Venture financing report 2025

Venture transactions completed in 2024 showed a gradual return to a more balanced financing environment compared to 2023’s capital raising challenges. This neutral-to-founder-friendly financing environment was punctuated by the return of secondaries. Investors and companies executed secondary transactions that allowed early employees and early investors to take some chips off the table. The instances of secondaries did not reflect the exuberance of 2020/2021; however, for companies with an established successful track record, secondaries were used to reward early employees and retool cap tables to bring in new investors and focus on the future.