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It is also helpful to see what happened at different stages by looking through the lens of investment by round size. The greatest overall impact is evident in the smallest rounds of between $0-2M, though it is very important to note that these rounds experience the greatest adjustment due to reporting lag. The total number of rounds will be adjusted materially higher in the following months once all the data is collated. To put this in context, more than 2,000 additional rounds have been captured for 2019 since we published last year's report. Seed investment, as represented by rounds of between $2-5M, has been remarkably strong and, once all is finalised, could well exceed 2019 levels. An important slowdown is evident in rounds of $20-50M. At this stage, companies typically need to show growth and, with the pandemic distorting typical user and buyer behaviours, that likely created more challenging conditions to raise in this bracket. If the growth is not obvious, many investors will show caution. 2020 has also seen fewer $250M+ rounds versus 2019, though that has been offset by a record number of $100-250M rounds that have raised records amount of capital.

Capital invested ($B) and number of deals by round size and by year

Dataset: Number of deals


  • $0M-$2M
  • $2M-$5M
  • $5M-$10M
  • $10M-$20M
  • $20M-$50M
  • $50M-$100M
  • $100M-$250M
  • $250M+
All data excludes the following: biotech, secondary transactions, debt, lending capital, and grants. Please also note that the data excludes Israel. 2020 is annualised based on data to September 2020.