| InSite Wireless Group | American Tower | 2020 | $3,500 |
| EdgeConneX | EQT | 2020 | $2,750 |
| Engility | Science Applications International | 2019 | $2,160 |
Southeastern Unicorns (January 1, 2018-June 30, 2025)
The Southeast has not added any new Unicorns since 2023 (Florida-based Headway). The drop in $1+ billion deal activity reflects the region’s meticulous funding environment and avoidance of pure-play AI deals, which are primarily responsible for the rising Unicorn count nationally.
The Southeastern Unicorn list shows the date when each company closed a funding round that pushed the company’s valuation to $1B+. The Valuation column indicates the most current valuation of each company (as of 5/06/2025).
| Company | Unicorn Date | Industry | Current Valuation ($B) |
|---|---|---|---|
| Headway | 10/5/2023 | Healthcare & Life Sciences | $1 |
| Cirkul | 6/13/2022 | Consumer & Retail | $1.1 |
| Material Bank | 5/6/2022 | Industrials | $1.9 |
| Genies | 4/12/2022 | Media & Entertainment | $1 |
| Yuga Labs | 3/22/2022 | Media & Entertainment | $4 |
| Jeeves | 3/14/2022 | Enterprise Tech | $2.1 |
| ReliaQuest | 12/1/2021 | Enterprise Tech | $1 |
| MoonPay | 11/22/2021 | Financial Services | $3.4 |
| Papa | 11/4/2021 | Healthcare & Life Sciences | $1.4 |
| Offchain Labs | 8/31/2021 | Enterprise Tech | $1.2 |
| Pipe | 5/19/2021 | Financial Services | $2 |
| Kaseya | 3/27/2019 | Enterprise Tech | $2 |
| REEF Technology | 12/10/2018 | Enterprise Tech | $1 |
| Florida Total | $25.5 |
| Company | Unicorn Date | Industry | Current Valuation ($B) |
|---|---|---|---|
| STORD | 9/13/2021 | Industrials | $1.3 |
| FullStory | 8/4/2021 | Enterprise Tech | $1.8 |
| Flock Safety | 7/13/2021 | Consumer & Retail | $7.5 |
| Calendly | 1/26/2021 | Enterprise Tech | $3 |
| Greenlight | 9/24/2020 | Financial Services | $2.3 |
| OneTrust | 7/11/2019 | Enterprise Tech | $4.5 |
| Georgia Total | $20.4 |
| Company | Unicorn Date | Industry | Current Valuation ($B) |
|---|---|---|---|
| JumpCloud | 9/13/2021 | Enterprise Tech | $2.6 |
| Kentucky Total | $2.6 |
| Company | Unicorn Date | Industry | Current Valuation ($B) |
|---|---|---|---|
| VulcanForms | 7/5/2022 | Industrials | $1 |
| JupiterOne | 6/2/2022 | Enterprise Tech | $1 |
| Oyster | 4/20/2022 | Enterprise Tech | $1 |
| Aura | 6/9/2021 | Consumer & Retail | $2.5 |
| Printful | 5/24/2021 | Consumer & Retail | $1 |
| Locus Robotics | 2/17/2021 | Industrials | $1 |
| Pendo | 10/17/2019 | Enterprise Tech | $2.6 |
| Epic Games | 12/10/2018 | Media & Entertainment | $22.5 |
| Tresata | 12/10/2018 | Enterprise Tech | $1 |
| North Carolina Total | $33.8 |
| Company | Unicorn Date | Industry | Current Valuation ($B) |
|---|---|---|---|
| Palmetto | 2/24/2022 | Industrials | $1 |
| South Carolina Total | $1 |
| Company | Unicorn Date | Industry | Current Valuation ($B) |
|---|---|---|---|
| CareBridge | 6/8/2022 | Healthcare & Life Sciences | $1 |
| Built | 9/30/2021 | Financial Services | $1.5 |
| Tennessee Total | $2.5 |
| Company | Unicorn Date | Industry | Current Valuation ($B) |
|---|---|---|---|
| Somatus | 2/23/2022 | Healthcare & Life Sciences | $2.5 |
| Expel | 11/18/2021 | Enterprise Tech | $1 |
| ID.me | 3/19/2021 | Consumer & Retail | $1.8 |
| Virginia Total | $5.3 |
Methodology
The BIP Ventures State of Startups in the Southeast report provides a detailed, data-driven macro assessment of startup and investment trends across the states that comprise the Southeastern United States: Alabama, Florida, Georgia, Kentucky, Mississippi, North Carolina, South Carolina, Tennessee, and Virginia.
