$27.7 million.
That's how much venture capital Kentucky companies brought in during the first quarter of 2022, according to the latest Venture Monitor report from PitchBook and the National Venture Capital Association, released last week. By Pitchbook's count, there were 12 deals in Kentucky during the quarter.
Comparatively, Kentucky companies raised $12.6 million in the first quarter of last year in 13 deals. In total, there was about $200 million in venture capital invested in Kentucky startups in 2021.
Here are some of the biggest deals we know about from the first quarter, from Securities and Exchange Commission Form D filings:
- Virtual Peaker — $16.6 million
- SentryHealth — $4.7 million
- EQL Games — $2 million
- Thrive365 — $1.7 million
- GoodMaps — $1.3 million
- FreshFry — $715,000
All of the above companies are based in Louisville.
Nationally, venture capital investment activity slowed after a record-setting 2021, according to the Pitchbook-NCVA Venture Monitor report.
"The startup ecosystem served as an important economic engine and an answer to many challenges brought on by the pandemic," the report's executive summary stated. "However, the start of 2022 suggests the onset of an imminent but healthy recalibration period."
KY Inno's sister publication, Columbus Inno, has a look at how Ohio companies have been bucking the national VC slowdown trend, especially in Cincinnati, where Enable Injections and Astronomer raised a collective $428 million in the first quarter.
