Monthly VC Market Report

JUNE 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.

DOWNLOAD THE FULL VERSION

SUMMARY

Monthly Americas and Europe
VC Market Report
July 15, 2024

Deal Count & Total Capital Invested

In June 2024, the total number of deals closed by venture-backed companies with a valuation of $100M or more decreased by 13% compared to May (95 deals) and amounted to 83 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 decline in the total number of deals in June was due to a decreased activity in the $100-250M segment.

Deal structure by valuation segments, June 2024

The number of deals closed by venture-backed companies in the Seed-Series G+ rounds decreased by 7% from May (752 deals) to 701 deals.
The decline in the total number of deals in the Seed-Series G+ group in June was primarily due to a decreased activity of companies in the Seed segment.

Fact

In June, the total amount of capital invested in venture-backed companies valued at more than $100M was $12.5B, up 45% or ~$3.9B from May ($8.6B), reaching the highest level since June 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, June 2024

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

Total capital invested in Seed – Series G+ rounds reached $18.0B, up 9% or approximately $1.5B from May ($16.5B), which is the highest level since July 2022.
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.
The growth in the total capital invested in June was due to an increased funding raised by early stage companies and particularly driven by the Series B segment.

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.
June resulted in a higher median round size in the $1B+ segment compared to May, reaching $276M (+$24M or +10% MoM).
In the $100-250M and $250-500M segments, median round size decreased to $33M and $50M, respectively, while in the $500M-1B segment it rose to $65M.

Fact

Median post-money valuation has remained relatively stable over the past 2 years in each segment considered, however, in the $1B+ segment ($1.99B) its volatility is higher than in others.

In June, the $1B+ segment showed an 8% decrease in the median post-money valuation of closed deals.

Median post-money valuation in the $100-250M, $500M-$1B segments increased by 5% and 1% to $0.14B and $0.55B, respectively, while in the $200-500M segment it decreased by 1% to $0.33B.

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

New Rounds Raised by Companies with $1B+ Valuation

Sila Nanotecgnologiesis
Sila Nanotecgnologiesis a battery materials company that manufactures energy-density lithium-ion batteries for electric vehicles
- Industry: Mobility Tech, Climate Tech, CleanTech
- Round size: $375M (Series G)
- Round date: 27 June 2024
- Total funding: $1.31B
- Valuation: $1.97B
- Investors: Coatue Management, BlackRock, Tiger Global Management, 8VC, Fidelity Management & Research, Tribe Capital, T. Rowe Price, Sand Hill Angels, CPP Investments, Mercedes-Benz Group, In-Q-Tel, Sutter Hill Ventures
Formation Bio
Formation Bio is an AI-based drug developer
- Industry: HealthTech, Life Sciences
- Round size: $372M (Series D)
- Round date: 26 June 2024
- Total funding: $619M
- Valuation: $1.70B
- Investors: Andreessen Horowitz, Sanofi, Sequoia Capital, Spark Capital, Sound Ventures, Casdin Capital, Dragoneer, Thrive Capital, SV Angel
Route
Route is a developer of a platform designed to protect and track freight
- Industry: Supply Chain Tech
- Round size: $40M (Series C)
- Round date: 26 June 2024
- Total funding: $321M
- Valuation: $1.40B
- Investors: FJ Labs, Madrona Venture Group, Craft Ventures, Upfront Ventures, Eldridge Industries, Sorenson Capital
xAI
xAI is a company specializing in the development of advanced AI systems
- Industry: AI & ML
- Round size: $6.00B (Series B)
- Round date: 26 June 2024
- Total funding: $6.13B
- Valuation: $24.00B
- Investors: Andreessen Horowitz, Lightspeed Venture Partners, Mana Ventures, Fidelity Investments, Sequoia Capital, Tribe Capital, Valor Equity, Bossa Invest
Rondo Energy
Rondo Energy is a provider of heat battery and electric thermal energy storage solutions to reduce the carbon footprint of industrial systems
- Industry: Climate Tech, CleanTech
- Round size: $105M (Series A2)
- Round date: 19 Jun 2024
- Total funding: $190M
- Valuation: $1.22B
- Investors: Aramco Ventures, Microsoft Climate Fund, Rio Tinto, SABIC, Breakthrough Energy, Siam Cement, Energy Impact Partners, Titan Cement
Clip
Clip is a developer of a digital payment platform that lets businesses accept payments with all credit and debit cards, contactless technology and Samsung Pay
- Industry: FinTech
- Round size: $100M (Later Stage VC)
- Round date: 18 Jun 2024
- Total funding: $586M
- Valuation: $2.00B
- Investors: General Atlantic, Visa, Ribbit Capital, Morgan Stanley Tactical Value, Goldman Sachs, Google for Startups, 500 Global, Endeavor Catalyst
Huntress
Huntress is a developer of a security platform intended to offer managed detection and threat protection
- Industry: Cybersecurity
- Round size: $180M (Series D)
- Round date: 18 Jun 2024
- Total funding: $300M
- Valuation: $1.55B
- Investors: Kleiner Perkins, Meritech Capital Partners, Sapphire Ventures, JMI Equity, Highland Capital Partners, Blu Venture Investors
AlphaSense
AlphaSense is a market intelligence and search platform
- Industry: AI & ML
- Round size: $650M (Later Stage VC)
- Round date: 11 Jun 2024
- Total funding: $1.28B
- Valuation: $4.00B
- Investors: JP Morgan, SoftBank Investment Advisers, EDBI, BlackRock, Goldman Sachs, Morgan Stanley, Barclays, Citigroup, Bank of America, Innovation Endeavors, Soros Fund Management, Plug and Play Tech Center
Mistral AI
Mistral AI is a company developing fast and secure open-source language models
- Industry: AI & ML
- Round size: $650.61M (Series B)
- Round date: 11 Jun 2024
- Total funding: $1.19B
- Valuation: $6.51B
- Investors: Andreessen Horowitz, General Catalyst, Index Ventures, Headline, Lightspeed, Calm Ventures, Cisco Systems, DST Global, Eurazeo, IBM, Microsoft, Nvidia, Salesforce Ventures, Bpifrance, SV Angel, Redpoint Ventures
Sword Health
Sword Healthis a health care company that provides AI-powered virtual and digital physical therapy
- Industry: Digital Health, HealthTech
- Round size: $130M (Later Stage VC)
- Round date: 04 Jun 2024
- Total funding: $454M
- Valuation: $3.00B
- Investors: General Catalyst, Founders Fund, European Union, Khosla Ventures, Sapphire Ventures, Phoenix Court, BPEA, BOND 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.