Venture Pulse Q4 2024 Global analysis of venture funding January 15, 2025
© 2025 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved. 2 #Q4VC Welcome message Welcome to the Q4’24 edition of Venture Pulse the KPMG Private Enterprise’s quarterly report highlighting the key trends, challenges, and opportunities facing the VC market globally and in key jurisdictions around the world. 2024 was a particularly challenging year for the global VC market. Geopolitical conflicts and tensions, high interest rates, concerns about valuations, the extended exit drought, and significant elections in a number of major jurisdictions kept uncertainty very high throughout much of the year. VC investors continued to be very selective with their investments, focusing primarily on later stage deals and companies with clear paths to profitability. The first three quarters of the year saw subdued levels of VC investment across the Americas, Europe and Asia. Q4’24, however, saw global VC investment rebound to a seven-quarter high. This uptick was driven in large part by eight $1 billion+ megadeals, which together accounted for over $36 billion in investment. AI-focused companies attracted the vast majority of these investments, including US-based Databricks ($10 billion), OpenAI ($6.6 billion), xAI ($6 billion), Waymo ($5.6 billion), Anthropic ($4 billion), and UK-based GreenScale ($1.3 billion). At a regional level, the Americas saw VC investment rise significantly in Q4’24, reaching a high not seen since Q2’22; Europe also saw VC investment rise quarter-over-quarter, although the total remained relatively subdued compared to historical trends. The VC market in Asia remained very soft, with VC investment falling to record lows. While there continues to be a significant degree of global geopolitical uncertainty, there is a feeling of cautious optimism in the VC market headed into Q1’25. In particular, there is growing confidence that the IPO door will open in 2025 as the level of uncertainty levels off in the wake of the US election. Already, a number of companies are positioning for IPO exits, although it could take a quarter or two before IPO numbers actually materialize. AI is also expected to remain a very hot area of investment, in addition to defense tech. Cybersecurity is also well positioned to see increasing investment heading into Q1’25. In this quarter’s edition of Venture Pulse, we examine these and a number of other interesting global and regional trends, including: • The extraordinary level of interest and investment in AI • The fall-off in VC investment at Angel and Seed stages • The growing optimism for exits heading into Q1’25 • The increasing focus on defense tech We hope you find this edition of Venture Pulse insightful. If you would like to discuss any of the trends or results in more detail, please contact a KPMG advisor in your area. Unless otherwise noted, all currencies reflected throughout this document are in US dollars. The deal was a mix of debt, equity and grants, which ultimately due to the company’s stage, business model, industry and backing was determined by PitchBook to be best categorized as venture. You know KPMG. You might not know KPMG Private Enterprise. KPMG Private Enterprise advisers in KPMG firms around the world are dedicated to working with you and your business, no matter where you are in your growth journey — whether you’re looking to reach new heights, embrace technology, plan for an exit, or manage the transition of wealth or your business to the next generation. Conor Moore Global Head, KPMG Private Enterprise, KPMG International & Partner KPMG in the US Francois Chadwick Partner KPMG in the US Lindsay Hull Senior Director, Emerging Giants Global Network, KPMG Private Enterprise KPMG International
3 © 2025 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved. #Q4VC Contents Global • VC investment rises to $108.6 billion across 7022 deals • Valuations rebound for late stage deals • Enterprise software and healthcare robust • M&A remains biggest exit route • 8 of top 10 deals in US 04 19 US • VC deal value surges to $74.6 billion across 2859 deals • Median deal size for D+ rises dramatically in 2024 • First-time VC invested resurges • Fundraising by VCs falls short of 2023 totals • LPs continue to focus on follow-on funds Americas • VC-backed companies reach $78.7 billion across 3178 deals • Bumper quarter for VC investment • Median deal sizes rise for D+ rises YoY • Canadian deal value has another big quarter • Surges powered by megadeals • Software investment dominate top 10 deals 34 47 Europe • Investment strengthens slightly in Europe reaching $15.7 billion • D+ valuations regain ground YoY • Corporate VC participation remains steady • UK rebounds after slow Q3 • Fundraising rallies to near 2023 levels • Top 10 deals spread among 7 countries 73 Asia • VC investment falls to $12.8 billion across 1977 deals • Median deal sizes enter a potential plateau YoY • Valuations remain muted for 2024 • Investment in security and domestic consumption remain robust • Fundraising cycle hits a new annual low • Top ten deals spread among 4 countries
© 2025 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved. #Q4VC Globally, in Q4’24 VC-backed companies raised $108.6 billion across 7,022 deals 4 Global US | Americas | Europe | Asia
