INDUSTRIES & MARKETS

Startups worldwide
 Table of Contents

01 Overview 04 Exits & acquisitions

Distribution of super startups focused on B2B and B2C worldwide 2020 03 Value of global unicorn exits 2006-2021 22
Early-stage entrepreneurial activity in the Americas 2020, by country 04 Number of unicorn exits globally 2021, by region 23
Early-stage entrepreneurial activity rate in Asia by country 2020 05 Value of global unicorn exits 2006-2021, by region 24
Early-stage entrepreneurial activity rate in Europe, by country 2021 06 Acquisitions of VC-backed companies worldwide 2018-2021 25
Acquisition deal size of VC-backed companies worldwide 2018-2021 26
02 Funding
Value of venture capital activity globally 2010-2019 08
Volume of first-time VC financing deals globally 2010-2020 09
Seed and angel venture capital deals worldwide Q4 2016-Q2 2022 10
Seed and angel venture capital deal size worldwide Q4 2016-Q1 2022 11
Early-stage venture capital deals worldwide 2016-2022 12
Early-stage venture capital deal size worldwide 2016-2022 13
Late-stage venture capital deals worldwide 2017-2022 14

03 High-performing startups
Highest valued unicorn companies worldwide 2021 16
Market value of unicorns worldwide as of April 2021, by region 17
Market value of unicorns worldwide as of April 2021, by industry 18
Share of unicorns worldwide as of 2021, by region 19
Share of unicorns worldwide as of 2021, by industry 20

1
CHAPTER 01

Overview
 Distribution of super startup companies offering B2B and B2C solutions
worldwide in 2020
Distribution of super startups focused on B2B and B2C worldwide 2020

B2C 39%

B2B 61%

3 Description: In 2020, 61 percent of super start-ups across the world offered B2B solutions, whereas the other 39 percent offered B2C solutions. B2C and B2B are both forms of commercial transactions. B2C stands for "business-to-consumer," and is a process for
selling products or services directly to consumers. On the other hand, B2B stands for "business-to-business," and is a process for selling products or services to other businesses.Read more
Note(s): Worldwide; 2020
Source(s): PitchBook; Tech Tour
 Percentage of population involved in business start-ups in the Americas in
2020, by country
Early-stage entrepreneurial activity in the Americas 2020, by country

Percentage of population
0% 5% 10% 15% 20% 25% 30% 35%

Panama 32.4%

Colombia 31.1%

Guatemala 28.3%

Chile 25.9%

Brazil 23.4%

Uruguay 21.9%

Canada 15.6%

United States 15.4%

4 Description: In 2020, the early-stage entrepreneurial activity (TEA) rate in Panama was 32.4 percent, making it the country with most population involved in business starttups in the Americas, among the countries depicted.Read more
Note(s): North America, Central and South America; 2020; about 2,000 per country; 18-64 years; data is composed of the Adult Population Survey and the National Expert Survey
Source(s): GEM
 Percentage of population involved in business start-ups in Asia in 2020, by
country
Early-stage entrepreneurial activity rate in Asia by country 2020

25%

20.1%
20%
Percentage of population

15%
13%

9.6%
10% 8.7% 8.4%

5.4% 5.3%
5%

0%
Kazakhstan South Korea Indonesia China* Taiwan Japan* India

5 Description: This statistic shows the total early-stage entrepreneurial activity (TEA) rate in Asian countries in 2020. An economy`s total early-stage entrepreneurial activity (TEA) rate is defined as the prevalence rate of individuals in the working age population who are
actively involved in business startups, either in the phase in advance of the birth of the firm, or the phase spanning 42 months after the birth of the firm. In 2020, the early-stage entrepreneurial activity (TEA) rate in India was 5.3 percent.Read more
Note(s): Asia; 2020; about 2,000 per country; 18-64 years; data is composed of the Adult Population Survey and the National Expert Survey; * 2019 data for China and Japan as the latest figure was not inluded in the 2020 report.Read more
Source(s): GEM
 Percentage of population involved in business start-ups in Europe in 2021, by
country
Early-stage entrepreneurial activity rate in Europe, by country 2021

Percentage of population
0% 2% 4% 6% 8% 10% 12% 14% 16%

Latvia 15.1%

Netherlands 14.2%

Belarus 13.5%

United Kingdom 12.6%

Croatia 12.4%

Hungary 9.8%

Switzerland 9.8%

Romania 9.7%

Sweden 9%

Cyprus 8.4%

Russian Federation 8.3%

Finland 7.9%

France 7.7%

Luxembourg 7.3%

Germany 6.9%

6 Description: .The economy`s total early-stage entrepreneurial activity (TEA) rate is defined as the prevalence rate of individuals in the working age population who are actively involved in business startups, either in the phase in advance of the birth of the firm (nascent
entrepreneurs), or the phase spanning 42 months after the birth of the firm (owner managers of new firms). In 2021, the early-stage entrepreneurial activity (TEA) rate in the United Kingdom was 12.6 percent.Read more
Note(s): Europe; 2021; about 2,000 per country; 18-64 years; data is composed of the Adult Population Survey and the National Expert Survey
Source(s): GEM
CHAPTER 02

