CB Insights Venture Report 2021

State Of
Venture
GLOBAL | 2021
Global data and analysis on dealmaking, funding,
and exits by private market companies
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STATE OF VENTURE
Contents
Global Trends 20 Denver 160 Israel 231

Investment Trends 21 DC 164
Europe 235
Unicorns & Valuations 57 Chicago 168
United Kingdom 244
Exit Trends 68 Dallas 172
Germany 248
Investors 79 Austin 176
Miami 180 France 252
Sector Spotlights 91
Atlanta 184 LatAm 256
Fintech 92
Philadelphia 188 Mexico 265
Retail Tech 105
Raleigh 192 Brazil 269
Digital Health 118
Canada 196
US 131 Toronto 205
Silicon Valley 140
Vancouver 209
New York 144
Los Angeles 148 Asia 213
Boston 152 China 223
Seattle 156 India 227
7
STATE OF VENTURE
What you need to know about

venture in 2021
959 $621B 1,556 $311B 36%

Total unicorns. Global financing. Global mega- Raised in the US — Asia deal share.
Up 69% YoY. Record year. rounds in 2021. half the global total. #1 Region.
The global unicorn count Global venture funding The number of $100M+ Annual US venture funding Asia is now the top region
hit 959 in 2021 — up 69% reached a record $621B in mega-rounds crossed the doubled to hit a record for global deals in 2021,
from 2020 — with the year 2021, more than double 1,000 barrier for the first high of $311B in 2021, with 36% deal share.
seeing a staggering 517 the 2020 mark of $294B. time in 2021, shattering accounting for half the Asia’s 12,485 deals
unicorn births. The Q4’21 closed the year with last year’s record of 630. global total. surpassed US deal count
increase was driven an all-time high of $176B in Mega-rounds only made up The US also saw a record for the first time in 7 years
primarily by rapidly rising funding – the 6th straight ~5% of global deals but high for yearly deals at of tracking. Deals to China-
valuations at late-stage quarter of growth. accounted for 59% of total 12,281. Early-stage deals based startups accounted
deals. All regions saw record funding dollars. This were a key driver, for over half of Asia’s total.
Today, there are 44 funding, signaling the comes as fierce accounting for 55% of total Asia also saw a record
startups with decacorn globalization of innovation competition among VCs, deals and signaling an year for funding dollars at
($10B+) valuations. capital. The US was by far PE firms, and other even more robust US $176B, growing 89% YoY.
the leading region for total investors is driving up venture market in 2022.
dollars, followed by Asia, round amounts.
Europe, and LatAm.
8
STATE OF VENTURE
What you need to know about

venture in 2021
10,792 $1.6B 21% 328 $105B

Global M&A exits. SPAC median exit $1 out of every $5 Tiger-funded cos. Silicon Valley
58% growth. valuation. goes to fintech. Top investor. funding. #1 Metro.
Global mergers and The median valuation for Fintech startups raised Tiger Global Management Silicon Valley, including
acquisitions crossed the SPAC exits jumped more $132B in funding in 2021 – took the crown as 2021’s San Francisco, is still by far
10,000 mark for the first than 2X in 2021 to accounting for 21% of all top investor, backing 328 the tech capital of the US.
time in 2021 – increasing hit $1.6B, crushing the venture dollars. Fintech companies. Tiger Startups here raised $105B
58% compared to 2020. median IPO valuation of funding is up 169% backed 107 companies in in funding in 2021,
Digital transformation has $547M. compared to 2020’s $49B. Q4’21 – the highest count doubling 2020’s total of
become a must-have for The number of completed In addition, 1 in every 4 of any investor in any $52B.
companies across all SPACs grew 247% in 2021, unicorns is in fintech — the quarter of 2021. New York took the #2 spot
industries, leading to a rise as SPACs have become an most by far of any SOSV wasn’t too far at $55B in funding, growing
in startup acquisitions. attractive alternative for industry. behind, backing 314 threefold from last year’s
M&As have gone up the going public at a quicker Fintechs also saw the companies over the course $18B. For every $2
last 6 straight quarters, pace. That said, SPAC highest proportion of early- of the year, followed by invested in Silicon Valley,
leading to a record high exits will likely slow as the stage deals of any industry, Sequoia Capital China at $1 now goes to New York.
2,938 in Q4’21. SEC contemplates more indicating that the sector is 276. Third place goes to Boston
regulation in 2022. ripe for explosion in 2022 at $32B, bolstered by a
and beyond as startups thriving biotech market. 9
mature.
STATE OF VENTURE | GLOBAL TRENDS | UNICORNS & VALUATIONS
Global unicorn count reaches a new high of 959

959
unicorns
Q4 2021
69%
increase YoY
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015 2016 2017 2018 2019 2020 2021
10
STATE OF VENTURE | GLOBAL TRENDS | INVESTMENT TRENDS
Global funding increases 111% YoY to reach $621B
$680.0B
$621B
2021
$580.0B
$480.0B
111%
increase
$380.0B
$280.0B
$180.0B
$80. 0B
-$20.0B
2015 2016 2017 2018 2019 2020 2021
11
Mega-rounds worth $100M+ surpass 1,500 deals
1,800
1,556
1,600
mega-rounds
2021
1,400
1,200
1,000
147%
increase
800
600
400
200
0
2015 2016 2017 2018 2019 2020 2021
12
STATE OF VENTURE | US
US funding grows 106% YoY to reach $311B
$350.0B
$311B
2021
$300.0B
$250.0B
106%
$200.0B increase
$150.0B
$100.0B
$50. 0B
$0.0B
2015 2016 2017 2018 2019 2020 2021
13
STATE OF VENTURE | ASIA
Asia sees 12,485 deals as the region leads with 36% global deal share
12,485
deals
2021
12,000
10,000
42%
8,000
increase
6,000
4,000
2,000
0
2015 2016 2017 2018 2019 2020 2021
14
STATE OF VENTURE | GLOBAL TRENDS | EXIT TRENDS
Global M&A exits surpass 10K for the first time
10,792
M&As
2021
58%
increase
2015 2016 2017 2018 2019 2020 2021
15
Global median SPAC exit valuation doubles to $1.6B
$1.6B
2021
100%
increase
2018 2019 2020 2021
16
STATE OF VENTURE | SECTOR SPOTLIGHTS | FINTECH
Global fintech funding reaches $132B — 21% of total venture funding
$140.0B
$132B
2021
$120.0B
$100.0B
169%
$80. 0B increase
$60. 0B
$40. 0B
$20. 0B
$0.0B
2015 2016 2017 2018 2019 2020 2021
17
STATE OF VENTURE | GLOBAL TRENDS | INVESTORS
Tiger Global is the top investor of 2021, backing 328 companies
Investor Company Count Investor Group Country
1 Tiger Global Management 328 Asset/investment management United States

2 SOSV 314 VC United States
3 Sequoia Capital China 276 VC China
4 Andreessen Horowitz 240 VC United States
5 Insight Partners 240 VC United States
6 Tencent Holdings 217 Corp China
7 Accel 210 VC United States
8 SoftBank Group 195 Other Japan
9 Global Founders Capital 188 VC Germany
10 Hillhouse Capital Management 182 Asset/investment management China
18
STATE OF VENTURE | US | SILICON VALLEY
Silicon Valley funding doubles to a record $105B
$120.0B
$105B
2021
$100.0B
$80. 0B
102%
increase
$60. 0B
$40. 0B
$20. 0B
$0.0B
2015 2016 2017 2018 2019 2020 2021
19
Global Trends
Q4 2021
20
Investment Trends
GLOBAL TRENDS | Q4 2021
21
Global venture funding up 111% YoY to reach $620.8B
$700.0B 40,000
Funding
$620.8B
35,000
$600.0B
29,493 Deals
28,331 30,000
$500.0B
34,647
26,287 26,500
25,000
22,285
$400.0B 20,784
20,000
$290.2B $293.7B
$300.0B
$258.5B
15,000
$214.2B
$200.0B $171.4B
$157.7B 10,000
$100.0B
5,000
$0.0B 0
2015 2016 2017 2018 2019 2020 2021
22
Global funding hits an all-time high of $176.4B in Q4’21
$200.0B 12,000
Funding
$180.0B
$176.4B
$160.7B 10,000
$160.0B $150.9B Deals
8,169 9,599 9,077
$140.0B 7,777 7,710 $132.8B
8,000
7,184 7,226 7,106 7,229 7,068
6,770 6,822 6,770 6,931
$120.0B 6,538 6,672 7,802
6,307 6,337
6,164
5,882
$100.0B 5,624 5,447 $94.6B 6,000
5,390 5,241 5,332
5,171
4,982 $83.8B
$78.8B $81.3B
$80. 0B
$70.2B $69.3B
$65.4B $65.9B
$57.9B $59.6B $58.2B 4,000
$60. 0B $55.9B $58.0B $58.3B $57.3B
$48.3B
$44.8B
$41.2B $40.4B $39.1B $38.5B $39.6B $42.0B
$37.1B
$40. 0B
2,000
$20. 0B
$0.0B 0
2015 2016 2017 2018 2019 2020 2021
23
Global regional comparison Q4’21
Canada
$2.4B
188 Deals Asia
Europe
$52.6B
US $22.1B 3,297 Deals
1,841 Deals
$92.8B
3,187 Deals
All Other
Regions
$2.5B
LatAm 317 Deals
$4.0B
247 Deals
24
The US leads funding at $92.8B in Q4’21, followed by Asia and Europe
US Asia Europe LatAm Canada All Other Regions
$92.8B
$75.7B
$52.6B
$49.0B
$32.5B
$22.1B
$23.0B
$16.9B
$4.0B $2.5B
$8.2B $6.6B
$2.4B
$3.0B $3.3B
$0.7B $0.8B $0.6B
Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3
2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021
25
Asia leads in global deal share at 36% in Q4’21, followed by US and Europe
3%
2%
2%
3%
3% 3%
2%
All Other Regions, 3%
3%
2% 3% 3% 3% Canada, 2%
16%
LatAm, 3%
17% 15% 17% 17% 20% 21% 19% 18%
20% 22% 17%
22% 24% 22% 22% 21% 22% 22% 19% 22% 22% 23%
20% 22% 22% 23% Europe, 20%
28% 30%
27%
31% 32% 30%
29% 32%
31% 29% 30% 33% 37% 39% 32% 34% 30%
33% 35% 36% 40%
33% 36% 33% 35% 33%
34% Asia, 36%
50% 51% 49% 46% 45% 45% 43% 41% 41% 41%
40% 38% 38% 37% 38% 39% 39% 40% 38%
36% 37% 35% 37% 37% 37% 35% 34% US, 35%
2015 2016 2017 2018 2019 2020 2021
26
VC continues to lead in investor deal share in Q4’21
21% 19% 19% Other, 21%

24% 25% 23% 25% 24% 25% 24% 26% 25% 26% 25% 25% 24% 24% 24% 24% 23% 24% 23% 23% 23% 23% 23% 22%
5% 6%
5% 5% 7% Incubator/Accelerator, 4%
7% 6% 6% 7%
6% 9% 7%
9% 8% 9% 7% 11% 6% 10% 5% 10% 7% 10%
6% 8% 7% 9% 9%
6% 7%
8% Private Equity, 7%
6% 6% 6% 7%
5% 6% 6% 6% 5%
6% 6% 5%
5% 6% 6%
5% 5% 5%
5%
6%
6% 6%
8% 8%
8% 7% CVC, 7%
8% 8% 8% 7% 7%
6% 7% 7% 7% 7% 6% 6% 7% 8% 8% 8%
6% 6% 7% 8%
7% 7% 7%
8% 8% 8% 8%
10% 9% Angel, 9%
10% 8% 8% 8% 7% 8% 8%
10% 9% 9% 10% 10% 10% 9% 7% 7% 7% 8%
10% 9% 8%
5% 5% 6% 6%
5% 6% 6%
6%
6%
7% 7% 8% 8% 10% 10% Asset/Investment Management, 10%
7% 7% 7% 8% 10% 10% 10% 10% 10% 10%
7% 8% 9% 9% 9% 10% 10% 11%
8% 8% 9%
9% 9% 10% 10% 10% 10% Corp, 11%
36% 35% 35% 34%

32% 34% 32% 33% 31% 32% 32% 34% 32% 33% 32% 33% 31% 33% 32% 34% 32% 33% 32% 33% 32% 32% 31% VC, 30%
2015 2016 2017 2018 2019 2020 2021
27
Average and median deal sizes reach new all-time highs
$25M
$16M
$15M
$14M
$12M
$11M
$10M
$5M
$3M
$2M $2M
$2M $2M $2M
2015 2016 2017 2018 2019 2020 2021

Average Size Median Size
28
Median deal size is up in all regions, with Asia leading
$6M
$5M
$4M
$4M
$3M $3M
$2M $2M
$2M
$2M
$2M $2M
$1M $1M
$1M
$1M
$1M
$0M
2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021
29
Median deal size is up for all investor categories, private equity leads
Angel Asset/Investment CVC Corp Private Equity VC

Management
$34M
$30M
$24M
$23M
$21M
$16M
$14M
$12M $12M
$10M
$9M $8M
$8M $8M
$6M
$4M
$3M
$2M
2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021
30
Mega-rounds (worth $100M+) jump, accounting for $361.4B in funding

across 1,500+ deals
$400.0B Funding
2,000
$361.4B
$350.0B
Deals
1,556
$300.0B
1,500
$250.0B
$200.0B
1,000
$148.4B
$150.0B $139.9B
$116.7B 630
$99.5B 484 496
$100.0B 500
$71.6B 349
$61.5B
293
$50. 0B 235
$0.0B 0
2015 2016 2017 2018 2019 2020 2021
31
Q4’21 mega-rounds account for a record $104.5B
$120.0B
Funding
$104.5B600
$100.0B
$92.9B
500
$84.3B
$79.7B 415
$80. 0B
Deals
378 400
351 412
$60. 0B
300
$49.1B
$44.7B $45.5B
$42.3B 218
$40. 0B $34.6B $35.4B 176 200
$28.6B $27.8B 141 $28.5B $30.1B
$26.7B 129 $26.2B
$23.6B 127 126 133 130 $22.8B 124
$19.7B $20.9B 89 92 96 112
$20. 0B 92 $16.7B $15.0B $16.0B $14.6B $15.9B $16.4B 90
$14.2B 77 $22.3B 100
64 64 104
58 58
60 72
55
$0.0B 0
2015 2016 2017 2018 2019 2020 2021
32
Global mega-round comparison Q4’21
Canada
$0.9B
5 Deals Asia
Europe $31.0B
US
$10.2B 117 Deals
45 Deals
$59.8B
230 Deals
All Other
Regions
$0.7B
LatAm 4 Deals
$1.9B
11 Deals
33
US leads in Q4’21 mega-rounds at 230, followed by Asia and Europe
US, 230
201 203
199
127
101
Asia, 117
91
89 85
58
52
46
17
Europe, 45
23 6
15
10 LatAm, 11
4 15
4
10 Canada, 5
3
1 2
All Other Regions, 4
2015 2016 2017 2018 2019 2020 2021
34
Global mega-rounds make up 5% of Q4’21 total deals
99% 99% 98% 99% 99% 99% 99% 99% 99% 99% 99% 99% 99% 98% 98% 98% 98% 98% 98% 98% 98% 98% 97% 97% 96% 95% 96% Non-mega-rounds, 95%
3% 4% 5% 4% Mega-rounds, 5%
2015 2016 2017 2018 2019 2020 2021
35
Mega-rounds account for 59% of total Q4'21 funding dollars
42% 40%
44% 42% Non-mega-rounds, 41%
49% 47% 49% 48% 48%
52% 51%
56% 57% 54% 56% 54% 56%
62% 59% 59% 60% 61% 59% 61% 62%
63% 62%
58% 60%
56% 58% Mega-rounds, 59%
51% 53% 51% 52% 52%
48% 49%
44% 43% 46% 44% 46% 44%
38% 41% 41% 40% 39% 41% 39% 38%
37% 38%
2015 2016 2017 2018 2019 2020 2021
36
Global: Top equity deals in Q4'21
Round Round Round Industry % of Total

Company Select Investors Country Sector
Amount Date Valuation Subindustry Funding
Authentic Advertising,
Private equity CVC Capital Partners, HPS Investment United Business Products
1 $3.5B $12.7B Marketing & PR 2.0%
Brands Group 2021-11-22 Partners States & Services
N/A
Boyu Capital, Hillhouse Capital Transportation

Private equity Management, Sequoia Capital China, Automotive & Services
2 J&T Express $2.5B
2021-11-25
$20.0B
SIG Asia Investments, Tencent
Indonesia
Transportation Freight Forwarding
1.4%
Holdings & Courier Services
Commonwealth Tiger Global Management,

Series B United Electric
3 $1.8B N/A Breakthrough Energy Ventures, Eni Energy & Utilities 1.0%
Fusion Systems 2021-12-01
Next, Future Ventures, Hostplus
States Nuclear
Sequoia Capital, CPE, D1 Capital Consulting &

Private equity Business Products
4 DNE Group $1.5B
2021-12-16
N/A Partners, Partners Group, Warburg China
& Services
Outsourcing 0.9%
Pincus N/A
Coatue Management, General Atlantic, Aerospace &

Series A United
5 Sierra Space $1.4B
2021-11-19
$4.5B Moore Strategic Ventures, AE
States
Industrials Defense 0.8%
Industrial Partners, BlackRock N/A
37
Global: Top equity deals in Q4'21

Abu Dhabi Investment Authority, Internet Software &

Private equity Avanda Investment Management, Services
6 GoTo $1.3B
2021-11-11
N/A
Fidelity International, Google,
Indonesia Internet
Accounting &
0.7%
Permodalan Nasional Berhad Finance
Internet Software &
Altimeter Capital, D1 Capital Partners,
Series E United Services
6 Lacework $1.3B
2021-11-18
$8.3B Sutter Hill Ventures, Tiger Global
States
Internet
Monitoring &
0.7%
Management, General Catalyst
Security
Integrity
Private equity United Insurance
8 Marketing $1.2B
2021-12-09
N/A Silver Lake
States
Finance
Life Insurance
0.7%
Group
Devoted SoftBank Group, Uprising Capital,

Series D United Healthcare Plans
9 $1.1B $12.6B Andreessen Horowitz, General Healthcare 0.7%
Health 2021-10-08
Catalyst, Premji Invest
States N/A
Oceanpine Capital, GGV Capital,

Electronic
Beijing Singularity Power Investment
Series E Components
10 Chipone $1.0B
2021-12-16
$4.7B Fund, China Grand Prosperity China Electronics
Display
0.6%
Investment, CCB Principal Capital
Components
Management
38
Early-stage deals dominate at 62% deal share
13% 13% 14% 13% 12% 15%

Other, 10%
11% 10% 12% Late-stage, 12%

12% 12% 11%
12% 11%
11% 12% 13% Mid-stage, 15%
14%
65% 65% 64% 63% 64%

60% Early-stage, 62%
2015 2016 2017 2018 2019 2020 2021
39
Asia leads deal share across stages in Q4’21
All Other Regions

