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CONSUMER PACKAGED GROWTH. Austin Business Journal ARTICLE
Startup funding in Texas declines 47% YoY
Texas-based startups raised $4.1B in funding so far this year. Funding for the state has dropped by 47% YoY, higher than the 43% YoY drop across the U.S.
- Inside.com’s Karan Chafekar
“What the numbers say: Texas has only raked in 4% of the total startup funding deployed across the U.S. over the past 10 years. The figure is alarming, considering that 9% of the American population resides in the state.
Relevance: Six Texas-based startups have been able to raise more than $100M in funding rounds so far this year. The largest round raised this year belongs to commercial space station startup Axiom Space, which bagged $350M in Series C round.
What happened: Despite the funding dip, the startup ecosystem in Texas is strong due to the availability of urban infrastructure, local talent, and a network of universities. Additionally, Texas also has a strong culture of bootstrapping companies. Texas-based startups across energy, healthcare, and other industries are increasing, which should increase the funding diverted…