The venture industry’s pandemic-fueled growth spurt appeared to show no signs of abating during the record-breaking first quarter of the year. Dealmaking, exit, and fundraising activity all continued at or near record highs.

Transactions of all types continued to grow, as mega deals, large funds, and outsized IPOs continue to propel capital flows throughout the market.

The Q1 2021 Pitchbook-NVCA Venture Monitor presents data and analysis behind significant trends that shaped the VC market over the last quarter, including growth in SPACs, boom in life sciences, and a surge in valuations. Other key takeaways are:

• Three-quarters of all VC investment dollars in the US were deployed in late-stage deals, the highest portion since 2010.
• The focus on large, late-stage deals may be a harbinger of a rise in exit activity with many portfolio companies possibly preparing to be acquired or to go public.
• Q1 was the largest quarter on record with participation of non-traditional investors. Capital from these investors has helped drive the extension of the late stage as companies continue growth in the private market.

This report was sponsored by NVCA, in partnership with Silicon Valley Bank and Secfi. Interested in sponsoring future editions of this report? Visit our media partnerships page to learn more.