Professional Documents
Culture Documents
reportsCB Insights Venture Report Q2 2022.pdfutm Campaign Marketing State Venture 2022 07&utm Mediu 2
reportsCB Insights Venture Report Q2 2022.pdfutm Campaign Marketing State Venture 2022 07&utm Mediu 2
reportsCB Insights Venture Report Q2 2022.pdfutm Campaign Marketing State Venture 2022 07&utm Mediu 2
Venture
Global | Q2 2022
Global data and analysis on dealmaking, funding, and
exits by private market venture companies
State of Venture
Guess Less.
Win More. CB Insights helps the world’s leading
companies make smarter technology
decisions with data, not opinion.
▮▮▮▮III
Sign up for a free trial enable them to discover, understand, and
make technology decisions.
2
State of Venture
Analyst Insights
Dive deeper with proprietary
information straight from tech
companies themselves. Learn about
what a company does, who they serve,
and how they differentiate from the
competition.
3
State of Venture
4
State of Venture
Pat Grady
Partner, Sequoia Capital
View success story →
State of Venture
Dig Deeper.
CB Insights clients can find and track
companies using our analyst-curated
Expert Collections.
Fintech Telehealth
Insurtech E-Commerce
6
State of Venture
Webinar
Global funding falls 23% QoQ to $108.5B, the largest quarterly percentage
drop in funding in nearly a decade
23%
1% 40% 5% 5% 41% 9% 44% 14% 7% 9% $108.5B
-11% -10% -5% -1% -12% 0% -20%
$141.6B
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
10
State of Venture | Global Trends | Investment Trends
Europe sees a 13% decrease in funding, the smallest dip among major
regions
US Asia Europe
$70.1B
-25%
$52.9B
-25%
$35.8B
-13%
$27.0B $26.2B
$22.7B
11
State of Venture | Global Trends | Unicorns, Valuations, & Multiples
148
136 140 unicorn births
Q2 2021
125
116
43%
decrease YoY
51
46 45 47 85
35 37 39 38 unicorn births
31 Q2 2022
26 25 27
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
12
State of Venture | Global Trends | Investment Trends
$106.5B
$95.1B
$87.0B
$80.8B
$73.6B
Q1 2022
$43.8B $44.3B
$46.4B $47.9B
31%
$37.6B
$35.2B
decrease
$29.4B $30.1B
$27.0B
$25.1B $24.3B
$22.7B
$50.5B
Q2 2022
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
13
State of Venture | Global Trends | Exit Trends
3,261
2,973
3,144
16%
2,876
2,767
2,486 2,648
Exits
1,404
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
14
State of Venture | Geographic Trends | Denver
$1.9B
Q2 2022
$1.3B
111%
increase
$1.0B $1.0B
$1.0B
$0.9B
$0.7B $0.9B
$0.6B Q1 2021
$0.6B
$0.5B
$0.4B
$0.4B $0.4B
$0.3B $0.3B $0.3B
$0.2B
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
15
State of Venture | Geographic Trends | Africa Trends
Already at 71% of 2021’s total, Africa funding is on pace to hit a new annual
record
$2.4B
$1.7B
71%
of 2021 funding
$0.8B
$0.7B $0.7B
16
State of Venture | Global Trends | Investors
Q1 2022 Q2 2022
Median deal size for angels is up 33% from 2021, the only investor group to
see growth in 2022 so far
$34M
21%
$30M
$27M
50%
13%
$16M
$15M 9%
$14M 20%
$11M
$10M
33%
$10M
$8M
$3M $4M
2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022
YTD YTD YTD YTD YTD YTD
18
State of Venture | Sector Spotlights | Retail Tech
$29.9B
$27.5B
$26.1B
$25.1B
$23.2B
Q1 2022
$17.2B $17.7B
$13.8B $14.0B
43%
$12.2B
decrease
$11.8B $11.4B
$11.1B $10.9B
$13.2B
Q2 2022
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
19
State of Venture
Contents
20
Global Trends
21
Investment Trends
22
State of Venture | Global Trends | Investment Trends
34,787
Projected deals
33,282
29,124
Projected funding
27,948 $500.2B
26,276
Deals
16,641
Funding
$250.1B
23
State of Venture | Global Trends | Investment Trends
Funding
9,622 $108.5B
9,116 8,990
7,888 8,161
7,674 7,597
7,146 7,162 6,998 7,133 6,860 7,002 Deals
6,707 6,655
6,325 6,089 7,651
$58.8B $82.5B $73.0B $76.8B $69.1B $65.9B $65.5B $57.4B $60.2B $60.0B $84.6B $92.4B $133.3B $152.4B $162.5B $177.8B $141.6B
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
24
State of Venture | Global Trends | Investment Trends
Canada
$2.0B
159 Deals Asia
Europe
$27.0B
US $22.7B 2,630 Deals
1,705 Deals
$52.9B
2,698 Deals
Africa
$0.8B
129 Deals
LatAm &
Caribbean
$2.3B
224 Deals
Australia
$0.7B
106 Deals
25
State of Venture | Global Trends | Investment Trends
$52.9B $22.7B
$27.0B
$2.3B
Q1 Q3 Q1 Q1 Q3 Q1 Q1 Q3 Q1 Q1 Q3 Q1
2021 2022 2021 2022 2021 2022 2021 2022
$0.8B
$2.0B $0.7B
Q1 Q3 Q1 Q1 Q3 Q1 Q1 Q3 Q1
2021 2022 2021 2022 2021 2022
26
State of Venture | Global Trends | Investment Trends
The US and Asia lead in Q2'22 deal share, jointly accounting for 69% of deals
39% 37% 37% 38% 39% 39% 40% 37% 37% 38% 38%
37% 35% 37% 35% 35% 35% US, 35%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
27
State of Venture | Global Trends | Investment Trends
8% 7% 7% 5%
9% 6% 9%
6% 9%
5% 7% 5% 7% 5% 6% 7% Incubator/Accelerator, 4%
6% 6% 6% 6% 6% 6% 7% 7% 7% Private Equity, 6%
6% 6% 5% 5% 7% 8% 6%
6%
7% 8% 9% 8% 8% 8% 8% 8% 8% CVC, 8%
7% 8% 8% 8% 7% 7% 8%
8%
5% 5% 6% 6%
6%
6%
6%
7%
6%
7% 7% 8% 10% 10% Asset/Investment Management, 9%
9% 10% 10%
9% 10% 10% 9% 10% 10%
10% 10% 10% 10% 10% 9% Corp, 10%
10% 10% 11%
11% 10%
10% 9% 9% 10% 10%
8% 9% 9% 9% 10% 10% 10%
10% 11% 12% Angel, 13%
11% 12%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
28
State of Venture | Global Trends | Investment Trends
$25M
Average Size
$20M
$16M
$15M
$14M
Median Size
$4M $4M
$3M
$2M $2M
29
State of Venture | Global Trends | Investment Trends
Median deal size is up in most regions, Asia and Australia see dip
2018 2020 2022 2018 2020 2022 2018 2020 2022 2018 2020 2022
YTD YTD YTD YTD
30
State of Venture | Global Trends | Investment Trends
Median deal size is down across all investor categories, except for angel
$34M
$30M
$27M
$3M $4M
$2M
2018 2020 2022 2018 2020 2022 2018 2020 2022 2018 2020 2022 2018 2020 2022 2018 2020 2022
YTD YTD YTD YTD YTD YTD
31
State of Venture | Global Trends | Investment Trends
1,573
Funding
$124.1B
634
478 496
Deals
613
32
State of Venture | Global Trends | Investment Trends
416 417
379
361 363
Funding
$50.5B
Deals
216
250
176
139 135 130
123 124 128 127
115
103
92
$25.1B $43.8B $37.6B $44.3B $35.2B $29.4B $30.1B $22.7B $27.0B $24.3B $46.4B $47.9B $80.8B $87.0B $95.1B $106.5B $73.6B
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
33
State of Venture | Global Trends | Investment Trends
Canada
$0.8B
5 Deals Asia
Europe
$11.2B
US $11.0B 57 Deals
53 Deals
$26.0B
125 Deals
Africa
$0.4B
2 Deals
LatAm &
Caribbean
$0.9B
7 Deals
Australia
$0.1B
1 Deal
34
State of Venture | Global Trends | Investment Trends
228
202 201
188
123 123
US, 125
85 85
60 67
54 Asia, 57
46 Europe, 53
17 11 11
15 10 5 7 LatAm & Caribbean, 7
15 7 3 4 Canada, 5
2 4 1 1 Africa, 2
Australia, 1
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
35
State of Venture | Global Trends | Investment Trends
99% 98% 98% 98% 98% 98% 98% 98% 98% 98% 97% 97% 95% 95% 96% 95% 96% Non-mega-rounds, 97%
Mega-rounds, 3%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
36
State of Venture | Global Trends | Investment Trends
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
37
State of Venture | Global Trends | Investment Trends
Series J CPP Investments, Baillie Gifford & Co., Sofina, Luxor Mobile & Mobile Software & Services
3 VerSe Innovation $805M 2022-04-06
$5.0B
Capital Group
India
Telecommunications Content Management
0.7%
Series B GAC Capital, Utrust, Lanpu Venture Capital, Science Chips & Semiconductors
7 CanSemi $671M 2022-06-30
N/A
City Group, Baic Capital
China Electronics
Semiconductors: Analog Chips
0.6%
Series D Biotechnology
8 Resilience $625M 2022-06-06
N/A Undisclosed Investors United States Healthcare
N/A
0.6%
38
State of Venture | Global Trends | Investment Trends
10%
13% 12% 14% Other, 13%
12%
12% 12%
11% Late-stage, 11%
39
State of Venture | Global Trends | Investment Trends
40
State of Venture | Global Trends | Investment Trends
Global late-stage median deal size down 30% from peak in 2021
$50M
$35M
$30M $31M
$16M
$10M
$3M $3M
$2M
41
State of Venture | Global Trends | Investment Trends
Median months between rounds for early- and mid-stages down from 2021
in 2022 so far
19
18 18
17 17 17 17
16 15 15 15
15 15 14 14
2018 2020 2022 2018 2020 2022 2018 2020 2022 2018 2020 2022 2018 2020 2022
YTD YTD YTD YTD YTD
42
State of Venture | Global Trends | Investment Trends
Seed VC Group 11, Dynamic Loop Capital, Pitango Venture Capital, Target Internet Software & Services
3 Masterschool $100M 2022-05-18 Global, Sir Ronald Cohen
Israel Internet
Education & Training
Seed VC Tsinghua Holdings Capital, CAS Star, CMB International Capital, Energy Storage
4 China Storage National Energy $47M 2022-05-26 Legend Star, Puhua Capital
China Energy & Utilities
N/A
Seed VC BOLDstart Ventures, Insight Partners, Tiger Global Management, Software (non- Science & Engineering
8 Jit $39M 2022-06-15 Undisclosed Angel Investors
Israel
internet/mobile) N/A
Seed VC Undisclosed Angel Investors, Blenheim Chalcot, Clocktower United Internet Software & Services
10 Carmoola $35M 2022-04-08 Technology Ventures, InMotion Ventures, TrueSight Ventures Kingdom
Internet
Accounting & Finance
43
State of Venture | Global Trends | Investment Trends
Series A Bain Capital Ventures, Accel, General Catalyst, New Enterprise Restaurants
3 Wonder $350M 2022-06-14 Associates, Forerunner Ventures
United States Leisure
Other Restaurants
Series A Renewables
4 newcleo $316M 2022-06-20
Undisclosed Investors United Kingdom Energy & Utilities
