There’s a little city in Nevada that usually takes most of the spotlight—quite literally—away from the rest of the state. But Nevada is about more than just the gambling and bright lights of Las Vegas. The state has a rather healthy venture capital scene, being home to 34 companies that have landed VC backing since the beginning of 2009, according to the PitchBook Platform. Of the 45 deals completed in that timeframe, 42% were for companies primarily in the information technology space, easily accounting for the largest portion of the deal flow.
Since the beginning of 2009, the number of deals completed each year has increased, including more than doubling from 2011 (7) to 2012 (16). Additionally, capital invested in Nevada each year has increased since 2010, with the current year (at $32 million) already surpassing 2012’s total ($30 million). The largest deals in the state during the time period included ElectraTherm’s $18.2 million round in 2011 and Rimini Street’s $15 million round this past May.