Global venture capital funding stood at $28 billion in November 2024, Basic Crunch the data shows. That’s down from $32 billion raised in October 2024, but up from $21 billion raised in November 2023.
More than a third of last month’s funding came from just three companies that each raised more than $1 billion: the AI Foundation’s Model Companies. xAI And Anthropicand quality engineering testing service Tricentis.
Seed and early-stage funding have both declined year over year, according to Crunchbase data. Last month, seed funding totaled just over $2 billion, down about a third from the previous year. Meanwhile, seed funding in November fell just over 20% year-over-year.
However, late-stage funding has doubled year over year, driven by outsized funding cycles.
Billion-Dollar Fundraising Outperforms
The proportion of deals worth billions of dollars has increased over the past two years. So far in 2024, about 16% of all global venture capital funding has gone to billion-dollar-plus financing deals, concentrated in the AI sector, according to data from Crunchbase. This is a slight increase from 2023, where 15% of total venture capital funding came from funding rounds of $1 billion or more, and significantly more than in 2022, when only 5% of investments in venture capital involved rounds of this size.
AI funding
More than half of November’s venture capital investments went to companies in the AI sector, which reached a monthly high of more than $14 billion. The funding went to AI startups operating across multiple industries, including robotics, security, healthcare, marketing, developer tools, autonomous driving, and chip infrastructure.
Despite the overall increase in dollars invested in November, the month was slower for seed, Series A and Series B deals, according to an analysis of Crunchbase data.
During the economic downturn of 2023 and into 2024, seed funding has been the strongest step. As we approach 2025, will early stage funding contract further, as fewer small and mid-sized funds close their doors this year?
Methodology
The data in this report comes directly from Crunchbase and is based on reported data. Data reported is as of December 3, 2024.
It is worth noting that data lags are more pronounced in the early stages of VC activity, with seed funding amounts increasing significantly after the end of a quarter/year.
Please note that all financing values are quoted in US dollars unless otherwise noted. Crunchbase converts foreign currencies to U.S. dollars at the spot rate in effect from the date financing rounds, acquisitions, IPOs, and other financial events are reported. Even though these events were added to Crunchbase long after the event was announced, currency transactions are converted at the historical spot price.
Glossary of financing terms
Since January 2023, we have changed how we include corporate financing rounds in our reporting. Corporate financing rounds are only included if a company has raised early-stage equity financing through a serial venture financing round.
Seeds and Angels consist of rounds of seeds, pre-seeds and angels. Crunchbase also includes seed rounds, equity crowdfunding, and convertible notes in amounts of $3 million (USD or converted USD equivalent) or less.
The early stage includes Series A and B rounds, as well as other types of rounds. Crunchbase includes seed rounds, venture projects and other rounds over $3 million, as well as those under $15 million.
Advanced phases include Series C, D, E and subsequent venture capital series of letters following the naming convention “Series (Letter)”. Also included are unknown series rounds, corporate projects and other rounds above $15 million.
Tech Growth is a private equity round raised by a company that has already raised a venture round. (So basically any round of the previously defined steps.)
Further reading:
Illustration: Dom Guzman
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