Other Renewables
Series A IDG Capital, Aiko Solar Energy, China Life Equity Investment, Huamei Renewables
5 Gokin Solar $251M 2022-04-13 International Investment Group, Midea Capital
China Energy & Utilities
Solar
Series A Porsche Ventures, E-Capital, Eurazeo, btov Partners, Blue Elephant Energy Efficiency
6 1Komma5 $218M 2022-04-11 Capital Management
Germany Energy & Utilities
N/A
IT Services
Series A Computer Hardware &
7 Envision Digital $210M 2022-06-07
Sequoia Capital China, GIC Singapore
Services
IT Solutions & Software
Development
Series A Biotechnology
9 Retro Biosciences $180M 2022-04-05
Undisclosed Investors United States Healthcare
N/A
44
State of Venture | Global Trends | Investment Trends
Series B GAC Capital, Utrust, Lanpu Venture Capital, Science City Chips & Semiconductors
1 CanSemi $671M 2022-06-30 Group, Baic Capital
China Electronics
Semiconductors: Analog Chips
Series B Sam Bankman-Fried, Jaan Tallinn, James McClave, The Software (non- Operating Systems & Utility Software
2 Anthropic $580M 2022-04-29 Center for Emerging Risk, Caroline Ellison
United States
internet/mobile) N/A
Series B Insight Partners, Album VC, Elephant Venture Capital, Mobile & Mobile Software & Services
5 Mosyle $196M 2022-05-04 Stepstone Group
United States
Telecommunications Security
Series B 3L, Assembly Ventures, Dan Doctoroff, Dragoneer Mobile & Mobile Software & Services
6 Metropolis $167M 2022-06-15 Investment Group, Eldridge
United States
Telecommunications Location-Based & Navigation
Series B Biotechnology
8 Frontera Therapeutics $160M 2022-06-24
OrbiMed Advisors United States Healthcare
N/A
Series B E-Commerce
9 Furong Group $157M 2022-04-11
Undisclosed Investors China Internet
Auto
45
State of Venture | Global Trends | Investment Trends
Series C G2VP, Bain Capital Ventures, DRW Venture Capital, Founders Fund, Internet Software & Services
3 Crusoe $350M 2022-04-21 Lowercarbon Capital
United States Internet
Environment
Series C Asia Investment Capital, GGV Capital, Goldman Sachs Asset Machinery & Equipment
5 MEGAROBO $300M 2022-06-15 Management, Sinovation Ventures, Harvest Capital
China Industrials
Robotics
Series C SoftBank Group, Accel, General Catalyst, Index Ventures, Sequoia Internet Software & Services
5 Remote $300M 2022-04-05 Capital
United States Internet
HR & Workforce Management
Series C SoftBank Group, B. Riley Venture Capital, Chimera Investments, United Arab E-Commerce
5 Kitopi $300M 2022-05-10 DisruptAD, Dogus Group Emirates
Internet
Food & Grocery
Series C Patient Square Capital, Bluebird Ventures, CAM Capital, Dexcel Biotechnology
8 Kriya Therapeutics $270M 2022-05-16 Pharma, Foresite Capital
United States Healthcare
N/A
46
State of Venture | Global Trends | Investment Trends
Series D Biotechnology
1 Resilience $625M 2022-06-06
N/A Undisclosed Investors United States Healthcare
N/A
Series D SoftBank Group, InvestIndustrial, Porsche, Goldman Sachs Automotive & Automobile Manufacturing
2 Rimac Automobili $535M 2022-06-01
$2.0B
Asset Management
Croatia
Transportation N/A
Series D Coatue Management, Insight Partners, Accel, Kleiner Internet Software & Services
4 Xendit $300M 2022-05-19
N/A
Perkins Caufield & Byers, Amasia
Indonesia Internet
Payments
Series D Liberty City Ventures, Alsara Investment Group, Animoca Mobile & Mobile Software & Services
4 Onefootball $300M 2022-04-28
N/A
Brands, DAH Beteiligungs, Dapper Labs
Germany
Telecommunications Sports
Series D Bedrock Capital, Kleiner Perkins Caufield & Byers, Sequoia Internet Software & Services
8 Rippling $250M 2022-05-11
$11.3B
Capital, Y Combinator
United States Internet
HR & Workforce Management
Series D E-Commerce
10 Rohlik Group $231M 2022-06-17
N/A Sofina, Index Ventures, Tomas Cupr Czech Republic Internet
Food & Grocery
47
State of Venture | Global Trends | Investment Trends
Series J CPP Investments, Baillie Gifford & Co., Sofina, Luxor Mobile & Mobile Software & Services
1 VerSe Innovation $805M 2022-04-06
$5.0B
Capital Group
India
Telecommunications Content Management
Series G E-Commerce
2 Faire $416M 2022-05-10
$12.6B Sequoia Capital, Y Combinator United States Internet
Marketplace
Series E Bain Capital Tech Opportunities, Crestline Investors, btov Mobile & Mobile Software & Services
3 SumUp $312M 2022-06-23
$8.5B
Partners, BlackRock
United Kingdom
Telecommunications Payments
Series F TPG Capital, Cap Table Coalition, Neuberger Berman, Internet Software & Services
6 Salsify $200M 2022-04-13
$2.0B
Permira
United States Internet
Content Management
Series E Ontario Teachers' Pension Plan, Index Ventures, Internet Software & Services
9 Alan $193M 2022-05-05
$2.8B
Dragoneer Investment Group, EXOR, Ribbit Capital
France Internet
Accounting & Finance
Series G E-Commerce
10 Faire $180M 2022-05-25
N/A Undisclosed Investors United States Internet
Marketplace
48
State of Venture | Global Trends | Investment Trends
Series A Jump Crypto, IDG Capital, Matrix Partners China, Circle Internet Software & Services
1 KuCoin 950 $150M
2022-05-10
$10.0B
Ventures
Seychelles Internet
Asset & Financial Management & Trading
Series E Bain Capital Tech Opportunities, Crestline Investors, btov Mobile & Mobile Software & Services
1 SumUp 950 $312M
2022-06-23
$8.5B
Partners, BlackRock
United Kingdom
Telecommunications Payments
Venture Capital Fidelity Investments, Marshall Wace Asset Management, Internet Software & Services
3 Circle 940 $400M
2022-04-12
N/A
BlackRock, Fin Capital
United States Internet
Accounting & Finance
Series B Commerce Ventures, Kraken Ventures, Mercato Partners, Internet Software & Services
3 Prime Trust 940 $100M
2022-06-22
N/A
Seven Peaks Ventures, University Growth Fund
United States Internet
Asset & Financial Management & Trading
Series D Pantera Capital, Steadview Capital, B Capital Group, Internet Software & Services
6 CoinDCX 930 $135M
2022-04-19
$2.2B
Coinbase Ventures, Polychain Capital
India Internet
Asset & Financial Management & Trading
Series F GIC, Alpha Wave Global, Dragoneer Investment Group, Mobile & Mobile Software & Services
6 CRED 930 $140M
2022-06-09
$6.4B
Sofina, Tiger Global Management
India
Telecommunications Accounting & Finance
Series D Coatue Management, Insight Partners, Accel, Kleiner Internet Software & Services
6 Xendit 930 $300M
2022-05-19
N/A
Perkins Caufield & Byers, Amasia
Indonesia Internet
Payments
Series D Andreessen Horowitz, Spark Capital, Y Combinator, Internet Software & Services
6 Deel 930 $50M
2022-05-11
$12.0B
Emerson Collective
United States Internet
HR & Workforce Management
49
Unicorns, Valuations,
& Multiples
50
State of Venture | Global Trends | Unicorns, Valuations, & Multiples
Unicorn births tick down to 85 in Q2'22, the lowest figure since Q4’20
870
764
New Unicorns, 85
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
51
State of Venture | Global Trends | Unicorns, Valuations, & Multiples
Canada
19
0 New Asia
Europe 322
154 15 New
US 16 New
629
49 New
Africa
5
1 New
LatAm &
Caribbean
33
4 New
Australia
8
0 New
52
State of Venture | Global Trends | Unicorns, Valuations, & Multiples
84 83
79
75
US, 49
36
33
31
20 Europe, 16
18 18 19 Asia, 15
15
7 LatAm & Caribbean, 4
7 4 4 3 Africa, 1
2 2 1 2
1 2 1 2
Australia, 0
Canada, 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
53
State of Venture | Global Trends | Unicorns, Valuations, & Multiples
507
444
387
313
301
273
Asia, 322
249
54
State of Venture | Global Trends | Unicorns, Valuations, & Multiples
57
54 Average Months, 58
Median Months, 55
55
State of Venture | Global Trends | Unicorns, Valuations, & Multiples
Construction
2 The Boring Company $5.7B United States Industrials
Construction & Design Services
Consumer Electronics
6 Oura $2.6B Finland Consumer Products & Services
N/A
56
State of Venture | Global Trends | Unicorns, Valuations, & Multiples
E-Commerce
3 SHEIN $100.0B China Internet
Apparel & Accessories
Mobile Commerce
8 Instacart $39.0B United States Mobile & Telecommunications
Food & Grocery
57
State of Venture | Global Trends | Unicorns, Valuations, & Multiples
$2.1B
$2.0B
$1.3B
$1.1B
$700M
$523M $0.5B
$213M $0.3B
$15M $64M $195M $172M
$36M $56M $88M
$9M $12M
2018 2020 2022 2018 2020 2022 2018 2020 2022 2018 2020 2022 2018 2020 2022 2018 2020 2022
YTD YTD YTD YTD YTD YTD
58
State of Venture | Global Trends | Unicorns, Valuations, & Multiples
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
59
State of Venture | Global Trends | Unicorns, Valuations, & Multiples
$66M
$58M $60M
$56M Median Valuation, $61M
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
60
State of Venture | Global Trends | Unicorns, Valuations, & Multiples
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
61
State of Venture | Global Trends | Unicorns, Valuations, & Multiples
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
62
State of Venture | Global Trends | Unicorns, Valuations, & Multiples
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
63
State of Venture | Global Trends | Unicorns, Valuations, & Multiples
Median Series E+ valuation jumps up QoQ for the first time since Q3’21
$2.6B
$2.4B
$2.0B $2.0B
Median Valuation, $2.2B
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
64
State of Venture | Global Trends | Unicorns, Valuations, & Multiples
Median Change
210%
200% 200% in Valuation
195%
180%
185%
150%
130%
120% 120%
110% 110% 110%
100% 100% 100%
90% 90%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
65
Exit Trends
66
