If 2017 was a banner year for biotech venture capital, 2018 blew it out of the water. Last year, private biotech companies reeled in a grand total of $16.8 billion, eclipsing 2017’s then-record $12.1 billion by 39%. And it wasn’t just the total spent that smashed records: The average per financing round increased too, and so did the proportion of enormous megarounds. 

The average raised per financing was $42.7 million, which—once upon a time—would have been impressive. This figure is three and a half times the average round in 2013, which stood at $12.6 million.