風(fēng)投脈搏：2024年第三季度全球風(fēng)投趨勢(shì)分析報(bào)告（英文版）-畢馬威

VenturePulse

Q32024

Globalanalysisofventurefunding

October16,2024

Welcomemessage

WelcometotheQ3’24editionofKPMGPrivateEnterprise’sVenturePulse—aquarterlyreporthighlightingthemajortrends,challenges,andopportunitiesfacingtheventurecapitalmarketgloballyandinkeyjurisdictionsaroundtheworld.

VCinvestmentgloballywasrelativelysoftinQ3’24,drivenby

continueduncertaintiesinthemarket,includingongoinggeopoliticalconflicts,theapproachingUSpresidentialelection,andtheprotracted

lackofexitactivityacrossregions.Therewerepositivesigns,

however,thatthemarketcouldbeheadingforaturnaround—ifnotinQ4’24,thenheadinginto2025.FollowingoninterestratecutsbyboththeBankofCanadaandtheEuropeanCentralBankinQ2’24,both

theBankofEnglandandtheUSFederalReservebegantocut

interestratesinQ3’24.Thesecuts—andanticipationoffuturecutsinthemonthstocome—providedsomeoptimismfortheVCmarket,

althoughtherewasnosignificantimpactonQ3’24investmentlevels.

VCinvestmentintheAmericasfellbacktoearthinQ3’24,followinganexceptionallystrongQ2’24.OverallinvestmentintheAmericas

droppedfrom$58.6billioninQ2’24toonly$41.4billioninQ3’24.Theregionattractedtheonly$1billion+fundingroundsthisquarter,ledbya$1.5billionraisebyAI-powereddefense-techAndurilIndustriesanda$1billionraisebyAI-focusedSafeSuperintelligence.VCinvestmentinbothAsiaandEuropealsodeclinedbetweenQ2’24andQ3’24.ThelargestVCdealinAsiawasa$788millionraisebyPhilippines-basedfintechMynt(GlobeFintechInnovationsInc),whileGermany-baseddefense-techHelsingsawthelargestraiseinEurope($484million).

Thelargestdealsineveryregionrepresentedthetwohottestsectorsofthequarter—AIanddefense-tech—andthedynamicintersection

YouknowKPMG.YoumightnotknowKPMGPrivateEnterprise.

KPMGPrivateEnterpriseadvisersin

KPMGfirmsaroundtheworldarededicatedtoworkingwithyouandyourbusiness,no

matterwhereyouareinyourgrowth

journey—whetheryou’relookingtoreachnewheights,embracetechnology,planforanexit,ormanagethetransitionofwealthoryourbusinesstothenextgeneration.

betweenthetwo.TheapplicationofAItootherindustrysolutionswasamajorthemethisquarter.InadditiontoAI-enableddefense-tech,AI-drivenhealthandbiotechsolutionsalsosawstronginterestfromVCinvestorsglobally.

IPOandotherexitactivityremainedverydryinQ3’24acrossallthreekeyregions,althoughthereisoptimismintheAmericasandEurope

thattheIPOdoorcouldreopeninthecomingquarters.M&Aactivity

couldalsostarttorebound,particularlyifinterestratescontinuetofall.

Thereiscurrentlynoendinsightfortheongoinggeopoliticalconflicts,

butthemorepositiveeconomicfactors—combinedwiththe

completionofanumberofcriticalelections—couldseesomestabilityinjectedintotheVCmarketglobally.Whileinvestmentlevelsarenot

ConorMoore

GlobalHead,KPMGPrivateEnterprise,KPMGInternational&Partner

KPMGintheUS

expectedtopickupsignificantlyinQ4’24,thereisgrowinghopethataresurgenceisonthehorizonheadinginto2025.

Inthisquarter’seditionofVenturePulse,weexaminetheseandanumberofotherglobalandregionaltrends,including:

?AgrowingfocusonindustryapplicationsofAI

?Theresilienceofhealthandbiotechinvestment

FrancoisChadwick

Partner

KPMGintheUS

?Theincreasinginterestindefensetech

?Theattentionbeinggarneredbycybersecurity

?AcontinuedfocusonB2Bfocusedcompanies,withonekeyexception

LindsayHull

SeniorDirector,EmergingGiantsGlobalNetwork,KPMGPrivateEnterprise,

KPMGInternational

WehopeyoufindthiseditionofVenturePulseinsightful.Ifyouwouldliketodiscussanyoftheresultsinmoredetail,pleasecontacta

KPMGadviserinyourarea.

