So Carta and Crunchbase are two of our favorite data sources at SaaStr, and Crunchbase’s lateste VC funding report is out here.
Two data points jumped out at me:
- 51% of all U.S. VC funding ($178 Billion total) went to SF Bay Area companies
- Venture roared back in Q4’24. Not to ’21 levels, but up +70% over Q4’23:
Now it’s not quite that simple. Big AI deals in the SF Bay Area and growth rounds were a big part of it. Overall early stage VC wasn’t up much last year — or in Q4. So VC is back, but it’s back for AI (we know this) and fueled by big growth rounds:
We mostly knew this, but it’s good to see more of the actual data. The SF Bay area is back as king. But for the most part, it’s due to big AI and growth rounds.
A new king. But the same old crown.
And here’s what I can tell you more subjectively across the SaaStr Fund portfolio and all the VCs I work with personally: everyone’s looking to deploy capital and fund the best start-ups. Liquidity isn’t back, but the rush to find the next decacorn … is.
