State of Venture Global | 2024 recap Global data and analysis on dealmaking, funding, and exits by private market companies
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TL;DR 4 Your rundown on venture in 2024 27K Equity deals globally in 2024 — an 8-year low. Globally, deal activity fell 19% YoY to 26,961 in 2024 — its lowest annual level since 2016. The drop was most pronounced in countries like China (-33% YoY), Canada (-27%), and Germany (-23%). However, several countries in Asia — Japan, India, and South Korea — have bucked the downward trend. Their resilience suggests attractive investment conditions. See the data → 7.5 years Median time from first funding to IPO. From first funding to IPO, VC-backed companies that went public in 2024 waited a median of 7.5 years — 2 years longer than in 2022. Amid unfavorable market conditions, some late-stage players have resorted to raising additional equity funding or selling private shares to create liquidity for early employees and investors, in lieu of going public. See the data → 37% Of venture funding goes to AI. A new high. In 2024, AI represented 37% of venture funding and 17% of deals — both all-time highs. AI infrastructure players raised all of the top 5 venture deals of the year, with 4 closing in Q4’24 alone. With nearly 3 in 4 AI deals being earlystage in 2024, investors are staking out early claims to reap the rewards of the tech’s potential. See the data →
TL;DR 5 Your rundown on venture in 2024 $86.2B Funding in Q4’24. A 2-year high. In Q4’24, the AI boom helped fuel a substantial rebound in global funding. The quarter’s funding tally reached $86.2B — a 2-year high, and an increase of 53% quarter-over-quarter (QoQ). 60% of that quarterly total, or $52B, came from mega-rounds (deals worth $100M+) — nearly tying Q1’21 for the highest share ever across venture. See the data → 150% Growth in deals to enterprise AI agent developers. Out of 1,400+ tech markets that CB Insights tracks, those with the highest rate of YoY deal growth include enterprise AI agents, genAI for customer support, industrial humanoid robots, and autonomous driving systems. Expect these technologies to continue maturing in 2025, increasing their disruptive potential. See the data → $25M Median early-stage deal valuation — an annual record. Investors are packing into early-stage rounds to ride the next major wave of value creation in tech, drawn by startups’ ability to build products with less capital and fewer people thanks to AI. However, early-stage startups could face a reality check as they reach later stages. Although mid- and late-stage deal values rebounded slightly vs. 2023, they remain muted compared to 2021 and 2022. See the data →
The AI arms race reshapes venture activity AI now captures 37% of venture funding and 17% of equity deals TL;DRState of Venture ▮▮▮▮▮▮▮▮III Track 15,000+ AI companies 5% 7% 11% 11% 14% 14% 15% 14% 21% 37% 6% 7% 9% 10% 11% 11% 10% 10% 13% 17% 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 AI as a % of total funding AI as a % of total deal count The 5 largest deals in 2024 are for AI companies 1$10.0B Series J 2024-12-17 2$6.6B Venture Capital 2024-10-02 3$6.0B Series B 2024-05-26 4$6.0B Series C 2024-11-20 5$4.0B Corporate Minority 2024-11-22
Global deal volume hits 8-year low Disclosed global equity deal count TL;DRState of Venture 26,961 deals 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 -19% YoY
VC-backed startups wait longer to IPO Median time from first funding to IPO among VC-backed companies TL;DRState of Venture ▮▮▮▮▮▮▮▮▮▮▮▮▮▮▮IIII See recently funded companies with high IPO probabilities 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 7 ½ years 1 Years 2 3 4 5 6 7 8 6 yrs, 5 mos 5 yrs, 5 mos
Early-stage deals show strength in 2024 TL;DRState of Venture ▮▮▮▮▮▮▮▮▮▮▮IIIIII See 900+ high-potential early-stage startups Median early-stage deal size* Median early-stage valuation** *Includes seed/angel and Series A deals. **Among deals with disclosed valuations. $0.0M $0.5M $1.0M $1.5M $2.0M $2.5M 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $2.1M $1.8M $2.0M $0M $5M $10M $15M $20M $25M $30M 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $25M $20M $23M
Q4’24 sees a funding rebound Disclosed global equity funding and deal count TL;DRState of Venture $157.7B $121.2B $87.0B $70.1B $75.8B $62.1B $69.4B $55.5B $62.9B $69.0B $56.5B $86.2B 13,772 11,247 10,452 9,428 9,848 8,181 7,716 7,355 7,518 7,007 6,594 5,842 deals Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2022 2023 2024 +53% QoQ
Fastest-growing tech markets revolve around AI & automation TL;DRState of Venture ▮▮▮▮▮▮▮▮IIII Compare 1,400+ tech markets Autonomous agents & digital coworkers Enterprise tech. 8 20 GenAI for customer support operations Enterprise tech. 6 15 Water treatment systems Industrials. 8 17 Edge AI processors Enterprise tech. 11 20 Earth observation satellites Industrials. 10 16 Industrial humanoid robots Industrials. 25 38 Security operations center AI agents & copilots Enterprise tech. 8 12 AI-derived biologics — proteins Healthcare & life sciences. 11 16 Autonomous driving systems Industrials. 18 26 Sustainable cement & concrete developers Industrials. 9 13 44% 44% 45% 50% 52% 60% 82% 113% 150% 150% Deal growth YoY 2023 deals 2024 deals Market Industry
Contents Global Trends 13 Investment Trends 14 Unicorns 38 Exit Trends 44 Investors 51 Sector Spotlights 55 AI 56 Fintech 68 Retail Tech 80 Digital Health 92 Geographic Trends 104 US 105 Silicon Valley 113 New York 117 Los Angeles 121 Boston 125 Seattle 129 Denver 133 DC 137 Chicago 141 Dallas 145 Austin 149 Miami 153 Atlanta 157 Philadelphia 161 Raleigh 165 Canada 169 Toronto 177 Asia 181 China 189 India 193 Singapore 197 Japan 201 Europe 205 United Kingdom 213 Germany 217 France 221 Israel 225 Netherlands 229 Sweden 233 LatAm 237 Mexico 245 Brazil 249 Africa 253 Egypt 261 Oceania 265 12 State of Venture
Global Trends 13
Investment Trends 14
Annual equity funding & deals 15 State of Venture | Global Trends | Investment Trends $309.1B $662.5B $436.0B $262.8B Funding $274.6B 32,291 44,497 44,899 33,100 Deals 26,961 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000 $0.0B $100.0B $200.0B $300.0B $400.0B $500.0B $600.0B $700.0B 2020 2021 2022 2023 2024