Unlessotherwisenoted,allcurrenciesreflectedthroughoutthisdocumentareinUSdollars.

*Thedealwasamixofdebt,equityandgrants,whichultimatelyduetothecompany’sstage,businessmodel,industryandbackingwasdeterminedbyPitchBooktobebestcategorizedasventure.

#Q3VC2

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Contents

Global

?VCinvestmentslows—fallingbackto$70.1billion

?Downandflatroundscontinue—representingover20%ofdeals

?Mediandealsizesedgeupwards

?Valuationsforreboundforlate-stagedeals

?M&AremainsmainexitrouteasIPOsstayonhold

?Top10dealsgloballysplitamong

6countries

Americas

?VC-backedcompaniesreach

$41.4billionacross3124deals

?Pocketsoflate-stagedealsskewingvaluations

?Dealmakersflocktomid-stagerounds

?Canadiandealvaluesurgespoweredbymegadeals

?SoliddealvalueinBrazilandMexico

?AIandBiotechinvestmentdominatetop10deals

04

34

US

?VCdealvaluefallsto$37.5billionacross2794deals

?Late-stagedealsizesriseYoY

?First-timefinancingsremainrobustYoY

?FundraisingbyVCson-pacetomatch

2023totals

?LPscontinuetofocusonfollow-onfunds

19

47

73

Europe

?InvestmentcoolsslightlyinEuropereachingonly$12.5billioninvested

?Medianpre-moneyvaluationsjumpforD+rounds

?Investmentinenterprisesoftwarecontinuestoleadtheway

?First-timefinancingsremainsubdued

?Fundraisingralliestonear2023levels

Asia

?VCinvestmentfallsto

$15.6billionacross2249deals

?MediandealsizesenterapotentialplateauYoY

?VCinvestmentconcentratesinmid-capitalstackrounds

?InvestmentinChinadrops

further,Indiaremainsrobust

?Japaneseinvestmentremainsremarkablyresilient

?Toptendealsspreadamong

5countries

privateEnterprise

#Q3VC

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3

Global

US

|

Americas

|

Europe

|

Asia

Globally,inQ3’24

VC-backedcompaniesraised$70.1Bacross7,227deals

#Q3VC4

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Global

US

|

Americas

|

Europe

|

Asia

GlobalVCinvestmentremainssubdued,evenasoptimismgrows

BothVCinvestmentandthenumberofVCdealsremainedsubduedinQ3’24,asmanyVCinvestorsgloballyremainedinaholdingpatterngiventhecurrentuncertaintiesstillpermeatingthemarket,includingthecontinuedlackofexitactivityacrossallregionsoftheworld.

AmericasattractslargestshareofVCfundinginQ3’24

GlobalVCinvestmentduringQ3’24remainedrelativelysubdued,inkeepingwithrecenttrends.TheAmericasaccountedforthelargestproportionofVCfundingglobally,drivenbya$1.5billionraisebyUS-basedAndurilIndustries,a$1billionraisebyUS-basedSafeSuperintelligenceInc,anda$900millionraisebyCanada-basedClio.AsiaattractedthesecondlargestshareofVC

fundingamongthekeyregions,drivenbya$788millionraisebyMynt,followedbya$688

millionraisebyBaichuanAIanda$415millionraisebyICLeague—bothinChina—inadditiontoa$362millionraisebySingapore-basedSiliconBox,anda$360millionraisebyIndia-basedZepto.

EuropealsosawarelativelyquietquarterofVCinvestmentinQ3’24,althoughanumberofAI-focusedfirmsraisedsolid$100million+fundingrounds.Thelargestdealsthisquarter

includedGermany-basedHelsing($484million)andFrance-basedgamingcompanyVoodoo($386million).Space-techalsoreceivedinvestorattentionashighlightedbytopdealsbyIsarAerospace($279million)inGermanyandD-Orbit($166million)inItaly.

