NOVEMBER 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
Dec 15, 2024
Deal Count & Total Capital Invested
In November 2024, the number of deals closed by venture-backed companies with a valuation of $100M or more fell by 40% compared to October (111 deals) and amounted to 66 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 decrease in the total number of deals in November is primarily driven by a decreased activity in the $100-250M and $250M-500M segments.

Deal structure by valuation segments, November 2024

The number of deals closed by venture-backed companies at rounds from Seed to Series G+ decreased by 31% from October (861 deals) to 595 deals. The decline in the total number of deals in the Seed-Series G+ group in November is primarily due to a decreased activity of early-stage companies, especially in the Seed segment.
Fact
In November, the total capital invested in venture-backed companies valued at over $100M was $6.1B, down 32% or ~$2.8B from October ($8.9B) and slightly below the 2024 annual average ($8.4B).
The gradual decline in invested capital and stabilization of the trend in 2023-2024 reflect the impact of global macroeconomic conditions and the effect of maintaining a high interest rate.

In November 2024, the Fed cut the interest rate again by 0.25% (25 bps) to 4.75%, 2 months after its first cut in 4 years in September 2024.

In 2024, we expect the interest rate to remain at the current level with a possibility of a downward adjustment, which could support the positive dynamics of venture investments.

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

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


  • Total capital invested in venture-backed companies in Seed – Series G+ rounds in November 2024 was $12.3B, down 25% or $2.2B from October ($16.5B).
  • The current level of monthly volume of invested capital is in line with the average level for the previous year and in most cases slightly exceeds it.
  • In November, the total amount of capital invested fell for both early and late stage companies, with the only exception being the Series E round.
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 in some months it could be higher or lower than the typical one, especially for companies with a valuation of $1B+ and $500M-1B.
  • November resulted in a lower median round size in the $1B+ segment compared to the same indicator for the previous month, reaching $200M (-$174M or -47% MoM).
  • In the $100-250M segment, the median round size remained almost unchanged at $25M, in the $250-500M segment it fell to $39M, and in the $500M-1B segment it rose to $88M.

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 ($2.5B), its volatility is higher than in others
In November, the $1B+ segment showed a 17% decrease in the median post-money valuation of closed deals.

The median post-money valuation in the $100-250M segment remained almost unchanged, having stabilized at $0.15B, while in the $250M-500M and $500M-1B segments, it increased by 7% to $0.35B and by 6% to $0.59B, respectively.

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

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

    Eon is a developer of a backup management platform designed to classify and index cloud resources and applications

    • Industry: AI & ML, CloudTech
    • Round size: $70M (Series C)
    • Round date: 26 Nov 2024
    • Total funding: $197M
    • Valuation: $1.40B
    • Investors: Sequoia Capital, Lightspeed Venture Partners, BOND Capital, Greenoaks Capital Partners
  • Halcyon

    Halcyon is an operator of an AI platform that protects enterprise-grade clients from ransomware attacks

    • Industry: AI & ML, Cybersecurity
    • Round size: $115M (Series C)
    • Round date: 25 Nov 2024
    • Total funding: $224M
    • Valuation: $1.00B
    • Investors: Founders Fund, Dell Technologies Capital, Bain Capital Ventures, Cisco Investments
  • Cyera

    Cyera is a developer of a data storing and security platform designed to prevent breaches and identify risks

    • Industry: Big Data, Cybersecurity, AI & ML
    • Round size: $300M (Series D)
    • Round date: 20 Nov 2024
    • Total funding: $760M
    • Valuation: $3.00B
    • Investors: Accel, AT&T Ventures, Coatue Management, Georgian, Sequoia Capital, Spark Capital, Redpoint Capital
  • Kong

    Kong is a developer of a platform designed for managing, monitoring and scaling APIs and microservices

