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Global venture-capital activity weakened in Q3 2024, according to the PitchBook-NVCA Venture Monitor First Look. The available summary describes a soft quarter across deal activity, average deal size, fundraising, exits and dollars raised, with no region singled out as a strong performer. The figures that can be stated precisely here—$37.5 billion invested across 2,794 deals—are for the United States only, not the global market.
What the Q3 2024 first look said about global venture activity
The headline refers to the third quarter of 2024, not to venture markets in 2026. The PitchBook-NVCA report is dated September 30, 2024; GamesBeat published its account on October 3, 2024, and its search-result metadata shows an update on June 17, 2025. GamesBeat’s available summary characterizes Q3 and the year as weak across several measures, including deal numbers, average deal size, fundraising, exits and dollars raised, and says no region stood out for strong performance. NVCA describes the Venture Monitor as its quarterly report on venture activity, with PitchBook as its official data provider.
The accessible summary does not establish exact global totals, percentages or a region-by-region ranking. It is therefore safer to describe the direction and breadth of the reported weakness than to attach a global dollar figure or claim that a particular region performed worst.
U.S. figures are not global totals
Axios reported that U.S. venture investors deployed $37.5 billion across 2,794 deals in Q3 2024. In the United States, deal count was 34% lower than in Q2 2024 and 17% below Q3 2023; invested dollars were 32% below Q2. These U.S.-only measures show why geography and comparison period matter: a quarterly deal-count decline is not the same statistic as an annual decline in dollars or a global total. Axios’s account provides the U.S. figures and quotes NVCA President Bobby Franklin.
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Large AI financings contributed substantial capital even as U.S. deal count and dollars fell from the prior quarter. A handful of outsized rounds can lift total investment without indicating a broad increase in the number of companies receiving funding.
A separate global measure also pointed to a weak quarter
KPMG’s Q3 2024 analysis separately described global VC investment as being at its lowest level in nearly seven years. It reported global corporate venture-capital investment falling from $54 billion in Q2 2024 to $35.2 billion in Q3 2024. Those are KPMG’s corporate VC figures, not the PitchBook-NVCA monitor’s global totals; corporate VC is also a defined subset of venture investment, not a synonym for all VC activity. KPMG’s release explains its characterization and figures.
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Why exits matter alongside funding
Venture activity is not measured by investment dollars alone. Fundraising, the number and size of deals, and exits each describe a different part of the ecosystem. When exits and liquidity are constrained, investors may have fewer routes to return capital, while startups can face a harder path to raising follow-on funding. The reported weakness in exits therefore helps explain why the quarter’s condition cannot be assessed from headline investment totals alone.
Franklin argued that Federal Trade Commission attention to mergers and acquisitions was disrupting the entrepreneurial ecosystem, leaving startups with fewer exit options and making it harder for venture investors to back new ideas. That is his stated explanation, not a causal conclusion established by the quarterly figures. His comments also reflected the U.S. policy context at the time.
How to read the headline without overstating it
- Keep geography clear: the $37.5 billion and 2,794 deals are U.S. figures; they do not quantify the global decline.
- Keep the measures separate: deal count, investment dollars, fundraising and exits are related but distinct indicators.
- Keep comparison periods attached: the U.S. deal-count declines cited above compare Q3 with Q2 2024 and Q3 2023 respectively; the dollar decline compares Q3 with Q2.
- Account for large rounds: significant AI financings can support capital totals even when deal activity is weak.
- Treat regional conclusions cautiously: the available GamesBeat summary says no region stood out positively, but does not provide enough detail for exact regional comparisons.
Where to find ongoing venture data
The NVCA research page points readers to Venture Monitor reports, data packs and real-time data on fundraising, investment and exits. The monitor is produced by PitchBook and NVCA; its quarterly snapshots should be read with attention to the report date and the definitions used for each measure.
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