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US VC funds raised $74.5 billion in 2020, according to the National Venture Capital Association.
Andreessen Horowitz and Lightspeed Venture Partners closed multiple billion-dollar funds last year.
But money to first-time funds dropped, and the NVCA says that could hurt early-stage startups.
US venture firms filled their coffers at record levels in 2020, but new funds fell behind in raising cash, according to the National Venture Capital Association.
Last year, venture funds closed $74.5 billion in funding, a 30% increase from 2019, the NVCA said in a tweet on Monday. The tweet referenced data from the association's 2021 yearbook, published in partnership with PitchBook.