Austin’s venture capital market is typically driven by meetings over coffee, dinners, office visits and handshake deals.
Now, like many sectors that have shifted to remote work amid the coronavirus pandemic, VC investors have turned to Zoom calls as they deal with the uncertainty of how to do business from afar.
Even as they adjust and weather the storm created by the outbreak, Austin startups and investors say the second quarter wasn’t as bad as many had feared for the VC sector, and that they are cautiously optimistic that VC funding will continue to flow the rest of the year.
Austin-area companies raised $257 million in 35 funding deals, according to the latest report from PricewaterHouseCoopers and CB Insights, which tracks venture capital deals nationwide. That was a 31.6% drop from the second quarter of 2019, when $376 million was raised in 47 deals. It’s also a big drop from