CB Insights - CVC Report 2021

State Of CVC
GLOBAL | 2021
Global data and analysis on CVC private
market dealmaking, funding, and exits
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STATE OF CVC
Contents
Global Trends 19 Chicago 116 LatAm 172

Investment Trends 20 Austin 120 Brazil 178
Investors 49 Philadelphia 124
Sector Spotlights 52 Canada 128

Fintech 53
Asia 134
Retail Tech 63
China 141
Digital Health 72
India 145
US 81 Israel 149
Silicon Valley 88
Europe 153
New York 92
United Kingdom 160
Los Angeles 96
Germany 164
Boston 100
France 168
Seattle 104
Denver 108
DC 112
6
STATE OF CVC
What you need to know about

CVC in 2021
221 $169.3B 62¢ $86.9B 202%

New CVCs. CVC-backed Of every CVC- CVC-backed Increase in CVC-
The number of new CVCs funding. All-time backed dollar goes funding to US. New backed fintech
rebounded from a 6-year low high. to a mega-round. record. funding.
of 144 in 2020 to 221 in
2021, up 53% YoY. More than doubling YoY, While accounting for only The US attracted $86.9B in CVC-backed fintech
CVC-backed funding 10% of CVC deals, mega- CVC-backed funding in financing bounced back in
Companies launching their
reached a record $169.3B rounds drove 62% of CVC- 2021 — more than double 2021 after double-digit
first fund and the rise of
in 2021. backed funding in 2021. 2020’s $40.5B. declines in 2020.
more focused funds (e.g.,
sustainability) drove growth. A confluence of factors Globally, CVC-backed A 154% YoY increase in Deals and dollars to
fueled this rapid growth: a mega-rounds reached CVC-backed US mega- fintech companies
Corporations entering
39% increase in CVC- 470 in 2021, shattering rounds pushed funding up. increased 62% and 202%,
corporate venture in 2021
backed deals; a modest the previous record of respectively. 2021’s
included CVS Health, which Specifically, there were
increase in late-stage 179 by 163%. $33.2B in CVC-backed
launched a $100M fund, and four $1B+ CVC-backed
deals; and a massive jump The US accounted for fintech funding was more
Circle, which created a fund funding rounds to US
in $100M+ mega-rounds. more than half of all mega- than double the previous
to invest in early-stage companies in the energy,
rounds. record set in 2019.
blockchain companies. IT, and healthcare sectors.
7
STATE OF CVC
What you need to know about

CVC in 2021
$35B 46% $16.6B $49.8B 170%

CVC-backed Of CVC-backed CVC-backed digital Record CVC-backed Increase in CVC-
funding to retail tech funding health funding. New funding to Asia. backed funding
Silicon Valley. goes to Asia. record. CVC-backed funding to in Europe.
Silicon Valley had a Following 2 consecutive CVC activity in digital Asia-based companies CVC-backed funding to
monster year — every years of decline, CVC- health soared to a record reached a record $49.8B Europe-based companies
quarter in 2021 saw more backed retail tech funding $16.6B across 442 deals in 2021. jumped 170% to $22.7B,
CVC-backed funding than rebounded to a record in 2021. China, India, and Israel while deals recovered from
the previous quarterly $25.2B. The sector has gained contributed to the rise, with a modest decline in 2020.
record of $5.2B. Q4’21 Asia-based companies led momentum throughout the each nation seeing CVC-
The UK led the region with
alone saw more than the recovery, attracting pandemic. Compared to backed funding more than
$7.2B in CVC-backed
double that amount. 46% of total funding. 2019, digital health double YoY. Mega-rounds
funding, up 143% YoY.
Three quarters in companies saw large helped drive the increase
The largest CVC deals Germany saw four $650M+
2021 exceeded the upticks in CVC-backed in funding: $100M+ deals
went to India-based food funding rounds, driving
previous record for CVC- deals (up 37%) and dollars tripled YoY in India and
ordering app Swiggy and CVC-backed funding to the
backed deals in a single (up 168%) in 2021. Israel, while China saw a
Germany-based grocery country to $6.5B — a nearly
quarter (143 in Q2’19). record 53.
delivery company Flink. 5x rise.
8
STATE OF CVC | GLOBAL TRENDS | INVESTMENT TRENDS
The number of new CVCs rebounds in 2021 after a 6-year low
221
new CVCs
2021
53%
increase
2015 2016 2017 2018 2019 2020 2021
9
Global CVC-backed funding more than doubles to hit an all-time high
$169.3B
2021
142%
increase
2015 2016 2017 2018 2019 2020 2021
10
Mega-rounds account for 62% of 2021 CVC-backed funding — highest ever
Non
mega-rounds
62%
mega-rounds
2021
Mega-rounds
2015 2016 2017 2018 2019 2020 2021
11
STATE OF CVC | US
The US reaches a record $86.9B in CVC-backed funding in 2021
$86.9B
2021
115%
increase
2015 2016 2017 2018 2019 2020 2021
12
STATE OF CVC | SECTOR SPOTLIGHTS | FINTECH
CVC-backed fintech funding triples YoY after 2020 dip
$33.2B
2021
202%
increase
2015 2016 2017 2018 2019 2020 2021
13
STATE OF CVC | US | SILICON VALLEY
Silicon Valley's $35B in CVC-backed funding blows past previous record
$35.0B
2021
110%
increase
2015 2016 2017 2018 2019 2020 2021
14
STATE OF CVC | SECTOR SPOTLIGHTS | RETAIL TECH
Asia dominates CVC-backed retail tech funding in 2021
Europe
$4.9B | 19%
All Other
Regions
Asia
$0.3B
1%
US LatAm
$11.7B 46% $6.5B | 26% $1.7B | 7% Canada
$0.1B 0%
15
STATE OF CVC | SECTOR SPOTLIGHTS | DIGITAL HEALTH
The pandemic bump continues for digital health, with CVC-backed funding
reaching a new high
$16.6B
2021
168%
increase
over 2 years
2015 2016 2017 2018 2019 2020 2021
16
STATE OF CVC | ASIA
Asia smashes previous CVC-backed funding record in 2021
$49.8B
2021
154%
increase
2015 2016 2017 2018 2019 2020 2021
17
STATE OF CVC | EUROPE
Europe sees CVC-backed funding nearly triple in 2021
$22.7B
2021
170%
increase
2015 2016 2017 2018 2019 2020 2021
18
Global Trends
2021
19
Investment Trends
GLOBAL TRENDS | 2021
20
Annual CVC-backed deals jump 39% while funding soars 142% YoY
Funding
$169.3B
Deals
4,661
3,418 3,356
3,210
2,411
2,128
$70.1B
1,863
$62.4B
$58.7B
$37.9B
$33.8B $32.7B
2015 2016 2017 2018 2019 2020 2021
21
Quarterly CVC-backed funding reaches an all-time high of $46.9B in Q4'21
Funding
$46.9B
$45.5B
$43.5B
1,264 Deals
1,160 1,284
$33.5B
953
892 879
865 856 849 866
824 827 821 837
774
694
602 616 616 $21.2B
577
552 530 $18.4B
506 526 520 $17.2B
492 $16.7B $16.5B
464 $15.9B
$14.9B $14.4B $14.8B
401 $13.4B $13.7B $13.9B
$10.7B $10.6B $10.8B $10.8B
$8.8B $8.3B $8.5B
$7.6B $7.3B $7.9B
$6.7B $6.6B
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
22
US leads in CVC-backed dollars, Asia sees the most deals in Q4’21
Canada
$0.5B
23 Deals Asia
Europe $14.1B
US
$5.7B 584 Deals
188 Deals
$24.8B
430 Deals
All Other
Regions
$0.6B
LatAm 37 Deals
$1.1B
22 Deals
23
US hits new high for quarterly CVC-backed funding in Q4’21
US Asia Europe LatAm Canada All Other Regions
$24.8B
$20.3B
$14.1B
$16.9B
$9.1B
$5.7B
$3.5B
$3.3B
$1.1B $0.5B $0.6B
$2.1B
$1.3B $1.1B $1.4B
$0.0B $0.1B $0.0B
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
24
Asia accounts for nearly half of CVC-backed deals in Q4’21, followed by US

and Europe
All Other Regions, 3%

6%
Canada, 2%
LatAm, 2%
15% 14% 17% 16% 16% 15%
14% 18% 18% 16% 15%
22% 19%
19% 17%
15% 15%
16% 19% 16% 18% 18% 17% 18% 17% 18% 13% Europe, 15%
26%
29% 25% 35% 35%
33% 35% 32% 37%
42% 43% 34%
34% 43% 39% 37% 40%
32% 39% 42% 44% 44%
45%
41% 40% 39% 44% Asia, 45%
55% 52%
51%
45% 46% 44% 45% 45% 44% 43%
41% 41% 38% 40%
37% 38% 37% 38% 37% 37% 37% 37%
35% 35% 35%
32%
35% US, 33%
2015 2016 2017 2018 2019 2020 2021
25
Average and median CVC-backed deal sizes reach new records in 2021
$46M
$28M $28M
$24M $23M
$21M $21M
$15M
$10M
$9M
$8M $8M $8M
$7M
2015 2016 2017 2018 2019 2020 2021

Average Size Median Size
26
Median CVC-backed deal size increases across all regions — US leads
US Asia Europe LatAm Canada
$23M
$17M
$15M
$11M
$10M $10M
$8M
$8M
$7M
$6M
$4M $4M
$4M $3M
$0M
2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021
27
CVC-backed $100M+ mega-rounds surge 163% YoY to hit 470 in 2021
Funding
$104.8B
Deals
470
179
$27.9B
$24.3B $29.9B
99
$15.2B $14.0B 123
$12.1B
50
58
37
2015 2016 2017 2018 2019 2020 2021
28
CVC-backed mega-rounds account for a record $30.3B in Q4’21
Deals
127 125
121
Funding
$30.3B
97 $28.2B
$26.7B
$19.6B
59
46
39 41
33 $10.4B
30 32
$8.5B 26 26
25 $8.2B $7.7B
22 22 $6.2B
$5.6B 17 18 $8.2B $5.3B $5.5B
15 16 $4.3B $6.0B $4.7B
11 12 11 $6.1B
$3.3B 9 10 9 $5.1B
7
$4.8B $4.6B
$4.1B
10 $2.2B $2.2B $3.2B $2.3B $2.8B $1.8B
2015 2016 2017 2018 2019 2020 2021
29
US dominates CVC-backed mega-round funding and deals in Q4'21
Canada
$0.1B
1 Deal Asia
Europe $8.3B
US
$3.4B 34 Deals
13 Deals
$17.3B
71 Deals
All Other
Regions
LatAm $0.2B
2 Deals
$0.9B
4 Deals
30
US sees 60+ CVC-backed mega-rounds every quarter in 2021
72
70
US, 71
64
41
28
Asia, 34
23
23 21
14 8
5
8 10 5 Europe, 13
4
4 LatAm, 4
1
1 All Other Regions, 2
Canada, 1
2015 2016 2017 2018 2019 2020 2021
31
Mega-rounds represent 1 in 10 CVC deals in Q4'21
96% 96% 95% 95% 93%

90% 90% 90% Non-mega-rounds, 90%
98% 97% 97% 98% 98% 98% 98% 99% 98% 97% 98% 97% 97% 97% 97% 96% 97% 97% 96%
5% 7%
10% 10% 10% Mega-rounds, 10%
2015 2016 2017 2018 2019 2020 2021
32
Mega-rounds account for nearly two-thirds of CVC-backed funding in Q4'21
39% 38% Non-mega-rounds, 35%

42%
48% 47%
53% 53% 51% 51%
57% 55% 57%
59% 61% 59% 60% 61% 60% 58%
65% 64% 65% 62%
67% 70% 67%
77%
61% 62% Mega-rounds, 65%

