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1、The US Scaleups Ecosystem Report 2024June 2024Key takeawaysMore colourful,reminiscent of the amends sent to usClear breakthrough moment,a special one at thatDirect connection to history and its symbolic significance to the breakthrough in multiple aspects“Sky is the limit”remains as a key takeaway a

2、nd inspirational look towards entrepreneurshipVisually impactful,making potential viewers curious about the contents and inviting them in TEST VISUALS ONLYA breakthrough,in science,in society,in economics,involves breaking a norm,an expectation,while aspiring more and reaching further skies.With tha

3、t,we took the concept of“breakthrough”and applied it to the breaking of the atmosphere layer,a crucial moment that not only lead us as society to one of the biggest steps forward for science,but that can lead companies to achieve more,in a new era,new phase and subsequently,new space,after breaking

4、through the hardships represented by the AtmospherePage/2 The United States has long been regarded as the frontier where innovators and entrepreneurs thrive and that hasnt wavered,evident by the nearly 20,000 scaleups founded or headquartered in the country.In this report,weve taken a closer look at

5、 scaleups in the US.A scaleup is a company that has proven a product-market fit and a repeatable business model.At that stage,these companies focus on massively accelerating and executing their business plan more than defining it.We define scaleups as companies beyond startup stage that are in their

6、 Series A,B,or C+funding rounds or have recently IPOd.Theyre also companies that raised more than$15 million in total venture capital investment and/or companies that reached$1 billion in valuation or exited at$1 billion.Venture capitalists poured$145 billion into US companies in 2023.The country is

7、 also the top converter of unicorns to decacorns.Thats not to mention the countless opportunities in numerous cities across the US for scaleups.With the help of Dealroom,our goal is to provide context about what makes the US scaleups ecosystem so dominant:What are the characteristics that allow scal

8、eups to thrive?Where is total scaleups funding heading in 2024 and beyond?Is artificial intelligence the new safest bet for venture capitalists investments?We also take a deeper dive into the rise of AI and look at sub industries with the largest potential and the most funding.Our team,GROW with SAP

9、 for scaleups,is dedicated to providing scaleup companies with the tools,services,and solutions they need to continue growing.We help companies scale their business,boost operational efficiencies,and expand with confidence all through our SaaS platform.Backed by best practices,it can help you manage

10、 core business functions like finance,accounting,operations,human resources,and travel expenses.With this mission in mind,we created the report for scaleup leaders,investors,employees,and other stakeholders.This is an interactive report,with links to data sources shared throughout.This gives you an

11、opportunity to cut,slice,and dice the data for your own scaleup needs.Thanks for reading.Lets dive in!ForewordRomain Gauthier Founder-GROW with SAPForewordPage/3 The US dominates late-stage outcomes.The US attracts over 60%of late stage funding and has 60%+of all unicorns,while accounting for most o

12、utliers which achieved massive valuation with limited funding.It is also the top geography for conversion to unicorn and decacorn.The US is the top geography by number of scaleups.Success also breeds further success:hundreds of startups have spun out from some of the most notable US scaleups.Outside

13、 its homemade successes,many scaleups move to the US in order to scale.10%of all US Unicorns were founded abroad,among which 40%in Europe and 40%in Israel.Scaleups are increasingly geographically distributed across the US.On average,the US is back to 2018 levels for VC investment raised,but VC fundi

14、ng is rising again in 2024.The Bay Area still dominates large outcomes but NY,Boston and LA are on a faster growth trajectory Some rising ecosystems such as Pittsburgh,Denver,Washington DC and Miami are growing a lot faster.Gen AI and Climate tech are some of the top funded frontier tech segments.25

15、%of all US VC investment went to AI-first companies in 2023,mostly driven by GenAI.This percentage has never been this high.Climate Tech VC funding instead dropped 58%in 2023,despite IRA headwinds.Energy and mobility dominated VC funding with EV Battery recycling,Solar Energy and Green Hydrogen prod

16、uction.What you need to know.We define Scaleups asCompanies which raised above$15M in total VC investmentand/orcompanies which reached$1B valuation or exit at one point in time(unicorns and$1B exits).These are companies which currently maintain their main center of business(HQ)in the US,or were foun

