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background-gray-100"></div> </div> <div class="cmp-wysiwyg__container background-white "> <div class="cmp-wysiwyg__content "> <div class="cmp-wysiwyg__body "> <p>Venture Capital (VC) investment in the US fell in Q3’24, driven in part by an expected seasonal slowdown in VC deals activity. Given the approaching presidential election, some US VC investors have also pulled back from making major investment decisions until the outcome of the election is known and the potential policy directions of the next president are better understood.</p> <h3>Investor interest in AI remains red hot</h3> <p>Despite continued uncertainty in the market, AI continued to see incredibly strong VC investment in the US during Q3’24, led by a $1.5 billion raise by AI-powered defense solutions company Anduril Industries and a $1 billion raise by core AI-focused startup Safe Superintelligence. A wide range of other AI-focused startups also raised $100 million+ funding rounds during the quarter, including Gen AI-focused chip developer Groq ($640 million), immersive technologies company Infinite Reality ($350 million), data infrastructure company Cribl ($319 million), AI-focused surgical solutions company Caresyntax ($310 million), and airline retail platform Flyr ($295 million).</p> </div> </div> </div> <div class="modulelayeringblock--left background-white"> <div class="modulelayeringblock--top background-white"></div> <div class="modulelayeringblock--middle background-white"></div> <div class="modulelayeringblock--bottom background-white"></div> </div> </div> </div> <div class="pullquote aem-GridColumn aem-GridColumn--default--12"><div class="cmp-pullquote without-image background-cobalt-blue "> <div class="modulelayeringblock--left"> <div class="modulelayeringblock--top"></div> <div class="modulelayeringblock--middle"></div> <div class="modulelayeringblock--bottom background-gray-100"></div> </div> <div class="cmp-pullquote__container"> <div class="cmp-pullquote__icon background-cobalt-blue"> <svg viewBox="0 0 315 269" fill="none" xmlns="http://www.w3.org/2000/svg"> <path d="M239.183 143.166L239.228 143.616L239.68 143.616L314.5 143.616L314.5 268.5L178.773 268.5L178.773 168.005C178.773 119.58 190.427 81.7364 213.675 54.4115C237.145 27.1987 269.94 9.25759 312.101 0.612201L312.101 49.41C279.886 59.3569 258.124 77.2728 246.9 103.183C240.474 116.969 237.893 130.299 239.183 143.166ZM68.1474 102.226L68.1458 102.229C62.3612 115.375 59.5354 128.902 60.5012 143.034L60.533 143.5L61 143.5L136.5 143.5L136.5 268.5L0.499977 268.5L0.499985 168.005C0.499989 120.218 11.8349 82.53 34.4476 54.8839C57.282 27.356 90.0673 9.2544 133.5 0.608613L133.5 49.633C100.973 59.8898 79.3739 77.2638 68.1474 102.226Z" stroke="currentColor"/> </svg> </div> <div class="cmp-pullquote__content-wrapper"> <div class="cmp-pullquote__content"><p>I have some cautious optimism that 2025 could be a better year for the global IPO markets. After a very dry couple of years, IPO activity could finally see a resurgence. While we probably won’t see a lot of core AI companies going out yet—in part because many are still working to figure out the optimal business models, and are quite well funded—we could see companies in a wide range of other sectors looking to exit—including health and biotech, fintech, and energy and cleantech.</p> </div> </div> <div class="cmp-pullquote__feature"> <div class="cmp-pullquote__feature-content"> <p class="cmp-pullquote__feature-name"> Conor Moore </p> <p class="cmp-pullquotet__feature-title"> Global Head, KPMG Private Enterprise </p> </div> </div> <div class="cmp-pullquote__block background-white"></div> </div> <div class="modulelayeringblock--right"> <div class="modulelayeringblock--top background-white"></div> <div class="modulelayeringblock--middle background-white"></div> <div class="modulelayeringblock--bottom background-white"></div> </div> </div> </div> <div class="wysiwyg aem-GridColumn aem-GridColumn--default--12"><div