Quarterly equity funding & deals 16 State of Venture | Global Trends | Investment Trends $65.7B $61.5B $83.5B $98.4B $144.9B $159.2B $172.1B $186.3B $157.7B $121.2B $87.0B $70.1B $75.8B $62.1B $69.4B $55.5B $62.9B $69.0B $56.5B Funding $86.2B 8,227 7,270 8,163 8,631 10,849 10,300 11,715 11,633 13,772 11,247 10,452 9,428 9,848 8,181 7,716 7,355 7,518 7,007 6,594 Deals 5,842 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 $0.0B $20.0B $40.0B $60.0B $80.0B $100.0B $120.0B $140.0B $160.0B $180.0B $200.0B Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2021 2022 2023 2024
17 State of Venture | Global Trends | Investment Trends US $60.8B 2,169 Deals Asia $8.4B 1,865 Deals Europe $12.9B 1,431 Deals LatAm $1.4B 116Deals Canada $1.9B 102 Deals Oceania $0.6B 83 Deals Africa $0.2B 60 Deals All Other Regions $78M 16 Deals Funding & deals by global region in Q4’24
Percent of quarterly deals by global region 18 State of Venture | Global Trends | Investment Trends 39% 37% 38% 35% 37% 36% 35% 35% 35% 33% 36% 34% 38% 39% 39% 35% 39% 38% 37% US, 37% 28% 32% 34% 35% 30% 33% 38% 35% 33% 36% 35% 33% 29% 28% 29% 31% 30% 28% 31% Asia, 32% 24% 23% 20% 22% 24% 23% 18% 21% 22% 22% 21% 23% 25% 24% 23% 25% 25% 25% 24% Europe, 24% LatAm, 2% Canada, 2% Africa, 1% Oceania, 1% All Other Regions, 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2021 2022 2023 2024
Percent of quarterly deals by investor group 19 State of Venture | Global Trends | Investment Trends 33% 34% 33% 34% 34% 34% 32% 32% 32% 32% 31% 32% 32% 33% 32% 32% 31% 31% 30% VC, 31% 19% 19% 19% 19% 17% 16% 15% 17% 16% 17% 18% 19% 18% 19% 19% 20% 19% 20% 20% Other, 20% 9% 9% 9% 9% 9% 9% 10% 10% 9% 10% 9% 9% 9% 9% 9% 10% 10% 10% 10% Corp, 10% 9% 9% 9% 10% 9% 11% 11% 11% 11% 11% 10% 11% 10% 10% 10% 11% 11% 11% 10% Angel, 10% 6% 7% 8% 8% 8% 10% 9% 10% 9% 9% 9% 9% 8% 8% 8% 8% 8% 9% 9% Asset/Investment Management, 9% 7% 8% 7% 7% 6% 7% 7% 7% 7% 7% 7% 7% 6% 8% 7% 7% 7% 7% 7% CVC, 8% 11% 6% 8% 6% 9% 6% 7% 6% 9% 7% 9% 6% 11% 7% 8% 6% 9% 7% 9% Incubator/Accelerator, 6% 5% 6% 7% 8% 7% 7% 8% 7% 6% 6% 6% 6% 6% 6% 6% 6% 5% 5% 6% Private Equity, 5% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2021 2022 2023 2024
Annual average & median deal size 20 State of Venture | Global Trends | Investment Trends $14.6M $22.4M $14.8M $11.9M $15.3M 2020 2022 2024 Average Deal Size $2.4M $3.4M $3.0M $2.4M $3.0M 2020 2022 2024 Median Deal Size
Annual median deal size by global region 21 State of Venture | Global Trends | Investment Trends $3.0M $2.8M $3.5M 2020 2022 2024 US $3.0M $2.8M $2.5M 2020 2022 2024 Asia $1.9M $2.2M $2.7M 2020 2022 2024 Europe $0.7M $0.8M $1.6M 2020 2022 2024 LatAm $1.3M $2.2M $2.6M 2020 2022 2024 Canada $0.5M $0.5M $1.8M 2020 2022 2024 Africa $1.4M $1.8M $2.1M 2020 2022 2024 Oceania
Annual median deal size by investor group 22 State of Venture | Global Trends | Investment Trends $2.5M $2.7M $3.0M 2020 2022 2024 Angel $18.9M $10.0M $9.6M 2020 2022 2024 Asset/Investment Management $10.2M $9.0M $10.0M 2020 2022 2024 CVC $7.5M $6.0M $6.0M 2020 2022 2024 Corp $22.9M $14.5M $17.0M 2020 2022 2024 Private Equity $7.0M $5.6M $6.5M 2020 2022 2024 VC
Annual mega-round funding & deals 23 State of Venture | Global Trends | Investment Trends $149.5B $385.3B $197.6B $106.9B Funding $134.7B 667 1,624 947 420 Deals 463 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 $0.0B $50.0B $100.0B $150.0B $200.0B $250.0B $300.0B $350.0B $400.0B 2020 2021 2022 2023 2024
Quarterly funding & deals from mega-rounds (deals worth $100m+) 24 State of Venture | Global Trends | Investment Trends $30.8B $24.4B $43.2B $51.1B $88.0B $89.0B $100.0B $108.3B $81.6B $55.3B $36.2B $24.5B $34.2B $21.6B $31.9B $19.1B $28.4B $32.3B $21.9B Funding $52.0B 129 132 178 228 371 388 431 434 388 269 157 133 97 109 127 87 116 117 102 Deals 128 0 50 100 150 200 250 300 350 400 450 $0.0B $20.0B $40.0B $60.0B $80.0B $100.0B $120.0B Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2021 2022 2023 2024
25 State of Venture | Global Trends | Investment Trends US $43.5B 84 Deals Europe $4.0B 22 Deals Asia $2.7B 14 Deals Canada $1.1B 4 Deals LatAm $0.6B 3Deals Africa $0.1B 1 Deal Mega-round funding & deals by global region in Q4’24
Quarterly mega-round deals by global region 26 State of Venture | Global Trends | Investment Trends 45 74 69 60 US, 84 20 16 19 19 Asia, 14 17 25 22 18 Europe, 22 1 2 2 LatAm, 3 2 3 2 Canada, 4 1 1 Africa, 1 2 2 Oceania, 0 All Other Regions, 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2021 2022 2023 2024
Quarterly mega-rounds as percent of funding 27 State of Venture | Global Trends | Investment Trends 47% 40% 52% 52% 61% 56% 58% 58% 52% 46% 42% 35% 45% 35% 46% 34% 45% 47% 39% Mega-rounds, 60% 53% 60% 48% 48% 39% 44% 42% 42% 48% 54% 58% 65% 55% 65% 54% 66% 55% 53% 61% Non-mega-rounds, 40% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2021 2022 2023 2024
Global: Top equity deals in Q4’24 28 State of Venture | Global Trends | Investment Trends Company Round Amount Round Date Round Valuation Select Investors Country Sector Industry Subindustry Mosaic Score 1 Databricks $10.0B Series J 2024-12-17 $62.0B Andreessen Horowitz, DST Global, GIC, Insight Partners, Thrive Capital United States Internet Internet Software & Services Application & Data Integration 950 2 OpenAI $6.6B Venture Capital 2024-10-02 $157.0B Thrive Capital, Coatue, Khosla Ventures, Microsoft, Tiger Global Management United States Internet Internet Software & Services Application & Data Integration 950 3 xAI $6.0B Series C 2024-11-20 $50.0B Andreessen Horowitz, Lightspeed Venture Partners, Sequoia Capital, Fidelity Investments, Kingdom Holding Company United States Internet Internet Software & Services Business Intelligence, Analytics & Performance Mgmt 920 4 Anthropic $4.0B Corporate Minority 2024-11-22 N/A Amazon United States Internet Internet Software & Services Application & Data Integration 950 5 Pacific Fusion $900M Series A 2024-10-25 N/A General Catalyst, Breakthrough Energy, Eric Schmidt, John Doerr United States Energy & Utilities Renewables N/A 830 6 Vuori $825M Series D 2024-11-08 $5.5B General Atlantic, Stripes Group United States Internet E-Commerce Apparel & Accessories 890 7 Intersect Power $800M Private Equity 2024-12-10 N/A The Rise Fund, Climate Adaptive Infrastructure, Google