CB Insights - Venture Report Q2 2022

State of
Venture
Global | Q2 2022
Global data and analysis on dealmaking, funding, and
exits by private market venture companies
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State of Venture
What you need to know about

venture in Q2'22
$108.5B -13% 85 -31% -16%

Total funding for Decline in Europe New unicorns. Decrease in mega- Drop in total exits
Q2’22. Down 23% funding QoQ. 43% fall YoY. round funding in Q2’22.
QoQ. Smallest dip, Q2’22 saw the birth of 85 QoQ. Exit activity continued to
Global funding to startups comparatively. new unicorns globally — a $100M+ mega-round slow down. The number
reached $108.5B in Q2’22. As investors scaled back, 6-quarter low and a sharp funding reached $50.5B of exits decreased by 16%
This represented a 23% funding shrank across all decrease from the 148 across 250 deals in Q2’22, QoQ to 2,648 total in
drop quarter-over-quarter major regions in Q2’22, unicorns born a year ago in marking a 31% fall Q2’22.
(QoQ) — the largest including the US and Asia Q2'21. QoQ. Mega-round activity M&A deals fell by 16% to
quarterly percentage drop with a 25% QoQ drop each. The US and Europe also experienced a 31% 2,502 in Q2'22, a
in funding in nearly a While the US drove almost accounted for most of the decline, hitting its lowest 6-quarter low. IPOs and
decade. half of all funding ($52.9B), new unicorns, with 49 and level since 2020. SPACs dropped by 15%
While the new funding Q2’22 marked its lowest 16 unicorn births, While the US saw a 34% and 26%, respectively.
level marked a 6-quarter funding amount since respectively. The highest- decline in mega-rounds, Europe-based startups
low, it was still the sixth- 2020. valued new unicorn was the startups here accounted accounted for 39% of all
largest quarter for funding In contrast, Europe-based Seychelles-based crypto for 51% of all mega-round exits in Q2’22, surpassing
on record. startups only saw a 13% exchange company KuCoin, funding in Q2'22. the US' 36% share.
dip in total funding QoQ. with a valuation of $10B.
8
State of Venture
What you need to know about

venture in Q2'22
111% $1.7B -22% 33% -43%

Jump in Denver Raised by African Fewer companies Growth in median Drop in retail tech
funding in Q2'22. startups in 2022 so funded by top deal size for angels. funding.
While funding continued to far. investors QoQ. Median deal size was up Retail tech funding
fall across various parts of Funding to Africa- Tiger Global by $1M from 2021 for dropped 43% QoQ to hit
the US, one metro area based startups totaled Management was the angel investors, the only $13.2B, marking a 7-
saw a huge jump in $1.7B in the first half of most active investor for investor group to see quarter low for the sector.
funding. Denver funding 2022, more than half of the the third straight quarter in positive change since last Other categories also saw
was up by $1B QoQ, total raised in all of 2021. Q2’22, as it invested in 86 year. a significant slowdown in
marking a 111% jump from At the current rate, funding companies. However, that The drop in median deal quarterly funding. Fintech
the previous quarter. could exceed last year’s number marked a decline size for CVC, corporate, saw a 33% QoQ decline in
The largest rounds here figure by $1B. If this from 120 in Q1’22. PE, asset/investment funding, while digital
went to HR platform occurs, this will be the In fact, the top 10 management, and VC health funding fell by 32%
Velocity Global ($400M) second year of continuous investors in Q2’22 investors ranged from to $7.1B, an 8-quarter low.
and energy and significant funding collectively invested in 553 9% to 50%.
solution Crusoe ($350M). growth for the continent. companies — a 22% drop
in company count from the
previous quarter. 9
State of Venture | Global Trends | Investment Trends
Global funding falls 23% QoQ to $108.5B, the largest quarterly percentage
drop in funding in nearly a decade
50%
40%
30%
20%
10%
23%
1% 40% 5% 5% 41% 9% 44% 14% 7% 9% $108.5B
0%
-11% -10% -5% -1% -12% 0% -20%
$141.6B
-10%
-20%
-30%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
10
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
Q1 2022 Q2 2022 Q1 2022 Q2 2022 Q1 2022 Q2 2022
11
State of Venture | Global Trends | Unicorns, Valuations, & Multiples
New unicorn births fall significantly in Q2’22
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
2018 2019 2020 2021 2022
12
Mega-round funding decreases 31% QoQ to $50.5B, a 6-quarter low
$106.5B
$100.0B $95.1B
$87.0B
$80.8B
$80.0B
$73.6B
Q1 2022
$60.0B
$43.8B $44.3B
$46.4B $47.9B
31%
$40.0B $37.6B
$35.2B
decrease
$29.4B $30.1B
$27.0B
$25.1B $24.3B
$22.7B
$20.0B
$50.5B
Q2 2022
$0.0 B
2018 2019 2020 2021 2022
13
State of Venture | Global Trends | Exit Trends
The number of total exits falls 16% QoQ
3,261
2,973
3,144
16%
2,876
2,767
2,486 2,648
Exits
1,947 1,988 1,996

