Series D+ leading fluctuations in investor check sizes
Median lead investor check sizes in Aumni-tracked venture deals across all stages have declined significantly since peaks in late 2021 and early 2022.
The shifts were most pronounced in Series D+, where lead investors were committing a median amount of $54.2M at the peak in 2021. Check sizes among tracked companies in this cohort shrunk by more than 67% from Q2 2021 to Q2 2023. Most stages of fundraising did see some improvement in the second half of 2023, though. Again, series D+ saw the most significant moves, with median lead commitments growing by more than 58% from Q2 to Q4 2023.
While check sizes remain below 2021 highs, the recent trend could indicate recovering sentiment in the market.
Want to explore more? This is one of dozens of charts and related insights in Aumni’s Venture Beacon Year End 2023 Report.
Want views like these delivered straight to your inbox? Scroll down to subscribe to the Aumni Venture Insights newsletter.
Photo by Michiel Annaert on Unsplash
.jpg)
©2023 JPMorgan Chase & Co. All rights reserved. JPMorgan Chase Bank, N.A. Member FDIC.
This material is not the product of J.P. Morgan’s Research Department. It is not a research report and is not intended as such. This material is provided for informational purposes only and is subject to change without notice. It is not intended as research, a recommendation, advice, offer or solicitation to buy or sell any financial product or service, or to be used in any way for evaluating the merits of participating in any transaction. Please consult your own advisors regarding legal, tax, accounting or any other aspects including suitability implications, for your particular circumstances or transactions. J.P. Morgan and its third-party suppliers disclaim any responsibility or liability whatsoever for the quality, fitness for a particular purpose, non-infringement, accuracy, currency or completeness of the information herein, and for any reliance on, or use of this material in any way. Any information or analysis in this material purporting to convey, summarize, or otherwise rely on data may be based on a sample or normalized set thereof. This material is provided on a confidential basis and may not be reproduced, redistributed or transmitted, in whole or in part, without the prior written consent of J.P. Morgan. Any unauthorized use is strictly prohibited. Any product names, company names and logos mentioned or included herein are trademarks or registered trademarks of their respective owners.
Aumni, Inc. (“Aumni”) is a wholly-owned subsidiary of JPMorgan Chase & Co. Access to the Aumni platform is subject to execution of an applicable platform agreement and order form and access will be granted by J.P. Morgan in its sole discretion. J.P. Morgan is the global brand name for JPMorgan Chase & Co. and its subsidiaries and affiliates worldwide. Aumni does not provide any accounting, regulatory, tax, insurance, investment, or legal advice. The recipient of any information provided by Aumni must make an independent assessment of any legal, credit, tax, insurance, regulatory and accounting issues with its own professional advisors in the context of its particular circumstances. Aumni is neither a broker-dealer nor a member of any exchanges or self-regulatory organizations.
383 Madison Ave, New York, NY 10017