Canada
LatAm
13%
17%
21%
Europe 23%
17%
45%
39%
Asia 37%
61%
37%
33%
US 30%
Early-stage Mid-stage Late-stage Other
40
Median deal size is up for all stages — nearly double for late-stage deals
Early-stage Mid-stage Late-stage
$50M
$30M
$27M
$20M
$15M $15M
$2M
$3M
$1M
2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021
41
Median months between raises drops across stages in 2021
Seed/Angel to Series A Series A to B Series B to C Series C to D Series D to E+
20
19
18 18
17 18
17
16
15
14
2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021
42
Global: Top seed/angel deals in Q4'21
Round Round Industry

Amount Date Subindustry
1E Seed Drug Development

1 $120M Marius Nacht Israel Healthcare
Therapeutics 2021-12-08 N/A
The Bank of Seed VC N/A

2 $90M ForgeLight, 14W, Mangrove Capital Partners United Kingdom Finance
London 2021-11-30 N/A
China Internet Investment Fund, Qiming Chips & Semiconductors

Seed VC
3 Clounix $63M
2021-10-20
Venture Partners, GoldSand Capital, Lingang China Electronics Semiconductors: Memory,
Technology Investment, Ondine Capital Networking & Sensor Chips
Binance Labs, Circle Ventures, DeFiance Internet Software & Services

Seed VC
4 Multichain $60M
2021-12-21
Capital, HashKey Capital, Hypersphere Singapore Internet Asset & Financial
Ventures Management & Trading
Seed Biotechnology
4 Aculys Pharma $60M
2021-11-01
SoftBank Group Japan Healthcare
N/A
43
Global: Top seed/angel deals in Q4'21

Gravitiq Seed VC Stealth Mode

6 $55M CoVenture, Crossbeam Venture Partners United States Internet
Holdings 2021-11-18 N/A
Seed VC Internet Software & Services

7 Bleed eSports $51M
2021-12-22
N/A Singapore Internet
Sports
Electrical Product
Seed
8 CECE $50M
2021-11-02
Global Internet of People China Electronics Distribution
Power Generation & Storage
Medical Devices &

Harbinger Seed VC Equipment
8 $50M Flagship Pioneering United States Healthcare
Health 2021-12-10 Imaging & Diagnostic
Equipment
Seed VC Internet Software & Services

8 Parallel $50M
2021-10-21
Paradigm Canada Internet
Gaming
HighLight Capital, Med-Fine Capital, Panacea

Seed VC Drug Development
8 Velavigo $50M
2021-11-15
Venture, Trinity Innovation Fund, Vertex China Healthcare
N/A
Ventures China
44
Global: Top Series A deals in Q4'21

Coatue Management, General Atlantic,

Series A United Aerospace & Defense
2021-11-19
Moore Strategic Ventures, AE Industrial
States
Industrials
N/A
Partners, BlackRock
Internet Software &

Coatue Management, Tiger Global
Series A United Services
2 MoonPay $555M
2021-11-22
Management, New Enterprise Associates,
States
Internet
Asset & Financial
Blossom Capital, Paradigm
Management & Trading
Automobile
Series A
3 NIUTRON $500M
2021-12-15
Coatue Management, IDG Capital China Automotive & Transportation Manufacturing
N/A
Neumora Series A United Drug Development

3 $500M ARCH Venture Partners, Amgen Healthcare
Therapeutics 2021-10-07 States N/A
Internet Software &

Morgan Creek Digital, 10T Fund, Jane Street
Series A United Services
5 Gemini $400M
2021-11-19
Group, K5 Global Technology, Marcy Venture
States
Internet
Asset & Financial
Partners
45
Global: Top Series A deals in Q4'21

Series A United E-commerce

6 Benitago $325M
2021-11-23
CoVenture, HSBC UK
States
Internet
E-commerce Enablement
Chips & Semiconductors

5Y Capital, BOC International, Shanghai
Series A Semiconductors:
7 Moore Threads $313M
2021-11-25
Guosheng Capital, CCB International, Qianhai China Electronics
Graphics, Video Chips &
Fund of Funds
Boards
Robotic Enlightenment Capital, SoftBank Group,

Series A United Machinery & Equipment
8 $228M Crescent Cove Capital Management, Henry Industrial
Research 2021-10-27
Crown and Company, Luminar Technologies
States Robotics
Odyssey Series A OrbiMed Advisors, SR One, Colt Ventures, United Biotechnology

9 $218M Healthcare
Therapeutics 2021-12-07 Creacion Ventures, Foresite Capital States N/A
Avistone Series A Vivo Capital, Bain Capital, Primavera Capital Biotechnology

10 $200M China Healthcare
Pharmaceuticals 2021-12-08 Group N/A
Asset & Financial

Animoca Brands, Coinbase Ventures,
Series A United Management & Trading
10 ConsenSys $200M
2021-11-17
DeFiance Capital, Dragonfly Capital Partners,
States
Software (non-internet/mobile)
Software
Electric Capital
N/A
46
Global: Top Series B deals in Q4'21

Commonwealth Tiger Global Management, Breakthrough

Series B United Electric
1 $1.8B Energy Ventures, Eni Next, Future Ventures, Energy & Utilities
Hostplus
States Nuclear
Series B Bond, DoorDash, Mubadala Capital, Prosus Mobile Commerce

2 Flink $750M
2021-12-01 Ventures, REWE Group
Germany Mobile & Telecommunications
Food & Grocery
Internet Software &

Series B Kora Management, Sea Capital, Andreessen United
3 Forte Labs $725M
2021-11-12 Horowitz, Animoca Brands, Big Bets States
Internet Services
Gaming
Internet Software &

Institutional Venture Partners, Lightspeed Services
Series B
4 FTX $421M
2021-10-21
Venture Partners, Sequoia Capital, Ribbit Bahamas Internet Asset & Financial
Capital, Temasek Management &
Trading
Mobile Software &
Services
Series B Caisse de depot et placement du Quebec, United
5 Celsius Network $400M
2021-10-12 WestCap Group States
Mobile & Telecommunications Asset & Financial
Management &
Trading
47
Global: Top Series B deals in Q4'21

Generate ARCH Venture Partners, Abu Dhabi Investment

Series B United Biotechnology
6 $370M Authority, Alaska Permanent Fund, Altitude Life Healthcare
Biomedicines 2021-11-18
Science Ventures, Flagship Pioneering
States N/A
Mobile Software &

Services
Series B United
7 Celsius Network $350M
2021-12-14
N/A
States
Mobile & Telecommunications Asset & Financial
Management &
Trading
Meat, Fish, Seafood

Future Meat Series B ADM Ventures, S2G Ventures, ADM Capital, Bits & Alternative
8 $347M Israel Food & Beverages
Technologies 2021-12-17 x Bites, Emerald Technology Ventures Proteins
N/A
Cardurion Series B Bain Capital, Polaris Partners, Takeda United Biotechnology

9 $300M Healthcare
Pharmaceuticals 2021-10-28 Pharmaceutical States N/A
Mobile Software &

Series B United Services
9 LTK $300M
2021-11-22
SoftBank Group
States
Mobile & Telecommunications
Advertising, Sales &
Marketing
48
Global: Top Series C deals in Q4'21

Delivery Hero, DST Global, Atlantic Food

Series C Mobile Commerce
1 Gorillas $1.0B
2021-10-18
Labs, Coatue Management, Dragoneer Germany Mobile & Telecommunications
Food & Grocery
Investment Group
Dreame Series C CPE, Huasheng Capital, IDG Capital, Appliances

2 $563M China Consumer Products & Services
Technology 2021-10-20 Shunwei Capital Partners, Xiaomi N/A
Premji Invest, The Raine Group, General

Series C United E-commerce
3 Heyday $555M
2021-11-16
Catalyst, Khosla Ventures, Victory Park
States
Internet
Capital
Scientific, Engineering
Series C Temasek, The Bosch Group, Yunfeng
4 Momenta $500M
2021-11-04 Capital, General Motors, SAIC Motor
China Software (non-internet/mobile) Software
N/A
Internet Software &
Andreessen Horowitz, Tiger Global
Series C United Services
5 ClickUp $400M
2021-10-27
Management, Lightspeed Venture
States
Internet
Collaboration & Project
Partners, Meritech Capital Partners
Management
Series C United E-commerce

5 Vuori $400M
2021-10-13
SoftBank Group
States
Internet
Apparel & Accessories
China Internet Investment Fund, GoldStone Chips & Semiconductors

Series C
7 ESWIN $392M
2021-12-01
Investment, IDG Capital, Legend Capital, China Electronics Semiconductors:
InnoVision Capital Integrated Circuits
49
Global: Top Series C deals in Q4'21

Wellington Management, Sequoia Capital, Internet Software &

Series C United
8 Course Hero $380M
2021-12-14
GSV Ventures, NewView Capital, SuRo
States
Internet Services
Capital Education & Training
Internet Software &
Series C Temasek, GGV Capital, Redpoint Ventures, United
9 Orca Security $340M
2021-10-05 CapitalG, ICONIQ Capital States
Internet Services
Monitoring & Security
5Y Capital, SoftBank Group, Chimera
Series C Drug Development
10 Abogen $300M
2021-11-29
Investments, IMO Ventures, Jinyi China Healthcare
N/A
Investment
Medical Facilities &
Series C SoftBank Group, Access Industries, Artis United Services
10 Cerebral $300M
2021-12-08 Ventures, WestCap Group, Prysm Capital States
Healthcare
Medical Practice
Management & Services
CCB Principal Capital Management, CCB
SJ Electronic Manufacturing
Series C Trust, China Everbright Limited, China
10 $300M China Electronics Services
Semiconductor 2021-10-08 International Capital Corporation, Country
N/A
Garden Venture Capital
Internet Software &
Sigma D1 Capital Partners, XN Exponent
Series C United Services
10 $300M Holdings, Sutter Hill Ventures, Altimeter Internet
Computing 2021-12-16
Capital, Snowflake Ventures
States Application & Data
Integration
50
Global: Top Series D deals in Q4'21
Round Round Round Industry

Amount Date Valuation Subindustry

Series D Healthcare Plans
1 $1.1B $12.6B Andreessen Horowitz, General Catalyst, United States Healthcare
Health 2021-10-08
Premji Invest
N/A
Consulting &
Advent International, Silver Lake, Oaktree
Series D Business Products & Outsourcing
2 Thrasio $1.0B
2021-10-25
$10.0B Capital Management, PEAK6 Investments, United States
Services Management &
RiverPark Ventures
Strategy Consulting
Qihoo 360 Technology, CCB International, Automobile

Series D Automotive &
3 Hozon Auto $626M
2021-10-28
N/A GF Venture Capital, CITIC Securities China
Transportation
Manufacturing
Investment, Shenwan Hongyuan Securities N/A
Tiger Global Management, Baillie Gifford & Machinery &

Series D
4 Nuro $600M
2021-11-02
$8.6B Co., Fidelity Investments, Gaorong Capital, United States Industrials Equipment
SoftBank Group Robotics
Internet Software &

Coatue Management, Andreessen Horowitz,
Series D Services
5 Deel $425M
2021-10-18
$5.5B Spark Capital, Y Combinator, Altimeter United States Internet
HR & Workforce
Capital
Management
51
Global: Top Series D deals in Q4'21

Internet Software &

Anchorage Services
Series D KKR, Andreessen Horowitz, Blockchain
6 $350M $3.0B United States Internet Asset & Financial
Digital 2021-12-15 Capital, Elad Gil, Alameda Research
Management &
Trading
D1 Capital Partners, Casa Verde Capital,

Series D E-commerce
6 Dutchie $350M
2021-10-14
$3.8B DFJ Growth Fund, Dragoneer Investment United States Internet
Marketplace
Group, Gron Ventures
Specialty Computer
Series D United Computer Hardware & Hardware
8 SaltPay $345M
2021-11-23
N/A N/A
Kingdom Services Point of Sale & Retail
Computer Systems
Activant Capital, General Atlantic, Tribe Internet Software &

Series D
9 Bolt $333M
2021-10-08
$6.0B Capital, Moore Strategic Ventures, Soma United States Internet Services
Capital Payments
Internet Software &

Series D SoftBank Group, GIC, Hillhouse Capital
10 Huice $312M
2021-10-28
N/A
Management, Legend Capital, CPE
China Internet Services
Retail & Inventory
52
Global: Top Series E+ deals in Q4'21

Altimeter Capital, D1 Capital Partners, Sutter Hill Internet Software &

Series E United
1 Lacework $1.3B
2021-11-18
$8.3B Ventures, Tiger Global Management, General
States
Internet Services
Catalyst Monitoring & Security
Oceanpine Capital, GGV Capital, Beijing Singularity Electronic

Series E
2 Chipone $1.0B
2021-12-16
$4.7B Power Investment Fund, China Grand Prosperity China Electronics Components
Investment, CCB Principal Capital Management Display Components
Mobile Software &

Series E Coatue Management, Third Point Ventures, Mobile &
3 N26 $900M
2021-10-11
$9.2B
Dragoneer Investment Group
Germany
Telecommunications
Services
Accounting & Finance
Internet Software &

Series F Alpha Wave Global, D1 Capital Partners, DST Global,
4 Dream11 $840M
2021-11-24
$8.0B
RedBird Capital Partners, Tiger Global Management
India Internet Services
Sports
Internet Software &

Series F United
5 Better.com $750M
2021-12-03
N/A Aurora Acquisition, SoftBank Group
States
Internet Services
Internet Software &

Series F XN Exponent Holdings, Benchmark, Caffeinated United Services
6 Airtable $735M
2021-12-13
$11.7B
Capital, Coatue Management, D1 Capital Partners States
Internet
Database
Management
53
Global: Top Series E+ deals in Q4'21

Mobile Software &

Series E Mobile &
7 Medlinker $514M
2021-12-13
$3.9B Sino Biopharmaceutical China
Telecommunications
Services
Social
Helion Series E Sam Altman, Mithril Capital Management, Capricorn United Electric
8 $500M N/A Energy & Utilities
Energy 2021-11-05 Investment Group, Dustin Moskovitz States Nuclear
Impossible Meat, Fish, Seafood &

Series H United
8 $500M N/A Mirae Asset Global Investments Food & Beverages Alternative Proteins
Foods 2021-11-23 States
N/A
Internet Software &
Series E Kinnevik, Atomico, DN Capital, InfraVia Capital, Kibo Services
8 Jobandtalent $500M
2021-12-01
$2.4B
Ventures
Spain Internet
HR & Workforce
Management
Scientific,
Series F United Software (non-
8 Magic Leap $500M
2021-10-11
$2.0B N/A
States internet/mobile)
Engineering Software
N/A
Mobile Software &
Series H Abu Dhabi Fund for Development, Accel, General United Mobile &
8 Monzo $500M
2021-12-08
$4.5B
Catalyst, Goodwater Capital, Coatue Management Kingdom Telecommunications
Services
Mobile Software &
Series E Temasek, Tencent Holdings, Alibaba Group, Mobile &
8 Xiaohongshu $500M
2021-11-08
$20.0B
Genesis Capital, Tiantu Capital
China
Telecommunications
Services
Social
54
Global: Top companies that raised funding by Mosaic score in Q4'21
Mosaic Round Round Round Industry

Score Amount Date Valuation Subindustry
Alkeon Capital Management, Lone Pine Internet Software &

Series F
1 Razorpay 990 $375M
2021-12-20
$7.5B Capital, Technology Crossover Ventures, GIC, India Internet Services
Sequoia Capital India Payments
Internet Software &

Morgan Creek Digital, 10T Fund, Jane Street Services
Series A United
2 Gemini 980 $400M
2021-11-19
$7.1B Group, K5 Global Technology, Marcy Venture
States
Internet Asset & Financial
Partners Management &
Trading
Internet Software &

Series E United
3 Brex 970 $300M
2021-10-22
$12.3B Greenoaks Capital Management
States
Internet Services
Payments
Internet Software &

ICONIQ Growth, Propel Venture Partners, Services
Series E
3 Groww 970 $251M
2021-10-24
$3.0B Ribbit Capital, Sequoia Capital India, Tiger India Internet Asset & Financial
Global Management Management &
Trading
Internet Software &
G Squared, 01 Advisors, Durable Capital
Series F United Services
3 Tipalti 970 $270M
2021-12-08
$8.3B Partners, Zeev Ventures, Marshall Wace
States
Internet
Accounting &
Asset Management
Finance
55
Global: Top companies that raised funding by Mosaic score in Q4'21
Mosaic Round Round Round Industry

Score Amount Date Valuation Subindustry
Internet Software &

Series F United Services
6 Better.com 960 $750M
2021-12-03
N/A Aurora Acquisition, SoftBank Group
States
Internet
Accounting &
Finance
Internet Software &

Venture Capital Baillie Gifford & Co., General Catalyst, United
6 Grammarly 960 $200M
2021-11-18
$13.0B
Institutional Venture Partners, BlackRock States
Internet Services
Education & Training
56
Unicorns & Valuations
57
Unicorn count reaches 959, births hit 100+ for the 4th straight quarter
Total Unicorns, 959

856
754
657
569
142 132
112
New Unicorns, 131
47
2015 2016 2017 2018 2019 2020 2021
58
Global unicorn comparison Q4’21
Canada
16
1 New Unicorn Asia
Europe
295
US
117 30 New Unicorns
17 New
494 Unicorns
78 New Unicorns
All Other
Regions
10
LatAm 1 New
Unicorn
27
4 New Unicorns
59
US leads unicorn births with 78 in Q4’21
79
74 73 US, 78
35
29 29
Asia, 30
21
18
15
11
13 Europe, 17
7 7 LatAm, 4
4
3 2
3 3 4 Canada, 1
1 1 1
2015 2016 2017 2018 2019 2020 2021
60
US leads in total unicorns in Q4’21 at 494, followed by Asia and Europe
US, 494
435
380
327
267 269 Asia, 295

247
224
210
102
79
91 Europe, 117
69
18 24 LatAm, 27
17
16
16
5 5 12
10
Canada, 16
2 5 6
2015 2016 2017 2018 2019 2020 2021
61
Average time from first funding to unicorn status stays flat at 4 years,
7 months
56
Average Months, 55
51
Median Months, 52
2015 2016 2017 2018 2019 2020 2021
62
Global: Top unicorn births by valuation in Q4’21
Industry
Company Latest Valuation Country Sector
Subindustry
Lending
1 GoodLeap $12.0B United States Finance
Consumer
Digital Currency Consulting & Outsourcing

2 $10.0B United States Business Products & Services
Group Accounting & Finance Services
Internet Software & Services

3 Gemini $7.1B United States Internet Asset & Financial Management &
Trading

4 Bolt $6.0B United States Internet
Payments
Electronic Components
5 Chipone $4.7B China Electronics
Display Components
63
Global: Top unicorn births by valuation in Q4’21
Industry
Subindustry
E-commerce
6 Vuori $4.0B United States Internet

7 Alchemy $3.5B United States Internet
Web Development
Mobile Software & Services

7 Celsius Network $3.5B United States Mobile & Telecommunications Asset & Financial Management &
Trading

9 MoonPay $3.4B United States Internet Asset & Financial Management &
Trading

9 Upstox $3.4B India Internet Asset & Financial Management &
Trading
64
Global: Top unicorns by valuation in Q4'21
Industry
Subindustry

1 ByteDance $140.0B China Mobile & Telecommunications
Social
Aerospace & Defense

2 SpaceX $100.3B United States Industrials
N/A

3 Stripe $95.0B United States Internet
Payments

4 Klarna $45.6B Sweden Internet
Payments
Gaming
5 Epic Games $42.0B United States Software (non-internet/mobile)
N/A
65
Global: Top unicorns by valuation in Q4'21
Industry
Subindustry

