![]() ![]() ![]() This seems logical, given that late-stage valuations are more driven by public market comps and the state of the IPO market. Early stageĪs venture investment contracted over the past several quarters, declines have been more pronounced at the late stage than the early stage. Besides the two aforementioned financings for Anthropic and ElevateBio, other large funding recipients included drone operator Zipline ($330 million Series F ), construction equipment marketplace EquipmentShare ($290 million Series E, and AI software provider Cohere ($270 million Series C ). Investors also didn’t shy away from big rounds. This indicates investors are slightly more open to consummating deals, albeit at valuations often far below the 2021 peak.įor the bigger picture, we lay out total investment and round counts over five quarters below: Round counts also ticked up slightly in Q2. The declines look less steep when we consider that the Q1 total included a huge and unusual transaction: the $10 billion Microsoft -backed round for OpenAI, which calls itself a “capped profit company governed by a nonprofit.” Without that deal, Q1 and Q2 totals would be much closer together. That’s a drop of 48% quarter over quarter and 54% year over year. We’ll start with late stage, which typically gets the largest share of investment.įor Q2, North American startups pulled in $15.3 billion in late- and technology growth-stage financings 1, per Crunchbase data. We also take a look at exits, both M&A and IPOs, and contemplate where things are likely to go from here. Īlso, seed- and early-stage dealmaking saw relatively modest quarter-over-quarter declines, so the pipeline of fundable companies remains pretty robust.įor a more detailed sense of how the quarter and first half of the year played out, we break things out by stage below. Still, there were some large financings in the second quarter, including a $450 million Series C for generative AI platform Anthropic, and a $401 million Series D for gene therapy startup ElevateBio. ![]()
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