Correction to: Nature Reviews Drug Discovery https://doi.org/10.1038/d41573-023-00074-0, published 11 May 2023.

An error was made in Fig. 1 and in the second paragraph of “Value of venture financing rounds” in the description of the revised set of deals in the corrected version of the article published on 1 June 2023. With the updated inclusion criteria, companies in Europe received ~US$11.2 billion over 483 deals in venture financing rounds in 2021–2022 and companies in the USA received ~$62.5 billion over 1,965 deals. These data show that the average deal size for US-based companies is ~1.4 times that of Europe-based companies. Further details have also been added to the supplementary file to clarify the assembly of the dataset and its analysis, including limitations related to the labelling in the database used to assemble the dataset. This has been corrected in the HTML and PDF versions of the article.