64% and Counting: America's Venture Capital Dominance

One of the most bracing presentations at DLD this year was given by Crunchbase's data queen Gene Teare. Breaking down America's VC dominance, Teare's speech might have been entitled "64% and Counting." As Teare told Keith and me in a special Teare family edition of our regular That Was The Week show, the VC gap between Europe and America is only getting wider. From 2014 to 2023, US share of global venture dipped below 50%. But in 2025, it roared back — with nearly two-thirds of all global VC flowing to America. The foundation model funding disparity tells the story: OpenAI raised $40 billion last year, Anthropic $17.5 billion. The top French AI company? $2 billion. Oh mon Dieu.Keen On America is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit keenon.substack.com/subscribe