According to a recent report from Ernst & Young LLP and Innovation Works, investment dollars came pouring into Pittsburgh last year. The city has been getting noticed lately for its innovative startups, especially in the tech industry and based on the report findings, venture capitalists and other investors are noticing. The spike in investments is the highest it has been since 2001, and it moves Pittsburgh up to 11th in the U.S. for venture capital dollars.
Highlights of this year's report include:Read moreThe uptick in investment activity is a noticeable component of Pittsburgh's overall economic health. "Pittsburgh's tech community has built great success, and continuing momentum, through an inter-related system of strong university partnerships, a steady stream of talent and investment and a nurturing community for startups. These numbers will grow even better in coming years," PittsburghMayor William Peduto said.
- Growth in Pittsburgh's technology sector is accelerating among venture capitalists, angels and other investors with $437.8 millioninvested across 177 deals in 2014, marking a 46% increase in dollars and a 19.6% increase in deals over 2013.
- VCs invested $332.9 million into 39 Pittsburgh deals in 2014, a 168% increase in dollars invested and a 26% increase in the number of deals over 2013. This was the highest level of VC investment in the Pittsburgh region since 2001.
- Angels invested $72.9 million in 2014, a 35% increase over 2013.
- Pittsburgh compares favorably against the 40 largest Metropolitan Statistical Areas in the United States, ranking 11th in investment dollars per capita and 5th in deals per million residents.
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