58%
52% 53%
47% 47% 49% 49%
43% 45% 43%
41% 39% 41% 40% 39% 40% 42%
35% 36% 35% 38%
33% 30% 33%
23%
2015 2016 2017 2018 2019 2020 2021
33
Global: Top CVC-backed deals in Q4'21

Round Round Round Industry % of Total
Company Select Investors Country Sector
Amount Date Valuation Subindustry Funding
1
Commonwealth $1.8B
Series B
N/A
Google Ventures, Equinor
United States Energy & Utilities
Electric
3.8%
Fusion Systems 2021-12-01 Ventures, Eni Next Nuclear
Series D Liberty Global Ventures, Internet Software & Services

2 Lacework $1.3B
2021-11-18
$8.3B
Snowflake Ventures
United States Internet
Monitoring & Security
2.8%
Series D Healthcare Plans

3 Devoted Health $1.1B
2021-10-08
$12.6B Maverick Ventures United States Healthcare
N/A
2.5%
Series B Energy Storage

4 SVOLT $945M
2021-12-13
N/A Zhongyi Capital, PICC Capital China Energy & Utilities
N/A
2.0%
Series E Mobile & Mobile Software & Services

5 N26 $900M
2021-10-11
$9.2B Third Point Ventures Germany
Telecommunications Accounting & Finance
1.9%
Series B Mobile & Mobile Commerce

6 Flink $750M
2021-12-01
$2.9B Prosus Ventures Germany
Telecommunications Food & Grocery
1.6%
Series F Internet Software & Services

7 Airtable $735M
2021-12-13
$11.7B Salesforce Ventures United States Internet
Database Management
1.6%
Series B Internet Software & Services

8 Forte Labs $725M
2021-11-12
N/A Sea Capital, zVentures United States Internet
Gaming
1.5%
Series D Google Ventures, Woven Machinery & Equipment

9 Nuro $600M
2021-11-02
$8.6B
Capital
United States Industrial
Robotics
1.3%
Series C Skywalker Capital, Country Consumer Products Appliances

10 Dreame Technology $563M
2021-10-20
N/A
Garden Venture Capital
China
& Services N/A
1.2%
34
More than half of CVC-backed deals in 2021 are early-stage
5% 6% 8% 8% 7% 7% Other, 6%
11% 9% 9% 8% 8% 8% Late-stage, 9%
27% 29%
28% 27% 29% 32% Mid-stage, 32%
56% 58% 56% 56%

55% 53% Early-stage, 54%
2015 2016 2017 2018 2019 2020 2021
35
US attracts majority of late-stage CVC-backed deals in Q4'21
All Other Regions

Canada
LatAm 8% 12%
11%
Europe 18%
30%
45%
58%
Asia 46%
58%
39%
US 28% 27%
Early-stage Mid-stage Late-stage Other
36
CVC-backed median deal size rises across stages — late-stage nearly

doubles to reach $100M
Early-stage Mid-stage Late-stage
$100M
$55M
$35M
$31M
$23M
$16M
$5M $6M
$3M
2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021
37
The number of new CVCs rebounds in 2021
259
New CVCs
221
204
200
162
157
144
2015 2016 2017 2018 2019 2020 2021
38
Global: Top CVC-backed seed/angel deals in Q4'21

Round Round Industry
Amount Date Subindustry
Seed VC Internet Software & Services
1 Multichain $60M
2021-12-21
Circle Ventures Singapore Electronics
Asset & Financial Management & Trading
Seed VC Chips & Semiconductors
2 Archimedes Semiconductor $47M
2021-11-17
Hefei Hi-Tech VC China Internet
Semiconductors: Integrated Circuits
2 Guardio $47M
2021-12-14
Samsung NEXT Israel Electronics
Seed VC Electrical Products
4 Jidian Optoelectronics $34M
2021-10-13
Country Garden Venture Capital China Internet
N/A
5 DeBank $25M
2021-12-28
Coinbase Ventures, Crypto.com Capital Singapore Electronics
Information Providers & Portals
5 Whydah $25M
2021-12-07
Kardia Ventures Vietnam Internet
Gaming
Seed VC Crop Production
7 Greeneye Technology $22M
2021-12-16
Syngenta Group Ventures Israel Internet
N/A
Seed VC United E-commerce
8 Carats & Cake $19M
2021-12-21
GMO VenturePartners
States
Agriculture
Marketplace
9 Chequer $18M
2021-12-14
KB Investment, Kakao Investment South Korea Internet
Database Management
Seed VC United Internet Software & Services
10 Faze Technologies $17M
2021-11-03
Samsung NEXT
States
Internet
39
Global: Top CVC-backed Series A deals in Q4'21

Series A Biotechnology
1 Odyssey Therapeutics $218M
2021-12-07
SR One United States Healthcare
N/A
Series A Medical Facilities & Services
2 Ignis Therapeutics $180M
2021-11-11
KB Investment Hong Kong Healthcare
Medical Laboratories & Research
Series A Internet Software & Services
3 Haomao.AI $158M
2021-12-22
Qualcomm Ventures China Internet
Scientific, Engineering
Series A Renewables
4 FTXT $142M
2021-12-14
PICC Capital China Energy & Utilities
Hydrogen/Fuel Cell
Series A CASH Capital Investment Pharmaceuticals / Drugs
5 Innogen $120M
2021-12-23 Management
China Healthcare
N/A
Internet Software & Services
Series A Huobi Ventures, UOB
6 Assembly $100M
2021-12-10 Venture Management
Germany Internet Asset & Financial Management &
Trading
6 EasyHealth $100M
2021-11-18
Nationwide Ventures United States Internet
Healthcare
Series A Drug Discovery
8 METiS Therapeutics $86M
2021-12-07
PICC Capital United States Healthcare
N/A
Series A Johnson & Johnson Biotechnology
9 AviadoBio $80M
2021-12-02 Innovation
United Kingdom Healthcare
N/A
Series A Medical Devices & Equipment
10 NeoCura $79M
2021-12-21
PICC Capital, Shunxi Fund China Healthcare
Imaging & Diagnostic Equipment
40
Global: Top CVC-backed Series B deals in Q4'21

1
Commonwealth Fusion $1.8B
Series B Google Ventures, Equinor United
Energy & Utilities
Electric
Systems 2021-12-01 Ventures, Eni Next States Nuclear

2 SVOLT $945M
2021-12-13
Zhongyi Capital, PICC Capital China Energy & Utilities
N/A

3 Flink $750M
2021-12-01
Prosus Ventures Germany
Series B United Internet Software & Services

4 Forte Labs $725M
2021-11-12
Sea Capital, zVentures
States
Internet
Gaming

Series B
5 FTX $421M
2021-10-21
Sea Capital Bahamas Internet Asset & Financial Management &
Trading
41
Global: Top CVC-backed Series B deals in Q4'21

Meat, Fish, Seafood & Alternative

6
Future Meat $347M
Series B Tyson Ventures, ADM Ventures,
Israel Food & Beverages Proteins
Technologies 2021-12-17 Rich Products Ventures
N/A
Series B Chips & Semiconductors

7 Vastai Technologies $252M
2021-12-20
PICC Capital, THU Capital China Electronics
N/A
Series B Coinbase Ventures, Capital One United Software (non- Security Software
8 Incode Technologies $220M
2021-12-07 Growth Ventures States internet/mobile) N/A

8 Slice $220M
2021-11-28
Gunosy Capital India Internet
Payments
Series B Ono Venture Investment, Illumina United Disease Diagnosis

10 Arbor Biotechnologies $215M
2021-11-09 Ventures, Great Point Ventures States
Healthcare
N/A
Series B Biotechnology
10 immunai $215M
2021-10-27
Koch Disruptive Technologies Israel Healthcare
N/A
42
Global: Top CVC-backed Series C deals in Q4'21

Consumer
Series C Skywalker Capital, Country Garden Appliances
2021-10-20 Venture Capital
China Products &
N/A
Services
Series C United Internet Software & Services
2 Orca Security $340M
2021-10-05
CapitalG, Splunk Ventures
States
Internet
Series C Electronic Manufacturing Services
3 SJ Semiconductor $300M
2021-10-08
Country Garden Venture Capital China Electronics
N/A
Series C United Internet Software & Services
3 Sigma Computing $300M
2021-12-16
Snowflake Ventures
States
Internet
Application & Data Integration
Series C Internet Software & Services
5 CoinSwitch Kuber $260M
2021-10-06
Coinbase Ventures India Internet
Series C United Software (non- Supply Chain & Logistics Software
6 Fabric $200M
2021-10-26
Koch Disruptive Technologies
States internet/mobile) N/A
Series C Twilio Ventures, DLA Piper Venture United Internet Software & Services
6 Paradox $200M
2021-12-27 Fund, Workday Ventures States
Internet
HR & Workforce Management
Series C ING Ventures, SEB Venture Capital, SC United Software (non- Accounting & Finance Software
6 Thought Machine $200M
2021-11-29 Ventures Kingdom internet/mobile) N/A
Series C United E-commerce
9 Motorway $189M
2021-11-29
BMW i Ventures
Kingdom
Internet
Marketplace
Series C Dell Technologies Capital, Wipro United Internet Software & Services
10 YugaByte $188M
2021-10-28 Ventures, Wells Fargo Strategic Capital States
Internet
Database Management
43
Global: Top CVC-backed Series D deals in Q4'21

Round Round Round Industry
Amount Date Valuation Subindustry
Series D Snowflake Ventures, Liberty Internet Software & Services
1 Lacework $1.3B
2021-11-18
$8.3B
Global Ventures
2021-10-08
N/A
Series D Google Ventures, Woven Machinery & Equipment
3 Nuro $600M
2021-11-02
$8.6B
Capital
United States Industrial
Robotics
Series D PayPal Ventures, Kraken Internet Software & Services
4 Anchorage Digital $350M
2021-12-15
$3.0B
Ventures, GS Growth
Series D E-commerce
5 Facily $250M
2021-11-16
$850M DX Ventures Brazil Internet
E-commerce Enablement
Series D Internet Software & Services
5 Wiz $250M
2021-10-11
$6.0B Salesforce Ventures Israel Internet
Series D Automotive & Transportation Services
7 Flock Freight $215M
2021-10-20
$1.3B Google Ventures United States
Transportation Logistics Services
8 Everlaw $202M
2021-11-02
$2.0B CapitalG United States Internet
Legal
National Grid Partners,
9 Dragos $200M
2021-10-28
$1.7B Koch Disruptive United States Internet
Technologies
Series D Agricultural Products & Related Activities
9 InFarm $200M
2021-12-16
$1.0B Bonnier Ventures Germany Agriculture
N/A
44
Global: Top CVC-backed Series E+ deals in Q4'21


1 N26 $900M
2021-10-11

2 Airtable $735M
2021-12-13
$11.7B Salesforce Ventures United States Internet
Database Management
Series G Next47, Third Point Internet Software & Services

3 Sysdig $350M
2021-12-15
$2.5B
Ventures

4 BetterUp $300M
2021-10-08
$4.7B Salesforce Ventures United States
Telecommunications Education & Training
Series G E-commerce
4 Cars24 $300M
2021-12-20
$3.3B EXOR Seeds India Internet
Auto

4
Farmers Business $300M
Series G
$4.0B
Google Ventures, ADM
United States Internet Business Intelligence, Analytics &
Network 2021-11-18 Ventures
Performance Mgmt
45
Global: Top CVC-backed Series E+ deals in Q4'21


7 Upgrade $280M
2021-11-16
$6.3B Koch Disruptive Technologies United States Internet
Accounting & Finance
Series F Software (non- Database Management Software

8 Cockroach Labs $278M
2021-12-16
internet/mobile) N/A
Series E E-commerce
9 Tiki $258M
2021-11-08
N/A CE Innovation Capital Vietnam Internet
Multi-Product
Business Intelligence, Analytics &

