TLDR:
- CoreWeave, an AI cloud services provider in New Jersey, secured $8.6 billion in debt financing in the first half of 2024.
- New Jersey ranks third in the nation for venture capital investment, following California and New York.
Behind a massive debt deal struck by Roseland-based CoreWeave in the spring, New Jersey is ranked third in the nation for venture capital investment in the first half of 2024, according to data from the most recent edition of the PitchBook-NVCA Venture Monitor. CoreWeave raised $7.5 billion in debt financing from Blackstone and other partnerships in May. The startup also raised an additional $1.1 billion earlier that same month. The combined $8.6 billion represents 88% of the $9.8 billion of New Jersey VC investments in the first half of 2024, surpassing the record set in 2021. California, New York, and Massachusetts rounded out the top four states for VC deal value.
NJBIA Director of Economic Policy Research, Kyle Sullender, highlighted the positive impact of CoreWeave’s success on New Jersey’s investment landscape. As the state continues to focus on VC investment and innovation programs, there is hope for a more positive investment path. In a 2022 report, New Jersey was ranked fifth out of seven regional states for VC Assets Under Management. CoreWeave and its significant debt financing have helped boost New Jersey’s ranking and attractiveness to venture capital investors.
Overall, CoreWeave’s financial achievements have positioned New Jersey as a key player in the venture capital investment landscape, signaling potential growth and opportunities for the state’s economy in the future.