1,924
1,866 1,819 1,816 1,815
1,746
1,681
1,404
2018 2019 2020 2021 2022
14
State of Venture | Geographic Trends | Denver
Denver funding soars to an all-time high of $1.9B, up 111% QoQ
$2.0 B
$1.9B
Q2 2022
$1.5 B
$1.3B
111%
increase
$1.0B $1.0B
$1.0B
$1.0 B
$0.9B
$0.7B $0.9B
$0.6B Q1 2021
$0.6B
$0.5B
$0.5 B $0.4B
$0.4B $0.4B
$0.3B $0.3B $0.3B
$0.2B
$0.0 B
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
$2.5 B $2.4B
$2.0 B
$1.7B
71%
of 2021 funding
$1.5 B
$1.0 B
$0.8B
$0.7B $0.7B
$0.5 B
$0.0 B
2018 2019 2020 2021 2022
YTD
16
State of Venture | Global Trends | Investors
Top 10 investors fund 22% fewer companies in Q2’22
Q1 2022 Q2 2022
Investor Company Count Investor Company Count
1 Tiger Global Management 120 1 Tiger Global Management 86
2 Gaingels 96 2 Gaingels 75
3 Global Founders Capital 77 3 SOSV 63
4 Insight Partners 70 4 Insight Partners 61
5 Andreessen Horowitz 62 5 Andreessen Horowitz 59
6 SOSV 60 6 Global Founders Capital 54
7 Sequoia Capital China 57 7 Accel 44
8 Animoca Brands 56 8 Sequoia Capital China 39
9 SoftBank Group 55 9 Animoca Brands 37
10 Accel 52 10 Bpifrance 35
Total 705 Total 553 22%

17
Median deal size for angels is up 33% from 2021, the only investor group to
see growth in 2022 so far
Angel Asset/Investment CVC Corp Private Equity VC

Management
$34M
21%
$30M
$27M
50%
13%
$16M
$15M $14M 9%
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
Retail tech funding plummets 43% QoQ to hit $13.2B
$29.9B
$30.0B
$27.5B
$26.1B
$25.1B
$25.0B
$23.2B
Q1 2022
$20.0B
$17.2B $17.7B
$15.0B $13.8B $14.0B

43%
$12.2B
decrease
$11.8B $11.4B
$11.1B $10.9B
$10.0B $8.7B $8.7B $9.0B
$13.2B
$5.0 B Q2 2022
$0.0 B
2018 2019 2020 2021 2022
19
State of Venture
Contents
Global Trends 21 Seattle 149 Europe 237