    • Industry: AI & ML, Business/Productivity Software
    • Round size: $175M (Series E)
    • Round date: 19 Nov 2024
    • Total funding: $364M
    • Valuation: $2.10B
    • Investors: Index Ventures, CRV, Andreessen Horowitz, Notable Capital, Tiger Global Management, New Enterprise Associates, 137 Ventures
  • Ōura

    Ōura is a developer of a smart wellness ring for tracking and improving sleep quality, monitoring heart rate, body temperature, and overall sleep performance

    • Industry: Digital Health, Wearables, IoT
    • Round size: $75M (Series D)
    • Round date: 19 Nov 2024
    • Total funding: $776M
    • Valuation: $5.00B
    • Investors: DexCom, Microtech Ventures, Sternhill Associates, 345 Partners, Beyond The Game Network, 2Future Holdings, One Capital
  • Skydio

    Skydio is a developer of AI-powered drones designedor use in battlefield situation awareness, policing, and inspection

    • Industry: MobilityTech, AI & ML, Robotics & Drones
    • Round size: $400M (Series E)
    • Round date: 15 Nov 2024
    • Total funding: $815M
    • Valuation: $2.50B
    • Investors: Lockheed Martin Ventures, Mana Ventures, Gaingels, Calm Ventures, Walton Family Foundation, Andreessen Horowitz
  • Firefly Aerospace

    Firefly Aerospace is a manufacturer of orbital launch vehicles designed to provide economical and convenient access to space

    • Industry: Space Technology
    • Round size: $176M (Series C)
    • Round date: 13 Nov 2024
    • Total funding: $659M
    • Valuation: $2.00B
    • Investors: Mitsui & Co., Ltd, Mango.vc, Global Alternative Investment Management, Abbey Road Investment Group, RPM Ventures, AE Industrial Partners
  • Ualá

    Ualá is a developer of a digital banking application that allows transferring funds to other people without cash

    • Industry: FinTech
    • Round size: $310M (Series E)
    • Round date: 11 Nov 2024
    • Total funding: $920M
    • Valuation: $2.75B
    • Investors: Allianz X, Tencent Holdings, Jefferies Financial Group, Soros Fund Management, D1 Capital Partners, Goldman Sachs Asset Management
  • Vuori

    Vuori is an operator of a clothing brand intended to offer performance apparel inspired by the active coastal lifestyle

    • Industry: E-Commerce
    • Round size: $825M (Later Stage VC)
    • Round date: 08 Nov 2024
    • Total funding: $1.28B
    • Valuation: $5.50B
    • Investors: General Atlantic, Stripes, SoftBank Investment Advisers, Trinity West Ventures, Norwest Venture Partners
  • Flex

    Flex is a developer of an online financial platform designed to pay and receive rent as scheduled

    • Industry: FinTech, Real Estate Tech
    • Round size: $200M (Series D)
    • Round date: 06 Nov 2024
    • Total funding: $424M
    • Valuation: $1.95B
    • Investors: Coatue Management, Stripes, Intersection Growth Partners, Hanaco Ventures, Detroit Venture Partners, Spark Growth Ventures, Tiger Global Management
  • Writer

    Writer is a developer of a full-stack generative artificial intelligence platform designed to provide organized workflows by offering an integrated system of LLMs

    • Industry: AI & ML
    • Round size: $200M (Series C)
    • Round date: 06 Nov 2024
    • Total funding: $326M
    • Valuation: $1.90B
    • Investors: Salesforce Ventures, Adobe Ventures, Citi Ventures, Accenture Ventures, IBM Ventures, The Vanguard Group
  • Sierra

    Sierra is a developer of a conversational AI platform designed to enable businesses to use AI agents to simplify business processes

    • Industry: AI & ML, Big Data
    • Round size: $175M (Early Stage VC)
    • Round date: 01 Nov 2024
    • Total funding: $285M
    • Valuation: $4.05B
    • Investors: Sequoia Capital, Greenoaks Capital Partners, Thrive Capital, ICONIQ Growth, ICONIQ 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.

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