SEPTEMBER 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.

SUMMARY
Monthly Americas and Europe
VC Market Report
Oct 15, 2024
Deal Count & Total Capital Invested
In September 2024, the number of deals concluded by venture-backed companies with a valuation of $100M or more increased by 12% compared to August (78 deals) and amounted to 87 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 drop in the total number of transactions in September is primarily due to a decrease in activity in the $100-250M and $500-1B segments.

Deal structure by valuation segments, September 2024

The number of deals concluded by venture-backed companies at rounds from Seed to Series G+ increased by 15% compared to August (633 deals) and amounted to 728 deals. The increase in the total number of deals in the Seed-Series G+ group in September is primarily due to the intensification of activity by early-stage companies, especially in the Seed, Series B, Series C segments.
Fact
Total capital invested in venture-backed companies valued at over $100M in September was $7.4B,
up 3% or ~$0.2B from August ($7.2B), which is close to an average 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 September 2024, the Fed cut the interest rate for the first time in 4 years by 50 basis points (0.5%) to 5.0%.

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

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


  • Total capital invested in the Seed-Series G+ rounds in September 2024 rose to $12.9B, which is 6% or approximately $0.7B more than in August ($12.2B).
  • In September, unlike August, early-stage companies showed an increase in the total amount of capital raised, while late-stage companies showed a decrease in this indicator.
Median Round Size & Median Post-Money Valuation

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

  • Median round size has been fairly stable for all 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.
  • In September, median round size in the $1B+ segment decreased compared to the same indicator for the previous month, amounting to $196M (-$32M or -14% MoM).
  • In the $100-250M and $500M-1B segments, the figure increased to $28M and $140M, respectively, while in $250-500M it decreased to $40M.

Fact
The median post-money valuation has remained relatively stable over the past 2 years in each segment considered,
but in the $1B+ segment ($1.72B) its volatility is higher than in the others.
In September, the $1B+ segment showed a 39% decrease in the median post-money valuation of closed deals.

The median post-money valuation in the $100-250M segment increased by 11% to $0.15B, in the $500-1B segment ​​by 10% to $0.69B, and in the $250M-500M segment fell by 5% to $0.31B.

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

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

    EGYM is developer of professional fitness equipment designed for fitness centers and medical institutions

    • Industry: HealthTech, LOHAS
    • Round size: $200M (Series G)
    • Round date: 24 Sep 2024
    • Total funding: $627M
    • Valuation: $1.20B
    • Investors: Bayern Kapital, Meritech Capital Partners, Mayfair Equity Partners, Bernard Arnault
  • Celestia

    Celestia is a developer of a modular consensus platform designed to make blockchain deployment easy

    • Industry: Cryptocurrency & Blockchain
    • Round size: $100M (Later Stage VC)
    • Round date: 23 Sep 2024
    • Total funding: $158M
    • Valuation: $3.50B
    • Investors: Bain Capital, Blockchain Capital, Coinbase Ventures, OKX Ventures, Calm Ventures
  • Alan

    Alan is a developer of an online insurance platform with a simple claims processing system and access to medical specialists

    • Industry: Insurtech
    • Round size: $192M (Series F)
    • Round date: 20 Sep 2024
    • Total funding: $749M
    • Valuation: $4.44B
    • Investors: Coatue Management, DST Global, Temasek Holdings, Index Ventures, Lakestar
  • Hotel Engine

    Hotel Engine is an operator of a hotel booking marketplace designed for organizing corporate travel and business trips

    • Industry: TMT
    • Round size: $140M (Series С)
    • Round date: 17 Sep 2024
    • Total funding: $221M
    • Valuation: $2.10B
    • Investors: Blackstone, Elefund, Telescope Partners, Permira
  • World Labs

    World Labs is a developer of a spatial AI platform designed to process visual data and identify objects using computer vision

    • Industry: AR & VR, AI & ML
    • Round size: $230M (Series B)
    • Round date: 13 Sep 2024
    • Total funding: $230M
    • Valuation: $1.00B
    • Investors: Adobe Ventures, AMD Ventures, Databricks Ventures, Intel Capital, Nvidia, Andreesen Horowitz
  • Glean

    Glean is a developer of an AI-powered platform designed to improve business productivity through effective management of enterprise data

    • Industry: Business/Productivity Software, AI & ML
    • Round size: $260M (Series E)
    • Round date: 10 Sep 2024
    • Total funding: $615M
    • Valuation: $4.60B
    • Investors: Sequoia Capital, Coatue Management, DST Global, Lightspeed Ventures, Capital One Ventures, Citibank Group, Kleiner Perkins
  • Magic

    Magic is a software development company focused on creating a consistent and complete artificial intelligence model

    • Industry: AI & ML, Big Data
    • Round size: $321M (Series C)
    • Round date: 10 Sep 2024
    • Total funding: $471M
    • Valuation: $1.58B
    • Investors: Atlassian, Jane Street, Sequoia Capital, Gaingels, NFDG, Amplify Partners, 10x Founders, CapitalG, Eric Schmidt, Daniel Gross, Elad Gil, Nat Friedman
  • Rentberry

    Rentberry is a developer of a decentralized long-term rental platform that makes the rental process easier for tenants and landlords

    • Industry: Real Estate Tech
    • Round size: $90M (Series A)
    • Round date: 06 Sep 2024
    • Total funding: $116M
    • Valuation: $1.00B
    • Investors: GTM Capital, 808 Ventures, Berkeley Hills Capital, Zing Capital
  • 24M

    24M is a manufacturer of lithium-ion batteries designed to improve operational reliability and cost-effectiveness

    • Industry: CleanTech
    • Round size: $87M (Series H)
    • Round date: 5 Sep 2024
    • Total funding: $526M
    • Valuation: $1.30B
    • Investors: Volkswagen Group, FujiFilm, US Department of Energy, CRV, North Bridge Venture Partners
  • ArsenalBio

    ArsenalBio is a biotechnology company focused on the development of programmable cell therapies and immune cell therapies

    • Industry: Drug Discovery, Life Sciences
    • Round size: $325M (Series C)
    • Round date: 04 Sep 2024
    • Total funding: $631M
    • Valuation: $1.85B
    • Investors: Bristol-Myers Squibb, Hitachi Ventures, SoftBank Investment Advisers, Kleiner Perkins, Milky Way Investments Group, Sixth Street Partners
  • Oyster

    Oyster is a developer of a decentralized recruiting platform that allows companies to hire employees anywhere in the world

    • Industry: HR Tech
    • Round size: $59M (Series D)
    • Round date: 04 Sep 2024
    • Total funding: $283M
    • Valuation: $1.20B
    • Investors: Georgian, Indeed, LinkedIn, PayPal Ventures, Acadian Ventures, Salesforce Ventures
  • Safe Superintelligence

    Safe Superintelligence is an operator of an AI research lab that combines security with unlocking the full potential of models

    • Industry: AI & ML
    • Round size: $1.00B (Early Stage VC)
    • Round date: 04 Sep 2024
    • Total funding: $1.00B
    • Valuation: $5.00B
    • Investors: Andreessen Horowitz, Sequoia Capital, DST Global, Nvidia
  • Exohood Labs

    Exohood Labs is a developer of an AI-powered blockchain platform designed to facilitate interdisciplinary research

    • Industry: AI & ML, Cryptocurrency & Blockchain
    • Round size: $188M (Series A)
    • Round date: 01 Sep 2024
    • Total funding: $300M
    • Valuation: $4.86B
    • Investors: Livsquare 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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