COVID-19 and the global venture capital landscape

Cristiano Bellavitis, Christian Fisch, Rod B. McNaughton

Research output: Contribution to journalArticlepeer-review

2 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)
JournalSmall Business Economics
StateAccepted/In press - 2021
Externally publishedYes


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

ASJC Scopus subject areas

  • Business, Management and Accounting(all)
  • Economics and Econometrics


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