17、ded in the US and relocated outside of the country.NY,Boston and LA are growing the fastest by number of unicorns.Rising ecosystems like Washington DC and Miami are on a steep growth trajectory,growing faster than Bay Area.Energy and mobility dominate the top Climate Tech segments with EV Battery(an

18、d EV Battery recycling),Solar Energy and Green Hydrogen production.1 A scaling powerhouse2 Ecosystem today3 Frontier tech(AI&Climate tech)Page/4 Page/5 US share of VC investment by stageEntrepreneurship has spread out globally at earlier stages.But the US keeps attracting over 60%of late stage fundi

19、ng and recovered dominance in recent years.Dealroom.coSource Startup$0-$15M Breakout$15-$100M Scaleup$100MAlign chart title hereAlign content hereAlign chart herePage/6 The US dominates large outcomes.Its global share rose from 50%to 85%from$250M valuation to centacorns.The Bay Area has a disproport

20、io-nate dominance in the US.Combined enterprise value of all public&private tech companies since 1990 by locationDealroom.coSourceAlign chart title hereAlign content hereAlign chart hereBay Area Rest of USA United Kingdom Rest of Europe Israel India China Rest of Asia Rest of WorldPage/7 Looking at

21、VC-backed companies,the US hosts less than 40%of early-stage startups,but 55%of all unicorns and 60%+of decacorns and centacorns.Number of VC-backed companies by location.Dealroom.coSourceAlign chart title hereAlign content hereAlign chart hereBay Area Rest of USA United Kingdom Rest of Europe Israe

22、l India China Rest of Asia Rest of WorldPage/8 Efficiency:funding vs valuationDespite large funding availability,the US has the most outliers of massive valuation with limited funding raised.Dealroom.coSourceScatter scaleups funding vs.Valuation($100M+total funding and valuation)Asia EMEA North Amer

23、icaAlign chart title hereAlign content hereAlign chart herePage/9 The US is the top geography for conversion to unicorn and decacorn.%of VC-backed startups that become unicorn%of VC-backed startups that become decacornExcluding companies which relocated to the US,Israel would be 6th at 2%Excluding c

24、ompanies which relocated to the US,Israel would be 7th at 0.09%of VC-backed startups that become decacornExcluding companies which relocated to the US,Israel would be 7th at 0.09%Source:Dealroom.coExcluding companies which relocated to the US,Israel would be 6th at 2%Excluding companies which reloca

25、ted to the US,Israel would be 7th at 0.09%Page/10$1B+companies founded since 1990Pre funding companies VC backed companies 6K US startups raise their first VC round each year41.5KStartup($100K15M total funding)14KBreakout($15100M total funding)4.3KLate-stage($100M+total funding)$100B+$10B+*$1B+*1560

26、1501155%64%40%39%55%58%65%of Global US conversion funnel for VC-backed startups.methodology US ScaleupsDealroom.co.Companies value above 10B+and 100B+are also counted as part of the 1560.Dealroom.co.Funnel includes double counting,notably of$1B+companies into Scaleups.Source:Page/11 The US ranks fir

27、st by number of scaleups.19.8K Scaleups were founded or HQ in the US,which is 5x more scaleups than China and 9.5x more than the UK.Source:Dealroom.co.Number of scaleups per countryAlign chart title hereAlign content hereAlign chart herePage/12 Bay Area(45%)SeattleMiroGrammarlyTalkDeskPony.aiChargeB

28、eeAuth0IcertisZenotiMany scaleups move their HQ to the US in order to scale,especially to the Bay Area and New York.10%of all US Unicorns(170)were founded abroad,of which 40%were founded Europe and 40%in Israel New York(28%)UiPathFireblocksHugging Face360LearningBostonSynkTraxDevoSource:Dealroom.coL

29、os AngelesSunbitZwiftChicagoCopadoMiamimoonPayPicsArtAustinA Cloud GuruTricentishttps:/app.dealroom.co/companies/f/founding_slug_locations/not_united_states/launch_year_min/anyof_2005/ownerships/not_public/regions/anyof_Bay%20Area/slug_locations/anyof_united_states/tags/allof_verified%20unicorns%20a