5 © 2025 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved. #Q4VC VC investment globally rises to seven-quarter high as AI interest skyrockets VC investment globally rose to the highest level in seven quarters in Q4’24, driven primarily by the ongoing surge in interest in AI. During the quarter, the AI space accounted for the five largest deals of the quarter, led by a $10 billion raise by Databricks. Americas attracts lion’s share of VC investment, as investment in Asia slumps At a regional level, the Americas accounted for a significant amount of VC investment in Q4’24, driven in large part by a several large deals in the US. While Europe saw VC investment rise quarter-over-quarter, the total level of investment in the region remained relatively soft compared to other recent quarters. The UK accounted for the largest share of VC funding in the region, driven by a $1.3 billion raise by AI-enabler data platform company GreenScale. Asia continued to see very soft levels of funding during Q4’24. A $1.1 billion raise by Chinabased clean energy developer CNNP Rich Energy accounted for the largest deal in Asia during the quarter. AI rakes in over $32 billion in $1 billion+ VC deals The AI space globally attracted a major proportion of all global VC funding this quarter; Over $32 billion of this funding came from $1 billion+ deals, including Databrick’s $10 billion raise, a $6.6 billion raise by OpenAI, a $6 billion raise by xAI, a $5.6 billion raise by Waymo, a $4 billion raise by Anthropic, and a $1.3 billion raise by GreenScale. The US attracted the vast majority of AI investment this quarter, although all regions saw robust interest in AI-focused companies. AI model and infrastructure companies attracted many of the quarter’s largest deals, as interest and competition in the space remained very hot. Startups focused on the application of AI to address specific challenges and industries also saw substantial interest from VC investors across regions during Q4’24. In addition to autonomous driving company Waymo’s large raise, a number of companies raised significant rounds, including Turkey-based marketing platform Insider ($500 million), UK-based travel and hospitality platform Lighthouse ($370 million),and China-based Didi Autonomous driving ($298 million). As election uncertainty stabilizes, cautious optimism takes hold 2024 was a year packed with elections, from the European Union parliamentary elections to major elections in the US, UK, France, India and Japan — among many others. Uncertainty related to the Q4’24 US presidential election was particularly high during the year, keeping many investors on the fence and likely contributing to the softness in the IPO market globally. While some uncertainty remains with respect to potential actions by the incoming US administration, particularly on the tariff front, and with respect to the ongoing conflicts in the Ukraine and Middle East, VC investors are cautiously optimistic about the future, with many expecting a resurgence in IPO and M&A activity — if not immediately in Q1’25, then in Q2’25. Alternative energy continues to attract interest globally In Q4’24, VC investors continued to show interest in alternative energy sources, including nuclear and hydrogen; during the quarter, the space saw several large raises, led by a $1.1 billion raise by Chinabased CNNP Rich Energy and a $900 million raise by US-based Pacific Fusion. Given the growing demand for electricity associated with areas like AI, generative AI, and blockchain and crypto, the need for more efficient and alternative energy sources to help address future energy requirements is becoming critical. As a result, the space will likely continue to attract solid levels of VC investment even if individual governments step back their support in the space. Europe and Asia will likely continue to lead advancements in the cleantech space, driven by regulations in Europe and by the fact cleantech is a government priority in China. Investment in Angel and Seed stage deals declines year-over-year Globally, VC investment at the Angel and Seed stages both declined for the second straight year. This was not surprising given the uncertain macroeconomic environment over the course of the year and the extended exit drought. Many VC investors prioritized later stage deals and investments in companies with well-proven business models, commercial viability, and clear paths to profitability. The AI sector proved to be a singular exception, with AI-focused startups across all deal stages able to attract significant investment. Global US | Americas | Europe | Asia
6 © 2025 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved. #Q4VC VC investment globally rises to seven-quarter high as AI interest skyrockets, cont’d. Secondary funds raise record high While VC fundraising was down considerably year-over-year, one area of fundraising really stood out. Interest in secondary funds — vehicles created to give investors liquidity as an alternative to M&A — shot up in 2024, with funds raised reaching a record high of over $100 billion1. Given the extended exit drought, interest in doing secondary transactions has grown quite considerably over the last couple of years. Defense Tech sees record year of VC investment During 2024, defense tech was very high on the radar of VC investors globally, attracting a record level of funding. With no end in sight for the conflicts in the Ukraine and the Middle East, and geopolitical tensions between other countries simmering, governments around the world have increasingly embraced working with defense tech companies, particularly those with AIenabled defense tech solutions. While historically there has been some stigma associated with defense tech companies, making it difficult for startups in the space to raise funds — particularly in Silicon Valley — times have changed in recent quarters. A number of defense tech companies have been quite successful in breaking preconceived notions about defense tech and raised major rounds. Niche funds have also emerged focused specifically on making defense tech investments. Trends to watch for in Q1’25 Heading into 2025, there is growing optimism that global VC investment will continue to pick up, particularly if interest rates continue to fall and the exit environment perks up. In Q1’25, all eyes will be on the IPO market; with the US election complete, market conditions improving, and the successful post-IPO performance of companies like Reddit, Rubrik and Astera Labs, there is growing optimism that the exit market will see a resurgence in 2025. While it could take some time, should IPO exits materialize, activity across the VC market will likely pick up considerably. VC investment in AI will likely continue to outpace investment in all other sectors heading into Q1’25, with investment continuing to broaden into a wider range of sub-sectors — such as industry solutions and AI-enabled robotics. Corporates will likely continue to drive a large share of AI funding as the large tech giants compete for prominence, and as industry players look to leverage AI to improve their operational efficiencies and provide more value to their customers. Areas like defense tech, health and biotech, cybersecurity, and alternative energy will likely also continue to attract interest from VC investors. 1 https://pitchbook.com/news/articles/secondaries-funds-top-100b-in-all-time-high Global US | Americas | Europe | Asia
