Acadian Ventures has published its second annual Future of Work 100, uncovering a market reset driven by the continued pursuit of greater productivity and efficiencies, and wider adoption of AI.

The 100 companies on the 2024 list have raised a cumulative $29.5 billion (2023: $30 billion) in venture funding, with a total market valuation over $140.3 billion (2023: $200 billion).

Acadian Ventures noted that it had amended its methodology this year to include publicly available secondary market data, which it believes is best representative of the current private company valuations.

The aggregate valuation of all Future of Work 100 companies increased slightly to $217 billion (2023: $212 billion), incorporating the last round valuation still being held at most companies.

However, including available secondary market data, combined with public market comparisons, means the aggregate valuation falls to $141 billion – a 38% decline over the last 12 months.

Speaking exclusively to UNLEASH, Jason Corsello, General Partner and Founder at Acadian Ventures, says the reset means “valuations for private companies are reverting to the mean.”

“The best companies in WorkTech have decreased by a median of 60% and we are now returning to a more rational market environment.”

Companies listed on this year’s Future of Work 100 list are also embracing AI with open arms – 93% of companies on the list incorporate AI into their products.

Of those, over half use generative AI while just less than 20% use both generative and non-generative AI.

“Innovation is a constant,” adds Corsello.

“The best companies in WorkTech are now aggressively building AI capabilities and we are starting to see real use cases of AI that will transform how we evaluate, purchase and deploy new work technologies.”

The Future of Work 100: 2024

The top 10 companies listed this year were: Airtable, Nomi Health, Miro, Deel, Alan, Lyra Health, Rippling, justWorks, Staffbase and Handshake.

All but two of the top 10 are based in North America – Alan in France and Staffbase in Germany – and North American companies once again dominated the full list (70%).

Unsurprisingly, San Francisco (Silicon Valley) is the most represented city among companies listed, followed by New York (11%).

The median value of the Future of Work 100 this year was $765 million, down 53% year-on-year, comprising 40 ‘Unicorns’, 33 ‘Rising Stars’ (valued at $500 million to $1 billion) and 28 ‘Up and Comers’ (valued up to $500 million).

Acadian Ventures noted that the falling volume of Unicorns in the 2024 list (down 38%) – along with overall aggregate valuation of the list (down 36%), and median revenue multiple (down 60%) – are key factors in the occurring market reset.

Looking ahead, Corsello tells UNLEASH that he expects the 2025 list to look “very different.”

“We expect the IPO market to open up next year and a few companies on our list will test the public markets. We also expect M&A to accelerate,” he explains.

“Lastly, we are seeing new AI companies begin to grow aggressively and I anticipate a number of new entrants next year.”