Ventures, Greenbelt Capital Partners United States Energy & Utilities Renewables Infrastructure 790 8 Tenstorrent $693M Series D 2024-12-02 $2.7B AFW Partners, Samsung Securities, Hyundai Motor Company, Baillie Gifford, Bezos Expeditions Canada Computer Hardware & Services Computer Storage & Peripherals N/A 810 9 Crusoe $600M Series D 2024-10-29 $2.8B Founders Fund, Felicis, Long Journey Ventures, Valor Equity Partners, Mubadala United States Internet Internet Software & Services Application & Data Integration 870 10 Insider $500M Series E 2024-11-01 N/A General Atlantic Turkey Internet Internet Software & Services Customer Relationship Management 930 10 Perplexity $500M Series C 2024-12-01 $9.0B Institutional Venture Partners, New Enterprise Associates, NVentures, B Capital, T. Rowe Price United States Internet Internet Software & Services Application & Data Integration 950 10 Poolside $500M Series B 2024-10-02 $3.0B Bain Capital Ventures, DST Global, Redpoint Ventures, Felicis, Adams Street Partners France Internet Internet Software & Services Web Development 790 10 X-energy $500M Series C 2024-10-16 N/A Ken Griffin, The Climate Pledge, NGP, University of Michigan United States Energy & Utilities Electric Nuclear 790
Annual percent of deals by deal stage 29 State of Venture | Global Trends | Investment Trends 66% 68% 72% 72% Early-stage, 69% 12% 13% 11% 9% Mid-stage, 10% 10% 10% 8% 7% Late-stage, 9% 12% 9% 10% 11% Other, 12% 2020 2021 2022 2023 2024
Regional deal share by deal stage in Q4’24 30 State of Venture | Global Trends | Investment Trends 32% 41% 32% 63% 35% 32% 32% 13% 26% 21% 29% 18% Early-stage Mid-stage Late-stage Other US Asia Europe LatAm Canada Africa Oceania All Other Regions
Annual median funding by deal stage 31 State of Venture | Global Trends | Investment Trends $1.5M $2.0M $2.0M $1.8M $2.1M 2020 2022 2024 Early-stage $20.0M $30.0M $26.0M $19.1M $20.0M 2020 2022 2024 Mid-stage $25.5M $50.0M $26.0M $20.4M $23.0M 2020 2022 2024 Late-stage
Global: Top seed/angel deals in Q4’24 32 State of Venture | Global Trends | Investment Trends Company Round Amount Round Date Select Investors Country Sector Industry Subindustry Mosaic Score 1 Moonvalley $70M Seed VC 2024-11-18 General Catalyst, Khosla Ventures, Bessemer Venture Partners Canada Internet Internet Software & Services Multimedia & Graphics 780 2 Terralayr $67M Seed VC 2024-10-17 Creandum, EarlyBird, Norrsken VC, Picus Capital, Rive Private Investment Switzerland Energy & Utilities Energy Trading & Marketing N/A 720 3 /dev/agents $56M Seed VC 2024-11-26 CapitalG, Index Ventures, Alexandr Wang, Andrej Karpathy, Andy Rubin United States Internet Internet Software & Services Operating Systems & Utility 760 4 Nattergal $52M Seed VC 2024-10-17 Lansdowne Partners, Aviva Ventures United Kingdom Environmental Services & Equipment Remediation & Environmental Cleanup N/A N/A 5 WaveForms AI $40M Seed VC 2024-12-09 Andreessen Horowitz United States Internet Internet Software & Services Conferencing & Communication 770 6 Resolve AI $35M Seed VC 2024-10-01 Greylock Partners, Unusual Ventures, Akshay Kothari, Amjad Masad, Andy Price United States Internet Internet Software & Services Application & Data Integration 770 7 GEMMABio $34M Seed VC 2024-12-23 Bek Venture, Bioluminescence Ventures, Double Point Ventures, Savanne Life Sciences United States Healthcare Biotechnology N/A 810 8 Epitopea $31M Seed VC 2024-10-24 Advent Life Sciences, CTI Life Sciences Fund, Cambridge Innovation Capital, Fonds de Solidarite FTQ, Harrington Discovery Institute United Kingdom Healthcare Drug Discovery N/A 770 8 Alchemy Health $31M Seed VC 2024-10-15 Andreessen Horowitz, AlleyCorp, Sandberg Bernthal Venture Partners, Springbank, Twine Ventures United States Healthcare Pharmaceuticals / Drugs N/A N/A 10 Wordware $30M Seed VC 2024-11-21 Spark Capital, Y Combinator, Day One Ventures, Felicis, Paul Graham United States Internet Internet Software & Services Application & Data Integration 780
Global: Top Series A deals in Q4’24 33 State of Venture | Global Trends | Investment Trends Company Round Amount Round Date Select Investors Country Sector Industry Subindustry Mosaic Score 1 Pacific Fusion $900M Series A 2024-10-25 General Catalyst, Breakthrough Energy, Eric Schmidt, John Doerr United States Energy & Utilities Renewables N/A 830 2 Kailera $400M Series A 2024-10-01 Atlas Venture, Bain Capital Life Sciences, RTW Investments, Lyra Capital United States Healthcare Biotechnology N/A 830 2 Physical Intelligence $400M Series A 2024-11-04 Jeff Bezos, Redpoint Ventures, Sequoia Capital, Khosla Ventures, Lux Capital United States Internet Internet Software & Services Application & Data Integration 800 4 Liquid AI $250M Series A 2024-12-13 Advanced Micro Devices, Duke Capital Partners, OSS Capital, Pagsgroup United States Internet Internet Software & Services Application & Data Integration 880 5 Avenzo Therapeutics $205M Series A 2024-11-18 New Enterprise Associates, Deep Track Capital, Delos Capital, Foresite Capital, INCE Capital United States Healthcare Biotechnology N/A 830 6 Nscale $155M Series A 2024-12-09 Sandton Capital Partners, Blue Sky, Florence Capital Advisors, Kestrel 0x1 United Kingdom Computer Hardware & Services IT Services IT Solutions & Software Development 770 7 Ottimo Pharma $140M Series A 2024-12-19 Avoro Capital Advisors, OrbiMed Advisors, Samsara BioCapital, Decheng Capital, Invus Group United Kingdom Healthcare Biotechnology N/A 830 8 City Therapeutics $135M Series A 2024-10-08 ARCH Venture Partners, AN Ventures, Fidelity Investments, Invus Group, Regeneron Ventures United States Healthcare Biotechnology N/A 820 9 Axonis $115M Series A 2024-10-30 Cormorant Asset Management, venBIO, Alexandria Venture Investments, BoxOne Ventures, Hatteras Venture United States Healthcare Biotechnology N/A 720 10 Aiwyn $113M Series A 2024-12-19 Bessemer Venture Partners, KKR United States Software (noninternet/mobile) Billing, Expense Management & Procurement N/A 600
