NVCA Yearbook 2025 (National Venture Capital Association (NVCA))
Summary
- The US venture capital market deployed $215.4 billion across 14,320 deals in 2024.p.5
- AI companies secured $97 billion in 2024 funding, nearly doubling 2023 levels.p.5
- Healthcare and life sciences innovation attracted $42 billion in 2024 funding, up 17% YoY.p.5
- US venture capital funds raised $76.8 billion across 538 funds in 2024.p.6
- Exit landscape activity generated $98.0 billion in total disclosed value across 1,147 exits in 2024.p.24
- Dry powder reserves stayed near record highs with over $307 billion in committed funds.p.5
Key insights
- The U.S. ecosystem captured 57% of global VC investment in 2024, achieving its strongest share in a decade.p.4
- AI and healthcare/life sciences themes collectively captured 67% of overall capital invested in 2024.p.5
- California captured $76 billion in VC funding (+56% YoY), bringing its national share of overall investment to 55%.p.6
- In 2024, the median venture capital fund size was $21.3 million while the largest fund raised reached $4.5 billion.p.8
- First-time female fund managers secured 28% of emerging manager allocations in 2024, up from 19% in 2020.p.10
- AI & ML VC deal activity accounted for 46.4% of total US VC deal value in 2024.p.16
- Ten transactions accounted for $39.2 billion or 40% of total exit value in 2024.p.24
- Private secondary transactions reached $34.6 billion in 2024 as liquidity options expanded.p.26
Topics and entities
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