TLDR:
- DC venture capital deals totaled $813 million in Q1 2024
- Deal count in the region was the lowest in a decade
In the first quarter of 2024, DC’s venture capital scene experienced a quieter period following the previous year’s remarkable $2 billion quarter. According to the latest Venture Monitor report by PitchBook and the National Venture Capital Association (NVCA), companies in the DC metro area and surrounding suburbs raised a total of $813 million across 51 deals. This figure is more in line with previous years and national trends, but the deal count in the region was at its lowest point in a decade.
Despite the lower deal count, the total deal value is on par with previous years. In 2023, Q1 saw $729 million in deals while Q2 had over $1 billion. Throughout 2023, the Washington-Arlington-Alexandra Metropolitan Statistical Area received a total of $5 billion in VC investments, following a $4.5 billion year in 2022.
Some of the biggest VC deals in the region during Q1 2024 were in industries such as healthcare, energy, and information technology. Notable deals include a $150 million Series A for Clasp Therapeutics and a $111 million Series A for Zephyr AI.
National venture capital trends mirrored DC’s experience in Q1, with deal activity staying relatively high. While uncertainties such as inflation and market conditions may impact future activity, overall valuations have risen, indicating the resilience of strong companies in a slower market environment.
