What's driving the momentum in venture?
There appears to be increasing momentum in venture. But what parts of the market are driving it?
At a high level, the venture capital market improved in the first half of 2024, driven by increased pre-money valuations in Q2. Median pre-money valuations increased between 6% and 32% in early-stage deals (Seed through Series B) and by over 150% for Series D+ compared with the previous year.
Coinciding with the rise in pre-money valuations, median late-stage lead investor check sizes similarly increased in the first half of the year to just over US$30 million, a level not seen since early 2022. Also, with the exception of Series D+, total cash raised in the first half of 2024 has largely remained unchanged across stages.
Taken together, the data suggests that the increased momentum in the venture capital market is driven by pre-money valuations, particularly at later stages, and not necessarily just an increase in new money deployed.
Our newly released Aumni Venture Beacon: 1H 2024 Report explores this trend and more, with dozens of charts and data sets that shed light on the state of venture. Get the report.
.jpeg)
©2023 JPMorgan Chase & Co. All rights reserved. JPMorgan Chase Bank, N.A. Member FDIC.
This material is not the product of J.P. Morgan’s Research Department. It is not a research report and is not intended as such. This material is provided for informational purposes only and is subject to change without notice. It is not intended as research, a recommendation, advice, offer or solicitation to buy or sell any financial product or service, or to be used in any way for evaluating the merits of participating in any transaction. Please consult your own advisors regarding legal, tax, accounting or any other aspects including suitability implications, for your particular circumstances or transactions. J.P. Morgan and its third-party suppliers disclaim any responsibility or liability whatsoever for the quality, fitness for a particular purpose, non-infringement, accuracy, currency or completeness of the information herein, and for any reliance on, or use of this material in any way. Any information or analysis in this material purporting to convey, summarize, or otherwise rely on data may be based on a sample or normalized set thereof. This material is provided on a confidential basis and may not be reproduced, redistributed or transmitted, in whole or in part, without the prior written consent of J.P. Morgan. Any unauthorized use is strictly prohibited. Any product names, company names and logos mentioned or included herein are trademarks or registered trademarks of their respective owners.
Aumni, Inc. (“Aumni”) is a wholly-owned subsidiary of JPMorgan Chase & Co. Access to the Aumni platform is subject to execution of an applicable platform agreement and order form and access will be granted by J.P. Morgan in its sole discretion. J.P. Morgan is the global brand name for JPMorgan Chase & Co. and its subsidiaries and affiliates worldwide. Aumni does not provide any accounting, regulatory, tax, insurance, investment, or legal advice. The recipient of any information provided by Aumni must make an independent assessment of any legal, credit, tax, insurance, regulatory and accounting issues with its own professional advisors in the context of its particular circumstances. Aumni is neither a broker-dealer nor a member of any exchanges or self-regulatory organizations.
383 Madison Ave, New York, NY 10017
