From the Wilson Sonsini Database: Financing Trends for 1H 2020 -

The second quarter of 2020 began amid significant business disruptions and market volatility associated with the COVID-19 pandemic. The potential impact on the U.S. venture market remains far from predictable, with some forecasting a downturn similar to that experienced during the 2000 dot-com crash and the 2008 recession. Mirroring the public markets, such predictions were not borne out in the Q2 2020 venture capital market, which remained strong by historical standards.

According to other sources of aggregated market data, deal volume did dip in Q2 2020, with fewer financings closed than in prior quarters. Yet, median pre-money valuations increased substantially, with all stages of financings reaching five-year highs. Median amounts raised in Q2 2020 also ticked up for all but Series C and later financings, with the relative share of up rounds remaining steady compared to prior quarters. Bridge loans reflected a similar trend. Q2 2020 median amounts raised increased from the prior quarter for both pre- and post-Seed bridge loans.