San Francisco Dominates Venture Capital, Secures Over Half of US Funding in 2024

After years of being famous for having the spotlights on the news as the biggest place for venture-backed startups, as well as the best place for technology research shows that it still is: the Bay Area funded $90 billion alone of VC invested in 2024.

According to stats by Crunchbase, this was more than half of the money spent in the US in venture funding last year, as it represents 57% of its total mostly thanks to investment in OpenAI, which is headquartered in San Francisco.

Other notable companies that added up to the percentage was of course, Elons Musk’s xAI, which raised $12 billion; Mountain View’s Waymo funded $5.6 billion; San Francisco’s Anthropic, with over $8 billion in 2024; and big raises in 2024 from San Francisco’s Scale AI and Perplexity.

This pace shows no signs of slowing down in 2025, partly because the Bay Area continues to host the largest concentration of skilled tech talent. According to data from SignalFire, 49% of all Big Tech engineers and 27% of startup engineers are based there.

Also, big tech companies such as Google, Nvidia, Salesforce and other of the major ones are rooted there, so there’s an important quantity of financiers, engineers and specialized skills to support startups.