Funding
 Value of venture capital activity globally 2010 to 2019 (in billion U.S. dollars)
Value of venture capital activity globally 2010-2019

Value in billion U.S. dollars

0 10 20 30 40 50 60 70 80 90 100

2010 22

2011 28

2012 26

2013 26

2014 51

2015 25

2016 31

2017 34

2018 86

2019* 34

8 Description: Exit activity for venture-funded startups globally was projected to fall to 34 billion U.S. dollars in 2019, down from an astonishing 86 billion U.S. dollars in 2018. In the last decade, only 2014 and 2018 exceeded 34 billion U.S. dollars in venture capital activity.
Read more
Note(s): Worldwide; 2010 to 2018; *Projection. Read more
Source(s): Various sources (451 Research)
 Number of first-time venture capital financing deals worldwide from 2010 to
2020
Volume of first-time VC financing deals globally 2010-2020

12,000

10,034
10,000
9,049
8,788
8,438 8,535
8,149
8,000
7,227
Number of deals

6,580
6,111
6,000
5,096

3,808
4,000

2,000

0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

9 Description: Over the past five years, the number of first-time venture capital financing deals completed has been falling worldwide. In 2020, there were only 6,580 first-time financing deals, down from a peak of 10,034 in 2015.Read more
Note(s): Worldwide; 2012 to 2020
Source(s): KPMG; PitchBook
 Number of seed and angel venture capital deals worldwide from Q4 2016 to
Q2 2022
Seed and angel venture capital deals worldwide Q4 2016-Q2 2022

7,000
6,323

6,000 5,636
5,305 5,334 5,389 5,256 5,352 5,398
5,080
4,889 4,835
5,000 4,562 4,592 4,693
4,426
4,175 4,272
Number of deals

3,865
4,000 3,713
3,528
3,386
3,193
3,000

2,000

1,000

0
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2021 2021 2022

10 Description: The number of seed and angel venture capital deals closed globally fluctuated significantly since early 2020. In the first quarter of 2022, 4,272 seed and angel deals were completed, which was over 1,000 deals fewer than the fourth quarter of 2021.Read
more
Note(s): Worldwide; Q4 2016 to Q2 2022
Source(s): CrunchBase
 Value of seed and angel venture capital deals worldwide from Q4 2016 to Q1
2022 (in billion U.S. dollars)
Seed and angel venture capital deal size worldwide Q4 2016-Q1 2022

12

10.1 10.3
10
Value in billion U.S. dollars

7.9 7.9
8
7.1

6
5.2
4.4 4.5 4.4
4 4.2
3.9 3.9
4 3.4 3.5 3.5
2.9 2.9
2 2.2 2.1
1.9
2

0
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2021 2021 2022

11 Description: The size of seed and angel venture capital deals globally increased significantly over the past two years, and was unaffected by the pandemic. In the first quarter of 2022, seed and angel deals reached a value of 10.3 billion U.S. dollars, the highest value
recorded throughout the period of consideration. Read more
Note(s): Worldwide; Q4 2016 to Q1 2022
Source(s): CrunchBase
 Number of early-stage venture capital deals worldwide from Q4 2016 to Q1
2022
Early-stage venture capital deals worldwide 2016-2022

3,500
3,200
2,932
3,000
2,603 2,634 2,669
2,517 2,448
2,500 2,304 2,364
2,274 2,240 2,261 2,244
Number of deals

1,919 1,949
2,000 1,802 1,813
1,666 1,665 1,690 1,643 1,741

1,500

1,000

500

0
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2021 2021 2022

12 Description: The number of early-stage venture capital deals closed globally fell steadily from mid-2019 to the end of 2020. Since the first quarter of 2021, the number of early-stage deals completed partially recovered, reaching 2,364 in the first quarter of 2022.Read
more
Note(s): Worldwide; Q4 2016 to Q1 2022
Source(s): CrunchBase
 Value of early-stage venture capital deals worldwide from Q4 2016 to Q1
2022 (in billion U.S. dollars)
Early-stage venture capital deal size worldwide 2016-2022

