Summary List PlacementSome VCs have been declaring that San Francisco is over, and now they have the numbers to prove it. Despite record-breaking investment in the venture capital industry, the Bay Area saw a sharp decline in angel and seed deals in 2020, according to a report by Pitchbook and the National Venture Capital Association. In 2020, San Francisco reached only 81.2% of the angel and seed deals it made in 2019. Although it still had more deals than any other city, it recorded a "a 10-year low in proportion of total deal count."