Monthly VC Market Report

APRIL 2024
VENTURE CAPITAL REPORT

The report analyzes the VC market in the Americas and Europe, focusing on growth- and late-stage companies. It includes statistics on deals, capital raised, valuations, funding round sizes,

and descriptions of new unicorns.

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SUMMARY

Monthly Americas and Europe
VC Market Report
May 15, 2024

Total Capital Invested & Post-Money Valuation

Dynamics of invested capital and deal count, companies valued at 100M+, 2022-2024

In April, VC-backed companies with a $100M+ valuation raised $7.1B in 72 deals, down 34% in total capital invested and 30% in total number of deals closed compared to March.
Total capital raised by companies in the Seed-Series G+ rounds amounted to $13.4B (-19% MoM) as a result of 693 deals (-19% MoM).
Companies with a valuation of $1B+ raised $3.79B in 14 deals and accounted for 53% of the total capital raised and 19% of the number of deals.

April resulted in a higher median round size in the $1B+ segment compared to March, reaching $225M (+$110M or +96% MoM). Median round size in the Series C segment decreased to $44M (-$10.8M or -19.8% MoM).

Median post-money valuations in the $1B+, $500M-$1B, $250-$500M and $100-$250M segments amounted to $2.05B, $0.79B, $0.31B and $0.13B, respectively. The $1B+ segment showed a 46% increase in the median post-money valuation of closed deals.

Median post-money valuations in the $100-250M and $200-500M segments decreased by 4% and 9%, while in the $500M-$1B segment it rose by 5%. No deals were completed in Series G+ rounds in April.

In 2024, we expect the trend towards a stable interest rate to continue, with a possibility of a downward adjustment in interest rates.

Deal count and median round sizes and post-money valuations, by rounds, April 2024

New Rounds Raised by Companies with $1B+ Valuation

Innovaccer
Innovaccer is a developer of a data platform designed to assist healthcare organizations to unify patient data across systems
- Industry: AI & ML, HealthTech
- Round size: $250M (Series F)
- Round date: 30 Apr 2024
- Total funding: $626M
- Valuation: $3.50B
- Investors: Tiger Global Management, Lightspeed Venture Partners, Peak XV Ventures, B Capital Group, Dragoneer Investment Group
Island
Island is a developer of a security-focused Enterprise Browse
- Industry: Cybersecurity
- Round size: $175M (Series D)
- Round date: 30 Apr 2024
- Total funding: $550M
- Valuation: $3.00B
- Investors: Coatue Management, Insight Partners, Sequoia Capital, Stripes, Cisco Investments, Capital One Ventures, CyberStarts, Cerca Partners
QI Tech
QI Tech is a developer of a banking-as-a-service platform designed to invest and manage credit assets and raise debt
- Industry: FinTech
- Round size: $250M (Series B)
- Round date: 25 Apr 2024
- Total funding: $520M
- Valuation: $1.00B
- Investors: GIC, General Atlantic, Endeavor Catalyst, Across Capital Partners
Cognition
Cognition is a developer of an autonomous artificial intelligence chatbot designed to manage development projects from inception to completion
- Industry: AI & ML
- Round size: $175M (Early Stage VC)
- Round date: 24 Apr 2024
- Total funding: $196M
- Valuation: $2.00B
- Investors: 8VC, Founders Fund, Anti Fund
Xaira Therapeutics
Xaira Therapeutics is an AI-enabled drug discovery and development company
- Industry: AI & ML, Life Sciences
- Round size: $1.00B (Series A)
- Round date: 24 Apr 2024
- Total funding: $1.00B
- Valuation: $1.00B
- Investors: Sequoia, Lightspeed Venture Partners, Lux Capital, F-Prime Capital, SV Angel, Menlo Ventures, ARCH Venture Partners,
Skild
Skild is a developer of a cloud-based employee engagement platform for team building
- Industry: Media and Information Services
- Round size: $300M (Series A)
- Round date: 23 Apr 2024
- Total funding: $300M
- Valuation: $1.50B
- Investors: Coatue Management, Lightspeed Venture Partners
Grow Therapy
Grow Therapy is a developer of a mental health marketplace which connects clients and licensed therapists and psychiatrists
- Industry: Digital Health
- Round size: $88M (Series C)
- Round date: 19 Apr 2024
- Total funding: $175M
- Valuation: $1.30B
- Investors: Sequoia Capital, Goldman Sachs Asset Management, SVB Financial Group, TCV, SignalFire, Village Global, Founders Factory, HBS
Essence Healthcare
Essence Healthcare provides comprehensive and affordable health insurance to people with Medicare
- Industry: InsurTech
- Round size: $100M (Series A2)
- Round date: 10 Apr 2024
- Total funding: $769M
- Valuation: $2.15B
- Investors: Kleiner Perkins, Deerfield Management, Sandbox Industries, Baillie Gifford, Blue Venture Fund, Camden Partners
FloQast
FloQast is a developer of a financial close management software designed to streamline the month-end close process for accounting teams
- Industry: FinTech
- Round size: $100M (Series E)
- Round date: 10 Apr 2024
- Total funding: $303M
- Valuation: $1.60B
- Investors: Insight Partners, Norwest Venture Partners, Sapphire Ventures, Meritech Capital Partners, WiL, Polaris Partners, Wavemaker Partners
Zūm
Zūm is a developer of a platform designed to provide safe, efficient, and reliable child transportation for school districts and families
- Industry: AI & ML, Mobility Tech
- Round size: $140M (Series E)
- Round date: 10 Apr 2024
- Total funding: $341M
- Valuation: $1.30B
- Investors: GIC, SoftBank Investment Advisers, Spark Capital, Sequoia Capital, DNX Ventures, City Ventures, FundersClub, Sand Hill Angels, TSVC, Ulu Ventures
Cyera
Cyera is a developer of a data storing and security platform intended to prevent breaches and catch data risks in an organization
- Industry: AI & ML, Cybersecurity
- Round size: $300M (Series C)
- Round date: 09 Apr 2024
- Total funding: $460M
- Valuation: $1.50B
- Investors: Coatue Management, Accel, Spark Capital, Redpoint Ventures, Sequoia Capital, CyberStarts, AT&T Ventures, Georgian
Monad
Monad is a developer of a blockchain protocol that streamlines Ethereum throughput via parallel transaction processing techniques
- Industry: Cryptocurrency/Blockchain, FinTech
- Round size: $225M (Series A)
- Round date: 09 Apr 2024
- Total funding: $244M
- Valuation: $3.00B
- Investors: Coinbase Ventures, GSR Ventures, Dragonfly, Shima Capital, Greenoaks Capital Partners, SevenX Ventures, Big Brain Holdings
Clear Street
Clear Street is a developer of modern infrastructure for capital markets. The company’s cloud-native platform provides clearing and custody solutions for market participants.
- Industry: FinTech
- Round size: $685M (Series B)
- Round date: 04 Apr 2024
- Total funding: $855M
- Valuation: $2.10B
- Investors: NextGen Venture Partners, Prysm Capital, Belvedere Capital

Important notice: The figures presented in the reports for previous periods may be subject to subsequent backward-looking adjustments in later reports due to the delay in obtaining data on closed transactions and the possibility of their adjustments in the market intelligence systems used to extract deal data.