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US first-financing VC deal activity

Mayfield FundFebruary 2026
US first-financing VC deal activity
Chart by Mayfield Fund. Source: mayfield.com

Chart showing US first-financing venture capital deal value and deal count from 2015 to 2025. Deal value reached a high of $29.8B in 2025.

LabelValue shown on the chart
2015 deal value$9.7B
2016 deal value$9.2B
2017 deal value$9.8B
2018 deal value$14.6B
2019 deal value$15.0B
2020 deal value$14.7B
2021 deal value$23.2B
2022 deal value$24.2B
2023 deal value$16.5B
2024 deal value$17.3B
2025 deal value$29.8B

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