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Venture funding soars to record $64 billion in Q1, Ernst & Young says


Coming off a boom year for the tech industry, investors spent the early part of 2021 pouring money into food delivery companies, online brokerages and Elon Musk’s SpaceX, leading to a record quarter for U.S. venture funding.

Venture-backed companies raised $64 billion in the first three months of the year, according to analysis this week from Ernst & Young, using data from Crunchbase. That equals 43% of the $1.48 billion raised in all of 2020, which was a record year.

“We’re technically still in a pandemic and trying to come out of it,” said Jeff Grabow, U.S. venture capital leader at Ernst & Young, in an interview. “A year ago everybody thought we were sliding into the abyss. To have a…


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