State of Venture | Global Trends | Exit Trends
10,823
M&A, 5,471
927
127 IPO, 288
SPAC, 33
2018 2019 2020 2021 2022
YTD
67
State of Venture | Global Trends | Exit Trends
M&A deals, IPOs, and SPACs decrease QoQ in Q2'22, M&A deals hit lowest
level since Q4’20
2,969 2,969
2,715
2,598
M&A, 2,502
68
State of Venture | Global Trends | Exit Trends
Africa, 1%
6% 5%
Australia, 3%
5% 5% Canada, 4%
LatAm & Caribbean, 4%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
69
State of Venture | Global Trends | Exit Trends
Median exit valuation remains stable for IPOs but ticks down for SPACs in
H1’22
$1.6B SPAC
$1.5B
$0.8B
IPO
$0.6B $0.6B
$0.5B
$0.4B $0.4B $0.4B
$0.3B
70
State of Venture | Global Trends | Exit Trends
Drug Development
1 Affinivax $3.3B GSK United States Healthcare
N/A
Telecom Services
2 Uniti Group $2.8B MBC BidCo Australia Mobile & Telecommunications
N/A
Drug Manufacturing
3 CordenPharma International $2.6B Astorg Partners Germany Healthcare
N/A
Pharmaceuticals / Drugs
6 Norgine $1.9B Goldman Sachs Netherlands Healthcare
N/A
71
State of Venture | Global Trends | Exit Trends
Automobile Parts
4 Jingwei Hirain $2.2B China Automotive & Transportation
N/A
Renewables
6 AP Systems $2.0B China Energy & Utilities
Solar
N/A
8 Zhongyi $1.7B China Electronics
N/A
72
State of Venture | Global Trends | Exit Trends
Other Transportation
2 Gogoro $2.4B Poema Global Taiwan Automotive & Transportation
Motorcycle & Small Engine Vehicles
Pharmaceuticals / Drugs
3 Alvotech $2.3B Oaktree Acquisition II Iceland Healthcare
N/A
E-Commerce
6 Grove Collaborative $1.5B Virgin Group Acquisition II United States Internet
Multi-Product
Disease Diagnosis
7 Prenetics $1.3B Artisan Acquisition Hong Kong Healthcare
N/A
E-Commerce
10 GoTo Global $163M Neratech Media Israel Internet
Travel (internet)
73
Investors
74
State of Venture | Global Trends | Investors
75
State of Venture | Global Trends | Investors
6 Alkeon Capital Management 860 United States 950 815 805 640
6 Generation Investment Management 860 United Kingdom 960 785 785 575
76
State of Venture | Global Trends | Investors
77
State of Venture | Global Trends | Investors
5 Liberty City Ventures 820 United States 920 720 880 500
5 Scale Venture Partners 820 United States 910 735 800 635
78
State of Venture | Global Trends | Investors
79
State of Venture | Global Trends | Investors
80
State of Venture | Global Trends | Investors
81
State of Venture | Global Trends | Investors
2018 2020 2022 2018 2020 2022 2018 2020 2022 2018 2020 2022
YTD YTD YTD YTD
24%
25%
19%
2018 2020 2022 2018 2020 2022 2018 2020 2022 2018 2020 2022
YTD YTD YTD YTD
82
Sector Spotlights
83
Fintech
84
State of Venture | Sector Spotlights | Fintech
5,282
Deals
2,707
85
State of Venture | Sector Spotlights | Fintech
1,482
1,394 1,362 Deals
1,287 1,225
1,239
1,036
964 963 Funding
925 924 937
868 879 856 889 886 $20.4B
806
$9.6B $10.4B $10.7B $9.8B $13.4B $11.6B $12.0B $12.1B $11.3B $12.1B $13.0B $13.1B $28.1B $37.6B $34.7B $38.4B $30.3B
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
86
State of Venture | Sector Spotlights | Fintech
$4.7B
$8.6B $5.1B
$1.2B
Q1 Q3 Q1 Q1 Q3 Q1 Q1 Q3 Q1 Q1 Q3 Q1
2021 2022 2021 2022 2021 2022 2021 2022
$0.4B
$0.3B
$0.1B
Q1 Q3 Q1 Q1 Q3 Q1 Q1 Q3 Q1
2021 2022 2021 2022 2021 2022
87
State of Venture | Sector Spotlights | Fintech
Australia, 1%
Africa, 5%
5% 6% 6% 5% 5% 7% 5% 6%
Canada, 2%
7% 7%
7% LatAm & Caribbean, 6%
20%
22% 23% 27% 20%
24% 24% 24% 23% 25%
28% 25% 24% 23% 20% 22% 20% Europe, 23%
27% 31%
30% 26% 26% 31% 24% 26%
22%
27% 26% 26% 25% 24% 25%
28% 27% Asia, 24%
40% 39% 39% 38% 38% 37% 39% 38% 38% 38% 38% US, 38%
36% 36% 36% 37% 34% 35%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
88
State of Venture | Sector Spotlights | Fintech
$32M
Average Size
$23M
$19M
$18M
$16M
Median Size
$5M $5M
$4M $4M
$3M
89
State of Venture | Sector Spotlights | Fintech
Early-stage deals continue to account for more than 60% of all deals
9% 8%
10% 12% Other, 11%
11% 12%
12% 11% Late-stage, 11%
90
State of Venture | Sector Spotlights | Fintech
Series C Insight Partners, Apis Partners, GIC, Smash Internet Software & Services
1 Coda Payments $690M 2022-04-15
$2.5B
Ventures
Singapore Internet
Payments
3.4%
Venture Capital Fidelity Investments, Marshall Wace Asset Internet Software & Services
2 Circle $400M 2022-04-12
N/A
Management, BlackRock, Fin Capital
United States Internet
Accounting & Finance
2.0%
Series E Bain Capital Tech Opportunities, Crestline Mobile & Mobile Software & Services
5 SumUp $312M 2022-06-23
$8.5B
Investors, btov Partners, BlackRock
United Kingdom
Telecommunications Payments
1.5%
Series C SoftBank Group, Accel, General Catalyst, Index Internet Software & Services
6 Remote $300M 2022-04-05
$3.0B
Ventures, Sequoia Capital
United States Internet
HR & Workforce Management
1.5%
Series D Coatue Management, Insight Partners, Accel, Internet Software & Services
6 Xendit $300M 2022-05-19
N/A
Kleiner Perkins Caufield & Byers, Amasia
Indonesia Internet
Payments
1.5%
91
State of Venture | Sector Spotlights | Fintech
244
216
176
48 48
36 36
New Unicorns, 20
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
92
State of Venture | Sector Spotlights | Fintech
928
M&A, 438
77
19 IPO, 16
SPAC, 5
2018 2019 2020 2021 2022
YTD
93
State of Venture | Sector Spotlights | Fintech
Fintech M&A exits drop 30% QoQ in Q2'22, the lowest count since Q3’20
257
246
237 234
M&A, 181
22 27
16 7
4 6 2 2 IPO, 9
SPAC, 3
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
94
State of Venture | Sector Spotlights | Fintech
95
Retail Tech
96
State of Venture | Sector Spotlights | Retail Tech
Retail tech sees $36.4B in funding across 1,611 deals so far in 2022
3,764
3,238 3,207
3,081
Funding
$36.4B
Deals
1,611
97
State of Venture | Sector Spotlights | Retail Tech
1,006
946 935
901
881 858 834 829
877 Funding
811 806
789
756 772 777 $13.2B
710 703
Deals
710
$13.8B $12.2B $11.8B $14.0B $17.2B $11.1B $10.9B $8.7B $8.7B $9.0B $11.4B $17.7B $25.1B $29.9B $27.5B $26.1B $23.2B
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
98
State of Venture | Sector Spotlights | Retail Tech
Retail tech funding drops QoQ in all major regions, except Australia
Q1 Q3 Q1 Q1 Q3 Q1 Q1 Q3 Q1 Q1 Q3 Q1
2021 2022 2021 2022 2021 2022 2021 2022
$155M
$62M $29M
Q1 Q3 Q1 Q1 Q3 Q1 Q1 Q3 Q1
2021 2022 2021 2022 2021 2022
99
State of Venture | Sector Spotlights | Retail Tech
Africa, 2%
Australia, 2%
Canada, 1%
20% 19%
17% 17%
18%
LatAm & Caribbean, 4%
22% 20% 20% 23% 24% 21% 23% 21%
22% 20% 19% 21% Europe, 25%
37%
37% 37% 40%
34% 39%
36% 35% 34% 35%
40% 35% 36% 39%
37% 40% 37%
Asia, 38%
37% 40%
36% 36% 37% 34% 35% 34% 34% 34%
30% 32% 31% 30% 30% 30%
28% US, 27%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
100
State of Venture | Sector Spotlights | Retail Tech
$38M
Average Size
$28M
$23M
$21M $21M
Median Size
$5M $5M
$3M $3M $3M
101
State of Venture | Sector Spotlights | Retail Tech
9% 8% 8%
10% Other, 11%
16% 16%
16% 18% Mid-stage, 16%
64%
63% 62% 60% Early-stage, 62%
102
State of Venture | Sector Spotlights | Retail Tech
Series A Bain Capital Ventures, Accel, General Catalyst, New Enterprise United Restaurants
4 Wonder $350M 2022-06-14
$3.5B
Associates, Forerunner Ventures States
Leisure
Other Restaurants
2.6%
Series E Bain Capital Tech Opportunities, Crestline Investors, btov United Mobile & Mobile Software & Services
5 SumUp $312M 2022-06-23
$8.5B
Partners, BlackRock Kingdom Telecommunications Payments
2.4%
Series C Asia Investment Capital, GGV Capital, Goldman Sachs Asset Machinery & Equipment
6 MEGAROBO $300M 2022-06-15
N/A
Management, Sinovation Ventures, Harvest Capital
China Industrials
Robotics
2.3%
Series F Dragoneer Investment Group, Andreessen Horowitz, DST Global, United Internet Software & Services
6 SpotOn $300M 2022-05-18
$3.6B
Franklin Templeton, Mubadala Investment Company States
Internet
Payments
2.3%
United
Series C SoftBank Group, B. Riley Venture Capital, Chimera Investments, E-Commerce
6 Kitopi $300M 2022-05-10
$1.6B
DisruptAD, Dogus Group
Arab Internet
Food & Grocery
2.3%
Emirates
Venture Capital Alpha Private Equity, Ceecat Capital, Revo Capital, European Mobile & Mobile Software & Services
9 Param $200M 2022-06-15
N/A
Bank for Reconstruction and Development (EBRD)
Turkey
Telecommunications Payments
1.5%
103
State of Venture | Sector Spotlights | Retail Tech
Retail tech experiences 13 unicorn births in Q2'22, bringing the total to 211
163
149
30
24 22 18
New Unicorns, 13
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
104
State of Venture | Sector Spotlights | Retail Tech
Retail tech sees less than half of 2021’s total M&A count in H1’22
754
M&A, 344
74
15 IPO, 14
SPAC, 4
2018 2019 2020 2021 2022
YTD
105
State of Venture | Sector Spotlights | Retail Tech
207
192
184
176
M&A, 160
25
18 15
10
1 4 6
1
IPO, 4
SPAC, 3
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
106
State of Venture | Sector Spotlights | Retail Tech
107
Digital Health
108
State of Venture | Sector Spotlights | Digital Health
Digital health funding reaches $17.6B across 1,255 deals in 2022 so far
3,107
2,564 2,564
2,466
Funding
$17.6B
Deals
1,255
109
State of Venture | Sector Spotlights | Digital Health
842
809
$4.9B $7.7B $7.5B $5.6B $4.5B $6.6B $4.9B $5.4B $6.7B $6.4B $8.9B $10.6B $12.6B $16.8B $13.8B $16.1B $10.5B
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
110
State of Venture | Sector Spotlights | Digital Health
