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The Weekend Pitch
January 12, 2025
Presented by the U.S. National Science Foundation
(Drew Sanders/PitchBook News)
As we begin a new year, the consensus among venture capitalists and startups is that the worst is behind us and 2025 will be a good year.

For countries across the globe, expectations of renewed dealmaking, higher valuations and more open liquidity markets abound.

But not for China.

I'm Leah Hodgson, and this is The Weekend Pitch. You can reach me at leah.hodgson@pitchbook.com or on X @LeahFHodgson.

While last year was difficult for many VC markets, few ecosystems experienced the declines suffered by China.

A massive tech-savvy population and a burgeoning middle class may have helped Chinese VC become the world’s second-largest hub, but that status is on the wane.

A total of $40.2 billion was invested in China last year, according to PitchBook data, representing a 36.7% decline from 2023—an even bigger drop than from 2022. For comparison, the US saw a 29.6% increase in deal value, while India was up 21.6% from 2023.

With similar VC markets having recovered from the funding winter or at least showing signs of improvement, why do China’s prospects look so bad—and can it recover?
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NSF supports hundreds of deep tech startups each year, helping to bring scientific discoveries to market. Startups can receive up to $2 million in translational R&D funding, with NSF investing over $250 million annually in early-stage companies. These ventures have raised billions in follow-on funding and achieved more than 300 successful exits. NSF’s funding is instrumental in driving innovation that shapes the future of technology and industry.

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Our most popular articles of 2024
 

Trivia
(Caroline Suttie/PitchBook News)
Bucking broader headwinds, Indian VC fundraising grew 77% in 2024, a trend in stark contrast with much of the world. The annual fundraising figures were boosted by a last-minute raise from Accel which closed $650 million for its eighth India-focused fund. How much VC fundraising did the country generate in 2024?

A) $1.8 billion
B) $2.4 billion
C) $3.5 billion
D) $4.5 billion

Find your answer at the bottom of The Weekend Pitch!
 

Quote/Unquote
"It became blindingly obvious to me that the secondary market was the biggest thing happening in the alternative space right now."

—Mustafa Siddiqui, former head of GP stakes at Blackstone, talking to PitchBook about the debut of his secondaries firm, SQ Capital.
 

Stay tuned
Keep an eye out for these insights and research reports coming out this week:
  • Q4 2024 PitchBook-NVCA Venture Monitor
  • Q4 2024 US PE Breakdown
  • Q4 2024 AI & ML Public Comp Sheet and Valuation Guide
  • Q4 2024 Healthcare Services Public Comp Sheet and Valuation Guide Key Takeaways
  • Q4 2024 Fintech Comp Sheet and Valuation Guide
  • Q4 2024 Enterprise SaaS Comp Sheet and Valuation Guide
 

Trivia
Answer: C.

In 2024, Indian VC fundraising grew 77%, reaching $3.5 billion across 38 funds, while Asian fundraising as a whole declined 24.2%. Driving the intense investor interest was a record number of IPOs in the country.
 

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This edition of The Weekend Pitch was written by Leah Hodgson and Jacob Robbins. It was edited by Andrew Woodman and Clarinda Simpson.

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