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Illustration: Rebecca Zisser/Axios

Just weeks into the pandemic, we reported that venture capitalists were still doing deals, even though their offices were closed and their flights were canceled. But we didn't quite foresee the WFH gusto.

Driving the news: U.S.-based venture capital hit an all-time record in 2020.

By the numbers: U.S. startups raised $130 billion last year, topping the prior high of $120 billion set back in the dot-com craze of 2000, per the MoneyTree report.

  • PitchBook has a slightly higher 2020 total ($156 billion), but we're highlighting MoneyTree because it existed back in 2000 (albeit with some different partners and methodologies). PitchBook wasn't founded until 2007.
  • MoneyTree reports that the number of 2020 deals was not only well below 2000, but at the lowest total since 2013. In other words, the boom was driven by a record number of mega-rounds, which represented 49% of the 2020 dollar total.

(Not) leaving San Francisco: Bay Area companies continued to dominate, in terms of both dollars and deals, despite the "leaving San Francisco" narrative. In fact, Bay Area startups raised just 1.3% less than startups in Los Angeles, New York, Boston, Austin and Seattle combined, per PitchBook.

The bottom line: 2020 obviously wasn't the same as 2000, in terms of everything from business models to smartphones to lockdowns. But both VC surges were propelled by kinetic public markets and the concurrent valuation inflation and rush to fund. So this time it is different, but it's also the same.

Go deeper

Ina Fried, author ofย Login
Updated Jan 27, 2021 - Technology

Apple's quarterly sales top $100 billion for first time

Credit: Apple

Spurred by strong sales of the latest iPhones, Apple reported it took in a record $111 billion in revenue for the three months ended Dec. 31, as the company crushed expectations.

Why it matters: The move showed even a pandemic didn't dull demand for Apple's latest smartphones.

Firefighters end search for bodies at Surfside

A picture in the memorial that has photographs of some of the victims from the partially collapsed 12-story Champlain Towers South condo building on July 15 in Surfside, Florida. Photo by Joe Raedle/Getty Images

Firefighters on Friday concluded their search for bodies at the site of the June 24 collapse of the Champlain Towers South condominium in Surfside, Florida.

Driving the news: 97 people were killed and one woman, Estelle Hedaya, remains missing.

Updated 2 hours ago - Sports

Olympics dashboard

๐Ÿšจ: Team USA closes out Day 1 with no medals for 1st time since 1972

๐Ÿ“บ: The Olympic events to watch today

๐Ÿ›น: Athlete spotlight - Nyjah Huston hopes to skate his way into Olympic history

๐Ÿ‡บ๐Ÿ‡ธ: After loss to Sweden, U.S. women's soccer team overwhelms New Zealand

๐Ÿฅ‡: The six new sports at Tokyo 2020

๐Ÿ‘ป: How the no-spectator Olympics could affect the athletes

๐Ÿ’‰ About 100 U.S. Olympic athletes are unvaccinated

Go deeper: Full Axios coverage