6 Canva $40.0B Australia Internet
Multimedia & Graphics
Mobile Commerce
7 Instacart $39.0B United States Mobile & Telecommunications
Food & Grocery

8 Databricks $38.0B United States Internet
Data & Document Management

9 Revolut $33.0B United Kingdom Mobile & Telecommunications
Payments

10 Chime $25.0B United States Mobile & Telecommunications

10 FTX $25.0B Bahamas Internet Asset & Financial Management &
Trading
66
Median valuations up across all deal stages, late-stage reaches $1B+
Early-stage Mid-stage Late-stage
$1,112M
$524M
$324M
$147M $156M
$79M
$13M $18M $28M
2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021
67
Exit Trends
68
Global M&A exits jump to over 10K, IPOs and SPACs also hit record highs
M&A, 10,792
6,833
647
IPO, 950
36 SPAC, 125
2015 2016 2017 2018 2019 2020 2021
69
M&A exits hit quarterly high in Q4’21 while IPOs and SPACs tick down
2,724
M&A, 2,938
2,541 2,589
2,257
264 227
211 203
IPO, 256
24 24 22 43
SPAC, 36
2015 2016 2017 2018 2019 2020 2021
70
US leads in global exits in Q4’21, followed by Europe and Asia
3% 3% 4% 4% All Other Regions, 4%

5% 6% 5% 5% 5% 4% 4% Canada, 4%
5% 3% 4% 5% LatAm, 5%
24% 23% 24% 24% 24% 25% 30% 28%

28% 29%
32% 29% 28%
29% 33% 31% 32% 33% 30% 31% 31% 33%
31%
35%
34%
35% 31% Europe, 32%
14% 16% 13% 18% 15%

14%
17% 14%
17% 16% 16% 12% 17%
15% 12% 11% 13% 11%
13% 12% 14% 12% 14%
13% 16% 12% 12% Asia, 14%
52% 52% 54% 53% 51%

51% 49%
46% 46% 44% 45% 45% 47% 44% 45% 44% 46% 45% 47% 44%
43% 43% 41% 40% 41% 42% 42% US, 40%
2015 2016 2017 2018 2019 2020 2021
71
Global median exit valuations for SPACs grow to $1.6B
$1,600M
$751M
$547M
$490M
$407M $401M $395M
2018 2019 2020 2021

IPO SPAC
72
Global: Top M&A exits in Q4'21
Industry
Company Round Valuation Acquirer Country Sector
Subindustry
Medical Facilities & Services

1 VillageMD $15.8B Walgreens Boots Alliance United States Healthcare Medical Practice Management
& Services
Mobile Commerce
2 Wolt $8.1B DoorDash Finland Mobile & Telecommunications
Food & Grocery
Non-Alcoholic Beverages
3 BodyArmor $8.0B The Coca-Cola Company United States Food & Beverages
N/A
Investment Firms & Funds

4 Oak Hill Advisors $4.2B T. Rowe Price United States Finance
N/A

5 Glovo $2.6B Delivery Hero Spain Mobile & Telecommunications
Supply Chain & Logistics
73
Global: Top M&A exits in Q4'21
Industry
Company Round Valuation Acquirer Country Sector
Subindustry
E-commerce
6 HEYDUDE $2.5B Crocs United States Internet
Dental Products & Services

6 DentaQuest $2.5B Sun Life United States Healthcare
N/A

8 SalesLoft $2.3B Vista Equity Partners United States Internet Customer Relationship
Management
Generate Life Medical Facilities & Services

9 $1.6B CooperCompanies United States Healthcare Specialized Healthcare
Sciences Services
Gyroscope Biotechnology
10 $1.5B Novartis United Kingdom Healthcare
Therapeutics N/A
74
Global: Top IPOs in Q4'21
Industry
Company Round Valuation Country Sector
Subindustry
Automobile Manufacturing
1 Rivian $66.5B United States Automotive & Transportation
N/A

2 Nubank $41.5B Brazil Mobile & Telecommunications

3 GlobalFoundries $25.0B United States Electronics
N/A
IT Services
4 HashiCorp $14.0B United States Computer Hardware & Services
Virtualization

5 One97 Communications $13.6B India Mobile & Telecommunications
Payments
75
Global: Top IPOs in Q4'21
Industry
Company Round Valuation Country Sector
Subindustry

6 Samsara $12.5B United States Internet Business Intelligence, Analytics &
Performance Mgmt
Liaoning Chengda Biotechnology

7 $7.2B China Healthcare
Biotechnology N/A

8 Braze $5.9B United States Mobile & Telecommunications
Customer Relationship Management

9 ACM Research China $5.8B China Electronics
Semiconductor Equipment

10 AvidXchange $4.8B United States Internet Billing, Expense Management, And
Procurement
76
Global: Top SPACs in Q4'21
Industry
Company Round Valuation Select Investors Country Sector
Subindustry
Mobile Commerce
1 Grab $39.6B Altimeter Growth Singapore Mobile & Telecommunications
Travel (mobile)
Automobile Manufacturing
2 Aurora $11.0B Reinvent Technology Partners Y United States Automotive & Transportation
N/A
Embark Supply Chain & Logistics

3 $5.2B Northern Genesis Acquisition II United States Software (non-internet/mobile) Software
Trucks N/A
E-commerce
4 Vacasa $4.5B TPG Pace Solutions United States Internet
Travel (internet)

5 Nextdoor $4.3B Khosla Ventures Acquisition II United States Internet
Social
77
Global: Top SPACs in Q4'21
Industry
Company Round Valuation Select Investors Country Sector
Subindustry
Babylon Mobile Software & Services

6 $4.2B Alkuri Global Acquisition United Kingdom Mobile & Telecommunications
Health Health & Wellness
Aerospace & Defense

7 Planet $2.8B dMY Technology Group IV United States Industrials
N/A

8 Bird Rides $2.3B Switchback II United States Mobile & Telecommunications
Travel

9 Bakkt $2.1B VPC Impact Acquisition United States Internet Asset & Financial
Renewables
10 Heliogen $2.0B Athena Technology Acquisition United States Energy & Utilities
Solar
Supercomputers
10 IonQ $2.0B dMY Technology Group III United States Computer Hardware & Services
N/A
78
Investors
79
Global: Top investors by company count in Q4'21
5 Insight Partners 65 VC United States
8 Gaingels 58 Angel United States
10 Bpifrance 49 Other France
10 Coatue Management 49 Asset/investment management United States
80
Global: Top investors by median Mosaic score of companies in 2021
Median Median Median Median Median

Investor Country
Mosaic Score Money Score Momentum Score Market Score Management Score
1 Bertelsmann India Investments 900 India 960 840 880 580
Generation Investment
1 900 United Kingdom 940 885 895 545
Management
1 Ontario Teachers' Pension Plan 900 Canada 940 880 880 445
4 Amazon 890 United States 950 890 850 640
4 GoldenTree Asset Management 890 United States 950 830 960 605
Sunley House Capital

4 890 United States 965 760 875 620
Management
81
Global: Top investors by median Mosaic score of companies in 2021

Investor Country
7 Glynn Capital Management 880 United States 940 820 870 640
Marshall Wace Asset

7 880 United Kingdom 970 835 940 640
Management
7 Owl Rock Capital Partners 880 United States 930 840 880 660
7 Permira 880 United Kingdom 930 830 840 660
7 T. Rowe Price 880 United States 960 890 840 580
82
Global: Top VCs by company count in Q4'21
Investor Company Count Country
1 SOSV 79 United States
2 Global Founders Capital 71 Germany
3 Andreessen Horowitz 66 United States
4 Insight Partners 65 United States
5 Sequoia Capital China 61 China
6 Accel 51 United States
7 General Catalyst 48 United States
7 Lightspeed Venture Partners 48 United States
9 Sequoia Capital 38 United States
10 Sequoia Capital India 36 India
83
Global: Top VCs by median Mosaic score of companies in 2021

Investor Country
1 Glynn Capital Management 880 United States 940 820 870 640
2 Durable Capital Partners 875 United States 970 825 845 570
3 LUN Partners Capital 870 China 930 770 960 620
4 DFJ Growth Fund 860 United States 965 820 860 590
5 Blue Cloud Ventures 855 United States 935 725 900 540
84
Global: Top VCs by median Mosaic score of companies in 2021

Investor Country
5 Moore Strategic Ventures 855 United States 950 750 850 580
5 Sutter Hill Ventures 855 United States 975 770 885 670
8 Institutional Venture Partners 850 United States 960 745 880 560
8 NewView Capital 850 United States 880 840 910 600
8 VY Capital 850 United States 930 820 860 795
85
Global: Top CVCs by company count in Q4'21
Investor Company Count Country
1 Google Ventures 27 United States
2 KB Investment 24 South Korea
3 Coinbase Ventures 22 United States
3 Salesforce Ventures 22 United States
5 Mitsubishi UFJ Capital 18 Japan
6 Alexandria Venture Investments 15 United States
6 Prosus Ventures 15 Netherlands
6 SMBC Venture Capital 15 Japan
9 Huobi Ventures 14 Seychelles
10 Samsung NEXT 13 United States
86
Global: Top CVCs by median Mosaic score of companies in 2021

Investor Country
Mosaic Score Management Score Money Score Momentum Score Market Score
1 Bertelsmann India Investments 900 India 580 960 840 880
2 Snowflake Ventures 875 United States 630 960 785 910
3 Allianz X 860 Germany 640 950 870 940
3 CapitalG 860 United States 545 950 770 900
5 Third Point Ventures 840 United States 490 920 780 910
87
Global: Top CVCs by median Mosaic score of companies in 2021

Investor Country
Mosaic Score Management Score Money Score Momentum Score Market Score
United
6 PayPal Ventures 830
States
585 940 720 920
7 ION Crossover Partners 825 Israel 555 965 710 795
United
8 Kraken Ventures 820
States
635 840 720 940
8 SCB 10X 820 Thailand 570 880 765 925
Fidelity International Strategic United

10 815 485 800 630 960
Ventures Kingdom
88
Global: Top investor pairs by number of shared companies in 2021
2021 Shared Portfolio

Investor 1 Name Investor 1 Country Investor 2 Name Investor 2 Country
Companies
1 Shunwei Capital Partners China Xiaomi China 27
2 Coatue Management United States Tiger Global Management United States 25
2 Logos Capital United States Surveyor Capital United States 25
4 X21 United States AU21 China 23
5 Accel United States Tiger Global Management United States 22
89
Global: Top investor pairs by number of shared companies in 2021
2021 Shared Portfolio

Investor 1 Name Investor 1 Country Investor 2 Name Investor 2 Country
Companies
5 Tiger Global Management United States Insight Partners United States 22
7 Logos Capital United States RA Capital Management United States 20
7 Logos Capital United States Janus Henderson Investors United Kingdom 20
9 Tiger Global Management United States Sequoia Capital United States 19
Hillhouse Capital
10 China Sequoia Capital China China 18
Management
10 Sequoia Capital China China IDG Capital China 18
90
Sector Spotlights
Q4 2021
91
Fintech
SECTOR SPOTLIGHTS | Q4 2021
92
Global fintech funding jumps to a new record of $131.5B
Funding
$140.0B
$131.5B 6,000
Deals
$120.0B
4,969
5,000
$100.0B
4,000
3,540 3,542 3,491
$80. 0B
2,901
3,000
$60. 0B
2,316 $53.3B
$47.6B $49.0B
1,997
2,000
$40. 0B
$28.9B
$22.0B $23.4B
1,000
$20. 0B
$0.0B 0
2015 2016 2017 2018 2019 2020 2021
93
Fintech funding reaches $34.9B in Q4’21, the second-biggest quarter ever
$40. 0B
Funding
$36.6B
$34.9B 1,400
1,306
$35. 0B 1,224
1,183 $32.7B
Deals
1,256
1,200
$30. 0B
1,006 $27.2B
926 940 932 1,000
$25. 0B 886 $24.2B
840 848 857 853
822
888 775
729 736 728 800
708
$20. 0B
642
545 558 566 550 600

$15. 0B 503 506
$12.9B $12.9B $12.7B
443
$10.8B $11.4B $11.5B $11.8B $11.4B $11.9B
$9.4B $9.7B 400
$10. 0B $8.8B $8.6B
$7.8B $7.7B $7.4B
$6.3B
$5.7B
$4.7B $5.0B
$5.0B $3.9B $4.0B $3.7B 200
$0.0B 0
2015 2016 2017 2018 2019 2020 2021
94
US leads in fintech funding in Q4’21, followed by Asia and Europe
$18.2B
$14.8B
$8.2B
$5.6B
$6.0B
$5.2B $1.9B
$4.4B $4.2B
$3.6B
$2.8B $0.7B
$0.3B $1.6B
$0.9B
$0.4B $0.0B $0.2B
2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021
95
US maintains global fintech deal share lead as Asia and Europe gain share
6% 6% 5% 5% 5% 5% 7% 5% 6% 6% All Other Regions, 6%

6% 6%
2% 3% 3% 3% Canada, 2%
5% 5% 6% 4% 5% 6% 7% LatAm, 7%
20% 17% 19% 23% 21%
23% 20%
20% 23% 22% 27%
24% 28% 22% 23% 24% 20%
27% 23% 24% 24% 25% 20%
28% 25% 25% 23% Europe, 23%
21% 23%
24% 23% 24%
26% 25% 27% 31%
23% 27%
22% 29% 30% 26% 25% 30% 24% 26%
23% 27% 25% 24% 24%
26%
22% 26% Asia, 28%
51% 50% 48% 48% 47%

43% 42% 41% 40% 41% 40%
39% 40% 39% 39% 37% 39% 37% 38% 38% 38%
37% 36% 37% 37% 36%
35% US, 34%
2015 2016 2017 2018 2019 2020 2021
96
Average and median fintech deal sizes reach new records
$32M
$21M
$19M $18M
$14M
$13M $13M
$5M
$4M $4M
$3M
$2M $2M $2M
2015 2016 2017 2018 2019 2020 2021

97
Fintech early-stage deal share ticks up to 64%
10% 10% 10% 11% 9%

12%
Other, 8%
9% 9% 11%
11% Late-stage, 12%
12% 12%
14% 13%
12%
13%
15% Mid-stage, 16%
15%
67% 68% 66% 64% 65%

2015 2016 2017 2018 2019 2020 2021
98
Fintech: Top equity deals in Q4'21

Abu Dhabi Investment Authority, Internet Software

Private equity Avanda Investment Management, & Services
1 GoTo $1.3B
2021-11-11
N/A
Fidelity International, Google,
Indonesia Internet
Accounting &
3.7%
Permodalan Nasional Berhad Finance
Integrity
Private equity Insurance
2 Marketing $1.2B
2021-12-09
N/A Silver Lake United States Finance
Life Insurance
3.4%
Group

3 $1.1B $12.6B Andreessen Horowitz, General United States Healthcare 3.3%
Health 2021-10-08
Catalyst, Premji Invest
N/A
Internet Software
WestCap Group, Bessemer Venture & Services
Growth Equity
4 NYDIG $1.0B
2021-12-14
$7.0B Partners, FinTech Collective, United States Internet Asset & Financial 2.9%
MassMutual, Morgan Stanley Management &
Trading
Mobile Software
Series E Coatue Management, Third Point Mobile & & Services
5 N26 $900M
2021-10-11
$9.2B
Ventures, Dragoneer Investment Group
Germany
Telecommunications Accounting &
2.6%
Finance
99
Fintech: Top equity deals in Q4'21

Internet Software
Series F & Services
6 Better.com $750M
2021-12-03
N/A Aurora Acquisition, SoftBank Group United States Internet
Accounting &
2.1%
Finance
Internet Software
Coatue Management, Tiger Global
& Services
Series A Management, New Enterprise
7 MoonPay $555M
2021-11-22
$3.4B
Associates, Blossom Capital,
United States Internet Asset & Financial 1.6%
Management &
Paradigm
Trading
Corporate Internet Software

8 Atome $500M Minority N/A Standard Chartered Singapore Internet & Services 1.4%
2021-10-13 Payments
Mobile Software
Abu Dhabi Fund for Development,
Series H United Mobile & & Services
8 Monzo $500M
2021-12-08
$4.5B Accel, General Catalyst, Goodwater
Kingdom Telecommunications Accounting &
1.4%
Capital, Coatue Management
Finance
Bain Capital, Tiger Global Internet Software

Series E Management, Commerce Ventures, & Services
10 Socure $450M
2021-11-09
$4.5B
Scale Venture Partners, Sorenson
United States Internet
Monitoring &
1.3%
Ventures Security
100
34 fintech unicorns born in Q4’21 as total count hits 235
Total Unicorns, 235

208
171
137
113
48 45
30
New Unicorns, 34
12
2015 2016 2017 2018 2019 2020 2021
101
Fintech M&A, IPO, and SPAC exits all reach record totals in 2021
M&A, 906
540
31
4
IPO, 75
SPAC, 16
2015 2016 2017 2018 2019 2020 2021
102
Fintech M&A and IPO exits hit quarterly highs in Q4’21
231 232
M&A, 235
208
179
22
10 16 IPO, 27
10
6
3 5
1 SPAC, 2
2015 2016 2017 2018 2019 2020 2021
103
Fintech: Top investors by company count in Q4'21
4 Jump Capital 15 VC United States
4 Sequoia Capital India 15 VC India
8 Coinbase Ventures 13 CVC United States
9 General Catalyst 12 VC United States
9 Ribbit Capital 12 VC United States
9 Sequoia Capital 12 VC United States
104
Retail Tech
105
STATE OF VENTURE | SECTOR SPOTLIGHTS | RETAIL TECH
Global retail tech funding more than doubles YoY to reach $109.2B
$120.0B Funding
$109.2B 4,500
4,000
$100.0B
3,603
3,444
Deals
3,328
3,214
4,028 3,500
$80. 0B 2,889 2,933

3,000
2,500
$60. 0B
$53.5B
$49.5B
$47.1B 2,000
$43.9B
$40. 0B $35.9B 1,500
$25.9B
1,000
$20. 0B
500
$0.0B 0
2015 2016 2017 2018 2019 2020 2021
106
Retail tech dollars slip QoQ in Q4’21, but are still up 49% YoY
Deals
1,059
$35. 0B
998
1,019 1,018
954 1,000
932
$30.1B
$30. 0B 864 860
878 884 887
869 Funding
828 845 $27.4B
793 792
812 806 807 $26.6B
784 773
744 746 $25.0B 800
$25. 0B 727 732
704
657 667
$20. 0B
$17.9B 600
$17.6B
$14.8B $14.4B
$15. 0B $14.2B
$12.6B $12.2B $12.1B 400
$10.6B $11.1B $10.7B $11.1B $11.1B
$10. 0B $9.1B $8.8B $8.9B $9.1B