7 © 2025 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved. #Q4VC The new normal sees a hint of optimism in mega-rounds Global venture financing 2018–Q4’24 $80.7 $90.9 $81.4 $97.6 $81.6 $74.6 $87.6 $95.3 $76.9 $78.2 $103.9 $117.6 $164.8 $175.5 $197.8 $213.3 $177.2 $150.5 $105.2 $94.4 $99.4 $85.3 $83.4 $81.4 $84.0 $91.2 $84.5 $108.6 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 $0 $50 $100 $150 $200 $250 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2018 2019 2020 2021 2022 2023 2024 Deal value ($B) Deal count Pre-seed/Seed Early VC Later VC Venture growth Source: Venture Pulse, Q4’24, Global Analysis of Venture Funding, KPMG Private Enterprise. *As of December 31, 2024. Data provided by PitchBook, January 15, 2025. “The level of investment into AI continues to be massive. That’s not surprising. But I think people are now starting to become more discerning as to who the winners may be in the AI space — the companies with credible business models, creating highly disruptive solutions, as opposed to others who have put AI wrappers on existing solutions. The largest deals of this quarter underscore that — they’re the companies that people have been putting their bets on through all the AI-hype. ” Conor Moore Global Head, KPMG Private Enterprise, KPMG International & Partner KPMG in the US Global US | Americas | Europe | Asia
8 © 2025 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved. #Q4VC Down rounds maintain pre-boom proportions while medians hold steady Global median deal size ($M) by stage 2018–2024* $2.0 $3.3 $5.5 $12.1 $0 $5 $10 $15 $20 $25 $30 2018 2019 2020 2021 2022 2023 2024* Pre-seed/Seed Early VC Later VC Venture growth Global up, flat or down rounds 2018–2024* 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2018 2019 2020 2021 2022 2023 2024* Up Flat Down Source: Venture Pulse, Q4’24, Global Analysis of Venture Funding, KPMG Private Enterprise. *As of December 31, 2024. Data provided by PitchBook, January 15, 2025. Global US | Americas | Europe | Asia
9 © 2025 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved. #Q4VC Financing sizes continue to edge up Global median deal size ($M) by series 2018–2024* $0.6 $2.4 $0.4 $10.0 $21.0 $34.8 $65.0 $0 $20 $40 $60 $80 $100 $120 2018 2019 2020 2021 2022 2023 2024* Pre-seed Seed Angel A B C D+ Source: Venture Pulse, Q4’24, Global Analysis of Venture Funding, KPMG Private Enterprise. *As of December 31, 2024. Data provided by PitchBook, January 15, 2025. Global US | Americas | Europe | Asia
10 © 2025 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved. #Q4VC Valuations rebound at the latest stage, hold steady elsewhere Global median pre-money valuation ($M) by series 2018–2024* $5.0 $10.0 $3.2 $35.0 $90.0 $198.0 $675.0 $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 2018 2019 2020 2021 2022 2023 2024* Pre-seed Seed Angel A B C D+ Source: Venture Pulse, Q4’24, Global Analysis of Venture Funding, KPMG Private Enterprise. *As of December 31, 2024. Data provided by PitchBook, January 15, 2025. Global US | Americas | Europe | Asia
11 © 2025 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved. #Q4VC Midstage rounds still dominate, but later rounds did see an uptick in VC invested Global deal share by series 2018–2024*, number of closed deals 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2018 2019 2020 2021 2022 2023 2024* D+ C B A Angel Seed Pre-seed Global deal share by series 2018–2024*, VC invested ($B) 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2018 2019 2020 2021 2022 2023 2024* D+ C B A Angel Seed Pre-seed Source: Venture Pulse, Q4’24, Global Analysis of Venture Funding, KPMG Private Enterprise. *As of December 31, 2024. Data provided by PitchBook, January 15, 2025. Global US | Americas | Europe | Asia
12 © 2025 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved. #Q4VC Enterprise software & healthcare continue to draw capital Global financing trends to VC-backed companies by sector 2018–2024*, number of closed deals 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2018 2019 2020 2021 2022 2023 2024* Transportation Commercial products & services Consumer goods & services Software Pharma & biotech Other Media IT hardware HC services & systems HC devices & supplies Energy Global financing trends to VC-backed companies by sector 2018–2024*, VC invested ($B) 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2018 2019 2020 2021 2022 2023 2024* Source: Venture Pulse, Q4’24, Global Analysis of Venture Funding, KPMG Private Enterprise. *As of December 31, 2024. Data provided by PitchBook, January 15, 2025. Global US | Americas | Europe | Asia
13 © 2025 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved. #Q4VC First-time financings outpace 2023, just barely, in VC invested Corporate VC participation in global venture deals 2018–Q4’24 $39.4 $55.4 $43.8 $48.2 $38.3 $36.4 $37.2 $51.1 $38.5 $39.7 $57.5 $62.7 $83.0 $86.2 $112.5 $115.3 $93.2 $77.9 $50.3 $49.6 $56.1 $40.7 $42.5 $38.7 $44.2 $48.5 $40.4 $51.9 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 $0 $20 $40 $60 $80 $100 $120 $140 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4 2018 2019 2020 2021 2022 2023 2024 Deal value ($B) Deal count Global first-time venture financings of companies 2018–2024* $37.5 $34.6 $41.1 $68.6 $61.1 $43.4 $45.7 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 $0 $10 $20 $30 $40 $50 $60 $70 $80 2018 2019 2020 2021 2022 2023 2024* Deal value ($B) Deal count Source: Venture Pulse, Q4’24, Global Analysis of Venture Funding, KPMG Private Enterprise. *As of December 31, 2024. Data provided by PitchBook, January 15, 2025. Note: The capital invested is the sum of all the round values in which corporate venture capital investors participated, not the amount that corporate venture capital arms invested themselves. Likewise, deal count is the number of rounds in which corporate venture firms participated. Global US | Americas | Europe | Asia
