Monthly VC Market Report

MAY 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
June 14, 2024

Total Capital Invested & Post-Money Valuation

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

In May, VC-backed companies with a $100M+ valuation raised $17.1B in 96 deals, up 138% in total capital raised and 20% in total number of deals closed compared to April.
Total capital raised by companies in the Seed-Series G+ rounds amounted to $25.0B (+77% MoM) as a result of 713 deals (-8% MoM).
Companies with a valuation of $1B+ raised $12.56B in 12 deals and accounted for 73% of the total capital raised and 13% of the number of deals.

May resulted in a higher median round size in the $1B+ segment compared to April, reaching $277M (+$102M or +58% MoM). Median round size in the Series C segment increased to $50M (+$6M or +14% MoM).

Median post-money valuations in the $1B+, $500M-$1B, $250-500M and $100-250M segments amounted to $2.78B, $0.55B, $0.33B and $0.13B, respectively. The $1B+ segment showed a 31% increase in the median post-money valuation of closed deals.

Median post-money valuation in the $100-250M, $500M-$1B segments decreased by 1% and 30%, respectively, while in the $200-500M segment it rose by 10%.

Median post-money valuation in the Seed, Series B, Series D, Series E and Series F segments increased to $16M, $127M, $325M, $2.3B and $7.3B, respectively; in the Series A segment, median post-money valuation remained at $55M, in Series C it decreased to $193M, and in Series G+ rounds the post-money valuation for the only closed deal has not been disclosed.

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, May 2024

New Rounds Raised by Companies with $1B+ Valuation

Deepl
DeepL is a developer of an artificial intelligence translator and writing assistant
- Industry: Business/Productivity Software, AI & ML
- Round size: $300M (Series B)
- Round date: 22 May 2024
- Total funding: $400M
- Valuation: $2.00B
- Investors: Bessemer Venture Partners, Index Ventures, ICONIQ Growth, IVP, Benchmark, b2venture, Eniac Ventures, Atomico, TA Ventures
Farcaster
Farcasteris a decentralized social media protocol built with a focus on interoperability, user autonomy, and privacy
- Industry: FinTech, Crypto/Blockchain
- Round size: $150M (Series A)
- Round date: 21 May 2024
- Total funding: $180M
- Valuation: $1.00B
- Investors: Andreessen Horowitz, First Round Capital, Coinbase Ventures, Floodgate, Caffeinated Capital, Union Square Ventures, Ribbit Capital
Scale AI
Scale AI is a developer of a data-oriented platform that provides training and validation data for artificial intelligence applications
- Industry: AI & ML
- Round size: $1.00B (Series F)
- Round date: 21 May 2024
- Total funding: $1.6B
- Valuation: $14.00B
- Investors: : Accel, Tiger Global, Coatue, Founders Fund, Spark Capital, Index Ventures, Amazon, AMD Ventures, Meta, Nvidia, Qualcomm Ventures, Cisco, OpenAI, Intel Capital, Dragoneer Investment Group, Y Combinator, NP Capital
Figma
Figma is a collaborative web application for interface design with additional offline features
- Industry: CloudTech & DevOps
- Round size: $416M (Later Stage VC)
- Round date: 17 May 2024
- Total funding: $748.6M
- Valuation: $12.50B
- Investors: Andreessen Horowitz, Fidelity Investments, Coatue Management, Sequoia Capital, Kleiner Perkins, Greylock, ICONIQ Groqth, Index Ventures, IVP
Sigma
Sigma is a developer of a cloud data warehouse analytics software designed to analyze complex databases
- Industry: AI & ML
- Round size: $254M (Series D)
- Round date: 16 May 2024
- Total funding: $622M
- Valuation: $1.82B
- Investors: Spark Capital, D1 Capital Partners, Greylock, Sutter Hill Ventures
Vercel
Vercel is a developer of a cloud-based workflow platform intended to optimize the entire development and deployment experience for frontend teams
- Industry: CloudTech & DevOps
- Round size: $250M (Series E)
- Round date: 16 May 2024
- Total funding: $563M
- Valuation: $3.25B
- Investors: Firebolt Ventures, SV Angel, 8VC, Notable Capital, Tiger Global Management, Salesforce Ventures, GV, Accel, CRV, Greenoaks, Resolute
WEKA
WEKA is a developer of a software-defined storage technology designed to offer high-performance and scalable file storage for data-intensive applications
- Industry: AI & ML
- Round size: $140M (Series E)
- Round date: 15 May 2024
- Total funding: $415.1M
- Valuation: $1.60B
- Investors: Norwest Venture Partners, Valor Equity Partners, Nvidia, Celesta Capital, Qualcomm Ventures, Cisco, Samsung Catalyst Fund, Gemini Israel
Skydio
Skydio is a developer of AI-powered drones
- Industry: Robotics and Drones, AI & ML
- Round size: $64M (Series E)
- Round date: 13 May 2024
- Total funding: $709M
- Valuation: $2.31B
- Investors: IVP, Andreessen Horowitz, Accel, Lockheed Martin Ventures, GSR Ventures China, In-Q-Tel, Siemens, NTT Docomo Ventures, Nvidia, Playground
Wiz
Wiz s a developer of a cloud security platform
- Industry: Cybersecurity
- Round size: $1.00B (Series E)
- Round date: 07 May 2024
- Total funding: $1.80B
- Valuation: $12.00B
- Investors: Andreessen Horowitz, Greylock, Thrive Capital, Lightspeed Venture Partners, Blackstone, Salesforce Ventures, Index Ventures, Insight Partners, Sequoia Capital, Wellington Management, G Squared, Advent International
Abnormal
Abnormal is a developer of a cloud email security platform intended to prevent cyber-crimes
- Industry: Cybersecurity, AI & ML
- Round size: $90M (Later Stage VC)
- Round date: 01 May 2024
- Total funding: $374M
- Valuation: $4.09B
- Investors: Insight Partners, Greylock, Menlo Ventures, CrowdStrike
CoreWeave
CoreWeave is a specialized GPU-focused cloud provider that delivers compute resources on demand
- Industry: CloudTech & DevOps, AI & ML
- Round size: $8.60M (Series C)
- Round date: 01 May 2024
- Total funding: $9.09B
- Valuation: $19.00B
- Investors: Coatue Management, Fidelity Investments, JP Morgan AM, Nvidia, G Squared, DCVC, Magnetar Capital, Altimeter Capital Management

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.