$8.5B $8.1B
$7.7B $7.3B
$6.7B $7.1B
200
$5.0B $4.0B
$0.0B 0
2015 2016 2017 2018 2019 2020 2021
107
Asia leads Q4'21 retail tech funding at $10.8B, followed by the US and Europe
$10.8B
$11.1B
$9.9B
$8.1B
$3.6B
$5.1B
$4.1B
$3.2B
$1.3B
$2.7B
$1.5B
$0.5B $0.6B
$0.0B $0.1B $0.1B $0.3B
$0.0B
2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021
108
Asia continues to lead retail tech deal share at 39% in Q4’21
4% 3%
2%
5% 5% All Other Regions, 6%
2%
4% 4%
2% 2% Canada, 2%
4%
15%
5% LatAm, 5%
15% 16%
18% 18% 18% 17% 19%
23% 20% 20% 20% 19% 19%
22% 26% 22% 21% 24%
26% 21% 24% 21% 22%
24% 23% 20% Europe, 19%
38% 39%
37% 43% 39% 36%
42% 38%
33% 37% 37% 38% 39%
36% 38% 35%
33% 33% 36% 40% 35% 35% 35%
36% 36% 37% 40% Asia, 39%
40% 41% 40% 40%

37% 37% 38% 36% 36% 35% 38% 36%
35% 35% 34% 34% 34% 33% 34% 34% 34% 33%
31%
30% 31% 30% 28% US, 29%
2015 2016 2017 2018 2019 2020 2021
109
Retail tech average and median deal sizes reach new records
$36M
$22M
$21M $21M
$18M
$16M
$12M
$5M
$3M $3M $3M
$2M $2M $2M
2015 2016 2017 2018 2019 2020 2021

110
Late-stage deal share expands slightly, for the first time since 2017
9% 10% 10% 9% 8% 10% Other, 8%
9% 9%
12% 12% 12%
12% Late-stage, 14%
13% 12%
13% 15% 15%
16% Mid-stage, 17%
69% 69%
65% 63% 64% 62% Early-stage, 61%
2015 2016 2017 2018 2019 2020 2021
111
Retail Tech: Top equity deals in Q4'21

Boyu Capital, Hillhouse Capital Transportation

J&T Private equity Management, Sequoia Capital China, Automotive & Services
1 $2.5B $20.0B Indonesia 9.4%
Express 2021-11-25 SIG Asia Investments, Tencent Transportation Freight Forwarding
Holdings & Courier Services
Delivery Hero, DST Global, Atlantic

Series C Mobile & Mobile Commerce
2 Gorillas $1.0B
2021-10-18
$3.1B Food Labs, Coatue Management, Germany
Telecommunications Food & Grocery
3.8%
Consulting &
Advent International, Silver Lake,
Series D United Business Products & Outsourcing
2 Thrasio $1.0B
2021-10-25
$10.0B Oaktree Capital Management, PEAK6
States Services Management &
3.8%
Investments, RiverPark Ventures
Strategy Consulting
Series B Bond, DoorDash, Mubadala Capital, Mobile & Mobile Commerce

4 Flink $750M
2021-12-01
$2.9B
Prosus Ventures, REWE Group
Germany
2.8%
Tiger Global Management, Baillie Machinery &

Series D United
5 Nuro $600M
2021-11-02
$8.6B Gifford & Co., Fidelity Investments,
States
Industrials Equipment 2.3%
Gaorong Capital, SoftBank Group Robotics
112
Retail Tech: Top equity deals in Q4'21

Premji Invest, The Raine Group, E-commerce

Series C United
6 Heyday $555M
2021-11-16
$1.0B General Catalyst, Khosla Ventures,
States
Internet E-commerce 2.1%
Victory Park Capital Enablement
Mobile Software &

Series E Temasek, Tencent Holdings, Alibaba Mobile &
7 Xiaohongshu $500M
2021-11-08
$20.0B
Group, Genesis Capital, Tiantu Capital
China
Telecommunications
Services 1.9%
Social
D1 Capital Partners, Dragoneer

Internet Software &
Series G Investment Group, Durable Capital United
8 Faire $400M
2021-11-16
$12.4B
Partners, DST Global, Lightspeed States
Internet Services 1.5%
Retail & Inventory
Venture Partners
E-commerce
Series C United
8 Vuori $400M
2021-10-13
$4.0B SoftBank Group
States
Internet Apparel & 1.5%
Accessories
D1 Capital Partners, Casa Verde

Series D United E-commerce
10 Dutchie $350M
2021-10-14
$3.8B Capital, DFJ Growth Fund, Dragoneer
States
Internet
Marketplace
1.3%
Investment Group, Gron Ventures
113
30 retail tech unicorns born in Q4’21 as total count hits 192
Total Unicorns, 192

167
152
137
126
24 23
20 New Unicorns, 30
10
2015 2016 2017 2018 2019 2020 2021
114
Retail tech M&A, IPO, and SPAC exits all reach record totals in 2021
M&A, 885
519
28
2
IPO, 76
SPAC, 15
2015 2016 2017 2018 2019 2020 2021
115
Retail tech M&A and SPAC exits hit quarterly highs in Q4’21
M&A, 258
223
211
193
163
26
16 18
11 IPO, 16
4 1 4
1 SPAC, 6
2015 2016 2017 2018 2019 2020 2021
116
Retail Tech: Top investors by company count in Q4'21
4 FJ Labs 11 VC United States
4 Flexport 11 Corp United States
4 Lightspeed Venture Partners 11 VC United States
9 9Unicorns 8 VC India
9 Goodwater Capital 8 VC United States
117
Digital Health
118
STATE OF VENTURE | SECTOR SPOTLIGHTS | DIGITAL HEALTH
Global digital health funding grows 79% YoY to reach $57.2B
$80. 0B 3,400
Deals
2,930
$70. 0B
2,900
2,528 2,518 Funding

2,423
$60. 0B $57.2B
2,270 2,400
$50. 0B 1,987
1,729 1,900
$40. 0B
$32.0B 1,400
$30. 0B
$25.3B
$21.7B
900
$20. 0B $17.9B
$13.5B
$10.8B
400
$10. 0B
$0.0B -100
2015 2016 2017 2018 2019 2020 2021
119
Digital health funding hits $15.3B in Q4’21, near record levels
$18. 0B 900
808 Funding
$15.8B
$16. 0B $15.3B 800
707 698 777
$14. 0B 672 665 $13.5B 700
644 Deals
614 621 626
604 609 598 592 $12.6B
593 647
$12. 0B 555 554 547 600
546 538
505 $10.3B
486
$10. 0B 465 500
447 450
$8.9B
419
398
$8.0B $7.7B $7.5B 400
$6.7B
$6.4B $6.4B
$6.0B $5.6B 300
$5.0B $5.2B
$4.6B $4.8B $4.9B
$4.2B $4.2B $4.2B $4.5B
$3.8B
$4.0B $3.3B 200
$2.8B $3.1B $2.9B
$2.4B
$1.8B
$2.0B 100
$0.0B 0
2015 2016 2017 2018 2019 2020 2021
120
The US leads Q4'21 digital health funding at $10.8B
$10.8B
$8.4B
$4.6B
$2.8B
$3.3B
$1.1B
$1.0B $0.3B $0.1B
$1.0B
$0.5B
$0.1B
$0.2B $0.4B
$0.0B $0.1B $0.1B $0.0B
2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021
121
The US maintains its digital health deal share lead in Q4'21, as Europe
share expands and Asia contracts
3% 2% 2% 3% All Other Regions, 2%
5% 2%
2%
3%
2%
2%
1% 2% Canada, 2%
10% 2%
10%
14%
LatAm, 2%
13% 14% 13% 15%
14% 15% 19% 15% 18% 14% 18%
18% 17% 19% 18% 20% 18% 19% 21% 19% 20% 20% 23% 15% Europe, 21%
21% 15%
15%
20%
20% 28% 24%
22% 28%
19% 22% 26% 25%
21% 27% 27% 23% 27%
25% 21% 23% 23%
23% 27% 23%
26%
31% Asia, 26%
71%
68% 67%
59% 62%
58% 56% 57%
54% 55% 53% 52% 53% 54%
50% 49% 49% 52% 51% 51% 50% 49% 50%
49% 47% 46% 46% US, 47%
2015 2016 2017 2018 2019 2020 2021
122
Average and median digital health deal sizes reach new records
$25M
$17M
$15M
$12M
$11M
$9M
$8M
$5M
$4M
$3M $3M
$2M $2M
$2M
2015 2016 2017 2018 2019 2020 2021

123
Digital health early-stage deal share ticks up slightly to 60%
14% 13% 11% 13%

Other, 10%
16% 14%
9% Late-stage, 11%
8% 9% 11% 11%
9%
12% 15%
11% 12% 14%
18%
Mid-stage, 19%
64% 66% 64% 64%

58%
2015 2016 2017 2018 2019 2020 2021
124
Digital Health: Top equity deals in Q4'21
% of
Company Select Investors Country Sector Total
Funding
SoftBank Group, Uprising Capital, Healthcare

Series D United
1 Devoted Health $1.1B
2021-10-08
$12.6B Andreessen Horowitz, General Catalyst,
States
Healthcare Plans 7.5%
Premji Invest N/A
Mobile
Series E Mobile & Software &
2 Medlinker $514M
2021-12-13
Telecommunications Services
3.4%
Social
Scientific,
Series F United Software (non- Engineering
3 Magic Leap $500M
2021-10-11
$2.0B N/A
States internet/mobile) Software
3.3%
N/A
Neumora Drug
Series A United
3 $500M N/A ARCH Venture Partners, Amgen Healthcare Development 3.3%
Therapeutics 2021-10-07 States
N/A
Mobile
Series E Coatue Management, Tiger Global United Mobile & Software &
5 Hinge Health $400M
2021-10-28
$6.2B
Management States Telecommunications Services
2.6%
Healthcare
125
Digital Health: Top equity deals in Q4'21

% of
Funding
Internet
Blackstone, GSR Ventures, Tiger Global
Series D United Software &
6 Medable $304M
2021-10-26
$2.1B Management, Sapphire Ventures, Western
States
Internet
Services
2.0%
Technology Investment
Healthcare
Mobile
ICONIQ Growth, Lightspeed Venture Partners, Software &
Series E United Mobile &
7 BetterUp $300M
2021-10-08
$4.7B Wellington Management, Sapphire Ventures,
States Telecommunications
Services 2.0%
Plus Capital Education &
Training
Medical
Facilities &
Services
Series C SoftBank Group, Access Industries, Artis United
7 Cerebral $300M
2021-12-08
$4.8B
Ventures, WestCap Group, Prysm Capital States
Healthcare Medical 2.0%
Practice
Management &
Services
Perceptive Advisors, RA Capital Disease
Series D United
7 Freenome $300M
2021-12-07
N/A Management, Andreessen Horowitz, Bain
States
Healthcare Diagnosis 2.0%
Capital, Fidelity Investments N/A
Growth
E-commerce
10 Fullscript $240M Equity N/A HGGC, Snapdragon Capital Partners Canada Internet
N/A
1.6%
2021-11-10
126
13 digital health unicorns born in Q4’21 as total count hits 85
Total Unicorns, 85
75
70
67
57
17
10 9 New Unicorns, 13
6
2015 2016 2017 2018 2019 2020 2021
127
Digital health M&A, IPO, and SPAC exits all reach record totals in 2021
M&A, 574
398
39 IPO, 77
1 SPAC, 17
2015 2016 2017 2018 2019 2020 2021
128
Digital health M&A exits slump as IPOs and SPACs hit quarterly highs
in Q4'21
170
151
143
129
M&A, 110
19 18 18
10
IPO, 22
3 3 5
1 SPAC, 6
2015 2016 2017 2018 2019 2020 2021
129
Digital Health: Top investors by company count in Q4'21
1 General Catalyst 16 VC United States
2 Google Ventures 8 CVC United States
5 Gaingels 7 Angel United States
6 F-Prime Capital 6 VC United States
130
US Trends
Q4 2021
131
US funding grows 107% YoY to reach $311.2B
$350.0B
Funding 14,000
$311.2B
$300.0B
12,000
11,011
10,527 10,672 Deals
10,184
9,973 12,281
$250.0B 9,684
10,000
$200.0B
8,000
$150.7B
$150.0B
$134.4B 6,000
$129.1B
$97.9B
$100.0B $88.1B 4,000
$73.2B
$50. 0B 2,000
$0.0B 0
2015 2016 2017 2018 2019 2020 2021
132
US funding hits an all-time high of $92.8B in Q4’21
Funding3,500
$100.0B 3,300
$92.8B
2,909 2,933 Deals
2,861 3,000
2,707 2,753
2,807
2,712
2,783 2,815 3,187
2,646 2,621 2,658 2,665
$80. 0B 2,596 2,559 2,550 2,550 2,591 $75.7B
2,492 2,542
2,425 2,403 2,433 $71.0B $71.6B
2,362 2,500
2,282
2,190
$60. 0B
2,000
$43.7B $45.2B
$41.6B 1,500
$40. 0B
$34.9B $34.0B $33.5B $33.4B
$32.5B $31.5B
$29.9B $29.0B $28.2B
$26.7B 1,000
$24.3B $23.4B $23.7B $24.5B
$21.3B $19.8B
$19.2B $19.6B $19.1B
$20. 0B $17.0B $17.5B
500
$0.0B 0
2015 2016 2017 2018 2019 2020 2021
133
Early-stage deal share grows to 55% in 2021
21% 22% 21% 20% Other, 17%

23% 22%
10%
Late-stage, 11%
9% 10% 12%
9% 9%
13% 12% 12% 13%

14%
15%
Mid-stage, 16%
57% 56% 56% 54% 56% 53% Early-stage, 55%
2015 2016 2017 2018 2019 2020 2021
134
US: Top equity deals in Q4'21

Company Select Investors Sector
Authentic Brands Business Advertising,

Private equity CVC Capital Partners, HPS Investment
1 $3.5B $12.7B Products & Marketing & PR 3.8%
Group 2021-11-22 Partners
Services N/A
Commonwealth Tiger Global Management, Breakthrough

Series B Energy & Electric
2 $1.8B N/A Energy Ventures, Eni Next, Future Ventures, 1.9%
Hostplus
Utilities Nuclear

Series A
2021-11-19
$4.5B Moore Strategic Ventures, AE Industrial Industrials Defense 1.5%
Partners, BlackRock N/A
Internet Software &

Altimeter Capital, D1 Capital Partners, Sutter
Series E Services
4 Lacework $1.3B
2021-11-18
$8.3B Hill Ventures, Tiger Global Management, Internet
Monitoring &
1.4%
General Catalyst
Security
Integrity Private equity Insurance

5 $1.2B N/A Silver Lake Finance 1.3%
Marketing Group 2021-12-09 Life Insurance
135
US: Top equity deals in Q4'21

SoftBank Group, Uprising Capital,

6 Devoted Health $1.1B
2021-10-08
$12.6B Andreessen Horowitz, General Catalyst, Healthcare
N/A
1.2%
Premji Invest
Internet Software &

WestCap Group, Bessemer Venture Partners, Services
Growth Equity
7 NYDIG $1.0B
2021-12-14
$7.0B FinTech Collective, MassMutual, Morgan Internet Asset & Financial 1.1%
Stanley Management &
Trading
Consulting &
Advent International, Silver Lake, Oaktree Business
Series D Outsourcing
7 Thrasio $1.0B
2021-10-25
$10.0B Capital Management, PEAK6 Investments, Products &
Management &
1.1%
RiverPark Ventures Services
Strategy Consulting
Private equity Mountain Group Partners, Royal Dutch Shell, Energy & Renewables
9 Silicon Ranch $838M
2021-12-29
N/A
TD Greystone Asset Management Utilities Solar
0.9%
Growth Equity MSD Partners, BDT Capital Partners, Lending

10 GoodLeap $800M
2021-10-13
$12.0B
Davidson Kempner Capital Management
Finance
Consumer
0.9%
136
M&A, IPO, and SPAC exits all reach record totals
M&A, 4,608
2,953
158
30
IPO, 247
SPAC, 103
2015 2016 2017 2018 2019 2020 2021
137
M&A exits hit quarterly high in Q4’21, IPOs and SPACs down slightly QoQ
1,150
1,110
1,147 M&A, 1,201
935
54 45 72 70
22 22
18 34 IPO, 60
SPAC, 29
2015 2016 2017 2018 2019 2020 2021
138
US: Top investors by company count in Q4'21
Investor Company Count Investor Group
1 Tiger Global Management 107 Asset/investment management
2 SOSV 79 VC
3 Andreessen Horowitz 66 VC
4 Insight Partners 65 VC
5 Gaingels 58 Angel
6 Accel 51 VC
7 Coatue Management 49 Asset/investment management
8 General Catalyst 48 VC
8 Lightspeed Venture Partners 48 VC
10 Sequoia Capital 38 VC
139
Silicon Valley
US | Q4 2021
140
Silicon Valley funding reaches quarterly record total of $29.3B in Q4’21
$35. 0B 900
786
Funding
$30. 0B
746
729 726
$29.3B 800
713
694 706 699 690 Deals
669 667 670 $27.5B
658
642 $25.8B 649 643 723
700
614 622 623 627 $25.2B
$25. 0B 595 603 604 590 $23.3B
557
532 551 600
$20. 0B
500
$15.9B
$14.1B 400
$15. 0B $13.6B $13.5B
$12.9B $13.3B
$12.3B $12.4B $12.6B
$11.7B
$10.4B $10.7B $10.3B 300
$10. 0B $9.3B $9.3B $9.2B
$8.2B
$7.4B
$6.6B 200
$6.0B $5.7B $5.9B
$4.7B
$5.0B
100
$0.0B 0
2015 2016 2017 2018 2019 2020 2021
141
Mid- and late-stage deal shares grow in 2021
8% 10% 10% 10% 8% 10% Other, 8%

9% 8%
10% 11%
11%
10% Late-stage, 13%
17% 18%
17% 20%
20% 20% Mid-stage, 23%
67% 65% 63% 62%

59% 59% Early-stage, 57%
2015 2016 2017 2018 2019 2020 2021
142
Silicon Valley: Top equity deals in Q4'21

Altimeter Capital, D1 Capital Partners, Sutter Internet Software &

Series E
1 Lacework $1.3B
2021-11-18
$8.3B Hill Ventures, Tiger Global Management, Internet Services 4.4%
General Catalyst Monitoring & Security
Internet Software &

XN Exponent Holdings, Benchmark,
Series F Services
2 Airtable $735M
2021-12-13
$11.7B Caffeinated Capital, Coatue Management, D1 Internet
Database
2.5%
Capital Partners
Management
Internet Software &

Series B Kora Management, Sea Capital, Andreessen
3 Forte Labs $725M
2021-11-12
N/A
Horowitz, Animoca Brands, Big Bets
Gaming
Tiger Global Management, Baillie Gifford & Co., Machinery &

Series D
4 Nuro $600M
2021-11-02
$8.6B Fidelity Investments, Gaorong Capital, Industrials Equipment 2.1%
SoftBank Group Robotics
Meat, Fish, Seafood