14 © 2025 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved. #Q4VC Exits remain subdued, contributing to fundraising’s sluggishness Global unicorn rounds 2018–Q4’24 $21.1 $28.5 $23.4 $39.1 $22.5 $20.6 $29.4 $30.1 $17.7 $21.8 $30.9 $35.7 $62.0 $60.6 $72.9 $75.6 $54.3 $45.2 $19.4 $22.7 $31.3 $16.2 $18.1 $17.3 $20.0 $25.1 $22.4 $49.2 0 50 100 150 200 250 300 $0 $10 $20 $30 $40 $50 $60 $70 $80 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2018 2019 2020 2021 2022 2023 2024 Deal value ($B) Deal count Source: Venture Pulse, Q4’24, Global Analysis of Venture Funding, KPMG Private Enterprise. *As of December 31, 2024. Data provided by PitchBook, January 15, 2025. Note: PitchBook defines a unicorn venture financing as a VC round that generates a post-money valuation of $1 billion or more. These are not necessarily first-time unicorn financing rounds, but also include further rounds raised by existing unicorns that maintain at least that valuation of $1 billion or more. Global venture-backed exit activity 2018–Q4’24 $58.4 $123.4 $144.8 $80.3 $87.8 $193.1 $99.0 $83.4 $67.0 $99.8 $231.3 $227.3 $378.0 $377.4 $394.6 $430.7 $133.5 $106.7 $122.8 $86.3 $63.0 $82.5 $109.7 $79.9 $65.1 $87.9 $71.3 $94.2 0 200 400 600 800 1,000 1,200 1,400 $0 $50 $100 $150 $200 $250 $300 $350 $400 $450 $500 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4 2018 2019 2020 2021 2022 2023 2024 Exit value ($B) Exit count Note: Exit value for initial public offerings is based on pre-IPO valuation, not the size of the offering itself. For the Q1 2024 edition of Venture Pulse, under standard PitchBook venture methodology, Reddit's IPO would not be included given its backing status but it was included in the underlying exits data in this instance to better reflect its extensive previous VC-backed history. In January 2025, a new extrapolation for M&A exit values was also applied. Global US | Americas | Europe | Asia
15 © 2025 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved. #Q4VC M&A remains the driver of counts, but IPOs have yet to boost exit value Global venture-backed exit activity (#) by type 2018–2024* 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 2018 2019 2020 2021 2022 2023 2024* Acquisition Buyout Public listing Global venture-backed exit activity ($B) by type 2018–2024* $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 2018 2019 2020 2021 2022 2023 2024* Acquisition Buyout Public listing Source: Venture Pulse, Q4’24, Global Analysis of Venture Funding, KPMG Private Enterprise. *As of December 31, 2024. Data provided by PitchBook, January 15, 2025. “Everything will likely change very quickly in 2025. There is potentially going to be changes to rules, regulations, legislation. We’re likely going to see businesses changing how they think about internal cost structures, how they deliver services, how they’re protecting their organizations from cybersecurity risks. We’re going to see a lot of investment in AI, in defense techs, in robotics. The attitude in the VC market heading into 2025 needs to be how can we adapt as quickly as possible to all the changes that are coming? because it looks to be a real year of transformation.” Francois Chadwick Partner KPMG in the US Global US | Americas | Europe | Asia
16 © 2025 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved. #Q4VC LPs backed some large funds to boost VC raised, but counts remain down Global venture fundraising 2018–2024* $380.3 $274.6 $274.8 $404.4 $357.2 $213.8 $169.7 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 $0 $50 $100 $150 $200 $250 $300 $350 $400 $450 2018 2019 2020 2021 2022 2023 2024* Capital raised ($B) Fund count Source: Venture Pulse, Q4’24, Global Analysis of Venture Funding, KPMG Private Enterprise. *As of December 31, 2024. Data provided by PitchBook, January 15, 2025. The denominator effect wherein equities’ inexorable rise meant that allocators poured more capital into alternatives to keep portfolios balanced, dominated much of the 2010s. Yet even as equities have continued to rise, albeit with greater volatility, in the 2020s, venture allocations have slid in the past two years. This is likely due to the liquidity decline in the venture environment, wherein there simply often isn’t the same rate of capital being returned for allocators to redeploy. LPs seem to be remaining cautious or at least looking into alternative investment asset classes, with fundraising now concluding 2024 at the lowest level seen in years. Global US | Americas | Europe | Asia
17 © 2025 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved. #Q4VC Fundraising tilted in count toward midsized vehicles Global venture fundraising (#) by size 2018–2024* 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2018 2019 2020 2021 2022 2023 2024* $1B+ $500M-$1B $250M-$500M $100M-$250M $50M-$100M Under $50M Global first-time vs. follow-on venture funds (#) 2018–2024* 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2018 2019 2020 2021 2022 2023 2024* First-time Follow-on Source: Venture Pulse, Q4’24, Global Analysis of Venture Funding, KPMG Private Enterprise. *As of December 31, 2024. Data provided by PitchBook, January 15, 2025. Global US | Americas | Europe | Asia
© 2025 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved. AI & AI-driven platforms dominate, with a few exceptions Top 10 global financings in Q4’24 1 2 7 3 8 6 4 9 5 9 1. Databricks — $10B, San Francisco, US — Business software — Series J 2. OpenAI — $6.6B, San Francisco, US — AI & ML — Series B 3. xAI — $6B, Burlingame, US — AI & ML — Series C 4. Waymo — $5.6B, Mountain View, US — Autonomous driving — Series C 5. Anthropic — $4B, San Francisco, US — AI & ML — Late-stage VC 6. Juul Labs — $1.98B, Washington DC, US — Consumer — Late-stage VC 7. GreenScale — $1.3B, London, UK — IT infrastructure — Early-stage VC 8. CNNP Rich Energy — $1.1B, Beijing, China — Cleantech — Late-stage VC 9. Wonder Group — $950M, New York, US — Restaurants — Series C 9. Cohesity — $950M, San Jose, US — Database software — Series H Source: Venture Pulse, Q4’24, Global Analysis of Venture Funding, KPMG Private Enterprise. *As of December 31, 2024. Data provided by PitchBook, January 15, 2025. 18 #Q4VC Global US | Americas | Europe | Asia
© 2025 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved. #Q4VC In Q4’24, US VC-backed companies raised $74.6B across 2,859 deals 19 Global US Americas | Europe | Asia
20 © 2025 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved. #Q4VC AI powers VC investment in the US in Q4’24 During Q4’24, the US saw total VC investment rise to its highest level since Q2’22 as interest and investment in AI continued to be red-hot. The sector accounted for more than half of the country’s top ten deals, including the first $10 billion venture round ever seen in the US. Deal volume remains subdued in US despite major increase in deal value Despite the significant uptick in deal value in the US, the total number of VC deals remained subdued during Q4’24. VC investors continued to focus on quality over quantity given the ongoing uncertainties in the market, including global conflicts and geopolitical tensions, the US presidential election which occurred mid-way through the quarter, and the ongoing lack of exits. Largest crop of multi-billion VC funding rounds ever in the US Q4’24 was a banner year for multi-billion dollar VC deals in the US. Five companies raised VC rounds at or above $4 billion, including Databricks ($10 billion), OpenAI ($6.6 billion), xAI ($6 billion), Waymo ($5.6 billion), and Anthropic ($4 billion). All five companies are major players in the AI space, with OpenAI, xAI and Anthropic focused primarily on generative AI and Waymo focused on using AI to enable autonomous driving capabilities. Well-established VC funds finding it easiest to raise funding After dropping off considerably in 2023, fundraising by VC firms in the Americas remained steady year-over-year, driven primarily by fundraising activity in the US. Given the significant degree of macroeconomic uncertainty in the market, the high interest rate environment, and the lack of returned capital with which to invest, LPs have been very discerning about where to put their capital this year. First time general partners, micro funds, and investors without proven track records struggled to raise funds this year, even in the US. Well established VC funds with long track records had far less difficulty raising additional funds, although it has taken many longer to fully capitalize them. During Q4’24, for example, General Catalyst raised $8 billion for its XII Fund, which includes a number of initiatives and investments spanning a gamut from AI and defence to healthtech, climate and energy technologies, and fintech.2 Late stage deals on the rise, suggesting increasing confidence heading into 2025 In 2022 and 2023, a good number of late stage investments in the US were lifeline investments aimed at helping companies survive a period of significant uncertainty and the pushing out of the IPO market opening. In Q4’24, after a period of significant cost-cutting and looking for efficiencies, a number of later stage startups have turned their attention back to growth — raising fresh funding rounds to drive their short-term growth, improve their balance sheets, and position themselves for an IPO in 2025 or 2026. Businesses evaluating opportunities and challenges related to incoming US administration The completion of the US presidential election injected a view that the incoming administration will be more business friendly, although it also introduced a number of unknowns, including uncertainty as to what changes the incoming administration might make. The pending change is causing both VCs and investors to evaluate their operations and investments, in part to better understand potential opportunities and challenges that might arise over the coming term. The possibility of tariffs was one such concern, with many companies looking at how their manufacturing, global supply chain and global sales chains could be affected and whether they might need to reconsider their operations or — in the case of emerging tech companies — where to base certain activities, such as manufacturing facilities. 2 https://www.generalcatalyst.com/stories/fundxii Global US Americas | Europe | Asia
21 © 2025 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved. #Q4VC AI powers VC investment in the US in Q4’24, cont’d. Successful post IPO performance of tech companies helping to fuel optimism for 2025 The combination of interest rate cuts, the easing of some uncertainty in the wake of the presidential election, the fact a number of tech companies have performed very well post-IPO in recent months — including Reddit, whose stock price rose 240 percent, and Rubrik and Astera Labs, whose stock prices have both climbed more than 100 percent — and even the excitement of VC investors for almost all things AI, has helped spark optimism for the IPO and M&A markets in the trailing months of 2024.3 A significant number of companies are ready to go once the IPO door swings fully open; the big question is more a matter of exactly when in 2025 that will happen. CVC investment in US very resilient over 2024 Over the course of 2024, CVC investment in the US remained quite solid, particularly compared to CVC investment in other regions of the world. Interest in AI likely had a role to play in this resilience, with many large US corporates choosing to make sizable investments in innovative and agile AI model and infrastructure companies rather than seeking to drive AI innovation in-house. Trends to watch for in Q1’25 Heading into Q1’25, VC market participants will be watching the exit market in the US, with growing expectations that IPO activity will pick up significantly. While a major rise in IPO exits right out the gate may not be in the cards given the uncertainty associated with the forthcoming administration changeover, Q1’25 could see IPO filings and related activity heating up as companies position themselves for exits in Q2’25 and Q3’25. M&A activity is also expected to pick up in Q1’25, particularly if the US Federal Reserve continues to make cuts to interest rates. While AI is expected to remain the hottest ticket for VC investors in the US during Q1’25, a number of other sectors are also expected to see solid investment, including defense tech, cybersecurity and life sciences. Crypto could also see a resurgence in interest from VC investors given the change in administration. 3 https://pitchbook.com/news/articles/vc-ipo-index-soars-to-heights-last-seen-in-2021 Global US Americas | Europe | Asia
22 © 2025 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved. #Q4VC A huge surge in VC invested in Q4 signals guarded optimism Venture financing in the US 2018–Q4’24 $31.8 $31.9 $35.2 $47.8 $41.7 $38.6 $38.1 $35.5 $39.4 $38.9 $48.5 $47.9 $79.5 $84.2 $90.9 $100.0 $79.9 $75.3 $44.9 $38.1 $53.5 $35.7 $35.0 $37.9 $41.1 $49.5 $43.8 $74.6 0 1,000 2,000 3,000 4,000 5,000 6,000 $0 $20 $40 $60 $80 $100 $120 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2018 2019 2020 2021 2022 2023 2024 Deal value ($B) Deal count Pre-seed/Seed Early VC Later VC Venture growth Source: Venture Pulse, Q4’24, Global Analysis of Venture Funding, KPMG Private Enterprise. *As of December 31, 2024. Data provided by PitchBook, January 15, 2025. VC invested levels in the US have climbed steadily, yet without distinct surges, since a nadir in mid-2023. It should be noted that the middle of 2023 still logged VC invested tallies that were similar to those of much of the later 2010s. Only the remarkable boom in 2021 and early 2022 led to the view of a big slump in venture dealmaking and a cooling of the venture environment in general as a result. Exits did slump sufficiently that many VCs did not re-raise funds, while others posted lower returns that meant such sky-high valuations were hard to still justify. Since then, however, VC activity has rebounded somewhat, but the muted level of completed deals versus the surge in VC invested still suggests that a handful of companies are driving the resurgence in capital deployment by VCs, as also seen in the list of top deals in this report, with Databricks and OpenAI alone contributing billions to the Q4 tally of VC invested. Thus, the recovery is not quite market-wide yet. Global US Americas | Europe | Asia
23 © 2025 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved. #Q4VC Down & flat rounds’ proportions still suggest caution Median deal size ($M) by stage in the US 2018–2024* $2.6 $6.0 $7.2 $11.0 $0 $5 $10 $15 $20 $25 $30 $35 $40 2018 2019 2020 2021 2022 2023 2024* Pre-seed/Seed Early VC Later VC Venture growth Up, flat or down rounds in the US 2018–2024* 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2018 2019 2020 2021 2022 2023 2024* Up Flat Down Source: Venture Pulse, Q4’24, Global Analysis of Venture Funding, KPMG Private Enterprise. *As of December 31, 2024. Data provided by PitchBook, January 15, 2025. Global US Americas | Europe | Asia
24 © 2025 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved. #Q4VC Deal sizes bump upward, borne by a slew of Q4 mega-deals Median deal size ($M) by series in the US 2018–2024* $0.7 $3.1 $0.3 $12.4 $28.0 $45.0 $96.5 $0 $20 $40 $60 $80 $100 $120 2018 2019 2020 2021 2022 2023 2024* Pre-seed Seed Angel A B C D+ Source: Venture Pulse, Q4’24, Global Analysis of Venture Funding, KPMG Private Enterprise. *As of December 31, 2024. Data provided by PitchBook, January 15, 2025. Note: Figures rounded in some cases for legibility. “There are a lot of hopes and expectations riding on the IPO market opening. However, we need one or more of the late-stage stalwarts to go out, have a great first day, sustain the positivity in the subsequent days, and then have solid numbers in their first quarter earnings post-IPO. There is a long list of companies that are ready to go, but many are a bit gun shy. It’s likely going to take the larger companies displaying really successful results for others to decide to jump in the IPO pool. ” Jules Walker Managing Director Business Development KPMG in the US Global US Americas | Europe | Asia
25 © 2025 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved. #Q4VC A growing incidence of outlier deals keeps driving even medians higher Median pre-money valuation ($M) by series in the US 2018–2024* $6.5 $13.8 $5.2 $40.0 $105.0 $247.9 $754.1 $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 2018 2019 2020 2021 2022 2023 2024* Pre-seed Seed Angel A B C D+ Source: Venture Pulse, Q4’24, Global Analysis of Venture Funding, KPMG Private Enterprise. *As of December 31, 2024. Data provided by PitchBook, January 15, 2025. Note: Figures rounded in some cases for legibility. “The certainty of a more business friendly environment is giving everyone a lot of confidence right now in the US. But there’s still a lot of uncertainty. The negative economic impact of tariffs would hurt a lot of companies — industrial companies, consumer goods companies, manufacturers. That’s still a big unknown. Looking out at Q1’25, some VC investors could hold back until we see exactly what’s going to happen when the administration changes — and then make decisions from there. ” Sam Lush Director, Private Equity Group KPMG in the US Global US Americas | Europe | Asia
26 © 2025 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved. #Q4VC VC invested in mid-capital stack continues to swell Deal share by series in the US 2018–2024*, number of closed deals 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2018 2019 2020 2021 2022 2023 2024* D+ C B A Angel Seed Pre-seed Deal share by series in the US 2018–2024*, VC invested ($B) 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2018 2019 2020 2021 2022 2023 2024* D+ C B A Angel Seed Pre-seed Source: Venture Pulse, Q4’24, Global Analysis of Venture Funding, KPMG Private Enterprise. *As of December 31, 2024. Data provided by PitchBook, January 15, 2025. Global US Americas | Europe | Asia
