Dealroom.co – China Tech Update, Q4 2024

Chinese startups raised $39B in 2024. Chinese VC funding was below 2015 levels due to a drop in late-stage megarounds. Early and breakout stages are at 2019/20 levels. China’s share of global VC funding was 12% in 2024, less than half the 31% peak in 2018. The US and Europe are attracting the highest share in nearly a decade. Foreign investors have almost disappeared from China. It’s all domestic capital now. Less than 2% of capital in 2024 has come from US investors, compared to over 20% in 2017-2018. Manufacturing attracted nearly 70% of China’s VC funding in 2023, up 3.5x from 2016. AI startups such as Moonshot AI, Zhipu AI, MiniMax AI, and 01.AI led a SaaS revival in 2024.