This year is off to a slower start in terms of deals made and money spent in Philadelphia-area companies after 2019, the region’s best year to date since the new millennium.

After deals surpassed $1.3 billion in 2019, the first quarter of 2020 saw only $193 million invested into 12 companies, according to a recent PricewaterhouseCoopers (PwC)/CB Insights MoneyTree report.

It’s a 36% drop in dollars spent compared to Q1 of 2019, and a drop in number of deals by about half. While the impacts of the COVID-19 virus and its disruption of the economy come into play here, Brad Phillips, an advisor to emerging technology and life science companies at PwC, said we’ll likely see more of an impact in investments later this year.

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