Digital health funding drops QoQ in all major regions other than Europe
$4.8B
$1.1B $85M
$1.0B
Q1 Q3 Q1 Q1 Q3 Q1 Q1 Q3 Q1 Q1 Q3 Q1
2021 2022 2021 2022 2021 2022 2021 2022
$90M
$8M $9M
Q1 Q3 Q1 Q1 Q3 Q1 Q1 Q3 Q1
2021 2022 2021 2022 2021 2022
111
State of Venture | Sector Spotlights | Digital Health
US deal share ticks up QoQ in Q2’22, Europe and Asia deal share stay flat
Australia, 1%
5% Africa, 2%
15% Canada, 3%
15% 18%
18%
14%
18%
18% 16% 21%
LatAm & Caribbean, 2%
18% 20% 21% 18% 20% 19% 22% 19%
Europe, 19%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
112
State of Venture | Sector Spotlights | Digital Health
$25M
Average Size
$17M $17M
$15M
$11M
Median Size
$4M
$5M $5M
$3M $3M
113
State of Venture | Sector Spotlights | Digital Health
63% 65%
62%
59% Early-stage, 59%
114
State of Venture | Sector Spotlights | Digital Health
Series D Altimeter Capital, Coatue Management, Battery Ventures, Internet Software & Services
2 Reify Health $220M 2022-04-21
$4.8B
Adams Street Partners, Dragoneer Investment Group
United States Internet
Healthcare
3.1%
Series E Ontario Teachers' Pension Plan, Index Ventures, Dragoneer Internet Software & Services
3 Alan $193M 2022-05-05
$2.8B
Investment Group, EXOR, Ribbit Capital
France Internet
Accounting & Finance
2.7%
Series D SoftBank Group, Insight Partners, Spark Capital, Aspenwood Internet Software & Services
4 Clarify Health $150M 2022-04-05
$1.4B
Ventures, KKR
United States Internet
Health & Wellness
2.1%
Series C Buckley Ventures, Packy McCormick, Rahul Vohra, Scott Internet Software & Services
7 NexHealth $125M 2022-04-21
$1.0B
Belsky, Eric Glyman
United States Internet
Healthcare
1.8%
Series C Janus Henderson Investors, Endeavour Vision, Kaiser Internet Software & Services
9 IntelyCare $115M 2022-04-06
$1.1B
Permanente Ventures, Leeds Illuminate, Longitude Capital
United States Internet
HR & Workforce Management
1.6%
Series D Alpha Intelligence Capital, Tanmeya Capital Ventures, CDIB Software (non- Healthcare Software
10 Aidoc Medical $110M 2022-06-16
N/A
Capital International
Israel
internet/mobile) N/A
1.5%
115
State of Venture | Sector Spotlights | Digital Health
Eight new unicorn births in Q2’22 bring the total herd to 101
76
70
11 13
10 8
New Unicorns, 8
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
116
State of Venture | Sector Spotlights | Digital Health
M&A deals account for vast majority of digital health exits in H1’22
608
M&A, 227
78
18 IPO, 3
SPAC, 2
2018 2019 2020 2021 2022
YTD
117
State of Venture | Sector Spotlights | Digital Health
171
146 144
139
M&A, 83
23
18 19
4 5 6 2 SPAC, 2
IPO, 1
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
118
State of Venture | Sector Spotlights | Digital Health
119
Geographic Trends
120
US Trends
121
State of Venture | Geographic Trends | US Trends
12,374
10,947
10,616
9,941
Funding
$123.0B
Deals
6,079
122
State of Venture | Geographic Trends | US Trends
3,333 3,381
3,168 Funding
2,985
2,771
2,876 2,790 2,757 2,800 2,888 $52.9B
2,716
2,510 2,549 2,538 2,583 Deals
2,343 2,271 2,698
$26.9B $28.2B $35.5B $42.5B $33.8B $33.4B $33.1B $28.1B $32.5B $32.5B $40.9B $44.2B $71.2B $71.0B $76.3B $91.4B $70.1B
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
123
State of Venture | Geographic Trends | US Trends
Early-stage deals continue to account for more than 50% of deals in the US
20% 17%
20% 22% Other, 24%
11%
12% 10%
9%
Late-stage, 10%
14% 16%
13% 14%
Mid-stage, 13%
124
State of Venture | Geographic Trends | US Trends
Venture Capital The Rise Fund, Climate Adaptive Infrastructure, United Renewables
3 Intersect Power $750M 2022-06-28
N/A
Trilantic Capital Partners States
Energy & Utilities
Infrastructure
1.4%
Series B Sam Bankman-Fried, Jaan Tallinn, James McClave, United Software (non- Operating Systems & Utility Software
6 Anthropic $580M 2022-04-29
N/A
The Center for Emerging Risk, Caroline Ellison States internet/mobile) N/A
1.1%
Venture Capital Fidelity Investments, Marshall Wace Asset United Internet Software & Services
9 Circle $400M 2022-04-12
N/A
Management, BlackRock, Fin Capital States
Internet
Accounting & Finance
0.8%
125
State of Venture | Geographic Trends | US Trends
IPOs, SPACs, and M&A exits all below half of 2021 total in H1’22
4,612
M&A, 2,138
249
104 IPO, 39
SPAC, 16
2018 2019 2020 2021 2022
YTD
126
State of Venture | Geographic Trends | US Trends
1,212 1,210
1,139
1,113
M&A, 928
73 70 60 23
21 32 28 11 IPO, 16
SPAC, 5
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
127
State of Venture | Geographic Trends | US Trends
128
State of Venture | Geographic Trends | US Trends
$40M
Median Valuation, $42M
$36M $34M
$31M
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
129
State of Venture | Geographic Trends | US Trends
$279M $270M
$245M $250M
Median Valuation, $265M
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
130
State of Venture | Geographic Trends | US Trends
$1.5B $1.6B
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
131
State of Venture | Geographic Trends | US Trends
Median change in valuation between financing rounds rises QoQ to hit 230%
Median Change
in Valuation
230%
210% 210% 210% 210%
200%
150%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
132
Silicon Valley
133
State of Venture | Geographic Trends | Silicon Valley
801 788
730 742 Funding
719
688 687
640 633 642
670 $16.6B
626 626
600
551
579 Deals
531
606
$11.6B $10.3B $14.2B $24.7B $12.2B $13.7B $12.8B $10.4B $13.3B $12.4B $13.4B $12.4B $25.7B $22.9B $27.4B $28.9B $28.1B
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
134
State of Venture | Geographic Trends | Silicon Valley
10% 8% 10% 7%
Other, 12%
11% 12%
11% 11%
Late-stage, 9%
19%
20% 20% 23% Mid-stage, 20%
62%
59% 60% 58% Early-stage, 59%
135
State of Venture | Geographic Trends | Silicon Valley
Series B Sam Bankman-Fried, Jaan Tallinn, James McClave, Operating Systems & Utility Software
2 Anthropic $580M 2022-04-29
N/A
The Center for Emerging Risk, Caroline Ellison
Software (non-internet/mobile)
N/A
3.5%
Series G E-Commerce
3 Faire $416M 2022-05-10
$12.6B Sequoia Capital, Y Combinator, Internet
Marketplace
2.5%
Series C Abu Dhabi Growth Fund, Temasek, Norwest Venture Meat, Fish, Seafood & Alternative Proteins
4 UPSIDE Foods $400M 2022-04-21
$1.0B
Partners, Bill Gates, CPT Capital
Food & Beverages
N/A
2.4%
Series C SoftBank Group, Accel, General Catalyst, Index Internet Software & Services
5 Remote $300M 2022-04-05
$3.0B
Ventures, Sequoia Capital
Internet
HR & Workforce Management
1.8%
136
New York
137
State of Venture | Geographic Trends | New York
New York quarterly funding drops to its lowest level since 2020
530 526
470 480 Deals
436
424
406 406 416
387 375 380
366 365
339 347
338
315 Funding
$6.4B
$3.0B $3.5B $6.8B $2.7B $6.4B $5.0B $4.9B $3.5B $4.0B $3.8B $5.0B $5.7B $11.6B $11.4B $13.3B $18.0B $11.7B
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
138
State of Venture | Geographic Trends | New York
139
State of Venture | Geographic Trends | New York
140
Los Angeles
141
State of Venture | Geographic Trends | Los Angeles
274 Funding
263
233
$4.4B
229
212 209 214 211 216 213 211
204 203
Deals
182 180
172 206
157
$2.2B $2.2B $1.9B $2.3B $2.9B $2.8B $3.3B $3.1B $3.3B $1.5B $7.4B $2.9B $6.4B $6.1B $5.8B $5.2B $5.0B
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
142
State of Venture | Geographic Trends | Los Angeles
16%
21% 22% 23%
Other, 19%
9%
Late-stage, 10%
12% 11% 10%
13%
Mid-stage, 11%
13% 12% 12%
143
State of Venture | Geographic Trends | Los Angeles
Series B 3L, Assembly Ventures, Dan Doctoroff, Mobile Software & Services
3 Metropolis $167M 2022-06-15
N/A
Dragoneer Investment Group, Eldridge
Mobile & Telecommunications
Location-Based & Navigation
3.8%
Series C Silver Lake, New Enterprise Associates, Bond, Mobile Software & Services
5 Genies $150M 2022-04-12
$1.0B
Tamarack Global
Mobile & Telecommunications
Social
3.4%
144
Boston
145
State of Venture | Geographic Trends | Boston
$3.2B $3.6B $3.9B $3.0B $3.3B $2.6B $2.3B $2.1B $3.8B $3.8B $3.5B $3.8B $7.9B $7.4B $7.0B $9.1B $4.6B
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
146
State of Venture | Geographic Trends | Boston
13%
17% 17% 17%
Other, 26%
10%
12% 10%
14%
Late-stage, 9%
24%
18% 21%
19%
Mid-stage, 18%
147
State of Venture | Geographic Trends | Boston
Venture Capital Fidelity Investments, Marshall Wace Asset Internet Software & Services
1 Circle $400M 2022-04-12
N/A
Management, BlackRock, Fin Capital
Internet
Accounting & Finance
7.9%
Series F TPG Capital, Cap Table Coalition, Neuberger Internet Software & Services
4 Salsify $200M 2022-04-13
$2.0B
Berman, Permira
Internet
Content Management
3.9%
148
Seattle
149
State of Venture | Geographic Trends | Seattle
Funding
103 $1.8B
101
96 95
87 90 89
86
79 82 81 82
71 70 72
69
65
Deals
73
$0.3B $1.1B $0.7B $0.6B $0.7B $0.8B $0.7B $1.0B $0.5B $1.2B $1.1B $1.0B $1.6B $1.7B $1.5B $2.4B $1.4B
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
150
State of Venture | Geographic Trends | Seattle
Mid- and late-stage deals account for less than a fifth of deals
151
State of Venture | Geographic Trends | Seattle
152
Denver
153
State of Venture | Geographic Trends | Denver
Funding
$1.9B
95 93
90 89
87 87
84
81 80
73 Deals
71
67 68 68 68 80
62 61
$0.4B $0.4B $0.6B $0.3B $0.2B $0.5B $0.3B $0.6B $0.4B $1.0B $0.3B $1.0B $1.0B $1.3B $0.7B $0.9B $0.9B
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
154
State of Venture | Geographic Trends | Denver
19% 21%
25%
30% Other, 32%