Series G Software (non-
10 Collibra $250M
2021-11-09
$5.2B CapitalG Belgium
internet/mobile)
Performance Mgmt Software
N/A

Series E
10 HoneyBook $250M
2021-11-03
$2.4B Citi Ventures United States Internet Billing, Expense Management and
Procurement
Data & Document Management

Series E Third Point Ventures, Samsung Software (non-
10 VerbIT $250M
2021-11-23
$2.0B
NEXT, 40 North
United States
internet/mobile)
Software
N/A
46
Global: Top CVC-backed companies that raised funding by Mosaic score in

Q4'21
Mosaic Round Round Round Industry
Score Amount Date Valuation Subindustry
Series E Internet Software & Services

1 Airwallex 950 $100M
2021-11-18
$5.5B 1835i Australia Internet
Payments

1 BetterUp 950 $300M
2021-10-08
$4.7B Salesforce Ventures United States
Series E E-commerce
3 Shiprocket 940 $185M
2021-12-10
N/A Info Edge Ventures India Internet

3 Slice 940 $10M
2021-12-09
N/A Gunosy Capital India Internet
Payments
IT Services
Series F Computer Hardware &
5 CloudBees 930 $150M
2021-12-09
$1.1B HSBC Venture Capital United States
Services
IT Solutions & Software
Development

Series F T-Mobile Ventures,
5 Dialpad 930 $170M
2021-12-16
$2.2B
Google Ventures
United States Internet Conferencing &
Communication
47
Global: Top CVC-backed companies that raised funding by Mosaic score in

Q4'21
Mosaic Round Round Round Industry
Score Amount Date Valuation Subindustry

Series F Snowflake Ventures, Capital
5 ThoughtSpot 930 $100M
2021-11-15
$4.2B
One Growth Ventures
United States Internet Business Intelligence, Analytics &
Performance Mgmt
Series E Software (non- Security Software

8 Expel 920 $140M
2021-11-18
$1.0B Cisco Investments, CapitalG United States

8 N26 920 $900M
2021-10-11
Series E Internet Software & Services

8 OpenWeb 920 $150M
2021-11-09
$1.0B Samsung NEXT United States Internet
Advertising, Sales & Marketing

8 Platzi 920 $62M
2021-12-06
N/A Prosus Ventures United States Internet
Education & Training
8
Sigma 920 $300M
Series C
N/A Snowflake Ventures United States Internet
Computing 2021-12-16 Application & Data Integration
48
Investors
GLOBAL TRENDS | 2021
49
STATE OF CVC | GLOBAL TRENDS | INVESTORS
Global: Top CVCs by company count in Q4'21
Investor Company Count Country
1 Google Ventures 27 United States
1 KB Investment 27 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
9 Intel Capital 14 United States
9 Samsung NEXT 14 United States
50
STATE OF CVC | GLOBAL TRENDS | INVESTORS
Global: Top CVCs by median Mosaic score of companies in 2021

Median Median Median Money Median Median
Investor Country
Mosaic Score Management Score Score Momentum Score Market Score
1 Snowflake Ventures 910 United States 640 950 860 910
2 Bertelsmann India Investments 900 India 620 950 840 880
3 CapitalG 870 United States 550 940 880 900
4 ION Crossover Partners 855 Israel 545 955 810 815
5 PayPal Ventures 850 United States 580 930 745 920
6 SCB 10X 845 Thailand 570 900 755 925
7 CE Innovation Capital 830 China 525 900 825 940
7 Kraken Ventures 830 United States 610 820 750 940
9 Allianz X 820 Germany 640 940 770 940
9 GS Growth 820 United States 595 910 740 850
9 Intact Ventures 820 Canada 400 900 690 830
9 Wells Fargo Strategic Capital 820 United States 620 885 745 940
51
Sector Spotlights
2021
52
Fintech
SECTOR SPOTLIGHTS | 2021
53
Global CVC-backed fintech funding and deals rebound to new highs
Funding
$33.2B
Deals
750
550
461 464
$13.8B
338
$11.9B
$11.0B
251
206
$5.0B $4.7B
$4.2B
2015 2016 2017 2018 2019 2020 2021
54
CVC-backed fintech funding more than triples YoY in Q4’21
$9.7B
Funding
$9.2B
$8.7B
197
192
Deals
172 189
152
139
130 129 $5.6B
121 120
117 116 117 114 113
107
87 88 $3.8B $3.8B
82 81 $3.6B $3.7B $3.5B
75 $3.3B
$2.9B
61 62 62 $2.7B $2.6B
56 56 $2.5B
52 $2.2B
$2.0B
$2.0B
33 $1.4B $1.5B
$1.4B $1.2B
$1.0B $1.2B $1.0B
$0.8B $0.9B $0.9B
$0.7B
2015 2016 2017 2018 2019 2020 2021
55
US leads Q4’21 CVC-backed fintech funding, followed by Europe and Asia
$4.6B
$4.3B
$1.8B
$1.7B
$0.8B
$1.4B $1.5B
$0.6B
$1.1B
$0.4B
$0.9B
$0.1B
$0.3B $0.3B
$0.0B $0.0B $0.1B $0.0B
2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021
56
Asia’s share of CVC-backed fintech deals up 7 percentage points in Q4’21
6% All Other Regions, 5%

6%
15%
7% Canada, 1%
11% 20%
14%
8% 16%
6% LatAm, 5%
17% 19%
15% 20% 21% 18% 19%
13% 21% 27% 18% 15% 19% 17%
8% 20%
31%
22%
26% 17%
22%
24% Europe, 13%
27% 20%
27%
25% 21%
26% 30% 27%
37% 28% 31%
22% 33% 30%
28%
28%
29% 37% 27% 35% 39% 31% 19% 31% Asia, 38%
35%
31%
29%
63%
58% 55%
52% 54%
50% 48% 48% 49%
45% 45% 47% 44%
42% 41% 43% 41% 43% 41% 42%
40%
33% 35% 34% 36% 37% 37% US, 38%
2015 2016 2017 2018 2019 2020 2021
57
Average and median CVC-backed fintech deal sizes hit new records
$51M
$34M
$32M
$30M $29M
$21M
$17M $17M
$12M $12M $12M
$10M
$8M $9M
2015 2016 2017 2018 2019 2020 2021

58
Early-stage CVC-backed fintech deal share regains ground, reaching 54%
5%
Other, 3%
7%
10% 10%
10% 10%
11% 10% Late-stage, 11%
33% 33% 30% 30% 33% 35% Mid-stage, 33%
54% 54% 54% 54% 52% 50% Early-stage, 54%
2015 2016 2017 2018 2019 2020 2021
59
Fintech: Top CVC-backed deals in Q4'21


2021-10-08
N/A
12.5%

2 N26 $900M
2021-10-11
9.8%

Series B
3 FTX $421M
2021-10-21
$25.0B Sea Capital Bahamas Internet Asset & Financial Management 4.6%
& Trading

Series D PayPal Ventures, Kraken
2021-12-15
$3.0B
Ventures, GS Growth
United States Internet Asset & Financial Management 3.8%
& Trading
Series F Koch Disruptive Internet Software & Services

5 Upgrade $280M
2021-11-16
$6.3B
Technologies
3.0%
60
Fintech: Top CVC-backed deals in Q4'21


Series C
2021-10-06
$1.9B Coinbase Ventures India Internet Asset & Financial Management 2.8%
& Trading
Business Intelligence, Analytics

7 Collibra $250M
2021-11-09
internet/mobile)
& Performance Mgmt Software 2.7%
N/A

Series E
7 HoneyBook $250M
2021-11-03
$2.4B Citi Ventures United States Internet Billing, Expense Management 2.7%
and Procurement
9
Acko General $225M
Series E
$1.1B
Munich Re Ventures, Intact
India Financial
Insurance
2.4%
Insurance 2021-10-28 Ventures N/A
10
Incode $220M
Series B
$1.2B
Coinbase Ventures, Capital
United States
Software (non- Security Software
2.4%
Technologies 2021-12-07 One Growth Ventures internet/mobile) N/A

10 Slice $220M
2021-11-28
$1.0B Gunosy Capital India Internet
Payments
2.4%
61
Fintech: Top CVCs by company count in Q4'21
Investor Company Count Investor Group Country
1 Coinbase Ventures 13 CVC United States
2 Huobi Ventures 8 CVC Seychelles
3 Alameda Research Ventures 5 CVC Hong Kong
3 CE Innovation Capital 5 CVC China
3 Citi Ventures 5 CVC United States
3 Wells Fargo Strategic Capital 5 CVC United States
7 KB Investment 4 CVC South Korea
7 Prosus Ventures 4 CVC Netherlands
7 Saison Capital 4 CVC Singapore
7 ViaBTC Capital 4 CVC China
62
Retail Tech
63
Global CVC-backed retail tech funding breaks through 2-year plateau
Deals
531
Funding
429 431
416
$25.2B
271
262
$14.6B
223
$8.7B
$7.8B
$5.1B
$4.5B
$3.8B
2015 2016 2017 2018 2019 2020 2021
64
CVC-backed retail tech financing slides from Q2’21 highs but is still up YoY
159
146
137
$9.5B
Deals
127 125 123
115
110
105 103
98 103
98
93
87
$6.2B Funding
78
73 73 $5.7B
68 69
63 65 64
59 60 61
$4.4B $4.4B
55
46 $3.8B
$3.6B
$3.3B
$2.5B $2.6B
$2.3B
$2.1B $2.1B $2.0B $2.0B
$1.8B
$1.5B
$1.2B $1.3B
$1.1B $1.1B $1.0B
$0.8B $0.8B $0.9B $0.8B $0.7B
$0.4B
2015 2016 2017 2018 2019 2020 2021
65
CVC-backed retail tech funding to Asia drops to $2.2B in Q4’21
$2.2B
$3.7B
$1.6B
$1.5B $1.3B
$0.2B
$0.5B
$0.7B
$0.5B $0.5B
$0.3B $0.1B $0.1B
$0.1B
$0.0B $0.0B $0.0B $0.0B
2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021
66
Asia continues to attract the most CVC-backed retail tech deals

6%
13%
5% 7%
16% 12%
6%
11%
5% Canada, 1%
14% 15% 19%
17% 20% LatAm, 4%
19% 26% 14% 9% 17% 10%
14% 23% 22% 14% 15% 18%
22% 18% 20% 26% 20%
18% Europe, 16%
33%
37%
38%
42% 46%
25% 25% 44%
35% 55% 42% 34% 47% 55% 45% 53%
51% 49% 46%
52% 53% 41%
45% 55%
24%
36% 48% Asia, 49%
47%
49%
44% 45% 46%
42% 40%
38% 36% 38%
35% 33% 32%
31% 31% 29% 30% 29%
27% 28% 27% 27%
21%
26% 26% 23%
26% 24% US, 24%
2015 2016 2017 2018 2019 2020 2021
67
Average CVC-backed retail tech deal size more than doubles YoY to $59M
$59M
$46M
$28M
$27M
$26M
$22M
$20M
$16M
$9M $10M $9M

$8M $8M $8M
2015 2016 2017 2018 2019 2020 2021

68
Early-stage CVC-backed retail tech deal share falls to a 7-year low
5% 6% Other, 3%
8% 8%
9% 11%
9% 9% Late-stage, 14%
26% 34% 30% 37%

34% 33%
Mid-stage, 35%
60%
55% 55% 53%
52% 52%
Early-stage, 48%
2015 2016 2017 2018 2019 2020 2021
69
Retail Tech: Top CVC-backed deals in Q4'21


1 Flink $750M
2021-12-01
13.3%
Series D Machinery & Equipment

2 Nuro $600M
2021-11-02
$8.6B Google Ventures, Woven Capital United States Industrial
Robotics
10.6%
Series G E-commerce
3 Cars24 $300M
2021-12-20
Auto
5.3%
Series E E-commerce
4 Tiki $258M
2021-11-08
Multi-Product
4.6%
Series D E-commerce
5 Facily $250M
2021-11-16
4.4%
Series D Automotive & Transportation Services

