ETtech Deals Digest: Startup funding drops 59% to 12 deals this week
Startup funding in the last week of February 2024 fell about 59% in volume terms to 12 deals from the same period a year ago, totalling $171 million.
Companies in seed, early and late-stages had raised about $186 million from 29 rounds in the period from February 23 to March 1, 2023, as per data from Tracxn.
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The month of February saw startups raise $516 million across 82 rounds, versus $551 million across 109 rounds in January.
Sequentially, funding in the latest week saw a two-fold increase in value terms, and was down about 40% by volume. The week’s numbers in terms of value were largely buoyed by a $100 million fundraise at logistics startup Shadowfax.
Funding this week averaged about $14.3 million per deal, versus $6.4 million in the same week of February 2023, and $4.1 million in the previous week.
Top deals:
Shadowfax: The hyperlocal logistics startup raised $100 million in a mix of primary and secondary investments as part of its latest funding round led by growth investor TPG NewQuest.
Avail: The blockchain technology raised $27 million for its early-stage funding round led by
