Pitchbook/NVCA’s US Venture Monitor Q3’20*
*All graphics and figures are taken directly from the 35-page report.
The total deal count for US startups saw an uptick in Q3'20 based on estimations, while it continued to decline based on reported numbers. The total value of all deals remained more or less stable. While Q3 generally showed signs of a recovery from the first half of the year, seed rounds continued to be plagued by a long-term decline. Angel rounds are currently outpacing seed rounds by deal incidence, 1,636 to 1,576, so far in 2020, though not on funds raised. Still, angel rounds have seen dollar volume decline less drastically, having raised $2.4B in 2020 so far compared with $3.1B in 2019. Seed rounds have brought in only $4B so far, down from $6.7B. First-time financings continued falling as a percentage of total financings and made up only 23.7% of Q3’s deal count, and raised only 5.5% of the total capital (see graph).
The outlook is worse for early-stage activity, which saw $9.2B raised across 657 deals, bringing the year’s total so-far to $27.7B over 2.351 deals. That’s down from...