The short answer
2,814 of the 8,313 pre-seed investors in our database with a known US state (34%) are based outside California, New York and Massachusetts. Texas, Florida and Illinois lead the rest.
- 8,652 US startup investors in our database list pre-seed as a stage.
- 34% of those with a known state are outside CA, NY and MA.
- Texas, Florida, Illinois, Washington and Colorado have the deepest pre-seed benches outside the big three.
- Local first checks make out-of-state investors easier to win.
The headline
Our database lists 8,652 US startup investors who name pre-seed as a stage they invest in. Of the 8,313 with a known state, 2,814 (34%) are based outside California, New York and Massachusetts. If you are raising a first round anywhere else, there is a real bench of early investors near you.
Pre-seed investors by state, outside CA, NY and MA (top 15)
Every state with 10 or more pre-seed investors
Share is of pre-seed investors with a known US state.
| # | State | Pre-seed investors | Share |
|---|---|---|---|
| 1 | California | 3,576 | 43% |
| 2 | New York | 1,515 | 18% |
| 3 | Massachusetts | 408 | 5% |
| 4 | Texas | 385 | 5% |
| 5 | Florida | 325 | 4% |
| 6 | Illinois | 280 | 3% |
| 7 | Washington | 249 | 3% |
| 8 | Colorado | 191 | 2% |
| 9 | Pennsylvania | 130 | 2% |
| 10 | Washington, DC | 126 | 2% |
| 11 | North Carolina | 121 | 1% |
| 12 | Utah | 112 | 1% |
| 13 | Georgia | 109 | 1% |
| 14 | Maryland | 98 | 1% |
| 15 | Arizona | 87 | 1% |
| 16 | New Jersey | 73 | 1% |
| 17 | Tennessee | 73 | 1% |
| 18 | Michigan | 69 | 1% |
| 19 | Ohio | 67 | 1% |
| 20 | Virginia | 60 | 1% |
| 21 | Connecticut | 59 | 1% |
| 22 | Minnesota | 32 | 0% |
| 23 | Nevada | 28 | 0% |
| 24 | Missouri | 26 | 0% |
| 25 | Indiana | 25 | 0% |
| 26 | Oregon | 19 | 0% |
| 27 | Alabama | 13 | 0% |
| 28 | South Carolina | 13 | 0% |
| 29 | Idaho | 13 | 0% |
| 30 | Wisconsin | 11 | 0% |
| 31 | Nebraska | 10 | 0% |
| 32 | Oklahoma | 10 | 0% |
What it means for founders
- Start your list at home. Local pre-seed investors can meet in person and move quickly.
- Pre-seed rounds are usually several smaller checks. A state with a few hundred pre-seed investors can fill a round if you sequence well.
- Out-of-state investors are easier to win once a local investor commits first.
- Use our pre-seed without a network playbook to sequence the round.
Method
A pre-seed investor is any startup-investor record (angel, venture firm or partner, micro-VC, family office, corporate VC or accelerator) whose listed stages include pre-seed. Records without a state are excluded from the state table. Counts under 10 are suppressed. Counts are records in our database, not a census of every investor.
Frequently asked questions
Which states have the most pre-seed investors outside Silicon Valley?
In our data, after California, New York and Massachusetts: Texas (385), Florida (325), Illinois (280), Washington (249), Colorado (191).
What counts as a pre-seed investor here?
Any startup-investor record in the Zalarma investor database whose listed stages include pre-seed: angels, venture firms and partners, micro-VCs, family offices, corporate VCs and accelerators.
How often is this updated?
We rebuild these numbers from the database regularly; the date at the top of the page shows the data date.