Canal Partners has been named as the most active venture capital firm in Arizona, according to software maker CB Insights.
The New York-based software creator that predicts technology trends used data from tech investments from 2014 to 2019 to create a map that highlights the top VC firms in each state.
Scottsdale-based Canal Partners, which launched in 2008, invested about $6.8 million last year with three local companies, said Todd Belfer, Canal Partner’s managing partner.
“There’s not a lot of professional growth capital in Arizona for fast-growing tech companies. It’s us, the angel groups and Grayhawk,” said Belfer, who added he wasn’t surprised his firm was named on the map. “It just shows you the lack of VCs in Phoenix and how Arizona relies on outside capital for growth capital.”