Timeline

Venture financing, quarter by quarter

75 quarters of private financing since 2008, aggregated from public sources.

Cohort analysis

Do first-time raisers come back?

Each company grouped by the year of its first reported round, then tracked to see if it filed a follow-on. The 24-month rate is the apples-to-apples measure — share of a cohort that raised again within two years of its first round. Cohorts under three years old are still maturing.

Among large modern cohorts, follow-on momentum has cooled: the 2009 class raised again within 24 months 38.6% of the time, but the 2022 peak-market class — over 5,655 first-time raisers — came back at just 17.7%.

First-round yearCompaniesRaised follow-onWithin 24 moMedian mo. to 2nd
2026maturing785121.5%0.7
2025maturing4,1372626.3%5.1
2024maturing4,39263114.3%10.6
20234,5081,00718.8%14.6
20225,6551,40217.7%16.7
20216,4202,10624.5%14.6
20204,5381,78429.9%14.6
20195,2221,88025.3%17.2
20185,4432,00725.0%16.7
20175,0051,88827.1%15.9
20164,6591,85527.9%16.6
20154,8301,92726.8%17.5
20144,5461,83829.1%15.8
20134,1261,75630.0%16.0
20124,0271,63628.8%16.0
20114,4471,82628.8%15.6
20105,0382,37034.3%14.4
20095,4962,81638.6%13.9
QuarterRoundsCompaniesCapital
2026-Q33631$322.4M
2026-Q28983$1.9B
2026-Q11,3021,251$24.6B
2025-Q42,0491,984$38.8B
2025-Q32,0671,989$37.6B
2025-Q22,2692,190$34.2B
2025-Q12,0261,965$38.8B
2024-Q42,3442,266$35.4B
2024-Q32,1132,055$31.5B
2024-Q22,3282,264$31.8B
2024-Q12,1482,072$31.1B
2023-Q42,3232,252$35.6B
2023-Q32,1382,080$28.7B
2023-Q22,5502,485$31.0B
2023-Q12,2552,171$31.1B
2022-Q42,5312,458$29.9B
2022-Q32,5432,478$29.9B
2022-Q22,9112,825$46.7B
2022-Q12,9542,890$43.0B
2021-Q43,4593,342$72.3B
2021-Q33,0202,917$64.7B
2021-Q23,2633,177$66.8B
2021-Q12,9482,832$70.6B
2020-Q42,7752,668$47.4B
2020-Q32,6062,527$45.3B
2020-Q22,0611,972$21.1B
2020-Q12,1572,088$25.1B
2019-Q42,3182,258$27.2B
2019-Q33,2633,151$39.0B
2019-Q22,5322,433$31.6B
2019-Q12,2192,152$31.6B
2018-Q42,5262,439$29.6B
2018-Q33,2873,182$48.2B
2018-Q22,6072,505$33.1B
2018-Q12,4052,312$28.3B
2017-Q42,4692,368$24.5B
2017-Q33,0872,985$29.0B
2017-Q22,3282,260$26.2B
2017-Q12,1992,124$20.0B
2016-Q42,2542,156$25.4B
2016-Q32,6772,565$21.9B
2016-Q22,3242,231$21.3B
2016-Q12,1242,030$15.7B
2015-Q42,3262,204$22.5B
2015-Q32,6322,472$32.5B
2015-Q22,5092,331$30.1B
2015-Q12,2892,099$26.5B
2014-Q42,4472,234$25.8B
2014-Q32,5012,265$21.0B
2014-Q22,4772,230$27.3B
2014-Q12,2121,988$21.8B
2013-Q42,4352,155$20.5B
2013-Q32,3302,076$19.2B
2013-Q22,2081,948$19.1B
2013-Q11,9251,701$12.8B
2012-Q42,3442,047$23.0B
2012-Q32,1641,893$17.7B
2012-Q22,2761,965$17.8B
2012-Q11,9111,703$15.4B
2011-Q42,1961,921$16.6B
2011-Q32,3111,972$19.6B
2011-Q22,2912,001$19.8B
2011-Q12,1841,887$17.2B
2010-Q42,4832,062$27.4B
2010-Q32,1711,853$21.3B
2010-Q22,2981,925$21.8B
2010-Q12,0551,739$19.4B
2009-Q42,2661,902$28.4B
2009-Q32,0651,707$17.8B
2009-Q22,1001,700$16.2B
2009-Q11,042866$10.3B
2008-Q4474380$2.5B
2008-Q3277241$4.8B
2008-Q2223151$5.8B
2008-Q1137113$1.2B