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VC Firms Raised $21 Billion Last Quarter Despite Pandemic Chaos

Some firms did a lot better than others. 


Photographer: Johannes Eisele/AFP via Getty Images

The spreading coronavirus pandemic has slammed tech startups, forcing dozens to shed thousands of jobs. But so far, the venture capitalists that fund them appear to be doing alright, according to a new report—though some funds are faring better than others.

In the first quarter of this year, 62 venture capital funds raised a total of $21 billion in the U.S., according to data gathered by PitchBook and the National Venture Capital Association. That cash puts them in a strong position as the economy weakens: In 2019, firms raised $51 billion for the full year. As an added buffer, VCs reported a total of $121 billion in committed but unspent capital as of the middle of 2019, the latest numbers available, according to the NVCA.