OfferUp office in Bellevue, Wash.
Seattle-area companies continued raising cash at a record clip during the third quarter, raking in $855 million across 88 deals, according to the latest PitchBook-NVCA Venture Monitor.
Total venture capital raised was up nearly 80 percent from the year-ago quarter, but total deal count only increased by 11 deals for Seattle startups, following a national trend of more dollars going to fewer companies.
The $855 million number is the most capital raised for any quarter, ever, and follows the $826 million and $824 million raised in the first and second quarter, respectively. It still pales in comparison to the Bay Area, where companies raised $12.4 billion last quarter. But it shows increasing attention being placed on Seattle startups, both from local investors and those elsewhere.
Giant rounds for later-stage startups including OfferUp and Convoy helped drive much of the investment in Seattle. Here are the most valuable startups in the region, according to post-money valuations from PitchBook data, based on most recent fundraising rounds:
OfferUp, valued at $1.4 billion (last investment: Aug. 2018)
Convoy, valued at $1.1 billion (Sept. 2018)
Rover, valued at $925 million (May 2018)
Spaceflight Industries, valued at $750 million (March 2018)
INRIX, valued at $584 million (Nov. 2014)
Qumulo, valued at $553 million (June 2018)
Auth0, valued at $520 million (May 2018)
Outreach, valued at $515 million (May 2018)
Porch, valued at $500 million (Jan. 2015)
Privateer Holdings, valued at $490 million (May 2015)
PitchBook reported that total investment in U.S. venture-backed companies reached $27.3 billion last quarter and estimates that 2018 could break a record for most capital invested, exceeding dot-com era levels. Later stage deals made up nearly 23 percent of deals last quarter, the highest since 2011.
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