State of Venture 2024 Report
State ofVenture Global | 2024 recap Global data and analysis on dealmaking, funding,and exits by private market companies Makesmartertech decisions. Our platform will help youdiscover, understand, andmanageyour response to emerging tech. Make confidenttech decisions that drive growth, improve operations, andbeat the competition with CB Insights. ▮▮▮▮IIIITry our platform–free!Sign up for a free trial “Steal” our data. Download the underlying data in this report. If you createany analysis or visualizations with this data, send it ourway and you could be featured in the CBI newsletter.@ us on social–LinkedIn X (Twitter)Instagram TL;DRYour rundown onventurein 2024 27K 37%Of venture funding goesto AI. A new high. Equity deals globally in 2024—an 8-year low. 7.5 years Median time from firstfunding to IPO. From first funding to IPO, VC-backedcompanies that went public in 2024waited a median of 7.5 years—2 yearslonger than in 2022. In 2024, AI represented 37% of venturefunding and 17% of deals—both all-timehighs. AI infrastructure players raised allof the top 5 venture deals of the year, with4 closing in Q4’24 alone. Globally, deal activity fell 19% YoY to26,961 in 2024—its lowest annual levelsince 2016. The drop was mostpronounced in countries like China (-33%YoY), Canada (-27%), and Germany (-23%). Amid unfavorable market conditions,some late-stage players have resorted toraising additional equity funding or sellingprivate shares to create liquidity for earlyemployeesand investors,in lieu of goingpublic. With nearly 3 in 4 AI deals being early-stage in 2024, investors are staking outearly claims to reap the rewards of thetech’s potential. However, several countries in Asia—Japan, India, and South Korea—havebucked the downward trend. Theirresilience suggests attractive investmentconditions. See the data→ See the data→ See the data→ TL;DRYour rundown onventurein 2024 $86.2B $25M 150% Growth in deals to enterpriseAI agent developers. Funding in Q4’24. A 2-yearhigh. Median early-stage dealvaluation—an annual record. Investors are packing into early-stagerounds to ride the next major wave ofvalue creation in tech, drawn by startups’ability to build products with less capitaland fewer people thanks to AI. Out of 1,400+ tech markets that CBInsights tracks, those with the highest rateof YoY deal growth include enterprise AIagents,genAIfor customer support,industrial humanoid robots, andautonomous driving systems. In Q4’24, the AI boom helped fuel asubstantial rebound in global funding. Thequarter’s funding tally reached $86.2B—a2-year high, and an increase of 53%quarter-over-quarter (QoQ). However, early-stage startups could facea reality check as they reach later stages.Although mid-and late-stage deal valuesrebounded slightly vs. 2023, they remainmuted compared to 2021 and 2022. 60% of that quarterly total, or $52B, camefrom mega-rounds (deals worth $100M+)—nearly tying Q1’21 for the highest shareever across venture. Expect these technologies to continuematuring in 2025, increasing theirdisruptive potential. See the data→ See the data→ See the data→ TL;DRState of Venture The AI arms race reshapes venture activity AI now captures 37% of venture funding and 17% of equity deals TL;DRState of Venture Global deal volume hits 8-year low Disclosed global equity deal count TL;DRState of Venture VC-backed startups wait longer to IPO Median time from first funding to IPO among VC-backed companies TL;DRState of Venture Early-stage deals show strength in 2024 TL;DRState of Venture Q4’24 sees a funding rebound Disclosed global equity funding and deal count TL;DRState of Venture Fastest-growing tech markets revolve around AI & automation ContentsState of Venture Boston125Seattle129Denver133DC137Chicago141Dallas145Austin149Miami153Atlanta157Philadelphia161Raleigh165Canada169Toronto177Asia181China189India193Singapore197Japan201 Europe205United Kingdom213Germany217France221Israel225Netherlands229Sweden233LatAm237Mexico245Brazil249Africa253Egypt261Oceania265 Investment Trends14Unicorns38Exit Trends44Investors51 Sector Spotlights55 AI56Fintech68Retail Tech80Digital Health92 Geographic Trends104 US105Silicon Valley113New York117Los Angeles121 Global Trends Investment Trends State of Venture|Global Trends|Investment Trends Annual equity funding & deals State of Venture|Global Trends|Investment Trends Quarterly equity funding & deals State of Venture|Global Trends|Investment Trends Funding & deals by global region in Q4’24 State of Venture|Global Trends|Investment Trends Percent of quarterly deals by global region State of Venture|Global Trends|Investment Trends Percent of quarterly deals by investor group State of Venture|Global Trends|Investment Trends Annual average & median deal size State of Venture|Global Trends|Investment Trends Annual median deal size by global region State of Venture|Global Trends|Investment Trends Annual median deal size by investor gr