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Are the rest (of the tech spots) actually rising? It’s complicated.

Are inland states seeing more venture capital deals and dollars? Yes and no.

More venture investors say they’re looking outside the tech hubs in California, New York, and Massachusetts for their next investments. They cite skyrocketing costs of living, increasing fatigue toward tech companies and perceived ideological homogeneity as reasons for them to consider parking their investment dollars in non-coastal states.

Hillbilly Elegy author J.D. Vance has joined a venture firm aimed at investing in companies in the Midwest with the Rise of the Rest Fund, and some Bay Area elites have declared Silicon Valley over.

Some data supports the idea that venture dollars are moving inland, as certain Midwest states are seeing more venture deals and equity.

For Illinois companies, venture cash tripled to $1.89 billion in 2017 from $671.9 million in 2013, VCJ’s analysis of Thomson Reuters data shows.

And Ohio’s share of venture deals has increased more as a percentage than any other state except New York over that period, to 2.4 percent of all deals in 2017 from 1.7 percent in 2013.

Ohio has also attracted two Sequoia Capital veterans, with Mark Kvamme and Chris Olsen launching Drive Capital in Columbus in 2013.

Colorado and Georgia have also seen their deal-flow shares rise in the past five years. Meanwhile, Utah, Maine and Idaho have seen gains in their share of overall equity invested.

“There will be ebbs and flows,” said Adrian Fortino, managing director at Mercury Fund in Ann Arbor, Michigan.

Instead of looking at venture investments in individual states, he prefers to take a broader view of the mid-continent region, which ranges from Colorado to Pennsylvania and includes Texas, Michigan, Wisconsin and Illinois.

Adrian Fortino, Mercury Fund, venture capital, VC, Michigan
Adrian Fortino, partner, Mercury Fund. Photo courtesy of the firm.

“If you look at that region through a venture lens, it is consistently about 12 percent of venture activity,” he said. “That is pretty stable.”

He added: “Silicon Valley is obviously not dead, and yet just because we saw a drop in venture activity in 2015 versus 2016 in Michigan, that doesn’t mean the sky is falling here either.”

Despite the chatter about venture abandoning the coasts and heading inland, California, Massachusetts and New York taken together have increased both their deal count and equity over the past five years.

Their combined share of total deal count rose to 58 percent in 2017 from 56 percent in 2013, and their share of total equity reached 77.8 percent from 64.8 percent.

Further, as those three states increased their slice of the deal and equity pies, other states saw theirs shrink.

Michigan, Pennsylvania and Tennessee saw the largest drop in their share of venture deals, slipping to a combined 6.5 percent in 2017 from 10.4 percent in 2013. In Tennessee alone, the number of venture deals fell to 29 in 2017 from 134 in 2013.

Other states saw similarly dramatic decreases in the amount of venture equity invested in local companies. New Jersey, Virginia and Texas saw the largest drop in their share of equity.

Their chunk dropped to $1.6 billion, or 2.9 percent of all equity invested, in 2017 from a combined $4.3 billion, or 13.3 percent, in 2013.

Two states appear to have been overlooked almost entirely. North Dakota and Wyoming saw zero venture deals in 2013 and 2017, according to Thomson Reuters.

Below are all U.S. states ranked by their deal count and equity invested from 2013 to 2017.

Download Data: U.S. states and their deal activity (2013-17)

Photo courtesy of spxChrome/iStock/Getty Images.