China startups see 3.4% YoY increase in VC funding to $19.7 billion in H1 2024
A total of 1,378 venture capital (VC) funding deals were announced in China during the first half (H1) of 2024, which was a year-on-year (YoY) decline of 16.2% compared to the announcement of 1,645 VC deals during the same period in the previous year. However, the corresponding disclosed funding value of these deals grew by 3.4% YoY from $19.1 billion in H1 2023 to $19.7 billion in H1 2024, according to GlobalData, a leading data and analytics company.
Aurojyoti Bose, Lead Analyst at GlobalData, comments: “An improvement in funding value despite a decline in VC deals volume could be attributed to the announcement of some big-ticket deals during H1 2024. This could also be seen as a signal that startups with solid business models are able to attract big investments even amid growing investor cautiousness. In fact, H1 2024 saw the announcement of some billion-dollar VC deals*.”
The notable VC funding deals announced in China during the first half of 2024 included $1.5 billion worth of funding raised by Changxin Technology, $1.1 billion funding raised by IM Motors, and $1 billion funding raised by Moonshot AI.
Bose adds: “Apart from being the top market in the Asia-Pacific (APAC) region, China is also a key global market for VC funding activity and stands just next to the US in terms of deals volume as well as value.”
An analysis of GlobalData’s Deals Database revealed that China accounted for 16.8% share of the total number of VC funding deals announced globally during H1 2024. Meanwhile, its share of the corresponding disclosed funding value stood at 15.8%.
*Valued more than or equal to $1 billion
Note: Historic data may change in case some deals get added to previous months because of a delay in disclosure of information in the public domain