Global: Top Series B deals in Q4’24 34 State of Venture | Global Trends | Investment Trends Company Round Amount Round Date Select Investors Country Sector Industry Subindustry Mosaic Score 1 Poolside $500M Series B 2024-10-02 Bain Capital Ventures, DST Global, Redpoint Ventures, Felicis, Adams Street Partners France Internet Internet Software & Services Web Development 790 2 Treeline Biosciences $422M Series B 2024-10-17 ARCH Venture Partners, Google Ventures United States Healthcare Biotechnology N/A 820 3 Hostaway $365M Series B 2024-12-17 General Atlantic, PSG Finland Internet Internet Software & Services Travel 890 4 Splitero $300M Series B 2024-10-17 Antarctica Capital United States Internet Internet Software & Services Accounting & Finance 820 5 Wonder $250M Series B 2024-11-13 Undisclosed Investors United States Internet E-Commerce Food & Grocery 880 6 Seaport Therapeutics $225M Series B 2024-10-21 General Atlantic, ARCH Venture Partners, PureTech, Third Rock Ventures, CPP Investments United States Healthcare Drug Development N/A 800 7 Metsera $215M Series B 2024-11-13 Venrock Healthcare Capital Partners, Wellington Management, ARCH Venture Partners, Google Ventures, Newpath Partners United States Healthcare Alternative Medicine N/A N/A 8 Sierra $175M Series B 2024-10-28 Greenoaks, ICONIQ Capital, Thrive Capital United States Internet Internet Software & Services Customer Relationship Management 860 9 Nuvig Therapeutics $161M Series B 2024-12-05 Blue Owl Capital, Norwest Venture Partners, Sanofi Ventures, Bristol-Myers Squibb, Digitalis Ventures United States Healthcare Drug Development N/A N/A 10 The Exploration Company $160M Series B 2024-11-17 Balderton Capital, Plural, Bessemer Venture Partners, Cherry Ventures, EQT Ventures Germany Industrials Aerospace & Defense Commercial Aircraft Manufacturing N/A
Global: Top Series C deals in Q4’24 35 State of Venture | Global Trends | Investment Trends Company Round Amount Round Date Select Investors Country Sector Industry Subindustry Mosaic Score 1 xAI $6.0B Series C 2024-11-20 Andreessen Horowitz, Lightspeed Venture Partners, Sequoia Capital, Fidelity Investments, Kingdom Holding Company United States Internet Internet Software & Services Business Intelligence, Analytics & Performance Mgmt 920 2 Perplexity $500M Series C 2024-12-01 Institutional Venture Partners, New Enterprise Associates, NVentures, B Capital, T. Rowe Price United States Internet Internet Software & Services Application & Data Integration 950 2 X-energy $500M Series C 2024-10-16 Ken Griffin, The Climate Pledge, NGP, University of Michigan United States Energy & Utilities Electric Nuclear 790 4 Lighthouse $370M Series C 2024-11-21 KKR United Kingdom Internet Internet Software & Services Business Intelligence, Analytics & Performance Mgmt 870 5 Beta Technologies $318M Series C 2024-10-31 Qatar Investment Authority, Fidelity Investments, The Rise Fund, United Therapeutics United States Industrials Aerospace & Defense Commercial Aircraft Manufacturing 790 6 Writer $200M Series C 2024-11-12 ICONIQ Growth, Premji Invest, Radical Ventures, Insight Partners, Accenture Ventures United States Internet Internet Software & Services Business Intelligence, Analytics & Performance Mgmt 900 7 ASAAS $149M Series C 2024-10-08 Bond, 23S Capital, SoftBank Brazil Internet Internet Software & Services Billing, Expense Management & Procurement 820 8 Enveda $130M Series C 2024-11-21 FPV Ventures, Kinnevik, Lingotto Investment Management, Lux Capital, Premji Invest United States Healthcare Drug Discovery N/A 760 8 atVenu $130M Series C 2024-10-04 Sixth Street Growth United States Internet E-Commerce Marketplace 680 10 Alpha-9 Oncology $126M Series C 2024-10-23 Ascenta Capital, Lightspeed Venture Partners, Andreessen Horowitz, General Catalyst, BVF Partners Canada Healthcare Drug Development N/A 760
Global: Top Series D deals in Q4’24 36 State of Venture | Global Trends | Investment Trends Company Round Amount Round Date Round Valuation Select Investors Country Sector Industry Subindustry Mosaic Score 1 Vuori $825M Series D 2024-11-08 $5.5B General Atlantic, Stripes Group United States Internet E-Commerce Apparel & Accessories 890 2 Tenstorrent $693M Series D 2024-12-02 $2.7B AFW Partners, Samsung Securities, Hyundai Motor Company, Baillie Gifford, Bezos Expeditions Canada Computer Hardware & Services Computer Storage & Peripherals N/A 810 3 Crusoe $600M Series D 2024-10-29 $2.8B Founders Fund, Felicis, Long Journey Ventures, Valor Equity Partners, Mubadala United States Internet Internet Software & Services Application & Data Integration 870 4 KoBold Metals $491M Series D 2024-10-04 N/A Andreessen Horowitz, Lightspeed Venture Partners, Bond United States Metals & Mining Specialty N/A 700 5 Zhipu AI $412M Series D 2024-12-17 N/A Legend Capital China Internet Internet Software & Services Application & Data Integration 820 6 Lightmatter $400M Series D 2024-10-16 $4.4B T. Rowe Price, Fidelity Investments, Google Ventures United States Computer Hardware & Services Specialty Computer Hardware N/A 720 7 Cyera $300M Series D 2024-11-20 $3.0B Accel, Sapphire Ventures, Redpoint Ventures, Coatue, Georgian United States Internet Internet Software & Services Monitoring & Security 840 8 Oura $200M Series D 2024-11-19 $5.2B Dexcom Ventures, Fidelity Investments Finland Healthcare Medical Devices & Equipment Patient Monitoring 890 9 Zip $190M Series D 2024-10-21 $2.2B Bond, DST Global, CRV, Y Combinator, Adams Street Partners United States Internet Internet Software & Services Billing, Expense Management & Procurement 860 10 Alentis Therapeutics $181M Series D 2024-11-12 N/A Jeito Capital, Novo Holdings, OrbiMed Advisors, Bpifrance, Morningside Ventures Switzerland Healthcare Biotechnology N/A 790