6 Flock Freight $215M
2021-10-20
Transportation Logistics services
3.8%
Series C Software (non- Supply Chain & Logistics Software

7 Fabric $200M
2021-10-26
$1.0B Koch Disruptive Technologies United States
3.5%
Series C E-commerce
8 Motorway $189M
2021-11-29
$1.3B BMW i Ventures United Kingdom Internet
Marketplace
3.3%
Series E E-commerce
9 Shiprocket $185M
2021-12-10
N/A Info Edge Ventures India Internet
3.3%
Series D Mobile & Mobile Commerce

10 MyGlamm $150M
2021-11-10
$1.2B Prosus Ventures India
Telecommunications Marketplace
2.7%
Series B E-commerce
10 Qupital $150M
2021-11-09
N/A Citi Ventures Hong Kong Internet
Marketplace
2.7%
70
Retail Tech: Top CVCs by company count in Q4'21
2 Google Ventures 4 CVC United States
2 Raed Ventures 4 CVC Saudi Arabia
4 Crit Ventures 3 CVC South Korea
4 Info Edge Ventures 3 CVC India
4 Salesforce Ventures 3 CVC United States
71
Digital Health
72
CVC-backed digital health funding rises sharply to $16.6B in 2021
Funding
$16.6B
Deals
442
372
322
301 $9.9B
$6.6B
194 191 $6.2B
164
$4.1B $4.3B
$2.4B
2015 2016 2017 2018 2019 2020 2021
73
Q4’21 CVC-backed digital health funding up 114% YoY and 31% QoQ
126
119
Deals
116
106
$5.1B Funding
97 $4.7B
94
91
86
82 83
81
78
73 $3.6B
70 68 $3.3B
67 $3.3B
54
48 48 49 49 49
47 $2.3B
44 44 44 $2.2B $2.2B $2.2B
41 $2.0B
$1.9B
32 $1.5B $1.6B
$1.4B $1.5B $1.4B
$1.3B $1.3B
$1.1B $1.1B
$0.9B
$0.8B
$0.6B $0.5B $0.5B $0.6B $0.6B
$0.5B
2015 2016 2017 2018 2019 2020 2021
74
US leads in Q4’21 CVC-backed digital health funding — 5x more than the

next region
$3.8B
$1.8B
$1.5B
$0.7B
$1.2B
$0.4B $0.2B $0.0B $0.0B

$0.2B $0.0B $0.2B $0.2B
$0.1B $0.0B $0.0B $0.0B $0.0B
2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021
75
US sees more than half of CVC-backed digital health deals in Q4’21

6% 6% Canada, 3%
6% 10%
16%
9% 15%
15%
12%
14%
12%
13% 13%
9% 7% 8% 7% 19%
LatAm, 1%
14% 11%
21% 16% 27% 18% 16%
14% Europe, 13%
10% 31% 32%
10%
23% 34%
33% 29%
21% 29% 33% 30%
15%
16% 29% 31% 26% Asia, 29%
43% 37% 24% 46% 30% 29%
33% 33%
27%
81%
73% 71%
64% 61% 61% 62%
60% 60% 59%
57% 57% 57%
56% 55% 54% 53% 55%
50%
53%
50%
US, 54%
45% 43% 46% 45% 44%
41%
2015 2016 2017 2018 2019 2020 2021
76
Average and median CVC-backed digital health deal sizes set records
$44M
$31M
$28M
$27M
$27M
$24M
$17M $17M
$14M
$11M
$10M $10M $10M $10M
2015 2016 2017 2018 2019 2020 2021

77
Mid-stage CVC-backed digital health deal share at 7-year high of 41%
Other, 4%
7%
13% 9% 11% 10% Late-stage, 10%
15%
34%
30% 35%
32%
37% 39% Mid-stage, 41%
55% 53%
49% 50% 48% 47% Early-stage, 45%
2015 2016 2017 2018 2019 2020 2021
78
Digital Health: Top CVC-backed deals in Q4'21

Series D United Healthcare Plans
2021-10-08
$12.6B Maverick Ventures
States
Healthcare
N/A
24.5%
Series E United Mobile & Mobile Software & Services

2 BetterUp $300M
2021-10-08
$4.7B Salesforce Ventures
States Telecommunications Education & Training
6.4%
Series B Koch Disruptive Technologies, Biotechnology

3 immunai $215M
2021-10-27
N/A
Alexandria Venture Investments
Israel Healthcare
N/A
4.6%
Series B United Software (non- Healthcare Software

4 Owkin $180M
2021-11-18
$1.0B Sanofi Ventures
3.8%
Series E United Internet Software & Services

5 Innovaccer $150M
2021-12-15
$3.2B M12
States
Internet
Healthcare
3.2%
Series B United Software (non- Healthcare Software

5 Iterative Scopes $150M
2021-12-14
$654M Johnson & Johnson Innovation
3.2%
Series C CVS Health Ventures, The Blue United Mobile & Mobile Software & Services
7 Workit Health $118M
2021-10-21
$500M
Venture Fund States Telecommunications Health & Wellness
2.5%
Series A United Internet Software & Services

8 EasyHealth $100M
2021-11-18
N/A Nationwide Ventures
States
Internet
Healthcare
2.1%
Series B United Internet Software & Services

8 Found $100M
2021-12-16
$600M Google Ventures
States
Internet
Health & Wellness
2.1%

Series E United
8 H2O.ai $100M
2021-11-07
$1.7B Wells Fargo Strategic Capital
States
Internet Business Intelligence, Analytics & 2.1%
Performance Mgmt
Series B Merck Global Health Innovation United Medical Devices & Equipment
8 Tasso $100M
2021-12-16
N/A
Fund States
Healthcare
Patient Monitoring
2.1%
79
Digital Health: Top CVCs by company count in Q4'21
2 Johnson & Johnson Innovation 3 CVC United States
2 Merck Global Health Innovation Fund 3 CVC United States
2 Northwell Holdings & Ventures 3 CVC United States
2 Optum Ventures 3 CVC United States
80
US Trends
2021
81
STATE OF CVC | US
CVC-backed funding to US companies more than doubles in 2021
Funding
$86.9B
Deals
1,716
1,241 1,248
1,163
1,004
940 936
$40.5B
$32.3B
$29.1B
$21.7B $21.8B
$17.7B
2015 2016 2017 2018 2019 2020 2021
82
STATE OF CVC | US
Q4’21 CVC-backed funding more than doubles YoY and grows 22% QoQ
445
Deals
430 430
411
Funding
353 $24.8B
319 324 321 $22.2B
316 309
301 294
290 289 $20.3B
$19.7B
268 265 271
262 262
242 248 249
237
222 228 225
219 218
$11.0B $10.9B
$10.2B
$9.1B $9.5B
$7.8B $7.7B $7.5B $7.5B $7.5B
$7.1B
$6.3B $6.1B $6.0B $6.4B $6.1B $6.2B
$5.0B $4.7B $4.9B $4.5B
$4.4B $4.1B
$2.9B
2015 2016 2017 2018 2019 2020 2021
83
STATE OF CVC | US
Mid- and late-stage CVC-backed deal shares tick up in 2021
7% 7% 7% 6% 6% Other, 5%
15%
12% 12% 11% Late-stage, 13%
13% 13%
33% 34% 36%

37% 36% 35% Mid-stage, 37%
48% 48%
45% 44% 45% 47% Early-stage, 45%
2015 2016 2017 2018 2019 2020 2021
84
STATE OF CVC | US
US: Top CVC-backed deals in Q4'21

Company Select Investors Sector
1
Series B
N/A
Google Ventures, Equinor Ventures,
Energy & Utilities
Electric
7.3%
Systems 2021-12-01 Eni Next Nuclear
Internet Software &

Series D Snowflake Ventures, Liberty Global
2 Lacework $1.3B
2021-11-18
$8.3B
Ventures
Internet Services 5.3%

2021-10-08
$12.6B Maverick Ventures Healthcare
N/A
4.6%
Internet Software &

Series F
4 Airtable $735M
2021-12-13
$11.7B Salesforce Ventures Internet Services 3.0%
Database Management
Internet Software &

Series B
5 Forte Labs $725M
2021-11-12
N/A Sea Capital, zVentures Internet Services 2.9%
Gaming

6 Nuro $600M
2021-11-02
$8.6B Google Ventures, Woven Capital Industrial
Robotics
2.4%
85
STATE OF CVC | US
US: Top CVC-backed deals in Q4'21


Series D PayPal Ventures, Kraken
2021-12-15
$3.0B
Ventures, GS Growth
Internet Asset & Financial Management 1.4%
& Trading
Series G Next47, Third Point Internet Software & Services

7 Sysdig $350M
2021-12-15
$2.5B
Ventures
Internet
1.4%

9 Orca Security $340M
2021-10-05
$1.8B CapitalG, Splunk Ventures Internet
1.4%

10 BetterUp $300M
2021-10-08
$4.7B Salesforce Ventures
1.2%

10
Farmers Business $300M
Series G
$4.0B
Google Ventures, ADM
Internet Business Intelligence, Analytics 1.2%
Network 2021-11-18 Ventures
& Performance Mgmt

10 Sigma Computing $300M
2021-12-16
N/A Snowflake Ventures Internet
1.2%
86
STATE OF CVC | US
US: Top CVCs by company count in Q4'21
2 Coinbase Ventures 22 CVC United States
2 Salesforce Ventures 22 CVC United States
4 Alexandria Venture Investments 15 CVC United States
5 Intel Capital 14 CVC United States
5 Samsung NEXT 14 CVC United States
7 Point72 Ventures 10 CVC United States
7 Qualcomm Ventures 10 CVC United States
9 BMW i Ventures 9 CVC United States
10 M12 8 CVC United States
87
Silicon Valley
US | 2021
88
CVC-backed funding to Silicon Valley companies smashes records in Q4’21
Funding
$11.3B
156
150
143 Deals
133 132 148
123 121 120
$8.3B
111 109 111 $7.7B $7.8B
108 102
104 105 103 103
100 101 101 99
98
94
91
87
80
75
$5.2B $5.1B
$4.6B
$4.2B $4.2B
$3.8B
$3.6B $3.5B $3.5B $3.5B $3.6B
$3.4B $3.3B $3.4B
$3.1B $3.1B
$2.8B $2.7B
$2.1B $2.0B $2.2B $2.1B $2.2B
$1.3B
2015 2016 2017 2018 2019 2020 2021
89
Late-stage CVC-backed deal share reaches 7-year high of 18%
6% 5% Other, 4%
17% 12% 14%
15% 16% 16% Late-stage, 18%
37% 41% 38% 40% 37%

38% Mid-stage, 38%
44% 43%
42% 41% 42% 42% Early-stage, 40%
2015 2016 2017 2018 2019 2020 2021
90
Silicon Valley: Top CVC-backed deals in Q4'21

Series D Snowflake Ventures, Liberty Global Internet Software & Services

1 Lacework $1.3B
2021-11-18
$8.3B
Ventures
Internet
11.5%

2 Airtable $735M
2021-12-13
$11.7B Salesforce Ventures Internet
Database Management
6.5%

3 Forte Labs $725M
2021-11-12
N/A Sea Capital, zVentures Internet
Gaming
6.4%

4 Nuro $600M
2021-11-02
$8.6B Google Ventures, Woven Capital Industrial
Robotics
5.3%
Series D PayPal Ventures, Kraken Ventures, Internet Software & Services

