Follow-on activity picked up in June

After an erratic start to the year, follow-ons saw an uptick in June, with 13 companies pricing offerings of at least $25 million, raising a combined $2.8 billion. Those 13 offerings accounted for 38% of the 34 in the first half of 2025; no offerings reached the $25 million threshold in April.

June’s total was in line with February and March 2024, which each generated $2.8 billion in follow-on fundraising, from 12 companies in February and 13 in March. January 2024, in which 19 companies raised $4.1 billion, remains the biggest month since 1Q21...