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Global VC Hotspots: A Look at Top Growth Cities

Report | May 6, 2024

Pitchbook Top VC Cities Overall by Development and Growth score Q3 2017 to Q2 2023 - Global VC Hotspots: A Look at Top Growth Cities

Image: Pitchbook Top VC Cities Overall by Development and Growth score (Q3 2017 to Q2 2023)

Calgary Among Pitchbook's 'Growth' Top 20 Global VC Ecosystem Rankings (Last 5 Years)

The latest PitchBook Analyst Note, "Global VC Ecosystem Rankings,"ranks cities on two main scores providing insights for investors and founders looking at emerging and developed VC landscapes.  These scores are derived from proprietary data, considering factors such as deal value, exit value, and fund count. Development scores reflect the size and maturity of the ecosystems, emphasizing regions with extensive capital activities and high-value exits. Growth scores, on the other hand, assess the rate of change in these activities, highlighting emerging areas that could promise higher returns.

Top 10 Cities by Overall Score (Q3-2017 to Q2-2023)

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Here's the Global VC list of the top 20 cities ranked by Overall Score per Pitchbook proprietary data.

  • North America 40%
  • Asia 40%
  • Europe 20%
LocationRegionDevelopment ScoreGrowth ScoreOverall Score
San FranciscoNorth America89.418.968.3
New YorkNorth America75.844.966.5
Los AngelesNorth America70.834.459.9
BostonNorth America70.428.958.0

Top 20 Cities by Growth Score (Q3-2017 to Q2-2023)

Now, here's a look at the Global VC list of the top 20 cities ranked by Growth Score which is based on several factors, including:

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  • This includes the number of new venture capital deals and the overall volume of investment in recent periods compared to historical averages.
  • The score considers the increase in the value of exits, which can indicate a maturing ecosystem that is beginning to yield substantial returns.
  • An increase in the amount of funds raised and the number of new funds successfully closed also contribute to the Growth Score.
  • Changes in the local or regional economic environment that favor venture capital activities, such as supportive government policies, a surge in tech innovation, or the establishment of startup accelerators.

The Growth Score highlights cities that are experiencing rapid development in their venture capital sectors, suggesting a dynamic environment for investors and entrepreneurs. It provides an indicator of where the VC ecosystem is not only active but also expanding measurably.  For comparison, here Bloomberg CityLab ranked the Top U.S. 20 cities in venture capital back in 2021 post-covid.

Post-Covid U.S. Tech Economy: Top 20 Cities Venture Capital 2021

Most notably, Calgary ranked 12th on the Growth Score, the only Canadian city to do so, according to Pitchbook analysts.

CityRegionDeal CountExit Value (Billion $)Exit CountFund Value (Billion $)Fund CountGrowth Score
DubaiMiddle East8153.7351.52072.8
DetroitNorth America6943.7631.13472.5
RaleighNorth America1,0166.5851.63271.3
HoustonNorth America9344.4881.24170.3
CalgaryNorth America4220.4220.1765.4
IndianapolisNorth America5400.6470.32062.5
MiamiNorth America1,97510.61165.710960.5
PhiladelphiaNorth America2,36710.91722.25458.1
Sao PauloSouth America1,53237.31453.47557.7
St. LouisNorth America3891.5421.12756.9

Regional Breakdown of Top 20 Growth Cities

  • North America: 8 cities (40%)
  • Europe: 7 cities (35%)
  • Asia: 3 cities (15%)
  • Middle East: 1 city (5%)
  • South America: 1 city (5%)


According to Pitchbook, these rankings highlight the cities that are spearheading innovation and growth, making them pivotal arenas for venture capital investment and startup development in the coming years.

NCFA Jan 2018 resize - Global VC Hotspots: A Look at Top Growth CitiesThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit:

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