Biotech Venture Capital Investing

Despite the pandemic venture capital (VC) investing in biotech has been very strong.
In fact Q1 2020 saw the single highest quarter ever (since records).
It was also the highest average funding size per round at $32m.
Biotech VC activity tends to be a-cyclical when compared to other technology VC.
Under the surface the number of new biotech “first financings” continues to go down after peaking in Q1 2019. A worrying trend.