With the two cities of Boston and Cambridge leading the way, Massachusetts is closing in on #2 New York in total Series A and other funding rounds year to date.
As of April 20, 2019, Massachusetts is at about $1.82 billion in total funding, while New York is just slightly higher with $1.93 billion in total funding.
Let's compare these two rivals to see which industries are leading the way.
The vast majority of New York's fundings are self-labeled as Other Technology or Other as the industry group the organization falls under. While Other Technology is fairly self explanatory in terms of meaning, the Other industry classification can mean several things. For example, the company simply might not fit well into any of the 34 other industry group choices they must select from. Alternatively, maybe the organization making the filing is a holding company with other investments/companies, in this case the Other industry category is a common selection. Finally, company may just choose not to be very specific about their classification.
Ultimately, It is up to the company (typically the counsel for the company) to decide which industry to select when submitting their filing.
In contrast to New York, Massachusetts has four industry groups that are more evenly represented year to date; specifically, the aggregate investment by industry group breaks down as follows:
- Other: $508 million
- Other Technology: $433 million
- Pharmaceuticals: $383 million
- Biotechnology: $305 million
Even #5 Other Health Care makes a strong showing with $184 million. It will be interesting to see how these trends hold up over the remainder of the year.
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Topic: Series A Funding