Global: Top Series E+ deals in Q4’24 37 State of Venture | Global Trends | Investment Trends Company Round Amount Round Date Round Valuation Select Investors Country Sector Industry Subindustry Mosaic Score 1 Databricks $10.0B Series J 2024-12-17 $62.0B Andreessen Horowitz, DST Global, GIC, Insight Partners, Thrive Capital United States Internet Internet Software & Services Application & Data Integration 950 2 Insider $500M Series E 2024-11-01 N/A General Atlantic Turkey Internet Internet Software & Services Customer Relationship Management 930 3 Form Energy $405M Series F 2024-10-09 $3.3B GE Vernova, T. Rowe Price, Breakthrough Energy, Capricorn Investment Group, Coatue United States Energy & Utilities Energy Storage N/A 890 4 Zepto $350M Series G 2024-11-15 $5.0B Motilal Oswal Financial Services, Bisleri, Cello World, Claypond Capital, Haldiram’s Family Office India Internet E-Commerce Food & Grocery 930 5 Uala $300M Series E 2024-11-11 $2.8B Allianz X, Ribbit Capital, SoftBank, Soros Fund Management, Tencent Argentina Mobile & Telecommunications Mobile Software & Services Accounting & Finance 840 6 Zepz $267M Series F 2024-10-03 N/A Accel, LeapFrog Investments, Technology Crossover Ventures, Coller Capital, International Finance Corporation United Kingdom Mobile & Telecommunications Mobile Software & Services Payments 810 7 Rebel Foods $210M Series G 2024-11-26 $1.4B Jongsong Investments, Evolvence Capital India Internet E-Commerce Food & Grocery 840 8 Current $200M Series E 2024-12-13 N/A Andreessen Horowitz, General Catalyst, Wellington Management, Avenir Capital, Cross River United States Internet Internet Software & Services Accounting & Finance 870 8 Zest AI $200M Series H 2024-12-13 N/A Insight Partners, Lightspeed Venture Partners, Flybridge Capital Partners, Matrix Partners, Northgate Capital United States Internet Internet Software & Services Accounting & Finance 830 10 Eruditus Executive Education $150M Series F 2024-10-18 $3.1B The Rise Fund, Accel, CPP Investments, Chan Zuckerberg Initiative, Leeds Illuminate Singapore Consumer Products & Services Education & Training (noninternet/mobile) Colleges & Universities N/A 10 Melio $150M Series E 2024-10-29 $2.0B Fiserv, Accel, Bessemer Venture Partners, General Catalyst, Capital One Ventures United States Internet Internet Software & Services Payments 880
Unicorns 38
Quarterly new & total unicorns (private companies valued at $1b+) 39 State of Venture | Global Trends | Unicorns 23 20 16 24 New Unicorns, 11 1,222 1,236 1,236 1,249 Total Unicorns, 1,250 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2021 2022 2023 2024
40 State of Venture | Global Trends | Unicorns US 692 8 New Europe 197 2 New Africa 7 1 New Oceania 9 0 New LatAm 32 0 New Canada 21 0 New Asia 291 0 New All Other Regions 1 0 New New & total unicorns by global region in Q4’24
Quarterly new unicorns by global region 41 State of Venture | Global Trends | Unicorns 11 9 13 18 US, 8 6 7 1 4 Asia, 0 4 4 2 2 Europe, 2 1 LatAm, 0 Canada, 0 Africa, 1 1 Oceania, 0 All Other Regions, 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2021 2022 2023 2024
Global: Top unicorn births in Q4’24 42 State of Venture | Global Trends | Unicorns Company Latest Valuation Country Sector Industry Subindustry Mosaic Score 1 Sierra $4.5B United States Internet Internet Software & Services Customer Relationship Management 860 2 Abba Platforms $3.7B United States Mobile & Telecommunications Mobile Software & Services Accounting & Finance 730 3 Poolside $3.0B France Internet Internet Software & Services Web Development 790 4 Physical Intelligence $2.8B United States Internet Internet Software & Services Application & Data Integration 800 5 Writer $1.9B United States Internet Internet Software & Services Business Intelligence, Analytics & Performance Mgmt 900 6 EON $1.4B United States Internet Internet Software & Services Business Intelligence, Analytics & Performance Mgmt 810 7 EvenUp $1.0B United States Internet Internet Software & Services Legal 770 7 Halcyon $1.0B United States Internet Internet Software & Services Monitoring & Security 870 7 Lighthouse $1.0B United Kingdom Internet Internet Software & Services Business Intelligence, Analytics & Performance Mgmt 870 7 Moniepoint $1.0B Nigeria Mobile & Telecommunications Mobile Software & Services Accounting & Finance 930 7 Nimble $1.0B United States Industrials Machinery & Equipment Robotics 760
Global: Top unicorns by valuation in Q4’24 43 State of Venture | Global Trends | Unicorns Company Latest Valuation Country Sector Industry Subindustry Mosaic Score 1 SpaceX $350.0B United States Industrials Aerospace & Defense Commercial Aircraft Manufacturing 920 2 ByteDance $300.0B China Internet Internet Software & Services Social 710 3 OpenAI $157.0B United States Internet Internet Software & Services Application & Data Integration 950 4 Stripe $70.0B United States Internet Internet Software & Services Payments 930 5 SHEIN $66.0B Singapore Internet E-Commerce Apparel & Accessories 890 6 Databricks $62.0B United States Internet Internet Software & Services Application & Data Integration 950 7 xAI $50.0B United States Internet Internet Software & Services Business Intelligence, Analytics & Performance Mgmt 920 8 Revolut $45.0B United Kingdom Mobile & Telecommunications Mobile Software & Services Accounting & Finance 840 9 Canva $32.0B Australia Internet Internet Software & Services Multimedia & Graphics 930 10 Fanatics $31.0B United States Internet E-Commerce Sporting Goods 850
Exit Trends 44
Annual exits 45 State of Venture | Global Trends | Exit Trends 444 IPO, 355 8,529 M&A, 8,397 57 SPAC, 41 2020 2021 2022 2023 2024
Quarterly exits 46 State of Venture | Global Trends | Exit Trends 110 76 86 80 IPO, 113 2,191 2,138 2,066 2,147 M&A, 2,046 16 13 7 11 SPAC, 10 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2021 2022 2023 2024
Percent of quarterly exits by global region 47 State of Venture | Global Trends | Exit Trends 45% 41% 39% 40% 43% 42% 41% 39% 40% 36% 37% 37% 37% 36% 36% 35% 35% 38% 36% US, 33% 11% 11% 16% 11% 11% 11% 13% 13% 13% 13% 15% 13% 12% 14% 16% 16% 13% 13% 15% Asia, 16% 32% 37% 33% 35% 34% 36% 33% 34% 35% 40% 37% 40% 40% 40% 38% 40% 42% 39% 40% Europe, 41% LatAm, 3% 5% 5% Canada, 3% Africa, 1% Oceania, 3% All Other Regions, 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2021 2022 2023 2024
Global: Top M&A exits in Q4’24 48 State of Venture | Global Trends | Exit Trends Company Round Valuation Acquirer Country Sector Industry Subindustry Mosaic Score 1 Retina Consultants of America $6.0B Cencora United States Healthcare Medical Facilities & Services Specialized Healthcare Services N/A 2 Aliada Therapeutics $1.4B AbbVie United States Healthcare Drug Discovery N/A 610 3 Global Switch Australia $1.3B HMC Capital Australia Internet Internet Software & Services Data Storage N/A 3 Modifi Bio $1.3B Merck & Co United States Healthcare Biotechnology N/A 640 5 QSC $1.2B Acuity Brands United States Electronics Electrical Products N/A 580 5 Siete Family Foods $1.2B PepsiCo United States Food & Beverages Wholesale Food Distributors N/A N/A 7 Advanced Diabetes Supply $1.1B Cardinal Health United States Healthcare Medical Equipment & Supplies N/A N/A 7 Bridge $1.1B Stripe United States Internet Internet Software & Services Asset & Financial Management & Trading 730 7 Nabiax $1.1B Aermont Capital Spain Computer Hardware & Services IT Services Data Storage & Security 270 10 Biotheus $950M BioNTech China Healthcare Drug Discovery N/A 330
