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San Diego Firms Receive Record-High VC Investment of $594M
San Diego’s venture capital activity surged in Q1 2018, setting a record for single quarter investment volume at $594 million, according to research from CBRE. The previous record was $539 million, set in Q4 2015.
The VC activity comes on the heels of an annual record set in 2017. Yet, despite the higher dollar volume, deal count was lower than average at 23 deals. M&A activity in San Diego continued to mirror the national trend with 28 known M&A deals in Q1 alone.
The largest deal this quarter went to Silvergate Capital Corporation, a UTC-based commercial bank that received $114 million venture funding from cryptocurrency venture capital firm Digital Currency Group.
Investment in San Diego-based life science companies hit a record-high $417.9 million from 15 deals in Q1. Biotech-pharmaceutical received $335.9 million in Q1, nearly doubling the recent average.
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