DECEMBER 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
Jan 15, 2024
Deal Count & Total Capital Invested
In December 2024, the number of deals closed by venture-backed companies with a valuation of $100M or more increasedby 4% compared to November (73 deals) and amounted to 76 deals.

The total number of transactions, one of the main indicators of market activity, has been stable over the past year.

The rise in the total number of transactions in December is primarily due to an increase in activity in the $250-500M segment.

Deal structure by valuation segments, December 2024

The number of deals closed by venture-backed companies in Seed – Series G+ remained virtually unchanged from November, amounting to 667 deals. The slight increase in the total number of deals in December is primarily due to increased activity by companies in the Series B segment.
Fact
Total capital invested in venture-backed companies worth over $100M in December was $13.6B,
up 119% or ~$7.4B from November ($6.5B).
The gradual decline in the volume of invested capital and the stabilization of the trend in 2023-2024 reflect the influence of global macroeconomic conditions and the effect of the transition from a high interest rate to its gradual reduction.

In December 2024, the Fed cut the interest rate again by 0.25% (25 bps) to 4.50%, a month after its cut in November.

In 2025 we expect the trend towards a stable interest rate to continue, with a possibility of a downward adjustment in interest rates, which could support the positive dynamics of venture investments.

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

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


  • Total capital invested in Seed – Series G+ rounds in December 2024 was $19.1В, up 53% or $6.6В from November ($12.5В).
  • The current level of monthly invested capital is in line with the average level for the previous year and in most cases slightly exceeds it.
  • The rise in total capital invested in December was due to an increase in funding raised, particularly by early-stage companies.
Median Round Size & Median Post-Money Valuation

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

  • Median round size has been fairly stable across all segments over the past 2 years, but some months could be atypical – higher or lower than usual, especially for companies with a valuation of $1B+ and $500M-1B.
  • December resulted in a higher median round size in the $1B+ segment compared to the same indicator for the previous month, reaching $500M (+$300M or +150% MoM).
  • In the $100-250M segment, the indicator increased slightly to $28M, in the $250-500M segment it decreased to $42M, and in the $500M-1B segment it rose to $129M.

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 ($2.7B), its volatility is higher than in others.
At the end of December, the $1B+ segment showed an increase in the median post-money valuation of closed transactions by 8%.

The median post-money valuation in the $250M-500M segment decreased by 16% to $0.34B; in the $500M-1B segment it remained unchanged at $0.6B, and in the $100-250M segment it increased by 15% to $0.15.

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

New Rounds Raised by Companies with $1B+ Valuation
  • xAI

    xAI is a startup developing information infrastructure for artificial intelligence models

    • Industry: AI & ML
    • Round size: $6B (Series C)
    • Round date: 23 Dec 2024
    • Total funding: $12B
    • Valuation: $50.00B
    • Investors: BlackRock, Sequoia Capital, Morgan Stanley, Nvidia, Fidelity Investment, Kuwait Investment Authority, Lightspeed Venture Partners
  • Anysphere

    Anysphere is an operator of an automated software development environment based on artificial intelligence, designed to assist in writing code more efficiently

    • Industry: AI & ML
    • Round size: $100M (Series D)
    • Round date: 19 Dec 2024
    • Total funding: $171M
    • Valuation: $2.60B
    • Investors: Andreessen Horowitz, Thrive Capital, OpenAI Startup Fund
  • Fervo Energy

    Fervo Energy is an operator of geothermal energy projects designed to accelerate the transition to clean energy

    • Industry: ClimateTech, CleanTech
    • Round size: $135M (Series D)
    • Round date: 19 Dec 2024
    • Total funding: $811M
    • Valuation: $1.40B
    • Investors: Liberty Mutual Investments, Mitsubishi Heavy Industries, DCVC, Breakthrough Energy, Bill Gates
  • Perplexity

    Perplexity is adeveloper of a personalized AI-powered information search application

