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In the United States, venture capital funds raised more dry powder in the first three quarters of this year than they did in all of 2021, but it is not evenly distributed. According to Q3 data, where a firm is based seems to be playing an increasing role.

According to data from PitchBook, U.S. venture firms raised over $150 billion in the third quarter. The $150.2 billion raised in 2020 is a boost from the previous year's $150.2 billion, but it is still a huge drop from the previous year.

Some of the dollars went into legacy or well-established firms that have the power to raise mega-funds. The reversal of the trend of more venture money making its way to emerging ecosystems is due to the fact thatLPs are not as interested in backing firms outside of the established venture hubs.