Fieldfisher advised on £572 million+ (€653 million) of venture financing deals in 2020

Fieldfisher’s European venture capital team saw a sharp uplift in the number of deals closed and average deal value over 2020.

 
This was more than two and a half times the £220 million of deals Fieldfisher advised on in 2019, when Brexit and political uncertainty in the UK and Europe undermined investor confidence and made it difficult for businesses to plan their growth strategies.

In summary:

• Tech continues to dominate

As in previous years, deal activity was led by technology investments, which constituted 62% (£357.4 million) of Fieldfisher’s deal value in 2020, up from £130.5 million-worth of deals the year before.

• Sustainability is growing rapidly

A prominent trend compared to previous years was the growth of sustainable investments across the firm’s clients – in businesses ranging from floating wind farms to clothes recycling.

This category accounted for 15% (c.£82 million) of VC and venture debt invested in transactions advised on by Fieldfisher in 2020.

• Life sciences and healthcare remain buoyant

Life sciences and healthcare deals made up 10% (c.£55.8 million) of the firm’s deal value last year, while healthtech accounted for just over £5.9 million of (mostly seed capital) deal value – taking the total life sciences and healthcare-related deal value in 2020 to c.£62 million.

• Leisure lags due to Covid-19

VC and venture debt deals in the leisure sector, which encompasses retail and hospitality, showed the negative impacts of the pandemic and lockdowns affecting this industry, with deals advised on by Fieldfisher making up just 3% of the firm’s total and declining in value terms to £17.9 million from over £25 million in 2019.

For a breakdown of the firm's VC deals and analysis by sector and funding stage, download a copy of Fieldfisher's VC Wrap 2020.

Commenting on Fieldfisher’s 2020 VC deal performance, corporate partner Tom Ward said:

“Our VC practice has enjoyed an incredible period of growth over the last 12 months, building on 2018 and 2019 with a large number of new clients won (both investee companies and investment funds) and several follow-on rounds for existing clients.

“This despite the economic uncertainties that 2020 threw at us, and our clients, at the end of Q1.

“We are especially encouraged by our sustained strength in the tech sector, where the quality and range of deals we act on keeps increasing year-on-year as our existing investee clients continue to scale, and our investor and lender clients continue to support the UK’s growing crop of tech talent.

“We expect to see a similar trajectory in 2021, with venture capital and venture debt funds continuing to be deployed to the innovative growth tech companies that will help lead the UK economy through uncertainties this year.”

About Fieldfisher

Fieldfisher is a European law firm with market leading practices in many of the world's most dynamic sectors.
We are an exciting, forward-thinking organisation with a particular focus on energy & natural resources, technology, finance & financial services, life sciences and media.

Our cross-border corporate group is immersed in the European private equity and venture capital market, from seed stage and growth capital financings to leveraged buy-outs and exits. Our teams provide integrated support across Europe and in each of our domestic markets.

Our network has more than 1,700 people working across 25 offices providing highly commercial advice based on an in-depth understanding of our clients' needs.

We operate across our offices in Amsterdam, Barcelona, Beijing, Belfast, Birmingham, Bologna, Brussels, Dublin, Düsseldorf, Frankfurt, Guangzhou, Hamburg, London, Luxembourg, Madrid, Manchester, Milan, Munich, Paris, Rome, Shanghai, Turin, Venice and Silicon Valley.