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Venture capital activity in the Pacific Northwest dipped more than 59 percent in Q4 of 2015, capping off what was otherwise a busy year for investors.

VC data provider Pitchbook reported just $246 million invested across 64 Pacific Northwest deals last quarter, which is down from $604 million across 98 deals in the year-ago period.

Still, for 2015 as a whole, there was a record $2.4 billion invested in 374 Pacific Northwest startups — up from $2.3 billion in 2014 and $1.4 billion in 2013 — and median pre-money valuations reached an all-time high of $24.1 million, increasing 42 percent from 2014.

For comparison, the Bay Area saw $34 billion invested across 1,963 deals last year with a median pre-money valuation at $32.5 million. New York, meanwhile, saw $7.7 billion invested across 803 deals with a median pre-money valuation at $25 million.

Pitchbook noted that Bellevue-based startup OfferUp, an online marketplace for goods, had the highest pre-money valuation of any Northwest company raising money last year at $741 million following its $73 million Series C round. Next was Seattle-based legal advice service Avvo at a $649.7 million valuation after its $71.5 million round in July, followed by home improvement platform Porch at a $435 million valuation and marijuana investment firm Privateer Holdings at a $415 million valuation.

Pitchbook also reported that Madrona Venture Group was the most active venture firm in the Pacific Northwest last year, with 19 deals, followed by Portland Seed Fund (17), Alliance of Angels (16), Techstars (11), and Vulcan Capital (10).

Click on the infographic below from Pitchbook to see more from 2015:

Infographic via Pitchbook.
Infographic via Pitchbook.
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