Impossible Series H Food & & Alternative
5 $500M N/A Mirae Asset Global Investments 1.7%
Foods 2021-11-23 Beverages Proteins
N/A
143
New York
US | Q4 2021
144
STATE OF VENTURE | US | NEW YORK
Funding increases 35% QoQ in Q4’21
$20. 0B Funding600
$18.1B
$18. 0B 516
500
$16. 0B
466 Deals
424 428 471
405 404
$14. 0B 388 $13.4B
376 373 372 400
359 361 358 357 355
340
$12. 0B 336 342 336
348 343 342 $11.6B $11.9B
330
314 315 311 315
$10. 0B 300
$8.0B
$6.8B
$6.5B
200
$5.7B
$6.0B $5.3B $5.1B $4.9B $4.9B $5.0B
$4.0B $3.9B $3.8B
$4.0B $3.5B $3.5B $3.5B $3.6B
$3.1B $3.1B $2.9B $2.9B $2.9B $2.7B 100
$2.1B $2.1B $2.2B
$2.0B
$0.0B 0
2015 2016 2017 2018 2019 2020 2021
145
Mid- and late-stage deal shares grow while early-stage deal share shrinks
18% 19%
16% 15% 16% 16% Other, 15%
8% 8%
9% 10% 10% 8% Late-stage, 11%
12% 13% 16%

13% 13%
14% Mid-stage, 18%
61% 63% 61% 61%

60% 60%
Early-stage, 57%
2015 2016 2017 2018 2019 2020 2021
146
New York: Top equity deals in Q4'21

Authentic Brands Private Business Advertising, Marketing

CVC Capital Partners, HPS Investment
1 $3.5B equity $12.7B Products & & PR 19.3%
Group 2021-11-22
Partners
Services N/A
Internet Software &

Growth WestCap Group, Bessemer Venture
Services
2 NYDIG $1.0B Equity $7.0B Partners, FinTech Collective, MassMutual, Internet
Asset & Financial
5.5%
2021-12-14 Morgan Stanley
Internet Software &

Series F
3 Better.com $750M
2021-12-03
N/A Aurora Acquisition, SoftBank Group Internet Services 4.1%
Internet Software &

Series E Services
4 YipitData $475M
2021-12-06
$1.0B The Carlyle Group Internet
Information Providers &
2.6%
Portals
Bain Capital, Tiger Global Management, Internet Software &

Series E
5 Socure $450M
2021-11-09
$4.5B Commerce Ventures, Scale Venture Internet Services 2.5%
Partners, Sorenson Ventures Monitoring & Security
147
Los Angeles
US | Q4 2021
148
STATE OF VENTURE | US | LOS ANGELES
Deals drop while funding stays flat QoQ in Q4’21
$8.0B 265
$7.5B
234 Deals
250
$7.0B
217
222 221
214 $6.5B
234
212 213
206 209 207 204 202 $6.2B Funding
195
$6.0B 191 $5.7B $5.7B 200
184 182
178 179
173 171 170
166 159
$5.0B
146 144
150
128
$4.0B
$3.3B $3.3B $3.3B
$3.1B
$3.0B $3.0B
$3.0B $2.6B 100
$2.3B $2.3B
$2.2B
$1.9B $1.9B $1.9B $2.0B
$2.0B $1.8B $1.8B $1.8B
$1.6B
$1.3B $1.4B
$1.3B 50
$1.1B $1.1B
$1.0B
$0.0B 0
2015 2016 2017 2018 2019 2020 2021
149
Early-stage deal share hits new high
Other, 16%
23% 21% 21% 23%
26% 27%
Late-stage, 10%
11% 11% 10%
11%
9% 9% Mid-stage, 13%
13% 12% 12%
11% 12%
11%
Early-stage, 62%
55% 55% 55% 56% 55%
53%
2015 2016 2017 2018 2019 2020 2021
150
Los Angeles: Top equity deals in Q4'21

Orca Internet Software &

Series C Temasek, GGV Capital, Redpoint Ventures,
1 $340M $1.8B Internet Services 5.9%
Security 2021-10-05 CapitalG, ICONIQ Capital
Aerospace &
Undisclosed
2 SpaceX $337M
2021-12-04
N/A Oman Investment Authority Industrials Defense 5.9%
N/A
Internet Software &

Private equity Services
3 Aspiration $315M
2021-12-15
N/A Oaktree Capital Management, Steve Ballmer Internet
Accounting &
5.5%
Finance
Medical Facilities &

Services
Series C SoftBank Group, Access Industries, Artis
4 Cerebral $300M
2021-12-08
$4.8B
Ventures, WestCap Group, Prysm Capital
Healthcare Medical Practice 5.2%
Management &
Services
Internet Software &

Ankona Capital, D1 Capital Partners, EPIQ
Series F Services
5 VideoAmp $275M
2021-10-21
$1.4B Capital Group, Spruce House Investment Internet
4.8%
Management, Tiger Global Management
Marketing
151
Boston
US | Q4 2021
152
STATE OF VENTURE | US | BOSTON
Deals and dollars rise QoQ in Q4’21
$10. 0B
Funding
250
$8.9B
$9.0B 221
212 211
200 203 201 204 201 $8.0B 208 Deals
$8.0B 199 196
189 192 191 189 $7.5B 210
200
182 185 $7.1B
179 179 180 206
$7.0B 173
169
162 164 160 155
$6.0B
150
$5.0B
$4.0B $3.9B
$4.0B $3.7B $3.6B $3.7B 100
$3.3B $3.2B
$3.1B
$2.8B $2.8B
$3.0B $2.6B
$2.4B $2.4B $2.4B
$2.1B $2.2B $2.2B $2.2B
$2.0B $2.0B $1.8B $2.1B
$2.0B $1.7B $1.6B 50
$1.0B
$0.0B 0
2015 2016 2017 2018 2019 2020 2021
153
Early- and mid-stage deal shares increase YoY
18% 18% 17% 19%

Other, 15%
20% 20%
Late-stage, 11%
12% 14% 12% 11%
10% 11%
17% 18% Mid-stage, 24%

21% 20% 21%
19%
49%
53%
49% 49%
52%
2015 2016 2017 2018 2019 2020 2021
154
Boston: Top equity deals in Q4'21

Commonwealth Series B Tiger Global Management, Breakthrough Energy Energy & Electric
1 $1.8B N/A 20.2%
Fusion Systems 2021-12-01 Ventures, Eni Next, Future Ventures, Hostplus Utilities Nuclear
Consulting &
Advent International, Silver Lake, Oaktree Business
Series D Outsourcing
2 Thrasio $1.0B
2021-10-25
$10.0B Capital Management, PEAK6 Investments, Products &
Management &
11.2%
RiverPark Ventures Services
Strategy Consulting
Neumora Series A Drug Development

3 $500M N/A ARCH Venture Partners, Amgen Healthcare 5.6%
Therapeutics 2021-10-07 N/A
Generate ARCH Venture Partners, Abu Dhabi Investment

Series B Biotechnology
4 $370M N/A Authority, Alaska Permanent Fund, Altitude Life Healthcare 4.1%
Biomedicines 2021-11-18
Science Ventures, Flagship Pioneering
N/A
Cardurion Series B Bain Capital, Polaris Partners, Takeda Biotechnology

5 $300M N/A Healthcare 3.4%
Pharmaceuticals 2021-10-28 Pharmaceutical N/A
155
Seattle
US | Q4 2021
156
STATE OF VENTURE | US | SEATTLE
Funding increases 79% while deals drop QoQ in Q4’21
$3,000M
Funding120
$2,514M
$2,500M 102
97 98
100
90 90 Deals
87 88
83 82 83 84
82 82
92
$2,000M 81 81 81 80 80
78
76 76 $1,779M 80
74 70 73
70
64 $1,542M
63
$1,500M $1,406M
$1,233M 60
$1,190M
$1,113M $1,071M
$1,025M
$1,000M $942M
$809M 40
$781M $742M
$709M $716M
$625M
$571M $546M $568M
$501M
$420M $443M $390M $451M
$500M $386M 20
$316M
$271M $243M
$0M 0
2015 2016 2017 2018 2019 2020 2021
157
Mid-stage deal share sees most growth in 2021
20% 20% 22% Other, 19%

27% 30% 27%
8% Late-stage, 7%
11% 10%
8% 6%
11%
14% Mid-stage, 16%
12% 10% 12%
13%
55% 57% 58% 58% 56% Early-stage, 58%

51%
2015 2016 2017 2018 2019 2020 2021
158
Seattle: Top equity deals in Q4'21

Sam Altman, Mithril Capital Management,

Series E Electric
1 Helion Energy $500M
2021-11-05
N/A Capricorn Investment Group, Dustin Energy & Utilities
Nuclear
19.9%
Moskovitz
Internet Software
Series C General Atlantic, Greylock Partners, Lux & Services
2 Chronosphere $200M
2021-10-07
$1.0B
Capital, Addition, Founders Fund
Internet
Monitoring &
8.0%
Security
Rad Power Fidelity Investments, Durable Capital Consumer Consumer

Series D
3 $154M N/A Partners, Morgan Stanley, T. Rowe Price, The Products & Electronics 6.1%
Bikes 2021-10-28
Rise Fund Services N/A
Electrical Product
Corporate Minority Distribution
4 Pure Watercraft $150M
2021-11-22
$600M General Motors Electronics
Power Generation
6.0%
& Storage
Internet Software
Series E Coatue Management, Index Ventures,
5 Rec Room $145M
2021-12-20
$3.5B
Sequoia Capital, Madrona Venture Group
Internet & Services 5.8%
Gaming
159
Denver
US | Q4 2021
160
STATE OF VENTURE | US | DENVER
Funding rises 185% QoQ to reach record high in Q4’21
Funding120
$2,500M
$2,339M
104
98
95 100
93 92
91 90
89 88
$2,000M
82 83 82
81 81
78 77
76 75 75 80
74 74
67 66 67 66 69 Deals
66
$1,500M $1,423M 70
60
$1,043M
$1,015M
$971M
$1,000M
$876M
$820M
40
$698M
$644M
$562M $583M
$500M
$500M $432M $410M
$389M
$380M
$317M $348M $383M $373M 20
$297M $305M
$251M $274M
$197M $205M $196M
$151M
$0M 0
2015 2016 2017 2018 2019 2020 2021
161
Early-stage deal share continues to fall in 2021
19% 21%
29% 28%
Other, 24%
30% 31%
8%
9%
Late-stage, 11%
9% 7% 8% 14% 7%
12%
6%
10%
10% 13% Mid-stage, 16%
57% 59% 58%

52% 54%
2015 2016 2017 2018 2019 2020 2021
162
Denver: Top equity deals in Q4'21


Series A
2021-11-19
$4.5B Moore Strategic Ventures, AE Industrial Industrials Defense 59.9%
Partners, BlackRock N/A
Mobile Software
General Catalyst, Bling Capital, Construct
Series A & Services
2 Veho $125M
2021-12-21
$1.0B Capital, Fontinalis Partners, Industry Mobile & Telecommunications
Supply Chain &
5.3%
Ventures
Logistics
Internet Software
Series C General Catalyst, Drive Capital, Kickstart
3 SonderMind $92M
2021-10-05
N/A
Fund
Internet & Services 3.9%
Healthcare
Bolder Basic Materials

Series A
4 $80M N/A Aravaipa Ventures, CIM Group Industrials Specialty 3.4%
Industries 2021-10-06
Chemicals
Valor Equity Partners, Craft Ventures, Internet Software

Series B
5 AgentSync $75M
2021-12-07
$1.2B Anthemis, Atreides Management, Tiger Internet & Services 3.2%
Global Management Compliance
163
DC
US | Q4 2021
164
STATE OF VENTURE | US | DC
Funding hits $1.6B in Q4’21, deals reach new quarterly record
$5,000M Deals
114 120
110 $4,433M
$4,500M
104 103
98
$4,000M 93 100
89 90
87 88 88 87
85 86 86 86
$3,500M 82
79 78
75 77 77
75 75 80
73
$3,000M 71
59 60
$2,500M
60
$2,000M Funding
$1,670M $1,582M
$1,414M 40
$1,500M
$1,159M
$987M $944M
$1,000M $840M $807M $852M
$708M $702M 20
$624M $562M $608M $560M $619M
$480M $497M $480M $507M $458M $529M $514M
$453M
$500M $312M $268M
$252M
$0M 0
2015 2016 2017 2018 2019 2020 2021
165
Early-stage deal share rebounds to hit 51%
21% 23% 25% 24%

Other, 21%
26% 26%
9%
8% 9%
9%
9% 11% Late-stage, 14%
10%
11% 12%
10% 14%
16% Mid-stage, 14%
60%
55% 55% 56%
53%
2015 2016 2017 2018 2019 2020 2021
166
DC: Top equity deals in Q4'21

Enlightenment Capital, SoftBank Group,

Robotic Machinery &
Series A Crescent Cove Capital Management, Henry
1 $228M N/A Industrials Equipment 14.4%
Research 2021-10-27 Crown and Company, Luminar
Robotics
Technologies
Internet Software
BlackRock, Koch Disruptive Technologies,
Series D & Services
2 Dragos $200M
2021-10-28
$1.7B AllegisCyber Capital, Canaan Partners, Internet
Monitoring &
12.6%
DataTribe
Security
Insight Partners, Seraphim Capital, Adage Aerospace &

Series D
3 HawkEye360 $145M
2021-11-08
N/A Capital Management, Advance, Industrials Defense 9.2%
NightDragon N/A
Series E CapitalG, Paladin Capital Group, Index Security Software

4 Expel $140M
2021-11-18
$1.0B
Ventures, Greycroft, Scale Venture Partners
Software (non-internet/mobile)
N/A
8.9%
Internet Software
PowerUp & Services
Undisclosed
5 $125M N/A N/A Internet Asset & Financial 7.9%
Technology 2021-12-29
Management &
Trading
167
Chicago
US | Q4 2021
168
STATE OF VENTURE | US | CHICAGO
Funding hits $1.7B in Q4’21, rebounding after a dip last quarter
$2,500M 100
91 Deals
85
86 90
84
82
79 80 80
$1,984M
$2,000M 76
75 Funding80
71 70
67 67 67 67 67 67 66
68 $1,724M
62 70
62 63 63
56 $1,462M $1,452M
$1,500M 60
53 52
51
$1,092M 50
$1,078M
$1,000M $932M 40
$883M
$727M $711M
30
$596M $576M $581M $590M
$547M $516M
$493M $481M
$455M
$500M $419M 20
$378M $364M $364M $341M
$296M
$242M $267M
$198M 10
$0M 0
2015 2016 2017 2018 2019 2020 2021
169
Mid- and late-stage deal shares grow as early-stage deal share falls
22% 23% 23%

27% 27% 26%
Other, 22%
8%
9% 11%
9%
Late-stage, 13%
10% 10%
14% 11% 10%
13%
11%
14%
Mid-stage, 15%
57% 57% 56%

52%
52%
2015 2016 2017 2018 2019 2020 2021
170
Chicago: Top equity deals in Q4'21

E-commerce
Series C Premji Invest, The Raine Group, General
1 Heyday $555M
2021-11-16
$1.0B
Catalyst, Khosla Ventures, Victory Park Capital
Internet E-commerce 32.2%
Enablement
Internet Software &

Corporate Minority StoicLane, MFA Financial, Oaktree Capital
2 Interfirst $175M
2021-10-13
N/A
Management
AUTO SAAS Venture Capital Stealth Mode

3 $153M N/A Norwest Venture Partners Internet 8.8%
HOLDINGS 2021-10-18 N/A
Internet Software &

Halo Owl Capital, Allianz Life Ventures, William Blair Services
Series C
4 $100M N/A & Company, Abu Dhabi Catalyst Partners, Internet Asset & Financial 5.8%
Investing 2021-10-12
Alumni Ventures Group Management &
Trading
Internet Software &

Series B Oberndorf Enterprises, Willoughby Capital Services
5 Tegus $90M
2021-11-29
N/A
Management
Internet
Information Providers
5.2%
& Portals
171
Dallas
US | Q4 2021
172
STATE OF VENTURE | US | DALLAS
Funding jumps 500% while deal count drops QoQ in Q4'21
60
Funding
$2,000M $1,927M
49
48 50
46
44
43 43
42
41
42 42 42
41 41 41 Deals
$1,500M 39 39
37
42
40
36 36
35 35 34
33 33 33
28 30
26 $999M
$1,000M
$738M
20
$531M $502M $487M

$500M $402M
$362M
$291M $321M $302M $297M $324M $270M
$321M 10
$224M $244M
$147M $168M $183M $164M $195M $138M $149M
$83M $83M $96M $76M
$0M 0
2015 2016 2017 2018 2019 2020 2021
173
Early-stage deal share rises above 50% for the first time in 2021
Other, 20%
36% 36%
40% 41% 40%
44%
Late-stage, 15%
11%
Mid-stage, 10%
8% 14%
12% 15%
9% 17% 11%
7% 11%
6%
Early-stage, 55%
42% 40% 42%
37% 38% 38%
2015 2016 2017 2018 2019 2020 2021
174
Dallas: Top equity deals in Q4'21

Integrity
1 Marketing $1.2B
2021-12-09
N/A Silver Lake Finance
Life Insurance
62.3%
Group
Mobile Software &
Series B Services
2 LTK $300M
2021-11-22
$2.0B SoftBank Group Mobile & Telecommunications
15.6%
Marketing
Internet Software &

HOOPP, Allianz X, Khosla
Series D Services
3 Fundbox $100M
2021-11-30
$1.1B Ventures, BNY Mellon, The Internet
Accounting &
5.2%
Private Shares Fund
Finance
Lachy Groom, Sam Altman, Supply Chain &

Series B
4 TrueNorth $50M
2021-12-08
N/A Jack Altman, 137 Ventures, Software (non-internet/mobile) Logistics Software 2.6%
Fifth Down Capital N/A
Solutions Consulting &

Growth Equity
5 $35M N/A Edison Partners, Stifel Financial Business Products & Services Outsourcing 1.8%
by Text 2021-11-30
N/A
175
Austin
US | Q4 2021
176
STATE OF VENTURE | US | AUSTIN
Funding rebounds in Q4'21 to reach $1.7B
$2,000M
$1,903M
Funding100
$1,800M
$1,668M
86
$1,600M
78 Deals
75 76 80
$1,400M 71 72 72 81
69
67 66 67 $1,231M
64 64 63
$1,200M 62 61 60 60 59
58
55 54 60
53
$1,000M 51 51
47
45
$765M $744M
$800M
$690M 40
$612M $627M
$600M $533M $537M
$503M $482M
$372M $381M $401M $419M
$368M $348M
$400M $326M
$277M $295M $312M $295M 20
$261M
$229M
$171M $186M
$200M $142M
$0M 0
2015 2016 2017 2018 2019 2020 2021
177
Mid- and late-stage deal shares inch up to 14% and 11%, respectively
14%
18% 18% 18% 19% Other, 18%
27%
9%
9% 8%
12% 10% Late-stage, 11%
17%
13% 12%
17% 11% 13% Mid-stage, 14%
10%
60% 60%
57% 58% 58% Early-stage, 57%
50%
2015 2016 2017 2018 2019 2020 2021
178
Austin: Top equity deals in Q4'21

Invicti Growth Equity Internet Software & Services

1 $625M N/A Summit Partners Internet 37.5%
Security 2021-10-20 Monitoring & Security

Series C Oak HC/FT Partners, Cathay Innovation,
2 ZenBusiness $200M
2021-11-09
$1.7B
Geekdom Fund, Greycroft, SoftBank Group
Internet Business Intelligence, Analytics 12.0%
& Performance Mgmt
Restore Consumer Health & Wellness (non-

Growth Equity
3 Hyper $140M
2021-12-14
$500M General Atlantic Products & internet/mobile) 8.4%
Services N/A
Wellness
Series A Andreessen Horowitz, Paradigm, Coinbase E-commerce