class="cmp-wysiwyg "> <div class="modulelayeringblock--left background-gray-100"> <div class="modulelayeringblock--top background-gray-100"></div> <div class="modulelayeringblock--middle background-gray-100"></div> <div class="modulelayeringblock--bottom background-gray-100"></div> </div> <div class="cmp-wysiwyg__container background-gray-100 "> <div class="cmp-wysiwyg__content "> <div class="cmp-wysiwyg__body "> <h3><b>Due diligence continues to be a priority for VC investors in the US</b></h3> <p>Given the uncertain economic environment and the sustained lack of exit activity, VC investors continued to prioritize deal due diligence during Q3’24, taking a deeper look into areas like pathways to profitability, EBITA targets, growth expectations, and other indicators, prior to making major investment decisions. A number of VC investors also showed an increasing inclination to hold back from making funding decisions in order to see what other VC investors a startup could bring to the table. This has contributed to more collaborative investments as some investors have shied away from taking the lead.</p> <h3><b>IPO activity remains dry with a few exceptions — like biotech</b></h3> <p>IPO activity in the US remained quiet in Q3’24, with the exception of biotech — which saw some robust IPO activity late in the quarter, including companies like immunology focused Zenas Biopharma, oncology-focused Bicara Therapeutics, and precision peptide therapy company MBX Biosciences. Outside of the biotech space, IPO activity was very slow — a trend expected to continue through the upcoming presidential election in mid Q4’24. A backlog of companies ready to exit could see IPO activity begin to pick up following the election and into Q1’25, with additional companies preparing for exits later in 2025.</p> </div> </div> </div> <div class="modulelayeringblock--left background-gray-100"> <div class="modulelayeringblock--top background-gray-100"></div> <div class="modulelayeringblock--middle background-gray-100"></div> <div class="modulelayeringblock--bottom background-gray-100"></div> </div> </div> </div> <div class="wysiwyg aem-GridColumn aem-GridColumn--default--12"><div class="cmp-wysiwyg "> <div class="modulelayeringblock--left background-gray-100"> <div class="modulelayeringblock--top background-gray-100"></div> <div class="modulelayeringblock--middle background-gray-100"></div> <div class="modulelayeringblock--bottom background-gray-100"></div> </div> <div class="cmp-wysiwyg__container background-white "> <div class="cmp-wysiwyg__content "> <div class="cmp-wysiwyg__body "> <h3><b>Seed and angel stage investments decline as VC investors back away from riskier bets</b></h3> <p>At the end of Q3’24, seed and angel stage funding levels in the US were both well behind the pace needed to match even 2023’s soft results. Given the slow exit environment, many VC investors in the US have become cautious with their early-stage investments, prioritizing investments in lower risk startups with proven value propositions and well-defined paths to profitability, and in companies within their own portfolios well-positioned to exit once the IPO door swings open.</p> <h3><b>Interest rate cuts could spur M&A activity</b><br /> </h3> <p>During Q3’24, the US Federal Reserve cut its key interest rate by half a point. While this cut has not yet had a chance to have a major impact on VC investment levels or on IPO exit activity as of yet — in part due to the number of investors holding back in advance of the election — it could add fuel to the growing sense of optimism leading into 2025. Over the next quarter, however, the interest rate cut could catalyze M&A activity as buyers reconsider acquisitions that did not make economic sense six months ago in light of the lower cost of capital. Additional rate cuts could spur M&A activity even further.