Global: Top IPOs in Q4’24 49 State of Venture | Global Trends | Exit Trends Company Round Valuation Country Sector Industry Subindustry Mosaic Score 1 Horizon Robotics $6.7B China Internet Internet Software & Services Science & Engineering 760 2 ServiceTitan $6.4B United States Internet Internet Software & Services Business Intelligence, Analytics & Performance Mgmt 890 3 Nami Box $4.6B China Mobile & Telecommunications Mobile Software & Services Education & Training N/A 4 Pony.ai $4.5B United States Internet Internet Software & Services Operating Systems & Utility 760 5 WeRide $4.0B China Automotive & Transportation N/A N/A 710 6 JC Technology $1.5B China Electronics Electronic Test, Measurement & Monitoring N/A N/A 7 E-P EQUIPMENT $1.1B China Business Products & Services Facilities N/A N/A 8 Septerna $1.0B United States Healthcare Drug Discovery N/A 780 9 Laplace Energy $998M China Industrials Manufacturing Industrial Equipment & Component Manufacturing N/A 10 Upstream Bio $873M United States Healthcare Biotechnology N/A 730
Global: Top SPACs in Q4’24 50 State of Venture | Global Trends | Exit Trends Company Round Valuation Select Investors Country Sector Industry Subindustry Mosaic Score 1 Abpro $725M Atlantic Coastal Acquisition Corp. II United States Healthcare Biotechnology N/A 570 2 Stardust Solar Technologies $15M Bold Capital Enterprises Canada Energy & Utilities Renewables Solar 360
Investors 51
Global: Top investors by company count in Q4’24 52 State of Venture | Global Trends | Investors Investor Company Count Investor Group Country 1 Andreessen Horowitz 49 VC United States 2 General Catalyst 35 VC United States 3 Accel 29 VC United States 3 Bpifrance 29 Asset/investment management France 3 Global Brain 29 VC Japan 6 Google Ventures 27 CVC United States 7 Sequoia Capital 26 VC United States 8 Alumni Ventures 24 VC United States 8 Lightspeed Venture Partners 24 VC United States 10 Bessemer Venture Partners 22 VC United States
Global: Top VCs by company count in Q4’24 53 State of Venture | Global Trends | Investors Investor Company Count Country 1 Andreessen Horowitz 49 United States 2 General Catalyst 35 United States 3 Accel 29 United States 3 Global Brain 29 Japan 5 Sequoia Capital 26 United States 6 Alumni Ventures 24 United States 6 Lightspeed Venture Partners 24 United States 8 Bessemer Venture Partners 22 United States 9 CNT Tech 19 South Korea 9 Khosla Ventures 19 United States
Global: Top corporate VCs (CVCs) by company count in Q4’24 54 State of Venture | Global Trends | Investors Investor Company Count Country 1 Google Ventures 27 United States 2 Mitsubishi UFJ Capital 21 Japan 3 SMBC Venture Capital 15 Japan 4 Alexandria Venture Investments 13 United States 4 KB Investment 13 South Korea 6 Mizuho Capital 11 Japan 7 Coinbase Ventures 9 United States 7 Mitsui Sumitomo Insurance Venture Capital 9 Japan 7 NVentures 9 United States 7 Salesforce Ventures 9 United States 7 Samsung NEXT 9 United States
Sector Spotlights 55
AI 56
Annual equity funding & deals 57 State of Venture | Sector Spotlights | AI $42.2B $96.1B $61.4B $55.9B Funding $100.4B 3,645 4,605 4,424 4,236 Deals 4,505 0 1,000 2,000 3,000 4,000 5,000 $0.0B $20.0B $40.0B $60.0B $80.0B $100.0B $120.0B 2020 2021 2022 2023 2024
Quarterly equity funding & deals 58 State of Venture | Sector Spotlights | AI $8.7B $8.9B $10.3B $14.4B $23.5B $24.6B $23.9B $24.0B $21.3B $17.6B $11.3B $11.2B $18.7B $12.9B $12.6B $11.8B $15.5B $24.2B $16.9B Funding $43.8B 892 809 939 1,005 1,107 1,044 1,262 1,192 1,333 1,127 1,021 943 1,116 1,072 1,061 987 972 1,055 1,313 Deals 1,165 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 $0.0B $5.0B $10.0B $15.0B $20.0B $25.0B $30.0B $35.0B $40.0B $45.0B $50.0B Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2021 2022 2023 2024
59 State of Venture | Sector Spotlights | AI US $38.0B 548 Deals Europe $2.5B 291 Deals Asia $2.0B 270 Deals Canada $0.9B 24 Deals LatAm $0.1B 17Deals Oceania $0.2B 14 Deals Africa $0.0M 1 Deal Funding & deals by global region in Q4’24
Quarterly funding by global region 60 State of Venture | Sector Spotlights | AI 46% 43% 41% 40% 44% 42% 44% 43% 43% 42% 43% 41% 50% 50% 51% 45% 53% 50% 46% US, 47% 26% 30% 32% 32% 29% 30% 33% 30% 27% 28% 32% 25% 19% 23% 24% 27% 21% 23% 25% Asia, 23% 22% 22% 21% 22% 21% 21% 17% 20% 23% 23% 20% 27% 26% 21% 20% 22% 21% 22% 23% Europe, 25% LatAm, 2% Canada, 2% Africa, 0% Oceania, 1% All Other Regions, 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2021 2022 2023 2024
Annual average & median deal size 61 State of Venture | Sector Spotlights | AI $16.3M $28.8M $18.7M $18.2M $30.2M 2020 2022 2024 Average Deal Size $4.0M $5.8M $4.5M $3.5M $4.0M 2020 2022 2024 Median Deal Size
Annual percent of deals by deal stage 62 State of Venture | Sector Spotlights | AI 69% 67% 70% 75% Early-stage, 74% 17% 19% 16% 13% Mid-stage, 13% 7% 9% 7% 6% Late-stage, 6% 6% 5% 7% 7% Other, 7% 2020 2021 2022 2023 2024
AI: Top equity deals in Q4’24 63 State of Venture | Sector Spotlights | AI Company Round Amount Round Date Round Valuation Select Investors Country Sector Industry Subindustry Mosaic Score 1 Databricks $10.0B Series J 2024-12-17 $62.0B Andreessen Horowitz, DST Global, GIC, Insight Partners, Thrive Capital United States Internet Internet Software & Services Application & Data Integration 950 2 OpenAI $6.6B Venture Capital 2024-10-02 $157.0B Thrive Capital, Coatue, Khosla Ventures, Microsoft, Tiger Global Management United States Internet Internet Software & Services Application & Data Integration 950 3 xAI $6.0B Series C 2024-11-20 $50.0B Andreessen Horowitz, Lightspeed Venture Partners, Sequoia Capital, Fidelity Investments, Kingdom Holding Company United States Internet Internet Software & Services Business Intelligence, Analytics & Performance Mgmt 920 4 Anthropic $4.0B Corporate Minority 2024-11-22 N/A Amazon United States Internet