    • Industry: AI & ML
    • Round size: $500M (Later Stage VC)
    • Round date: 18 Dec 2024
    • Total funding: $914M
    • Valuation: $9.00B
    • Investors: Nvidia, IVP, Samsung NEXT Ventures, Jeffrey Bezos, Databricks Ventures
  • SandboxAQ

    SandboxAQ is a developer of advanced quantum and artificial intelligence technologies aimed at improving operational efficiency and data security across industries

    • Industry: AI & ML
    • Round size: $300M (Later Stage VC)
    • Round date: 18 Dec 2024
    • Total funding: $800M
    • Valuation: $5.60B
    • Investors: US Innovative Technology Fund, National Security Strategic Investment Fund, Moonshots Capital, Accenture Ventures
  • Databricks

    Databricks is a developer of a data analytics platform offering an open, unified environment for different categories of data and artificial intelligence

    • Industry: AI & ML, Big Data
    • Round size: $10B (Series J)
    • Round date: 17 Dec 2024
    • Total funding: $14B
    • Valuation: $62.00B
    • Investors: DST Global, Kleiner Perkins, Lightspeed Venture Partners, Morgan Stanley Investment Management, Capital One Ventures
  • Crusoe

    Crusoe is an operator of green modular data centers designed to reduce natural gas flaring and lower the cost of cloud computing

    • Industry: AI & ML, CloudTech & DevOps, CleanTech
    • Round size: $686M (Series D)
    • Round date: 12 Dec 2024
    • Total funding: $1.6B
    • Valuation: $2.80B
    • Investors: Nvidia, Fidelity Investments, Mitsui & Company, Oman Investment Authority, Coinbase Ventures
  • Ayar Labs

    Ayar Labs is a developer of an optical interconnect tool designed to optimize AI infrastructure and speed up the movement of data within it

    • Industry: Advanced Manufacturing, AI & ML
    • Round size: $155M (Series D)
    • Round date: 11 Dec 2024
    • Total funding: $374M
    • Valuation: $1.20B
    • Investors: AMD Ventures, MicroVentures, Nvidia, Lockheed Martin Ventures
  • Cohesity

    Cohesity is a developer of a scalable platform that provides decentralized storage and unified management of big data

    • Industry: Big Data, CloudTech & DevOps, Cybersecurity
    • Round size: $950M (Series H)
    • Round date: 10 Dec 2024
    • Total funding: $2.83B
    • Valuation: $4.80B
    • Investors: Coatue Management, Nvidia, Manhattan Venture Partners, Morgan Stanley
  • Speak

    Speak is a developer of an AI-augmented mobile app for learning English using advanced speech recognition methods and dynamic and personalized dialogues with AI agents

    • Industry: EdTech, AI & ML
    • Round size: $78M (Series C)
    • Round date: 10 Dec 2024
    • Total funding: $161M
    • Valuation: $1.00B
    • Investors: Accel, Peter Thiel, Sam Altman, OpenAI Startup Fund, Khosla Ventures, Founders Fund
  • BostonGene

    BostonGene is a developer of a biomedical software designed for advanced patient analysis and personalized therapy that utilizes artificial intelligence in diagnostics

    • Industry: HealthTech, Life Sciences
    • Round size: $120M (Series C)
    • Round date: 05 Dec 2024
    • Total funding: $320M
    • Valuation: $1.50B
    • Investors: NEC (Japan), Japan Industrial Partners, Impact Investment Capital
  • Tenstorrent

    Tenstorrent is a developer of application-specific integrated circuit (ASIC) processors that provide adaptability and continuity in the learning process of algorithms

    • Industry: AI & ML
    • Round size: $700M (Series D1)
    • Round date: 02 Dec 2024
    • Total funding: $1.03B
    • Valuation: $2.60B
    • Investors: Advaita Capital, Jeffrey Bezos, Samsung Venture Investment, ARK Venture Fund, Fidelity Management & Research Company
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.

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