Massachusetts is home to the fastest-growing startup city. It’s not Boston.

The venture capital market may have cooled off in 2022, with Massachusetts startups raising around $19.5 billion compared to $35.7 billion in 2021, but some cities across the country — and here in the Bay State — still saw rapid growth.

Somerville was the U.S. city that saw the most rapid growth in startup funding, according to New Hampshire-based investment firm York IE. The new “fastest-growing startup city” beat out contenders like Irvine, Houston and Boulder. 

To create this ranking, York IE compared each city’s Q4 funding to its average quarterly funding over the prior 12 months. Somerville saw a 735% growth rate with startups raising $638,400,000 through seven funding rounds in Q4.

The top funding round in Somerville went to Form Energy, a maker of iron-air batteries that it says can store clean energy for days without incurring high costs. The company announced a $450 million late-stage investment in October.

Flagship-backed Cellarity raised the second largest round of $121 million. Cellarity has said it is on a mission to eradicate “all diseases,” but it’s making headway on two disease areas in particular, blood and metabolic disorders.

Other large rounds raised by Somerville companies include a $33 million Series C round for LineVision and a $25 million Series C round for Owl Labs.

The top 10 fastest-growing startup cities, per York IE, are:

For comparison, Irvine saw a 415% growth rate and Santa Clara had an 18% growth rate.

The report also noted the 10 cities whose companies received the most funding in Q4 of 2022. Boston ranked fourth on this list behind San Francisco, New York City and Irvine. Cambridge ranked fifth among U.S. cities and Somerville was seventh. Last year, Boston ranked third. Here is the full list: