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Compared to the year ago period, the pace of investments declined in Q2, but the amount of capital invested increased.\nMedian deal size increased in Q2 to the highest median amount since Q4 2000.\nSeed-stage deal share fell to the lowest level since Q3 2010. Later stage investment activity declined in terms of deal share and percentage of total invested capital in Q2, but still accounted for the highest share of the invested capital over the least number of deals.\nThe internet sector continued to receive the greatest share of investments, followed by the healthcare sector and the mobile and telecommunications sectors.\nThe San Francisco Bay Area (including the Silicon Valley) took in the largest share of investments in Q2 in terms of both deal volume and aggregate invested capital, followed by the New York Metro and New England areas. Investments in San Francisco Bay Area-based companies increased in Q2, while investments in New York Metro area- and New England area-based companies declined.\nU.S. venture-backed IPO activity surged in Q2, with the most IPOs in a quarter since Q2 2015 and the greatest aggregate amount raised in more than 10 years. 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Compared to the year ago period, deal volume was down, while aggregate deal value was up.\n\nA summary of results published by three leading providers of venture data is below:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 20:02:14.541+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1a57a50b-5b27-4e19-b8ca-d6a62327c96c", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.71, "x": 0.145, "y": 0.08 }, "kind": "paragraph", "text": "The United States venture environment has remained strong through the first half of 2019, but has come down from the peak levels recorded at the end of 2018. Exit activity surged in the second quarter, with the highest number of IPOs since Q2 2015 and the greatest aggregate amount raised in more than 10 years. 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Neither Fenwick & West LLP nor any of its partners, associates, staff or agents shall have any liability for any information contained herein, including any errors or incompleteness. The contents of this report are not intended, and should not be considered, as legal advice or opinion. 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