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This is a segment from the Empire newsletter. To read full editions, subscribe. I’ve got a dose of optimistic news for you this morning: From a venture capital perspective, the first quarter wasn’t so bad! Preliminary data from PitchBook suggests that the quarter saw roughly $4.5 billion in VC spending, with half of that coming from Binance’s deal with Abu Dhabi’s MGX. To put that figure into context, we saw a little over $2 billion per quarter last year. If we continue at this pace — and I know it’s early to say this — we could see spending hit $18 billion. That number is still nowhere near the $33 billion raised back in 2021, but it shows that the sector’s bouncing back, and it’s not looking frothy. Back in December, PitchBook’s Robert Le told us he wouldn’t be surprised if we saw “multiple” $5 billion quarters and, clearly, we’re not too far off. He told me that part of the momentum is coming from the larger deals, $100 million or bigger, that we haven’t seen too much of so far this cycle. Source: TIE Terminal Right now the average deal size in March sits at roughly $60 million, though — looking at the chart above — that’s clearly a jump from the deal sizes we saw last year. “I think as the mega funds come back to market, we’re going to expect to see a lot of those larger deals get funded, and that’s going to really [show in the] amount of venture capital dollars being invested,” he said. There’s preliminary evidence to support that, too. Le said he’s heard that Katie Haun’s not having a hard time raising $1 billion for two new funds, which was first reported by Fortune. The interest shows that limited partners are looking…

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Filed under: News - @ April 2, 2025 5:18 pm