BBJ: 2022 was the second-best year on record for biotech VC in Massachusetts, report says

Jan 12, 2023

By Rowan Walrath, Boston Business Journal

This article was originally published by the Boston Business Journal on January 11, 2023

2022 was one of the best years of all time for Massachusetts biotechs bringing in venture capital, second only to 2021.

That’s according to a new report put out by the Massachusetts Biotechnology Council, a trade group better known as MassBio. Using data from PitchBook, MassBio calculated that local biopharma companies collectively brought in $8.72 billion over the year.

That’s the second-highest ever recorded, more than the $8 billion raised in 2020. The report also reveals that Massachusetts companies were responsible for about 25% of all life sciences venture capital raised.

“I have to tell you, venture funding into Massachusetts-headquartered companies looks really good, still,” MassBio CEO Kendalle Burlin O’Connell told the Business Journal in a recent interview. “Obviously, there was some apprehension about what would happen, and the IPO market was certainly quite different, but I do think this is where Massachusetts shines.”

Over the course of 2022, 246 companies received 273 rounds of investment. Each venture capital round was, on average, $35.3 million, down from $53 million the previous year.

Read the full story from Boston Business Journal.

See all MassBio News