Startups in the DMV region brought in less venture capital funding in 2019 compared to recent years, according to data shared in a recent PricewaterhouseCoopers (PwC)/CB Insights MoneyTree report.

Venture capital activity in the D.C. area — which includes cities spanning from Northern Virginia to Baltimore — for the fourth quarter of 2019 totaled $357 million into 38 deals. The drop in dollar amount was “stark,” as Brad Phillips, a director in PwC’s Emerging Company Services practice, told Technical.ly, since 2018’s Q4 saw $660 million into 24 deals.

For 2019 annually, DMV startups saw $1.39 billion into 165 deals. This was a 39% decrease in the amount of dollars compared to 2018, which brought in $2.27 billion into 168 deals. The average deal size also dropped drastically from $13.5 million in 2018 to $8.4 million in 2019. By the dollar volume, 2019 was the lowest for the DMV region since 2013.

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