{"id":5102,"date":"2021-01-21T11:00:19","date_gmt":"2021-01-21T18:00:19","guid":{"rendered":"https:\/\/sandiegonewsdesk.com\/?p=5102"},"modified":"2021-01-21T12:27:21","modified_gmt":"2021-01-21T19:27:21","slug":"san-diego-startups-fared-extremely-well-in-2020","status":"publish","type":"post","link":"https:\/\/sandiegonewsdesk.com\/?p=5102","title":{"rendered":"San Diego startups fared extremely well in 2020"},"content":{"rendered":"

Written by Hannah Schmidtler<\/em><\/p>\n

Businesses have faced a multitude of hardships this last year. However, San Diego startups unexpectedly raised a record high $6.1 billion in venture capital in 2020. That is nearly double the venture capital raised in 2019, which was $3.35 billion.\u00a0<\/span><\/p>\n

Mike <\/span>Krenn, the head of Connect\/San Diego Venture Group,<\/span> explains his shock at this wonderful news. \u201c<\/span>I thought after we hit $3.4 billion (in 2019) if we could replicate that, great. Then COVID hits, and we still crushed it, which is crazy.\u201d<\/span><\/p>\n

Nationally, venture capital investment was $156 billion in 2020 up from $138 billion in 2019. On the national level, Airbnb and Doordash were two of the top performing IPOs in 2020.<\/span><\/p>\n

Most investments in San Diego occurred in the biotechnology\/life science sector, which experienced record increases due to the pandemic and demand for health services. Some believe that the boost to\u00a0 biotechnology\/life science companies could last for years due to renewed interest in vaccines and antiviral therapies.\u00a0<\/span><\/p>\n

Other record investments in 2020 were seen in software, autonomous driving, logistics, and other technology firms.<\/span><\/p>\n

Many were concerned that Covid-19 related fears would scare off investors and thus derail takeovers and IPOs; making it impossible for venture capitalists to get a payback. Despite these fears, IPOs stayed strong. In San Diego alone eight companies went public in 2020.<\/span><\/p>\n

\u201cThe startup ecosystem played a critical role in the technology, services, and healthcare support the country has relied on over the past 10 months, and the industry\u2019s resilience and long-term investment eye will be pivotal to the country\u2019s economic recovery in 2021 and beyond,\u201d said Bobby Franklin, president and chief executive of NVCA.<\/p>\n

Takeovers also fared well during the pandemic. The largest takeover in San Diego was that of Merck, a multinational pharmaceutical company, which was bought by VelosBio for $2.75 billion.<\/span><\/p>\n

Photo via Pandle<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Written by Hannah Schmidtler Businesses have faced a multitude of hardships this last year. However, San Diego startups unexpectedly raised a record high $6.1 billion in venture capital in 2020. That is nearly double the venture capital raised in 2019, which was $3.35 billion.\u00a0 Mike Krenn, the head of Connect\/San Diego Venture Group, explains his…<\/p>\n","protected":false},"author":3,"featured_media":5107,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-5102","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy"],"yoast_head":"\nSan Diego startups fared extremely well in 2020 - San Diego News Desk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sandiegonewsdesk.com\/?p=5102\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"San Diego startups fared extremely well in 2020 - San Diego News Desk\" \/>\n<meta property=\"og:description\" content=\"Written by Hannah Schmidtler Businesses have faced a multitude of hardships this last year. However, San Diego startups unexpectedly raised a record high $6.1 billion in venture capital in 2020. 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