State of CVC Q3’24 Report

State ofCVC Global | Q3 2024 Global data and analysis onCVC-backed dealsandfunding toprivate 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 TLDRState ofCVC Your rundown onCVCin Q3’24 $10.5BUS CVC-backedfunding in Q3’24. $27.1M $15.7B 66%Of all CVC dealsthis year are early-stage. 51% Mega-rounds’share of Q3’24funding. Global CVC-backedfunding. Down 5%QoQ. Average deal size in2024 so far,up 31%from 2023. Among major globalregions, the US continuedto lead in CVC-backedfunding in Q3’24, followedby Europe at $2.6B andAsia at $1.3B. The average CVC-backeddeal size has increased31% so far this year to$27.1M, highlightinginvestors’ willingness totake risks when they findthe right opportunity. CVC-backed fundingdropped to $15.7B, down5% quarter-over-quarter(QoQ)—though it was stillthe second-highest quartersince the start of 2023. Funding from CVC-backed$100M+ mega-roundsmade up 51% of totalfunding in Q3’24. Thispercentage matchesprevious quarters in 2024while up significantly froman average of 37% in 2023,further suggesting thatinvestors are willing tomake large bets when theydecide to invest. Early-stage rounds accountfor 66% of the total dealshare this year, the highestlevel in over a decade. CVCs are increasinglyfocused on early-stagestartups, especially amidthe AI boom. Across thebroader venture market,72% of deals to AIcompanies this year areearly-stage. Within the US, defensetech providerAndurilraised the largest CVC-backed deal with its $1.5BSeries F round, followed byAI chip developerGroqwith its $640M Series D. Meanwhile, CVC dealvolume declined by 10% to773 deals as CVCsbecome increasinglyselective. However, the median dealsize remains the same aslast year at $8M, signalingthat investors are onlymore aggressive regardingthe largest deals. See the data→ See the data→ See the data→ See the data→ See the data→ ContentsState of CVC Global Trends6Investment Trends7 Sector Spotlights29 Fintech30Retail Tech38Digital Health46 Geographic Trends 54 US55Silicon Valley60New York64Los Angeles68Boston72Asia76China81India85 Global Trends Investment Trends State of CVC|Global Trends|Investment Trends Annual equity funding & deals State of CVC|Global Trends|Investment Trends Quarterly equity funding & deals State of CVC|Global Trends|Investment Trends State of CVC|Global Trends|Investment Trends Percent of quarterly deals by global region State of CVC|Global Trends|Investment Trends Annual average & median deal size State of CVC|Global Trends|Investment Trends Annual median deal size by global region State of CVC|Global Trends|Investment Trends Quarterly funding & deals from mega-rounds (deals worth $100m+) State of CVC|Global Trends|Investment Trends State of CVC|Global Trends|Investment Trends Quarterly mega-round deals by global region State of CVC|Global Trends|Investment Trends Quarterly mega-rounds as percent of funding Global: Top equity deals in Q3’24 State of CVC|Global Trends|Investment Trends Annual percent of deals by deal stage State of CVC|Global Trends|Investment Trends Regional deal share by deal stage in Q3’24 State of CVC|Global Trends|Investment Trends Annual median funding by deal stage State of CVC|Global Trends|Investment Trends Global: Top seed/angel deals in Q3’24 Global: Top Series C deals in Q3’24 State of CVC|Global Trends|Investment Trends Global: Top Series D deals in Q3’24 State of CVC|Global Trends|Investment Trends State of CVC|Global Trends|Investment Trends Sector Spotlights Fintech State of CVC|Sector Spotlights|Fintech Quarterly equity funding & deals State of CVC|Sector Spotlights|Fintech Quarterly deals by global region State of CVC|Sector Spotlights|Fintech Annual average & median deal size State of CVC|Sector Spotlights|Fintech Annual percent of deals by deal stage Retail Tech State of CVC|Sector Spotlights|Retail Tech Quarterly equity funding & deals State of CVC|Sector Spotlights|Retail Tech Funding & deals by global region in Q3’24 State of CVC|Sector Spotlights|Retail Tech Quarterly deals by global region State of CVC|Sector Spotlights|Retail Tech Annual average & median deal size State of CVC|Sector Spotlights|Retail Tech Annual percent of deals by deal stage Retail Tech: Top equity deals in Q3’24 State of CVC|Sector Spotlights|Retail Tech Digital Health State of CVC|Sector Spotlights|Digital Health Quarterly equity funding & deals State of CVC|Sector Spotlights|Digital Health Funding & deals by global regi