2021-12-15
$3.0B
GS Growth
Internet
3.1%
Series G Internet Software & Services

5 Sysdig $350M
2021-12-15
$2.5B Next47, Third Point Ventures Internet
3.1%
91
New York
US | 2021
92
STATE OF CVC | US | NEW YORK
CVC-backed funding to New York hits fourth consecutive $3B+ quarter
75 74
69
Deals
$4,528M 66
$4,043M
56
53 53
Funding
46 47 $3,124M
44 $3,003M
43 42 42 43
41 41
39 38
36 35 35 36
34 33 32
32
$2,065M
25 $1,867M
24
$1,349M
$1,274M $1,237M
$1,128M
$1,009M $942M $931M $1,126M
$898M $940M $905M
$767M $770M $761M
$537M $606M $563M
$453M $440M $506M $390M $468M
2015 2016 2017 2018 2019 2020 2021
93
Late-stage deal share with CVC participation reaches a 7-year high of 15%
5% 6% 6% Other, 4%
12% 10% 7% 9%
30%
32% 31% 36%
37% 35%
Mid-stage, 37%
57% 54%
53% 50% 51%
48%
Early-stage, 44%
2015 2016 2017 2018 2019 2020 2021
94
New York: Top CVC-backed deals in Q4'21

Series F Software (non- Database Management Software

1 Cockroach Labs $278M
2021-12-16
$5.0B Google Ventures
8.9%
Series E Third Point Ventures, 40 North, Software (non- Data & Document Management Software
2 VerbIT $250M
2021-11-23
$2.0B
Samsung NEXT internet/mobile) N/A
8.0%

3 Lusha $205M
2021-11-10
$1.5B ION Crossover Partners Internet
Advertising, Sales & Marketing
6.6%

Venture Capital Software (non-
4 ConsenSys $200M
2021-11-17
$3.2B Coinbase Ventures
internet/mobile)
Software 6.4%
N/A
Series C Software (non- Supply Chain & Logistics Software

4 Fabric $200M
2021-10-26
$1.0B Koch Disruptive Technologies
6.4%
95
Los Angeles
US | 2021
96
STATE OF CVC | US | LOS ANGELES
LA-based companies see first $1B+ quarter in CVC-backed funding
Deals
32
26
27 27 Funding
25 $1,184M
22 22
21 21 21
20 $982M
19 19 17 $916M
17 16 17
16 16
15 15 15
14 14 $765M
12 12 $633M
11
$433M
$355M
$306M $289M $319M
$292M
5 $243M $255M $274M $266M $275M
$178M $197M $214M $176M $180M
$163M $146M $154M $128M
$119M $106M
$28M
2015 2016 2017 2018 2019 2020 2021
97
Over one-third of CVC-backed deals go to mid-stage companies in 2021
8%
Other, 3%
8% 10% 12%
12% Late-stage, 7%
14% 6% 5% 5%
30%
32%
24% Mid-stage, 35%
28% 27%
28%
60% 62%
58%
50%
2015 2016 2017 2018 2019 2020 2021
98
Los Angeles: Top CVC-backed deals in Q4'21

Series B Aerospace & Defense

1 ABL Space Systems $200M
2021-10-25
$2.4B Lockheed Martin Ventures Industrial
N/A
16.9%
Series B Convivialité Ventures, Capital E-commerce

2 AvantStay $160M
2021-12-15
N/A
One Growth Ventures
Internet
Travel (internet)
13.5%

3 Mythical Games $150M
2021-11-04
$1.3B 32 Equity Internet
Gaming
12.7%

4 Tala $145M
2021-10-14
$800M PayPal Ventures
12.2%

5 EasyHealth $100M
2021-11-18
N/A Nationwide Ventures Internet
Healthcare
8.4%
99
Boston
US | 2021
100
STATE OF CVC | US | BOSTON
CVC-backed funding to Boston-based companies tops $3B in Q4'21
$3,508M
50 Funding
49
$3,190M
$2,914M 41
40 40
36
35 Deals
34 $2,525M
33
31 31
33 37
29
27 27 27
25 25 25 $1,805M
24 24 24
23
22
21
20 $1,411M
17 $1,216M$1,206M $1,193M
$1,098M $1,060M $1,120M
$895M
$676M
$745M $727M $752M $754M
$640M $580M
$522M
$436M $442M $499M $470M $495M
$336M $350M
2015 2016 2017 2018 2019 2020 2021
101
Early-stage CVC-backed deal share declines to lowest level since 2015
6% Other, 2%
13% 11%
16% 12% 14%
12% Late-stage, 11%
32%
37%
40% 44% 44% Mid-stage, 47%
46%
50%
43% 45%
36%
40% 41%
Early-stage, 39%
2015 2016 2017 2018 2019 2020 2021
102
Boston: Top CVC-backed deals in Q4'21

1
Series B
N/A Google Ventures, Equinor Ventures, Eni Next Energy & Utilities
Electric
56.4%
Systems 2021-12-01 Nuclear
Series B Ono Venture Investment, Illumina Ventures, Disease Diagnosis

2 Arbor Biotechnologies $215M
2021-11-09
$531M
Great Point Ventures
Healthcare
N/A
6.7%
Series B Software (non- Healthcare Software

3 Iterative Scopes $150M
2021-12-14
$654M Johnson & Johnson Innovation
4.7%
4 Acrivon Therapeutics $100M
2021-11-11
$213M Alexandria Venture Investments Healthcare
N/A
3.1%
Series C Biotechnology
4 HotSpot Therapeutics $100M
2021-11-29
N/A MRL Ventures, SR One Healthcare
N/A
3.1%
103
Seattle
US | 2021
104
STATE OF CVC | US | SEATTLE
CVC-backed deals to Seattle continue to climb, reaching an all-time high of

16 in Q4’21
$883M
Deals
16
15
14
$719M
13 13
12 12 12 12 12 12
$608M
11 11
11 Funding
10 $524M
$505M
8 8 8 8
7 7 $390M
$330M
$303M 5
5 $294M
$278M 5 5 $269M
4 $219M
$196M
3 $169M
$144M
$89M $89M $101M $92M
2 $70M $69M
$41M $35M $47M
$31M $20M
$5M $16M
2015 2016 2017 2018 2019 2020 2021
105
Mid-stage deal share with CVC participation jumps to record 31%
5% Other, 2%
9%
13%
10% 16%
Late-stage, 7%
14% 12%
17%
18% Mid-stage, 31%

25% 22% 21%
29%
74%
68%
59% 60% 62% Early-stage, 60%
52%
2015 2016 2017 2018 2019 2020 2021
106
Seattle: Top CVC-backed deals in Q4'21


1 Karat $110M
2021-10-13
$1.1B SemperVirens Internet
21.8%
Series B Medical Devices & Equipment

2 Tasso $100M
2021-12-16
N/A Merck Global Health Innovation Fund Healthcare
Patient Monitoring
19.8%
Series A Aerospace & Defense

3 Stoke Space $65M
2021-12-15
N/A Point72 Ventures, Toyota Ventures Industrial
N/A
12.9%

4 Upbound $60M
2021-11-29
$414M Google Ventures, Intel Capital Internet
11.9%
Series A Alexandria Venture Investments, MRL Biotechnology

5 Mozart $55M
2021-10-26
N/A
Ventures, Leaps by Bayer
Healthcare
N/A
10.9%
107
Denver
US | 2021
108
STATE OF CVC | US | DENVER
CVC-backed funding & deals to Denver remain well below H1’21 levels
$474M
12
11 $392M 11
11
10 $371M
9 9
$284M
7 7 7
8
6 6 6 6 6 6
5 $197M
5 Funding
4 4
$131M
$140M
3
$131M Deals
$126M 3
$114M
$103M
3 4
$87M $85M
$76M 1 2 $75M $74M
$67M $62M $66M
$56M
$38M $35M
$30M $26M
$18M
$10M $6M
2015 2016 2017 2018 2019 2020 2021
109
Early-stage CVC-backed deal share falls in 2021
6%
14% Other, 13%
28% 29% 30% 18%
Late-stage, 7%
32%
36%
14% 21%
Mid-stage, 37%
22%
32%
57% 60%
55%
48% 50%
40% Early-stage, 43%
2015 2016 2017 2018 2019 2020 2021
110
Denver: CVC-backed deals in Q4'21

Series F Atlassian Ventures, Falcon Fund, Computer Hardware & IT Services

1 JumpCloud $66M
2021-10-19
$2.6B
NTT DoCoMo Ventures Services Data Storage & Security
50.6%
2 DMC Biotechnologies $34M
2021-12-02
$108M Solvay Ventures, Michelin Ventures Healthcare
N/A
26.1%
Internet Software &

Series C
3 Maxwell Financial Labs $29M
2021-10-26
$450M Wells Fargo Strategic Capital Internet Services 21.8%
Medical Devices &

Series A
4 Accure Acne $2M
2021-10-08
N/A Laidlaw Venture Partners Healthcare Equipment 1.5%
N/A
111
DC
US | 2021
112
STATE OF CVC | US | DC
Q4’21 sets CVC-backed funding record of $673M to DC-based companies
Deals
13
13
12 12 12
11 11
10 10
Funding
10 10
$673M
9
8 $574M
6 6 6 6 6
5 5 5 $363M 5
4 4 4 4 4
3 $245M $257M
$175M $170M $161M $171M $168M

$128M $140M $138M
$123M $110M
$85M $99M
$82M $69M
$44M $37M $47M $51M $50M $38M
$13M $20M $27M
2015 2016 2017 2018 2019 2020 2021
113
Late-stage companies capture nearly a quarter of CVC-backed deal share
Other, 0%
8% 5%
9% 9%
9%
11%
9%
14% Late-stage, 22%
35%
38% 30%
34%
45%
Mid-stage, 33%
36%
62%
54%
50% 49%
41% 41%
Early-stage, 46%
2015 2016 2017 2018 2019 2020 2021
114
DC: Top CVC-backed deals in Q4'21

Series D National Grid Partners, Koch Disruptive Internet Software & Services
1 Dragos $200M
2021-10-28
$1.7B
Technologies
Internet
29.7%
Series D Aerospace & Defense

2 HawkEye360 $145M
2021-11-08
N/A Airbus Ventures Industrial
N/A
21.6%
Series E Software (non- Security Software

3 Expel $140M
2021-11-18
$1.0B Cisco Investments, CapitalG
20.9%
Series A Automotive & Transportation Services

4 BTR Energy $45M
2021-12-13
N/A BP Ventures
Transportation N/A
6.7%

4 ShiftMed $45M
2021-10-27
N/A Healthworx, Motley Fool Ventures Internet
6.7%
115
Chicago
US | 2021
116
STATE OF CVC | US | CHICAGO
Chicago sees CVC-backed funding dip in Q4'21, ending 4 consecutive

quarters of growth
11
9 9 $581M
$554M Deals
8 8 8 8
$474M
7 7
$417M
6 6 6 6
5
5 5 5 5 5 5 5
Funding
4 4 $256M
3 3
3 $185M 2
$173M
$162M
$140M
$127M
$104M $109M
$95M $90M
$76M 1 $75M
$72M $64M
$49M $58M $51M $57M
$46M $39M $32M
$10M $18M
$6M
2015 2016 2017 2018 2019 2020 2021
117
Late-stage deal share with CVC participation reemerges in 2021
10% 9% Other, 6%
14%
17%
10% 22%
Late-stage, 14%
14%
22%
57%
35% 27%
50% Mid-stage, 39%
13%
52%
48% 50%
45%
36%
22%
2015 2016 2017 2018 2019 2020 2021
118
Chicago: Top CVC-backed deals in Q4'21


Series C
1 Halo Investing $100M
2021-10-12
N/A Allianz Life Ventures Internet Asset & Financial Management & 39.0%
Trading

Series A
2 Blockfills $37M
2021-10-22
N/A CME Ventures Internet Asset & Financial Management & 14.4%
Trading
Mobile Software & Services

