VC deals in Europe had one of the strongest quarters on record in Q3 2020

According to the report, released today, VC deals in Europe totalled €10.6bn in Q3 2020. That’s one of the strongest quarters on record, bringing year-to-date funding to €29.5bn and meaning it’s on track to eclipse the €37.2bn raised in 2019.

“Despite economies falling into recessions, unemployment rising drastically across numerous different sectors and multiple stimulus measures being announced by pretty much all of the European nations, venture deal value and activity hasn’t really reflected impacts of Covid-19,” Nalin Patel, the lead author of the report, tells Sifted.

However the UK, which accounts for the largest share of VC investments in Europe, saw a quarter-over-quarter drop, from €3.5bn to €2.6bn, likely tied to a decline in the overall number of deals.

Pharma and biotech startups also accounted for four out of the five largest exits in the third quarter of the year, representing a combined value of €5.3bn. That’s on track to beat the annual exit values from software startups for the second consecutive year, according to the report.

Find out more, here.