Abstract
Last year was a good one for start-ups seeking financing, and it was an especially good year for firms in pharmaceuticals and biotechnology. Venture capitalists sank $131 billion into US-based start-ups in 2018; pharma and biotech start-ups attracted $17.4 billion, or 13.3% of the total. Both sums set records, according to the National Venture Capital Association and PitchBook, a financial data–crunching firm. Total venture investment in 2018 broke the $100 billion high set during the dot-com boom in 2000. And the pharma and biotech category easily broke the record it set last year, when firms raised $11.8 billion. Overall, venture investors struck 8,948 funding deals in 2018. By far, the largest category was software, which accounted for nearly 42% of all deals. A miscellaneous category came in second with 1,973 deals, followed by the pharma and biotech sector with 720. Most categories saw a modest decline in the number of
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