Global venture capital funding rounds decreased in both deal value and volume in the third quarter.

Deal value from July to September amounted to $61.32 billion, down 7.8% from $66.54 billion during the same period in 2023, according to S&P Global Market Intelligence data.

The number of announced transactions during the quarter also fell to 3,341 from 4,025 in the year-ago period.

In September, the deal value for venture funding rounds fell globally to a monthly total of $20.04 billion, representing a year-over-year decline of about 24.7%.

The number of funding rounds for the month also fell 21.2% to 1,163 from the year-ago period.

– Download a spreadsheet with data featured in this story. – Read about venture capital activity in August. – Explore more private equity coverage.

Tech tops sector investments

The technology, media and telecommunications (TMT) sector remained the biggest recipient of venture capital in September, accounting for 32.8% of the global total. Consumer and industrials followed, receiving 19.4% and 15.2% of the total, respectively.

Within the TMT sector, application software companies recorded the largest number of funding rounds at 265 in September, although that was much lower than the 375 rounds registered in the same period a year ago.

The system software subsector was second with 42 funding rounds.

Largest funding rounds

The $1.9 billion funding round led by Partners Group Holding AG for EdgeCore Internet Real Estate LLC, a Denver-based datacenter operator was the largest in September.

In the second-largest deal, China-based automaker NIO (Anhui) Holding Ltd. raised about $1.90 billion. The round saw participation from Anhui Provincial Emerging Industry Investment Co. Ltd., Hefei Jianheng New Energy Automotive Investment Fund Partnership Enterprise (LP), CS Capital Co. Ltd., Hefei Jiantou Capital Management Co. Ltd. and NIO Inc.

For the first nine months of 2024, the aggregate transaction value for global venture capital funding rounds fell 3.7% from a year earlier to $203.83 billion.

The number of deals over the same period declined to 11,286 from 13,068 in the corresponding 2023 period.