Raising money will always be a challenge for technology companies, and in the South, startups will have a harder time than if they were based in well-oiled venture capital hubs like Silicon Valley, Boston or New York.
An October report from BIP Capital puts the challenge into perspective: A company with $1 million in revenue would be priced at $8.8 million in one of those larger cities. In the Southeast, the same company would command $3.8 million.
Simply put, there is less capital available in the Southeast. Still, investors have pumped $457 million into South Carolina since 2013.
Despite the difficulty in capturing the funds, there were several success stories this year. A notable mention this month is Atlanta-based communications company Avoxi, which raised $10 million and is expanding its presence in Charleston.
Among companies based in the Charleston area, here are the biggest winners of 2018, from least to most capital raised: