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VenturePulse
Q32024
Globalanalysisofventurefunding
October16,2024
Welcomemessage
WelcometotheQ3’24editionofKPMGPrivateEnterprise’sVenturePulse—aquarterlyreporthighlightingthemajortrends,challenges,andopportunitiesfacingtheventurecapitalmarketgloballyandinkeyjurisdictionsaroundtheworld.
VCinvestmentgloballywasrelativelysoftinQ3’24,drivenby
continueduncertaintiesinthemarket,includingongoinggeopoliticalconflicts,theapproachingUSpresidentialelection,andtheprotracted
lackofexitactivityacrossregions.Therewerepositivesigns,
however,thatthemarketcouldbeheadingforaturnaround—ifnotinQ4’24,thenheadinginto2025.FollowingoninterestratecutsbyboththeBankofCanadaandtheEuropeanCentralBankinQ2’24,both
theBankofEnglandandtheUSFederalReservebegantocut
interestratesinQ3’24.Thesecuts—andanticipationoffuturecutsinthemonthstocome—providedsomeoptimismfortheVCmarket,
althoughtherewasnosignificantimpactonQ3’24investmentlevels.
VCinvestmentintheAmericasfellbacktoearthinQ3’24,followinganexceptionallystrongQ2’24.OverallinvestmentintheAmericas
droppedfrom$58.6billioninQ2’24toonly$41.4billioninQ3’24.Theregionattractedtheonly$1billion+fundingroundsthisquarter,ledbya$1.5billionraisebyAI-powereddefense-techAndurilIndustriesanda$1billionraisebyAI-focusedSafeSuperintelligence.VCinvestmentinbothAsiaandEuropealsodeclinedbetweenQ2’24andQ3’24.ThelargestVCdealinAsiawasa$788millionraisebyPhilippines-basedfintechMynt(GlobeFintechInnovationsInc),whileGermany-baseddefense-techHelsingsawthelargestraiseinEurope($484million).
Thelargestdealsineveryregionrepresentedthetwohottestsectorsofthequarter—AIanddefense-tech—andthedynamicintersection
YouknowKPMG.YoumightnotknowKPMGPrivateEnterprise.
KPMGPrivateEnterpriseadvisersin
KPMGfirmsaroundtheworldarededicatedtoworkingwithyouandyourbusiness,no
matterwhereyouareinyourgrowth
journey—whetheryou’relookingtoreachnewheights,embracetechnology,planforanexit,ormanagethetransitionofwealthoryourbusinesstothenextgeneration.
betweenthetwo.TheapplicationofAItootherindustrysolutionswasamajorthemethisquarter.InadditiontoAI-enableddefense-tech,AI-drivenhealthandbiotechsolutionsalsosawstronginterestfromVCinvestorsglobally.
IPOandotherexitactivityremainedverydryinQ3’24acrossallthreekeyregions,althoughthereisoptimismintheAmericasandEurope
thattheIPOdoorcouldreopeninthecomingquarters.M&Aactivity
couldalsostarttorebound,particularlyifinterestratescontinuetofall.
Thereiscurrentlynoendinsightfortheongoinggeopoliticalconflicts,
butthemorepositiveeconomicfactors—combinedwiththe
completionofanumberofcriticalelections—couldseesomestabilityinjectedintotheVCmarketglobally.Whileinvestmentlevelsarenot
ConorMoore
GlobalHead,KPMGPrivateEnterprise,KPMGInternational&Partner
KPMGintheUS
expectedtopickupsignificantlyinQ4’24,thereisgrowinghopethataresurgenceisonthehorizonheadinginto2025.
Inthisquarter’seditionofVenturePulse,weexaminetheseandanumberofotherglobalandregionaltrends,including:
•AgrowingfocusonindustryapplicationsofAI
•Theresilienceofhealthandbiotechinvestment
FrancoisChadwick
Partner
KPMGintheUS
•Theincreasinginterestindefensetech
•Theattentionbeinggarneredbycybersecurity
•AcontinuedfocusonB2Bfocusedcompanies,withonekeyexception
LindsayHull
SeniorDirector,EmergingGiantsGlobalNetwork,KPMGPrivateEnterprise,
KPMGInternational
WehopeyoufindthiseditionofVenturePulseinsightful.Ifyouwouldliketodiscussanyoftheresultsinmoredetail,pleasecontacta
KPMGadviserinyourarea.
Unlessotherwisenoted,allcurrenciesreflectedthroughoutthisdocumentareinUSdollars.
*Thedealwasamixofdebt,equityandgrants,whichultimatelyduetothecompany’sstage,businessmodel,industryandbackingwasdeterminedbyPitchBooktobebestcategorizedasventure.
#Q3VC2
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Contents
Global
•VCinvestmentslows—fallingbackto$70.1billion
•Downandflatroundscontinue—representingover20%ofdeals
•Mediandealsizesedgeupwards
•Valuationsforreboundforlate-stagedeals
•M&AremainsmainexitrouteasIPOsstayonhold
•Top10dealsgloballysplitamong
6countries
Americas
•VC-backedcompaniesreach
$41.4billionacross3124deals
•Pocketsoflate-stagedealsskewingvaluations
•Dealmakersflocktomid-stagerounds
•Canadiandealvaluesurgespoweredbymegadeals
•SoliddealvalueinBrazilandMexico
•AIandBiotechinvestmentdominatetop10deals
04
34
US
•VCdealvaluefallsto$37.5billionacross2794deals
•Late-stagedealsizesriseYoY
•First-timefinancingsremainrobustYoY
•FundraisingbyVCson-pacetomatch
2023totals
•LPscontinuetofocusonfollow-onfunds
19
47
73
Europe
•InvestmentcoolsslightlyinEuropereachingonly$12.5billioninvested
•Medianpre-moneyvaluationsjumpforD+rounds
•Investmentinenterprisesoftwarecontinuestoleadtheway
•First-timefinancingsremainsubdued
•Fundraisingralliestonear2023levels
Asia
•VCinvestmentfallsto
$15.6billionacross2249deals
•MediandealsizesenterapotentialplateauYoY
•VCinvestmentconcentratesinmid-capitalstackrounds
•InvestmentinChinadrops
further,Indiaremainsrobust
•Japaneseinvestmentremainsremarkablyresilient
•Toptendealsspreadamong
5countries
privateEnterprise
#Q3VC
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3
Global
US
|
Americas
|
Europe
|
Asia
Globally,inQ3’24
VC-backedcompaniesraised$70.1Bacross7,227deals
#Q3VC4
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Global
US
|
Americas
|
Europe
|
Asia
GlobalVCinvestmentremainssubdued,evenasoptimismgrows
BothVCinvestmentandthenumberofVCdealsremainedsubduedinQ3’24,asmanyVCinvestorsgloballyremainedinaholdingpatterngiventhecurrentuncertaintiesstillpermeatingthemarket,includingthecontinuedlackofexitactivityacrossallregionsoftheworld.
AmericasattractslargestshareofVCfundinginQ3’24
GlobalVCinvestmentduringQ3’24remainedrelativelysubdued,inkeepingwithrecenttrends.TheAmericasaccountedforthelargestproportionofVCfundingglobally,drivenbya$1.5billionraisebyUS-basedAndurilIndustries,a$1billionraisebyUS-basedSafeSuperintelligenceInc,anda$900millionraisebyCanada-basedClio.AsiaattractedthesecondlargestshareofVC
fundingamongthekeyregions,drivenbya$788millionraisebyMynt,followedbya$688
millionraisebyBaichuanAIanda$415millionraisebyICLeague—bothinChina—inadditiontoa$362millionraisebySingapore-basedSiliconBox,anda$360millionraisebyIndia-basedZepto.
EuropealsosawarelativelyquietquarterofVCinvestmentinQ3’24,althoughanumberofAI-focusedfirmsraisedsolid$100million+fundingrounds.Thelargestdealsthisquarter
includedGermany-basedHelsing($484million)andFrance-basedgamingcompanyVoodoo($386million).Space-techalsoreceivedinvestorattentionashighlightedbytopdealsbyIsarAerospace($279million)inGermanyandD-Orbit($166million)inItaly.
2024seesstrongcropofnewearly-stageunicorns
AttheendofQ3’24,thenumberofearly-stageunicorncompanies—companieswithvaluationsover$1billion—hasalreadyexceededthenumberseenduringallof2023.Thislargeuptick
despitethecurrentuncertainmacroeconomicandgeopoliticalenvironmenthasbeenpropelledalmostentirelybyactivityintheAIspace,withanumberofearly-stageAIcompaniesobtainingunicornvaluationsontheirfirstmajorraises.Whilethenumberofnewunicornsremainedwellbelowlevelsseenduringtheoutlieryearsof2021and2022,ithighlightsthefocusontheAI
sectorandhowVCinvestorsarepouringmoneyintothespaceevenastheytakeafarmorecautiousapproachtotheirotherinvestments.
AIcontinuestodrawlargestticketsizes
Globally,AIcontinuedtoattractthelargestshareofVCinvestment,accountingforthelargest
dealsintheAmericas,Asia,andEuropeduringQ3’24.WhilecoreAIcompaniescontinuedto
garnerstronglevelsofinvestment—includingSafeSuperintelligence($1billion)intheUS,ad
BaichuanAI($688million),MoonshotAI($300million)inChinaandSakanaAI($200million)in
Japan—industryapplicationsofAIalsosawrobustinterestfromVCinvestors.Duringthequarter,AI-powereddefense-techcompaniesraisedlargerounds,includingUS-basedAndurilIndustries
($1.5billion)andGermany-basedHelsing($484million).ChinaalsosawAutoAI,astartupfocusedonenablingautomotivecompaniestoembedAIintotheirvehicles,raise$107millioninQ3’24.
VCinvestorsgloballyalsoshowedinterestinstartupswithofferingstangentialtotheAIspace,
includingcompanieslookingtoreducetheenergyrequirementsassociatedwithmanyAIsolutions.
Defense-techreelinbigdealsinQ3’24
Defense-techattractedanumberoflargeraisesinQ3’24,includingUS-basedAndurilIndustries—adeveloperofautonomousweaponssystems—andGermany-basedHelsing—afirmthatusesAItoimproveweaponscapabilitiesanddecisionmaking.Ongoinggeopoliticaltensionsand
conflictshavelikelydriveninterestinthedefense-techspace.WhileVCinvestorshavehistoricallyshiedawayfrommakinginvestmentsinthesector,growinginterestfromgovernmentsinsoftwareandothernon-hardwaresolutionsrelatedtodefensehasledsomeVCinvestorstoviewthespaceasagoodinvestmentopportunity.
privateEnterprise
#Q3VC
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5
Global
US
|
Americas
|
Europe
|
Asia
GlobalVCinvestmentremainssubdued,evenasoptimismgrows,cont’d.
Corporateinvestmentslows,exceptintheUS
Globally,corporateVCinvestmenthasdroppedoffconsiderablythisyearinEuropeandAsia.TheAmericas,largelydrivenbytheUS,wastheoneexception,withVCinvestmenttracking
slightlyaheadof2023resultsattheendofQ3’23.Thislikelyreflectsanumberofunique
differencesbetweenregions,includingtheincrediblystronginterestinAIintheUSandahigherdegreeofcautiononthepartofcorporatesinAsiaandEurope.
TrendstowatchforinQ4’24
WhileVCinvestmentandexitactivitywilllikelyremainrelativelysoftinQ4’24,particularlyuntilaftertheUSpresidentialelectioninNovember,thereisagrowingsenseoptimismthatexits
activitycouldstarttoreboundin2025.M&AactivitycouldbefirstoutthegateasVCinvestorslookatdealsinlightofinterestratecutsinanumberofjurisdictions.
AIisexpectedtoremainaveryhotareaofinvestment,althoughtherecouldbeashakeoutasinvestorsincreasinglyfocusoncompaniesabletoshowhowtheyareusingAItogeneraterealvalue.RegulationofAIactivitieswillalsobeamajorareatowatchoverthenextseveral
quarters,asgovernmentsandregulatorsincreasinglyprioritizetheneedtodevelopguardrailsforAIactivities,whethertheyarefocusedonsafety,privacy,orappropriateuse.
WhilealternativeenergysolutionshavegarneredstronginterestfromVCinvestorsoverthelasttwoyears—althoughtotalinvestmenthasfallenoffoverthelastcoupleofquarters—interestcouldspikefurtheroverthenextyeargivenhowglobalenergydemandisskyrocketingand
predictedtooutpacesupply.
privateEnterprise
#Q3VC
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6
Global
US
|
Americas
|
Europe
|
Asia
Thenewnormalseemsestablished
Globalventurefinancing
2018–Q3’24
$250
$200
$150
$100
$50
$0
$80.7
$90.9
$81.3
$99.0
$81.8
$74.9
$87.0
$94.8
$77.0
$77.6
$103.2
$117.4
$166.5
$175.4
$196.4
$212.0
$182.8
$150.7
$105.7
$95.1
$97.0
$85.9
$90.6
$81.5
$76.6
$95.5
$70.1
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3
2018201920202021202220232024
18,000
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
Dealvalue($B)Dealcount——Pre-seed/Seed——EarlyVC——LaterVC——Venturegrowth
Source:VenturePulse,Q3’24,GlobalAnalysisofVentureFunding,KPMGPrivateEnterprise.*AsofSeptember30,2024.DataprovidedbyPitchBook,October16,2024.
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privateEnterprise
Ihavesomecautiousoptimismthat2025couldbeabetteryearfortheglobalIPOmarkets.Afteraverydrycoupleofyears,IPOactivitycouldfinallyseea
resurgence.Whileweprobablywon’tseealotofcoreAI
companiesgoingoutyet—in
partbecausemanyarestill
workingtofigureouttheoptimalbusinessmodels,andarequitewellfunded—wecouldsee
companiesinawiderangeofothersectorslookingtoexit—
includinghealthandbiotech,fintech,andenergyand
cleantech.”
#Q3VC7
ConorMoore
GlobalHead,KPMGPrivateEnterprise,KPMGInternational&Partner
KPMGintheUS
“
Global
US
|
Americas
|
Europe
|
Asia
Downroundsmaintainpre-boomproportionswhilemediansholdsteady
Globalmediandealsize($M)bystage
2018–2024*
$30
$25
$20
$15
$11.5
$10
$5.5
$3.2$2.0
$0
2018201920202021202220232024*Pre-seed/SeedEarlyVCLaterVCVenturegrowth
$5
Source:VenturePulse,Q3’24,GlobalAnalysisofVentureFunding,KPMGPrivateEnterprise.*AsofSeptember30,2024.DataprovidedbyPitchBook,October16,2024.
Globalup,flatordownrounds
2018–2024*
100%
90%
nUp
80%
70%
60%
50%
Flat
40%
30%
20%
Down
10%
0%
2018201920202021202220232024*
privateEnterprise
#Q3VC
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8
Global
US
|
Americas
|
Europe
|
Asia
Financingsizesedgeupasinvestorsacclimitize
Globalmediandealsize($M)byseries
2018–2024*
$120
$100
$80
$60
$40
$20
$0
$65.0
$33.0
$21.0
o$10.0$0.6o厂$2.5
o$0.4
2018
2019
2020
2021
2022
2023
2024*
Pre-seed
Seed
Angel
A
B
C
D+
Source:VenturePulse,Q3’24,GlobalAnalysisofVentureFunding,KPMGPrivateEnterprise.*AsofSeptember30,2024.DataprovidedbyPitchBook,October16,2024.
privateEnterprise
#Q3VC
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9
Global
US
|
Americas
|
Europe
|
Asia
Valuationsreboundatthelateststage,holdsteadyelsewhere
Globalmedianpre-moneyvaluation($M)byseries
2018–2024*
$1,000
$900
$800
$700
$600
$500
$400
$300
$200
$100
$0
$686.8
$185.8
$87.5
$5.1
$34.0厂$10.1
o$3.4
2018201920202021202220232024*
Pre-seedSeedAngelABCD+
Source:VenturePulse,Q3’24,GlobalAnalysisofVentureFunding,KPMGPrivateEnterprise.*AsofSeptember30,2024.DataprovidedbyPitchBook,October16,2024.
privateEnterprise
#Q3VC
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10
Global
US
|
Americas
|
Europe
|
Asia
Largerproportionsofcapitalconcentrateinmidstagerounds
Globaldealsharebyseries
2018–2024*,numberofcloseddeals
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2018201920202021202220232024*
D+
wC
B
A
Angel
Seed
Pre-seed
Source:VenturePulse,Q3’24,GlobalAnalysisofVentureFunding,KPMGPrivateEnterprise.*AsofSeptember30,2024.DataprovidedbyPitchBook,October16,2024.
Globaldealsharebyseries
2018–2024*,VCinvested($B)
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2018201920202021202220232024*
D+
wC
B
A
Angel
Seed
Pre-seed
privateEnterprise
#Q3VC
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11
Global
US|Americas|Europe|Asia
Enterprise&healthcarecontinuetodrawcapital
GlobalfinancingtrendstoVC-backedcompaniesbysector
2018–2024*,numberofcloseddeals
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2018
2019
2020
2021
2022
2023
2024*
Transportation
Commercial
products&services
aConsumergoods&services
Software
Pharma&biotechOther
Media
IThardware
HCservices&systems
HCdevices&supplies
Energy
GlobalfinancingtrendstoVC-backedcompaniesbysector
2018–2024*,VCinvested($B)
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2018
2019
2020
2021
2022
2023
2024*
Transportation
Commercial
products&services
aConsumergoods&services
Software
Pharma&biotechOther
Media
IThardware
HCservices&systems
HCdevices&supplies
Energy
Source:VenturePulse,Q3’24,GlobalAnalysisofVentureFunding,KPMGPrivateEnterprise.*AsofSeptember30,2024.DataprovidedbyPitchBook,October16,2024.
privateEnterprise
#Q3VC
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12
Global
US
|
Americas
|
Europe
|
Asia
First-timefinancingslooksettonearlymatch2023inVCinvested
CorporateVCparticipationinglobalventuredeals
2018–Q3’24
$120
$100
$80
$60
$40
$20
$0
$38.7
$55.3
$44.0
$48.6
$38.5
$37.3
$36.9
$51.0
$37.9
$39.0
$57.3
$62.4
$85.8
$86.2
$111.8
$113.5
$95.6
$77.0
$51.4
$50.7
$54.5
$41.7
$49.9
$39.1
$37.9
$54.0
$35.2
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q32018201920202021202220232024
Dealvalue($B)——Dealcount
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
Globalfirst-timeventurefinancingsofcompanies
2018–2024*
$80
$70
$60
$50
$40
$30
$20
$10
$0
$37.5
$34.5
$41.2
$69.0
$61.1
$43.4
$28.3
2018201920202021202220232024*
Dealvalue($B)——Dealcount
20,000
18,000
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
Source:VenturePulse,Q3’24,GlobalAnalysisofVentureFunding,KPMGPrivateEnterprise.*AsofSeptember30,2024.DataprovidedbyPitchBook,October16,2024.
Note:Thecapitalinvestedisthesumofalltheroundvaluesinwhichcorporateventurecapitalinvestorsparticipated,nottheamountthatcorporateventurecapitalarmsinvestedthemselves.Likewise,dealcountisthenumberofroundsinwhichcorporateventurefirmsparticipated.
privateEnterprise
#Q3VC
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13
GlobalUS|Americas|Europe|Asia
Exitscontinuetochugalongatasubduedlevel
Globalunicornrounds
2018–Q3’24
$80
$70
$60
$50
$40
$30
$20
$10
$0
$21.2
$28.5
$23.4
$39.3
$22.5
$20.5
$29.6
$29.9
$17.5
$21.2
$29.9
$34.8
$62.5
$60.7
$73.7
$75.5
$54.1
$44.9
$19.8
$22.7
$29.8
$15.8
$18.1
$17.6
$15.4
$28.9
$17.2
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q32018201920202021202220232024
Dealvalue($B)——Dealcount
300
250
200
150
100
50
0
Source:VenturePulse,Q3’24,GlobalAnalysisofVentureFunding,KPMGPrivateEnterprise.*AsofSeptember30,2024.DataprovidedbyPitchBook,October16,2024.
Note:PitchBookdefinesaunicornventurefinancingasaVCroundthatgeneratesapost-moneyvaluationof$1billionormore.Thesearenotnecessarilyfirst-timeunicornfinancingrounds,butalsoincludefurtherroundsraisedbyexistingunicornsthatmaintainatleastthatvaluationof$1billionormore.
Globalventure-backedexitactivity
2018–Q3’24
$450
$400
$350
$300
$250
$200
$150
$100
$50
$0
$37.9
$104.4
$129.6
$63.2
$66.5
$158.8
$79.3
$62.7
$46.7
$86.0
$214.3
$203.7
$357.8
$346.2
$358.3
$392.8
$102.0
$76.2
$95.9
$63.9
$36.6
$60.3
$88.4
$58.4
$40.1
$61.3
$38.4
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q32018201920202021202220232024
Exitvalue($B)——Exitcount
1,400
1,200
1,000
800
600
400
200
0
Note:Exitvalueforinitialpublicofferingsisbasedonpre-IPOvaluation,notthesizeoftheofferingitself.FortheQ12024editionofVenturePulse,understandardPitchBookventuremethodology,Reddit'sIPOwouldnotbeincludedgivenitsbackingstatusbutitwasincludedintheunderlyingexitsdatainthisinstancetobetterreflectitsextensivepreviousVC-backedhistory.
privateEnterprise
#Q3VC
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14
Global
US
|
Americas
|
Europe
|
Asia
M&Aremainsthepredominantexitroute
Globalventure-backedexitactivity(#)bytype
2018–2024*
5,000
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
2018201920202021202220232024*uAcquisitionuBuyoutPubliclisting
Globalventure-backedexitactivity($B)bytype
2018–2024*
$1,600
$1,400
$1,200
$1,000
$800
$600
$400
$200
$0
2018201920202021202220232024*nAcquisitionBuyoutnPubliclisting
Source:VenturePulse,Q3’24,GlobalAnalysisofVentureFunding,KPMGPrivateEnterprise.*AsofSeptember30,2024.DataprovidedbyPitchBook,October16,2024.
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privateEnterprise
We’reseeinginvestorstakingamuchdeeperdiveintowhatacompany’spathtoprofitabilitylookslike.They’renot
acceptingspeculationasmuchastheyhaveinthepast;theywanttoreallyunderstanda
startup’sprojectedmarket,customerbase,andgrowth
andprofitabilityexpectations.
Delvingintothesefactorsaspartoftheirduediligence
processesistakinglonger,
whichhassloweddowndealspeedstosomedegree.”
#Q3VC15
FrancoisChadwick
Partner
KPMGintheUS
“
Global
US
|
Americas
|
Europe
|
Asia
LPsfinallybacksomelargerfunds,pushingupcapitalcommitted
Globalventurefundraising
2018–2024*
$450
$400
$350
$300
$250
$200
$150
$100
$50
$0
$362.8
$263.6
$270.3
$383.2
$340.4
$202.8
$143.1
2018201920202021202220232024*
Capitalraised($B)——Fundcount
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
Afteraprolongedperiodofshyness,ithasbeendifficulttoassessifLPssimplywerebeingmorethoroughand/or
cautiousbeforereuppingcommitmentsduetotheir
perceptionsofrisk,orifthedroughtofliquiditywasalsoatplay,orboth.Itislikelyacombinationofallthosefactors
producedtheslowdownin2023.Now,however,fundraisingseemstohaverecoveredintermsofcapitalcommitted
aggregates,evenwhilethecountoffundsclosedlookssettohitamulti-yearlow.Cautionisstillparamount,consequently,butfortop-tiermanagers,LPsarewillingtoreupafter
acclimatizingtothenew,risk-heightenedenvironment.
LPsseemtohavecautiouslyreenteredfundraisingtrails,with
fundraisingnowfinally
resurgingafterprolonged
processesculminatedinQ3seeingfundclosingson
billionsincommitments.
Source:VenturePulse,Q3’24,GlobalAnalysisofVentureFunding,KPMGPrivateEnterprise.*AsofSeptember30,2024.DataprovidedbyPitchBook,October16,2024.
privateEnterprise
#Q3VC
©2024CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.
16
Global
US
|
Americas
|
Europe
|
Asia
Follow-on,largerfundskeepclosingatahigherclip
Globalventurefundraising(#)bysize
2018–2024*
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2018201920202021202220232024*
$1B+$500M-$1B$250M-$500M$100M-$250M$50M-$100MUnder$50M
Globalfirst-timevs.follow-
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