Beginning in 2017, we decided to customize data collected through an exclusive partnership with PitchBook Data, Inc. ("PitchBook"). The company constantly updates its data as new information becomes available. This up-to-date reflection of deal sizes and counts may result in differences from deal counts and capital invested figures published in prior years. Any differences reflect changes made by PitchBook. Reported data is subject to change at or after the time of publication.
BIP Ventures customizes the data pulled from PitchBook to develop specific quantitative snapshots of the Southeast and the U.S. and accompanying trends. Throughout the research process, our team works directly with PitchBook to confirm all data and corroborate sources, ensuring the accuracy of all numbers reported. Other secondary reports are included to provide additional context, verification, and depth.
All trends, rankings, and insights reflect data through June 2025, focusing on Q3-4 2024 and Q1-Q2 2025. The first half of the report includes detailed comparisons of every year since 2018, comparing pre-pandemic venture and startup activity with current market indicators.
Southeast Ranking Tables
Deal Info by State by Year (YTD/Annualized)
Deal Info by State by Industry (January 1, 2018-June 30, 2025)
Sector Breakdown
Business Products and Services (B2B)
- Enterprise software providers (e.g., Salesforce, Slack)
- IT Services Firms
- Industrial Equipment Manufacturers
- Wholesalers
- Marketing Platforms / Marketing as a Service
Consumer Products and Services (B2C)
Energy
Financial Services
Healthcare
Info Tech
Materials and Resources Mining & Metals
Bibliography and Resources
- Primary: Q3, Q4 2024 and Q1, Q2 2025 PitchBook Data Inc.
- Primary: CB Insights Company Tracker Data
- Secondary: PitchBook-NVCA Venture Monitor Q3 2024 (PDF)
- Secondary: PitchBook-NVCA Venture Monitor Q4 2024 (PDF)
- Secondary: PitchBook-NVCA Venture Monitor Q1 2025 (PDF)
- Secondary: PitchBook-NVCA Venture Monitor Q2 2025 (PDF)
- Secondary: Inside.com Seed-to-Series A Report
- Secondary: Crunchbase 2024 U.S. Funding Summary
- Secondary: PitchBook - AI Gold Rush Article
- Secondary: PitchBook - Early-Stage VC Valuations
- Secondary: Accelerating Entrepreneurship in Atlanta (BCG PDF)
- Secondary: PitchBook 2025 Midyear Update (Report)
- Secondary: PitchBook 2025 Midyear Update (Webinar & Presentation)
- Secondary: PitchBook H1 2025 VC Tech Survey
The State of Startups in the Southeast Team
Compilation and analysis for The State of Startups in the Southeast 2025 report was conducted by a team of experts across our firm.
- Mark Flickinger, BIP Capital General Partner and Chief Operating Officer, is one of the most established and innovative authorities in startup growth and investing.
- Rachelle Kuramoto, BIP Capital Senior Vice President of Brand and Content, specializes in market intelligence and narrative that clarifies complex trends in the innovation space.
- Dana Vollkommer, Portfolio Reporting Manager for the BIP Ventures Performance Engineering team, is a CPA and expert in data-based market insights.
About BIP Capital
BIP Capital is an integrated private market investment firm that offers traditional venture anchor funds through BIP Ventures, an evergreen equity BDC through the BIP Ventures Evergreen BDC, and access to LAGO Evergreen Credit, a private credit BDC, through partnership with LAGO Asset Management. With a distinctive multi-stage, multi-sector investment approach and a diversified platform of capital offerings, we support advisors and deliver wealth preservation and growth opportunities for thousands of investors.
Visit bipcapital.com and connect with BIP Capital on LinkedIn @bipcapital.
About BIP Ventures
BIP Ventures is a highly active venture capital firm in the Southeast, purpose-built to support a durable, multi-stage investment strategy that reduces the frictions that can drag on performance while creating value for our founders and those who invest with us. Our mission to identify and capture extraordinary opportunities for the people we serve.
Visit bipventures.vc and connect with BIP Ventures on LinkedIn @bipventures.