2024seesstrongcropofnewearly-stageunicorns

AttheendofQ3’24,thenumberofearly-stageunicorncompanies—companieswithvaluationsover$1billion—hasalreadyexceededthenumberseenduringallof2023.Thislargeuptick

despitethecurrentuncertainmacroeconomicandgeopoliticalenvironmenthasbeenpropelledalmostentirelybyactivityintheAIspace,withanumberofearly-stageAIcompaniesobtainingunicornvaluationsontheirfirstmajorraises.Whilethenumberofnewunicornsremainedwellbelowlevelsseenduringtheoutlieryearsof2021and2022,ithighlightsthefocusontheAI

sectorandhowVCinvestorsarepouringmoneyintothespaceevenastheytakeafarmorecautiousapproachtotheirotherinvestments.

AIcontinuestodrawlargestticketsizes

Globally,AIcontinuedtoattractthelargestshareofVCinvestment,accountingforthelargest

dealsintheAmericas,Asia,andEuropeduringQ3’24.WhilecoreAIcompaniescontinuedto

garnerstronglevelsofinvestment—includingSafeSuperintelligence($1billion)intheUS,ad

BaichuanAI($688million),MoonshotAI($300million)inChinaandSakanaAI($200million)in

Japan—industryapplicationsofAIalsosawrobustinterestfromVCinvestors.Duringthequarter,AI-powereddefense-techcompaniesraisedlargerounds,includingUS-basedAndurilIndustries

($1.5billion)andGermany-basedHelsing($484million).ChinaalsosawAutoAI,astartupfocusedonenablingautomotivecompaniestoembedAIintotheirvehicles,raise$107millioninQ3’24.

VCinvestorsgloballyalsoshowedinterestinstartupswithofferingstangentialtotheAIspace,

includingcompanieslookingtoreducetheenergyrequirementsassociatedwithmanyAIsolutions.

Defense-techreelinbigdealsinQ3’24

Defense-techattractedanumberoflargeraisesinQ3’24,includingUS-basedAndurilIndustries—adeveloperofautonomousweaponssystems—andGermany-basedHelsing—afirmthatusesAItoimproveweaponscapabilitiesanddecisionmaking.Ongoinggeopoliticaltensionsand

conflictshavelikelydriveninterestinthedefense-techspace.WhileVCinvestorshavehistoricallyshiedawayfrommakinginvestmentsinthesector,growinginterestfromgovernmentsinsoftwareandothernon-hardwaresolutionsrelatedtodefensehasledsomeVCinvestorstoviewthespaceasagoodinvestmentopportunity.

privateEnterprise

#Q3VC

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5

Global

US

|

Americas

|

Europe

|

Asia

GlobalVCinvestmentremainssubdued,evenasoptimismgrows,cont’d.

Corporateinvestmentslows,exceptintheUS

Globally,corporateVCinvestmenthasdroppedoffconsiderablythisyearinEuropeandAsia.TheAmericas,largelydrivenbytheUS,wastheoneexception,withVCinvestmenttracking

slightlyaheadof2023resultsattheendofQ3’23.Thislikelyreflectsanumberofunique

differencesbetweenregions,includingtheincrediblystronginterestinAIintheUSandahigherdegreeofcautiononthepartofcorporatesinAsiaandEurope.

TrendstowatchforinQ4’24

WhileVCinvestmentandexitactivitywilllikelyremainrelativelysoftinQ4’24,particularlyuntilaftertheUSpresidentialelectioninNovember,thereisagrowingsenseoptimismthatexits

activitycouldstarttoreboundin2025.M&AactivitycouldbefirstoutthegateasVCinvestorslookatdealsinlightofinterestratecutsinanumberofjurisdictions.

AIisexpectedtoremainaveryhotareaofinvestment,althoughtherecouldbeashakeoutasinvestorsincreasinglyfocusoncompaniesabletoshowhowtheyareusingAItogeneraterealvalue.RegulationofAIactivitieswillalsobeamajorareatowatchoverthenextseveral

quarters,asgovernmentsandregulatorsincreasinglyprioritizetheneedtodevelopguardrailsforAIactivities,whethertheyarefocusedonsafety,privacy,orappropriateuse.