Denver 153 United Kingdom 249
Investment Trends 22
DC 157 Germany 253
Unicorns, Valuations, & Multiples 50 Chicago 161 France 257
Exit Trends 66 Dallas 165 Netherlands 261
Investors 74 Austin 169 Sweden 265
Miami 173
LatAm & Caribbean 269
Sector Spotlights 83 Atlanta 177
Mexico 277
Fintech 84 Philadelphia 181
Brazil 281
Raleigh 185
Retail Tech 96 Colombia 285
Canada 189 Argentina 289
Digital Health 108
Toronto 197 Chile 293
Vancouver 201
Geographic Trends 120 Africa 297
US 121 Asia 205 Egypt 305
China 217 Kenya 309
Silicon Valley 133
India 221 Nigeria 313
New York 137
Israel 225 South Africa 317
Los Angeles 141
Singapore 229
Boston 145 Australia 321
Japan 233
20
Global Trends
21
Investment Trends
22
Funding reaches $250.1B in 2022 YTD
40,000
700000
34,787
Projected deals
35,000 33,282
600000
Projected funding
29,124
30,000 27,948 $500.2B
500000 26,276
25,000
400000
20,000
Deals
16,641
300000
15,000
200000
Funding
10,000 $250.1B
100000
5,000
$291.1B $257.9B $297.2B $625.9B

00
2018 2019 2020 2021 2022
YTD
23
Funding drops by 23% QoQ in Q2'22, deal activity slows
$200.0B 18,000
$180.0B 16,000
$160.0B
14,000
$140.0B
12,000
Funding
$120.0B
9,622 $108.5B
9,116 8,990 10,000
$100.0B 7,888 8,161
7,674 7,597
7,146 7,162 6,998 7,133 6,860 7,002 Deals
8,000
6,707 6,655
$80.0B 6,325 6,089 7,651
6,000
$60.0B
4,000
$40.0B
$20.0B 2,000
$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
$0.0 B 0
2018 2019 2020 2021 2022
24
The US leads in deals and funding in Q2’22, followed by Asia
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
All major regions see funding drop QoQ in Q2’22
US Asia Europe LatAm & Caribbean
$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
Canada Africa Australia
$0.8B
$2.0B $0.7B
Q1 Q3 Q1 Q1 Q3 Q1 Q1 Q3 Q1
2021 2022 2021 2022 2021 2022
26
The US and Asia lead in Q2'22 deal share, jointly accounting for 69% of deals
All Other Regions, 0%

Australia, 1%
Africa, 2%
21% 19% 18% 21% 19% 17%
Canada, 2%
22% 22% 22% 22% 23% 20% 22% 21% 20%
22% 21% LatAm & Caribbean, 3%
Europe, 22%
33% 37% 39% 35% 31% 34% 30% 35%

33% 32% 35% 33% 40% 32%
36% 34% 37% Asia, 34%
39% 37% 37% 38% 39% 39% 40% 37% 38% 38%
37% 35% 37% 37% 35% 35% 35% US, 35%
2018 2019 2020 2021 2022
27
VC leads in investor deal share in Q2'22
8% 7% 7% 5% 6% 9%
6% 9%
5% 7% 5% 7% 5% 6% 7% Incubator/Accelerator, 4%
9%
6% 6% 6% 6% 6% 7% 7% 7% Private Equity, 6%
6% 6% 5% 6% 7% 8% 6%
6% 5%
7% 8% 9% 8% 8% 8% 8% 8% 8% CVC, 8%
7% 8% 8% 8% 7% 7% 8%
8%
5% 5% 6% 6% 6% 7% 7% 7% 8% 10% 10% Asset/Investment Management, 9%
6% 6% 6% 9% 10% 10%
9% 10% 10% 9% 10% 10%
10% 10% 10% 10% 10% 9%
10% 11% Corp, 10%
10% 11% 10%
10% 9% 9% 10% 10%
8% 9% 9% 10% 10% 10%
9% Angel, 13%
10% 11% 12%
11% 12%
23% 22% 23% 22% 21% 20%

23% 21% 21% 21% 20% 20%
19% 17% 18% Other, 19%
16% 17%
32% 33% 31% 33% 31% 33% 32% 33% 31% 33% 32% 33% 32% 32% 31% 31% VC, 30%
29%
2018 2019 2020 2021 2022
28
Average global deal size comes in at $20M in H1’22
$25M
Average Size
$20M
$16M
$15M
$14M
Median Size
$4M $4M
$3M
$2M $2M
2018 2019 2020 2021 2022

