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of debt funds raised in the first half of 2020, and arose from after contributing only 19.7% of debt capitalraised in 2019 [9]. The first half of 2020 saw an annualized decline of more than 30% in total debt funds raised compared to 2019 [10]. So where do we go from here? SOURCES [1] Tree Line Annual Report 2020 (2020).
In technology, as a startup keeps raisingcapital, it normally does so at gradually higher valuations as its customers, users, and revenue grow. But in biotech, companies valuations often remain close to their total capitalraised until much later in the process (i.e.,
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