Monthly VC Market Report

AUGUST 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
Sep 13, 2024

Deal Count & Total Capital Invested

In August 2024, the number of deals concluded by venture-backed companies with a valuation of $100M or more fell by 14% compared to July (91 deals) and amounted to 78 deals.

The total number of transactions, one of the main indicators of market activity, has been stable over the past year, despite the high FED and ECB interest rates.

The drop in the total number of transactions in August is primarily due to a decrease in activity in the $100-250M and $500-1B segments.

Deal structure by valuation segments, August 2024

The number of deals concluded by VC-backed companies in the Seed-Series G+ rounds decreased by 23% compared to July (715 deals) and amounted to 584 deals. The decrease in the total number of deals in the Seed-Series G+ group in August was primarily due to a reduction in activity by early-stage companies, especially in the Seed, Series A, Series B segments.

Fact

Total capital invested in venture-backed companies valued at over $100M in August was $7.5B,
down 11% or ~$0.8B from July ($8.3B), which is close to an average for 2024.

The gradual decrease in the volume of invested capital in 2022 and the stabilization of the trend in 2023-2024, in our opinion, are associated with the deterioration of global macroeconomic conditions in general and with the effect of maintaining the Fed rate in July at 5.25-5.50% in particular.

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

Invested capital ($B) structure by valuation segments, August 2024

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

Total capital invested in the Seed-Series G+ rounds in August 2024 fell to $11.8B, down 17% or about $2.4B from July ($14.2B).
In August, early-stage companies saw a decrease in total capital raised, while late-stage companies showed an increase in this indicator.

Median Round Size & Median Post-Money Valuation

Median round size by valuation segments, 2022-2024, $M

Median round size has been fairly stable for all segments over the past 2 years, however, in some months it could be higher or lower than the typical one, especially for companies with a valuation of $1B+ and $500M-1B.
In August, median round size in the $1B+ segment increased compared to the same indicator for the previous month to $235M (+$89M or +60% MoM).
In the $100-250M segment, median round size fell to $26M, and in $250-500M and $500M-1B it increased to $53M and $102M, respectively.

Fact

The median post-money valuation has remained relatively stable over the past 2 years in each segment under consideration,
but in the $1B+ segment ($3.03B) its volatility is higher than in others.

In August, the $1B+ segment showed an increase in the median post-money valuation of closed deals by 114%.

The median post-money valuation fell by 1% to $0.14B in the $100-250M segment, by 5% to 0.32B in the $250-500M segment, and by 7% to $0.61B in the $500M-1B segment.

Deal count, total capital invested, median round sizes and post-money valuations, by rounds, August 2024

