| Hi, Agen. If you’re setting out to raise seed funding in 2024, expect to pass a much higher bar from investors — and raise at a lower valuation than you would have three years ago. That’s the broad takeaway in the second part of our report on the state of seed funding. Plus, one investor shares his predictions on what this year holds for startups, VCs, and the IPO and M&A markets. Investors say that while seed funding has held up better than other startup investment stages, these very young startups will see lower valuations and must now clear a much higher bar to get backing. While funding certainly hasn’t rocketed in AI this year when compared to last — so far only about $1.2 billion in funding has been announced in 2024, according to Crunchbase, compared to the more than $50 billion last year — the early returns when looking at valuation jumps seem to indicate investors’ appetites for AI have not been sated in the least. Related Crunchbase Pro list: Rounds Raised By Startups Using AI In 2024 Bilt Rewards, a startup that allows consumers to earn rewards on the rent they pay, said Wednesday it had raised $200 million at a $3.1 billion valuation — more than double its previous valuation. General Catalyst led the round. Related Crunchbase Pro list: Rounds Raised By Loyalty Reward Startups This year will test startups, offer new opportunities for investment banks as the IPO markets reopen, and see the demise of numerous venture funds. Those are among the 2024 predictions from Thomvest Ventures’ Umesh Padval, an investor who focuses on the cybersecurity, cloud and AI infrastructure sectors. Recent large funding deals to travel-related startups — including a recent $104 million investment in business travel management platform TravelPerk — plus Navan’s potential IPO all point in a positive direction for companies in the space. Related Crunchbase Pro list: Travel-Related Startup Funding, 2023-Present | 
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