Series A Fidelity International Mobile &
3 Stacked $35M
2021-12-06
N/A
Strategic Ventures Telecommunications
Asset & Financial Management & 13.7%
Trading

3 ThreeKit $35M
2021-11-09
N/A Salesforce Ventures Internet
Multimedia & Graphics
13.7%

Series A
5 Hxro $34M
2021-12-03
N/A Coinbase Ventures Internet Asset & Financial Management & 13.3%
Trading
119
Austin
US | 2021
120
STATE OF CVC | US | AUSTIN
CVC-backed funding & deals to Austin startups decline by more than 50%
$712M
16
13
10
8
$317M
7 7 7 Deals
6 6 6 7
5 5 5 5 5 5 5 $209M 5
$200M
4 4 4
3
4 4 Funding
3 3
$104M $107M
$125M $132M
$118M
$94M 2 $101M
$85M $74M $81M
$68M $71M $61M
$55M $51M $51M $48M
$34M $28M
$20M $16M $22M
$5M $10M
2015 2016 2017 2018 2019 2020 2021
121
Late-stage CVC-backed deal share ticks down 2 percentage points
5% 6% 9% Other, 6%
12%
8% Late-stage, 6%
25%
38%
42% 29%
30%
38% Mid-stage, 39%
13%
59% 56% 57% 59%

2015 2016 2017 2018 2019 2020 2021
122
Austin: Top CVC-backed deals in Q4'21

Series A E-commerce
1 Royal $55M
2021-11-22
N/A Coinbase Ventures Internet
Marketplace
46.7%
Series A American Family Ventures, Internet Software & Services

2 Sana Benefits $20M
2021-10-25
N/A
Harmon Brothers Ad Ventures
Internet
17.0%
Series A WIND Ventures, EDP Ventures, Energy Storage

3 Yotta $13M
2021-11-02
N/A
Doral Energy-Tech Ventures
Energy & Utilities
N/A
11.0%
3
The Helper $13M
Series B
N/A
Northwestern Mutual Future
Internet
10.9%
Bees 2021-12-21 Ventures Health & Wellness

5 M.io $9M
2021-12-10
$58M Cisco Investments Internet
Conferencing & Communication
7.4%
123
Philadelphia
US | 2021
124
STATE OF CVC | US | PHILADELPHIA
CVC-backed deals to Philadelphia startups remain at all-time highs
Deals
10 10
$582M
9
$440M 7 7
7
6 6 6 6
$352M
5 5 5
$278M
4 4
3 Funding
3 3 3 3 $188M 3
$201M
$173M
2 2
$123M $121M
$101M 1 $104M
$87M $93M
1 1 1 $85M
$68M $59M $64M $65M
$49M $45M $51M
$29M $30M $25M
$34M $62M
$3M
2015 2016 2017 2018 2019 2020 2021
125
Over two-thirds of CVC-backed deals go to early-stage companies in 2021
8% 11%
5% 6% Other, 6%
14%
18% Late-stage, 0%
16%
30%
9% Mid-stage, 25%
33%
29% 44%
9%
37%
17% 14%
65%
Early-stage, 69%
64%
50%
42% 43%
37%
2015 2016 2017 2018 2019 2020 2021
126
Philadelphia: Top CVC-backed deals in Q4'21


Series C Salesforce Ventures, Okta Ventures,
1 Crossbeam $76M
2021-10-26
N/A
HubSpot Ventures
Internet Business Intelligence, Analytics 37.7%
& Performance Mgmt

2 Patina $57M
2021-10-26
N/A Google Ventures Internet
Healthcare
28.3%
Series A Healthcare Plans

3 Belong Health $40M
2021-12-15
N/A Maverick Ventures Healthcare
N/A
19.9%
Seed VC Point72 Ventures, CoinShares Ventures, Software (non- Sales & Marketing Software
4 Massive $11M
2021-11-30
N/A
Coinbase Ventures, Kraken Ventures internet/mobile) N/A
5.5%

5 Pagos $10M
2021-10-15
N/A Point72 Ventures Internet
Payments
5.0%
127
Canada Trends
2021
128
STATE OF CVC | CANADA
CVC-backed funding to Canada-based companies soars to a record $3.3B
Funding
$3,322M
Deals
108
70
68
61
48 48 $1,412M
34
$923M
$681M
$605M $598M
$202M
2015 2016 2017 2018 2019 2020 2021
129
Q4'21 financing with CVC participation falls 53% QoQ from record highs
33
26 26 $1,150M
$1,033M Deals
22
23
19
18 18 18
16 16 16
15 15
14 14 14 Funding
13 13 $594M
12 12 12 $546M
11 $543M
10 10
$410M
8
7 $306M $328M
6
$233M $240M $241M $235M
$205M $198M $202M
$169M $152M $140M $146M
$99M $113M $110M
$61M $54M $73M $74M
$38M $49M
2015 2016 2017 2018 2019 2020 2021
130
Late- and mid-stage CVC-backed deal shares increase YoY
10%
Other, 6%
12% 13% 11% 12%
Late-stage, 9%
6%
27% 10%
18% 20%
17% 27% 32% Mid-stage, 29%
24%
69% 69%
60%
47%
2015 2016 2017 2018 2019 2020 2021
131
Canada: Top CVC-backed deals in Q4'21

Series F Chips & Semiconductors
1 GaN Systems $150M
2021-11-18
N/A BMW i Ventures Electronics
Semiconductor Equipment
27.5%

2 Ledn $70M
2021-12-15
$540M Coinbase Ventures Internet
12.8%

Series B
3 Klue $62M
2021-12-01
N/A Salesforce Ventures Internet Business Intelligence, Analytics & 11.4%
Performance Mgmt
Series B INGKA Investments, Intact Mobile & Mobile Commerce
4 Bolt Logistics $60M
2021-11-08
N/A
Ventures Telecommunications Marketplace
11.0%
Venture Capital Computer Hardware Computer Networking Equipment

5 Rockport Networks $48M
2021-12-14
N/A Northern Private Capital
& Services Network Access & Communication Devices
8.8%
Series B Workday Ventures, Internet Software & Services

6 SkyHive $40M
2021-10-20
N/A
Accenture Ventures
Internet
7.3%
Series A Software (non- Scientific, Engineering Software

7 Brainbox AI $24M
2021-10-28
N/A Desjardins Capital
4.4%

8 Coconut Software $22M
2021-10-05
N/A Conexus Venture Capital Internet
Data & Document Management
4.1%

9 Bridgit $19M
2021-10-25
N/A Camber Creek Internet
Manufacturing, Warehousing & Industrial
3.6%
10 Nomic Bio $17M
2021-12-08
N/A SR One Healthcare
N/A
3.1%
132
Canada: Top CVCs by company count in Q4'21
1 Intact Ventures 4 CVC Canada
1 TELUS Ventures 4 CVC Canada
3 Desjardins Capital 3 CVC Canada
3 TELUS Pollinator Fund for Good 3 CVC Canada
5 Globalive 2 CVC Canada
5 Spin Master Ventures 2 CVC Canada
5 Tendermint Ventures 2 CVC Canada
133
Asia Trends
2021
134
STATE OF CVC | ASIA
CVC-backed funding to Asia-based startups more than doubles in 2021
Funding
$49.8B
Deals
1,914
1,429
1,379
1,322
$25.6B
875 $19.6B
727 $16.2B
524 $11.9B
$9.8B
$8.1B
2015 2016 2017 2018 2019 2020 2021
135
STATE OF CVC | ASIA
CVC-backed deals climb for third consecutive quarter to new high in Q4'21
Deals
$16.9B 584
553
Funding
$14.1B
454
386
374 373
362 354
348 $10.8B
341 341 340
328 323
312
264 271
$7.9B
226 $6.9B $7.1B
$8.1B
203
185 183 191 182 $5.8B
160 168 $4.9B $4.9B
$4.5B
134 $4.0B $4.1B $4.2B
$3.7B $3.7B $3.9B $3.6B
105 $3.1B $3.2B $3.3B
125 $2.5B $2.5B
$2.1B
$1.7B
$1.3B $1.2B
$0.8B
2015 2016 2017 2018 2019 2020 2021
136
STATE OF CVC | ASIA
Early-stage deal share with CVC participation edges back up from 2020 low
6% 5% 6% 6% Other, 6%
6% 6%
7% 6% 6%
8% Late-stage, 7%
22%
20%
27% 29% 29%
31% Mid-stage, 31%
67% 68%
62% 60% 60%
2015 2016 2017 2018 2019 2020 2021
137
STATE OF CVC | ASIA
Asia: Top CVC-backed deals in Q4'21


1 SVOLT $945M
2021-12-13
N/A Zhongyi Capital, PICC Capital China Energy & Utilities
N/A
6.7%
Series C Skywalker Capital, Country Consumer Products Appliances

2021-10-20
N/A
Garden Venture Capital
China
& Services N/A
4.0%
Meat, Fish, Seafood &

3
Future Meat $347M
Series B
$600M
ADM Ventures, Tyson Ventures,
Israel Food & Beverages Alternative Proteins 2.5%
N/A
Series G E-commerce
4 Cars24 $300M
2021-12-20
Auto
2.1%
Electronic Manufacturing
Series C
2021-10-08
$1.0B Country Garden Venture Capital China Electronics Services 2.1%
N/A
138
STATE OF CVC | ASIA
Asia: Top CVC-backed deals in Q4'21

Internet Software &

Series C Services
2021-10-06
$1.9B Coinbase Ventures India Internet
Asset & Financial
1.8%
Management & Trading
Series E E-commerce
7 Tiki $258M
2021-11-08
Multi-Product
1.8%
Series B Chips & Semiconductors

8 Vastai Technologies $252M
2021-12-20
N/A THU Capital, PICC Capital China Electronics
N/A
1.8%
Internet Software &

Series D
9 Wiz $250M
2021-10-11
$6.0B Salesforce Ventures Israel Internet Services 1.8%
Private Equity Insurance

10 Datong $235M
2021-11-29
$712M China Merchants Venture China Financial
N/A
1.6%
139
STATE OF CVC | ASIA
Asia: Top CVCs by company count in Q4'21
2 Mitsubishi UFJ Capital 18 CVC Japan
3 SMBC Venture Capital 15 CVC Japan
4 Baidu Ventures 10 CVC China
5 Lilly Asia Ventures 9 CVC China
5 Smilegate Investment 9 CVC South Korea
140
China
ASIA | 2021
141
STATE OF CVC | ASIA | CHINA
China sees CVC-backed funding increase 57% YoY in Q4'21
226
$9.0B Deals
168
Funding
138
132
$6.6B
128
121
$5.6B $5.5B
111
104 105
100 101
97 94
$4.2B 110
82 $4.1B 85
79
$3.5B 73 71
69 65
$3.1B $3.1B
59 59
50 53 $2.5B
49 67 $2.4B $2.3B $2.4B
$2.1B
36 $1.7B $1.8B $1.9B $1.8B
$1.8B $1.3B $1.5B $1.4B $1.4B
$1.2B
$0.8B $0.9B
$0.4B $0.5B
2015 2016 2017 2018 2019 2020 2021
142
One-third of CVC-backed deals in China go to mid-stage companies
8% 6% 7% 7%
11% Other, 8%
6% 5%
9%
24%
20% 27% 28%
27%
Mid-stage, 34%
33%
68%
64%
61% 59%
56%
2015 2016 2017 2018 2019 2020 2021
143
China: Top CVC-backed deals in Q4'21


1 SVOLT $945M
2021-12-13
N/A Zhongyi Capital, PICC Capital Energy & Utilities
N/A
14.3%
2
Dreame $563M
Series C
N/A
Skywalker Capital, Country Garden Consumer Products Appliances
8.5%
Technology 2021-10-20 Venture Capital & Services N/A
Series C Electronic Manufacturing Services

