Startup City Rankings
Each year, we publish a data-driven ranking to help founders, VCs, community leaders, and elected officials identify strengths, opportunities, and trends across 64 Midwest startup ecosystems.

2025 – 2026 Highlights
- Exits:
• EquipmentShare IPO'd, raising $747M | Columbia, MO
• Bitnomial acquired by Payward for $550M | Chicago
• LocusView acquired by Itron for $525M | Chicago
• Black Buffalo acquired for $150M | Chicago
• DFlow acquired by MoonPay for $100M | Chicago
• Cotsworks acquired by Moog for $63M | Cleveland
• Springbuk acquired by Truven, terms undisclosed | Indianapolis
• SpotHero acquired by Uber, terms undisclosed | Chicago - Raises:
• $1.4B for Skild AI | Pittsburgh
• $1B+ for Keyfactor | Cleveland
• $650M for Slate Auto | Detroit
• $635M for Erebor Bank | Columbus
• $415M for CompanyCam | Lincoln
• $139M for Sygaldry | Ann Arbor
• $104M for ZeroHash | Chicago
• $95M for Loop | Chicago
• $78M for Paradigm Health | Columbus
• $70M for Censys | Ann Arbor - New Funds:
• Valor Equity Partners $2.5B Fund VII (raising) | Chicago
• S2G Investments $1B Solutions Fund I | Chicago
• Baird Capital $450M Fund III | Chicago
• Ariel Project Level $250M Fund I | Chicago
• Northwestern Mutual Future Ventures $150M Fund III | Milwaukee
• Origin Ventures $140M Fund VI | Chicago
• CMT Digital $136M Fund IV | Chicago
• Corazon Capital $100M Fund IV | Chicago
• Heartland Ventures $60M Fund III | Columbus
• CincyTech $34.5M Fund IV | Cincinnati
Explore the Cities
How Rankings are Calculated
Data is through 6/30/26
Startup Activity
45.5% Weight
A measure of each city's startup community activity and vibrancy, including factors such as the number of active startups within the CBSA, growth in startup formation over the past five years, total number of exits, and the frequency and scale of large outcomes, exits and funding rounds exceeding $50M, in the past decade.
Source: PitchbookAccess To Resources
37% Weight
A measure of how supportive each city's ecosystem is, including the availability of resources that help startups grow. Factors include total venture capital raised within the metro area, number of local investors, and the presence of accelerators, universities, and government support.
Source: the US Census, US Patent & Trademark Office, Fortune.com, Pitchbook, US News & World Report, US Small Business Administration and individual state websites.Business Climate
17.5% Weight
A measure of how conducive each city's economic environment is to attracting and scaling businesses. This includes demographic and economic factors such as cost of living, labor costs, tax environment, population, and GDP per capita, as well as connectivity indicators like proximity to airports, number of non-stop flights, highway infrastructure, and internet access.
Source: the Bureau of Labor Statistics, the Bureau of Economic Analysis, the US Census, the Tax Foundation, the National Digital Inclusion Alliance and Google Flights.