San Francisco's the VC capital of the country, not Silicon Valley.

CityLab editor at large Richard Florida shares the key findings of a report that tracks venture capital investment and startup activity across the country's metropolitan cities.

In collaboration with colleague Karen King, the Martin Prosperity Institute, and data from Thomson Reuters, the report ultimately determined that venture capital investment and startup activity in the United States are extremely concentrated, or "spiky". San Francisco tops the list with $8.5 billion in venture capital investment, followed by the Silicon Valley and New York.

Venture capital is even more concentrated by mega-region, or clusters of metros such as the Bos-Wash Corridor. Just three mega-regions account for more than three quarters of venture capital investment across the U.S.—the San Francisco Bay Area, which includes San Francisco, San Jose, and several smaller metros, accounts for over 40% (40.2%); the Bos-Wash Corridor takes in more than a quarter (27.8%); and Southern California—spanning L.A., San Diego, Santa Barbara, and Oxnard—accounts for almost 10% (8.8%).

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