MassBio’s latest Biopharma Funding Report shows Massachusetts biopharma companies raised record-breaking $5.8 billion in VC Funding in 2020.
MassBio today released its 2020 Massachusetts Biopharma Funding Report, which shows that the Massachusetts biopharma industry experienced its best funding year on record. In 2020, venture capital investment in Massachusetts biopharma companies reached $5.8 billion, surpassing 2018’s previous recorded high of $4.8 billion.
In addition, 21 Massachusetts biotech companies went public in 2020, a 110% increase from 2019, totaling $3.9 billion raised. These Massachusetts companies accounted for 32% of all United States-based biotech IPOs by volume. Additionally, two Massachusetts biotechs went public through a special purpose acquisition company (SPAC) merger in 2020, representing 50% of all United States-based biotech SPAC mergers in 2020.
The report also found that Cambridge, Massachusetts remains a driving force within the life sciences industry. Cambridge-based biopharma companies received 55% of all biotech VC investment in Massachusetts and raised 63% of all IPO money.
