The total venture capital (VC) funding raised by the US-based startups improved by 2.4% year-on-year (YoY) during January-July 2024 despite a 41% decline in VC deal volume. The country continues to lead the global VC landscape with a significant gap over its peers, leading both in deal count and funding value, driven by a surge in ≥ $100 million deals, reveals GlobalData, a leading data and analytics company.
An analysis of GlobalData’s Deals Database revealed that the US saw the announcement of a total of 4,675 VC deals of worth $70.6 billion during January-July 2023 compared to 2,759 VC deals of worth $72.3 billion during January-July 2024.
Aurojyoti Bose, Lead Analyst at GlobalData, comments: “While the 2.4% increase might seem modest, the US remains a dominant force in the VC landscape, far outpacing any other market. This single-digit growth further amplifies the already substantial lead, solidifying the US’ position as the global frontrunner in VC funding activity.
“The huge size and dominance of the US can also be understood from the fact that it is distantly followed by China and the difference in total funding value between the two countries stands over $50 billion.”
The US accounted for 28.8% of the total number of VC deals announced globally while capturing an impressive 49.2% of the total disclosed funding value during the review period. Meanwhile, the number of VC deals valued more than or equal to $100 million took a major leap from 107 to 169.
Some of the notable VC funding deals announced in the US during January-July 2024 include the $6 billion worth funding raised by X.AI, $1.1 billion raised by CoreWeave, $1 billion raised by Scale AI, $1 billion raised by Wiz and $1 billion raised by Xaira Therapeutics.
Bose concludes: “The continued dominance of the US in venture capital activity is a testament to its resilient startup ecosystem and robust funding landscape. The growth in high-value deals, despite a drop in overall deal volume, highlights the confidence investors have in the market’s long-term potential and innovation capacity.”
