If you follow the venture industry, you’ve probably heard about the barbell effect a lot in recent years. It’s a metaphor for the many individuals and small venture funds investing in lots of seed-stage companies and — at the opposite end of the spectrum — the venture, growth, hedge and mutual funds that have enormous amounts of money to deploy and have driving up the valuations of maturing startups.

According to a new, third-quarter report from CB Insights and KPMG, that barbell is beginning to look more like a ski slope, with far fewer small seed fundings getting sewn up yet (and seed deals started to look increasingly like traditional Series A and even Series B deals) yet no apparent slowdown at all mega-financings. In fact, 23 new billion-dollar-plus companies were created in the third quarter, up from 12 in the third quarter of 2014.

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Other interesting points from the report: Asia is ascendant. At least, it’s still in the midst of a massive funding bump, despite China’s IPO shutdown.

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As for Europe, it’s growing but it’s “much more tempered,” says CB Insights founder Anand Sanwal. “The good news for Europe is its growing-seed stage activity; it should portend good things for the ecosystem as some of those companies mature.”

If you’d like a look at the whole (free) data-studded report, you can check it out right here.

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In New Venture Report, The “Barbell” Turns Into A Ski Slope