When the pandemic hit in 2020, many market researchers predicted that funding could dry up for startups and companies. While we reported that it wouldn’t be the case, the well-known data provider SaaS company PitchBook has published its 2020 Annual European Venture report, which indicates the same. The report finds that VC deal value didn’t dip in 2020, despite COVID-19 and it set a new annual record. Here are some key findings from the new PitchBook report.
European VC deals set a new annual record in 2020
Despite COVID-19 and its detrimental macroeconomic damage, VC deal value reached a new annual record of €42.8B in 2020. As per the PitchBook report, 9,341 deals happened last year, and the huge number represents a 14.8 per cent year-over-year increase in value. In addition, driven CVC investment was observed in companies across flourishing segments such as e-commerce and remote-working tools.