27 © 2025 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved. #Q4VC Sector proportions hold steady, overall Venture financing by sector in the US 2018–2024*, number of closed deals 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2018 2019 2020 2021 2022 2023 2024* Transportation Commercial products & services Consumer goods & services Software Pharma & biotech Other Media IT hardware HC services & systems HC devices & supplies Energy Venture financing by sector in the US 2018–2024*, VC invested ($B) 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2018 2019 2020 2021 2022 2023 2024* Source: Venture Pulse, Q4’24, Global Analysis of Venture Funding, KPMG Private Enterprise. *As of December 31, 2024. Data provided by PitchBook, January 15, 2025. Global US Americas | Europe | Asia
28 © 2025 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved. #Q4VC 2024 sees first-time VC invested resurge Corporate participation in venture deals in the US 2018–Q4’24 $13.6 $16.8 $17.6 $25.5 $17.7 $18.8 $16.4 $14.5 $19.6 $19.6 $27.1 $23.6 $40.0 $42.4 $46.2 $49.8 $37.7 $39.0 $21.1 $17.8 $34.9 $15.3 $18.0 $16.4 $23.4 $28.0 $20.9 $35.2 0 200 400 600 800 1,000 1,200 1,400 $0 $10 $20 $30 $40 $50 $60 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2018 2019 2020 2021 2022 2023 2024 Deal value ($B) Deal count First-time venture financings of companies in the US 2018–2024* $15.0 $15.0 $14.8 $23.8 $24.6 $15.0 $18.4 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 $0 $5 $10 $15 $20 $25 $30 2018 2019 2020 2021 2022 2023 2024* Deal value ($B) Deal count Source: Venture Pulse, Q4’24, Global Analysis of Venture Funding, KPMG Private Enterprise. *As of December 31, 2024. Data provided by PitchBook, January 15, 2025. “Venture capital in AI is experiencing a significant shift from initial broad sector exposure to a more focused approach. While last year the excitement was about getting in on 'the next big thing,' we're now seeing a maturation in the field. Investors are increasingly looking to build on foundational technologies, such as large language models, to create specialized applications in areas such as healthcare, space, and professional services. This next wave of AI investment is all about driving real-world revenue and profits, not just first-mover, participatory investment. ” Scott Burger Partner KPMG in the US Global US Americas | Europe | Asia
29 © 2025 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved. #Q4VC Exits have evened out into a subdued pace, even compared to pre-2020 Venture-backed exit activity in the US 2018–Q4'24 $40.4 $48.5 $42.4 $45.7 $64.3 $155.9 $55.4 $36.6 $27.5 $44.5 $111.8 $154.8 $132.2 $255.7 $235.6 $218.0 $53.1 $42.5 $31.1 $21.3 $24.0 $18.9 $50.8 $26.3 $37.5 $46.9 $27.8 $37.0 0 100 200 300 400 500 600 $0 $50 $100 $150 $200 $250 $300 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2018 2019 2020 2021 2022 2023 2024 Exit value ($B) Exit count Source: Venture Pulse, Q4’24, Global Analysis of Venture Funding, KPMG Private Enterprise. *As of December 31, 2024. Data provided by PitchBook, January 15, 2025. Global US Americas | Europe | Asia
30 © 2025 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved. #Q4VC M&A volume holds steady from 2023 Venture-backed exit activity (#) by type in the US 2018–2024* 0 500 1,000 1,500 2,000 2,500 2018 2019 2020 2021 2022 2023 2024* Acquisition Buyout Public listing Venture-backed exit activity ($B) by type in the US 2018–2024* $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 2018 2019 2020 2021 2022 2023 2024* Acquisition Buyout Public listing Source: Venture Pulse, Q4’24, Global Analysis of Venture Funding, KPMG Private Enterprise. *As of December 31, 2024. Data provided by PitchBook, January 15, 2025. Global US Americas | Europe | Asia
31 © 2025 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved. #Q4VC Fundraising finishes 2024 down from the peaks of 2021-2022 US venture fundraising 2018–2024* $70.0 $73.0 $96.2 $176.2 $188.5 $97.5 $76.1 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 $0 $20 $40 $60 $80 $100 $120 $140 $160 $180 $200 2018 2019 2020 2021 2022 2023 2024* Capital raised ($B) Fund count Source: Venture Pulse, Q4’24, Global Analysis of Venture Funding, KPMG Private Enterprise. *As of December 31, 2024. Data provided by PitchBook, January 15, 2025. Global US Americas | Europe | Asia
32 © 2025 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved. #Q4VC The middle of the market sees volume hold, but $1B+ funds resurge Venture fundraising (#) by size in the US 2018–2024* 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2018 2019 2020 2021 2022 2023 2024* $1B+ $500M-$1B $250M-$500M $100M-$250M $50M-$100M Under $50M Venture fundraising ($B) by size in the US 2018–2024* 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2018 2019 2020 2021 2022 2023 2024* $1B+ $500M-$1B $250M-$500M $100M-$250M $50M-$100M Under $50M Source: Venture Pulse, Q4’24, Global Analysis of Venture Funding, KPMG Private Enterprise. *As of December 31, 2024. Data provided by PitchBook, January 15, 2025. Global US Americas | Europe | Asia
33 © 2025 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved. #Q4VC Allocators favored follow-on funds significantly last year First-time vs. follow-on funds (#) in the US 2018–2024* 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2018 2019 2020 2021 2022 2023 2024* First-time Follow-on First-time vs. follow-on funds ($B) in the US 2018–2024* 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2018 2019 2020 2021 2022 2023 2024* First-time Follow-on Source: Venture Pulse, Q4’24, Global Analysis of Venture Funding, KPMG Private Enterprise. *As of December 31, 2024. Data provided by PitchBook, January 15, 2025. Global US Americas | Europe | Asia
© 2025 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved. #Q4VC In Q4’24, VC-backed companies in the Americas raised $78.7B across 3,178 deals 34 Global | US Americas Europe | Asia
