Slowdown In Q4 VC Funding Hits S.F. Less Than Silicon Valley
The Q4 slowdown in startup funding had a greater effect on Silicon Valley than San Francisco. Meanwhile, new money kept flowing into Oakland.
The total number of deals and amount of venture capital that went to Bay Area startups dropped in Q4, but while the number of deals was down 35% from a year ago in Silicon Valley, it was down by 30% in San Francisco, according to a report from PitchBook Data.
San Francisco had more deals as well, with 185 to Silicon Valley's 176 in Q4. San Francisco's numbers were helped by a $1.6B fund raise by Airbnb, bringing the amount raised up 29% from the previous year to $5.2B. In Silicon Valley, funding dropped 13% to around $3B, according to the Silicon Valley Business Journal.
Oakland, which has drawn in companies and venture capital from San Francisco, had a year-to-year boost in number of deals and amount of capital with 14 deals (up 17% from last year) and $179.8M in funding (up 590% from last year). [SVBJ]