2025 Indiana Tech Venture Report (TechPoint (Indiana))

Summary

• In 2025, Indiana-based tech companies raised approximately $290 million across 98 venture deals.p.9
• Tech-focused investments made up 77% of all venture capital investments in Indiana in 2025.p.9
• In 2021 the average capital deployed per deal was $18mm, whereas in 2025 the average was over $20mm.p.5
• California alone accounted for more than 60 percent of total U.S. venture capital by dollars invested.p.8
• Tech Services recorded 32 deals worth $56.55M among Indiana verticals.p.10
• T-Mobile invested $4.9B to acquire Metronet's broadband business, among the top M&A deals involving Indiana companies.p.14

Key insights

1. The 2025 national venture market was shaped by a long-term reset, moving from broad-based contraction to a more disciplined equilibrium.p.4
2. Sortera Technologies announced a $45M later stage raise in November.p.13
3. SEI sold its family office services business, which included Archway, to Aquiline for $120M.p.14
4. Seed is defined as $500,000 to $5 million without identifiable investment by a professionally-managed pool of capital.p.15
5. Exit activity remained muted in 2025 for venture-backed technology companies in Indiana.p.11