35 © 2025 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved. #Q4VC VC investment in the Americas reaches ten-quarter high The Americas saw VC investment rise to a ten-quarter high in Q4’24. This investment was driven primarily by a substantial increase in VC investment in the US, led by a $10 billion raise by AI firm Databricks. VC in Canada remains strong After reaching a ten-quarter high in Q3’24, VC investment in Canada rose further in Q4’24, surpassing $2.5 billion for the first time since Q1, 2022. This increase was despite uncertainties related to the US presidential election in November and related concerns about potential changes that could be made by the incoming administration, including the possible introduction of tariffs. VC investment in Brazil rises quarter-over-quarter During Q4’24, VC investors in Brazil continued to focus their investments on startups with strong resilience given the challenging market conditions, and on those with proven market fit or that have managed to achieve profitability. While IPO exits have been dry throughout 2024, Brazil started to see M&A activity creep upwards during Q4’24, including companies beginning to position their organizations for potential sale in 2025. Secondary market in US remains vibrant While secondary transactions are not a new phenomenon in the US, the market has become particularly vibrant in recent quarters. Whereas eighteen months ago, buyers in the secondary market were getting significant discounts, now the gap has narrowed considerably. Some mature startups are making the strategic decision to conduct secondary transactions in order to alleviate the pressure to provide their early shareholders with liquidity so that they can remain private longer. This is particularly true of startups who are in a good financial position and don’t need the liquidity; secondary transactions are giving them an opportunity and flexibility to determine when they will seek an IPO. Canada continues to make bets on AI and health and life sciences The Canadian government continued to be highly supportive of innovation during Q4’24. During the quarter, it launched the Canadian Sovereign AI Compute Strategy, with plans to invest approximately $2 billion to support Canada’s competitiveness in the AI space by supporting the development of data centres and other computing infrastructure.4 AI-focused Cohere received $240 million from this fund to support the development of a new data centre in Canada.5 In Q4’24, the government also launched the Canadian AI Safety Institute to conduct research related to AI safety, develop AI risk assessment tools, and help with identifying risk mitigation activities.6 The Canadian government also continued to prioritize innovation in the health and life sciences sector; during Q4’24, the government announced a $40 million investment in vaccine developer Aramis Technologies.7 The company also raised CAD$40 million in Series A funding during the quarter.8 4 https://www.canada.ca/en/innovation-science-economic-development/news/2024/12/canada-to-drive-billions-in-investments-to-build-domestic-ai-compute-capacity-at-home.html 5 https://www.canada.ca/en/department-finance/news/2024/12/deputy-prime-minister-announces-240-million-for-cohere-to-scale-up-ai-compute-capacity.html 6 https://www.techpolicy.press/initial-takeaways-from-the-canadian-ai-safety-institute-launch/ 7 https://www.canada.ca/en/innovation-science-economic-development/news/2024/12/government-of-canada-announces-investment-in-quebec-based-aramis-biotechnologies.html 8 https://aramisbiotechnologies.com/annonce-2/ Global | US Americas Europe | Asia
36 © 2025 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved. #Q4VC VC investment in the Americas reaches ten-quarter high, cont’d. Fintech remains key sector for VC investment in Brazil, although other areas also attracting interest Fintech remained one of the strongest areas of VC investment in Brazil, with SMB financing company Asaas raising $149 million during Q4’24. The fintech market in Brazil has matured quite rapidly over the past five years — driving significant improvements in financial inclusion — a fact that is now leading some smaller fintechs to look at consolidation in order to improve their market share and financial viability and larger fintechs to look at expansion into other countries within Latin America. Outside of the fintech space, a number of other sectors also saw increasing attention from VC investors in Brazil during the quarter, including cleantech, biotech, and healthtech; all three are well positioned to remain trendy among VC investors heading into Q1’25. VC investors in US making big bets on autonomous driving The AI space in the US accounted for more than half of the largest VC funding rounds in the Americas during Q4’24. While a significant portion of the AI-focused startups raising large rounds were focused on generative AI and infrastructure (e.g., Databricks — $10 billion, OpenAI — $6.6 billion, xAI — $6 billion, Anthropic — $4 billion), Waymo’s $5.6 billion raise highlights the lucrative nature of industry-focused AI solutions; the company leverages AI to power its robo-taxi service, which has already been introduced in several municipalities in the US, including Los Angeles, San Francisco, and Phoenix.9 As the AI space continues to evolve and expand, such industry solutions are expected to be high on the radar of VC investors in the US. Trends to watch for in Q1’25 Looking ahead to Q1’25, VC investment in the Americas is expected to remain very solid, propelled by the continued focus of investors on the AI space. The change in administration in the US could keep investors holding back early in the quarter — particularly in jurisdictions like Canada — until there is more certainty as to the direction the new administration will take. With COP30 scheduled to be held in Brazil during Q4’25, climate change is expected to be a major focus over the next year; this will likely drive increasing interest and VC investment into the cleantech and climatetech spaces in 2025. There is a lot of optimism for the IPO market in the Americas heading into 2025, with many eyes watching to see which companies move to exit first; while the US is drawing the most attention, the growing stable of strong and profitable Canadian tech startups suggests that Canada could also see a number of quality IPO exits over the next year or two once the market picks up.10 9 https://techcrunch.com/2024/11/05/waymos-latest-funding-round-boosts-it-to-45b-valuation/ 10 https://www.theglobeandmail.com/business/article-canadian-tech-companies-worth-100-million/ Global | US Americas Europe | Asia
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