4 Royal $55M
2021-11-22
N/A
Ventures, Chainsmokers, Kyrre Gorvell-Dahll
Internet
Marketplace
3.3%
Profound Private equity E-commerce

5 $53M N/A Atalaya Capital Management Internet 3.2%
Commerce 2021-10-13 N/A
179
Miami
US | Q4 2021
180
STATE OF VENTURE | US | MIAMI
Despite drop in deals, funding increases QoQ to hit $2.2B in Q4’21
$2,500M
Funding
74
$2,230M80
$2,000M
Deals
70
69
60
49
$1,500M 46 46 46 50
$1,362M
42 42 $1,258M
37 38 39
35 36 36 35 36 40
33 32
$1,000M 30 31 30
29 $857M 29 29 29
30
23 23 23 $715M
$610M $585M
$531M $505M 20
$426M $456M
$500M
$327M $329M
$252M
$183M $196M 10
$138M $165M $111M $110M $122M $139M
$154M $165M
$101M $93M $75M $79M
$0M 0
2015 2016 2017 2018 2019 2020 2021
181
Early-stage deal share rises to reach 50% for the first time
31% 32% 32% Other, 29%

38%
42% 42%
Late-stage, 11%
21% 18%
20%
10% 15% 8% Mid-stage, 11%
7% 8%
8% 8% 6%
12%
Early-stage, 50%
42% 43% 42%
40% 40%
36%
2015 2016 2017 2018 2019 2020 2021
182
Miami: Top equity deals in Q4'21

Internet Software
Coatue Management, Tiger Global & Services
Series A
1 MoonPay $555M
2021-11-22
$3.4B Management, New Enterprise Associates, Internet Asset & Financial 24.9%
Blossom Capital, Paradigm Management &
Trading
Scientific,
Series F Software (non- Engineering
2 Magic Leap $500M
2021-10-11
$2.0B N/A
internet/mobile) Software
22.4%
N/A

3 Enhance Health $150M
2021-11-05
N/A Bain Capital Finance
Health Insurance
6.7%
SoftBank Group, Canaan Partners, Mobile Software

Series D Mobile &
3 Papa $150M
2021-11-04
$1.4B Initialized Capital, Tiger Global
Telecommunications
& Services 6.7%
Management, Seven Seven Six Health & Wellness
E-commerce
Undisclosed
5 HealthCare.com $130M
2021-12-13
N/A N/A Internet Comparison 5.8%
Shopping
183
Atlanta
US | Q4 2021
184
STATE OF VENTURE | US | ATLANTA
Funding continues to drop QoQ while deal count hits new high in Q4’21
$1,800M
Deals
80
$1,600M
$1,570M 74
70
$1,400M 62
55 55 60
$1,200M 54
51 52
48 48 $992M
46 47 50
$1,000M 44 45 45
43 43 42 $939M
40 39 39
38 37
35 35 36 43 $773M 40
$800M 32
$708M $684M
26 Funding
30
$600M $514M
$446M $461M
$431M
$380M $395M $381M
$400M $358M 20
$301M $318M $314M
$231M $245M $219M
$175M $180M $177M $166M $181M
$200M $150M $152M 10
$92M
$0M 0
2015 2016 2017 2018 2019 2020 2021
185
Late-stage deal share rises to reach 18%
20%
Other, 15%
23% 24%
29% 26%
29%
Late-stage, 18%
14% 10% 9%
14% 16%
12%
19% 13% 13%
Mid-stage, 10%
9% 8%
12%
53% 54% 53%

Early-stage, 57%
49% 50%
40%
2015 2016 2017 2018 2019 2020 2021
186
Atlanta: Top equity deals in Q4'21

EPIQ Capital Group, GordonMD Global

Antios Series B Investments, Adage Capital Drug Development
1 $75M N/A Healthcare 14.6%
Therapeutics 2021-11-03 Management, Aisling Capital, Altium N/A
Capital
Reibus Series B E-commerce

1 $75M $750M SoftBank Group Internet 14.6%
International 2021-11-30 B2B Commerce
Series C Internet Software & Services

3 IRONSCALES $64M
2021-12-07
N/A PSG, Jump Capital, K1 Capital Internet
12.5%
Convertible Note Pharmaceuticals / Drugs

4 Parallel $43M
2021-10-04
N/A N/A Healthcare
N/A
8.4%
Coatue Management, Footprint Coalition Green/Environmental

Series B Software (non-
5 cove.tool $30M
2021-12-17
N/A Ventures, Knoll Ventures, Mucker
internet/mobile)
Software 5.8%
Capital, Urban.us N/A
187
Philadelphia
US | Q4 2021
188
STATE OF VENTURE | US | PHILADELPHIA
Funding drops QoQ while deals reach record high in Q4’21
$2,000M 100
$1,894M
$1,800M Deals 90
81
$1,606M
$1,600M $1,544M 80
72 73
68
$1,400M $1,332M 70
59
$1,200M 55 60
51 52 Funding
50 49
$1,000M 46 47 $966M 50
43 43
41 41 39
39 38 38
36 36 37
$800M 35 32 35 40
32
$629M
27
$600M $525M 30
$485M
$430M
$384M $393M $382M
$400M $340M $354M $331M 20
$260M $235M $280M
$226M $219M
$188M $181M $168M
$200M $126M $107M $129M $134M 10
$85M
$0M 0
2015 2016 2017 2018 2019 2020 2021
189
Early-stage deal share surpasses 60% for the first time
23% 21% Other, 21%

29% 28% 29%
33%
Late-stage, 6%
14%
15%
13%
6% Mid-stage, 10%
13%
8%
8% 11%
14%
7% 8%
10%
Early-stage, 63%
52% 54% 52% 54%
49% 51%
2015 2016 2017 2018 2019 2020 2021
190
Philadelphia: Top equity deals in Q4'21

Undisclosed Spruce House Investment Management, The E-commerce

1 WatchBox $165M
2021-11-23
N/A
Radcliff Companies, CMIA Capital Partners
Internet
Jewelry
17.1%
Undisclosed Stealth Mode

2 Makatuu $154M
2021-11-05
N/A N/A Internet
N/A
15.9%
Internet Software &

Services
Undisclosed
3 Rhodium $87M
2021-10-22
N/A N/A Internet Asset & Financial 9.0%
Management &
Trading
Internet Software &

Andreessen Horowitz, Redpoint Ventures, Services
Series C
4 Crossbeam $76M
2021-10-26
N/A First Round Capital, FirstMark Capital, Okta Internet Business Intelligence, 7.9%
Ventures Analytics &
Performance Mgmt
Andreessen Horowitz, Google Ventures, F- Internet Software &

Series A
5 Patina $57M
2021-10-26
N/A Prime Capital, Rock Springs Capital, Viking Internet Services 5.9%
Global Investors Healthcare
191
Raleigh
US | Q4 2021
192
STATE OF VENTURE | US | RALEIGH
Funding continues to drop QoQ in Q4’21
$2,500M
45
45
41
Deals
40 40
39 39
40
37 $1,930M
$2,000M 36
35 35
34
33 35
32 32
31 31
30 30 30 30
29 29 29
30
$1,500M 26 $1,413M 26
24
23 22 $1,235M 25
20
$1,000M
$776M
Funding15
$594M
$519M $524M
$471M $458M $448M 10
$500M $390M
$305M
$265M
$227M $219M $253M $227M $192M
$169M $181M $145M $168M $142M $150M $164M 5
$91M $106M
$40M
$0M 0
2015 2016 2017 2018 2019 2020 2021
193
Late-stage deal share jumps to 10%
31% 30%
27% 26% Other, 26%
37%
42%
5%
13% Late-stage, 10%
8%
11%
18%
10% 13% 8% Mid-stage, 11%
11%
12%
11%
58%
46%
37% 39%
2015 2016 2017 2018 2019 2020 2021
194
Raleigh: Top equity deals in Q4'21

CData Application & Data

Series B
1 $140M N/A Updata Partners Software (non-internet/mobile) Integration Software 26.7%
Software 2021-12-16
N/A
Mobile Software &

Services
Growth Equity JMI Equity, Bull City Venture
2 ServiceTrade $85M
2021-12-06
N/A
Partners, Frontier Growth
Mobile & Telecommunications Business Intelligence, 16.2%
Analytics &
Performance Mgmt
Internet Software &

Series B Valeas Capital Partners, General
3 Well $70M
2021-12-17
N/A
Catalyst, Hellman & Friedman
Health & Wellness
Tune New Enterprise Associates,

Seed VC Biotechnology
4 $40M N/A Hatteras Venture Partners, Mission Healthcare 7.6%
Therapeutics 2021-12-02
BioCapital, Emerson Collective
N/A
Medicom Oval Park Capital, Cone Health, Internet Software &

Series B
5 $22M N/A Grayhawk Capital, Vocap Internet Services 4.2%
Technologies 2021-11-18
Investment Partners Healthcare
195
Canada Trends
Q4 2021
196
STATE OF VENTURE | CANADA
Funding increases 269% YoY to reach $11.8B
Deals 900
837
$14. 0B
800
722 723 Funding
$12. 0B
$11.8B
665 700
573 576
$10. 0B 600
478
500
$8.0B
400
$6.0B
$4.7B 300
$4.0B $3.6B
$3.2B
$2.9B 200
$2.2B
$1.9B
$2.0B
100
$0.0B 0
2015 2016 2017 2018 2019 2020 2021
197
Deals and dollars both down QoQ in Q4’21
$4,500M
$4,150M
250
$4,000M
226
220
212
$3,500M 203 Deals
196
185
188 200
179 177 175 $2,979M
$3,000M 171 174
170 168
165
153 152 155 Funding
150 148
$2,500M 141
$2,288M
$2,354M150
133 132 133
129 126
$2,000M 106 107
$1,508M 100
$1,500M $1,355M
$1,096M $1,074M
$985M $988M $944M $944M
$1,000M $880M $832M
$762M $800M
$659M $657M $662M $629M 50
$489M $507M $535M
$470M
$500M $340M $399M $453M $439M
$0M 0
2015 2016 2017 2018 2019 2020 2021
198
Early-stage deal share rebounds to hit 62%
14% 16% 18% 18% 16% Other, 14%

22%
7%
10%
11% Late-stage, 14%
14% 13%
6% 8% 10%
8%
8%
Mid-stage, 10%
7% 8%
69% 69%
61% 62% 60%
2015 2016 2017 2018 2019 2020 2021
199
Canada: Top equity deals in Q4'21

IT Services
Private equity Computer Hardware &
1 Syntax $300M
2021-10-21
N/A Novacap Investments
Services
IT Solutions & Software 12.7%
Development
Growth Equity E-commerce

2 Fullscript $240M
2021-11-10
N/A HGGC, Snapdragon Capital Partners Internet
N/A
10.2%
Chips &
GaN Series F Fidelity Investments, BMW i Ventures, HG Semiconductors
3 $150M N/A Electronics 6.4%
Systems 2021-11-18 Semiconductor, Vitesco Technologies Semiconductor
Equipment
General Temasek, Bezos Expeditions, Business

Series E Electric
4 $130M N/A Development Bank of Canada, GIC, Energy & Utilities 5.5%
Fusion 2021-11-30
Thistledown Capital
Nuclear
Internet Software &

Series C Thoma Bravo, Avon Ventures, B Capital Services
5 Figment $110M
2021-12-20
$1.4B
Group, Bitstamp, DTCP
Internet
Asset & Financial
4.7%
200
Canada: Top equity deals in Q4'21

Series B D1 Capital Partners, BrandProject, E-commerce

6 Clutch $80M
2021-11-16
N/A
Canaan Partners, FJ Labs, Real Ventures
Internet
Auto
3.4%
10T Fund, Alan Howard, CMT Digital, Internet Software &

Series B
7 Ledn $70M
2021-12-15
$540M Coinbase Ventures, Global Founders Internet Services 3.0%
Capital Accounting & Finance
Internet Software &

Services
Series B Tiger Global Management, Salesforce
8 Klue $62M
2021-12-01
N/A
Ventures
Internet Business Intelligence, 2.6%
Analytics &
Performance Mgmt
Bolt Yaletown Partners, Intact Ventures, MIG

Series B Mobile & Mobile Commerce
9 $60M N/A Group, Michael Hyatt, Whitecap Venture 2.6%
Logistics 2021-11-08
Partners
Telecommunications Marketplace
Mobile Software &

Series B Bain Capital Double Impact, Round13 Mobile & Services
10 HiMama $56M
2021-11-18
N/A
Capital, BDC Capital Telecommunications Collaboration & Project
2.4%
Management
201
M&A, IPO, and SPAC exits hit record highs
M&A, 475
330
32
IPO, 36
SPAC, 2
2015 2016 2017 2018 2019 2020 2021
202
M&A and IPO exits up QoQ in Q4’21, SPACs down
133
120
114
M&A, 123
105
12 11
8 4 IPO, 13
1
1
SPAC, 0
2015 2016 2017 2018 2019 2020 2021
203
Canada: Top investors by company count in Q4'21
Investor Company Count Investor Group
1 Dapper Labs 11 Corp
2 BDC Capital 8 VC
3 Garage Capital 7 VC
3 Golden Ventures 7 VC
3 Inovia Capital 7 VC
6 Haystack 6 VC
6 Round13 Capital 6 VC
8 CPP Investments 5 Asset/investment management
8 Lumira Ventures 5 VC
8 Real Ventures 5 VC
204
Toronto
CANADA | Q4 2021
205
STATE OF VENTURE | CANADA | TORONTO
Funding drops for the 2nd consecutive quarter in Q4’21
$1,800M 100
$1,587M 90
$1,600M
88 80
$1,400M 74 74
71 Deals
65 64 70
$1,200M
59 $1,140M
56 57
55 55 60
$1,000M 52 52
50 49 49
47 45
45 45 50
$800M
42
39
40
$742M Funding
38 37
34
33 $657M 40
33
$600M
30
$413M
$360M $383M
$400M
$305M $290M $304M $298M $302M $305M 20
$254M $252M
$227M $226M
$189M $185M $172M
$200M $121M $131M $122M 10
$86M $103M $117M
$74M
$40M
$0M 0
2015 2016 2017 2018 2019 2020 2021
206
Mid- and late-stage deal shares both rise to reach 11%
14% 14% 12% 14%

Other, 10%
15% 16%
9% 7%
Late-stage, 11%
9% 8% 10%
10%
8% 7%
8% 11% 6%
Mid-stage, 11%
9%
71% 73%
68% 67% 66% 68% Early-stage, 68%
2015 2016 2017 2018 2019 2020 2021
207
Toronto: Top equity deals in Q4'21


Series C Thoma Bravo, Avon Ventures, B Capital
1 Figment $110M
2021-12-20
$1.4B
Group, Bitstamp, DTCP
Internet Asset & Financial 16.7%
10T Fund, Alan Howard, CMT Digital,

Series B Internet Software & Services
2 Ledn $70M
2021-12-15
$540M Coinbase Ventures, Global Founders Internet
10.6%
Capital
Bolt Yaletown Partners, Intact Ventures, MIG

Series B Mobile & Mobile Commerce
3 $60M N/A Group, Michael Hyatt, Whitecap Venture 9.2%
Logistics 2021-11-08
Partners
Telecommunications Marketplace

Series B Bain Capital Double Impact, Round13 Mobile &
4 HiMama $56M
2021-11-18
N/A
Capital, BDC Capital Telecommunications
Collaboration & Project 8.5%
Management
Canvas Ventures, Tiger Global Internet Software & Services

Series A
5 ResQ $39M
2021-10-12
N/A Management, Gokul Rajaram, Golden Internet Billing, Expense Management, 5.9%
Ventures, Homebrew And Procurement
208
Vancouver
CANADA | Q4 2021
209
STATE OF VENTURE | CANADA | VANCOUVER
Funding falls 68% QoQ in Q4’21
$1,200M
40
36 36 36
35
33 $971M 35
$1,000M
30 30
Deals
$876M
28 30
$800M 24 26 26
23 23 23 22 25
22 22 22
21 21
20 20
$600M 19 19
18 20
$512M
16 16 16
15
$400M Funding
$283M
$258M 10
$213M $203M $207M
$200M $176M $169M
$157M $149M
$130M $137M $120M
$100M $99M 5
$78M $79M $89M $79M
$58M $51M $60M $66M
$35M $43M $30M
$0M 0
2015 2016 2017 2018 2019 2020 2021
210
Vancouver sees a significant jump in early-stage deal share
18% Other, 17%

23% 25% 27% 29%
46%
12%
12% 12%
13%
5%
Mid-stage, 13%
12%
9%
9%
68%
58% 57%
48%
37%
2015 2016 2017 2018 2019 2020 2021
211
Vancouver: Top equity deals in Q4'21


Series B Tiger Global Management, Salesforce Business Intelligence,
1 Klue $62M
2021-12-01
N/A
Ventures
Internet
Analytics & Performance
21.9%
Mgmt
Eldridge, AllegisCyber Capital, Partnership Internet Software & Services

Series B
2 SkyHive $40M
2021-10-20
N/A Fund for New York City, Workday Ventures, Internet HR & Workforce 14.1%
Accenture Ventures Management
Damon Other Transportation

Series B Automotive &
3 $30M N/A House of Lithium Motorcycle & Small Engine 10.6%
Motors 2021-12-08 Transportation
Vehicles
Owl Internet Software & Services

Series B Cota Capital, Impression Ventures, Luge
3 $30M N/A Internet Customer Relationship 10.6%
Technologies 2021-11-03 Capital, Plug and Play Ventures, FUSE
Management
Undisclosed E-commerce
5 Dapper Labs $23M
2021-12-15
N/A N/A Internet
Marketplace
8.1%
212
Asia Trends
Q4 2021
213
Funding skyrockets in 2021, surpassing 2020's total by 89%
$200.0B
Funding
14,000
$180.0B
$175.9B
$160.0B 12,000
10,686 Deals
$140.0B 12,485
9,523 10,000
$120.1B 8,803
$120.0B 8,217
8,000
$100.0B 6,819 $93.0B
6,061 $82.7B
$77.1B
$80. 0B 6,000
$59.8B $59.6B
$60. 0B
4,000
$40. 0B
2,000
$20. 0B
$0.0B 0
2015 2016 2017 2018 2019 2020 2021
214
Funding hits a record high while deals drop QoQ in Q4’21
$60. 0B
Funding
4,500
$52.6B
$49.0B
$50. 0B 4,000
$46.2B 3,860
Deals
3,500
$40. 0B 3,021 $38.2B 3,297

2,878 $36.0B 3,000
$34.4B
2,574
2,393 2,394 2,400 2,457 2,426 2,463 2,440
2,754 2,500
2,261 2,240
$30. 0B
2,139 $26.5B $26.0B 2,007 $26.3B
1,891 1,910 1,907 1,893
$23.4B 2,000
1,699 $26.8B $22.4B
1,636 1,617 1,650 $21.5B
1,579
$20. 0B 1,359
1,449 $18.3B $19.0B
$17.2B $17.3B $16.9B 1,500
$16.2B $16.2B $15.5B
$15.0B $15.3B
$14.8B $18.3B $14.2B $14.2B
$10.6B 1,000
$10. 0B
500
$0.0B 0
2015 2016 2017 2018 2019 2020 2021
215
Early-stage deal share continues to dominate in 2021
6% 6% 8%
Other, 5%
11% 12%
13% 12% 13% Late-stage, 13%
13%
13% 14%
13% 15% 15%
Mid-stage, 18%
17%
73% 71% 69% 67% 67%