WhilealternativeenergysolutionshavegarneredstronginterestfromVCinvestorsoverthelasttwoyears—althoughtotalinvestmenthasfallenoffoverthelastcoupleofquarters—interestcouldspikefurtheroverthenextyeargivenhowglobalenergydemandisskyrocketingand

predictedtooutpacesupply.

privateEnterprise

#Q3VC

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6

Global

US

|

Americas

|

Europe

|

Asia

Thenewnormalseemsestablished

Globalventurefinancing

2018–Q3’24

$250

$200

$150

$100

$50

$0

$80.7

$90.9

$81.3

$99.0

$81.8

$74.9

$87.0

$94.8

$77.0

$77.6

$103.2

$117.4

$166.5

$175.4

$196.4

$212.0

$182.8

$150.7

$105.7

$95.1

$97.0

$85.9

$90.6

$81.5

$76.6

$95.5

$70.1

Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3

2018201920202021202220232024

18,000

16,000

14,000

12,000

10,000

8,000

6,000

4,000

2,000

0

Dealvalue($B)Dealcount——Pre-seed/Seed——EarlyVC——LaterVC——Venturegrowth

Source:VenturePulse,Q3’24,GlobalAnalysisofVentureFunding,KPMGPrivateEnterprise.*AsofSeptember30,2024.DataprovidedbyPitchBook,October16,2024.

?2024CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.

privateEnterprise

Ihavesomecautiousoptimismthat2025couldbeabetteryearfortheglobalIPOmarkets.Afteraverydrycoupleofyears,IPOactivitycouldfinallyseea

resurgence.Whileweprobablywon’tseealotofcoreAI

companiesgoingoutyet—in

partbecausemanyarestill

workingtofigureouttheoptimalbusinessmodels,andarequitewellfunded—wecouldsee

companiesinawiderangeofothersectorslookingtoexit—

includinghealthandbiotech,fintech,andenergyand

cleantech.”

#Q3VC7

ConorMoore

GlobalHead,KPMGPrivateEnterprise,KPMGInternational&Partner

KPMGintheUS

“

Global

US

|

Americas

|

Europe

|

Asia

Downroundsmaintainpre-boomproportionswhilemediansholdsteady

Globalmediandealsize($M)bystage

2018–2024*

$30

$25

$20

$15

$11.5

$10

$5.5

$3.2$2.0

$0

2018201920202021202220232024*Pre-seed/SeedEarlyVCLaterVCVenturegrowth

$5

Source:VenturePulse,Q3’24,GlobalAnalysisofVentureFunding,KPMGPrivateEnterprise.*AsofSeptember30,2024.DataprovidedbyPitchBook,October16,2024.

Globalup,flatordownrounds

2018–2024*

100%

90%

nUp

80%

70%

60%

50%

Flat

40%

30%

20%

Down

10%

0%

2018201920202021202220232024*

privateEnterprise

#Q3VC

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8

Global

US

|

Americas

|

Europe

|

Asia

Financingsizesedgeupasinvestorsacclimitize

Globalmediandealsize($M)byseries

2018–2024*

$120

$100

$80

$60

$40

$20

$0

$65.0

$33.0

$21.0

o$10.0$0.6o廠$2.5

o$0.4

2018

2019

2020

2021

2022

2023

2024*

Pre-seed

Seed

Angel

A

B

C

D+

Source:VenturePulse,Q3’24,GlobalAnalysisofVentureFunding,KPMGPrivateEnterprise.*AsofSeptember30,2024.DataprovidedbyPitchBook,October16,2024.

privateEnterprise

#Q3VC

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9

Global

US

|

Americas

|

Europe

|

Asia

Valuationsreboundatthelateststage,holdsteadyelsewhere

Globalmedianpre-moneyvaluation($M)byseries

2018–2024*

$1,000

$900

$800

$700

$600

$500

$400

$300

$200

$100

$0

$686.8

$185.8

$87.5

$5.1

$34.0廠$10.1

o$3.4

2018201920202021202220232024*

Pre-seedSeedAngelABCD+

Source:VenturePulse,Q3’24,GlobalAnalysisofVentureFunding,KPMGPrivateEnterprise.*AsofSeptember30,2024.DataprovidedbyPitchBook,October16,2024.

privateEnterprise

#Q3VC

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10

Global

US

|

Americas

|

Europe

|

Asia

Largerproportionsofcapitalconcentrateinmidstagerounds

Globaldealsharebyseries

2018–2024*,numberofcloseddeals

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

2018201920202021202220232024*

D+

wC

B

A

Angel

Seed

Pre-seed

Source:VenturePulse,Q3’24,GlobalAnalysisofVentureFunding,KPMGPrivateEnterprise.*AsofSeptember30,2024.DataprovidedbyPitchBook,October16,2024.

