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 [https://dld-conference.com/speaker/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 [https://www.thatwastheweek.com/] 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 [https://keenon.substack.com/subscribe?utm_medium=podcast&utm_campaign=CTA_2]