State of CVC 2024 Report

State ofCVC Global | 2024 recap Global data and analysis on CVC-backed dealsand funding to private market companies Makesmartertech decisions. Our platform will help youdiscover, understand, andmanageyour response to emerging tech. Make confidenttech decisions that drive growth, improve operations, andbeat the competition with CB Insights. ▮▮▮▮IIIITry our platform–free!Sign up for a free trial “Steal” our data. Download the underlying data in this report. If you createany analysis or visualizations with this data, send it ourway and you could be featured in the CBI newsletter.@ us on social–LinkedIn X (Twitter)Instagram TL;DRYour rundown onCVCin 2024 $65.9B $27.3M 37%Of CVC-backedfunding goes to AI.A record high. 2In 3 CVC deals goto early-stagecompanies. -34%Decline in CVC-backed funding toAsia. Global CVC-backedfunding. Up 20%YoY. Average annualdeal size.2ndhighest ever. While global CVC-backedfunding rebounded in 2024to $65.9B, deal countcontinued to fall, reachingits lowest annual total(3,434 deals) since 2018. Among deals with CVCparticipation, annualaverage deal size reached$27.3M, tied for its second-highestlevel ever (exceededonly by the low-interest-rateenvironment of 2021). Early-stage rounds made up65% oftotal CVC-backeddeals in 2024, tied for thehighest recorded level inmore than a decade. In 2024, AI startupscaptured 37% of CVC-backed funding and 21% ofdeals—both record highs. In 2024, Asiacontinued toseeCVC-backed fundingdecline,down 34% YoY to$7B. China is leading the decline,with no quarter in 2024exceeding $0.5B in funding.CVCs remain wary ofinvesting in the country’sprivate sector. Counter to the broaderdecline in deals, CVCsratcheted up AI dealmakingby 13% YoY as they race tosecure footholds in thespace before competitorsgain an edge. Biotech companiesbenefited the most, takinghome 10 of the top 20 early-stage deals in Q4’24, withmultiple firms raising$100M+ mega-rounds. Annual deal volumedeclined across majorregions, with Europeexperiencing thelargestdrop at 10% YoY. Amid fewer deals, CVCs areincreasingly aggressivewhen they do decide toinvest. See the data→ See the data→ See the data→ See the data→ See the data→ TL;DRState ofCVC CVC-backed equity funding rebounds 20% in 2024 Disclosed global equity funding and deal count with CVC participation TL;DRState ofCVC AI is a growing focus for CVCs globally Shares of CVC-backed equity funding and deals that go to AI companies TL;DRState ofCVC Annual average CVC-backed deal size ties for second-highestlevel ever AverageCVC-backed dealsize TL;DRState ofCVC Nearly 2 in 3 CVC deals are early-stage Shareof CVC deals by deal stage TL;DRState ofCVC CVCs remain wary of investing in Asia CVC-backed equity funding to Asia-based startups ContentsState of CVC Europe108United Kingdom114Germany118France122Israel126 Global Trends11Investment Trends12 Sector Spotlights35 Fintech36Retail Tech45Digital Health54 Geographic Trends 63 US64Silicon Valley70New York74Los Angeles78Boston82Asia86China92India96Singapore100Japan104 Global Trends Investment Trends State of CVC|Global Trends|Investment Trends Annual equity funding & deals State of CVC|Global Trends|Investment Trends Quarterly equity funding & deals State of CVC|Global Trends|Investment Trends State of CVC|Global Trends|Investment Trends Percent of quarterly deals by global region State of CVC|Global Trends|Investment Trends Annual average & median deal size State of CVC|Global Trends|Investment Trends Annual median deal size by global region State of CVC|Global Trends|Investment Trends Annual mega-round funding & deals State of CVC|Global Trends|Investment Trends Quarterly funding & deals from mega-rounds (deals worth $100m+) State of CVC|Global Trends|Investment Trends State of CVC|Global Trends|Investment Trends Quarterly mega-round deals by global region State of CVC|Global Trends|Investment Trends Quarterly mega-rounds as percent of funding State of CVC|Global Trends|Investment Trends Global: Top equity deals in Q4’24 State of CVC|Global Trends|Investment Trends Annual percent of deals by deal stage State of CVC|Global Trends|Investment Trends Regional deal share by deal stage in Q4’24 State of CVC|Global Trends|Investment Trends Annual median funding by deal stage Global: Top seed/angel deals in Q4’24 Global: Top Series A deals in Q4’24 Global: Top Series B deals in Q4’24 Global: Top Series C deals in Q4’24 State of CVC|Global Trends|Investment Trends Global: Top CVCs by company count in Q4’24 Sector Spotlights Fintech State of CVC|Sector Spotlights|Fintech Annual equity funding & deals State of CVC|Sector Spotlights|Fintech Quarterly equity funding & deals State of CVC|Sector Spotlights|Fintech Quarterlydeal shareby global region State of CVC|Sector Spotlights|Fintech Annual average & median deal size State of CVC|Sector Spotlights|Fintech Annual percent of deals by deal stage Fintech: Top equity deal