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CBRE
Brief
 | 
Intelligent Investment
San Francisco Bay Area Venture Capital
Remains the Most Funded Region in the U.S.
CBRE RESEARCH
 | 
January 11, 2024
Source: CB Insights & CBRE Research, January 2024.
The San Francisco Bay Area received $5.1 billion of venture capital funding across 273 deals in Q4 2023. New York was the second-highest funded metro at $3.4 billion. The SF Bay Area captured a quarter of U.S. venture capital investment in Q4 2023 and accounted for 34% of the annual total.

Venture capital funding to SF Bay Area technology companies totaled $3.7 billion in Q4 2023, representing an increased share of 72% this quarter compared to 63% last quarter. Life sciences’ share remained consistent at 23%, totaling $1.1 billion in Q4 2023. San Francisco had the highest Q4 and 2023 annual venture capital funding.

The New York metro surpassed the SF Bay Area as the top artificial intelligence (AI) venture capital funding market in Q4 2023 due to Metropolis’ series C funding round of $1.1 billion in early October. However, the SF Bay Area remained the top market for AI venture capital funding annually, receiving $9.2 billion across 291 deals in 2023.  

For more information, please contact:
Colin Yasukochi
Executive Director
CBRE Tech Insights Center
colin.yasukochi@cbre.com

Sarah Bonnarens
Associate Director
CBRE Research
sarah.bonnarens@cbre.co
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