Despite the arrival of the COVID-19 pandemic in early 2020 and the ensuing economic dislocation, venture capital financing proceeds, median amount raised, and median pre-money valuation all increased from 2019 levels, although reported deal flow dipped.

VC-backed company liquidity activity followed a similar pattern in 2020. The number of VC-backed IPOs increased, while M&A activity declined modestly, but the median pre-money valuation at the time of IPO and the median acquisition price both reached their highest levels in more than 15 years.