Global venture funding totaled $28 billion in November 2024, Crunchbase data shows. That’s down from the $32 billion raised in October 2024, but up from the $21 billion raised in November 2023.

More than a third of funding last month came from just three companies that each raised billion-dollar-plus rounds: AI foundation model companies xAI and Anthropic, and quality engineering testing service Tricentis.

Seed- and early-stage funding both fell year over year, Crunchbase data shows. Seed funding last month totaled just over $2 billion, down about a third compared to a year earlier. Meanwhile, early-stage funding in November fell just over 20% year over year.

However, late-stage funding doubled year over year, driven by outsized funding rounds.

Billion-dollar raises outperform

The proportion of billion-dollar deals has increased in the past two years. So far in 2024, around 16% of all global venture funding has been in billion-dollar-plus funding deals, concentrated in the AI sector, Crunchbase data shows. That’s up slightly from 2023, when 15% of total venture funding came from rounds of $1 billion or more, and markedly higher than 2022, when only 5% of VC investment was in rounds of that size.

Funding to AI

More than half of November’s venture investment went to companies in the AI sector, which reached a monthly peak of more than $14 billion. Funding went to AI startups operating across multiple sectors, including robotics, security, healthcare, marketing, developer tools, autonomous driving and chip infrastructure.

Despite the overall increase in dollars invested in November, it was a slower month for deals at seed, Series A and Series B, an analysis of Crunchbase data shows.

Through the downturn in 2023 and into 2024, seed funding was the most robust stage. As we head into 2025, will funding at the earlier stages contract further, as fewer smaller and midsize funds closed this year?

Methodology

The data contained in this report comes directly from Crunchbase, and is based on reported data. Data reported is as of Dec. 3, 2024.

Note that data lags are most pronounced at the earliest stages of venture activity, with seed funding amounts increasing significantly after the end of a quarter/year.

Please note that all funding values are given in U.S. dollars unless otherwise noted. Crunchbase converts foreign currencies to U.S. dollars at the prevailing spot rate from the date funding rounds, acquisitions, IPOs and other financial events are reported. Even if those events were added to Crunchbase long after the event was announced, foreign currency transactions are converted at the historic spot price.

Glossary of funding terms

As of January 2023, we have made a change to how we include corporate funding rounds in our reporting. Corporate rounds are only included if a company has raised an equity funding at seed through a venture series funding round.

Seed and angel consists of seed, pre-seed and angel rounds. Crunchbase also includes venture rounds of unknown series, equity crowdfunding and convertible notes at $3 million (USD or as-converted USD equivalent) or less.

Early-stage consists of Series A and Series B rounds, as well as other round types. Crunchbase includes venture rounds of unknown series, corporate venture and other rounds above $3 million, and those less than or equal to $15 million.

Late-stage consists of Series C, Series D, Series E and later-lettered venture rounds following the “Series [Letter]” naming convention. Also included are venture rounds of unknown series, corporate venture and other rounds above $15 million.

Technology growth is a private-equity round raised by a company that has previously raised a “venture” round. (So basically, any round from the previously defined stages.)

Further reading:

• Fewer Small And Midsize Venture Funds Are Closing This Year

Illustration: Dom Guzman