Internet Software & Services Application & Data Integration 950 5 Tenstorrent $693M Series D 2024-12-02 $2.7B AFW Partners, Samsung Securities, Hyundai Motor Company, Baillie Gifford, Bezos Expeditions Canada Computer Hardware & Services Computer Storage & Peripherals N/A 810 6 Crusoe $600M Series D 2024-10-29 $2.8B Founders Fund, Felicis, Long Journey Ventures, Valor Equity Partners, Mubadala United States Internet Internet Software & Services Application & Data Integration 870 7 Insider $500M Series E 2024-11-01 N/A General Atlantic Turkey Internet Internet Software & Services Customer Relationship Management 930 7 Perplexity $500M Series C 2024-12-01 $9.0B Institutional Venture Partners, New Enterprise Associates, NVentures, B Capital, T. Rowe Price United States Internet Internet Software & Services Application & Data Integration 950 7 Poolside $500M Series B 2024-10-02 $3.0B Bain Capital Ventures, DST Global, Redpoint Ventures, Felicis, Adams Street Partners France Internet Internet Software & Services Web Development 790 10 KoBold Metals $491M Series D 2024-10-04 N/A Andreessen Horowitz, Lightspeed Venture Partners, Bond United States Metals & Mining Specialty N/A 700
Quarterly new & total unicorns 64 State of Venture | Sector Spotlights | AI 6 6 6 13 New Unicorns, 7 228 233 232 242 Total Unicorns, 245 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2021 2022 2023 2024
Annual exits 65 State of Venture | Sector Spotlights | AI 23 IPO, 29 397 M&A, 384 5 SPAC, 4 2020 2021 2022 2023 2024
Quarterly exits 66 State of Venture | Sector Spotlights | AI 10 5 3 6 IPO, 15 110 71 123 68 M&A, 122 1 1 1 1 SPAC, 1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2021 2022 2023 2024
AI: Top investors by company count in Q4’24 67 State of Venture | Sector Spotlights | AI Investor Company Count Investor Group Country 1 Andreessen Horowitz 19 VC United States 2 Alumni Ventures 14 VC United States 3 General Catalyst 13 VC United States 4 Lightspeed Venture Partners 12 VC United States 5 Google Ventures 11 CVC United States 6 Accel 10 VC United States 6 Bessemer Venture Partners 10 VC United States 6 Khosla Ventures 10 VC United States 6 Sequoia Capital 10 VC United States 10 NVentures 8 CVC United States 10 Qualcomm Ventures 8 CVC United States
Fintech 68
Annual equity funding & deals 69 State of Venture | Sector Spotlights | Fintech $54.8B $143.6B $80.7B $41.9B Funding $33.7B 4,311 6,682 6,600 4,331 Deals 3,580 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 $0.0B $20.0B $40.0B $60.0B $80.0B $100.0B $120.0B $140.0B $160.0B 2020 2021 2022 2023 2024
Quarterly equity funding & deals 70 State of Venture | Sector Spotlights | Fintech $13.2B $13.2B $13.7B $14.7B $30.0B $38.1B $36.1B $39.4B $32.5B $22.7B $14.1B $11.3B $16.3B $8.5B $8.1B $9.0B $7.8B $9.9B $7.6B Funding $8.5B 1,132 915 1,030 1,234 1,645 1,583 1,707 1,747 2,146 1,659 1,499 1,296 1,382 1,094 973 882 1,056 950 824 Deals 750 0 500 1,000 1,500 2,000 $0.0B $5.0B $10.0B $15.0B $20.0B $25.0B $30.0B $35.0B $40.0B $45.0B Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2021 2022 2023 2024
71 State of Venture | Sector Spotlights | Fintech US $3.9B 293 Deals Europe $1.9B 179 Deals Asia $1.1B 178 Deals Canada $0.3B 14 Deals Africa $0.1B 18 Deals Oceania $30M 12 Deals All Other Regions $40M 11 Deals Funding & deals by global region in Q4’24 LatAm $1.1B 45Deals
Quarterly funding by global region 72 State of Venture | Sector Spotlights | Fintech 40% 39% 38% 38% 38% 40% 39% 36% 36% 39% 39% 36% 42% 38% 43% 38% 41% 39% 40% US, 39% 22% 24% 24% 23% 22% 22% 24% 25% 24% 22% 23% 22% 18% 20% 20% 21% 23% 24% 23% Asia, 24% 25% 24% 23% 25% 24% 23% 20% 21% 21% 24% 22% 24% 24% 26% 23% 25% 23% 22% 21% Europe, 24% 6% 5% 7% 5% 6% 6% 7% 7% 8% 7% 8% 8% 6% 6% 7% 7% LatAm, 6% Canada, 2% 5% 5% Africa, 2% Oceania, 2% All Other Regions, 1% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2021 2022 2023 2024
Annual average & median deal size 73 State of Venture | Sector Spotlights | Fintech $17.2M $27.8M $16.3M $13.1M $13.4M 2020 2022 2024 Average Deal Size $3.0M $4.4M $3.6M $3.0M $4.0M 2020 2022 2024 Median Deal Size
Annual percent of deals by deal stage 74 State of Venture | Sector Spotlights | Fintech 67% 70% 74% 75% Early-stage, 71% 12% 13% 10% 9% Mid-stage, 11% 10% 10% 8% 7% Late-stage, 9% 10% 7% 8% 9% Other, 9% 2020 2021 2022 2023 2024
Fintech: Top equity deals in Q4’24 75 State of Venture | Sector Spotlights | Fintech Company Round Amount Round Date Round Valuation Select Investors Country Sector Industry Subindustry Mosaic Score 1 Splitero $300M Series B 2024-10-17 N/A Antarctica Capital United States Internet Internet Software & Services Accounting & Finance 820 1 Uala $300M Series E 2024-11-11 $2.8B Allianz X, Ribbit Capital, SoftBank, Soros Fund Management, Tencent Argentina Mobile & Telecommunications Mobile Software & Services Accounting & Finance 840 3 Zepz $267M Series F 2024-10-03 N/A Accel, LeapFrog Investments, Technology Crossover Ventures, Coller Capital, International Finance Corporation United Kingdom Mobile & Telecommunications Mobile Software & Services Payments 810 4 Current $200M Series E 2024-12-13 N/A Andreessen Horowitz, General Catalyst, Wellington Management, Avenir Capital, Cross River United States Internet Internet Software & Services Accounting & Finance 870 4 Zest AI $200M Series H 2024-12-13 N/A Insight Partners, Lightspeed Venture Partners, Flybridge Capital Partners, Matrix Partners, Northgate Capital United States Internet Internet Software & Services Accounting & Finance 830 6 Zip $190M Series D 2024-10-21 $2.2B Bond, DST Global, CRV, Y Combinator, Adams Street Partners United States Internet Internet Software & Services Billing, Expense Management & Procurement 860 7 Lumin Digital $160M Private Equity 2024-12-02 N/A Light Street Capital, NewView Capital, Partners Group, Velera United States Internet Internet Software & Services Business Intelligence, Analytics & Performance Mgmt 520 8 Blockstream $152M Convertible Note 2024-10-15 N/A Fulgur Ventures Canada Internet Internet Software & Services Asset & Financial Management & Trading 890 9 Melio $150M Series E 2024-10-29 $2.0B Fiserv, Accel, Bessemer Venture Partners, General Catalyst, Capital One Ventures United States Internet Internet Software & Services Payments 880 10 ASAAS $149M Series C 2024-10-08 N/A Bond, 23S Capital, SoftBank Brazil Internet Internet Software & Services Billing, Expense Management & Procurement 820