Globaldealsharebyseries

2018–2024*,VCinvested($B)

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

2018201920202021202220232024*

D+

wC

B

A

Angel

Seed

Pre-seed

privateEnterprise

#Q3VC

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11

Global

US|Americas|Europe|Asia

Enterprise&healthcarecontinuetodrawcapital

GlobalfinancingtrendstoVC-backedcompaniesbysector

2018–2024*,numberofcloseddeals

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

2018

2019

2020

2021

2022

2023

2024*

Transportation

Commercial

products&services

aConsumergoods&services

Software

Pharma&biotechOther

Media

IThardware

HCservices&systems

HCdevices&supplies

Energy

GlobalfinancingtrendstoVC-backedcompaniesbysector

2018–2024*,VCinvested($B)

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

2018

2019

2020

2021

2022

2023

2024*

Transportation

Commercial

products&services

aConsumergoods&services

Software

Pharma&biotechOther

Media

IThardware

HCservices&systems

HCdevices&supplies

Energy

Source:VenturePulse,Q3’24,GlobalAnalysisofVentureFunding,KPMGPrivateEnterprise.*AsofSeptember30,2024.DataprovidedbyPitchBook,October16,2024.

privateEnterprise

#Q3VC

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12

Global

US

|

Americas

|

Europe

|

Asia

First-timefinancingslooksettonearlymatch2023inVCinvested

CorporateVCparticipationinglobalventuredeals

2018–Q3’24

$120

$100

$80

$60

$40

$20

$0

$38.7

$55.3

$44.0

$48.6

$38.5

$37.3

$36.9

$51.0

$37.9

$39.0

$57.3

$62.4

$85.8

$86.2

$111.8

$113.5

$95.6

$77.0

$51.4

$50.7

$54.5

$41.7

$49.9

$39.1

$37.9

$54.0

$35.2

Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q32018201920202021202220232024

Dealvalue($B)——Dealcount

4,500

4,000

3,500

3,000

2,500

2,000

1,500

1,000

500

0

Globalfirst-timeventurefinancingsofcompanies

2018–2024*

$80

$70

$60

$50

$40

$30

$20

$10

$0

$37.5

$34.5

$41.2

$69.0

$61.1

$43.4

$28.3

2018201920202021202220232024*

Dealvalue($B)——Dealcount

20,000

18,000

16,000

14,000

12,000

10,000

8,000

6,000

4,000

2,000

0

Source:VenturePulse,Q3’24,GlobalAnalysisofVentureFunding,KPMGPrivateEnterprise.*AsofSeptember30,2024.DataprovidedbyPitchBook,October16,2024.

Note:Thecapitalinvestedisthesumofalltheroundvaluesinwhichcorporateventurecapitalinvestorsparticipated,nottheamountthatcorporateventurecapitalarmsinvestedthemselves.Likewise,dealcountisthenumberofroundsinwhichcorporateventurefirmsparticipated.

privateEnterprise

#Q3VC

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13

GlobalUS|Americas|Europe|Asia

Exitscontinuetochugalongatasubduedlevel

Globalunicornrounds

2018–Q3’24

$80

$70

$60

$50

$40

$30

$20

$10

$0

$21.2

$28.5

$23.4

$39.3

$22.5

$20.5

$29.6

$29.9

$17.5

$21.2

$29.9

$34.8

$62.5

$60.7

$73.7

$75.5

$54.1

$44.9

$19.8

$22.7

$29.8

$15.8

$18.1

$17.6

$15.4

$28.9

$17.2

Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q32018201920202021202220232024

Dealvalue($B)——Dealcount

300

250

200

150

100

50

0

Source:VenturePulse,Q3’24,GlobalAnalysisofVentureFunding,KPMGPrivateEnterprise.*AsofSeptember30,2024.DataprovidedbyPitchBook,October16,2024.

Note:PitchBookdefinesaunicornventurefinancingasaVCroundthatgeneratesapost-moneyvaluationof$1billionormore.Thesearenotnecessarilyfirst-timeunicornfinancingrounds,butalsoincludefurtherroundsraisedbyexistingunicornsthatmaintainatleastthatvaluationof$1billionormore.

