In the second quarter of this year, D.C.-area companies continued to land venture capital dollars, despite the pandemic-prompted recession still raging.

Venture capital activity in the D.C. region — which includes cities spanning from Northern Virginia to Baltimore — for Q2 totaled $698 million into 49 deals, according to data shared in a recent PwC/CB Insights MoneyTree report. This is a huge increase of about 81% in dollars and 20% in number of deals compared to the first quarter of 2020, which totaled $385 million invested in 41 deals. The region also hit an eight-quarter funding high in Q2 — and this was the third-best quarter for dollar volume since 2001, the dot-com period.

This might be a surprise, since Q1 venture capital in the region saw early effects of COVID-19.

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