2021-10-08
$1.0B Country Garden Venture Capital Electronics
N/A
4.5%
4
Vastai $252M
Series B
N/A THU Capital, PICC Capital Electronics
Chips & Semiconductors
3.8%
Technologies 2021-12-20 N/A
Private
Insurance
5 Datong $235M Equity $712M China Merchants Venture Financial
N/A
3.5%
2021-11-29
144
India
ASIA | 2021
145
STATE OF CVC | ASIA | INDIA
CVC-backed deals and funding to startups in India remain elevated in Q4'21
$3,201M
60
Deals
56
Funding
$2,240M
$1,815M
$1,645M 33
29 28 29
27
24 25 24
$1,238M
$1,068M 21
$1,002M 18 18
18
15 15 16 $832M $874M
14 13 13 $692M
10 10 11 $579M
8 7 $436M
6 6 $387M
$294M $261M $288M
$273M $234M
3 $174M $127M $177M $104M
$120M
$60M $36M $54M $24M
$26M
2015 2016 2017 2018 2019 2020 2021
146
Early-stage CVC-backed deal share matches 7-year high set in 2016
6% 7%
Other, 2%
5% 9% 9%
7%
15% 10%
14% Late-stage, 20%
23%
38%
37%
Mid-stage, 23%
34% 32%
42%
28%
52%
45% 45%
39% 42%
2015 2016 2017 2018 2019 2020 2021
147
India: Top CVC-backed deals in Q4'21

Series G E-commerce
1 Cars24 $300M
2021-12-20
$3.3B EXOR Seeds Internet
Auto
13.4%

2021-10-06
$1.9B Coinbase Ventures Internet
11.6%
3
Acko General $225M
Series E
$1.1B
Intact Ventures, Munich
Financial
Insurance
10.0%
Insurance 2021-10-28 Re Ventures N/A

4 Slice $220M
2021-11-28
$1.0B Gunosy Capital Internet
Payments
9.8%
Series E E-commerce
5 Shiprocket $185M
2021-12-10
N/A Info Edge Ventures Internet
8.3%
148
Israel
ASIA | 2021
149
STATE OF CVC | ASIA | ISRAEL
Israel-based startups receive record CVC-backed funding & deals in Q4’21
Deals
41
Funding
34
$2,023M
31
26 26
25 25 $1,511M
24 23
23
22
21
20
17 17
16 $1,011M
15
14 14
13
12 $725M $745M
11
10
9 $555M $535M
8
7 $436M
6 $411M $423M $382M
$349M $336M
$297M $261M
3 $229M $208M $218M $245M
$137M $166M $167M
$99M $72M
$20M $62M $49M $31M
2015 2016 2017 2018 2019 2020 2021
150
Early-stage CVC-backed deal share jumps 10 percentage points YoY
6% Other, 3%
9% 10% 6%
9%
38% 36%
42% 43% Mid-stage, 42%
34%
49%
52% 54%
46% 46% 47% Early-stage, 46%
36%
2015 2016 2017 2018 2019 2020 2021
151
Israel: Top CVC-backed deals in Q4'21

Meat, Fish, Seafood &

1
Future Meat $347M
Series B
$600M
ADM Ventures, Tyson Ventures,
Food & Beverages Alternative Proteins 17.2%
N/A

2 Wiz $250M
2021-10-11
$6.0B Salesforce Ventures Internet
12.4%
Series B Koch Disruptive Technologies, Healthcare

3 immunai $215M
2021-10-27
N/A
Alexandria Venture Investments
Internet
Biotechnology
10.6%

4 Cato Networks $200M
2021-10-19
$2.5B SingTel Innov8 Internet
9.9%
Series C Electronic Components

5 Hailo $136M
2021-10-12
$1.0B ABB Technology Ventures Electronics
Processors
6.7%
152
Europe Trends
2021
153
CVC-backed funding to Europe increases 170% YoY to hit an all-time high
Funding
$22.7B
Deals
730
588
564
499
427
354
306 $8.4B
$7.5B
$5.5B
$4.3B
$3.7B $3.4B
2015 2016 2017 2018 2019 2020 2021
154
CVC-backed deals to Europe-based startups rebound in Q4’21
$8.8B
209 Deals
188
170 167
166
156
153 Funding
141
137 137 $5.7B
131 128 130
127 124
115 115 117 $4.7B
110
102 100
92
87 $3.5B
82 82
75
65 $2.8B $2.9B
62
$2.1B $2.2B
$2.0B $2.0B
$1.6B $1.7B
$1.4B $1.4B
$1.3B $1.2B $1.3B $1.3B
$0.9B $0.9B $1.0B $0.9B $0.8B
$0.6B $0.7B $0.7B
$0.5B $0.6B
2015 2016 2017 2018 2019 2020 2021
155
Nearly one-quarter of CVC-backed Europe deals in 2021 are mid-stage
10% 11% 12%

9% Other, 7%
14% 16%
6% Late-stage, 6%
6% 6%
6%
6%
18% 17%
20%
Mid-stage, 24%
27%
20%
21%
66% 67%
60% 63%
59%
Early-stage, 63%
57%
2015 2016 2017 2018 2019 2020 2021
156
Europe: Top CVC-backed deals in Q4'21


1 N26 $900M
2021-10-11
15.7%

2 Flink $750M
2021-12-01
13.1%
Business Intelligence, Analytics &

3 Collibra $250M
2021-11-09
internet/mobile)
Performance Mgmt Software 4.4%
N/A
Series D Agricultural products & related activities

4 InFarm $200M
2021-12-16
$1.0B Bonnier Ventures Germany Agriculture
N/A
3.5%
4
Thought $200M
Series C
$1.0B
ING Ventures, SEB Venture United Software (non- Accounting & Finance Software
3.5%
Machine 2021-11-29 Capital, SC Ventures Kingdom internet/mobile) N/A
157
Europe: Top CVC-backed deals in Q4'21

Series C United E-commerce

6 Motorway $189M
2021-11-29
$1.3B BMW i Ventures
Kingdom
Internet
Marketplace
3.3%
Series C Alexandria Venture Biotechnology

7 DNA Script $165M
2021-10-26
N/A
Investments, Illumina Ventures
France Healthcare
N/A
2.9%
8
Quell $156M
Series B
N/A Point72 Ventures
United
Healthcare
Biotechnology
2.7%
Therapeutics 2021-11-29 Kingdom N/A
Series D United Mobile & Mobile Commerce

9 HungryPanda $130M
2021-12-17
N/A Burda Principal Investments
Kingdom Telecommunications Food & Grocery
2.3%
Series C Fidelity International Strategic Internet Software & Services

10 Moonfare $125M
2021-11-02
N/A
Ventures
Germany Internet
2.2%
Series B Business Products & N/A

10 Razor $125M
2021-11-08
$1.0B Jebsen Capital Germany
Services N/A
2.2%
158
Europe: Top CVCs by company count in Q4'21
2 National Grid Partners 9 CVC United Kingdom
2 Porsche Ventures 9 CVC Germany
4 next47 6 CVC Germany
4 Shell Ventures 6 CVC Netherlands
6 Boehringer Ingelheim Venture Fund 5 CVC Germany
6 Leaps by Bayer 5 CVC Germany
6 MY.GAMES Venture Capital 5 CVC Russian Federation
6 Wayra 5 CVC Spain
159
United Kingdom
EUROPE | 2021
160
STATE OF CVC | EUROPE | UNITED KINGDOM
CVC-backed deals & funding to the UK set fourth quarter records in Q4'21
71
Deals
62
60
$2,016M
51 Funding
48 48
$1,779M
$1,694M $1,681M
$1,716M
42 41
$1,381M 38
37
34 35 34
33 32 32
30 31
$1,078M
27 27 28
$963M
25
21
$666M 19 $700M
18 16 $596M $625M
$547M $553M
14 13 $496M $532M
$430M
$336M
$470M $266M $260M $231M $269M
$199M $193M $187M
$133M $110M
2015 2016 2017 2018 2019 2020 2021
161
Early-stage CVC-backed deal share ticks up in 2021
7% 10%
7%
11% 9% Other, 8%
20%
9%
8%
15% 21% 7%
21% 20% 28% Mid-stage, 27%
25%
69% 67%
62% 61%
49%
2015 2016 2017 2018 2019 2020 2021
162
United Kingdom: Top CVC-backed deals in Q4'21


Series C ING Ventures, SEB Venture Software (non-
1 Thought Machine $200M
2021-11-29
$1.0B
Capital, SC Ventures internet/mobile)
Software 11.2%
N/A
Series C E-commerce
2 Motorway $189M
2021-11-29
$1.3B BMW i Ventures Internet
Marketplace
10.6%
3 Quell Therapeutics $156M
2021-11-29
N/A Point72 Ventures Healthcare
N/A
8.8%
Series D Mobile & Mobile Commerce

4 HungryPanda $130M
2021-12-17
N/A Burda Principal Investments
7.3%
Series D Biotechnology
5 Cambridge Epigenetix $88M
2021-11-02
N/A Google Ventures Healthcare
N/A
4.9%
163
Germany
EUROPE | 2021
164
STATE OF CVC | EUROPE | GERMANY
Germany sees CVC-backed funding top $2.5B in Q4'21
35 $2,690M Funding
33
$2,557M
30
Deals
28
30
26
25 25 25
24
23 23
22 22 22
21 21
20 20 19
19 19
15 15
13
12
11
8 $645M
$563M
$508M
$461M
$402M $406M $379M
$320M $342M $310M
$264M
$209M $190M $166M $182M $183M
$130M $121M $131M $156M $180M $147M $139M
$66M $99M
$34M
2015 2016 2017 2018 2019 2020 2021
165
Late-stage CVC-backed deal share increases by 7 percentage points
8% 6% Other, 5%
11%
6% 6% 6%
8% Late-stage, 13%
7%
18%
19%
37% 33%
21%
29% Mid-stage, 26%
72% 69%
61%
54% 55% 56% Early-stage, 56%
2015 2016 2017 2018 2019 2020 2021
166
Germany: Top CVC-backed deals in Q4'21


1 N26 $900M
2021-10-11
$9.2B Third Point Ventures
35.2%

2 Flink $750M
2021-12-01
$2.9B Prosus Ventures
29.3%
Agricultural products &

Series D
3 InFarm $200M
2021-12-16
$1.0B Bonnier Ventures Agriculture related activities 7.8%
N/A

Series C
4 Moonfare $125M
2021-11-02
N/A Fidelity International Strategic Ventures Internet Asset & Financial 4.9%
Management & Trading
Series B Business Products & N/A

4 Razor $125M
2021-11-08
$1.0B Jebsen Capital
Services N/A
4.9%
167
France
EUROPE | 2021
168
STATE OF CVC | EUROPE | FRANCE
CVC-backed deals to France-based startups spike to new record in Q4'21
Deals
27
$1,399M
23
20
19
18 18
17 17 17
16
15
14 14 14
11
12 12 12 12 12 12
11 11
10 10
9
Funding
7
$366M
$314M
5 $267M $276M
$219M $214M $237M
$202M $198M $201M
$177M $166M $165M $161M
$132M $139M $150M $148M $152M
$118M
$75M $80M $65M $87M
$50M $59M
$13M
2015 2016 2017 2018 2019 2020 2021
169
Early-stage CVC-backed deal share expands to 7-year high
Other, 4%
14% 13%
6%
22%
9%
14% 20% Mid-stage, 24%
5% 29%
35%
17%
16% 19%

61% 62%
57% 54% 54%
2015 2016 2017 2018 2019 2020 2021
170
France: Top CVC-backed deals in Q4'21

Series C Alexandria Venture Investments, Biotechnology

1 DNA Script $165M
2021-10-26
N/A
Illumina Ventures
Healthcare
N/A
45.1%
2 Egle Therapeutics $47M
2021-10-22
N/A Takeda Ventures Healthcare
N/A
12.7%

