TLDR:
- Chinese startups raised $6.4 billion in VC funding in the first two months of 2024.
- Five unicorns were created in China during January and February.
Chinese startups secured $6.4 billion in venture capital (VC) funding in the first two months of 2024, down 4.9% year-on-year, according to UK-based GlobalData. The total number of VC deals for January and February fell by 18.9% year-on-year to 416. This is a decrease from the $6.7 billion raised through 513 deals during the same period in 2023. The month-on-month growth in funding value was 12.8% in February, with big-ticket VC funding deals highlighting the significant investments in Chinese startups.
China remained an attractive market for VC funding activity, accounting for 18% of global VC deals and 18.9% of the disclosed funding value during January-February 2024. Additionally, five unicorns were created within China during the first two months of the year. The country’s position as a key player in global VC funding is evident as it stands just behind the US in terms of deal volume and value. Overall, the Chinese startup ecosystem continues to show promise and attract significant investment.