30、nd%20%241b%20exits?0=%7B&1=%22&10=Q&11=u&12=e&13=r&14=y&15=%22&16=%3A&17=%7B&18=%7D&19=%2C&2=d&20=%22&21=h&22=e&23=a&24=t&25=M&26=a&27=p&28=T&29=y&3=r&30=p&31=e&32=%22&33=%3A&34=n&35=u&36=l&37=l&38=%7D&4=o&5=p&6=d&7=o&8=w&9=n&groupId=1113&id=73735&sort=-valuationPage/13 Explore 16 others Explore 294

31、 othersSuccess breeds success:hundreds of startups have spun out from some of the most notable US scaleups.Startups founded by former employees of US scaleups and 16 others and&311 others and 369 others and 134 others and 265 others and 114 othersSource:Dealroom.coSuccess breeds success:hundreds of

32、startups have spun out from some of the most notable US scaleups.1 A scaling powerhouse2 Ecosystem today3 Frontier tech(AI&Climate tech)Page/14 Page/15 After the record years of 2021 and 2022,US VC investment is back to 2018/2019 levels.Early stage$415m(series A)$14m(seed)$01m(pre-seed)Late stage$25

33、0m+$100250mBreakout stage$40100m(series C)$1540m(series B)VC investment into US startups,annually View top rounds Dealroom.coSource:Page/16 Early-stage VC has continued going strong.Late stage VC has been cut 3x compared to 2021 max,but remains above 2019.Breakout-stage VC remains slightly above 201

34、9 level.$40100m(Series C)$1540m(Series B)$100250m$250m+$415m(Series A)$14m(Seed)$01m(pre-Seed)Dealroom.coSource:Page/17 Over$45B was invested into US startups in Q1 2024.VC investment in Q1 was higher than five of the six previous quarters,and just short of Q1 2023($48.2B),which included rounds of$1

35、0B for OpenAI and$6.5B for Stripe.VC investment into US startups,quarterly view online$01m(pre-seed)$14m(seed)$415m(series A)$1540m(series B)$40100m(series C)$100250m(mega rounds)$250m+(mega+)Dealroom.coSource:Page/18 In 2024 thus far,US venture capital investment is tracking above levels seen in 20

36、19&2020.Dealroom.co.Source:US VC investment by month(2019-2024)Page/19 US ranks first globally for VC investment in 2024.YoY growth is positive,but below other countries like the Netherlands and Canada.Dealroom.co.Change vs.average quarterly investment from 2023.Source:Leading countries for VC inves

37、tment Country VC investment Q1 2024 change vs.2023Page/20 Unicorn creation has gone back to 2016 levels.Number of new unicorns and$1b exits in the US per year Dealroom.coSource:Number of unicorns new and cumulative+Number of new and cumulative decacornsCumulative and New European Fintech unicorns Ne

38、w unicorns Cumulative unicornsPage/21 Dealroom.coSource:Number of unicorns new and cumulative+Number of new and cumulative decacornsNYC,Boston and LA are growing the fastest by number of unicorns.Rising ecosystems like Washington DC and Miami are on a steep growth trajectory,growing faster than Bay

39、Area.Number of years since 3 unicornsNew YorkDallasBay AreaBostonLAMiamiChicagoSan DiegoWashington DCSalt Lake CityCumulative number of unicorns per Metro Area(log scale)New YorkBay AreaBostonLAWashington DCBay AreaMiamiMiamiMiamiMiamiChicagoSeattleAustinSan DiegoSalt Lake CityPhoenixDallasAtlantaHo

40、ustonPhiladelphiaDetroitMinneapolisCharlotteOrlandoNew JerseyPage/22 Dealroom.co.Source:Number of unicorns new and cumulative+Number of new and cumulative decacornsScaleups are increasingly geographically distributed across the US.New YorkDallasBay AreaBostonLAMiamiChicagoSan DiegoWashington DCSalt

41、Lake CityCumulative number of scaleups per Metro Area Bay AreaAlign chart title hereAlign content hereAlign chart here10+Scaleups 50+Scaleups 100+Scaleups 1000+ScaleupsPage/23 On average,the US is back to 2018 levels.Some rising ecosystems are growing a lot faster.Dealroom.co.Source:Top US hubs for