New Rounds Raised by Companies with $1B+ Valuation

Codeium
Codeium is a developer of a deep learning acceleration platform designed to simplify AI workloads
- Industry: AI & ML
- Round size: $150M (Series C)
- Round date: 29 Aug 2024
- Total funding: $243M
- Valuation: $1.25B
- Investors: Greenoaks Capital Partners, AIX Ventures, Base Case Capital, Founders Fund, Rackhouse Venture Capital, Neo
Cribl
Cribl is a developer of big data software designed to simplify big data and log analytics at scale
- Industry: CloudTech, AI & ML
- Round size: $319M (Series E)
- Round date: 27 Aug 2024
- Total funding: $725M
- Valuation: $3.50B
- Investors: Sequoia Capital, CRV, Founders Circle Capital, Citi Ventures, Tiger Global Management, GV, GIC (Singapore)
SpaceX
SpaceX is a developer of rockets and spacecraft designed for space transportation
- Industry: Aerospace & Defense
- Round size: N/D (Later Stage VC)
- Round date: 27 Aug 2024
- Total funding: $9.45B
- Valuation: $180.00B
- Investors: Kleiner Perkins, Andreessen Horowitz, Coatue Management, Sequoia Capital, Alphabet, Fidelity Investments
HomeLight
HomeLightis an online real estate market operator offering clients a simpler format for concluding transactions
- Industry: Real Estate Tech
- Round size: $235M (Series D)
- Round date: 26 Aug 2024
- Total funding: $525M
- Valuation: $1.70B
- Investors: Citi Ventures, Crosslink Capital, GV, Primera Capital, Menlo Ventures, TriplePoint Capital, Zeev Ventures
Grafana Labs
Grafana Labs is a developer of a performance monitoring platform designed to help organizations visualize data and improve business process transparency
- Industry: Business/Productivity Software
- Round size: $328M (Series D)
- Round date: 22 Aug 2024
- Total funding: $658M
- Valuation: $6.63B
- Investors: Sequoia Capital, Lightspeed Management Capital, GIC (Singapore), Coatue Management, JP Morgan Asset Management
Story Protocol
Story Protocol is a developer of a Web3 platform for creating, managing and licensing intellectual property in the field of narrative universes
- Industry: AI & ML, Blockchain, FinTech
- Round size: $83M (Series В)
- Round date: 21 Aug 2024
- Total funding: $167M
- Valuation: $2.25B
- Investors: Andreesen Horowitz, Polychain Capital, Alliance DAO, Foresight Ventures (Singapore), Samsung NEXT Ventures
Kong
Kong is a developer of a platform designed to manage and monitor APIs and micro-services
- Industry: AI & ML, Business/Productivity Software
- Round size: $80M (Series E)
- Round date: 16 Aug 2024
- Total funding: $269M
- Valuation: $2.00B
- Investors: The Goldman Sachs Group, Tiger Global Management, Andreessen Horowitz, Stanford University Venture Fund, Index Ventures, Jeffrey Bezos
EliseAI
EliseAI is a developer of a conversational AI platform designed to deliver a new level of business automation
- Industry: AI & ML, Business/Productivity Software
- Round size: $75M (Series D)
- Round date: 14 Aug 2024
- Total funding: $172M
- Valuation: $1.03B
- Investors: Navitas Capital, Golden Seeds Ventures, Point72 Ventures, Koch Real Estate Investment, Sapphire Ventures, Falcon Partners
Altana Technologies
Altana Technologies is an operator of a global supply chain platform offering trade data management services
- Industry: AI & ML, Business/Productivity Software
- Round size: $221M (Series C)
- Round date: 8 Aug 2024
- Total funding: $344M
- Valuation: $1.00B
- Investors: GV, Salesforce Ventures, US Innovative Technologies Fund, Page One Ventures, March Capital
Anduril
Anduril Industries is a defense technology company that uses algorithms to solve national security problems
- Industry: Robotics & Drones, Aerospace & Defense, AI & ML
- Round size: $1.5B (Series F)
- Round date: 07 Aug 2024
- Total funding: $3.82B
- Valuation: $14.00B
- Investors: Andreessen Horowitz, E1 Ventures, Lightspeed Management Company, US Innovative Technology Fund, D1 Capital Partners, MVP Ventures, US Customs, Spark Capital
Abnormal
Abnormal is a cloud email security platform developer that uses AI to prevent cybercrime
- Industry: AI & ML, Cybersecurity
- Round size: $250M (Series D)
- Round date: 06 Aug 2024
- Total funding: $534M
- Valuation: $5.10B
- Investors: Greylock, Menlo Ventures, Insight Partners, Wellington Management Group, CrowdStrike
Groq
Groq is an AI interface development company dedicated to meeting industry needs for computing speed, quality and energy efficiency
- Industry: AI & ML
- Round size: $640M (Series D)
- Round date: 05 Aug 2024
- Total funding: $1.05B
- Valuation: $2.80B
- Investors: BlackRock, Cisco Investment, Tiger Global Management, Modi Ventures, Blockchain Capital, Samsung Catalyst Fund
Bilt
Bilt is a developer of a rewards platform that allows renters to earn points for renting properties
- Industry: FinTech, Real Estate
- Round size: $150M (Later Stage VC)
- Round date: 02 Aug 2024
- Total funding: $536M
- Valuation: $3.25B
- Investors: General Catalyst, Blackstone, MasterCard, Wells Fargo, Vanderbilt University Endowment
Devoted
Devoted is a healthcare provider that provides personalized care planning for patients
- Industry: Health Tech, LOHAS & Wellness
- Round size: $287M (Series E)
- Round date: 02 Aug 2024
- Total funding: $2.33B
- Valuation: $13.00B
- Investors: GIC (Singapore), Base10 Partners, Andreesen Horowitz, SoftBank Investment Advisers, The RockCreek Group
Lukka
Lukka is a developer of a financial, audit and compliance platform that enables market players to automate office processes
- Industry: FinTech, Blockchain
- Round size: $51.5M (Series E)
- Round date: 01 Aug 2024
- Total funding: $260.5M
- Valuation: $1.26B
- Investors: Animoca Capital, Soros Fund Management, S&P Global, Liberty City Ventures

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.