Greater Philadelphia’s discovery, innovation, and momentum just received a great report card – a top-five national ranking for closed deals announced by the Philadelphia Alliance for Capital and Technologies (PACT) in its 2022 Philadelphia Venture Report. Developed in conjunction with PitchBook, the annual report details the venture capital deal-making trends for the Philadelphia Metropolitan Statistical Area across sectors and stages, exits, and fundraising statistics.

The accomplishment advances Greater Philadelphia’s number six ranking from last year (2021 Philadelphia Venture Report). The region joins San Francisco/Silicon Valley, New York, Los Angeles, and Boston on the list.

Here are the report’s numbers:

  • Total investment in Philadelphia in 2022 was $5 billion.
  • Deal flow for 2022 was 492 rounds.
  • When combining 2021 (a banner year for VC investment) and 2022, the total investment for Philadelphia was $12.7 billion and 1,000 deals.

In his introduction to the report, PACT President & CEO Dean E. Miller wrote: “In the past two years, the deal volume and dollars raised by Philadelphia companies eclipsed the total of the previous decade combined … From cell & gene therapy to enterprise technology to the growing consumer goods sector, Philadelphia has a solid foundation of entrepreneurial activity and a community poised to support its growth.”

The report credits Philadelphia’s biotech scene as supporting the region’s strength in attracting investment, noting some significant statistics. For example, for the fourth time in five years, more than $1 billion was funneled into Philadelphia-based biotech and pharma startups.

Miller adds in the report’s Q&A section: “Philadelphia biotechs have raised on average more than $1 billion each year over the past five years, and that is just in the private markets. When you take into account the dollars raised via IPOs, the capital flowing into Philadelphia-based biotechs is significant and on parallel with top centers nationally. Penn, CHOP, and the Center for Breakthrough Medicines are driving major innovation in cell and gene therapy, two areas considered to be the future of personalized and curative medicine … There is real depth to Philadelphia’s biotech scene, and the top investors globally are investing in our companies.”

The report lists the top Philadelphia biotech and pharma deals in 2022. Among them are:

You can read more by downloading the 2022 Philadelphia Venture Report.

The Chamber of Commerce for Greater Philadelphia’s CEO Council for Growth was once again proud to support this PACT initiative and present the data to partners and stakeholders. Please share the report with your network and on your social channels using the Chamber’s hashtag, #LeadingLifeSciences.