42、growth in VC investment,2018-2023Page/24 Health and Enterprise Software are the most funded startup industries.Much of it is AI driven,including megarounds by Xaira Therapeutics,Anthropic,Freenome,Applied Institutions.Dealroom.co.Source:US leading industries by VC investment,since 2023 view onlinePa

43、ge/25 Biotechnology,Generative AI and Climate tech are the most funded frontier tech segments.Dealroom.co.Segments overlap between each other(e.g.Genai Model Maker is also part of Generative AI.Source:US leading segments by VC investment,since 2023 Page/26 Top tier investors continue to invest in th

44、e US after the record 2021&2022 years.Top Series A investors since 2023Top Series B+investors since 2023Dealroom.co.Source:Page/27 VC fundraising has scaled back to 2020 levels,about half of 2021-2022 peak.Notable fundraises 2023-2024*View onlineNew venture capital funds raised in the US Customize t

45、he dataUniversity of GlasgowAndreessen Horowitz(a16z)$7.3B raised-2023/2024New EnterpriseAssociates$6.2B raised-Jan 2023Norwest Venture Partners$3B raised-Apr 2024B CapitalGroup$3.3B raised-2023/2024Decarbonization Partners$1.4B raised-Apr 2024LuxCapital$1.2B raised-Apr 2023Galvanize ClimateSolution

46、s$1B raised-Sep 2023J.P Morgan AssetManagement$1B raised-Apr 2023RTPGlobal$1B raised-Jun 2023GreylockPartners$1B raised-Oct 2023Dealroom.co.*Funds amount raised shown is the total raised by that investor in 2023-2024 across multiple funds.For detailed breakdown see the online data.Source:MenloVentur

47、es$1.4 raised-Nov 20231 A scaling powerhouse2 Ecosystem today3 Frontier tech(AI&Climate tech)Page/28 Page/29 25%of all US VC investment went to AI-first companies in 2023,mostly driven by GenAI.This percentage has never been this high.Dealroom.co 2024 data as of 16th May 2024Source:AI share of total

48、 US VC funding Page/30 AI funding overall has come down a bit from its 2021 heights but is still way higher than pre-pandemic.GenAI shot up to$22B in 2023,up from nearly nothing a few years ago.Dealroom.co 2024 data as of 16th May 2024Source:AI VC funding in the US$22BAlign chart title hereAlign con

49、tent hereAlign chart hereGenerative AI Rest of AI ProjectedPage/31 The US invest 4x more in AI than Europe,and nearly 10 x more in GenAI.Dealroom.co 2024 data as of 16th May 2024Source:AI funding by region(2022-2024)Generative AI Rest of AI Align chart title hereAlign content hereAlign chart herePag

50、e/32 The application layer still attract half of the funding.But Foundational Models have grown massively to raise nearly$20B in 2023-2024.Dealroom.co 2024 data as of 16th May 2024Source:AI VC funding in the US by segment(2023-2024)Updated 16/05$2.5BGenAI infrastructure$0.7BGenAI infrastructure$0.7B

51、Page/33 The biggest AI funding rounds in the US in 2024.Foundational models and GPU cloud providers attracted the most funding,while AI Chips and AI data security also made it in the top rounds.Applications show a focus on AI x Deep Tech with Health(Drug discovery and Cancer screening),and Robotics&

52、Autonomous Driving dominating.Foundational modelsSan Francisco$2.8BGrowth Equity VCGPU cloud providerNew York$1.1bSeries CAI drug discoverySan Francisco$1.0bLate VCHumanoid robotsSunnyvale California$675mLate VCGPU cloud providerSan Jose California$320mSeries CAI data securitySan Mateo California$30

53、0mSeries CCancer screeningSan Francisco$254mLate VCSimulation software for autonomous vehiclesSunnyvale California$250mSeries ERISC-V AI ChipsSanta Clara California$250mSeries AAnthropicCoreWeaveXaira TherapeuticsFigureLambdaCyeraFreenomeApplied IntuitionRivosDealroom.co 2024 data as of 16th May 202