8%
9%
10%
13% 7%
12% Late-stage, 7%
13% 16%
Mid-stage, 14%
60% 59%
50% 49% Early-stage, 47%
155
State of Venture | Geographic Trends | Denver
156
DC
157
State of Venture | Geographic Trends | DC
114 115
104
90 88 90 89 89
86 85 Deals
78 80
72 75 74
70
58 59
Funding
$927M
$890M $602M $695M $807M $485M $475M $574M $503M $514M $798M $453M $4,406M $1,551M $1,379M $1,167M $1,231M $1,037M
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
158
State of Venture | Geographic Trends | DC
Mid-stage, 8%
159
State of Venture | Geographic Trends | DC
160
Chicago
161
State of Venture | Geographic Trends | Chicago
94
89 88
83 82 80
78 76 Deals
72
70 70
66
70 68 68
62 63
52 Funding
$662M
$481M $440M $548M $732M $614M $532M $499M $414M $512M $391M $761M $1,169M $1,475M $1,995M $1,437M $1,726M $1,363M
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
162
State of Venture | Geographic Trends | Chicago
20%
26% 24% 25%
Other, 34%
13%
9% 10% 8%
Mid-stage, 10%
163
State of Venture | Geographic Trends | Chicago
Venture Capital August Capital, QED Investors, Shell Mobile Software & Services
5 Amount $36M 2022-04-20
N/A
Ventures
Mobile & Telecommunications
Accounting & Finance
5.4%
164
Dallas
165
State of Venture | Geographic Trends | Dallas
56
54
46 45 46 Deals
43
40
42 42 42
40 40 41
39
37
34 35
32
Funding
$402M
$121M $143M
$76M
$164M $196M $536M $303M $363M $738M $263M $502M $488M $400M $995M $354M $1,920M $2,164M
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
166
State of Venture | Geographic Trends | Dallas
20%
15%
12% 9%
14% Late-stage, 20%
15%
10%
7% 11% Mid-stage, 6%
56%
39% 38%
42% Early-stage, 41%
167
State of Venture | Geographic Trends | Dallas
168
Austin
169
State of Venture | Geographic Trends | Austin
Q2’22 funding falls below $1B for the first time since Q1’21
103
86 Funding
76 74
79 79 $882M
72 73
65 65 65 63
59 60 57
Deals
55 55
65
$695M $469M $533M $295M $757M $372M $642M $340M $556M $380M $410M $738M $651M $1,891M $1,221M $1,652M $1,658M
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
170
State of Venture | Geographic Trends | Austin
14% 17%
19% 19%
Other, 26%
9%
10% 11%
12%
17% Late-stage, 10%
13% 13%
11%
Mid-stage, 12%
171
State of Venture | Geographic Trends | Austin
Series A Benchmark, Bow Ventures, WestCap Group, Internet Software & Services
2 Mothership $76M 2022-05-11
N/A
Douglas Stotlar
Internet
Supply Chain & Logistics
8.6%
Series B Gigafund, Trust Ventures, American Family Internet Software & Services
3 Sana Benefits $60M 2022-06-15
N/A
Ventures, Breyer Capital, Jam Fund
Internet
Accounting & Finance
6.8%
172
Miami
173
State of Venture | Geographic Trends | Miami
Q2’22 Miami funding is up slightly from last quarter, deals remain elevated
Deals
84
81
75
72
Funding
$1,160M
51
46 47 48
43 44
39 39 41
38 37 36
33
24
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
174
State of Venture | Geographic Trends | Miami
10% Late-stage, 9%
17%
19% 12% Mid-stage, 7%
8%
8%
8%
6%
175
State of Venture | Geographic Trends | Miami
176
Atlanta
177
State of Venture | Geographic Trends | Atlanta
74
66
58 58
53
Deals
48 49 49
46 47 45
44
42 42
39 Funding
37
35
32
$459M
$79M
$151M $431M $464M $284M $358M $395M $151M $684M $181M $333M $929M $1,258M $996M $786M $529M $587M
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
178
State of Venture | Geographic Trends | Atlanta
14%
22% 24%
27% Other, 27%
16%
10% 9%
8% Mid-stage, 7%
60%
54% 55%
49% Early-stage, 49%
179
State of Venture | Geographic Trends | Atlanta
180
Philadelphia
181
State of Venture | Geographic Trends | Philadelphia
86
81
Deals
72 71 72
69
Funding
51 53 52 51 $806M
50
44 44 43
38 39
36
32
$435M $490M $244M $422M $344M $336M $1,343M $359M $168M $344M $561M $632M $1,867M $1,679M $1,578M $878M $1,507M
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
182
State of Venture | Geographic Trends | Philadelphia
Early-stage deals continue to account for more than half of all deals
21% 21%
29% 28% Other, 25%
7%
14% Late-stage, 8%
7% 10%
13%
Mid-stage, 8%
12% 14%
8%
63%
Early-stage, 59%
51% 53% 51%
183
State of Venture | Geographic Trends | Philadelphia
184
Raleigh
185
State of Venture | Geographic Trends | Raleigh
Funding
$2,240M
42
38 39 38
37 36 37
35
33 33 32
31
28 28 28
Deals
23 28
21
$134M
$309M $587M $265M $1,413M $438M $464M $39M $369M $158M $223M $1,902M $450M $1,194M $776M $453M $203M
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
186
State of Venture | Geographic Trends | Raleigh
6%
10% 10%
Late-stage, 11%
18% 12%
8% 9%
Mid-stage, 9%
11%
187
State of Venture | Geographic Trends | Raleigh
Series C Biotechnology
3 Baebies $38M 2022-05-03
N/A Illumina Ventures, IAG Capital Partners Healthcare
N/A
1.7%
188
Canada Trends
189
State of Venture | Geographic Trends | Canada Trends
Canada sees funding hit $6B in H1’22, more than half of last year’s total
824
699 708
647
Funding
$6.0B
Deals
383
190
State of Venture | Geographic Trends | Canada Trends
219 224
215
204 200
188 190 Funding
180 175 177
168 170 170 $2.0B
163 163
152
144 Deals
159
$1.1B $0.9B $0.5B $1.0B $0.8B $1.0B $1.3B $1.5B $0.7B $0.9B $0.9B $0.4B $2.3B $4.2B $2.9B $2.4B $4.0B
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
191
State of Venture | Geographic Trends | Canada Trends
Early-stage deals continue to account for more than 60% of all deals
192
State of Venture | Geographic Trends | Canada Trends
Series C Valar Ventures, Altos Ventures, Maple VC, Blank Mobile Software & Services
4 Neo Financial $145M 2022-05-05
$785M
Ventures, Knollwood Investment Advisory
Mobile & Telecommunications
Accounting & Finance
7.3%
Series B B Capital Group, Gaingels, Inovia Capital, Moxxie Internet Software & Services
9 Certn $50M 2022-05-10
N/A
Ventures, Scribble Ventures
Internet
Compliance
2.5%
193
State of Venture | Geographic Trends | Canada Trends
Canada sees 227 M&A exits in H1’22, IPOs lag 2021’s pace
473
M&A, 227
39
2 IPO, 9
SPAC, 2
2018 2019 2020 2021 2022
YTD
194
State of Venture | Geographic Trends | Canada Trends
127
123
115
105
M&A, 100
15
12
4 5
1 1 1 IPO, 4
SPAC, 1
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
195
State of Venture | Geographic Trends | Canada Trends
2 BDC Capital 6 VC
2 Inovia Capital 6 VC
6 Garage Capital 5 VC
6 N49P 5 VC
196
Toronto
197
State of Venture | Geographic Trends | Toronto
84
78
70 71 71
65
64 Deals
59
56 56
52 52 50
48 49 48
45 Funding
38
$620M
$308M $295M $302M $251M $360M $248M $413M $368M $252M $122M $228M $157M $710M $1,603M $1,130M $650M $1,703M
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
198
State of Venture | Geographic Trends | Toronto
10% Late-stage, 5%
9% 7%
10% Mid-stage, 10%
8% 6% 11%
6%
199
State of Venture | Geographic Trends | Toronto
Series B CRV, Insight Partners, Accel, Heavybit, Uncork Internet Software & Services
2 Tailscale $78M 2022-05-04
N/A
Capital
Internet
Networking & Connectivity
12.6%
Series B ACME Capital, Crosslink Capital, Gaingels, HR & Workforce Management Software
3 Forma AI $45M 2022-05-17
N/A
Golden Ventures, Uncork Capital
Software (non-internet/mobile)
N/A
7.3%
200
Vancouver
201
State of Venture | Geographic Trends | Vancouver
Vancouver quarterly funding and deals fall to lowest level since Q4'20
35 35
34
33
30
29
28
27
26 Deals
25
24
23 22
22
21 21
20
19
Funding
$116M
$137M $100M $99M $66M $118M $213M $158M $147M $161M $207M $231M $79M $506M $971M $865M $287M $226M
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
202
State of Venture | Geographic Trends | Vancouver
18% 17%
29% Other, 29%
Late-stage, 6%
12%
13%
13%
Mid-stage, 4%
10%
9%
6%
57%
Early-stage, 61%
55%
49%
37%
203
State of Venture | Geographic Trends | Vancouver
204
Asia Trends
205
State of Venture | Geographic Trends | Asia Trends
Asia sees funding reach $62.8B at 2022 midpoint, just 35% of 2021’s total
12,552
10,525
9,349
8,727
Funding
$62.8B
Deals
5,528
206
State of Venture | Geographic Trends | Asia Trends
3,830
3,350
2,838
2,970 2,898 Funding
2,756
2,616 $27.0B
2,363 2,354 2,365 2,411 2,369 2,423 2,420 Deals
2,204 2,630
1,907 1,977
$22.6B $45.7B $28.9B $25.4B $22.4B $18.4B $19.0B $17.0B $17.6B $16.3B $29.6B $33.5B $36.9B $37.8B $50.1B $55.4B $35.8B
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
207
State of Venture | Geographic Trends | Asia Trends
6% 5% 8% Other, 4%
208
State of Venture | Geographic Trends | Asia Trends
Series J CPP Investments, Baillie Gifford & Co., Sofina, Mobile & Mobile Software & Services
1 VerSe Innovation $805M 2022-04-06
$5.0B
Luxor Capital Group
India
Telecommunications Content Management
3.0%
Series C Insight Partners, Apis Partners, GIC, Smash Internet Software & Services
2 Coda Payments $690M 2022-04-15
$2.5B
Ventures
Singapore Internet
Payments
2.6%
Series B GAC Capital, Utrust, Lanpu Venture Capital, Chips & Semiconductors
3 CanSemi $671M 2022-06-30
N/A
Science City Group, Baic Capital
China Electronics
Semiconductors: Analog Chips
2.5%
Series D Coatue Management, Insight Partners, Accel, Internet Software & Services
6 Xendit $300M 2022-05-19
N/A
Kleiner Perkins Caufield & Byers, Amasia
Indonesia Internet
Payments
1.1%
209
State of Venture | Geographic Trends | Asia Trends
1,091
M&A, 583
417
IPO, 197
8
SPAC, 8
2018 2019 2020 2021 2022
YTD
210
State of Venture | Geographic Trends | Asia Trends
Asia sees a bump in SPACs in Q2’22 while IPOs and M&A exits dip
342
324
300
116
96 96 101
IPO, 96
3 3 2 3
SPAC, 5
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
211
State of Venture | Geographic Trends | Asia Trends
