Given the coronavirus pandemic and sudden emphasis on masks and sanitizer, you might think that medtech and biotech startups would have been some of the most funded in 2020. But you’d only be partially right. This Chart of the Week examines dollars raised by industry last year. The 2020 dataset we used is from our own database and includes 787 Regulation CF equity offerings only. 

Total Amount Raised by Industry in 2020

Companies in the Alcohol, Tobacco, & Recreational Drugs industry are surprisingly at the top of the list with more than $20 million raised last year. Food, Beverage, & Restaurants alongside Consumer Products, Goods, & Services round out the top three for most funded industries. It’s possible that this strong funding comes from a place of familiarity. Investors can easily understand the products these companies are producing — they can invest in what they know. 

Despite Covid-19, the Healthcare & Pharmaceuticals industry secured just under $15 million in investments in 2020. While that does put it in the top ten, it was beat out by sectors like Transportation, Automotive, Aviation, & Aerospace — possibly due to the popularity of micromobility and electric vehicles — and Business Services, Software, & Applications — which may have been fueled by the sudden onset of widespread work from home.