Monthly VC Market Report

JUly 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
August 15, 2024

Deal Count & Total Capital Invested

In July 2024, the total number of deals closed by venture-backed companies with a valuation of $100M or more increased by 5% compared to June (88 deals) and amounted to 92 deals.

The total number of deals, as one of the main indicators of market activity, has been stable over the past year, despite a significant tightening of monetary policy in the world and an increase in interest rates.

The growth in the total number of deals in July was primarily driven by increased activity in the $1B+ segment.

Deal structure by valuation segments, July 2024

The number of deals closed by venture-backed companies in the Seed-Series G+ rounds decreased by 15% from June (839 deals) to 715 deals. The decline in the total number of deals in the Seed-Series G+ group in July was primarily due to a decreased activity in the early stage, particularly in the Seed, Series A, Series B segments.

Fact

In July, the total amount of capital invested in venture-backed companies valued at more than $100M was $8.3B,
up 22% or ~$1.5B from June ($6.8B) , reaching one of the highest level since July 2022.

The gradual decline in the volume of invested capital in 2022 and stabilization of the trend in 2023-2024, in our opinion, is associated with the deterioration of global macroeconomic conditions in general and with an effect of the Fed’s decision on keeping its policy rate unchanged at 5.25-5.50% in June 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, July 2024

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

Total capital invested in Seed – Series G+ rounds reached $13.9B, down 1% or approximately $0.2B from June ($14.1B).
The current level of the monthly volume of invested capital is in line with or higher than the pre-pandemic levels (2019) and the greater part of 2020.
Early-stage companies showed a decline in total capital raised in July, while fundraising by late-stage companies went up.

Median Round Size & Median Post-Money Valuation

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

Median round size has been quite stable for all the 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.
July resulted in a lower median round size in the $1B+ segment compared to June, reaching $156M (-$120M or -43% MoM).
In the $100-250M segment, median round size fell to $28M, while in the $250-500M and $500M-1B segments it rose to $55M and $84M, respectively.

Fact

Median post-money valuation has remained relatively stable over the past 2 years in each segment considered, however, in the $1B+ segment ($1.27B) its volatility is higher than in others.

In July, the $1B+ segment showed a 36% decrease in the median post-money valuation of closed deals.

Median post-money valuation in the $100-250M segment fell by 1% to $0.14B, while in the $200-500M and $500M-$1B segments it rose by 5% and 30% to $0.34B and $0.71B, respectively.

