The news: PitchBook and NVCA are out with their Q1 Venture Monitor. Investors continue to pour gobs of money into U.S. startups following a 2020 that set records despite the ongoing pandemic.

The numbers: VC deal activity hit $69 billion — up 92.6% year-over-year — across 3,987 deals over the first three months of 2021. Seattle-area startups set a new record for Q1 funding, reeling in $1.64 billion across 88 deals. That’s up from $616 million in Q1 of 2020.

Key trends: “Mega-deals” over $100 million are on pace to set a record this year, with 167 deals already completed in Q1. Angel and seed deals still stayed strong and hit a Q1 record for deal count. Fundraising also reached records with $32.7 billion raised across 141 funds. VC exits hit $118.1 billion across 447 events. SPACs raised $83 billion in Q1, already topping the total amount raised in 2020.

Commentary: John Gabbert, founder and CEO of PitchBook: “With record levels of VC fundraising in 2020 and dry powder still sitting at all-time highs, investors continue to write ever-larger checks at both the early and late stage, which has only been fueled further by nontraditional investors looking to capitalize on the VC investment universe and valuation growth before liquidity.”

Bobby Franklin, President and CEO of NVCA: “As the nation recovers from the COVID-19 pandemic, high-growth startups are well-positioned to help the economy recover and grow.” Franklin also cited President Biden’s Build Back Better plan potentially spurring new company formation.

Top Seattle deals: Here’s a rundown of the largest investment rounds raised by Seattle-area companies, some of which are finalists for Deal of the Year at next month’s GeekWire Awards event. Check out GeekWire’s Funding Tracker for a list of all recent startup investments across the Pacific Northwest.

1. Another unicorn in Seattle: Enterprise sales startup Highspot raises $200M round at a $2.3 billion valuation

2. Rad Power Bikes raises massive $150M round to scale e-bike business across globe

3. Former Zulily execs raise $150M for new firm that buys and supercharges e-commerce businesses

4. Cybersecurity giant Tanium scores $150 million, following HQ move to Seattle area

5. Seattle’s newest unicorn: Rec Room raises $100M as social gaming popularity fuels big growth

6. Flexe raises $80M Series C round for warehousing tech platform

7. Seattle-area startup Icertis now valued at $2.8 billion after fresh $80M round

8. Recruiting startup SeekOut raises $65M to take on LinkedIn and other talent acquisition companies

9. With backing from Bill Gates, Pivotal Commware raises $50M for 5G products

10. Ally raises $50M as remote work drives demand for goal-setting collaboration software

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Source: https://www.geekwire.com/2021/funding-seattle-area-startups-hit-new-record-q1-1-6b-invested-top-deals/