PriceWaterhouseCoopers recently released their Money Tree Report, which among other things provides the dollar amount of venture capital money raised by state. Below is data from this report, but with each state considered on a per capita basis (2012 VC$ / 2010 population). The last column is percentage of the highest per capita rate as a measure of relative activity.
| State | 2012 VC$ | 2010 Pop | Per Cap VC$ | % of Highest |
| MA | 3,126,968,400 | 6,547,629 | 477.57 | 100.0% |
| CA | 14,194,421,800 | 37,253,956 | 381.02 | 79.8% |
| WA | 907,508,100 | 6,724,540 | 134.95 | 28.3% |
| CO | 585,433,300 | 5,029,196 | 116.41 | 24.4% |
| UT | 318,397,200 | 2,763,885 | 115.20 | 24.1% |
| DC | 64,201,200 | 601,723 | 106.70 | 22.3% |
| NY | 1,863,532,100 | 19,378,102 | 96.17 | 20.1% |
| RI | 85,059,100 | 1,052,567 | 80.81 | 16.9% |
| NJ | 444,135,500 | 8,791,894 | 50.52 | 10.6% |
| MD | 284,252,600 | 5,773,552 | 49.23 | 10.3% |
| MN | 253,183,800 | 5,303,925 | 47.74 | 10.0% |
| VA | 372,380,200 | 8,001,024 | 46.54 | 9.7% |
| NH | 60,672,000 | 1,316,470 | 46.09 | 9.7% |
| IL | 570,432,100 | 12,830,632 | 44.46 | 9.3% |
| CT | 157,577,300 | 3,574,097 | 44.09 | 9.2% |
| PA | 520,744,100 | 12,702,379 | 41.00 | 8.6% |
| TX | 934,421,200 | 25,145,561 | 37.16 | 7.8% |
| AZ | 221,938,100 | 6,392,017 | 34.72 | 7.3% |
| OR | 124,267,800 | 3,831,074 | 32.44 | 6.8% |
| GA | 261,840,300 | 9,687,653 | 27.03 | 5.7% |
| OH | 285,750,500 | 11,536,504 | 24.77 | 5.2% |
| MI | 236,805,900 | 9,883,640 | 23.96 | 5.0% |
| NC | 196,918,300 | 9,535,483 | 20.65 | 4.3% |
| NM | 35,732,000 | 2,059,179 | 17.35 | 3.6% |
| WI | 95,311,900 | 5,686,986 | 16.76 | 3.5% |
| KS | 47,201,700 | 2,853,118 | 16.54 | 3.5% |
| TN | 87,160,600 | 6,346,105 | 13.73 | 2.9% |
| IN | 84,161,300 | 6,483,802 | 12.98 | 2.7% |
| FL | 199,110,400 | 18,801,310 | 10.59 | 2.2% |
| DE | 9,489,900 | 897,934 | 10.57 | 2.2% |
| ID | 15,150,000 | 1,567,582 | 9.66 | 2.0% |
| ME | 12,787,200 | 1,328,361 | 9.63 | 2.0% |
| OK | 34,036,000 | 3,751,351 | 9.07 | 1.9% |
| SC | 39,499,900 | 4,625,364 | 8.54 | 1.8% |
| WV | 14,568,000 | 1,852,994 | 7.86 | 1.6% |
| VT | 4,415,000 | 625,741 | 7.06 | 1.5% |
| NE | 10,615,000 | 1,826,341 | 5.81 | 1.2% |
| MT | 5,575,100 | 989,415 | 5.63 | 1.2% |
| KY | 23,543,000 | 4,339,367 | 5.43 | 1.1% |
| AL | 23,106,000 | 4,779,736 | 4.83 | 1.0% |
| ND | 2,400,000 | 672,591 | 3.57 | 0.7% |
| MO | 21,316,000 | 5,988,927 | 3.56 | 0.7% |
| MS | 9,776,000 | 2,967,297 | 3.29 | 0.7% |
| NV | 7,095,100 | 2,700,551 | 2.63 | 0.6% |
| LA | 10,508,400 | 4,533,372 | 2.32 | 0.5% |
| AR | 5,000,000 | 2,915,918 | 1.71 | 0.4% |
| IA | 5,000,000 | 3,046,355 | 1.64 | 0.3% |
| HI | 645,000 | 1,360,301 | 0.47 | 0.1% |
| PR | 100,000 | 3,725,789 | 0.03 | 0.0% |
| SD | – | 814,180 | – | 0.0% |