2015 2016 2017 2018 2019 2020 2021
216
Asia: Top equity deals in Q4'21
% of
Funding
Transportation
Boyu Capital, Hillhouse Capital Management, Services
Private equity Automotive &
1 J&T Express $2.5B
2021-11-25
$20.0B Sequoia Capital China, SIG Asia Investments, Indonesia
Transportation
Freight 4.8%
Tencent Holdings Forwarding &
Courier Services
Consulting &
Private equity Sequoia Capital, CPE, D1 Capital Partners, Business Products &
2 DNE Group $1.5B
2021-12-16
N/A
Partners Group, Warburg Pincus
China
Services
Outsourcing 2.9%
N/A
Internet Software
Abu Dhabi Investment Authority, Avanda
Private equity & Services
3 GoTo $1.3B
2021-11-11
N/A Investment Management, Fidelity International, Indonesia Internet
Accounting &
2.5%
Google, Permodalan Nasional Berhad
Finance
Oceanpine Capital, GGV Capital, Beijing Electronic

Series E Singularity Power Investment Fund, China Components
4 Chipone $1.0B
2021-12-16
$4.7B
Grand Prosperity Investment, CCB Principal
China Electronics
Display
1.9%
Capital Management Components
Envision Private equity GIC, Primavera Capital Group, Sequoia Capital Renewables
5 $1.0B N/A China Energy & Utilities 1.9%
Group 2021-11-02 China Wind
217
% of
Funding
Alpha Wave Global, D1 Capital Partners, DST Internet Software

Series F
6 Dream11 $840M
2021-11-24
$8.0B Global, RedBird Capital Partners, Tiger Global India Internet & Services 1.6%
Management Sports
Qihoo 360 Technology, CCB International, GF Automobile

7 Hozon Auto $626M
2021-10-28
N/A Venture Capital, CITIC Securities Investment, China
Transportation
Manufacturing 1.2%
Shenwan Hongyuan Securities N/A
Dreame Series C CPE, Huasheng Capital, IDG Capital, Shunwei Consumer Products & Appliances
8 $563M N/A China 1.1%
Technology 2021-10-20 Capital Partners, Xiaomi Services N/A
Mobile Software
Series E Mobile &
9 Medlinker $514M
2021-12-13
Telecommunications
& Services 1.0%
Social
Corporate Internet Software

10 Atome $500M Minority N/A Standard Chartered Singapore Internet & Services 1.0%
2021-10-13 Payments
218
% of
Funding
Scientific,
Series C Temasek, The Bosch Group, Yunfeng Capital, Software (non- Engineering
10 Momenta $500M
2021-11-04
N/A
General Motors, SAIC Motor
China
internet/mobile) Software
1.0%
N/A
Automobile
Series A Automotive &
10 NIUTRON $500M
2021-12-15
N/A Coatue Management, IDG Capital China
Transportation
Manufacturing 1.0%
N/A
Mobile Software
Series E Temasek, Tencent Holdings, Alibaba Group, Mobile &
10 Xiaohongshu $500M
2021-11-08
$20.0B
Genesis Capital, Tiantu Capital
China
Telecommunications
& Services 1.0%
Social
219
Exits up across the board in 2021
M&A, 1,081
630
IPO, 444
350
4
SPAC, 8
2015 2016 2017 2018 2019 2020 2021
220
M&A exits hit quarterly high while IPOs increase QoQ in Q4’21
M&A, 340
297
229
215
193
111 109 106

102 IPO, 118
2 3 3
SPAC, 2
2015 2016 2017 2018 2019 2020 2021
221
Asia: Top investors by company count in Q4'21
2 Hillhouse Capital Management 41 Asset/investment management China
5 Animoca Brands 35 Corp Hong Kong
6 Xiaomi 31 Corp China
7 Shenzhen Capital Group 30 VC China
7 Shunwei Capital Partners 30 VC China
9 Matrix Partners China 27 VC China
10 5Y Capital 25 VC China
10 Addor Capital 25 VC China
222
China
ASIA | Q4 2021
223
STATE OF VENTURE | ASIA | CHINA
Funding stays level while deals drop sharply QoQ in Q4’21
$40. 0B 2,370
$38.0B
$35. 0B
1,885 2,000
$30. 0B 1,750
Funding
$25.1B $25.0B $24.9B
$25. 0B 1,500
1,361 1,410
1,290
1,343
1,268 1,287 $21.9B Deals
1,243
1,144 1,179 1,350 1,355 1,501
$20. 0B 1,108 $18.9B 1,114
$18.1B $18.3B
1,027 1,026 $17.7B
966 960 $16.3B 989
891 907 $15.5B 1,000
$14.0B $14.8B
$15. 0B 819
763 763
$13.5B $12.1B $12.0B
$12.8B 868
$10.7B $11.1B
$10.3B $10.4B $9.8B
$9.4B $9.7B
$10. 0B $8.6B
$7.8B $7.7B
$7.1B 500
$5.0B
$0.0B 0
2015 2016 2017 2018 2019 2020 2021
224
Early-stage deal share jumps to 59%
7% 7% Other, 6%
12%
11% 11%
12%
10% 11% Late-stage, 13%
15% 15%
17% 15% 17% 17%
Mid-stage, 22%
20%
72%
69% 68% 67% 66%
Early-stage, 59%
53%
2015 2016 2017 2018 2019 2020 2021
225
China: Top equity deals in Q4'21

Consulting &
Private equity Sequoia Capital, CPE, D1 Capital Partners, Business Products &
1 DNE Group $1.5B
2021-12-16
N/A
Partners Group, Warburg Pincus Services
Outsourcing 6.0%
N/A
Oceanpine Capital, GGV Capital, Beijing

Electronic
Series E Singularity Power Investment Fund, China
2 Chipone $1.0B
2021-12-16
$4.7B
Grand Prosperity Investment, CCB
Electronics Components 4.1%
Display Components
Principal Capital Management
Envision Private equity GIC, Primavera Capital Group, Sequoia Renewables

3 $1.0B N/A Energy & Utilities 4.0%
Group 2021-11-02 Capital China Wind
Qihoo 360 Technology, CCB International, Automobile

4 Hozon Auto $626M
2021-10-28
N/A GF Venture Capital, CITIC Securities
Transportation
Manufacturing 2.5%
Investment, Shenwan Hongyuan Securities N/A
Dreame Series C CPE, Huasheng Capital, IDG Capital, Consumer Products & Appliances
5 $563M N/A 2.3%
Technology 2021-10-20 Shunwei Capital Partners, Xiaomi Services N/A
226
India
ASIA | Q4 2021
227
STATE OF VENTURE | ASIA | INDIA
Deals and dollars reach record highs in 2021
$12. 0B
Funding
$10.3B 600
$9.9B
$10. 0B
526 Deals
533
500
$8.0B
400
344
337 333
$6.0B 303 313 305 307
299 295 293 302
292 $6.2B
282 279 274
264 264 271 300
240 242 $4.3B
226 227 228 $4.1B
218 210
$4.0B 205 $3.7B
$3.4B $3.5B $3.4B
$3.1B $3.2B $3.2B 200
$2.9B $3.0B
$2.5B $2.6B $2.7B
$2.4B $2.5B $2.4B
$2.1B
$1.7B $1.8B $1.8B
$2.0B $1.5B 100
$0.8B $0.8B $0.9B
$0.0B 0
2015 2016 2017 2018 2019 2020 2021
228
Early-stage deal share hits 74% in 2021
7% 5% 5% Other, 3%
10%
11%
14% 12%
Late-stage, 13%
14%
14%
10% 8%
12%
Mid-stage, 10%
8% 12% 14%
77% 79%
71% 69% 71% Early-stage, 74%
67%
2015 2016 2017 2018 2019 2020 2021
229
India: Top equity deals in Q4'21

Alpha Wave Global, D1 Capital Partners, DST Internet Software &

Series F
1 Dream11 $840M
2021-11-24
$8.0B Global, RedBird Capital Partners, Tiger Global Internet Services 8.2%
Management Sports
Alkeon Capital Management, Lone Pine Capital, Internet Software &

Series F
2 Razorpay $375M
2021-12-20
$7.5B Technology Crossover Ventures, GIC, Sequoia Internet Services 3.7%
Capital India Payments
Series G Alpha Wave Global, SoftBank Group, Tiger E-commerce

3 OfBusiness $325M
2021-12-20
$5.0B
Global Management
Internet
B2B Commerce
3.2%
Oxshott Capital Partners, IIFL, XN Exponent Internet Software &

Series H
4 BYJU's $300M
2021-10-04
$18.0B Holdings, Time Capital, Verition Fund Internet Services 2.9%
Management Education & Training
Series G Alpha Wave Global, DST Global, EXOR Seeds, E-commerce

4 Cars24 $300M
2021-12-20
$3.3B
Moore Strategic Ventures, SoftBank Group
Internet
Auto
2.9%
230
Israel
ASIA | Q4 2021
231
STATE OF VENTURE | ASIA | ISRAEL
Funding and deals hit new quarterly highs in Q4'21
$4,000M Funding
$3,634M
140
$3,500M Deals
124
140
117 116
$3,000M 112 120
107 106
104 $2,698M
95 87 100
$2,500M 91 92
85 84 86 $2,190M
82 83 82
77 $2,210M
$2,000M 72 73 73 80
68 69
66
62 62 $1,594M
$1,500M 49 $1,375M 60
$1,273M
$1,041M $1,007M
$935M 40
$1,000M $822M $835M
$744M
$659M $654M $659M $629M
$479M $517M $530M $572M $460M
$500M $425M 20
$337M $347M
$279M $259M $252M
$0M 0
2015 2016 2017 2018 2019 2020 2021
232
Early-stage deal share continues to drop
5% 7% Other, 7%
9% 11% 10% 11%
15%
17% 17% 19%
18% 21%
Mid-stage, 24%
72%
68% 67% 67%
65% 63%
Early-stage, 59%
2015 2016 2017 2018 2019 2020 2021
233
Israel: Top equity deals in Q4'21

Future Meat Meat, Fish, Seafood &

Series B ADM Ventures, S2G Ventures, ADM Capital,
1 $347M $600M Food & Beverages Alternative Proteins 9.5%
Technologies 2021-12-17 Bits x Bites, Emerald Technology Ventures
N/A
Greenoaks Capital Management, Insight Internet Software &

Series D
2 Wiz $250M
2021-10-11
$6.0B Partners, Index Ventures, Sequoia Capital, Internet Services 6.9%
CyberStarts Monitoring & Security
Koch Disruptive Technologies, 8VC,

Series B Biotechnology
3 immunai $215M
2021-10-27
N/A Alexandria Venture Investments, Piedmont Healthcare
N/A
5.9%
Investment Advisors, Talos
Cato Lightspeed Venture Partners, Greylock Internet Software &

Series F
4 $200M $2.5B Partners, Aspect Ventures, Coatue Internet Services 5.5%
Networks 2021-10-19
Management, Shlomo Kramer Monitoring & Security
Series A TPG Capital, The Rise Fund, Battery Environmental Recycling

5 UBQ Materials $170M
2021-12-15
N/A
Ventures, M&G Investments Services & Equipment N/A
4.7%
234
Europe Trends
Q4 2021
235
STATE OF VENTURE | EUROPE
Funding skyrockets to reach $93.3B in 2021 — a 142% increase YoY
$100.0B
Funding
$93.3B 9,000
Deals 8,000
$80. 0B 7,051
7,000
6,051
5,851 5,888
5,746
6,000
$60. 0B
5,000
4,413
$39.6B 4,000
3,439 $38.5B
$40. 0B
3,000
$26.7B $27.7B
$18.8B $19.4B 2,000

$20. 0B
1,000
$0.0B 0
2015 2016 2017 2018 2019 2020 2021
236
Funding drops slightly while deals jump up QoQ in Q4’21
1,876
Deals 2,000
1,841
$30. 0B 1,800
1,694
$27.9B 1,640
1,573 1,596 1,568
1,533 1,545
1,496 1,488 1,483 1,600
1,471
$25. 0B 1,425
1,396 1,404 1,411 1,398 1,392
Funding
1,357 $23.0B
$22.1B1,400
1,204 $20.2B
$20. 0B 1,145
1,200
1,054
1,010
917 1,000
851 875
$15. 0B 796
$11.8B 800
$10.7B $10.3B $10.3B
$9.7B
$10. 0B $8.6B $8.9B 600
$8.2B $8.3B
$7.1B $7.2B $7.2B $7.0B
$6.2B $6.4B
$5.8B 400
$5.2B $4.7B $5.1B
$4.4B $4.6B $4.6B $4.5B
$5.0B $3.9B
200
$0.0B 0
2015 2016 2017 2018 2019 2020 2021
237
Mid- and late-stage deal shares inch up in 2021
8% 9% 12% 12%
9% 10% Other, 9%
13% 12% 13% 11% Late-stage, 12%

12% 14%
6%
8%
6% 8% 9% Mid-stage, 10%
7%
72%
71% 70% 67%
2015 2016 2017 2018 2019 2020 2021
238
Europe: Top equity deals in Q4'21


Series C Mobile & Mobile Commerce
1 Gorillas $1.0B
2021-10-18
$3.1B Food Labs, Coatue Management, Germany
4.5%
Coatue Management, Third Point Mobile Software &

Series E Mobile &
2 N26 $900M
2021-10-11
$9.2B Ventures, Dragoneer Investment Germany
Telecommunications
Services 4.1%
Group Accounting & Finance
Series B Bond, DoorDash, Mubadala Capital, Mobile & Mobile Commerce

3 Flink $750M
2021-12-01
$2.9B
Germany
3.4%
Internet Software &

Series E Kinnevik, Atomico, DN Capital, Services
4 Jobandtalent $500M
2021-12-01
$2.4B
InfraVia Capital, Kibo Ventures
Spain Internet
HR & Workforce
2.3%
Management
Abu Dhabi Fund for Development, Mobile Software &

Series H United Mobile &
4 Monzo $500M
2021-12-08
$4.5B Accel, General Catalyst, Goodwater
Kingdom Telecommunications
Services 2.3%
Capital, Coatue Management Accounting & Finance
239
Europe: Top equity deals in Q4'21

Specialty Computer
Series D United Computer Hardware & Hardware
6 SaltPay $345M
2021-11-23
N/A N/A
Kingdom Services Point of Sale & Retail
1.6%
Computer Systems
Undisclosed Czech Drug Development

7 SOTIO $315M
2021-12-02
N/A PPF Group
Republic
Healthcare
N/A
1.4%
SoftBank Group, Augmentum Fintech,

Series J United E-commerce
8 Zopa $300M
2021-10-19
$1.0B IAG Capital Partners, Northzone
Kingdom
Internet
Marketplace
1.4%
Ventures, Chimera Investments
Greenoaks Capital Management, Internet Software &

Series E Accel, Index Ventures, Global Services
9 Personio $270M
2021-10-11
$6.3B
Founders Capital, Meritech Capital
Germany Internet
HR & Workforce
1.2%
Partners Management
Internet Software &

Series E
10 Mambu $266M
2021-12-09
$5.5B EQT Partners Netherlands Internet Services 1.2%
240
M&A, IPO, and SPAC exits hit new highs in 2021
M&A, 3,701
2,372
85 IPO, 185
2
SPAC, 11
2015 2016 2017 2018 2019 2020 2021
241
M&A, IPO, and SPAC exits up QoQ in Q4'21
934 M&A, 992

901
874
810
62
38 35
2
36
4
IPO, 52
SPAC, 5
2015 2016 2017 2018 2019 2020 2021
242
Europe: Top investors by company count in Q4'21
2 Index Ventures 30 VC United Kingdom
3 Seedcamp 22 VC United Kingdom
4 Kima Ventures 18 Angel France
4 Speedinvest 18 VC Austria
6 ZBS Capital 17 VC Ukraine
7 Balderton Capital 15 VC United Kingdom
7 High-Tech Grunderfonds 15 VC Germany
7 Magnus Capital 15 VC Netherlands
7 Prosus Ventures 15 CVC Netherlands
243
United Kingdom
EUROPE | Q4 2021
244
STATE OF VENTURE | EUROPE | UNITED KINGDOM
Funding down 12% QoQ in Q4’21
$8.0B
$7.5B $7.6B
600
$7.2B Funding
$7.0B
508
$6.7B
497
466 Deals
500
$6.0B 484
407 415
395 397 396 401 394
378 370 400
$5.0B 356 363 359
353 353 346
339
$4.3B $4.2B $4.1B $4.1B
$4.0B 279 277 278
270 300
245 245 244 $3.3B $3.3B
234 $3.1B
$2.8B $2.9B
$3.0B $2.8B
$2.5B $2.6B $2.6B
$2.3B $2.4B 200
$2.2B
$2.0B $1.8B $1.8B

$1.6B $1.6B
$1.5B $1.4B
$1.2B $1.3B
100
$1.0B
$0.0B 0
2015 2016 2017 2018 2019 2020 2021
245
Early- and late-stage deal shares inch up in 2021
8% 8% 10%
13%
9%
12%
Other, 9%
14%
15% 14% 15%
13%
Late-stage, 15%
18%
7% 8%
9% 9% 10% Mid-stage, 10%
8%
70% 70% 68% 67% 66% Early-stage, 67%

61%
2015 2016 2017 2018 2019 2020 2021
246
United Kingdom: Top equity deals in Q4'21

Abu Dhabi Fund for Development, Accel,

Series H Mobile & Mobile Software & Services
1 Monzo $500M
2021-12-08
$4.5B General Catalyst, Goodwater Capital,
Telecommunications Accounting & Finance
7.5%
Coatue Management
Specialty Computer
Series D Computer Hardware & Hardware
2 SaltPay $345M
2021-11-23
N/A N/A
Services Point of Sale & Retail
5.1%
Computer Systems
SoftBank Group, Augmentum Fintech, IAG

Series J E-commerce
3 Zopa $300M
2021-10-19
$1.0B Capital Partners, Northzone Ventures, Internet
Marketplace
4.5%
Chimera Investments
Thought Accounting & Finance

Series C Nyca Partners, Backed VC, British Patient Software (non-
4 $200M $1.0B Software 3.0%
Machine 2021-11-29 Capital, Eurazeo, IQ Capital internet/mobile)
N/A
Series C ICONIQ Growth, Index Ventures, BMW i E-commerce

5 Motorway $189M
2021-11-29
$1.3B
Ventures, Latitude, Unbound
Internet
Marketplace
2.8%
247
Germany
EUROPE | Q4 2021
248
STATE OF VENTURE | EUROPE | GERMANY
Funding doubles QoQ to reach record total in Q4'21
$7.0B
Funding250
232
$6.0B
$6.0B $5.8B
Deals
198 202 196
188
192
187
193 216
200
182 182
$5.0B
172 173
165 168
158 158 158
148
$4.0B 141 142
137 138 150
131
$3.0B
$3.0B 102 101 104
$2.7B
100
$2.2B
73
$2.0B $1.7B $1.7B $1.7B
$1.5B
$1.3B $1.4B $1.4B
$1.3B $1.2B
$1.1B $1.0B 50
$1.0B $1.0B
$1.0B $0.8B $0.8B $0.8B
$0.6B $0.7B $0.7B
$0.5B $0.6B $0.5B
$0.4B
$0.0B 0
2015 2016 2017 2018 2019 2020 2021
249
Mid- and late-stage deal shares both increase to 15%
7% 7% 9% 6% 6% Other, 5%
12%
14% 14% 14% 13% Late-stage, 15%