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

New Rounds Raised by Companies with $1B+ Valuation

Spring Health
Spring Health is a developer of a digital healthcare platform intended to provide personalized mental healthcare for employee well-being
- Industry: HealthTech
- Round size: $100M (Series E)
- Round date: 31 July 2024
- Total funding: $467M
- Valuation: $3.30B
- Investors: Andreessen Horowitz, Tiger Global Management, RRE Ventures, Northzone Ventures, Kinnevik, AlleyCorp, Operator Partners, MassChallenge
Flo Health
Flo Health is a developer of an artificial intelligence-driven women's health application designed to assist in tracking the period cycle
- Industry: Digital Health, Fem Tech
- Round size: $200M (Series C)
- Round date: 30 July 2024
- Total funding: $299M
- Valuation: $1.00B
- Investors: General Atlantic, Founders Fund, Target Global, Mangrove Capital Partners, TriplePoint Capital, VNV Global, Flint Capital
Zap Energy
Zap Energy is a developer of a compact and scalable fusion technology designed to produce sustainable energy
- Industry: Climate Tech, CleanTech
- Round size: $130M (Series D)
- Round date: 30 July 2024
- Total funding: $327M
- Valuation: $1.10B
- Investors: Breakthrough Energy, Lowercase Capital, Valor Equity Partners, DCVC, Shell Ventures, Energy Impact Partners, Chevron Technology Ventures
Chainguard
Chainguard is a developer of a supply chain security software designed to make the software lifecycle secure by default
- Industry: Cybersecurity
- Round size: $140M (Series C)
- Round date: 25 July 2024
- Total funding: $256M
- Valuation: $1.12B
- Investors: IVP, Lightspeed Venture Partners, Sequoia Capital, Spark Capital, Redpoint Ventures, Amplify Partners, K5 Global, 515 Ventures, Mantis VC
DevRev
DevRev is a developer of an artificial intelligence-native platform designed to streamline product development and customer service
- Industry: AI & ML
- Round size: $101M (Series A)
- Round date: 25 July 2024
- Total funding: $186M
- Valuation: $1.60B
- Investors: Khosla Ventures, Astir Ventures, Alumni Ventures, Firebolt Ventures, Mayfield Fund, Graycell Ventures
Imperative Care
Imperative Care is a developer of stroke diagnosis, treatment, and rehabilitation technology designed to curtail the disruptive impact of stroke on patients
- Industry: HealthTech, Life Sciences
- Round size: $150M (Series E)
- Round date: 25 July 2024
- Total funding: $563M
- Valuation: $1.65B
- Investors: D1 Capital Partners, Bain Capital Life Sciences, Rock Springs Capital, Ascension Ventures, Ally Bridge Group
Vanta
Vanta is a developer of a compliance and security automation software designed to keep consumer data safe
- Industry: Cybersecurity
- Round size: $150M (Series C)
- Round date: 24 July 2024
- Total funding: $353M
- Valuation: $2.45B
- Investors: Sequoia Capital, Craft Ventures, GS Growth, Pioneer Fund, Bonfire Ventures, Acrew Capital, Frontline Ventures, Y Combinator
Clio
Clio is a developer of a cloud-based platform that handles various law practice management tasks
- Industry: Legal Tech
- Round size: $900M (Series F)
- Round date: 23 July 2024
- Total funding: $1.31B
- Valuation: $3.00B
- Investors: Blackrock, New Enterprise Associates, T. Rowe Price, JMI Equity, TCV, Point Nine Capital, Goldman Sachs AM, Sixth Street Partners, CapitalG
Colossal
Colossal is a bioscience and genetic engineering company committed to building radical new technologies to advance the field of genomics
- Industry: Life Sciences
- Round size: $163M (Series B)
- Round date: 23 July 2024
- Total funding: $238M
- Valuation: $1.56B
- Investors: Calm Ventures, Capital Factory, Climate Capital, Boost VC, Draper Associates, Liquid 2 Ventures, In-Q-Tel, The World Economic Forum, Gaingels
Harvey
Harvey is a developer of a generative artificial intelligence legal technology application designed to assist law practitioners
- Industry: AI & ML, Legal Tech
- Round size: $100M (Series C)
- Round date: 23 July 2024
- Total funding: $216M
- Valuation: $1.50B
- Investors: GV, Sequoia Capital, Kleiner Perkins, OpenAI Startup Fund, SV Angel
Cohere
Cohere is a developer of a platform that gives developers and businesses access to NLP, powered by the innovative generation of large language models
- Industry: AI & ML
- Round size: $500M (Series D)
- Round date: 22 July 2024
- Total funding: $940M
- Valuation: $5.50B
- Investors: Index Ventures, Tiger Global, AJU IB Investment, PSP, Salesforce Ventures, Cisco Investments, Alumni Ventures, Inovia Capital, Nvidia, Oracle
Saronic Technologies
Saronic Technologies designs and builds naval hardware, software, and related artificial intelligence technologies into one scalable, fully integrated platform
- Industry: AI & ML, Advanced Manufacturing
- Round size: $175M (Series B)
- Round date: 19 July 2024
- Total funding: $245M
- Valuation: $1.00B
- Investors: Andreessen Horowitz, Lightspeed Venture Partners, 8VC, Caffeinated Capital, Point72 Ventures, Trousdale Ventures
Lyten
Lyten is a developer of lithium-sulfur battery technology designed to be used in a variety of applications in the automotive, aerospace, and defense industries
- Industry: Climate Tech, CleanTech
- Round size: $16M (Series B)
- Round date: 18 July 2024
- Total funding: $476M
- Valuation: $1.18B
- Investors: US Department of Energy, National Science Foundation, Stellantis, US Department of Defense, FedEx, Prime Movers Lab
Aven
Aven allows homeowners to leverage home equity line of credit to obtain a credit card with lower interest rates and flexible terms
- Industry: FinTech
- Round size: $142M (Series D)
- Round date: 17 July 2024
- Total funding: $194M
- Valuation: $1.00B
- Investors: General Catalyst, Khosla Ventures, Sequoia Capital, TriplePoint Capital, Notable Capital, Founders Fund, Caffeinated Capital, Tribe Capital
Cart.com
Cart.com is a provider of commerce software, logistics and expert services for multichannel businesses
- Industry: E-commerce, Supply Chain Tech
- Round size: $190M (Series C)
- Round date: 17 July 2024
- Total funding: $706M
- Valuation: $1.20B
- Investors: Capital Factory, TriplePoint Capital, Visa, Gaingels, Titan Capital, MicroVentures, Citi Ventures, Mercury Fund, PayPal Ventrres, Moonshots
Human Interest
Human Interest is a 401(k) provider that helps employees of small and medium-sized businesses save for retirement
- Industry: FinTech
- Round size: $267M (Series E))
- Round date: 17 July 2024
- Total funding: $704M
- Valuation: $1.33B
- Investors: BlackRock, Alumni Ventures, Baillie Gifford, Crosslink Capital, TPG, SoftBank, Liquid 2 Ventures, U.S. Venture Partners, FundersClub, Slow Ventures
Huma
Huma is a developer of a remote patient monitoring platform designed to advance connected care for patients and accelerate research and therapies
- Industry: AI & ML, Digital Health, Health Tech
- Round size: $80M (Series D)
- Round date: 16 July 2024
- Total funding: $404M
- Valuation: $1.00B
- Investors: AstraZeneca, Bayer, Raptor Group, Samsung NEXT Ventures, Unilever Ventures, Sony Innovation Fund, Kickstart, Plug and Play Tech Center
Element Biosciences
Element Biosciences is a life science company that focuses on developing innovative genetic analysis tools
- Industry: Health Tech, Life Sciences
- Round size: $277M (Series D)
- Round date: 11 July 2024
- Total funding: $683M
- Valuation: $1.04B
- Investors: Wellington Management, Meritech Capital Partners, Morgan Stanley, T. Rowe Price, Alexandria Venture Investments, Fidelity, Venrock, RA Capital
Helsing
Helsing is an AI defense company that specializes in the creation of AI-powered military solutions and components
- Industry: AI & ML
- Round size: $484M (Series C)
- Round date: 11 July 2024
- Total funding: $828M
- Valuation: $5.80B
- Investors: Accel, General Catalyst, Lightspeed Venture Partners, Greenoaks
GrubMarket
GrubMarket is a developer of an AI-powered platform that connects food producers, suppliers and customers
- Industry: E-Commerce, FoodTech
- Round size: $80M (Series G)
- Round date: 08 July 2024
- Total funding: $635M
- Valuation: $3.60B
- Investors: Battery Ventures, Tiger Global, Gaingels, BlackRock, DG Ventures, FJ Labs, Great Oaks, Alumni Ventures, Global Founders Capital, BEENEXT, AME Cloud Ventures, UpHonest Capital, Notable Capital, DHVC, Y Combinator

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.