PitchBook Analyst Note: 2020 Venture Capital Outlook

Our Venture Capital Outlook forecasts trends that will shape the VC industry in 2020 and reviews our analysts' predictions from 2019.

2020 predictions:

• The median pre-money valuation for seed-stage companies will eclipse $8.5 million.
• 2020 will mark a new annual record for US mega-deals.
• CVC activity will reach a new record in 2020.
• The median US VC fund size will top $110 million, reaching an all-time high.
• SoftBank’s second Vision Fund will not close at its target of $108.0 billion.
• At least three direct listings of VC-backed companies valued over $1 billion will close in 2020.