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Laxman Pai, Opalesque Asia: Venture Capital (VC) investment in Europe reached a new record of $12.1bn across 1,024 deals in Q3 2020 - up from $11.5bn across 1,513 deals in Q2 2020, said a report.
The Europe record is led by a $650m raise by Klarna and a $600m raise by Northvolt in Sweden, a $633m raise by Germany-based CureVac, and a $580m raise by Revolut in the UK, according to a quarterly report on VC trends by KPMG Private Enterprise.
The Nordic region ($2.2bn), Germany ($2bn), and Israel ($1.5bn) all saw record levels of VC investment this quarter. Despite a quarter-over-quarter decline from $3.8bn in Q2 2020 to $3bn in Q3 2020, the UK continued to account for the largest share of VC investment in Europe.
However, the volume of UK Q3 deals dropped by almost half (46%) compared to Q3 2019. This reflects a decline from 549 to 294 deals while the value of these deals has dropped by almost 17% from £2.8bn ($3.6) to £2.3bn ($3.0) over the same period.
In the last three months during which the UK experienced an easing of COVID-19 related lockdown restrictions, the value of investment into the UK softened by 20% from £2.91bn ($3.8) in Q2 2020 to £2.3bn ($3.0) in Q3 2020 while the number of deals dropped 40% from 493 to 294.
Meanwhile, VC investment in pharma and biotech remained very hot in Q3 2020 in Europe, at the end of the quarter, total year-to-date investment in the sector was $31bn - already well above the total of $27.1bn seen during all of 2019.
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