YTD
29
Median deal size is up in most regions, Asia and Australia see dip

$3M
$5M $3M
$5M
2018 2020 2022 2018 2020 2022 2018 2020 2022 2018 2020 2022
YTD YTD YTD YTD

$4M
$1.5M
$3M
2018 2020 2022 2018 2020 2022 2018 2020 2022

YTD YTD YTD
30
Median deal size is down across all investor categories, except for angel
Angel Asset/Investment CVC Corp Private Equity VC

Management
$34M
$30M
$27M
$17M $16M $16M

$15M
$14M
$11M
$11M $10M $10M
$8M $8M $8M
$3M $4M
$2M
2018 2020 2022 2018 2020 2022 2018 2020 2022 2018 2020 2022 2018 2020 2022 2018 2020 2022
31
Funding from $100M+ mega-rounds reaches $124.1B across 613 deals
$400.0B
$350.0B
2,000
$300.0B
1,573
$250.0B 1,500
$200.0B
Funding 1,000
$150.0B
$124.1B
634
$100.0B 478 496
Deals 500
$50.0B
613
$150.8B $117.4B $145.6B $369.4B

$0.0 B 0
2018 2019 2020 2021 2022
YTD
32
Mega-round funding down 31% QoQ in Q2’22
600
$100.0B
500
$80.0B 416 417

379 400
361 363
Funding
$60.0B $50.5B
300
Deals
216
$40.0B
250
176 200
139 135 130
123 124 128 127
115
103
92
$20.0B
100
$0.0 B 0
2018 2019 2020 2021 2022
33
The US leads in mega-round funding and deals in Q2’22
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
Mega-round count down across most regions in Q2’22
228
202 201
188
123 123
US, 125
85 85
60 67
54 Asia, 57
46 Europe, 53
17 11 11
10 5 7
LatAm & Caribbean, 7
15
7 3 4 Canada, 5
15
2 4 1 1 Africa, 2
Australia, 1
2018 2019 2020 2021 2022
35
$100M+ mega-rounds make up 3% of total deals in Q2'22
99% 98% 98% 98% 98% 98% 98% 98% 98% 98% 97% 97% 95% 95% 96% 95% 96% Non-mega-rounds, 97%
Mega-rounds, 3%
2018 2019 2020 2021 2022
36
Mega-rounds account for 47% of total dollars invested globally
42% 39% 41% 40%

45% 43%
47% 48% 49% 48% 48%
57% 55% 54% 55% Non-mega-rounds, 53%
60% 59%
58% 61% 59% 60%

55% 57%
53% 52% 51% 52% 52%
43% 45% 46% 45% Mega-rounds, 47%
40% 41%
2018 2019 2020 2021 2022
37
Global: Top equity deals in Q2'22

Round Round Round Industry % of Total
Company Select Investors Country Sector
Amount Date Valuation Subindustry Funding
Private Equity Software (non- Gaming

1 Epic Games $2.0B 2022-04-11
$31.5B Sony, KIRKBI United States
internet/mobile) N/A
1.8%
Undisclosed Aerospace & Defense

2 SpaceX $1.7B 2022-05-24
$127.0B Undisclosed Investors United States Industrials
N/A
1.5%
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%
Venture Capital The Rise Fund, Climate Adaptive Infrastructure, Renewables

4 Intersect Power $750M 2022-06-28
N/A
Trilantic Capital Partners
United States Energy & Utilities
Infrastructure
0.7%
Series C Internet Software & Services

5 Coda Payments $690M 2022-04-15
$2.5B Insight Partners, Apis Partners, GIC, Smash Ventures Singapore Internet
Payments
0.6%
Undisclosed Chips & Semiconductors