10 K2VC 17 VC China
212
State of Venture | Geographic Trends | Asia Trends
Median early-stage valuation in Asia dips after recent high last quarter
$30M
Median Valuation, $25M
$19M
$16M $15M
Bottom Quartile, $14M
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
213
State of Venture | Geographic Trends | Asia Trends
$694M
$570M
$500M Top Quartile, $575M
$320M
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
214
State of Venture | Geographic Trends | Asia Trends
215
State of Venture | Geographic Trends | Asia Trends
150% 150%
120%
100% 100%
90%
85%
Median Change
75% 75%
in Valuation
65%
60% 60% 60% 60%
50% 50% 50% 50%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
216
China
217
State of Venture | Geographic Trends | China
China sees deals slip slightly in Q2’22 as funding drops 34% QoQ
2,273
1,858
1,722
1,504
1,346 1,384 1,374 1,347
1,246 1,223 1,264
1,105 1,128 1,143 Deals
978 958 945
763
Funding
$8.3B
$16.7B $37.6B $21.4B $14.6B $12.0B $11.3B $9.9B $7.7B $8.3B $8.6B $16.8B $24.2B $22.6B $17.8B $25.9B $27.6B $12.6B
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
218
State of Venture | Geographic Trends | China
7% 6% 5% Other, 2%
11% Late-stage, 9%
10% 11% 13%
15%
Mid-stage, 20%
16% 17%
22%
21%
219
State of Venture | Geographic Trends | China
220
India
221
State of Venture | Geographic Trends | India
Deals
325 331 403
295 300 301 308 295 301
269 275 264
217 232
214
$2.0B $2.4B $3.2B $2.5B $3.0B $2.4B $3.2B $4.2B $3.6B $0.9B $7.8B $3.1B $4.1B $6.1B $9.8B $10.0B $8.0B
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
222
State of Venture | Geographic Trends | India
5% Other, 5%
13%
14% 14% 12% Late-stage, 14%
10%
12% 12% Mid-stage, 11%
14%
74%
70% 68% 71% Early-stage, 70%
223
State of Venture | Geographic Trends | India
Series J CPP Investments, Baillie Gifford & Mobile Software & Services
1 VerSe Innovation $805M 2022-04-06
$5.0B
Co., Sofina, Luxor Capital Group
Mobile & Telecommunications
Content Management
12.2%
Private Equity Temasek, ETS, Lupa Systems, Mittal Internet Software & Services
5 upGrad $225M 2022-06-15
$2.3B
Family Office, Lakshmi Mittal
Internet
Education & Training
3.4%
224
Israel
225
State of Venture | Geographic Trends | Israel
140
Funding
130 $2.4B
123
112 113 Deals
107
101 100 118
91 90
85 87 85
80 80 79
76
$0.4B $0.7B $0.6B $0.9B $1.0B $0.8B $0.9B $1.3B $0.8B $1.4B $1.0B $1.5B $2.2B $2.7B $2.3B $3.4B $3.0B
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
226
State of Venture | Geographic Trends | Israel
7% Other, 3%
12% 10% 12% Late-stage, 11%
11%
17% 19%
21% Mid-stage, 21%
24%
227
State of Venture | Geographic Trends | Israel
Seed VC Group 11, Dynamic Loop Capital, Pitango Venture Internet Software & Services
4 Masterschool $100M 2022-05-18
N/A
Capital, Target Global, Sir Ronald Cohen
Internet
Education & Training
4.1%
228
Singapore
229
State of Venture | Geographic Trends | Singapore
Funding
$2.3B
156 159
138 141
126
114 118 Deals
101 103 101 123
93 89 91
85 82 80
71
$0.4B $2.0B $1.4B $1.6B $2.3B $0.8B $1.0B $0.3B $1.4B $1.1B $0.7B $0.7B $0.9B $2.6B $2.5B $2.4B $2.1B
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
230
State of Venture | Geographic Trends | Singapore
5% 6% Other, 2%
7% Late-stage, 9%
13% 11% 7%
231
State of Venture | Geographic Trends | Singapore
Series C Insight Partners, Apis Partners, GIC, Internet Software & Services
1 Coda Payments $690M 2022-04-15
$2.5B
Smash Ventures
Internet
Payments
30.3%
Series A IT Services
2 Envision Digital $210M 2022-06-07
N/A Sequoia Capital China, GIC Computer Hardware & Services
IT Solutions & Software Development
9.2%
Series B Biotechnology
3 RVAC Medicines $140M 2022-04-26
N/A CBC Group, EDBI, Pavilion Capital, GS Healthcare
N/A
6.1%
232
Japan
233
State of Venture | Geographic Trends | Japan
Deals reach new high as Japan sees third consecutive quarter of growth
Deals
338
315
305
297
284 Funding
272 274 273
251 256 $1,060M
234 237 237 238
221
201
171
150
$652M $670M $744M $507M $415M $636M $1,093M $787M $732M $743M $901M $620M $1,643M $1,070M $1,419M $858M $902M
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
234
State of Venture | Geographic Trends | Japan
8%
Other, 11%
235
State of Venture | Geographic Trends | Japan
236
Europe Trends
237
State of Venture | Geographic Trends | Europe Trends
Europe sees $48.9B in funding in H1’22, more than half of 2021’s total
7,001
5,778 5,917
5,642
Funding
$48.9B
Deals
3,553
238
State of Venture | Geographic Trends | Europe Trends
1,848
Funding
1,834 1,830
$22.7B
1,685 1,652 Deals
1,567 1,528
1,518
1,459 1,440 1,448
1,509 1,705
1,361 1,374 1,385 1,371 1,377
$7.2B $7.1B $6.9B $6.3B $10.8B $10.8B $9.6B $8.9B $8.1B $8.2B $11.1B $11.6B $19.6B $30.6B $23.1B $22.2B $26.2B
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
239
State of Venture | Geographic Trends | Europe Trends
8% 9% 10% Mid-stage, 9%
7%
240
State of Venture | Geographic Trends | Europe Trends
Series D Astorg Partners, Beyond Net Zero, GIC, Internet Software & Services
4 EcoVadis $500M 2022-06-14
$1.0B
Princeville Global
France Internet
Information Providers & Portals
2.2%
Venture Capital Advent International, General Catalyst, Insight Software (non- Science & Engineering
5 SonarSource $412M 2022-04-26
$4.7B
Partners, Permira
Switzerland
internet/mobile) N/A
1.8%
Series A Renewables
9 newcleo $316M 2022-06-20
N/A Undisclosed Investors United Kingdom Energy & Utilities
Other Renewables
1.4%
Series E Bain Capital Tech Opportunities, Crestline Mobile & Mobile Software & Services
10 SumUp $312M 2022-06-23
$8.5B
Investors, btov Partners, BlackRock
United Kingdom
Telecommunications Payments
1.4%
241
State of Venture | Geographic Trends | Europe Trends
3,718
M&A, 2,057
183
12
IPO, 37
SPAC, 6
2018 2019 2020 2021 2022
YTD
242
State of Venture | Geographic Trends | Europe Trends
M&A deals remain elevated in Q2’22 as IPOs tumble from last year’s high
1,049
1,007
934 M&A, 1,008
898
62 37 52 22
4 5 3 IPO, 15
SPAC, 3
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
243
State of Venture | Geographic Trends | Europe Trends
2 Speedinvest 21 VC Austria
244
State of Venture | Geographic Trends | Europe Trends
$20M
$18M
$14M
$10M $11M
Q1 Q2 Q3 Q4 Q1 Q2
2021 2022
245
State of Venture | Geographic Trends | Europe Trends
$1,000M
$886M Top Quartile, $1,000M
$565M
$500M Median Valuation, $622M
Q1 Q2 Q3 Q4 Q1 Q2
2021 2022
246
State of Venture | Geographic Trends | Europe Trends
$1,675M
$443M
247
State of Venture | Geographic Trends | Europe Trends
195% 195%
160%
135%
Median Change
100%
in Valuation
80%
Q1 Q2 Q3 Q4 Q1 Q2
2021 2022
248
United Kingdom
249
State of Venture | Geographic Trends | United Kingdom
Funding and deals to UK startups fall from all-time highs last quarter
Funding
$7.1B
536
506 495
471 485
Deals
392 390 397 397 387
414 478
364 365 356
349 348 345
$1.7B $2.5B $2.8B $2.2B $4.2B $4.1B $3.0B $3.0B $3.2B $2.6B $3.3B $4.1B $7.1B $7.7B $7.7B $6.9B $9.0B
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
250
State of Venture | Geographic Trends | United Kingdom
12%
9% 12% 9% Other, 9%
14%
12%
14% Late-stage, 13%
18%
9% 10% 10% Mid-stage, 11%
8%
251
State of Venture | Geographic Trends | United Kingdom
Series A Renewables
4 newcleo $316M 2022-06-20
N/A Undisclosed Investors Energy & Utilities
Other Renewables
4.4%
Series E Bain Capital Tech Opportunities, Crestline Mobile Software & Services
5 SumUp $312M 2022-06-23
$8.5B
Investors, btov Partners, BlackRock
Mobile & Telecommunications
Payments
4.4%
252
Germany
253
State of Venture | Geographic Trends | Germany
Funding is up 21% from last quarter as deals fall, indicating larger average
deal size in Q2'22
232
215 212 Funding
186 188 186 191 194 193 196 $3.5B
175 170 168
177 Deals
155 149 186
142
$1.7B $0.8B $0.8B $1.0B $1.2B $1.3B $2.3B $1.4B $1.0B $1.4B $1.8B $1.6B $2.6B $5.7B $2.9B $6.0B $2.9B
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
254
State of Venture | Geographic Trends | Germany
9% 7% 6% Other, 4%
Mid-stage, 13%
11% 13% 14%
11%
255
State of Venture | Geographic Trends | Germany
Series C Sofina, SoftBank Group, HV Capital, Molten Internet Software & Services
5 CoachHub $200M 2022-06-14
N/A
Ventures, Signals Venture Capital
Internet
Education & Training
5.8%
256
France
257
State of Venture | Geographic Trends | France
Funding and deals dip in Q2'22, but remain elevated compared to pre-2021
levels
Funding
$3.4B
259
243
228 Deals
211 214 215 212 246
201 199 200
180 186 184
171 178
153
140
$1.0B $1.4B $1.0B $0.9B $1.5B $1.5B $1.0B $1.0B $1.6B $1.2B $1.2B $1.3B $1.7B $4.0B $3.8B $2.6B $4.7B
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
258
State of Venture | Geographic Trends | France
11% 11%
11%
Late-stage, 10%
13%
9%
9% Mid-stage, 9%
9%
8%
259
State of Venture | Geographic Trends | France
Series D Astorg Partners, Beyond Net Zero, GIC, Internet Software & Services
1 EcoVadis $500M 2022-06-14
$1.0B
Princeville Global
Internet
Information Providers & Portals
14.9%
Series E Andera Partners, Societe Generale Capital HR & Workforce Management Software
5 HR Path $119M 2022-05-11
N/A
Partenaires
Software (non-internet/mobile)
N/A
3.5%
260
Netherlands
261
State of Venture | Geographic Trends | Netherlands
98 Deals
86 88
85
74 74
66 67 Funding
62 62
58 59 59 57 55 57 $1,112M
53 52
$174M $192M $152M $252M $316M $180M $381M $401M $231M $232M $770M $617M $1,062M $2,231M $2,417M $842M $891M
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
