Cybersecurity Funding
(In Billions of USD)
527
442
433
421
397
326
$11.1
318
288
281
$9.5
269
$9.2
245
345
$5.8
$5.1
$4.1
$4.0
$3.7
$3.7
$3.3
$3.3
$3.0
2021 Q3
2021 Q4
2022 Q1
2022 Q2
2022 Q3
2022 Q4
2023 Q1
2023 Q2
2023 Q3 2023 Q4
2024 Q1
2024 Q2
Total Deal Size in ($B)
Deal Count
• In 2023, cybersecurity vendors raised $15.4 billion in over 1,329 transactions. This fell behind 2022’s volume of 1,619 transactions recorded. • A notable resurgence of late-stage rounds is observed when compared to most of 2023. VC funding experienced a QoQ rebound in Q1 2024, showing a significant increase from the previous quarter when cybersecurity startups raised just below $1.7 billion. Seed funding represented a majority of all Q1 2024 funding rounds recorded.
• The lower middle market represented a significant number of fundraises in H1 2024 – There were 122 transactions in this market segment totaling to over $3.6B in deal value – Later stage VC deals held the largest share - 47% of the total number of fundraises with 55% of the total funding value – PE-based fundraises represented a modest 12% of the total deal count
Source: Pitchbook as of June 2024. Note: This includes only equity-based funding.
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