Quarterly new & total unicorns 76 State of Venture | Sector Spotlights | Fintech 8 7 3 2 New Unicorns, 2 316 322 323 325 Total Unicorns, 326 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2021 2022 2023 2024
Annual exits 77 State of Venture | Sector Spotlights | Fintech 23 IPO, 28 626 M&A, 665 8 SPAC, 3 2020 2021 2022 2023 2024
Quarterly exits 78 State of Venture | Sector Spotlights | Fintech 4 7 7 7 IPO, 7 157 163 160 152 M&A, 190 4 1 1 1 SPAC, 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2021 2022 2023 2024
Fintech: Top investors by company count in Q4’24 79 State of Venture | Sector Spotlights | Fintech Investor Company Count Investor Group Country 1 Andreessen Horowitz 9 VC United States 2 Binance Labs 8 CVC Malta 2 Polychain Capital 8 Asset/investment management United States 4 ABCDE 7 VC Singapore 4 Coinbase Ventures 7 CVC United States 6 Amber Group 6 Corp Singapore 6 Animoca Ventures 6 CVC Hong Kong 6 Canapi 6 VC United States 6 Commerce Ventures 6 VC United States 6 General Catalyst 6 VC United States
Retail Tech 80
Annual equity funding & deals 81 State of Venture | Sector Spotlights | Retail Tech $50.9B $121.2B $59.4B $21.8B Funding $22.2B 3,791 5,113 4,596 2,734 Deals 2,064 0 1,000 2,000 3,000 4,000 5,000 6,000 $0.0B $20.0B $40.0B $60.0B $80.0B $100.0B $120.0B $140.0B 2020 2021 2022 2023 2024
Quarterly equity funding & deals 82 State of Venture | Sector Spotlights | Retail Tech $9.5B $8.8B $14.1B $18.5B $29.5B $31.0B $32.3B $28.4B $28.6B $15.3B $8.6B $6.9B $5.7B $5.0B $6.3B $4.8B $5.9B $6.7B $4.8B Funding $4.9B 980 838 936 1,037 1,239 1,244 1,319 1,311 1,439 1,177 1,085 895 794 672 683 585 609 534 486 Deals 435 0 200 400 600 800 1,000 1,200 1,400 $0.0B $5.0B $10.0B $15.0B $20.0B $25.0B $30.0B $35.0B Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2021 2022 2023 2024
83 State of Venture | Sector Spotlights | Retail Tech US $2.7B 127 Deals Asia $1.4B 175 Deals Europe $0.7B 101 Deals Canada $24M 4 Deals Africa $16M 16 Deals Oceania $3M 3 Deals Funding & deals by global region in Q4’24 LatAm $57M 9Deals
Quarterly funding by global region 84 State of Venture | Sector Spotlights | Retail Tech 33% 30% 34% 30% 34% 30% 28% 30% 29% 28% 31% 30% 32% 32% 31% 25% 31% 28% 29% US, 29% 33% 35% 34% 35% 32% 37% 40% 37% 35% 36% 35% 33% 33% 34% 34% 36% 38% 38% 40% Asia, 40% 25% 25% 21% 25% 24% 23% 20% 20% 22% 25% 22% 25% 24% 24% 26% 27% 24% 24% 20% Europe, 23% 5% 5% 5% LatAm, 2% Canada, 1% Africa, 4% Oceania, 1% All Other Regions, 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2021 2022 2023 2024
Annual average & median deal size 85 State of Venture | Sector Spotlights | Retail Tech $19.7M $33.0M $17.7M $11.5M $16.2M 2020 2022 2024 Average Deal Size $2.4M $3.9M $3.0M $2.2M $3.0M 2020 2022 2024 Median Deal Size
Annual percent of deals by deal stage 86 State of Venture | Sector Spotlights | Retail Tech 66% 66% 70% 71% Early-stage, 64% 14% 15% 12% 11% Mid-stage, 14% 10% 12% 9% 9% Late-stage, 11% 9% 7% 9% 9% Other, 11% 2020 2021 2022 2023 2024
Retail Tech: Top equity deals in Q4’24 87 State of Venture | Sector Spotlights | Retail Tech Company Round Amount Round Date Round Valuation Select Investors Country Sector Industry Subindustry Mosaic Score 1 Vuori $825M Series D 2024-11-08 $5.5B General Atlantic, Stripes Group United States Internet E-Commerce Apparel & Accessories 890 2 Zepto $350M Series G 2024-11-15 $5.0B Motilal Oswal Financial Services, Bisleri, Cello World, Claypond Capital, Haldiram’s Family Office India Internet E-Commerce Food & Grocery 930 3 Wonder $250M Series B 2024-11-13 N/A Undisclosed Investors United States Internet E-Commerce Food & Grocery 880 4 Rebel Foods $210M Series G 2024-11-26 $1.4B Jongsong Investments, Evolvence Capital India Internet E-Commerce Food & Grocery 840 5 atVenu $130M Series C 2024-10-04 N/A Sixth Street Growth United States Internet E-Commerce Marketplace 680 6 Nimble $106M Series C 2024-10-23 $1.0B Cedar Pine, FedEx United States Industrials Machinery & Equipment Robotics 760 7 Auger $100M Series A 2024-10-08 N/A Oak HC/FT Partners United States Automotive & Transportation Transportation Services Supply Chain Management Services 660 7 Zelos $100M Series B 2024-11-11 N/A CDH Investments, Blue Lake Capital China Automotive & Transportation Transportation Services Logistics Services 790 9 Imprint $75M Series C 2024-10-10 $600M Khosla Ventures, Kleiner Perkins, Ribbit Capital, Thrive Capital United States Internet Internet Software & Services Accounting & Finance 800 10 Gigs $73M Series B 2024-12-12 N/A Ribbit Capital, Gradient Ventures, Speedinvest, Y Combinator United States Mobile & Telecommunications Mobile Commerce Marketplace 840
Quarterly new & total unicorns 88 State of Venture | Sector Spotlights | Retail Tech 3 1 4 New Unicorns, 1 218 219 217 218 Total Unicorns, 216 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2021 2022 2023 2024
Annual exits 89 State of Venture | Sector Spotlights | Retail Tech 37 IPO, 29 475 M&A, 552 3 SPAC, 2 2020 2021 2022 2023 2024
Quarterly exits 90 State of Venture | Sector Spotlights | Retail Tech 18 6 8 4 IPO, 11 139 164 130 135 M&A, 123 1 SPAC, 1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2021 2022 2023 2024
Retail Tech: Top investors by company count in Q4’24 91 State of Venture | Sector Spotlights | Retail Tech Investor Company Count Investor Group Country 1 Andreessen Horowitz 4 VC United States 1 Mitsubishi UFJ Capital 4 CVC Japan 3 Anicut Capital 3 VC India 3 Bessemer Venture Partners 3 VC United States 3 Blume Ventures 3 VC India 3 Headline 3 VC Japan 3 Jumpstart Foundry 3 VC United States 3 Motilal Oswal Financial Services 3 Asset/investment management India 3 Qualcomm Ventures 3 CVC United States 3 Seoul National University Technology Holdings 3 Other South Korea 3 Speedinvest 3 VC Austria
Digital Health 92
Annual equity funding & deals 93 State of Venture | Sector Spotlights | Digital Health $28.8B $52.8B $26.8B $15.1B Funding $15.6B 2,381 2,902 2,419 1,581 Deals 1,225 0 500 1,000 1,500 2,000 2,500 3,000 $0.0B $10.0B $20.0B $30.0B $40.0B $50.0B 2020 2021 2022 2023 2024
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