Silicon Valley and New England are no longer the fastest-growing regions to attract venture capital funding. There are many new parts of the country vying for the title, including areas of New Mexico, Seattle, Los Angeles, Pittsburgh and Washington D.C., according to a new report by PricewaterhouseCoopers and the National Venture Capital Association. Last year, investors in New Mexico put $128 million into 21 companies, an increase of 375 percent over the previous year. Los Angeles is a hotbed, too, attracting $1.15 billion into 124 companies.

"Silicon Valley and New England are well-known for their entrepreneurial spirit," Tracy Lefteroff, global managing partner of PricewaterhouseCoopers venture capital practice, said in a statement. "However, VCs have been encouraged to look to other markets for talented individuals with great ideas and solid business plans, in part because the cost of doing business is less in these alternative markets."

For more on expanding VC markets:
- See this cnet.com article