San Diego VC Funding Hits $547.2M in Q1; Ideaya Leads Top 10 Deals

Venture capital investors sank $547.2 million into 37 startup companies throughout San Diego County during the first three months of 2018, maintaining roughly the same level of venture funding seen in recent quarters, according to the Venture Monitor Report.

The amount of capital invested in the San Diego area was up slightly from the $541.2 million invested during the final three months of 2017, according to Venture Monitor data. It was almost 4 percent higher than the $526.7 million invested in the first quarter last year. Venture Monitor data on first-quarter venture capital activity was released Tuesday by Seattle-based PitchBook and the National Venture Capital Association (NVCA).

Details on VC funding nationwide are available here.

The San Diego deal count, however, was down substantially from the previous quarter (66 deals) as well as the 51 deals that PitchBook counted in the first quarter of 2017.

Data from a rival survey released Wednesday—the MoneyTree Report from PricewaterhouseCoopers and CB Insights—found that venture firms invested $346.2 million in 15 deals in the San Diego area.

Each survey uses its own sources and methodologies to track VC activity, so the numbers don’t often match. For example, PitchBook’s list of top 10 deals in San Diego shows $94 million in funding for Ideaya Biosciences, but the MoneyTree Report for the same quarter doesn’t include that deal.

Both deal lists, though, showed that the overwhelming majority of venture funding invested in San Diego went to life sciences companies in the first quarter. According to PitchBook data, biotechs and other healthcare companies accounted for seven of the top 10 deals in the region, and more than $360 million—or almost two-thirds—of the total PitchBook counted. According to MoneyTree data, life sciences accounted for seven deals and $319 million—or more than 92 percent—of the total that MoneyTree counted in San Diego.

Here is the list of top 10 deals in San Diego, based on PitchBook data:

Ideaya Biosciences$94 millionBiotech
Gossamer Bio$80 millionHealthcare Devices
Crinetics Pharamaceuticals$63.5 millionBiotech
Singlera Genomics$60 millionBiotech
Expansion Therapeutics$55.3 millionBiotech
Vertiflex$45.3 millionHealthcare Devices
Pairwise Plant$25 millionAgricultural Biotech
Reneo Pharmaceuticals$22 millionDrug Delivery
VitaCup$11.1 millionConsumer Beverages
Boomcloud360$10.8 millionConsumer Audio


Bruce V. Bigelow was the editor of Xconomy San Diego from 2008 to 2018. Read more about his life and work here. Follow @bvbigelow

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