</p> </div> </div> </div> <div class="modulelayeringblock--left background-white"> <div class="modulelayeringblock--top background-white"></div> <div class="modulelayeringblock--middle background-white"></div> <div class="modulelayeringblock--bottom background-white"></div> </div> </div> </div> <div class="wysiwyg aem-GridColumn aem-GridColumn--default--12"><div class="cmp-wysiwyg "> <div class="modulelayeringblock--left background-gray-100"> <div class="modulelayeringblock--top background-gray-100"></div> <div class="modulelayeringblock--middle background-gray-100"></div> <div class="modulelayeringblock--bottom background-gray-100"></div> </div> <div class="cmp-wysiwyg__container background-gray-100 "> <div class="cmp-wysiwyg__content "> <div class="cmp-wysiwyg__body "> <h3><b>Trends to watch for in Q4’24</b></h3> <p>With the upcoming election, VC investment is not expected to change dramatically in Q4’24, although optimism is growing for a potential rebound early in 2025 as uncertainties dissipate and macroeconomic conditions improve.</p> <p>Given the quiet IPO activity over the past two years, many eyes will be on IPO market in Q4’24 and into 2025 with the hope of a significant reopening of activity. While it might take time for IPOs to materialize, there could be an increase in the number of companies announcing their intent to go public over the next few quarters.</p> <p>At a sector level, both AI and defense-tech are expected to remain very hot areas for VC investment in Q4’24. Health and biotech will likely also remain very attractive to investors.</p> </div> </div> </div> <div class="modulelayeringblock--left background-gray-100"> <div class="modulelayeringblock--top background-gray-100"></div> <div class="modulelayeringblock--middle background-gray-100"></div> <div class="modulelayeringblock--bottom background-gray-100"></div> </div> </div> </div> <div class="pullquote aem-GridColumn aem-GridColumn--default--12"><div class="cmp-pullquote without-image background-cobalt-blue "> <div class="modulelayeringblock--left"> <div class="modulelayeringblock--top"></div> <div class="modulelayeringblock--middle"></div> <div class="modulelayeringblock--bottom background-gray-100"></div> </div> <div class="cmp-pullquote__container"> <div class="cmp-pullquote__icon background-cobalt-blue"> <svg viewBox="0 0 315 269" fill="none" xmlns="http://www.w3.org/2000/svg"> <path d="M239.183 143.166L239.228 143.616L239.68 143.616L314.5 143.616L314.5 268.5L178.773 268.5L178.773 168.005C178.773 119.58 190.427 81.7364 213.675 54.4115C237.145 27.1987 269.94 9.25759 312.101 0.612201L312.101 49.41C279.886 59.3569 258.124 77.2728 246.9 103.183C240.474 116.969 237.893 130.299 239.183 143.166ZM68.1474 102.226L68.1458 102.229C62.3612 115.375 59.5354 128.902 60.5012 143.034L60.533 143.5L61 143.5L136.5 143.5L136.5 268.5L0.499977 268.5L0.499985 168.005C0.499989 120.218 11.8349 82.53 34.4476 54.8839C57.282 27.356 90.0673 9.2544 133.5 0.608613L133.5 49.633C100.973 59.8898 79.3739 77.2638 68.1474 102.226Z" stroke="currentColor"/> </svg> </div> <div class="cmp-pullquote__content-wrapper"> <div class="cmp-pullquote__content"><p>We’re seeing investors taking a much deeper dive into what a company’s path to profitability looks like. They’re not accepting speculation as much as they have in the past; they want to really understand a startup’s projected market, customer base, and growth and profitability expectations. Delving into these factors as part of their due diligence processes is taking longer, which has slowed down deal speeds to some degree.