Q2 VC Report: $1.1 Billion Invested in San Diego

Learn which local startups received venture capital investments in Q2 2023.

Learn from San Diego's top entrepreneurs and companies. Every week, I write a newsletter breaking down the business and money in San Diego. Join hundreds of tech professionals, entrepreneurs, and investors by subscribing below.

---

(Far right) San Diego resident and seasoned entrepreneur Naveen Rao, sold his AI startup MosaicML for $1.3 billion to Databricks in June.

---

The second quarter proved to be difficult for startups seeking to raise VC funding nationally and in San Diego.

Nationally, VC-backed companies raised $39.8 billion this quarter, down 48 percent compared to last year, according to fresh data provided by Pitchbook-NVCA Venture Monitor report.

San Diego saw an estimated $1.1 billion invested across 47 deals, according to data analyzed by Connect San Diego Venture Group.

The region trailed other major metros including San Francisco ($16.1 billion), Boston ($4.5 billion), Los Angeles ($1.9 billion) and Washington, D.C. ($1.3 billion).

U.S venture capital activity totaled roughly $33 billion in the first half of the year, on pace for the lowest annual total since 2017.