6 PhotonDelta $681M 2022-04-14
N/A Undisclosed Investors Netherlands Electronics
Semiconductors
0.6%
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%
Undisclosed Internet Software & Services

9 ALLEN Career Institute $600M 2022-05-01
$1.0B Bodhi Tree India Internet
Education & Training
0.6%
Series A Andreessen Horowitz, Lightspeed Venture Partners, Biotechnology

9 Ultima Genomics $600M 2022-05-31
N/A
D1 Capital Partners, Founders Fund, General Atlantic
United States Healthcare
N/A
0.6%
38
Early-stage deals continue to account for majority of deals in 2022 YTD
13% 12% 10% Other, 13%

14%
12%
12% 12%
11% Late-stage, 11%
12% 12%
14%
15% Mid-stage, 13%
63% 64% 61% 63% Early-stage, 64%
2018 2019 2020 2021 2022

YTD
39
Asia leads in early-, mid- and late-stage deal share in Q2'22
US Asia Europe LatAm & Carib bean Canada Africa Australia
Early-stag e 28% 38% 25%
Mid-stage 37% 41% 17%
Late-stage 31% 38% 24%
Other 71% 11% 13%
40
Global late-stage median deal size down 30% from peak in 2021
Early-stage Mid-stage Late-stage
$50M
$35M
$30M
$31M
$16M
$10M
$3M $3M
$2M
2018 2020 2022 2018 2020 2022 2018 2020 2022

YTD YTD YTD
41
Median months between rounds for early- and mid-stages down from 2021
in 2022 so far
Seed/Angel to Series Series A to B Series B to C Series C to D Series D to E+

A
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
Global: Top seed/angel deals in Q2'22

Round Round Industry
Amount Date Subindustry
Manufacturing, Warehousing &

Seed VC SummitView Capital, CAS Investment Management, GAC Capital, IDG Software (non-
1 Hejian Industrial Software $165M 2022-06-01 Capital, SAIC Motor
China
internet/mobile)
Industrial Software
N/A
Seed VC CDH Investments, Hillhouse Capital Management, Walden Electronic Components

2 Hongjunwei $120M 2022-05-31 International, Biren Technology, Nanjing Zhongyiren Investment
China Electronics
Processors
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
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 Internet Software & Services

5 Flywheel Technology $46M 2022-04-28
IDG Capital, Sequoia Capital China China Internet
Application & Data Integration
SAIF Partners China, Shenzhen Institutes of Advanced Technology

Seed VC Chips & Semiconductors
6 Jeejio $45M 2022-05-09
Chinese Academy of Science, TURING, Kirin Venture Capital, China Electronics
N/A
National Fund for Technology Transfer and Commercialization

7 ByteTrade $40M 2022-06-02
SIG Asia Investments Singapore Internet
Application & Data Integration
Seed VC BOLDstart Ventures, Insight Partners, Tiger Global Management, Software (non- Science & Engineering
8 Jit $39M 2022-06-15 Undisclosed Angel Investors
Israel
Internet Software & Services

Angel
9 CoverManager $38M 2022-05-23
Felix Ruiz, Fernando Martinez, Javier Gutierrez, Paco Avila Spain Internet Business Intelligence, Analytics &
Performance Mgmt
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
Seed VC Multicoin Capital, Paradigm, Andreessen Horowitz, Animoca Brands, E-Commerce

10 Fractal Wagimi $35M 2022-04-01 Coinbase Ventures
United States Internet
Digital Goods
43
Global: Top Series A deals in Q2'22

Series A Andreessen Horowitz, Lightspeed Venture Partners, D1 Capital Biotechnology

1 Ultima Genomics $600M 2022-05-31 Partners, Founders Fund, General Atlantic
N/A
Series A Internet Software & Services

2 Bloom $378M 2022-05-26
Credo Capital Management, Fortress Investment Group United Kingdom Internet
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 Maruho, OrbiMed Advisors, Access Biotechnology, Altshuler Shaham, Biotechnology