</p> </div> </div> <div class="cmp-pullquote__feature"> <div class="cmp-pullquote__feature-content"> <p class="cmp-pullquote__feature-name"> Francois Chadwick </p> <p class="cmp-pullquotet__feature-title"> Partner, KPMG Private Enterprise </p> </div> </div> <div class="cmp-pullquote__block background-white"></div> </div> <div class="modulelayeringblock--right"> <div class="modulelayeringblock--top background-white"></div> <div class="modulelayeringblock--middle background-white"></div> <div class="modulelayeringblock--bottom background-white"></div> </div> </div> </div> <div class="inlinesinglevideo aem-GridColumn aem-GridColumn--default--12"><section class="cmp-inlinesinglevideo "> <div class="modulelayeringblock--left background-gray-100"></div> <div class="cmp-inlinesinglevideo__container background-white columns "> <div class="cmp-inlinesinglevideo__image " data-video="https://youtu.be/okuKhkaQ9Vo"> <img src="/kpmg-us/content/dam/kpmg/inline-single-video/2022/ventura-pulse-q3-2024.jpg"/> <svg viewBox="0 0 112 112" fill="none" title="Play Video" xmlns="http://www.w3.org/2000/svg"> <path fill="#1E49E2" d="M0 0h112v112H0z"/> <g clip-path="url(#a)"> <path class="svg-play-triangle" d="M49.25 47a.75.75 0 0 0-.75.75v16.5a.75.75 0 0 0 1.111.657l15-8.25a.75.75 0 0 0 0-1.314l-15-8.25A.751.751 0 0 0 49.25 47Z" fill="#fff"/> </g> <defs> <clipPath id="a"> <path fill="#fff" transform="matrix(1 0 0 -1 44 68)" d="M0 0h24v24H0z"/> </clipPath> </defs> </svg> </div> <div class="cmp-inlinesinglevideo__caption"><h3><b>Key insights from Venture Pulse Q3 2024</b></h3> </div> </div> <div class="modulelayeringblock--right background-white"></div> </section> </div> <div class="listicle aem-GridColumn aem-GridColumn--default--12"><div class="cmp-listicle background-white "> <div class="modulelayeringblock--left background-gray-100"> <div class="modulelayeringblock--top background-gray-100"></div> <div class="modulelayeringblock--bottom background-kpmg-blue"></div> </div> <div class="cmp-listicle__container"> <h3 class="cmp-listicle__heading">In the U.S. in Q3’24</h3> <div class="cmp-listicle__description"></div> <div class="cmp-listicle__list"> <div class="cmp-listicle__item"> <div class="cmp-listicle__circle"> <p class="cmp-listicle__number">1</p> <img src="/kpmg-us/content/dam/kpmg/icons/Web_finance-on-light.svg" class="cmp-listicle__icon"/> </div> <div class="cmp-listicle__data">VC deal value falls to $37.5 billion across 2794 deals</div> </div> <div class="cmp-listicle__item"> <div class="cmp-listicle__circle"> <p class="cmp-listicle__number">2</p> <img src="/kpmg-us/content/dam/kpmg/icons/Web_growth-on-light.svg" class="cmp-listicle__icon"/> </div> <div class="cmp-listicle__data">Late-stage deal sizes rise YoY</div> </div> <div class="cmp-listicle__item"> <div class="cmp-listicle__circle"> <p class="cmp-listicle__number">3</p> <img src="/kpmg-us/content/dam/kpmg/icons/Web_Employment-Tax-on-light.svg" class="cmp-listicle__icon"/> </div> <div class="cmp-listicle__data">First-time financings remain robust YoY</div> </div> <div class="cmp-listicle__item"> <div class="cmp-listicle__circle"> <p class="cmp-listicle__number">4</p> <img src="/kpmg-us/content/dam/kpmg/icons/Web-server-dollar-sign-on-light.svg" class="cmp-listicle__icon"/> </div> <div class="cmp-listicle__data">Fundraising by VCs on-pace to match 2023 totals</div> </div> <div class="cmp-listicle__item"> <div class="cmp-listicle__circle"> <p class="cmp-listicle__number">5</p> <img src="/kpmg-us/content/dam/kpmg/icons/Web_flag-on-light.svg" class="cmp-listicle__icon"/> </div> <div class="cmp-listicle__data">LPs continue to focus on follow-on funds</div> </div> </div> </div> <div class="modulelayeringblock--right"> <div class="modulelayeringblock--top background-white"></div> <div class="modulelayeringblock--bottom background-white"></div> </div> </div> </div> <div class="pdfdownload aem-GridColumn aem-GridColumn--default--12"><div class="cmp-pdfdownload background-kpmg-blue "> <div class="cmp-pdfdownload__container"> <h2 class="cmp-pdfdownload__headline">Dive into our thinking:</h2> <div class="cmp-pdfdownload__downloads"> <div class="cmp-pdfdownload__download"> <p class="cmp-pdfdownload__download-title">Venture Pulse Q3 2024</p> <a href="/kpmg-us/content/dam/kpmg/pdf/2024/venture-pulse-q3-2024.pdf" target="_blank" rel="noopener noreferrer" class="cmp-pdfdownload__download-cta">Download PDF<svg viewBox="0 0 16 16" fill="none" xmlns="http://www.w3.org/2000/svg"> <path d="M13 12V14H3V12H2V14C2 