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The 1Q20 IPO Market’s most active venture capital firms

March 30, 2020

Of the 24 IPOs in the 1Q20, venture capital brought 12 deals to market that raised $1.9 billion. Healthcare drove venture exits in the quarter, producing nine IPOs, but the absence of tech unicorns weighed on venture activity. The quarter's most active venture firm New Enterprise Associates was the lead investor on two IPOs, while healthcare VCs Third Rock Ventures, OrbiMed Advisors, Versant Ventures, and Frazier Healthcare Partners were the leads on one IPO apiece.

VC-backed IPOs averaged a 10% return from IPO, driven by strong returns from the healthcare sector, compared to the overall IPO market's -10% return. The quarter's best performing IPO, Schrodinger (SDGR), the drug discovery platform backed by the Bill and Melinda Gates Foundation and D.E. Shaw, had a 137% return for the quarter.

Below we provide more detail on some of the quarter's venture players.

New Enterprise Associates was the lead investor on two IPOs, rare disease biotech Imara (IMRA) and mattress brand Casper (CSPR). NEA was also a secondary backer on early-stage oncology biotech Black Diamond Therapeutics (BDTX). The three deals NEA backed averaged a -13% return for the quarter.

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For in-depth analysis of IPO activity, read Renaissance Capital's 1Q 2020 US IPO Market Review.

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