8 Upstream Bio $200M 2022-06-02 Decheng Capital
N/A
Series A Biotechnology
9 Retro Biosciences $180M 2022-04-05
Undisclosed Investors United States Healthcare
N/A

Series A Andreessen Horowitz, Paradigm, Coatue Management, Felix Capital,
10 Lightspark $175M 2022-05-12 Matrix Partners
United States Internet Asset & Financial Management &
Trading
44
Global: Top Series B deals in Q2'22

Series B GAC Capital, Utrust, Lanpu Venture Capital, Science City Chips & Semiconductors
1 CanSemi $671M 2022-06-30 Group, Baic Capital
China Electronics
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
HR & Workforce Management

Series B Software (non-
3 Velocity Global $400M 2022-05-19
Eldridge, Norwest Venture Partners United States
internet/mobile)
Software
N/A
Series B Aerospace & Defense

4 Beta Technologies $375M 2022-04-19
Fidelity Investments, The Rise Fund United States Industrials
Commercial Aircraft Manufacturing
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 Prysm Capital, Belvedere, McLaren Strategic Ventures,
7 Clear Street $165M 2022-04-29 NextGen Venture Partners, Validus Growth Investors
United States Internet Asset & Financial Management &
Trading
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
Series B General Atlantic, Foundation Capital, Quiet Capital, Arago E-Commerce

10 Justo $152M 2022-04-07 Capital
Mexico Internet
Food & Grocery
45
Global: Top Series C deals in Q2'22


Insight Partners, Apis Partners, GIC, Smash Ventures Singapore Internet
Payments
Meat, Fish, Seafood & Alternative

Series C Abu Dhabi Growth Fund, Temasek, Norwest Venture Partners, Bill
2 UPSIDE Foods $400M 2022-04-21 Gates, CPT Capital
United States Food & Beverages Proteins
N/A
Series C G2VP, Bain Capital Ventures, DRW Venture Capital, Founders Fund, Internet Software & Services
3 Crusoe $350M 2022-04-21 Lowercarbon Capital
Environment

Series C Tiger Global Management, Dragonfly Capital, FTX Ventures,
3 NEAR Protocol $350M 2022-04-06 Republic Capital, Hashed
Switzerland Internet Asset & Financial Management &
Trading
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
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
N/A
Mobile Software & Services

Series C Mobile &
9 Trade Republic $268M 2022-06-03
Ontario Teachers' Pension Plan Germany
Telecommunications
Asset & Financial Management &
Trading

10 Abnormal Security $210M 2022-05-10
Insight Partners, Greylock Partners, Menlo Ventures United States Internet
Monitoring & Security
46
Global: Top Series D deals in Q2'22

Round Round Round Industry
Amount Date Valuation Subindustry
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 Internet Software & Services

3 EcoVadis $500M 2022-06-14
$1.0B Astorg Partners, Beyond Net Zero, GIC, Princeville Global France Internet
Information Providers & Portals

4 Biofourmis $300M 2022-04-26
$1.3B General Atlantic, CVS Health United States Internet
Healthcare
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 Electronic Components

7 Sun King $260M 2022-04-28
N/A Arch Emerging Partners, General Atlantic, M&G Investments Kenya Electronics
Lighting & LED
Series D Bedrock Capital, Kleiner Perkins Caufield & Byers, Sequoia Internet Software & Services
8 Rippling $250M 2022-05-11
$11.3B
Capital, Y Combinator

Series D GIC, Lightspeed Venture Partners, Sequoia Capital, Coatue
9 Grafana Labs $240M 2022-04-06
$4.9B
Management, Lead Edge Capital
United States Internet Business Intelligence, Analytics &
Performance Mgmt
Series D E-Commerce
10 Rohlik Group $231M 2022-06-17
N/A Sofina, Index Ventures, Tomas Cupr Czech Republic Internet
Food & Grocery
47
Global: Top Series E+ deals in Q2'22

Series J CPP Investments, Baillie Gifford & Co., Sofina, Luxor Mobile & Mobile Software & Services
$5.0B
Capital Group
India
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 H Mobile & Mobile Software & Services