262
State of Venture | Geographic Trends | Netherlands
Mid- and late-stage deals capture smaller shares in 2022 YTD vs. 2021
263
State of Venture | Geographic Trends | Netherlands
264
Sweden
265
State of Venture | Geographic Trends | Sweden
Sweden’s deal count grows for the first time since Q2’21
160
137
126
121 Deals
114 111 112
105 107 107
97
91 90 89 92
80 77 80
Funding
$1,135M
$671M $423M $334M $386M $687M $1,166M $766M $353M $844M $313M $1,713M $625M $2,144M $4,618M $848M $718M $743M
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
266
State of Venture | Geographic Trends | Sweden
9% 10%
12% 14% Other, 13%
8% 9%
11% 8% Late-stage, 10%
9%
9%
6%
14% Mid-stage, 11%
267
State of Venture | Geographic Trends | Sweden
Series C Verdane Capital, Creades, EQT Ventures, M2 Asset Internet Software & Services
1 Instabox $190M 2022-04-21
$1.0B
Management, Nineyards Equity
Internet
Supply Chain & Logistics
16.7%
268
LatAm & Caribbean
Trends
269
State of Venture | Geographic Trends | LatAm & Caribbean Trends
H1’22 funding is just a quarter of last year’s record total, but nearly
matches 2020 total
991
608 Deals
550 562
532
Funding
$5.3B
270
State of Venture | Geographic Trends | LatAm & Caribbean Trends
308
294
264 Deals
220
224
213
177
162 168 Funding
154 156
135
145 137 144 $2.3B
124
105 113
$0.2B
$0.6B $0.6B $1.0B $0.8B $1.8B $1.7B $1.0B $0.7B $1.3B $1.8B $1.5B $2.2B $7.4B $6.6B $4.1B $3.0B
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
271
State of Venture | Geographic Trends | LatAm & Caribbean Trends
272
State of Venture | Geographic Trends | LatAm & Caribbean Trends
Series C SoftBank Latin America Fund, Base10 Partners, Broadhaven Software (non- Supply Chain & Logistics Software
3 Nowports $150M 2022-05-24
$1.1B
Capital Partners, Foundation Capital, Monashees+
Mexico
internet/mobile) N/A
6.4%
Series B Avenir Growth Capital, Kaszek Ventures, Battery Ventures, Internet Software & Services
4 Xepelin $111M 2022-05-02
N/A
DST Global, Carlos Garcia Ottati
Chile Internet
Accounting & Finance
4.8%
Series B Clocktower Technology Ventures, DILA Capital, Kaszek Internet Software & Services
5 Kushki $100M 2022-06-07
$1.5B
Ventures, SoftBank Latin America Fund
Ecuador Internet
Payments
4.3%
Series C General Atlantic, Acrew Capital, International Finance Mobile & Mobile Software & Services
8 Klar $70M 2022-06-09
N/A
Corporation, Mouro Capital, Prosus Ventures
Mexico
Telecommunications Accounting & Finance
3.0%
Series C The Lightsmith Group, TPG Alternative & Renewable Internet Software & Services
10 Solinftec $60M 2022-05-02
N/A
Technologies, Unbox Capital
Brazil Internet
Collaboration & Project Management
2.6%
273
State of Venture | Geographic Trends | LatAm & Caribbean Trends
LatAm & Caribbean see 263 M&A exits in 2022 YTD, SPACs and IPOs fall to
zero
504
M&A, 263
17
1 SPAC, 0
IPO, 0
2018 2019 2020 2021 2022
YTD
274
State of Venture | Geographic Trends | LatAm & Caribbean Trends
163
153
147
111
M&A, 110
8
5 1 2 SPAC, 0
IPO, 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
275
State of Venture | Geographic Trends | LatAm & Caribbean Trends
6 Canary VC 5 VC Brazil
6 Monashees+ 5 VC Brazil
10 ONEVC 4 VC Brazil
276
Mexico
277
State of Venture | Geographic Trends | Mexico
52
43
40 39 40
31
Funding
29 $508M
26 25 25
23
19
Deals
17 23
15 14 15
11
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
278
State of Venture | Geographic Trends | Mexico
Other, 2%
5% 10% Late-stage, 2%
7% 11% Mid-stage, 13%
8% 10%
9%
89%
81% 79%
Early-stage, 84%
77%
279
State of Venture | Geographic Trends | Mexico
Series B IDC Ventures, Dalus Capital, IGNIA, AI8 Internet Software & Services
5 UnDosTres $30M 2022-06-30
N/A
Ventures, Telegraph Hill Group
Internet
Payments
5.9%
280
Brazil
281
State of Venture | Geographic Trends | Brazil
164
153 156
129 Deals
114
118
102 99
97
89 92
86
75 75
68 68
61
44 Funding
$900M
$262M
$346M $101M $322M $844M $599M $1,003M $607M $496M $1,023M $1,140M $1,201M $1,803M $4,814M $2,372M $2,251M $1,518M
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
282
State of Venture | Geographic Trends | Brazil
10% 9% 8% Other, 6%
12%
6% 10% Mid-stage, 7%
7%
9%
283
State of Venture | Geographic Trends | Brazil
Series C QED Investors, Valor Capital Group, VEF, Internet Software & Services
1 Solfacil $100M 2022-04-11
N/A
SoftBank Group
Internet
Environment
11.1%
Series C The Lightsmith Group, TPG Alternative & Internet Software & Services
4 Solinftec $60M 2022-05-02
N/A
Renewable Technologies, Unbox Capital
Internet
Collaboration & Project Management
6.7%
284
Colombia
285
State of Venture | Geographic Trends | Colombia
33
Deals
23
20
18
17 17
16 16 16
15 Funding
$389M
11 11
10 10 10
6
5
4
$53M $58M
$23M $37M
$188M $9M $220M $13M $72M $1,036M $11M $354M $63M $247M $768M $289M $470M
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
286
State of Venture | Geographic Trends | Colombia
Mid-stage deal share shrinks as early- and late-stage deal shares grow
5% 8%
12%
Other, 7%
5% Late-stage, 4%
11%
10% 28%
Mid-stage, 16%
88%
79%
74% 71% Early-stage, 73%
287
State of Venture | Geographic Trends | Colombia
Series A Accel, Propel Venture Partners, Alex Bouaziz, Internet Software & Services
5 Truora $15M 2022-04-08
$75M
Angela Borrero, Brian Requarth
Internet
Compliance
3.9%
288
Argentina
289
State of Venture | Geographic Trends | Argentina
22
20
Deals
16 16
14
12 12
10 10
9 9
8 8
7 7
Funding
5 $92M
4
3
$39M
$18M $17M $9M $12M
$5M $2M $53M $3M $176M $6M $2M $61M $118M $480M $87M $50M
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
290
State of Venture | Geographic Trends | Argentina
5%
13%
7% Other, 3%
16% Late-stage, 5%
9%
11%
Mid-stage, 0%
5% 7%
16%
11%
6%
Early-stage, 92%
79% 79%
68%
65%
291
State of Venture | Geographic Trends | Argentina
Seed VC Asymmetric Capital Partners, Canary VC, MatterScale Consulting & Outsourcing
1 Elevva $30M 2022-05-13
N/A
Ventures, Norte Ventures, Redwood Ventures
Business Products & Services
Management & Strategy Consulting
32.6%
Series A Tiger Global Management, Flexport, FundersClub, Jam Fund, Internet Software & Services
2 clicOH $25M 2022-05-23
N/A
Vast Ventures
Internet
Supply Chain & Logistics
27.2%
Series A Alaya Capital Partners, FJ Labs, Kalei Ventures, MatterScale Internet Software & Services
3 Moova $10M 2022-06-15
N/A
Ventures, Movile
Internet
Supply Chain & Logistics
10.9%
Series A Kayyak Ventures, Seaya Cathay LATAM, Accion Venture Lab, Internet Software & Services
3 Henry $10M 2022-05-03
N/A
Amarena
Internet
Education & Training
10.9%
Seed VC Marc Randolph, Y Combinator, Cathexis Ventures, Eureka Internet Software & Services
5 Wibond $4M 2022-06-30
N/A
Equity Partners, FinTech Collective
Internet
Payments
4.1%
292
Chile
293
State of Venture | Geographic Trends | Chile
21
19
Deals
16
15
13 13 13 13 13
Funding
$173M
10 10
8 8
7 7
6
4
$50M 3
$32M $37M
$22M
$8M $8M $14M
$7M $7M $7M
$0M $1M $90M $150M $297M $220M $189M
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
294
State of Venture | Geographic Trends | Chile
7%
Other, 11%
21% 22% 12%
7% Late-stage, 3%
7% Mid-stage, 5%
8%
13%
295
State of Venture | Geographic Trends | Chile
Undisclosed E-Commerce
2 Cumplo $40M 2022-04-28
N/A Fasanara Capital Internet
Marketplace
23.1%
296
Africa Trends
297
State of Venture | Geographic Trends | Africa Trends
Africa sees $1.7B in funding across 298 deals in 2022 YTD, on track for
new annual high
Funding
530
$1.7B
453
373
310
Deals
298
298
State of Venture | Geographic Trends | Africa Trends
169
156 Funding
$794M
138
127
123 Deals
115
105
110 109 129
98 96
89 89 92
87
77
55
$76M
$106M $238M $306M $143M $169M $144M $275M $163M $169M $110M $397M $244M $245M $1,247M $676M $922M
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
299
State of Venture | Geographic Trends | Africa Trends
8% 7% 9% Other, 6%
5%
Late-stage, 7%
12% 8% Mid-stage, 3%
18%
87%
79%
Early-stage, 84%
77%
71%
300
State of Venture | Geographic Trends | Africa Trends
Series A Jump Crypto, IDG Capital, Matrix Partners China, Internet Software & Services
2 KuCoin $150M 2022-05-10
$10.0B
Circle Ventures
Seychelles Internet
Asset & Financial Management & Trading
18.9%
Series B Clay Point Investors, Kora Management, PayPal Internet Software & Services
3 Paymob $50M 2022-05-09
N/A
Ventures, A15, FMO
Egypt Internet
Payments
6.3%
Series A Tiger Global Management, Avenir Growth Capital, Internet Software & Services
4 BVNK $40M 2022-05-12
$340M
Base Capital, Concentric, Kingsway Capital Partners
South Africa Internet
Accounting & Finance
5.0%
Series A Paradigm, Alameda Research Ventures, Brevan Congo, Republic Internet Software & Services
5 Jambo $30M 2022-05-10
N/A
Howard, Coinbase Ventures, Delphi Ventures of the
Internet
Asset & Financial Management & Trading
3.8%
301
State of Venture | Geographic Trends | Africa Trends
Africa sees only M&A exits in 2022 so far, on pace to exceed 2021 total
80
M&A, 50
2
IPO, 0
2018 2019 2020 2021 2022
YTD
302
State of Venture | Geographic Trends | Africa Trends
28
M&A, 27
23
21 21
1 1
IPO, 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
303
State of Venture | Geographic Trends | Africa Trends
304
Egypt
305
State of Venture | Geographic Trends | Egypt
Both funding and deals are down in Q2'22 for Egyptian market
38 38
31
30
29 29 Deals
27
24 24
25 24
21
19
18
Funding
$102M
12
10
9
6
$37M
$28M
$20M $18M
$10M $8M $7M $9M $5M $7M
$2M $1M $108M $80M $368M $64M $139M
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
