Equity crowdfunding (ECF) is a relatively new alternative method for financing start-ups in the early stage. Due to online funding, there is a lack of research focus on the effects of firm location on equity crowdfunding and post-funding. Because the main industries vary from state to state in the U.S, we introduce a new location that is “right state” to investigate the effects of this location on ECF campaign. We also analyze the impact of well-known high-tech cities in the U.S, which are Silicon Valley and Boston. The study found that the importance of firm location is diminished in equity crowdfunding. However, firm location still affects the probability of obtaining post-funding. Particularly, firms are located in the right state or high-tech cites have a higher chance of receiving further funding after ECF round. Moreover, the study shows that it is critical for high-tech firms to locate in the high-tech city instead of the right state. The results shed light on the impact of firm location in the later funding round that ECF firms should not overlook.

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