Last year was a rebound year for the Delaware Valley’s startup scene. Venture capitalists invested more than $600 million in local companies, a 25 percent jump from 2014.
The latest figures come from the annual MoneyTree report, put out by PricewaterhouseCoopers and the National Venture Capital Association.
While it is the fourth consecutive year of growth, the region is still struggling to get back to pre-recession levels, when annual investments topped $890 million.
“I’d say, more momentum, more than results. But definitely positive momentum,” said Brock Weatherup, a local investor and current president of Philly Startup Leaders, a networking group.
He says the positive investment numbers reflect a local tech scene that continues to attract more talent, and can offer both competitively priced real estate and a supportive community.
“The infrastructure is here to support that at a much larger scale. It is, how do you just put fuel on that fire and really grow it in a much stronger way? And again, that is a lot of little building blocks,” he said. “I don’t believe there is a silver bullet at all in any way, shape or form.”
The region has been working to build its reputation as a hub for startups, specifically in the healthcare and biotech industries.
But greater Philadelphia has a long way to go before it competes on a national scale. In 2015, both Boston and New York-based companies raised 10 times more investment than the Delaware Valley, at $6 billion and $7.3 billion, respectively. Washington D.C.-area startups attracted more than $1.4 billion
Outside of the Northeast, Silicon Valley accounted for nearly half of the $58 billion in venture capital investment in 2015.