SD Venture Capital Deals Reach $1.2B in Q1
Learn which local startups received venture capital investments in Q1 2023.
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Nationally, venture capital activity totaled $37 billion in Q1 this year.
Funding to San Diego-based startups dropped more than 50% during the first quarter.
Today’s breakdown explores the top companies that raised VC funding in Q1.
$1.2B+ invested combining both tech and life science deals in San Diego.
Top VC deals: Genentech ($450M), SOCi ($120M), Rapport Therapeutics ($100M)
Top M&A deals: Prometheus Biosciences ($11B), NuVasive ($3.4B)
Top five largest tech deals
SOCi: a late-stage marketing startup raised $120 million.
Fabric8Labs: an early-stage 3D printing company raised $50 million.
EcoATM: a legacy smartphone recycler raised $50 million.
BetterNight: a provider of sleep-tech solutions raised $27 million.
MedCrypt: a cybersecurity provider for the medical space raised $27 million.
Top five largest biotech deals
Genentech: a legacy biotech firm raised $450 million.
Rapport Therapeutics: a clinical-stage biotech raised $100 million.
Lenz Therapeutics: an early-stage biotech raised $83 million.
Belharra Therapeutics: an early-stage drug discovery platform raised $50 million.
ADARx Pharmaceuticals: an early-stage genetic medicine raised $46 million.
Prometheus Biosciences acquired by Merck for $10.8 billion.
NuVasive purchased by Globus Medical for $3.4 billion.
Screwball Whiskey sells majority stake to Pernod Ricard.
Slowdown in Investments
Overall fundings for the first quarter are roughly 20 percent lower than the year prior.
Investment interest from private equity firms and hedge funds have cooled
Expect a “good number” of startups to shutdown if access to capital dries up
Investors have significantly reduced investment size and number of deals made
In case you missed it
*This list was compiled leveraging Connect San Diego’s Venture Capital Funding Tracker.
Genentech is not VC backed ??