Q1 2024 PitchBook-NVCA Venture Monitor

Due to a lack of large deals and low capital availability, the start of 2024 saw the most investor-friendly venture market in over a decade. While companies returned to the market to raise, Q1 2024’s liquidity crunch resulted in only $9.3B venture capital raised across 100 US VC funds.

This webinar highlighted key findings and important considerations for investors from the Q1 2024 PitchBook-NVCA Venture Monitor report, created in partnership with the National Venture Capital Association (NVCA) and sponsored by J.P. Morgan, Dentons, and Deloitte.

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Key takeaways

2024 started on a lackluster note for venture dealmaking. Deal value for Q1 2024 showed a 29.0% decline YoY.
Exit value remained low, but recent listings suggested signs of optimism for the IPO window to warm up.
The imbalance of capital demand and supply was felt most acutely in venture-growth stage investments.

PitchBook related reports

Q1 2024 PitchBook-NVCA Venture Monitor
Q4 2023 PitchBook-NVCA Venture Monitor

Featuring

Kaidi Gao

Senior Research Analyst, Venture Capital
Kaidi Gao is a senior venture capital research analyst at PitchBook, where she contributes to the VC team’s core reports and produces quarterly thematic analyst notes on various topics. Her research and expertise focus primarily on venture debt, VC in the APAC region and seed- and early-stage dealmaking. Prior to this role, Gao worked as a Senior Data Operations Associate, overseeing PitchBook’s VC-backed company dataset.

Gao received a master’s degree in Near Eastern Studies from Princeton University and a bachelor’s degree in Asian and Middle Eastern Studies with a focus on Arabic from Duke University. She is based in PitchBook’s Seattle office.
Shiloh Tillemann-Dick

Research Director, NVCA

Shiloh Tillemann-Dick serves as the research director at NVCA. His work focuses on the development of qualitative and quantitative analytical products that provide the rest of the team with the material they need to tell NVCA’s story. Before joining NVCA, Shiloh was the political director at the Leadership Now Project, where he developed the organization’s political strategy, oversaw expansion into eight new states, and organized the group’s 2022 candidate program. Shiloh is a graduate of Yale University and has lectured on analytics, public policy, and project management at the University of Maryland.
Andy Kelly

Managing Director and Relationship Executive, Venture Capital Coverage, J.P. Morgan

Andy Kelly is a managing director and relationship executive in the Venture Capital coverage group for J.P. Morgan Commercial Banking, within the Middle Market Banking & Specialized Industries business. In this role, he is responsible for developing relationships with key VC firms from his base in the Bay Area. He is a current independent board member for US Speedskating, as well as a former board member for the American Red Cross Bay Area chapter and a former advisory board member for USAA.
Victor Boyajian

Global Chair, Venture Technology and Emerging Growth Companies, Dentons

Victor Boyajian is the global chair of Dentons Global Venture Technology and Emerging Growth Companies Group. Victor leads a global team focused on representing emerging growth technology companies, venture capital firms, corporate strategies, and private equity firms in a broad array of financing and strategic transactions from Silicon Valley to Boston to New York and around the globe.
Heather Gates

Audit & Assurance Private Growth Leader, Deloitte & Touche LLP

With more than 30 years of financial services experience, Heather serves as the national Private Growth Leader, overseeing the Emerging Growth Company and Private Equity businesses within Audit & Assurance.

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