See where Washington ranks among states for highest average VC deal values

Washington tied for seventh in a recent report from online invoicing company Skynova that ranked U.S. states by average venture capital deal value.

The report, called Unicorns and Venture Capital Activity in America, found Washington tied with Utah for average venture capital deal value in 2020. Michigan came in first, according to the report.

Michigan "was likely helped by huge investments into the automobile manufacturer Rivian," the report read.

On its website, Rivian says it's technically headquartered California. Its vehicle engineering, prototyping, supply chain and accounting teams, however, are based in Plymouth, Michigan. The company went through an almost $12 billion initial public offering earlier this month despite only having delivered a handful of its electric vehicles at the time. Amazon owned over 22% of Rivian's Class A stock going into the IPO.

Average deal values across the U.S. ranged from less than $1 million in Mississippi and West Virginia to more than $20 million in the highest-ranking states.

Click through the gallery above to see all the states in the top 10 and their average VC deal value.

According to the Skynova, Washington ranks fourth in total value of venture capital deals closed in 2020 at $5 billion. California came in first at $84 billion, while New York came in second with $18 billion. Massachusetts came in third at $17 billion.

Skynova examined data from the National Venture Capital Association and CB Insights to compile its report.

The report also looked at the number of unicorns, or companies with a value of at least $1 billion, across the globe. According to Skynova, there were 288 such companies in the U.S. as of 2021, compared with 133 in China, which had the second most. India, the U.K. and Germany rounded out the top five with 32, 27 and 15, respectively.