The summer of 2014 was clearly not one of too much R&R for the global venture industry, with a total of 1,633 fundings totaling $21.3 billion of capital investment and 251 exits valued at a combined $17.2 billion, based on data collected by PitchBook. In addition to this deal activity, venture capital firms held final closes on 73 venture funds, raising a total of $9 billion. While the numbers did dip pretty much across the board during the quarter, nearly all of these totals represent very high levels of activity—for example, that $21.3 billion invested in 3Q was the second-highest total of the last decade. The European venture industry was a bright spot, as its $3.4 billion of venture deals during the quarter marked the biggest quarter of the last several years for the continent. Beyond these trends, the main story-lines continue to be the same, with both deal sizes and valuations staying at elevated levels across the entire funding spectrum.