Globalventure-backedexitactivity

2018–Q3’24

$450

$400

$350

$300

$250

$200

$150

$100

$50

$0

$37.9

$104.4

$129.6

$63.2

$66.5

$158.8

$79.3

$62.7

$46.7

$86.0

$214.3

$203.7

$357.8

$346.2

$358.3

$392.8

$102.0

$76.2

$95.9

$63.9

$36.6

$60.3

$88.4

$58.4

$40.1

$61.3

$38.4

Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q32018201920202021202220232024

Exitvalue($B)——Exitcount

1,400

1,200

1,000

800

600

400

200

0

Note:Exitvalueforinitialpublicofferingsisbasedonpre-IPOvaluation,notthesizeoftheofferingitself.FortheQ12024editionofVenturePulse,understandardPitchBookventuremethodology,Reddit'sIPOwouldnotbeincludedgivenitsbackingstatusbutitwasincludedintheunderlyingexitsdatainthisinstancetobetterreflectitsextensivepreviousVC-backedhistory.

privateEnterprise

#Q3VC

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14

Global

US

|

Americas

|

Europe

|

Asia

M&Aremainsthepredominantexitroute

Globalventure-backedexitactivity(#)bytype

2018–2024*

5,000

4,500

4,000

3,500

3,000

2,500

2,000

1,500

1,000

500

0

2018201920202021202220232024*uAcquisitionuBuyoutPubliclisting

Globalventure-backedexitactivity($B)bytype

2018–2024*

$1,600

$1,400

$1,200

$1,000

$800

$600

$400

$200

$0

2018201920202021202220232024*nAcquisitionBuyoutnPubliclisting

Source:VenturePulse,Q3’24,GlobalAnalysisofVentureFunding,KPMGPrivateEnterprise.*AsofSeptember30,2024.DataprovidedbyPitchBook,October16,2024.

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privateEnterprise

We’reseeinginvestorstakingamuchdeeperdiveintowhatacompany’spathtoprofitabilitylookslike.They’renot

acceptingspeculationasmuchastheyhaveinthepast;theywanttoreallyunderstanda

startup’sprojectedmarket,customerbase,andgrowth

andprofitabilityexpectations.

Delvingintothesefactorsaspartoftheirduediligence

processesistakinglonger,

whichhassloweddowndealspeedstosomedegree.”

#Q3VC15

FrancoisChadwick

Partner

KPMGintheUS

“

Global

US

|

Americas

|

Europe

|

Asia

LPsfinallybacksomelargerfunds,pushingupcapitalcommitted

Globalventurefundraising

2018–2024*

$450

$400

$350

$300

$250

$200

$150

$100

$50

$0

$362.8

$263.6

$270.3

$383.2

$340.4

$202.8

$143.1

2018201920202021202220232024*

Capitalraised($B)——Fundcount

4,500

4,000

3,500

3,000

2,500

2,000

1,500

1,000

500

0

Afteraprolongedperiodofshyness,ithasbeendifficulttoassessifLPssimplywerebeingmorethoroughand/or

cautiousbeforereuppingcommitmentsduetotheir

perceptionsofrisk,orifthedroughtofliquiditywasalsoatplay,orboth.Itislikelyacombinationofallthosefactors

producedtheslowdownin2023.Now,however,fundraisingseemstohaverecoveredintermsofcapitalcommitted

aggregates,evenwhilethecountoffundsclosedlookssettohitamulti-yearlow.Cautionisstillparamount,consequently,butfortop-tiermanagers,LPsarewillingtoreupafter

acclimatizingtothenew,risk-heightenedenvironment.

LPsseemtohavecautiouslyreenteredfundraisingtrails,with

fundraisingnowfinally

resurgingafterprolonged

processesculminatedinQ3seeingfundclosingson

billionsincommitments.

Source:VenturePulse,Q3’24,GlobalAnalysisofVentureFunding,KPMGPrivateEnterprise.*AsofSeptember30,2024.DataprovidedbyPitchBook,October16,2024.

privateEnterprise

#Q3VC

?2024CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.

16

Global

US

|

Americas

|

Europe

|

Asia

Follow-on,largerfundskeepclosingatahigherclip

Globalventurefundraising(#)bysize

2018–2024*

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

2018201920202021202220232024*

$1B+$500M-$1B$250M-$500M$100M-$250M$50M-$100MUnder$50M

Globalfirst-timevs.follow-