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Illustration: Eniola Odetunde/Axios

Two months ago today, we wrote in this space that U.S. venture capitalists claimed to still be open for business, even if they were now working from home.

Fast forward: Investment activity remains vibrant, but off approximately 25% from pre-pandemic levels, according to data provided to Axios by PitchBook.

March data was unreliable, given that many contemporaneous announcements were for deals that had been signed at a time when frequent flier miles still mattered.

  • The typical February 2020 week saw 211 U.S. venture deals raising $2.6 billion, putting the average deal size at $12.3 million.
  • The typical April 2020 week saw 157 U.S. venture deals raising $1.97 billion, putting average deal size at $12.5 million.
  • The first week of May had 150 deals that raised $2.01 billion.
  • Both the February and April numbers this year were much lower than their 2019 counterparts. On the one hand, that could suggest that part of the April 2020 slowdown is just part of an ex-pandemic slide. On the other, it's worth noting that last year's April numbers were much larger than last year's February numbers, which makes the April 2020 decrease even more dramatic.

The key 2020 takeaway is consistency in April and May. The weekly disparity for four of the five weeks is just 30 companies and $210 million. Or, put another way, U.S. venture capital appears to have found its new normal.

Go deeper

Dan Primack, author of Pro Rata
Jul 28, 2020 - Economy & Business

Venture capitalists are split on the benefits of working from home

Illustration: Aïda Amer/Axios

Venture capital activity has persisted in the COVID-19 era, as investors and founders have accepted virtual meetings as viable alternatives to the in-person standard.

What comes next: If society returns to "normal" at some point next year, will that also apply to pitch meetings, board meetings, etc?

Ben Geman, author of Generate
45 mins ago - Energy & Environment

What to watch as infrastructure talks heat up

Illustration: Annelise Capossela/Axios

A mix of Beltway action and extreme weather events have brought the fault lines in infrastructure talks and their planetary stakes into sharper focus.

Catch up fast: Senate Democratic leaders pledged to seek big climate measures in a multitrillion-dollar, Democrats-only package that faces a very narrow political path.

Drought, record heat wave in West have hallmarks of climate change

People on Folsom Lake in Granite Bay, California, U.S., June 16, 2021. Photo: David Paul Morris/Bloomberg via Getty Images

The prolonged and widespread heat wave in the West, along with the region's increasingly severe drought, is a sign of how climate change has already tilted the odds in favor of such extremes, studies show.

Why it matters: The rapidly growing Southwest, in particular, is also the nation's fastest-warming region. The combination of heat and drought could lead to a repeat, or even eclipse, the severity of 2020's wildfire season in California and other states.