publicly disclosed. In absolute terms, based on public information, this equates to approximately $55B of capital raised by companies in rounds that closed in 2021 and 2022 that should be expected to come back to market in 2024. Also of note is the fact that a materially smaller proportion of subsequent rounds raised by the 2021 and 2022 cohorts of companies will result in larger rounds. For example, 64% of companies that raised a round in 2021 have so far raised a subsequent round. Of those subsequent rounds, just 30% have been larger than the prior one. For those companies that raised in 2022, just 18% of those subsequent rounds have been larger than a prior round raised in 2022. The materiality of that shift is notable in that every other prior year, the equivalent number has typically been around 40% or higher. Capital invested by subsequent round status, 2014 to 2013 Next round - Undefined size Next round - No 100 subsequent round Next round - Smaller (>10% smaller than prior round) 75 Next round - Flat (within d +/- 10% of prior round) e s i Next round - Larger (>10% a r larger than prior round) g n i d 50 n u f l l a f o % 25 0 4 5 6 7 8 9 0 1 2 D 1 1 1 1 1 1 2 2 2 T 0 0 0 0 0 0 0 0 0 Y 2 2 2 2 2 2 2 2 2 3 2 0 2 Notes: Data is as of 30 September Sources: Powered by 2023. Excludes the follow- ing: biotech, secondary transactions, debt, lending capital, and grants. | 104