The second quarter of 2020 was truly unprecedented for the venture capital (VC) industry, as the COVID-19 pandemic, nationwide lockdowns, stay-at-home orders, and a major economic downturn shook the entire country. The lockdowns majorly disrupted general business practices in the VC industry, as investors have traditionally relied heavily on in-person meetings before making new investments. Venture firms generally became much more conservative around dealmaking as the pandemic hit the US in March and early April, leading to a downturn in both VC invested and number of deals completed in Q2. Portfolio companies followed suit, adopting an understandably cautious outlook as they sought to reduce their burn rate through layoffs, cost-cutting, and curtailed expansion plans.
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