Virginia achieved its highest ranking in venture capital investment in 2023, placing eighth nationally, according to the Virginia Innovation Partnership Corp. (VIPC). The state recorded $2.484 billion in venture capital deal value, surpassing Illinois. Virginia has 235 companies that received funding, reflecting a significant increase from $792 million in 2022. Despite having fewer active investors compared to California and New York, Virginia’s supportive innovation landscape is attracting investment. VIPC recently launched the Virginia Invests initiative, committing $100 million to support local startups, aiming to leverage private investment at a ratio of 10:1.