Philly’s $819 Million VC Quarter: Leveling Out to a New Norm?

The Philadelphia region opened the year with a strong start in venture capital deals. After fluctuating quite a bit during the pandemic, the region has taken a more steady influx of VC dollars, and received nearly twice the number in deals than closed in the last quarter of 2023.

Companies from Philly and the surrounding suburbs raised $819 million across 92 deals in Q1 2024, according to the latest Venture Monitor report, released quarterly by PitchBook and the National Venture Capital Association (NVCA).

After the record-breaking year of 2021, the Philly region, like the rest of the country, has begun to level out — but this quarter’s total raise showed an improvement from Q4’s $463 million, in nearly as many deals.