The number of venture capital (VC) funding announced deals declined by 22.5% during the week ended March, 29, 2020 compared to the previous week, according to GlobalData’s deals database.

The subdued funding activity has been continuing in the last few weeks and could be attributed to the cautious approach of VC investors on the back of volatile market conditions since the outbreak of the coronavirus (COVID-19).

Aurojyoti Bose, Analyst at GlobalData, comments: “Deal activity plunged in most of the key markets during the week ended March, 29, 2020 compared to the previous week. While the US witnessed a decline in deal volume by 33%, the UK witnessed deal volume declining by 34.8%.

“However, China, which has also been witnessing a drop in VC funding activity, showcased signs of recovery with the deal volume increasing by 31.9% during the week ended March, 29, 2020 compared to the previous week.”

Sectors such as healthcare (including pharmaceuticals and medical equipment), retail and travel and tourism also witnessed a decline in deal activity during the week ended March, 29, 2020 compared to the previous week.