Filled with innovation laboratories, co-working spaces and students, Boston has a ton of entrepreneurial characteristics baked into its DNA.
However, when the coronavirus swept through the country, the area’s startup scene was stress-tested as badly as other managerial centres. Could Boston’s startups still thrive without the city’s robust in-person ecosystems?
Last month, we answered this question broadly: Boston-area startups caused $3.7 billion in Q2, according to CB revelations, a illustration we hailed as “record venture capital investment in the period.”
But while high-level, quarterly data is useful directionally, it can gloss over illustrative dips and heydays. In 2020, things changed fast.
So, for this month’s Boston-focused column, we looked at the city’s venture capital data on a month-by-month basis to answer the question,” How did the pandemic affect deal-making in the city ?”
New PitchBook data show that Boston-area startups appreciated a venture capital dip after March through April, two early pandemic months here in the United Position. Nonetheless, May and the following table months more than made up for the drop-off. In fact, Boston-area startups grew more private asset during time 2020 than they did in summer 2019, suggesting that the pandemic and its ensue technological and economic alters have not hurt the area startups in aggregate, but instead afforded a net boon.
Inside Boston’s turbulent venture capital summer
Let’s start with a look at the data in chart form. We asked PitchBook for a look at Boston’s venture causes on a monthly basis since 2019.
Looking at private fund data for Boston-based companies, we see that December was a very strong month compared to the rest of Q4 2019, but that it was also easily bested by January. February and March were more quiet, resulting us into the pandemic period. But astonishingly, April wasn’t a ended mess with more than$ 1 billion in funds invested. May affixed a sharp-worded improvement in dollar periods, and June was best of all months in the year so far.
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