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

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?

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Illustration: Annelise Capossela/Axios

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  2. U.S.: Total confirmed cases as of 1:30 a.m. ET: 5,094,394 — Total deaths: 163,463 — Total recoveries: 1,670,755 — Total tests: 62,513,174Map.
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  4. Business: Richer Americans are more comfortable eating out.
  5. Public health: 5 states set single-day coronavirus case records last week — A dual coronavirus and flu threat is set to deliver a winter from hell.
  6. Sports: The cost of kids losing gym class — College football is on the brink.
  7. World: Europe's CDC recommends new restrictions amid "true resurgence in cases."
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Trump whisked out of press briefing after shooting outside White House

President Trump was escorted out of a coronavirus press briefing by a Secret Service agent on Monday evening after law enforcement reportedly shot an armed suspect outside of the White House.

What's new: The 51-year-old suspect approached a uniformed Secret Service officer on the corner of 17th Street and Pennsylvania Avenue NW, near the White House, and said he had a weapon, the agency alleged in a statement late Monday. He "ran aggressively towards the officer, and in a drawing motion, withdrew the object from his clothing."