Despite the record, fourth quarter funding was down from 2014.
Despite a decline in the fourth quarter, Pacific Northwest startups raised a whopping $2.37 billion in venture capital financing during 2015, a record-breaking amount for the region, according to data from Seattle’s PitchBook Data.
The companies in the Northwest, which Pitchbook defines as those in Washington, Oregon and Idaho, managed to raise that amount by raking in 374 deals during the year. It comes after the region raised $2.23 billion in 2014 and $1.4 billion in 2013, according to PitchBook
Even with the record, Northwest companies saw a 59 percent drop in the fourth quarter from the previous year. In all, 64 deals raised $246.3 million in the quarter, compared with $603.7 million in 98 deals in the fourth quarter of 2014.
Not surprisingly, given Microsoft’s impact, the software industry fared best throughout the year, raising $817 million across 146 deals. The biotech sector came in next with 20 deals raising $429.1 million.
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Of the local companies that raised funding rounds in 2015, Seattle-area companies OfferUp and Avvo had the highest valuations. PitchBook estimates OfferUp, based in Bellevue, was worth $741 million as the local marketplace app raised $73 million in November. Avvo, a Seattle legal review website, was worth $649.7 million, raising $71.5 million in July.
Janrain, a Portland social analytics company, topped the list of largest Northwest deals in the fourth quarter with a $27 million round. Seattle biotech Nohla, which is working with the use of umbilical-cord blood, came in next with a $20 million round and was followed by recycling company Reklaim, delivery startup Dolly and startup studio Pioneer Square Labs.