70
63.3

60
53.9
51.9
48.1
Value in billion U.S. dollars

50
43

40
35.1

27.9 27.4 28.6 27.6 27.6

30 26.4
25.4 25.4 24.8 24.1
22.6 21.8
21
20 16.5
12.8 12.7

10

0
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2021 2021 2022

13 Description: The value of early-stage venture capital (VC) deals peaked in the first quarter of 2022 reached over 50 billion U.S. dollars in value, approximately 11 billion U.S. dollars less than in the previous quarter.Read more
Note(s): Worldwide; Q4 2016 to Q1 2022
Source(s): CrunchBase
 Number of late-stage venture capital deals worldwide from Q2 2017 to Q1
2022
Late-stage venture capital deals worldwide 2017-2022

1,200
1,072

1,000 950 942 964

932

800
Number of deals

578 580 597

549 559 557 567 567 572
600 539 530
507
460
427
399
400

200

0
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2021 2021 2022

14 Description: Global late-stage venture capital deals reached their four-year peak in the last three months of 2021. The volume of late-stage deals in the global venture capital market amounted to 1,072 in the last quarter of that year. During the first three months of
2022 late-stage VC deals globally amounted to 964. Read more
Note(s): Worldwide; Q2 2017 to Q1 2022
Source(s): CrunchBase
CHAPTER 03

High-performing startups
 Leading unicorns worldwide as of 2021 (in billion U.S. dollars)
Highest valued unicorn companies worldwide 2021

Valuation in billion U.S. dollars

0 50 100 150 200 250 300 350 400

ByteDance (China) 350

ANT Group (China) 150

SpaceX (U.S.) 100

Company (HQ country)

Stripe (U.S.) 95

Klarna (Sweden) 46

Canva (Australia) 40

Instacart (U.S.) 39

Databricks (U.S.) 38

Cainiao (China) 34

Revolut (UK) 33

16 Description: As of 2021, ByteDance, the Chinese tech company which owns Tiktok, was valued at about 350 billion U.S. dollars, which made it the highest valued unicorn globally. A unicorn is a privately held company with a market valuation of one billion U.S. dollars or
more. As of 2021, there were over 590 unicorns globally, with the majority based in the United States and China.Read more
Note(s): Worldwide; 2021
Source(s): Hurun Research Institute
 Market valuation of unicorns worldwide as of April 2021, by region (in billion
U.S. dollars)
Market value of unicorns worldwide as of April 2021, by region

1,000 951.72
929.38
900

800
Value in billion U.S. dollars

700

600

500

400

300

200 170.05

100 51.05
21.91
0
Asia Pacific North America Europe Latin America Middle East & Africa

17 Description: The market valuation of Asian and North American unicorns accounted for almost 90 percent of the total value of unicorns worldwide as of April 2021. Unicorns headquartered in Asia-Pacific had a cumulative market valuation of 952 billion U.S. dollars,
which put them ahead of the North American unicorns at 929 billion U.S. dollars. Two Chinese unicorns, ANT Group and Bytedance, accounted for over one third of this 952 billion U.S. dollars.Read more
Note(s): Worldwide; April 2021
Source(s): CB Insights; CrunchBase; HolonIQ; Hurun Research Institute; Statista estimates; Tracxn Technologies
 Market valuation of unicorns worldwide as of April 2021, by industry (in
billion U.S. dollars)
Market value of unicorns worldwide as of April 2021, by industry

Value in billion U.S. dollars

0 100 200 300 400 500 600

Finance and insurance 525.98

Transportation & logistics 364.62

Technology & telecommunications 332.86

Internet 263.29

Health, pharma & medtech 119.84

E-commerce 113.65

Education & science 76.18

Consumer goods & FMCG 55.77

Travel, tourism & hospitality 55.56

Media 52.06

Services 47.81

Real estate 26.17

Retail & trade 20

Advertising & marketing 18.27

Sports & recreation 13.5

18 Description: As of April 2021, unicorns operating in the finance and insurance sector had the largest market valuation when compared with other sectors. They had a cumulative market valuation of 526 billion U.S. dollars, which put them ahead of both the
transportation and logistics, and technology and telecommunications unicorns. A unicorn is a privately held company worth one billion U.S. dollars or more.Read more
Note(s): Worldwide; January 2020
Source(s): CB Insights; CrunchBase; HolonIQ; Hurun Research Institute; Statista estimates; Tracxn Technologies
 Distribution of unicorns value worldwide as of 2021, by region
Share of unicorns worldwide as of 2021, by region

50%
45%
45% 43%

40%

35%
Share of unicorns

30%

25%

20%

15%
10%
10%

5%
1% 1% 0.1%
0%
Asia North America Europe Oceania South America Africa

19 Description: As of 2021, North America and Asia Pacific were home to nearly 90 percent of all unicorn companies worldwide, in terms of value. Nort American Unicorns accounted for 45 percent of the total market valuation of unicorns worldwide.Read more
Note(s): Worldwide; 2021
Source(s): Hurun Research Institute
 Distribution of unicorns worldwide as of 2021, by industry
Share of unicorns worldwide as of 2021, by industry

