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What is the breakdown of startup funding by state?

Week of July 17th, 2023

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We'll share a Chart of the Week, a Pitch Review, three top deals for potential investment, and podcast interviews with industry shapers and interesting founders each week.

As always, thank you for your continued support and enthusiasm for our startup community! Enjoy the new and improved newsletter geared to bring you more value as an investor.


chart of the week


Today’s Chart of the Week looks at aggregate funding amounts for each state from January 2021 to May 2023 (based on startup HQ locations).

  • Startups based in California raised an aggregate of $789 million in the online equity and debt crowdfunding markets across both RegCF and RegA raises. This sum is nearly 4x the next closest state.

  • This is not surprising as California is home to the most robust startup scene in the world.

  • New York ranked second, with startups raising nearly $200 million here.

  • Rounding out the top 5 are Texas ($125 million), Nevada ($120 million), and Florida ($109 million).

  • These three states have newly emerged as popular places to start new businesses, so it is not surprising to see them rounding out the top 5 states.

  • The only two states with $0 in equity crowdfunding raised were Nebraska and West Virginia.


Brief: Truleo leverages natural language processing to analyze police body camera audio. Through its patent-pending capability, the company supports police professionalism, automated supervision, and privacy protection. It’s currently raising $1,234,987 at a valuation of $30M with a minimum investment of $110.

Key People: Co-founder and CEO Anthony Tassone, co-founder and CTO Tejas Shastry (founder of AMPY, acquired in 2016). Previously, Tassone and Shastry co-founded GreenKey, an IT firm that reached up to $4 million in revenue.

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Here's what we like: Truleo’s software — which complements police body cameras using a scoring platform to evaluate officers’ interactions with the public — is a unique service for police departments. Our team could not find any other software that automatically analyzes the cloud-stored recordings from body cameras and provides quick and clear insights to police officers’ managers and department heads.

Truleo’s software scores officers and helps objectively compare their performance week after week and set clear and actionable goals. This tool has a direct impact on officers’ behavior and allows them to be recognized for their professionalism. While I believe that the market could be too small for an initial public offering, Truleo has the potential to get acquired by competitors who could integrate the software into their existing hardware. It could also be acquired by other tech-based companies willing to diversify their offerings or penetrate the police department market.

So far, several police departments nationwide have adopted Truleo with positive results. The Seattle police department renewed its two-year contract. The Alameda, California, police department saw a 36% drop in the use of force, a 30% drop in unprofessional language, and a 12% drop in civilian non-compliance.

Here's what we don't: Truleo is attacking a difficult market. American police departments only adopted body cameras because they were forced to by law. Traditionally, the institution seems reluctant to provide accountability for problematic officer behavior. That’s why to grow, Truleo’s best chance is to convince heads of departments and politicians to adopt the company’s officer-monitoring software. Police departments could use Truleo’s results to demonstrate improved police force management. While it is smart, this strategy involves more resources and a larger network than a simple investment in marketing. Thus, Truleo presents sales and adoption risks.

Truleo also has competition risk. Though the company’s service of providing feedback to officers is unique, its technology is not. Its competitors could quickly build the same product if Truleo becomes more successful. If competitors have more resources and can get more contracts than Truleo, they could keep the startup from conquering enough market share to reach profitability.

Would you invest in Truleo?

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Scott Kitun interviews StartEngine's co-founder, Howard Marks, on the Technori podcast. Marks discusses his journey from investing in LA entrepreneurs to establishing StartEngine. Despite initial skepticism, Marks argues that the success of StartEngine and its new secondary marketplace for trading alternative assets demonstrate crowdfunding's potential. Tune in to hear how Marks envisions a future where alternative investments become mainstream in investment portfolios.

Listen to the full episode here


Loopie is a peer-to-peer laundry service enabling users to have their laundry done and returned within 24 hours. The platform also allows individuals to become micro-entrepreneurs by choosing their workload and earning extra income.

  • Valuation: $14 million

  • Minimum Investment: $250

Saleen leverages a 40-year history in the automotive industry to produce high-performance, specialty vehicles. The company, renowned for its design, engineering, manufacturing, and distribution capabilities, has generated $1.25 million in sales with a profit margin of 20%.

  • Valuation: $34.4 million

  • Minimum Investment: $499

Smart Cups uses patented technology to produce sustainable consumer packaged goods. Its novel microencapsulation printing allows for liquidless transportation, earning features in Forbes, Time Magazine, and Gordon Ramsay’s Food Stars.

  • Valuation: $10.6 million

  • Minimum Investment: $250