14.2652 2.10536 14.5196 2.29289 14.7071C2.48043 14.8946 2.73478 15 3 15H13C13.2652 15 13.5196 14.8946 13.7071 14.7071C13.8946 14.5196 14 14.2652 14 14V12H13ZM13 7L12.295 6.295L8.5 10.085V1H7.5V10.085L3.705 6.295L3 7L8 12L13 7Z" fill="currentColor"/> </svg> </a> </div> </div> </div> <div class="cmp-pdfdownload__entry-mask"></div> </div> </div> <div class="ctabreaker aem-GridColumn aem-GridColumn--default--12"><div class="cmp-ctabreaker background-cobalt-blue light-text "> <div class="cmp-ctabreaker__wrapper"> <div class="cmp-ctabreaker__eyebox"> </div> <div class="cmp-ctabreaker__wrapper-databox"> <div class="cmp-ctabreaker__left"> <h2 class="cmp-ctabreaker__header">Q3’24 Venture Pulse Report – Global trends</h2> </div> <div class="cmp-ctabreaker__right"> <div class="cmp-ctabreaker__text"><p>A global overview of key findings uncovered from the Q3’24 Venture Pulse Report.</p> </div> <div class="cmp-ctabreaker__ctas"> <a href="https://kpmg.com/xx/en/our-insights/operations/q3-24-venture-pulse-report-global.html" target="_blank" rel="noopener noreferrer" class="cmp-ctabreaker__ctas-primary">Explore more</a> </div> </div> </div> </div> <div class="cmp-ctabreaker__entry-mask"></div> </div> </div> <div class="ctabreaker aem-GridColumn aem-GridColumn--default--12"><div class="cmp-ctabreaker background-gray-100 dark-text "> <div class="cmp-ctabreaker__wrapper"> <div class="cmp-ctabreaker__eyebox"> </div> <div class="cmp-ctabreaker__wrapper-databox"> <div class="cmp-ctabreaker__left"> <h2 class="cmp-ctabreaker__header">LinkedIn Live Event: AI & Defense Tech Heating Up</h2> </div> <div class="cmp-ctabreaker__right"> <div class="cmp-ctabreaker__text"><p>Hear KPMG Private Enterprise professionals discuss highlights from the latest Venture Pulse report.</p> </div> <div class="cmp-ctabreaker__ctas"> <a href="https://www.linkedin.com/events/7249829057721155584/about/" target="_blank" rel="noopener noreferrer" class="cmp-ctabreaker__ctas-primary">Explore more</a> </div> </div> </div> </div> <div class="cmp-ctabreaker__entry-mask"></div> </div> </div> <div class="mediadesc aem-GridColumn aem-GridColumn--default--12"><div class="cmp-mediadescription mediadesc-block background-kpmg-blue imgright "> <div class="modulelayeringblock--left"> <div class="modulelayeringblock--top background-kpmg-blue"></div> <div class="modulelayeringblock--middle-left background-kpmg-blue"></div> <div class="modulelayeringblock--bottom background-kpmg-blue"></div> </div> <div class="cmp-mediadescription__container"> <div class="cmp-mediadescription__content"> <h2 class="cmp-mediadescription__heading">About the Pulse Series</h2> <p class="cmp-mediadescription__subheading"></p> <div class="cmp-mediadescription__text">The Pulse Series of reports—Venture Pulse and the Pulse of Fintech—analyze the latest global and regional investment trends and insights. Included in the reports we provide perspectives and analyses on the lifecycle of venture capital investments as well as overall fintech investment across the Americas, Europe, and Asia. In each report, we share the latest valuations, financing, deal sizes, mergers & acquisitions, exits, corporate investment, and industry trends.</div> <a href="/us/en/articles/2023/venture-pulse-fintech.html" class="cmp-mediadescription__cta " target="_self">Learn more about the Pulse Series </a> </div> <div class="cmp-mediadescription__media "> <img src="/kpmg-us/content/dam/kpmg/media-description/2024/rb-buildings-trees.jpg" class="rightimg"/> <div class="cmp-mediadescription__entry-mask"></div> </div> <div class="cmp-mediadescription__bottom-block background-white"></div> </div> <div class="modulelayeringblock--right"> <div class="modulelayeringblock--top background-white"></div> <div class="modulelayeringblock--middle-right background-white"></div> <div class="modulelayeringblock--bottom background-white"></div> </div> </div> </div> <div class="mixedcontentrecirc aem-GridColumn aem-GridColumn--default--12"><section class="cmp-mixed-content-recirc