The graphic shows the number of start-ups financed by venture capital in 2018, split by federal state. Berlin leads with 227, Bavaria has 116 and North Rhine-Westphalia has 59. Further down the list are Hamburg (41), Baden-Württemberg (34), Hessen (31), Saxony (21), Brandenburg (17), Thuringia (13), Lower Saxony & Bremen combined (10), Mecklenburg-Vorpommern (8) and Rhineland Palatinate (6). At the bottom are Saxony Anhalt (3), the Saarland and Schleswig-Holstein (both with 1). The source is cited as being the Start-up Barometer Deutschland 2019 Ernst & Young GmbH.