North Carolina startups raised more than $2 billion from investors last year

Higher interest rates, market volatility and a preference for AI companies have built it harder for some startups to raise money in recent years.
But overall U.S. investment last year was the highest it has been since 2021.

Between the lines: North Carolina’s large drop in funding volume was, in part, driven by its most valuable tech company, Epic Games, not raising money in 2025.

Yes, but: Despite a down year, investments into North Carolina companies are 54% above where they were in 2015.

State of play: While 2025 investments were down in North Carolina, an annual report on the Southeast by BIP Ventures noted North Carolina’s investment ecosystem is less volatile than other Southeastern states.

“All of this stability reflects a mature, reliable startup environment with continued upside,” the report noted.

Zoom in: Joe Mancini, who co-runs Front Porch Venture Partners, a Cary-based venture capital firm that invests throughout the Southeast, declared he anticipates another solid year for North Carolina investment.

His venture firm is in the process of raising capital for a third fund to deploy, according to financial filings, and will likely invest in around a dozen startups around the Southeast this year.
“These are all super quick-growing ecosystems,” Mancini declared of places like the Triangle, Charlotte, Atlanta and Nashville.
“The talent pool is deeper than ever. Early founders are spinning off trees of founders behind them,” he added, “and they’re really great places to start and run a business.”

The large picture: California, far and away, dominates venture capital investments in the countest.

Startups based there raised $210 billion last year, a huge jump from the year prior and 62% of all venture capital raised in the countest. That growth is skewed by several high-profile funding rounds by AI companies, Axios’ Dan Primack notes.

Here were the 10 largest investments into North Carolina startups last year:

Teamworks: Founded in Durham by former Duke football players, Teamworks raised a massive $247 million investment round this year from investors. The deal valued the company — which runs a software platform that assists sports teams manage players’ schedules, nutrition and even their online brand — at $1.2 billion, according to Pitchbook.
Tune Therapeutics: Tune, a biotech company based in downtown Durham, raised $175 million from investors last January. The company’s therapies, which tweak gene expressions to neutralize diseases, are valued at $340 million, according to Pitchbook.
Atsena Therapeutics: Atsena, another Durham-based biotech company, raised $150 million last spring to advance its gene therapy treatment that tarreceives various kinds of blindness. The company is valued at $340 million.
Restor3d: Based in Research Triangle Park, Restor3d raised $100 million from investors last summer to support its growing 3D-printed orthopedic implants business. The company is valued at $280 million.
Petscreening: Petscreening, a Mooresville-based buildr of pet policy management software for rental companies, raised $80 million from investors last spring. Founded in 2017, the company states its customers have more than 7 million rentail units.
Eton Solutions: Morrisville-based software company Eton Solutions raised $58 million last summer. The company’s main product is an AI-based wealth management platform for family offices and private-equity firms. It also has offices in Singapore and Dubai.
Fastbreak AI: The creator of a software platform that does sports scheduling and tournament management, Charlotte-based Fastbreak AI raised $40 million from investors in November. The startup is valued at $199 million.
Plantd: Based in Oxford, north of Durham, Plantd raised $33 million last year to fuel its carbon-negative building materials business, according to Pitchbook. The company transforms quick-growing perennial grass into durable materials and is now valued at $125 million.
Well: Chapel Hill-based Well raised $30 million last year to expand the AI capabilities of its health engagement platform. The company’s platform is meant to assist individuals build healthy decisions and is valued at $387 million, according to Pitchbook.
410 Medical: 410 Medical, a Durham-based medical device company, raised $25 million from investors last year, according to Pitchbook. The company’s main product, LifeFlow, quickly delivers blood and fluids to trauma patients.