Behind a massive debt deal struck by Roseland-based CoreWeave in the spring, New Jersey is ranked third in the nation for venture capital investment in the first half of 2024, according to data from the most recent edition of the PitchBook-NVCA Venture Monitor.
CoreWeave, an AI cloud services provider that launched in New Jersey in 2017, raised $7.5 billion in debt financing from Blackstone and other partnerships in May. The startup also raised an additional $1.1 billion earlier that same month.
That combined $8.6 billion represents 88% of the $9.8 billion of New Jersey VC investments in the first half of 2024.
The sum surpasses New Jersey’s 2021 total of roughly $5 billion in deal value, which was the highest on record until this year.
Year to date, California ($40.4 billion), New York ($12.6 billion), New Jersey ($9.8 billion) and Massachusetts ($6.9 billion) rounded out the top four states for VC 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 only ranked fifth out of seven regional states for VC Assets Under Management.
