Report Highlights

• Massachusetts-headquartered companies received $7.89 billion in venture capital (VC) funding in 2024, $220 million more than in 2023, and accounting for 28.3% of all national VC investments behind only California (41.6%).
• The total number of funding rounds declined from 242 in 2023 to 222 in 2024, with 215 companies being funded against 221 in 2023.
• 72% of VC funding went to companies not headquartered in Cambridge, with Boston surpassing Cambridge’s total haul – $2.3 billion versus $2.2 billion.
• Massachusetts had six biotech IPOs in 2024, up from just two in 2023, including two companies from Waltham.
• 32 local companies were acquired for a total of $42.6 billion – smashing the 2023 total of $13 billion.
• Massachusetts boasts 15.1% of the national drug pipeline, a slight increase from last year’s report (14.9%) and behind only California.

What We’re Saying

“Not only is biotech back, but Massachusetts is leading the recovery with a return to the fundamentals of investment following the best science on its way to patients…With a new Life Sciences Initiative in hand, and our own MassBio Vision 2030 roadmap to follow, you can count me among those who are bullish for the local industry in the year to come.” – MassBio CEO and President Kendalle Burlin O’Connell