Q3’20 funding to US-based, VC-backed companies is the second strongest quarter ever Investments reach $36.5B in Q3’20, the second highest quarter ever: VC investments to US-based companies hit a 7-quarter high in Q3’20 at $36.5B, up 22% year-over-year (YoY) and 30% from Q2’20. The quarterly increase in deal activity is more modest: 1,461 VC deals take place in Q3’20, a 1% increase from 1,440 deals in Q2’20. While deal activity has shown small increases each quarter so far this year, Q3’20 deals are still down 11% YoY amid the pandemic.

Number of quarterly mega-rounds climbs to a new record: Mega-rounds drive funding gains as 88 US-based companies raise rounds worth $100M or more in Q3’20, surpassing the record set in Q2’20. As a result,  ega-round deal share rises to 54% of total funding. Seed deals rise for the second consecutive quarter: Seed deals continue their recovery after a sharp drop-off in Q4’19. Later-stage deal size is still high: Series D median deal size rises to $50M vs. $32M in Q2’20.