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North America Equity Research
12 February 2019
U.S. Mid- and Small-Cap Banks
4Q18 Venture Capital Quarterly
VC Investments Hit $100B in 2018; Good Momentum
But Mega Rounds Crowding Out Smaller Deals
Venture capital investments posted a strong 4Q 18 to wrap up the year with $25B
U.S. Mid and Small Cap Banks
invested and bringing the full year total to $100B, reaching a milestone last seen in AC
2000. Overall it was a record year with many additional milestones reached including Steven Alexopoulos, CFA
184 mega round deals (defined as over $100mm) funded in 2018 (well above the prior (1-212) 622-6041
steven.alexopoulos@
record of 120 mega round deals in 2017) and a record 53 unicorn births in 2018
Bloomberg JPMA ALEXOPOULOS <GO>
(compared to 29 in 2017). While we were one of the first to forecast 2018 as
potentially being a record $100B year for VC investment, what we did not anticipate Alex Lau
was for this record level of investment to be concentrated in mega round deals and at (1-212) 622-3428
alex.lau@
the expense of smaller deals being negatively impacted by a
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