COVID-19 and the global venture capital landscape

Cristiano Bellavitis, Christian Fisch, Rod B. McNaughton

Research output: Contribution to journalArticlepeer-review

14 Scopus citations


We assess the effect of the COVID-19 pandemic on venture capital (VC) investments, documenting a significant decline in investments using a dataset of 39,527 funding rounds occurring before and during the pandemic in 130 countries. In line with our theoretical considerations, we show that this decline is more pronounced for investments characterized by higher uncertainty, namely investments in seed-stage ventures, industries affected more heavily by the COVID-19 crisis, international investments, and non-syndicated investments. Investor prominence partially moderates these effects.

Original languageEnglish (US)
Pages (from-to)781-805
Number of pages25
JournalSmall Business Economics
Issue number3
StatePublished - Oct 2022
Externally publishedYes


  • COVID-19
  • Crisis
  • Pandemic
  • Uncertainty
  • Venture capital

ASJC Scopus subject areas

  • General Business, Management and Accounting
  • Economics and Econometrics


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