Philadelphia venture funding in 2020 second only to 2019 in last ten years
Despite falling for the first time since 2011, venture funding still eclipsed $1.6 billion in 2020
January 20, 2021
Venture funding since 2011
- In analysis of venture series funding since 2011, 2020 marked the only year total funding fell year-over-year in the past decade. The $1.6 billion venture funding in 2020 was greater than any year in the previous decade besides 2019 due to the continued strength of Philadelphia life sciences.
- 2020 funding was led by goPuff’s $380 million raise in October. Other notable raises were Imvax’s $112 million raise and Misfit Markets’ $85 million raise in July, Castle Creek Biosciences’ $55 million raise in March, and SwanBio Therapeutics’ $52 million raise in April.
- 2020 venture funding recipients are engaged primarily in the biotechnology, biopharmaceuticals, therapeutics, genetics, and pharmaceutical industries. Excluding goPuff, eight of the ten largest fundraising rounds in Greater Philadelphia the past ten years have all been in the biotechnology and health care sector.
- Increased levels of funding have contributed to strong demand in the local commercial real estate market. goPuff is building a new 30,000 s.f. headquarters in Northern Liberties, Imvax leased 17,000 s.f. at the Curtis Center, and SwanBio Therapeutics is in the market.
- Attracting diverse industries to Philadelphia will be crucial for sustaining momentum built in the previous decade.