Monthly VC Market Report

October 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
Nov 15, 2024

Deal Count & Total Capital Invested

In October 2024, the number of deals concluded by VC-backed companies with a valuation of $100M or more increased by 5% compared to September (98 deals) and amounted to 103 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 growth in the total number of deals in October is primarily due to increased activity in the $250M-500M and $1B+ segments.

Deal structure by valuation segments, October 2024

The number of deals closed by venture-backed companies at Seed – Series G+ rounds decreased by 8% compared to September (879 deals) and amounted to 812 deals. The decline in the total number of deals in the Seed-Series G+ rounds in October is primarily due to a decreased activity of early-stage companies, especially in the Seed segment.

Fact

The total capital invested in venture-backed companies with a valuation of over $100 million in October amounted to $9.2 billion, an increase of 26%, or approximately $1.9 billion, from September's level of $7.3 billion,
representing a relatively high result for 2024.

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 October 2024, the Fed interest rate remained at 5.0% after its first cut in the last 4 years (by 0.5%) in September 2024.

In 2024, we expect the trend towards a stable interest rate to continue, with the possibility of its further reduction, which could support the positive dynamics of the VC market.

Invested capital ($B) structure by valuation segments, October 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 October 2024 was $16.2B, up 14% or $2B from September ($14.2B).
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.
Total capital invested increased for both early and late stage companies in October.

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.
In October, the median round size in the $1B+ segment increased compared to the same indicator for the previous month to $387M (+$187M or +94% MoM).
In the $100-250M, $250-500M and $500M-1B segments median round size rose to $25M, $51M and $92M, respectively.

Fact

The median post-money valuation has remained relatively stable over the past 2 years in each segment considered,
however, in the $1B+ ($3.15B) segment, its volatility is higher than in others.

In October, the $1B+ segment showed a 59% increase in the median post-money valuation of closed deals.

The median post-money valuation in the $100-250M segment fell by 3% to $0.14B, in the $500-1B segment – by 21% to $0.55B, and in the $250M-500M segment it grew by 4% to $0.32B.

