Behind a significant debt deal struck by Roseland-based CoreWeave in the spring, New Jersey has achieved the third-highest ranking in the nation for venture capital investment during the first half of 2024. This information comes from the latest edition of the PitchBook-NVCA Venture Monitor.
CoreWeave, an AI cloud services provider founded in New Jersey in 2017, secured $7.5 billion in debt financing from Blackstone and other partnerships in May. Additionally, the startup raised another $1.1 billion earlier that same month.
This combined total of $8.6 billion accounts for 88% of New Jersey's $9.8 billion in venture capital investments during the first half of 2024.
The figure surpasses New Jersey’s previous record of approximately $5 billion in deal value set in 2021.
Year to date, California ($40.4 billion), New York ($12.6 billion), New Jersey ($9.8 billion), and Massachusetts ($6.9 billion) are the top four states for venture capital deal value.
“It’s great news for New Jersey that the state has such a massive venture-attracting company,” said NJBIA Director of Economic Policy Research Kyle Sullender.
“As New Jersey continues to recognize the importance of VC investment, approve more firms through NJEDA’s Innovation Evergreen Fund and attract more capital through other innovation programs, hopefully we can continue to forge a more positive investment path.”
In NJBIA’s Indicators of Innovation report from 2022, New Jersey ranked fifth out of seven regional states for VC Assets Under Management.
