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*.â€
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.â€
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
