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1Clear out junk files and repair common Windows errors2Scan for outdated or missing drivers - takes under a minute3Repair Windows errors before they cause bigger problemsVenture capital dealmaking was still under pressure in the second quarter of 2024. US deal counts rose for a third consecutive quarter, but much of the increase in deal value came from a small number of outsized financings; exits and fundraising remained constrained. The figures below are a first look at Q2 and the first half of 2024, not final full-year totals.
Why more deals did not mean a broad recovery
Inflation, interest rates and macroeconomic uncertainty continued to weigh on venture investors and companies globally. Limited available capital and few exits made it harder for investors to return money to fund backers and for companies to secure new financing. Some companies consequently returned to private markets to raise additional funds.
PitchBook analysts Kyle Sanford and Nalin Patel described the global picture in the July 2, 2024 first-look coverage: “Though deal value has seen an uptick due to several large, outsized deals, the dealmaking environment overall is struggling along,” GamesBeat/VentureBeat reported. The distinction matters: a higher aggregate deal value can reflect a few exceptional rounds rather than easier financing conditions for companies generally.
United States: rising deal count, concentrated value
US venture deal counts rose for three consecutive quarters through Q2 2024. Deal-value growth was more limited and was supported by large CoreWeave and xAI transactions, rather than signaling a uniform increase across the market. In the PitchBook-NVCA report data as of June 30, 2024, the Bay Area recorded 633 Q2 deals worth $18.7 billion, while New York recorded 468 deals worth $16.6 billion. Four highlighted major hubs together accounted for 77.2% of US deal value, showing how concentrated the headline total was.
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Exits remained a constraint on liquidity
US venture-backed exit value was $23.6 billion in Q2 2024, below Q1, according to the July 2 first-look coverage of PitchBook-NVCA findings. The NVCA’s August 1, 2024 summary also identified low exit counts and the resulting liquidity constraints as continuing pressure. Exit activity improved only through small transactions, while the supply of middle- and large-sized M&A deals remained limited even though acquisition counts were relatively high, because many transactions were small.
IPO momentum also faded after two high-profile IPOs in the first month of Q2. Taken together, the count of acquisitions or headline deal value alone gave an incomplete view: transaction size and the amount of value actually returning to investors mattered.
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Fundraising was weak in the US and globally
US fundraising commitments reached $37.4 billion through the first half of 2024, as reported in the July 2 coverage of PitchBook-NVCA findings. This is an H1 figure, not a final annual total. Globally, PitchBook analysts said fundraising was pacing toward its lowest total commitments since 2015; that was a pace-based assessment, not a completed 2024 result.
Fundraising was also uneven among managers. In Europe, established fund families contributed heavily to a lumpy fundraising picture, so activity did not necessarily indicate broad access to capital across the manager base.
Regional conditions differed
Europe: relatively resilient deal activity
European Q2 dealmaking was described as resilient and broadly in line with recent quarters. Deal value was higher despite fewer deals, while first-half activity remained slightly behind the 2023 pace. Exit activity was thin and fundraising uneven, with established fund families accounting for much of the activity.
Latin America: slow deal and exit pace
Latin American dealmaking was on a slow pace that could have resulted in the region’s slowest year since 2018. Investor caution reflected limited exits from the 2021–2022 investment cohort and a pullback by US investors. Reported exit value was less than $36 million through H1 2024; that is a first-half figure, not a final-year total.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to read the Q2 figures
- Separate deal count from deal value. More transactions do not establish that companies broadly found it easier to raise capital; a handful of large rounds can lift value totals.
- Look at exits as well as financings. Low exit counts and values limit liquidity for investors and can make future fundraising harder.
- Keep geography and period attached to every figure. US Q2 exits, US H1 commitments, European activity and Latin American H1 exits have different scopes and should not be combined into one market-wide total.
- Treat first-look data as provisional. The July 2024 observations describe Q2 and H1 pace, and PitchBook-NVCA historical estimates may be revised in later reporting.
For the US hub breakdown and related report resources, see the PitchBook-NVCA Venture Monitor materials. The NVCA’s August 1, 2024 event summary likewise highlighted low exit counts and liquidity pressure.
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