cmp-mixed-content-recirc--background-purple cards-3 " data-background-color="#7213EA" data-type="authored" data-cmppath="/kpmg-us/content/kpmg/us/en/articles/2024/venture-pulse-q3/jcr:content/root/container/mixedcontentrecirc_7">  <div class="cmp-mixed-content-recirc__left-margin-upper background-kpmg-blue"></div> <div class="cmp-mixed-content-recirc__left-margin-middle background-purple"></div> <div class="cmp-mixed-content-recirc__left-margin-lower"></div> <div class="cmp-mixed-content-recirc__left-margin-bottom"></div> <div class="cmp-mixed-content-recirc__header-block background-purple"></div> <div class="cmp-mixed-content-recirc__header-container"> <h2 class="cmp-mixed-content-recirc__headline display-lg">Explore more</h2> <p class="cmp-mixed-content-recirc__description body-reg-lg"></p> </div>  <div class="cmp-mixed-content-recirc__body background-purple"> <div class="cmp-mixed-content-recirc__card-wrapper "> <div class="cmp-card cmp-card--insight " data-sorttime="2024-03-14T17:11:00.000-04:00"> <div class="cmp-card__media"> <img src="/kpmg-us/content/dam/kpmg/marketing-hero/2024/global-tech-innovator-2024-static.jpg" alt="KPMG Private Enterprise Tech Innovator in the U.S."/> </div> <div class="cmp-card__content background-white"> <div class="card-content-container"> <div class="cmp-card__icon-tag-date"> <div class="cmp-card__icon-tag"> <img class="cmp-card__icon" src="/kpmg-us/etc.clientlibs/kpmg/clientlibs/clientlib-site/resources/images/icons/insight-icon.svg"/> <span class="cmp-card__content-tag">Insight</span> </div> <span class="cmp-card__event-label cmp-card__event-label--webcast-replay"><span>Webcast</span> Replay</span> <span class="cmp-card__event-label cmp-card__event-label--webcast-upcoming"><span>Webcast</span> Upcoming</span> <span class="cmp-card__event-label cmp-card__event-label--podcast-replay"><span>Listen</span> Now</span> </div> <p class="cmp-card__header">KPMG Private Enterprise Tech Innovator in the U.S.</p> <p class="cmp-card__description">Making a difference in the world, one innovation at a time</p> <div class="cmp-card__cta-container"> <a class="cmp-card__cta" href="/us/en/articles/2024/kpmg-tech-innovator-us-2024.html"> Read more <svg viewBox="0 0 6 10" fill="none" xmlns="http://www.w3.org/2000/svg"> <path d="M5.9998 5L0.999804 10L0.299805 9.3L4.5998 5L0.299805 0.7L0.999804 0L5.9998 5Z" fill="currentColor"/> </svg> </a> </div> </div> </div> <div class="cmp-mixed-content-recirc__entry-mask"></div> </div> <div class="cmp-card cmp-card--insight " data-podcastdate="June 27, 2024" data-sorttime="2024-06-27T22:25:00.000-05:00"> <div class="cmp-card__media"> <img src="/kpmg-us/content/dam/kpmg/event-hero/2024/422955-2B_PrivatelySpeakingPodcastEp16_WebBanner.jpg"/> </div> <div class="cmp-card__content background-white"> <div class="card-content-container"> <div class="cmp-card__icon-tag-date"> <div class="cmp-card__icon-tag"> <img class="cmp-card__icon" src="/kpmg-us/etc.clientlibs/kpmg/clientlibs/clientlib-site/resources/images/icons/insight-icon.svg"/> <span class="cmp-card__content-tag">Insight</span> </div> <span class="cmp-card__event-label cmp-card__event-label--webcast-replay"><span>Webcast</span> Replay</span> <span class="cmp-card__event-label cmp-card__event-label--webcast-upcoming"><span>Webcast</span> Upcoming</span> <span class="cmp-card__event-label cmp-card__event-label--podcast-replay"><span>Listen</span> Now</span> </div> <p class="cmp-card__header">Diving Deeper into AI: Exploring the Potential and Challenges</p> <p class="cmp-card__description">Views on being an AI startup in the current environment</p> <div class="cmp-card__cta-container"> <a class="cmp-card__cta" href="/us/en/podcasts/2024/diving-deeper-into-ai-exploring-potential-and-challenges.html"> Read more <svg viewBox="0 0 6 10" fill="none" xmlns="http://www.w3.org/2000/svg"> <path d="M5.9998 5L0.999804 10L0.299805 9.3L4.5998 5L0.299805 0.7L0.999804 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