A new report from PACT and PitchBook shows Philadelphia saw a record year of investments in 2018, when $1.4 billion was poured into local firms, the most in a decade.

Released by PACT, the report also documented declines in exits and fundraising by venture capital firms. All put together, though, it depicts a region’s that is hitting a critical mass of progress, said Scott Nissenbaum, chief investment officer at Ben Franklin Technology Partners of Southeastern Pennsylvania.

“Philadelphia is really starting to hit its stride, it terms of not only entrepreneurship community, but the culture around it,” he said.

Total dollars invested hit a record high at nearly $1.4 billion

Large late-stage rounds in the region are getting bigger and bigger. More of this year’s deal amounts fell into the $25 million or higher bracket than they have in a decade, with a few very large deals — Harmony Biosciences raising $295 million, for example — playing a big role.

The number of deals happening each year is staying steady in the 190 range, hitting 194 in 2018, just one fewer deal than its high in 2016.

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