As uncertain as the world continues to be, the venture capital ecosystem has been showing promising signs. Over the past 12 months of recording Axios venture data, July 2020 captured the most funding of any single month. Although there were not as many individually signed term sheets, the average deal size is significantly larger than in previous months.
For Starters
All of the mentioned deals have been solely recorded from Dan Primack’s Pro Rata daily newsletter. In total, July pushed out 277 deals totaling $15,436,950,000. Although there were 15 less deals than June, a handful of massive rounds helped push July’s total funding over $4B more than last month.
Note: This is data collected from the Pro Rata Newsletter.
Range of deal values for July:
Minimum: $1,300,000 (2 Deals)
Mode: $15,000,000 (11 Deals)
Median: $18,000,000
Average: $55,729,061 (Highest $/deal we have ever recorded)
Maximum: $$2,500,000,000 (Raised by Rivian)
Global Review
The United States posted 180 deals, totaling $10.7B, by far the most amount we have recorded, within the U.S. borders. Countries outside of the U.S. raised a substantial amount as well, with the UK (primarily London), accumulating 21 deals and $850M.
Funding Outside of U.S.
Funding Inside of U.S.
Frequent Players
The overall volume of the “super-active” investors fell much shorter than previous months. Sequoia Capital surprisingly did not make the following list, where they typically sit atop. The lowered deal volume could be attributed to the difficulty in these top VCs not being able to meet with founders due to COVID restrictions over the past months.
Note: The above companies are shown due to their high volume of investments throughout July, not necessarily the overall highest fund $ amount.
Spotlight
In their first round of equity funding, Dollaride secured an undisclosed amount of funding from Bay Wharf Capital and through Republic investments. Su Sanni and the Dollaride team is looking to create a New York-based public mobility service for underserved communities. Dollaride is continuing to crowdfund on Republic, an online investment platform, where anyone can research and invest immediately.
High Rollers
July posted over $4B more funding than June and a lot of that increase can be attributed to the size of each deal, rather than the number of funding deals closed. There were 14 more July deals ranging in the $30M to >$500M range than June.
Two enormous rounds of funding reached over $1B. Rivian, the Michigan-based electric vehicle manufacturer, raised a whopping $2.5B led by “funds and accounts advised by T. Rowe Price Associates, Inc,” Rivian said. Coatue, Baron Capital Group, Amazon, BlackRock, and more were involved in the round.
VillageMD raised $1B from Walgreens to open up 500-700 clinical doctor offices over the next five years.
Wrapping Up
Heading into August, it will be interesting to see if deal counts pick back up, or slow down further with the frenzy of business and communities being uncertain on whether to “open up” or continue to be “shut down.”
As always, any comments, suggestions, and feedback would be much appreciated! Check out the report above as a Visible Update here.