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

New Rounds Raised by Companies with $1B+ Valuation

BETA Technologies
BETA Technologies is an aerospace company developing electric vertical and conventional takeoff and landing aircraft for cargo, medical passenger and military aviation
- Industry: Aerospace and Defense, CleanTech
- Round size: $318M (Series C)
- Round date: 31 Oct 2024
- Total funding: $1.15B
- Valuation: $3.92B
- Investors: Qatar Investment Authority, Fidelity Management, Amazon.com
Crusoe
Crusoe is an operator of mobile modular data centers designed to reduce the cost of cloud computing
- Industry: AI & ML, CleanTech
- Round size: $500M (Later Stage VC)
- Round date: 29 Oct 2024
- Total funding: $1.41B
- Valuation: $3.00B
- Investors: Founders Fund, Felicis, Bain Capital Ventures, Polychain Capital, Coinbase Ventures, Oman Investment Authority
Melio
Melio is a developer of a B2B payment platform designed to facilitate transactions for businesses
- Industry: FinTech
- Round size: $150M (Series E)
- Round date: 29 Oct 2024
- Total funding: $683M
- Valuation: $2.00B
- Investors: Shopify Ventures, Tiger Global Ventures, Google for Startups, Coatue Management
Armis
Armis is a developer of a cybersecurity platform for asset analysis designed to provide comprehensive protection against hacker attacks
- Industry: Cybersecurity
- Round size: $200M (Series D)
- Round date: 28 Oct 2024
- Total funding: $942M
- Valuation: $4.20B
- Investors: General Catalyst, Yale University, Temasek Holdings, WEF
Sierra
Sierra is a conversational AI startup specializing in automating customer service tasks using intelligent AI agents
- Industry: AI & ML, Big Data
- Round size: $175M (Early Stage VC)
- Round date: 28 Oct 2024
- Total funding: $285M
- Valuation: $4.50B
- Investors: Sequoia Capital, SV Angel, ICONIQ Capital, Greenoaks Capital Partners
Waymo
Waymo is a developer of self-driving technology designed to provide transportation and logistics services
- Industry: MobilityTech, AI & ML
- Round size: $5.6B (Series C)
- Round date: 25 Oct 2024
- Total funding: $11.10B
- Valuation: $45.00B
- Investors: Alphabet, Andreessen Horowitz, Tiger Global Management, Temasek Holdings
Nimble
Nimble is a developer of a robotic system designed for end-to-end picking, sorting and packing of goods for e-commerce
- Industry: AI & ML, Robotics and Drones
- Round size: $106M (Series C)
- Round date: 23 Oct 2024
- Total funding: $221M
- Valuation: $1.00B
- Investors: Accel, FedEx, DNS Capital, GSR Ventures China, Ascolta Ventures, Cedar Pine
Vinted
Vinted is an operator of an online trading platform designed for the sale of used fashion goods
- Industry: E-Commerce
- Round size: $374M (Later Stage VC)
- Round date: 23 Oct 2024
- Total funding: $940M
- Valuation: $5.50B
- Investors: Manhattan Venture Partners, Accel, Lightspeed Venture Partners, Moore Strategic Ventures, Manhattan Venture Partners
Physical Intelligence
Physical Intelligence is a company developing general-purpose artificial intelligence
- Industry: AI & ML
- Round size: $400M (Series H)
- Round date: 22 Oct 2024
- Total funding: $470M
- Valuation: $2.40B
- Investors: Jeffrey Bezos, OpenAI, Sequoia Capital, Thrive Capital, Flat Capital, Khosla Ventures
Zip
Zip is a developer of a platform for managing purchases and receiving orders, allowing businesses to reduce costs and save time on project approvals
- Industry: FinTech, Business/Productivity Software
- Round size: $190M (Series D)
- Round date: 21 Oct 2024
- Total funding: $371M
- Valuation: $2.20B
- Investors: Tiger Global Ventures, DST Global, SV Angel, Tiger Global Management, BOND Capital (San Francisco), Adams Street Partners, Night Capital
Lightmatter
Lightmatter is a developer of photonic computing processors that use light and advanced optics to perform calculations that power AI models
- Industry: Application Specific Semiconductors
- Round size: $400M (Series D)
- Round date: 16 Oct 2024
- Total funding: $821M
- Valuation: $4.40B
- Investors: Sequoia Capital, Calm Ventures, Lockheed Martin, Hewlett Packard Enterprise, GV
Form Energy
Form Energy is a company developing energy storage systems that provide a reliable and fully renewable electricity grid year-round
- Industry: CleanTech, ClimateTech
- Round size: $405M (Early Stage VC)
- Round date: 09 Oct 2024
- Total funding: $1.33B
- Valuation: $3.30B
- Investors: GE Vernova, NGP Energy Capital Management, Coatue Management, Aramco Ventures, Temasek Holdings
EvenUp
EvenUp is a developer of legal software designed to ensure fair trials in personal injury cases
- Industry: LegalTech, AI & ML
- Round size: $135M (Series D)
- Round date: 08 Oct 2024
- Total funding: $235M
- Valuation: $1.08B
- Investors: Lightspeed Venture Partners, Bain Capital Ventures, 10X Capital
KoBold Metals
KoBold Metals is a company that explores minerals using artificial intelligence models and finds materials needed to efficiently power electric vehicles and renewable energy sources
- Industry: Energy Exploration, AI & ML, Advanced Manufacturing
- Round size: $491M (Series C)
- Round date: 04 Oct 2024
- Total funding: $895M
- Valuation: $2.50B
- Investors: Andreessen Horowitz, Mitsubishi, TriplePoint Capital, Jeffrey Bezos, Bill Gates, BOND Capital (San Francisco)
Poolside
Poolside is a developer of an AI-based platform for writing software code
- Industry: AI & ML
- Round size: $500M (Series B)
- Round date: 02 Oct 2024
- Total funding: $626M
- Valuation: $3.00B
- Investors: Citi Ventures, Capital One Ventures, DST Global, Nvidia, Bain Capital Ventures, HSBC Strategic Innovation Investments
OpenAI
OpenAI is a developer of a research-based deployable AI platform designed to create safe and accessible artificial intelligence
- Industry: AI & ML
- Round size: $6.6B (Series B)
- Round date: 02 Oct 2024
- Total funding: $17.91B
- Valuation: $157.00B
- Investors: Fidelity Investments, Microsoft, Andreessen Horowitz, Kraken Ventures, Sequoia Capital, SV Angel, Coatue Management, Coinbase Global

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.