Venture capital funding in the U.S. surged to its second-highest quarter on record in the third quarter, driven once again by megarounds.

The data released today comes from PwC/CB Insights’ “headline report” of key findings ahead of its full quarterly MoneyTree venture capital report due to be released later this month.

For the third quarter, venture capital funding in the U.S. hit $36.5 billion, up 30% from the second quarter and up 22% year-over-year. The historical record is $40.5 billion in the fourth quarter of 2018, making the third quarter also the highest quarter for funding in seven quarters.

The number of deals remains relatively flat, with only one additional deal in the third quarter — 1,441 versus 1,440 recorded in the second quarter. The number of deals is also down 11% year-over-year, with the report specifically mentioning the COVID-19 pandemic as playing a role. The number of deals, currently at 4,317 year to date, could end the year at the lowest level in more than a half-decade should trends continue.

Megarounds hit a record high in the quarter, with 88 companies receiving rounds worth $100 million or more in the quarter. The previous record of megarounds was 72 deals in the second quarter.

Total funding into megarounds came in at $19.8 billion, accounting for 54% of total funding in the quarter. Only the fourth quarter of 2018 beats the third quarter by funding, with $25.5 billion and a 63% share of funding.

Across the spectrum of deals, seed funding led the way with 414, followed by Series A at 284. The report notes that seed deals continue their recovery after a sharp drop-off in the fourth quarter of 2019. Later-stage deals were also up, with Series D deals averaging $50 million in the quarter versus $32 million in the second quarter.

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