Utah companies raise over $238M in Q1

Utah companies raised more than $238 million in venture capital Q1, down from $247 million in Q1 of 2015. That amount was distributed across 14 deals this year, compared to the 12 deals for last year’s Q1.

Utah’s largest deals in Q1 included Domo for $130 million and Health Catalyst for $70 million according to The MoneyTree™ Report by PricewaterhouseCoopers and the National Venture Capital Association based on data from Thomson Reuters.

Compared with Q1 2015, dollars invested and deals are both down 11 percent nationally. A total of $12.1 billion was invested in 969 deals in Q1 of 2016. This is the ninth consecutive quarter that more than $10 billion in venture capital was invested in a single quarter. Half of the top 10 megadeals (investments of $100 million or more) were in the Software industry nationwide according to the PwC/NVCA MoneyTree Report.

Utah ranked twelfth nationally for deals as a percent of the national total of VC funding behind Colorado, Florida, North Carolina, Maryland, Washington, Illinois, Pennsylvania, Texas, Massachusetts, New York, and California. However Utah ranked seventh for the amount of funding as a percentage of the total venture capital invested nationally. It followed Washington, Texas, Florida, New York, Massachusetts, and California.

By Jordan Phelps