13%
14%
12% 11%
11%
11% 14% Mid-stage, 15%
10%
68% 68%
67%
65% 67% 67% Early-stage, 65%
2015 2016 2017 2018 2019 2020 2021
250
Germany: Top equity deals in Q4'21


Series C Mobile Commerce
1 Gorillas $1.0B
2021-10-18
$3.1B Food Labs, Coatue Management, Mobile & Telecommunications
Food & Grocery
16.6%
Coatue Management, Third Point Mobile Software &

Series E
2 N26 $900M
2021-10-11
$9.2B Ventures, Dragoneer Investment Mobile & Telecommunications Services 14.9%
Group Accounting & Finance
Series B Bond, DoorDash, Mubadala Capital, Mobile Commerce

3 Flink $750M
2021-12-01
$2.9B
Food & Grocery
12.4%
Greenoaks Capital Management, Internet Software &

Series E Accel, Index Ventures, Global Services
4 Personio $270M
2021-10-11
$6.3B
Founders Capital, Meritech Capital
Internet
HR & Workforce
4.5%
Partners Management
Qatar Investment Authority, Atomico, Agricultural Products

Series D
5 InFarm $200M
2021-12-16
$1.0B Bonnier Ventures, Hanaco Venture Agriculture & Related Activities 3.3%
Capital, Lightrock N/A
Mubadala Capital, SoftBank Group,

Series D Mobile Commerce
5 TIER $200M
2021-10-25
$2.0B Northzone Ventures, Novator Mobile & Telecommunications
Travel (mobile)
3.3%
Partners, RTP Global
251
France
EUROPE | Q4 2021
252
STATE OF VENTURE | EUROPE | FRANCE
Funding drops while deals rise QoQ in Q4’21
275
$4.5B Deals
$4.1B 249
$4.0B $3.9B 250
236
225 221
216 216 217
212 209 211
$3.5B 204
201
191 188 192
184 185 200
182 179
$3.0B Funding
179 $2.6B
161
147
$2.5B
150
127
123
$2.0B 110
107
95 $1.6B $1.6B
$1.5B $1.5B 100
$1.5B $1.3B $1.4B
$1.2B $1.2B $1.2B
$1.1B
$1.0B $1.0B $1.0B $1.0B
$0.9B $0.9B
$1.0B $0.8B
$0.8B $0.8B $0.8B
$0.7B 50
$0.4B $0.5B $0.5B
$0.5B $0.3B
$0.0B 0
2015 2016 2017 2018 2019 2020 2021
253
Early-stage deal share drops slightly but continues to dominate
12% 11%
15% 16%
12% 11% Other, 12%
10%
16% 11% Late-stage, 11%
11%
21% 13%
9%
9% Mid-stage, 9%
6%
7%
9%
68%
70%
64%
58%
2015 2016 2017 2018 2019 2020 2021
254
France: Top equity deals in Q4'21

Bpifrance, Educapital, XAnge Private Internet Software &

Series C
1 360Learning $200M
2021-10-20
N/A Equity, Silver Lake, Sumeru Equity Internet Services 7.6%
Partners Education & Training
Mobile Software &

Series D SoftBank Latin America Fund, Index Services
1 Swile $200M
2021-10-11
$1.0B
Ventures, Bpifrance, Eurazeo, Headline
HR & Workforce
7.6%
Management
Catalio Capital Management, Coatue

Series C Biotechnology
3 DNA Script $165M
2021-10-26
N/A Management, Agilent Technologies, Healthcare
N/A
6.3%
Bpifrance, Casdin Capital
Dental Mobile Software &

Series B Merieux Equity Partners, Vitruvian
4 $150M $1.0B Mobile & Telecommunications Services 5.7%
Monitoring 2021-10-21 Partners
Healthcare
Mobile Software &

Series C Dragoneer Investment Group, Echo Street,
5 Lydia $100M
2021-12-08
$1.0B
Accel, Tencent Holdings, Founders Future
Mobile & Telecommunications Services 3.8%
Payments
255
LatAm Trends
Q4 2021
256
STATE OF VENTURE | LATAM
LatAm funding soars to reach $20.2B in 2021
1,200
Funding
$20.2B
$20. 0B 1,000
Deals
952 800
$15. 0B
607
538 551 600

500
$10. 0B
400
294
259 $5.3B $5.4B
$5.0B
200
$2.4B
$1.8B $1.9B
$1.1B
$0.0B 0
2015 2016 2017 2018 2019 2020 2021
257
LatAm funding drops 39% QoQ in Q4’21
$8,000M
$7,422M 350
$7,000M
$6,590M
287 300
Deals
$6,000M
247
250
$5,000M 211 207
Funding
182 $4,026M200
$4,000M 173 168
162
152 153
142 142 140
131 130 150
$3,000M 121
113
98 97 102
96 88 $2,148M
78 $1,823M $1,870M 100
$2,000M $1,657M
61 61 $1,522M
60 59 $1,303M
40 $1,016M $1,019M
$1,000M $800M 50
$697M $630M $619M $693M
$454M $418M $537M $348M $474M $563M
$395M
$172M $172M $244M $174M $237M
$0M 0
2015 2016 2017 2018 2019 2020 2021
258
Mid-stage deal share sees largest growth in 2021
5% 6%
11% 11% 9% Other, 7%
13%
10%
11% Late-stage, 12%
12% 12% 14%
7% 11%
6%
5%
Mid-stage, 11%
7% 7%
78% 76%
72% 73%
2015 2016 2017 2018 2019 2020 2021
259
LatAm: Top equity deals in Q4'21

Internet Software &

Institutional Venture Partners,
Series B Services
1 FTX $421M
2021-10-21
$25.0B Lightspeed Venture Partners, Sequoia Bahamas Internet
Asset & Financial
10.4%
Capital, Ribbit Capital, Temasek
Series D DX Ventures, Delivery Hero, Tru Arrow E-commerce

2 Facily $250M
2021-11-16
$850M
Partners
Brazil Internet
6.2%
Internet Software &

Series F SoftBank Group, Tencent Holdings,
3 CargoX $200M
2021-10-21
$1.0B
Lightrock, Valor Capital Group, Oikos
Brazil Internet Services 5.0%
Wellington Management, Goldman

Series E Sachs Asset Management, Kevin Efrusy, E-commerce
4 Olist $186M
2021-12-15
$1.5B
SoftBank Latin America Fund, Valor
Brazil Internet
Marketplace
4.6%
Capital Group
Goodwater Capital, Prosus Ventures,

Series D E-commerce
5 Facily $135M
2021-12-23
N/A Quona Capital, Tru Arrow Partners, Brazil Internet
3.4%
Citius
260
LatAm: Top equity deals in Q4'21

SoftBank Group, Kaszek Ventures, Internet Software &

Series C
6 Alice $127M
2021-12-21
N/A ThornTree Capital Partners, Allen & Brazil Internet Services 3.2%
Company, G Squared Healthcare
Billing, Expense
Series B General Atlantic, Kaszek Ventures, Software (non- Management, And
7 isaac $125M
2021-11-09
N/A
SoftBank Latin America Fund
Brazil
internet/mobile) Procurement Software
3.1%
N/A
GGV Capital, GIC, General Catalyst, Mobile Software &

Series C Mobile &
7 stori $125M
2021-11-11
N/A Lightspeed Venture Partners, Source Mexico
Telecommunications
Services 3.1%
Code Capital Accounting & Finance
SoftBank Latin America Fund, Accounting & Finance

Series A Software (non-
9 Open Co $115M
2021-12-15
N/A International Finance Corporation, LTS Brazil
internet/mobile)
Software 2.9%
Investments, Raiz Investimentos N/A
Internet Software &

Series B SoftBank Group, Accel, Redpoint
10 Pismo $108M
2021-10-19
N/A
e.ventures, Amazon, B3
Brazil Internet Services 2.7%
Payments
261
M&A, IPO, and SPAC exits all reach record totals
M&A, 501
301
6 IPO, 17
SPAC, 1
2015 2016 2017 2018 2019 2020 2021
262
M&A exits hit a quarterly high in Q4’21, IPOs and SPACs down QoQ
M&A, 164
146
116
108
83
9
1 1
5 IPO, 2
1 SPAC, 0
2015 2016 2017 2018 2019 2020 2021
263
LatAm: Top investors by company count in Q4'21
1 Kaszek Ventures 15 VC Argentina
2 Monashees+ 13 VC Brazil
3 SkyVision Capital 10 VC Virgin Islands (British)
4 Norte Ventures 7 VC Brazil
5 Canary VC 6 VC Brazil
5 FTX 6 Corp Bahamas
5 Gate.io 6 Corp Cayman Islands
5 ONEVC 6 VC Brazil
5 Solar Eco Fund 6 Asset/investment management Virgin Islands (British)
5 Youbi Capital 6 Private equity Cayman Islands
5 mgnr 6 VC Cayman Islands
264
Mexico
LATAM | Q4 2021
265
STATE OF VENTURE | LATAM | MEXICO
Funding and deals drop QoQ in Q4’21
$1,600M
$1,471M
$1,364M 49
$1,400M 50
$1,200M 40
38 40
$1,000M Deals
29
30 34
28 30
$800M 26
25 Funding
23
22
$600M
$628M
20
$600M 19
18 22 20
17
16 15
14 14 14 13 14
13
$400M 11
9 9
10
$199M $208M
$200M $162M $164M
$129M $129M $132M
3
$71M $70M $54M $71M
$10M $10M $9M $13M $19M $17M $31M $23M $21M $33M $32M
$8M $7M
$0M 0
2015 2016 2017 2018 2019 2020 2021
266
Late-stage deal share jumps to 11%
7% 8% 5% Other, 3%
11% 11%
7% Late-stage, 11%
7% 9%
9%
11% 9%
6% Mid-stage, 10%
88%
82% 80% 78%
2015 2016 2017 2018 2019 2020 2021
267
Mexico: Top equity deals in Q4'21

GGV Capital, GIC, General Catalyst,

Series C Mobile & Mobile Software & Services
1 stori $125M
2021-11-11
N/A Lightspeed Venture Partners, Source Code
Telecommunications Accounting & Finance
19.9%
Capital
Stepstone Group, Angel Ventures Mexico,

Series D Internet Software & Services
2 Kueski $102M
2021-12-02
N/A Richmond Global, Rise Capital, Tuesday Internet
16.2%
Capital

Series B Coatue Management, DST Global, General Billing, Expense
3 Clara $70M
2021-12-06
$1.0B
Catalyst, Monashees+, Picus Capital
Internet
Management, And
11.1%
Procurement
Consulting & Outsourcing

Series B Advent International, SoftBank Latin Business Products &
4 Merama $60M
2021-12-09
$1.2B
America Fund Services
Management & Strategy 9.6%
Consulting
Tiger Global Management, DST Global, Supply Chain & Logistics

Series B Software (non-
4 Nowports $60M
2021-12-17
N/A Base10 Partners, Broadhaven Capital
internet/mobile)
Software 9.6%
Partners, Foundation Capital N/A
268
Brazil
LATAM | Q4 2021
269
STATE OF VENTURE | LATAM | BRAZIL
Funding down slightly QoQ in Q4’21
$6,000M 180
164
160
$5,000M $4,808M Deals
149
140
129
$4,000M 112 120

105
100
95 97
94 100
89 87
$3,000M
74 75
71
Funding
80
68 68 $2,407M
$2,240M
61 61
$2,000M 50 $1,795M 60
49
45
39 $1,191M
35 34 35 $1,156M 40
$1,003M $1,022M
23 25 $845M
$1,000M
17 $621M $599M $607M
$404M $481M 20
$384M $356M $318M $342M $317M
$330M $134M $262M
$147M $123M $119M $152M $130M $101M
$0M 0
2015 2016 2017 2018 2019 2020 2021
270
Early-stage deal share continues to dominate
5%
13% 10% 9% 12%
Other, 8%
15% 15%
Late-stage, 14%
15% 17% 15%
15%
8%
13% 6% Mid-stage, 10%
6% 9% 8%
72%
66% 67% 69%
2015 2016 2017 2018 2019 2020 2021
271
Brazil: Top equity deals in Q4'21

Series D E-commerce
1 Facily $250M
2021-11-16
$850M DX Ventures, Delivery Hero, Tru Arrow Partners Internet
11.2%
Internet Software &

Series F SoftBank Group, Tencent Holdings, Lightrock,
2 CargoX $200M
2021-10-21
$1.0B
Valor Capital Group, Oikos
Wellington Management, Goldman Sachs Asset

Series E E-commerce
3 Olist $186M
2021-12-15
$1.5B Management, Kevin Efrusy, SoftBank Latin Internet
Marketplace
8.3%
America Fund, Valor Capital Group
Series D Goodwater Capital, Prosus Ventures, Quona E-commerce

4 Facily $135M
2021-12-23
N/A
Capital, Tru Arrow Partners, Citius
Internet
6.0%
Internet Software &

Series C SoftBank Group, Kaszek Ventures, ThornTree
5 Alice $127M
2021-12-21
N/A
Capital Partners, Allen & Company, G Squared
Healthcare
272
STATE OF VENTURE
Report Methodology Unicorn data includes private companies valued at $1B or
more in the private markets globally, per the same 4
No business development/R&D arrangements, whether
transferable into equity now, later, or never. If a company signs a
You can download the underlying data found in sources listed above and relied on for funding events, which $300M R&D partnership with a larger corporation, this is not
include valuations disclosed in credible media sources. The equity financing nor is it from venture capital firms. As a result, it
this report here: list is maintained publicly and updated in real time at is not included.
https://www.cbinsights.com/reports/CB- https://www.cbinsights.com/research-unicorn-companies. No buyouts, consolidations, or recapitalizations. All three of
Insights_Venture-Trends-2021.xlsx. Geography notes: Israel funding figures are classified in Asia; these transaction types are commonly employed by private
Caribbean region figures included in Latin America, or “LatAm”; equity firms and are tracked by CB Insights. However, they are
funding to Australia and Africa is included in global figures but excluded for the purposes of this report.
If you have questions about the definitions not spotlighted in this report. No private placements. These investments, also known as PIPEs
or methodological principles used, or if you Rounds to private companies that may be majority- or minority- (Private Investment in Public Equities), are not included even if
feel that your firm has been owned subsidiaries of other private companies. made by a venture capital firm.
underrepresented, please reach out to Valuation data includes estimates to calibrate median and No debt/loans of any kind (except convertible notes). Venture
info@cbinsights.com. average valuations based on current and previous quarter debt or any kind of debt/loan issued to emerging, startup
disclosed valuations gathered from the aforementioned four companies, even if included as an additional part of an equity
sources. The estimating method will control for the over- financing, is not included. If a company receives $3M with $2M
What is included: sampling of large rounds that are reported quickly versus a from venture investors and $1M in debt, only the $2M is included
comparative lag in valuations obtained from other sources. in these statistics.
Equity financings into private companies only. Funding rounds Exits include IPO, SPACs, M&A and other liquidity events; only No non-equity government funding. Grants or loans by the
raised by public companies of any kind on any exchange first exits are counted. federal government, state agencies, or public-private
(including Pink Sheets) are excluded from our numbers, even if
Headquarters are determined by publicly available sources partnerships to emerging, startup companies are not included.
they received investment from a venture firm.
including company-owned websites and profiles, legal filings, No fundings to subsidiaries of a larger parent corporation unless
Only includes the investment made in the quarter for tranched and press releases. that subsidiary is a private entity and meets other criteria for
investments. If a company does a second closing of its Series B inclusion.
round for $5M and previously had closed $2M in a prior quarter, All figures in the report are in USD.
only the $5M is reflected. US financing trends follow the combined statistical area (CSA) Accelerators, incubators, business plan competitions, and
methodology. Silicon Valley refers to the San Jose-San economic development entities are excluded from rankings of
Round numbers reflect what has closed, not what is intended. If most active investors, even if making equity financings.
a company indicates the closing of $5M out of a desired raise of Francisco-Oakland CSA.
$15M, our numbers reflect only the amount which has closed. Rankings for top investors are calculated according to “company
count,” or the number of unique companies an investor funds in
Only verifiable fundings are included. Fundings are verified via What is excluded: a quarter, and so excludes follow-on deals.
(1) various federal and state regulatory filings; (2) direct
confirmation with firm or investor; (3) press release; or (4) No contingent funding. If a company receives a commitment for
credible media sources. $20M subject to hitting certain milestones but first gets $8M,
Equity fundings to joint ventures and spinoffs/spinouts are only the $8M is included in our data.
included.
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State Of

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The TL;DR Live:

Global Trends 20 Denver 160 Israel 231

What you need to know about

959 $621B 1,556 $311B 36%

What you need to know about

10,792 $1.6B 21% 328 $105B

Global unicorn count reaches a new high of 959

Global funding increases 111% YoY to reach $621B

Mega-rounds worth $100M+ surpass 1,500 deals

US funding grows 106% YoY to reach $311B

Global M&A exits surpass 10K for the first time

2015 2016 2017 2018 2019 2020 2021

Global median SPAC exit valuation doubles to $1.6B

2018 2019 2020 2021

Global fintech funding reaches $132B — 21% of total venture funding

Tiger Global is the top investor of 2021, backing 328 companies

Investor Company Count Investor Group Country

1 Tiger Global Management 328 Asset/investment management United States

3 Sequoia Capital China 276 VC China

4 Andreessen Horowitz 240 VC United States

5 Insight Partners 240 VC United States

6 Tencent Holdings 217 Corp China

7 Accel 210 VC United States

8 SoftBank Group 195 Other Japan

9 Global Founders Capital 188 VC Germany

10 Hillhouse Capital Management 182 Asset/investment management China

Silicon Valley funding doubles to a record $105B

Global venture funding up 111% YoY to reach $620.8B

Global funding hits an all-time high of $176.4B in Q4’21

Global regional comparison Q4’21

The US leads funding at $92.8B in Q4’21, followed by Asia and Europe

US Asia Europe LatAm Canada All Other Regions

VC continues to lead in investor deal share in Q4’21

21% 19% 19% Other, 21%

36% 35% 35% 34%

Average and median deal sizes reach new all-time highs

2015 2016 2017 2018 2019 2020 2021

Median deal size is up in all regions, with Asia leading

US Asia Europe LatAm Canada All Other Regions

Angel Asset/Investment CVC Corp Private Equity VC

Mega-rounds (worth $100M+) jump, accounting for $361.4B in funding

Q4’21 mega-rounds account for a record $104.5B

Global mega-round comparison Q4’21

US leads in Q4’21 mega-rounds at 230, followed by Asia and Europe

Global mega-rounds make up 5% of Q4’21 total deals

Mega-rounds account for 59% of total Q4'21 funding dollars

Global: Top equity deals in Q4'21

Round Round Round Industry % of Total

Boyu Capital, Hillhouse Capital Transportation

Commonwealth Tiger Global Management,

Sequoia Capital, CPE, D1 Capital Consulting &

Coatue Management, General Atlantic, Aerospace &

Global: Top equity deals in Q4'21

Round Round Round Industry % of Total