ARE TECH FIRMS—AND TECH CASH—MOVING AWAY FROM SILICON VALLEY?

April 19, 2016

The Bay Area has been the center of the tech world for years, and while it’s still the king of startups, lower wattage tech hubs in unlikely places are eyeing its crown.

US venture capital firms wrote over $12B in checks for startups in Q1 alone, according to a new report, and while 40% of that cash went to the Bay Area, some of the biggest deals were elsewhere, Bloomberg reports.

Magic Leap, a Florida startup, took in $794M and a business software startup in Utah collected $131M in funding.

Investors often like startups outside Silicon Valley because they are a bit cheaper, the report says. And with tech money already flowing out of the Valley, perhaps the king’s days are numbered. [Bloomberg]