Built In, a network of online communities for technology startups, has released its Q1 2014 startup reports. The network tracks digital startups in Chicago, Los Angeles and Colorado, and each location had impressive startup activity over the first few months of 2014.
To be clear, these figures represent all digital-focused startups in each area. While ad technology is not the exclusive focus, the growth rates are still significant because they represent the surging digital market at large.
Chicago-based digital startups raised $157 million in the first quarter of the year. That’s over 250% more than Chicago startups raised in Q1 of 2013 ($61 million). Additionally, 42 new digital startup sprung up in Chi-town in Q1 2014, nearly double that of a year ago (22).
In Los Angeles, a total of $324 million was raised by 59 companies during the first quarter. Per Built In, that puts LA on track to beat a record set just last year. There were 38 new digital startups launched in LA.
Built In calls out Gravity -- the content personalization company which sold to AOL for over $80 million in January -- as one of the most notable deals of the quarter. Looking ahead, Rubicon Project’s recent IPO is highlighted as one that “start[ed] off Q2 on the right foot” for LA-based companies.
A total of 31 Colorado-based startups raised $87.7 million in Q1, which Built In says puts the state on pace to match the funding it received in the first half of last
year ($162 million). There were 32 new startups in Colorado in Q1.
One Denver-based ad platform raised $1.8 million in March and launched a real-time bidding (RTB) platform.