306
State of Venture | Geographic Trends | Egypt
Other, 0%
Late-stage, 8%
6%
Mid-stage, 2%
93% 93%
87%
91% Early-stage, 90%
307
State of Venture | Geographic Trends | Egypt
308
Kenya
309
State of Venture | Geographic Trends | Kenya
Funding for Kenya remains elevated in Q2'22 while deals halve QoQ
Funding
$326M
32
24
20
17
16
15 15 15
14 14 Deals
13
12 12 12 16
10 10
9
$48M
$38M
$28M $27M
$10M $15M $12M $10M
$2M $8M
$65M $75M $79M $69M $1M $73M $356M
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
310
State of Venture | Geographic Trends | Kenya
10%
6% Late-stage, 13%
21% 8%
Mid-stage, 8%
8%
89%
74%
68%
Early-stage, 63%
54%
311
State of Venture | Geographic Trends | Kenya
312
Nigeria
313
State of Venture | Geographic Trends | Nigeria
51
45
Deals
38
39
35 36
33
22 22 23 23
19 19
16 15 14 13
9
Funding
$47M $49M $44M
$25M $33M $34M $24M $23M $31M $35M
$14M $22M
$78M $164M $129M $551M $178M $198M
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
314
State of Venture | Geographic Trends | Nigeria
Late-stage, 1%
9% Other, 2%
8%
Mid-stage, 1%
8%
315
State of Venture | Geographic Trends | Nigeria
Seed VC Mobility 54, Flexport Ventures, SBI Investment, Internet Software & Services
2 OnePort 365 $5M 2022-04-28
N/A
ODX Ventures, Samurai Incubate
Internet
Supply Chain & Logistics
14.3%
Seed VC MaC Venture Capital, Y Combinator, Soma Internet Software & Services
3 IdentityPass $3M 2022-05-11
N/A
Capital, Sherwani Capital
Internet
Compliance
8.0%
Seed VC 500 Global, Beta.Ventures, Loyal VC, Internet Software & Services
3 BetaStore $3M 2022-05-31
N/A
VestedWorld
Internet
Retail & Inventory
7.2%
316
South Africa
317
State of Venture | Geographic Trends | South Africa
29
27
26
25 25 25
23 Deals
22 22
21 21 21
20
18 18
16
14
12
Funding
$60M
$39M $34M
$32M $34M
$23M $25M
$13M $14M $15M
$5M $8M $10M
$193M $137M $113M $280M $105M
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
318
State of Venture | Geographic Trends | South Africa
Mid- and late-stage deal shares tick up in 2022 YTD vs. 2021
5% 6% Other, 7%
9% 12%
25%
13% 8% Late-stage, 17%
28%
6%
8%
Mid-stage, 7%
7%
5%
74%
71% Early-stage, 69%
63% 61%
319
State of Venture | Geographic Trends | South Africa
Pre-Seed Breega Capital, CRE Venture Capital, Ingressive Mobile Software & Services
4 Sava $2M 2022-06-30
N/A
Capital, Quona Capital, Sherpa Ventures
Mobile & Telecommunications
Billing, Expense Management & Procurement
3.3%
Seed VC Creator Collective Capital, Penrose Capital, Mobile Software & Services
4 SmartWage $2M 2022-04-05
N/A
Idris Bello, Undisclosed Angel Investors
Mobile & Telecommunications
HR & Workforce Management
3.3%
Seed VC Phoenix Court Group, Emerge Education, Mobile Software & Services
4 FoondaMate $2M 2022-05-24
N/A
LoftyInc, Isaac Oates, Iyin Aboyeji
Mobile & Telecommunications
Education & Training
3.3%
Seed Biotechnology
4 BioCertica $2M 2022-04-13
N/A Ministry of Programming Healthcare
N/A
2.7%
320
Australia Trends
321
State of Venture | Geographic Trends | Australia Trends
515
377
Funding
314 304 $2.3B
Deals
268
322
State of Venture | Geographic Trends | Australia Trends
Q2’22 funding drops to lowest levels since Q4'20, deals fall 35%
124 Deals
106
100 104
97 98
78 78 82 81 79 Funding
73
67 69 $738M
62
$236M $246M $396M $307M $331M $316M $642M $595M $391M $633M $248M $768M $900M $1,272M $2,174M $1,712M $1,608M
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
323
State of Venture | Geographic Trends | Australia Trends
76% 73%
68% 68% Early-stage, 71%
324
State of Venture | Geographic Trends | Australia Trends
Series E AirTree Ventures, Five Sigma, Blue Cloud Ventures, Internet Software & Services
1 Go1 $100M 2022-06-06
$2.0B
Larsen Ventures, M12
Internet
HR & Workforce Management
13.6%
Series B Tidal Ventures, Tiger Global Management, Internet Software & Services
3 Shippit $46M 2022-05-03
$256M
Perennial, SecondQuarter Ventures, Mike Ford
Internet
Supply Chain & Logistics
6.2%
Series B Blackbird Ventures, AirTree Ventures, Aware Super, Internet Software & Services
5 Edrolo $29M 2022-06-07
N/A
HESTA, NGS Super
Internet
Education & Training
3.9%
Series B E-Commerce
6 Funding $27M 2022-05-06
N/A Undisclosed Investors Internet
Marketplace
3.6%
Series A E-Commerce
10 EQL $19M 2022-04-11
N/A Insight Partners, AirTree Ventures Internet
E-Commerce Enablement
2.5%
325
State of Venture | Geographic Trends | Australia Trends
Australia sees 153 M&A exits in 2022 YTD, less than half of 2021 total
345
M&A, 153
20
IPO, 6
SPAC, 1
2018 2019 2020 2021 2022
YTD
326
State of Venture | Geographic Trends | Australia Trends
M&A deals and IPOs continue to decline for second consecutive quarter
95 94
83
80
M&A, 70
11
4 5
2 1 IPO, 1
SPAC, 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
327
State of Venture | Geographic Trends | Australia Trends
2 AirTree Ventures 4 VC
2 Blackbird Ventures 4 VC
2 Folklore Ventures 4 VC
328
State of Venture
Rounds to private companies that may be majority- or minority- No private placements. These investments, also known as PIPEs
Report Methodology owned subsidiaries of other private companies. (Private Investment in Public Equities), are not included even if
You can download the underlying data found in this report here: Valuation data includes estimates to calibrate median and made by a venture capital firm.
https://www.cbinsights.com/reports/CB-Insights_Venture- average valuations based on current and previous quarter No debt/loans of any kind (except convertible notes). Venture
Report-Q2-2022.xlsx. disclosed valuations gathered from the aforementioned four debt or any kind of debt/loan issued to emerging, startup
If you have questions about the definitions or methodological sources. The estimating method will control for the over- companies, even if included as an additional part of an equity
principles used, or if you feel that your firm has been sampling of large rounds that are reported quickly versus a financing, is not included. If a company receives $3M with $2M
underrepresented, please reach out to info@cbinsights.com. comparative lag in valuations obtained from other sources. from venture investors and $1M in debt, only the $2M is included
What is included: Valuation data reflects post-money valuations. in these statistics.
Equity financings into private companies only. Funding rounds Exits include IPOs, SPACs, publicly announced M&A deals, and No non-equity government funding. Grants or loans by the
raised by public companies of any kind on any exchange other liquidity events; only first exits are counted. federal government, state agencies, or public-private
(including Pink Sheets) are excluded from our numbers, even if Headquarters are determined by publicly available sources partnerships to emerging, startup companies are not included.
they received investment from a venture firm. including company-owned websites and profiles, legal filings, No fundings to subsidiaries of a larger parent corporation unless
Only includes the investment made in the quarter for tranched and press releases. that subsidiary is a private entity and meets other criteria for
investments. If a company does a second closing of its Series B All figures in the report are in USD. inclusion.
round for $5M and previously had closed $2M in a prior quarter, US financing trends follow the combined statistical area (CSA) Accelerators, incubators, business-plan competitions, economic-
only the $5M is reflected. methodology. Silicon Valley refers to the San Jose-San development entities are excluded from rankings of most active
Round numbers reflect what has closed, not what is intended. If Francisco-Oakland CSA. investors, even if making equity financings.
a company indicates the closing of $5M out of a desired raise of Rankings for top investors are calculated according to “company
$15M, our numbers reflect only the amount which has closed. count,” or the number of unique companies an investor funds in
Only verifiable fundings are included. Fundings are verified via
What is excluded: a quarter, and so excludes follow-on deals.
(1) various federal and state regulatory filings; (2) direct No contingent funding. If a company receives a commitment for
confirmation with firm or investor; (3) press release; or (4) $20M subject to hitting certain milestones but first gets $8M,
credible media sources. only the $8M is included in our data.
Equity fundings to joint ventures and spinoffs/spinouts are No business development/R&D arrangements, whether
included. transferable into equity now, later, or never. If a company signs a
Unicorn data includes private companies valued at $1B or more $300M R&D partnership with a larger corporation, this is not
in the private markets globally, per the same 4 sources listed equity financing nor is it from venture capital firms. As a result, it
above and relied on for funding events, which include valuations is not included.
disclosed in credible media sources. The list is maintained No buyouts, consolidations, or recapitalizations. All three of
publicly and updated in real time at these transaction types are commonly employed by private
https://www.cbinsights.com/research-unicorn-companies. equity firms and are tracked by CB Insights. However, they are
Geography notes: Israel funding figures are classified in Asia; excluded for the purposes of this report.
Caribbean region figures included in Latin America, or “LatAm."
329