Report: NVCA · Data: PitchBook
Who participated in the 2025 US venture dollar
Deals involving nontraditional investors represented far more value than their share of deal count.
The research library
A clearer read
on private markets.
Market cycles, ownership mechanics and the signals worth following. Sourced analysis, built for decisions.
24 research notesHistorical coverage · Prepared September 2026
Report: NVCA · Data: PitchBook
Exits improved; liquidity remained constrained
More exit value did not erase the backlog of private companies.
Illustration: Dom Guzman / Crunchbase News
2025: more dollars, narrower distribution
A high annual total coexisted with extraordinary AI and megadeal concentration.
Illustration: Dom Guzman / Crunchbase News
2024: recovery with a split by stage
Headline dollars improved while seed and Series A on Carta weakened.
Chart: Carta / Peter Walker
The seed-to-Series-A gap
A two-year cohort metric reveals a tighter path after the boom.
Image: PwC
Climate tech capital fell as its sector mix shifted
PwC's 12-month window shows a contraction alongside greater weight for energy and adaptation.
Report cover: Atomico / State of European Tech
Europe's 2024 capital gap appeared after the first cheque
Atomico's cohort comparison locates the Europe–US divergence at larger follow-on rounds.
Chart: Carta
The shutdown count behind the reset
Carta's confirmed closures rose, but its count has a narrow definition.
Illustration: Crunchbase News
The 2023 female-founder share had a mega-round denominator
A record US dollar share coexisted with a flat share for all-female founding teams.
Chart: Galaxy Research; data: PitchBook Data, Coin Metrics
Crypto prices rose while venture checks kept shrinking
Galaxy's 2023 record separates tradable asset performance from private-company appetite.
![Global Quarterly. Illustration of man with bag of $ going down an escalator while robot goes up. [Dom Guzman]](/assets/source-media/cb23-cover-display.webp)
Illustration: Dom Guzman / Crunchbase News
2023: less capital at every stage
The reported global total reached a five-year low as early rounds also contracted.
Illustration: Crunchbase News
The 2021 exit cohort met a different public market
A large listing year became a dated case study in how quickly private exit values can reprice.
Chart: CB Insights
Fintech's 2022 contraction ran through large rounds
The annual decline becomes clearer when the final quarter and mega-round mix are read together.
Illustration: Dom Guzman / Crunchbase News
2022: the reset reaches late stage
The year closed far below 2021, with the final quarter showing a sharper contraction.
Chart: CB Insights
Digital health's 2021 financing surge
A sector-specific record shows how far the venture boom reached beyond general software.
Illustration: Dom Guzman / Crunchbase News
2021: the record breaks
Funding nearly doubled on Crunchbase's then-current annual comparison.
Chart: Partech Africa
Africa's 2020 split: more rounds, fewer dollars
Partech counted a widening deal market and a shrinking capital total in the same pandemic year.
![Illustration of coin-operated robot/2020-Global. [Dom Guzman]](/assets/source-media/cb20-cover-display.webp)
Illustration: Dom Guzman / Crunchbase News
2020: venture held its footing
The first pandemic year ended with more reported capital and a strong exit market.
Document: Y Combinator
Your SAFE cap is not your next-round ownership.
Separate the ownership sold today from the dilution that arrives at conversion.
Artwork: Carta
The option pool belongs in the price conversation.
A hiring reserve can change who bears dilution, even when the headline valuation stays put.
Artwork: Carta
Same exit. Different money in your pocket.
A worked example of how participation changes the split between preferred and common.
Artwork: Carta
A fund multiple has two very different ingredients.
Read distributed value and remaining portfolio value separately.
Artwork: Carta
Build the cap table before you compare the offers.
A practical sequence for turning term sheets into comparable ownership scenarios.
Document: US Securities and Exchange Commission
A Form D is a clue. Read the fields before the headline.
Distinguish an offering target, securities sold and capital available to invest.
No matching research. Try another topic, year or search term. Saved notes appear after you select Save on an article.