Share of unicorns
0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20%

Business management solutions 18.1%

Financial services 17%

Retail 9.7%

Healthcare 9.3%

Logistics 4.4%

Cyber security 4.2%

Transportation 3.5%

Consumer electronics 2.7%

Automobile 1.8%

Food & Beverages 1.8%

Energy 1.8%

Education 1.8%

Hospitality 1.6%

Life sciences 1.5%

Media & Entertainment 1.5%

20 Description: As of 2021, unicorns active in the industries of business management, as well as financial services, accounted for approximately 35 percent of all unicorn companies worldwide. In terms of value, Asia had the highest distribution, in terms of overall market
value, while North America is out in front. Read more
Note(s): Worldwide; 2021
Source(s): Hurun Research Institute
CHAPTER 04

Exits & acquisitions

 Value of unicorn exits worldwide from 2006 to July 2021 (in million U.S.
dollars)
Value of global unicorn exits 2006-2021

120,000 113,574.46
111,455.52

100,000
Value in million U.S. dollars

77,533.11
80,000
72,349.9

60,000
52,082.79

40,000
27,313.35
19,067
20,000

3,573.15 2,376.5 3,626.6 3,234.62

531.25
0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 YTD

22 Description: 2020 was the most successful year for unicorn companies, when comparing the exit values of global unicorns between 2006 and July 2021. The value of unicorn exits between January and July 2021 reached 72.35 billion U.S. dollars and are on track to
meet or even surpass the 2020 peak of 113.57 billion U.S. dollars. Unicorns are private companies that are valued at over one billion U.S. dollars or over. If that company subsequently goes public or is acquired, it is no longer referred to as a [...]Read more
Note(s): Worldwide; 2006 to July 2021
Source(s): CrunchBase; Statista estimates
 Number of unicorn exits worldwide as of July 2021, by region
Number of unicorn exits globally 2021, by region

Middle East & Africa 6 Latin America 2

Europe 27

Asia Pacific 87
North America 182

23 Description: In the world of venture capital, unicorns are companies that are valued at over one billion U.S. dollars or over. If that company subsequently goes public or is acquired, it is no longer referred to as a unicorn. When a unicorn company does one of these
two things, it is called an exit. As of July 2021, over 180 unicorns had exited via IPO or acquisition in North America.Read more
Note(s): Worldwide; 2006 to July 2021
Source(s): CrunchBase; Statista
 Value of unicorn exits worldwide from 2006 to July 2021, by region (in billion
U.S. dollars)
Value of global unicorn exits 2006-2021, by region

300
269.52

250

210.87
Value in billion U.S. dollars

200

150

100

50
28.4
6.09 0.95
0
North America Asia Pacific Europe Middle east and Africa Latin America

24 Description: North America and Asia-Pacific were responsible for responsible for the highest-valued unicorn exits in the world as of July 2021. This is due to large IPOs from the likes of Alibaba and Facebook between 2006 and July 2021.Unicorns are private companies
that are valued at one billion U.S. dollars or over. If that company subsequently goes public or is acquired, it is no longer referred to as a unicorn. When a unicorn company does one of these two things, it is called an exit. As the leading [...]Read more
Note(s): Worldwide; 2006 to July 2021
Source(s): CrunchBase; Statista estimates
 Number of acquisitions of venture-backed companies worldwide from Q4
2018 to Q1 2021
Acquisitions of VC-backed companies worldwide 2018-2021

700
631

600

495
500
434
Number of deals

385 389
400 366 365
345 334 337

300

200

100

0
Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021

25 Description: Almost 140 more venture capital-backed companies were acquired in the first quarter of 2021 than in the previous quarter. In the first quarter of 2021, 631 VC-backed companies were acquired, up from only 495 in the fourth quarter of 2021.Read more
Note(s): Worldwide; Q4 2018 to Q1 2021
Source(s): CrunchBase
 Value of acquisitions of venture-backed companies worldwide from Q4 2018
to Q1 2021 (in billion U.S. dollars)
Acquisition deal size of VC-backed companies worldwide 2018-2021

70

60 57.2 57.1

51.1 52.2
50
Value in billion U.S. dollars

42.4 42.8

40

30.1 31
30
25.6

20
15.3

10

0
Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021

26 Description: Between October 2020 and March 2021, venture capital-backed companies were acquired for record high sums globally. In the first quarter of 2021 alone, these acquisition deals reached 57.1 billion U.S. dollars in value, which was greater than the value
of deals closed in the first two quarters of 2020 combined. Read more
Note(s): Worldwide; Q4 2018 to Q1 2021
Source(s): CrunchBase
 Sources

CB Insights
CrunchBase
GEM
HolonIQ
Hurun Research Institute
KPMG
PitchBook
Statista
Statista estimates
Tech Tour
Tracxn Technologies
Various sources (451 Research)

27