54、4Source:Page/34 Climate Tech VC funding in the US dropped 58%in 2023,despite IRA headwinds.2024 started slightly stronger.Dealroom.co.2024 data as of 17th MaySource:Climate tech VC funding in the US Customize the dataUpdated 17/05$01m(pre-seed)$14m(seed)$415m(series A)$1540m(series B)$40100m(series

55、C)$100250m(mega rounds)$250m+(mega+)ProjectedPage/35 And was largely surpassed for the first time by Europe in 2023.2024 started roughlyon par.Dealroom.co.2024 data as of 17th MayChina is leading on climate tech rollout such as renewables and electric vehicles,but mostly doing that without a VC fund

56、ing model behind.Source:Climate tech VC funding by region United States Europe China Rest of the WorldPage/36 Energy is now the main Climate Tech sector in the US,overtaking Transportation.Industry,Climate Fintech,Building,Water Tech,Carbon Tech,and Biodiversity all grew their share significantly.VC

57、 funding in US Climate Tech startups by sectorSource:Dealroom.co2016-20212023-2024Page/37 Energy and mobility dominate the top Climate Tech segments with EV Battery(and EV Battery recycling),Solar Energy,and Green Hydrogen production.Dealroom.co.2024 data as of 17th MaySegments overlap,for instance

58、EV battery recycling is part of EV Battery and Direct Air Capture of Carbon Removal.Source:Top Climate Tech segments by VC funding in 2023-2024Page/38 EV battery funding grew considerably in 2021 and remained strong.Recent financings show a new strong focus on EV battery recycling and material suppl

59、y.VC funding in US EV Battery startupsSelected VC rounds in US EV battery startups(2023-2024)view onlineCompanyAmountRoundBusiness$1.0BSeries DEV Battery recycling$704M Series DEV Battery recycling$300MSeries BLithium EV battery manufacturer$200MSeries BLi-sulfur batteries$189MSeries BNa-Ion batteri

60、es$145MSeries CDirect lithium extraction$100MGrowth Equity VCDirect lithium extractionUpdated 17/05Source:Dealroom.co 2024 data as of 17th MayPage/39 Updated 17/05MethodologyWhat are startups and scaleups?Startups are companies designed to grow fast.Generally,such companies are VC-investable busines

61、ses.Sometimes they can become very big(e.g.$1B+valuation).When startups are successful,they develop into scaleups,considered in this report as companies which raised above$15M in total VC investment and/or companies which reached$1B valuation or exit at one point in time(unicorns and$1B exits).and r

62、esult in big companies.Only companies founded since 1990 are included in this report.What is a unicorn?Unicorns are(former)startups that reached US$1B valuation or exit at one point in time.What is a startup?What is a Unicorn?Scope of the reportFor the purpose of this report,we define Scaleups as co

63、mpanies which raised above$15M in total VC investment and/or companies which reached$1B valuation or exit at one point in time(unicorns and$1B exits).While some startups founded in the US relocate beyond its borders,most maintain business-critical ties to the country.In order to take this reality in

64、to account,this report includes both US-based startups,which maintain their main center of business(HQ)in their country of origin,and US-founded startups,with their HQ relocated outside of the US.Underlying DataDealrooms proprietary database and software aggregate data from multiple sources:harvesti

65、ng public information,user-submitted data verified by Dealroom,data engineering.All data is verified and curated with an extensive manual process.The data on which this report builds is available via app.dealroom.co.For more info please visit dealroom.co or contact supportdealroom.co.Data for this r

66、eport was taken in Q2 2024.Venture Capital,InvestorsInvestment are referred to by their round labels such as Seed,Series A,B,C,late stage,and growth equity.VC investments exclude debt,non-equity funding,lending capital and grants.Unless otherwise mentioned,rounds labelled as(pre-)seed,series A or ea

67、rly VC,as well as all rounds under 15M are considered Early.Those rounds 15-40M,and all rounds labelled Series B and C are considered Breakout.Rounds labelled Series C,Late VC and/or 40M+are considered Late.Whether youre early stage or preparing for exit,your growth trajectory requires a constant evolution of skills,systems,and future planning.Kick off and support exponential growth with a cloud-native solution for up to six months free with partnership perks.Find out more about GROW with SAP for scaleupsVisit our website