3 Batch $23M
2021-10-21
N/A Orange Ventures Internet
Customer Relationship Management
6.3%
Series B E-commerce
4 Certideal $17M
2021-11-30
N/A MAIF Avenir Internet
Marketplace
4.7%
5 Meiogenix $13M
2021-12-14
N/A Alexandria Venture Investments Healthcare
N/A
3.6%
5
Stilla $13M
Convertible Note
N/A Illumina Ventures Healthcare
Biotechnology
3.5%
Technologies 2021-11-23 N/A
171
LatAm Trends
2021
172
STATE OF CVC | LATAM
CVC-backed funding to LatAm companies increases more than 6x in 2021
Funding
$4,109M
109
Deals
96
53
47
43
37 35
$911M
$747M
$635M
$131M $159M $192M
2015 2016 2017 2018 2019 2020 2021
173
CVC-backed funding and deals to LatAm set fourth quarter records in Q4'21
51
$2,106M
37
33
Funding
$1,064M
21
20 Deals
16 16
$730M
17
16 16 22
14
13 13
12 12
10 10 $520M
9 $419M
8 8 8 8 8
7 7 $328M
5 $397M
$259M $165M
3 $110M $131M $102M
$78M $59M $82M $66M $61M
$17M $21M $17M $2M $3M $12M $27M $22M $29M $40M
$15M
2015 2016 2017 2018 2019 2020 2021
174
One-quarter of CVC-backed LatAm deals in 2021 are mid-stage
5%
6% 6%
11% Other, 8%
14%
8%
6%
9% 7% 6%
Late-stage, 6%
5% 6%
13%
Mid-stage, 25%
20%
85% 83%
81% 81%
70%
2015 2016 2017 2018 2019 2020 2021
175
LatAm: Top CVC-backed deals in Q4'21

1 FTX $421M
2021-10-21
$25.0B Sea Capital Bahamas Internet
39.5%
Series D E-commerce
2 Facily $250M
2021-11-16
23.5%
Series D - II Convivialité Ventures, Prosus E-commerce

3 Facily $135M
2021-12-23
N/A
Ventures
Brazil Internet
12.7%

4 Pismo $108M
2021-10-19
N/A Falabella Ventures Brazil Internet
Payments
10.1%
Series B Software (non- Supply Chain & Logistics Software

5 Nowports $60M
2021-12-17
N/A Mouro Capital Mexico
5.6%
Series C Yara Growth Ventures, Bunge E-commerce

6 Agrofy $30M
2021-12-16
N/A
Ventures, Syngenta Ventures
Argentina Internet
Marketplace
2.8%

7 24 Exchange $14M
2021-12-01
N/A Point72 Ventures Bermuda Internet
1.3%
Series A Software (non- Security Software

8 Gabriel $12M
2021-10-06
N/A Wayra Brazil
1.1%

9 Azos $10M
2021-11-30
N/A Prosus Ventures Brazil Internet
0.9%
Series B E-commerce
10 Lentesplus.com $8M
2021-12-08
N/A DG Ventures Colombia Internet
Other Retail
0.8%
176
LatAm: Top CVCs by company count in Q4'21
1 CSN Inova Ventures 1 CVC Brazil
1 Fable Investments 1 CVC Brazil
1 Falabella Ventures 1 CVC Chile
1 Guil Ventures 1 CVC Chile
1 Invisto 1 CVC Brazil
1 Kamay Ventures 1 CVC Argentina
1 META Ventures 1 CVC Brazil
1 Torq Ventures 1 CVC Brazil
1 Tridon 1 CVC Brazil
177
Brazil
LATAM | 2021
178
STATE OF CVC | LATAM | BRAZIL
CVC-backed funding & deals to Brazil retreat QoQ from record highs
44
$838M
$690M
29 Funding
$525M
24
$410M
$393M
$358M
$326M
14
12 Deals
11
10 10
9 9
14
6 6 6 $128M
$103M 5 $102M
4 4 4
3 $66M 4 3
2 $13M 2 2 2 $44M
$77M 1 $18M
$14M $13M $13M $58M $2M $21M
$15M $0M 3 $26M $4M $23M
$7M
2015 2016 2017 2018 2019 2020 2021
179
Late-stage CVC-backed deal share ticks up
6% 8%
12% 13% 14% Other, 11%
12% 8%
6%
7% 17% 8% Late-stage, 10%
6%
18%
20% 17% Mid-stage, 18%
25%
85%
76%
65%
50%
2015 2016 2017 2018 2019 2020 2021
180
Brazil: Top CVC-backed deals in Q4'21
Round Round Industry % of Total

Company Round Valuation Select Investors Sector
Amount Date Subindustry Funding
Series D E-commerce
1 Facily $250M
2021-11-16
$850M DX Ventures Internet
47.6%
Series D - II E-commerce
2 Facily $135M
2021-12-23
N/A Convivialité Ventures, Prosus Ventures Internet
25.7%

3 Pismo $108M
2021-10-19
N/A Falabella Ventures Internet
Payments
20.6%
Series A Software (non- Security Software

4 Gabriel $12M
2021-10-06
N/A Wayra
2.3%

5 Azos $10M
2021-11-30
N/A Prosus Ventures Internet
1.9%
181
STATE OF CVC
Report Methodology disclosed in credible media sources. The list is maintained
publicly and updated in real time at
$300M R&D partnership with a larger corporation, this is not
equity financing nor is it from venture capital firms. As a result, it
You can download the underlying data found in https://www.cbinsights.com/research-unicorn-companies. is not included.
Geography notes: Israel funding figures are classified in Asia; No buyouts, consolidations, or recapitalizations. All three of
this report here:
Caribbean region figures included in Latin America, or “LatAm”; these transaction types are commonly employed by private
https://www.cbinsights.com/reports/CB- funding to Australia and Africa is included in global figures but equity firms and are tracked by CB Insights. However, they are
Insights_CVC-Trends-2021.xlsx. not spotlighted in this report. excluded for the purposes of this report.
Rounds to private companies that may be majority- or minority- No private placements. These investments, also known as PIPEs
If you have questions about the definitions or methodological owned subsidiaries of other private companies. (Private Investment in Public Equities), are not included even if
principles used, or if you feel that your firm has been Valuation data includes estimates to calibrate median and made by a venture capital firm.
underrepresented, please reach out to info@cbinsights.com. average valuations based on current and previous quarter No debt/loans of any kind (except convertible notes). Venture
disclosed valuations gathered from the aforementioned four debt or any kind of debt/loan issued to emerging, startup
sources. The estimating method will control for the over- companies, even if included as an additional part of an equity
What is included: sampling of large rounds that are reported quickly versus a financing, is not included. If a company receives $3M with $2M
Equity financings into private companies only. Funding rounds comparative lag in valuations obtained from other sources. from venture investors and $1M in debt, only the $2M is included
raised by public companies of any kind on any exchange Valuation data reflects post-money valuations. in these statistics.
(including Pink Sheets) are excluded from our numbers, even if Exits include IPO, SPACs, M&A and other liquidity events; only No non-equity government funding. Grants or loans by the
they received investment from a venture firm. first exits are counted. federal government, state agencies, or public-private
Only includes the investment made in the quarter for tranched Headquarters are determined by publicly available sources partnerships to emerging, startup companies are not included.
investments. If a company does a second closing of its Series B including company-owned websites and profiles, legal filings, No fundings to subsidiaries of a larger parent corporation unless
round for $5M and previously had closed $2M in a prior quarter, and press releases. that subsidiary is a private entity and meets other criteria for
only the $5M is reflected. All figures in the report are in USD. inclusion.
Round numbers reflect what has closed, not what is intended. If US financing trends follow the combined statistical area (CSA) Accelerators, incubators, business-plan competitions, economic-
a company indicates the closing of $5M out of a desired raise of methodology. Silicon Valley refers to the San Jose-San development entities are excluded from rankings of most active
$15M, our numbers reflect only the amount which has closed. Francisco-Oakland CSA. investors, even if making equity financings.
Only verifiable fundings are included. Fundings are verified via Rankings for top investors are calculated according to “company
(1) various federal and state regulatory filings; (2) direct count,” or the number of unique companies an investor funds in
confirmation with firm or investor; (3) press release; or (4) What is excluded: a quarter, and so excludes follow-on deals.
credible media sources.
No contingent funding. If a company receives a commitment for
Equity fundings to joint ventures and spinoffs/spinouts are $20M subject to hitting certain milestones but first gets $8M,
included. only the $8M is included in our data.
Unicorn data includes private companies valued at $1B or more No business development/R&D arrangements, whether
in the private markets globally, per the same 4 sources listed transferable into equity now, later, or never. If a company signs a
above and relied on for funding events, which include valuations
182

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State Of CVC

Our Technology Insights Platform provides

The TL;DR Live:

Global Trends 19 Chicago 116 LatAm 172

Sector Spotlights 52 Canada 128

What you need to know about

221 $169.3B 62¢ $86.9B 202%

What you need to know about

$35B 46% $16.6B $49.8B 170%

The number of new CVCs rebounds in 2021 after a 6-year low

2015 2016 2017 2018 2019 2020 2021

Global CVC-backed funding more than doubles to hit an all-time high

2015 2016 2017 2018 2019 2020 2021

Mega-rounds account for 62% of 2021 CVC-backed funding — highest ever

2015 2016 2017 2018 2019 2020 2021

The US reaches a record $86.9B in CVC-backed funding in 2021

2015 2016 2017 2018 2019 2020 2021

CVC-backed fintech funding triples YoY after 2020 dip

2015 2016 2017 2018 2019 2020 2021

Silicon Valley's $35B in CVC-backed funding blows past previous record

2015 2016 2017 2018 2019 2020 2021

Asia dominates CVC-backed retail tech funding in 2021

2015 2016 2017 2018 2019 2020 2021

Asia smashes previous CVC-backed funding record in 2021

2015 2016 2017 2018 2019 2020 2021

Europe sees CVC-backed funding nearly triple in 2021

2015 2016 2017 2018 2019 2020 2021

2015 2016 2017 2018 2019 2020 2021

Quarterly CVC-backed funding reaches an all-time high of $46.9B in Q4'21

US leads in CVC-backed dollars, Asia sees the most deals in Q4’21

US hits new high for quarterly CVC-backed funding in Q4’21

US Asia Europe LatAm Canada All Other Regions

Asia accounts for nearly half of CVC-backed deals in Q4’21, followed by US

All Other Regions, 3%

2015 2016 2017 2018 2019 2020 2021

Median CVC-backed deal size increases across all regions — US leads

US Asia Europe LatAm Canada

CVC-backed $100M+ mega-rounds surge 163% YoY to hit 470 in 2021

2015 2016 2017 2018 2019 2020 2021

CVC-backed mega-rounds account for a record $30.3B in Q4’21

US dominates CVC-backed mega-round funding and deals in Q4'21

US sees 60+ CVC-backed mega-rounds every quarter in 2021

Mega-rounds represent 1 in 10 CVC deals in Q4'21

96% 96% 95% 95% 93%

Mega-rounds account for nearly two-thirds of CVC-backed funding in Q4'21

39% 38% Non-mega-rounds, 35%

61% 62% Mega-rounds, 65%

Global: Top CVC-backed deals in Q4'21

Series D Liberty Global Ventures, Internet Software & Services

Series D Healthcare Plans

Series B Energy Storage

Series E Mobile & Mobile Software & Services

Series B Mobile & Mobile Commerce

Series F Internet Software & Services

Series B Internet Software & Services

Series D Google Ventures, Woven Machinery & Equipment

Series C Skywalker Capital, Country Consumer Products Appliances

More than half of CVC-backed deals in 2021 are early-stage

56% 58% 56% 56%

2015 2016 2017 2018 2019 2020 2021

US attracts majority of late-stage CVC-backed deals in Q4'21

All Other Regions