What's driving the momentum in venture?
There appears to be increasing momentum in venture. But what parts of the market are driving it?
At a high level, the venture capital market improved in the first half of 2024, driven by increased pre-money valuations in Q2. Median pre-money valuations increased between 6% and 32% in early-stage deals (Seed through Series B) and by over 150% for Series D+ compared with the previous year.
Coinciding with the rise in pre-money valuations, median late-stage lead investor check sizes similarly increased in the first half of the year to just over US$30 million, a level not seen since early 2022. Also, with the exception of Series D+, total cash raised in the first half of 2024 has largely remained unchanged across stages.
Taken together, the data suggests that the increased momentum in the venture capital market is driven by pre-money valuations, particularly at later stages, and not necessarily just an increase in new money deployed.
Our newly released Aumni Venture Beacon: 1H 2024 Report explores this trend and more, with dozens of charts and data sets that shed light on the state of venture. Get the report.
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