As reported in Buffalo Inno, six Buffalo-based startups have raised roughly $30 million in the first half of 2024. This is an increase over last year, and more businesses continue to raise.
Richard Kim, UB's director of startup ventures, shared that this means there are a strong number of people building innovative companies in Buffalo and organizations like UB investing in those companies.
However, the majority of the mid-year funding totals can be attributed to one company, as CleanFiber raised $28 million. And 2024's totals are well below the first half of totals two years ago, when 19 startups raised about $140 million in the first half of 2022.
The article states that, while economic uncertainty has subsided, funding opportunities are still being more closely scrutinized. Kim said he expects venture capital activity to continue to be squeezed. He advised entrepreneurs to focus on building strong companies and making revenue, then figuring out if venture capital is right for their business.
Read the full story here.