Two very large venture capital deals helped bolster venture capital totals in Washington state during the third quarter. A $37 million investment in traffic navigation data provider Inrix and a $32.5 million investment in daily deal site Zulily accounted for 35 percent of all venture dollars in the state.
The $194 million invested in the state was up from $125 million during the second quarter and $178 million for the same period last year, according to the MoneyTree Report from PricewaterhouseCoopers and the National Venture Capital Association.
Nationally, VC investments dropped 12 percent when compared to the previous quarter. As big as the Inrix and Zulily deals were, they weren’t large enough to land the companies in the list of the top 10 deals of the quarter.
The MoneyTree results mirror those from a report released last week by CB Insights, which found that $197 million was invested in 28 deals during the third quarter. As we previously noted, that report showed Washington state with just two percent of the overall VC pie.
Deal volume has held pretty steady in Washington state, with 28 venture deals during the third quarter. That compares to 27 in the second quarter and 25 for the same period last year.
Those numbers are far below other innovations hubs, namely California (346 deals); Massachusetts (95 deals); and New York (85 deals). Pennsylvania (41 deals) and Texas (38 deals) also ranked ahead of Washington state in terms of deals. Oregon also had a big third quarter, recording 14 deals and investments of $109 million.
Here’s a look at the venture deals in Washington state during the third quarter.