4 ShareChat $300M 2022-05-31
$5.0B Temasek, Google, Times Group Holding India
Telecommunications Social
Dragoneer Investment Group, Andreessen Horowitz, DST

Series F Internet Software & Services
4 SpotOn $300M 2022-05-18
$3.6B Global, Franklin Templeton, Mubadala Investment United States Internet
Payments
Company
J.P. Morgan Asset Management, Camber Creek,
Series E Renewables
6 Arcadia $200M 2022-05-10
$1.5B Drawdown Fund, MCJ Collective, Tiger Global United States Energy & Utilities
Wind
Management
Series E Internet Software & Services

6 Personio $200M 2022-06-22
$8.5B Greenoaks Capital Management Germany Internet
Series F TPG Capital, Cap Table Coalition, Neuberger Berman, Internet Software & Services
6 Salsify $200M 2022-04-13
$2.0B
Permira
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
Series G E-Commerce
10 Faire $180M 2022-05-25
N/A Undisclosed Investors United States Internet
Marketplace
48
Global: Top companies that raised funding by Mosaic score in Q2'22

Mosaic Round Round Round Industry
Score Amount Date Valuation Subindustry
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
Dragoneer Investment Group, Andreessen Horowitz, DST

3 SpotOn 940 $300M
2022-05-18
$3.6B Global, Franklin Templeton, Mubadala Investment United States Internet
Payments
Company
Venture Capital Fidelity Investments, Marshall Wace Asset Management, Internet Software & Services
3 Circle 940 $400M
2022-04-12
N/A
BlackRock, Fin Capital
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
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
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 B Internet Software & Services

6 CertiK 930 $60M
2022-04-22
N/A SoftBank Group, Tiger Global Management United States Internet
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

6 Gusto 930 $55M
2022-05-16
N/A Undisclosed Investors United States Internet
Series D Andreessen Horowitz, Spark Capital, Y Combinator, Internet Software & Services
6 Deel 930 $50M
2022-05-11
$12.0B
Emerson Collective
49
Unicorns, Valuations,
& Multiples
50
Unicorn births tick down to 85 in Q2'22, the lowest figure since Q4’20
1,096 Total Unicorns, 1,170

980
870
764
148 136 140 125
New Unicorns, 85
2018 2019 2020 2021 2022
51
The US leads in unicorn births in Q2’22, followed by Europe and Asia
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
The US sees the most unicorn births in Q2'22
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 1
Australia, 0
2 2
Canada, 0
2018 2019 2020 2021 2022
53
Total unicorn count in the US rises to 629 in Q2’22
584
US, 629
507
444
387
313
301
Asia, 322
273
249
92 103 119 139 Europe, 154

18 24 27 29 LatAm & Caribbean, 33
12 16 16 19 Canada, 19
4 6 6 8
2 4 4 4
Australia, 8
Africa, 5
2018 2019 2020 2021 2022
54
Average time from first funding to unicorn status increases to 58 months

so far in 2022
57
54 Average Months, 58
Median Months, 55
2018 2019 2020 2021 2022

YTD
55
Global: Top unicorn births in Q2'22

Industry
Company Latest Valuation Country Sector
Subindustry

1 KuCoin $10.0B Seychelles Internet
Construction
2 The Boring Company $5.7B United States Industrials
Construction & Design Services
Science & Engineering

3 SonarSource $4.7B Switzerland Software (non-internet/mobile)
N/A

4 Abnormal Security $4.0B United States Internet

5 BackBase $2.7B Netherlands Internet
Customer Relationship Management
Consumer Electronics
6 Oura $2.6B Finland Consumer Products & Services
N/A

7 Coda Payments $2.5B Singapore Internet
Payments
Aerospace & Defense

8 Beta Technologies $2.4B United States Industrials
Commercial Aircraft Manufacturing

9 Newfront Insurance $2.2B United States Internet
56
Global: Top unicorns by valuation in Q2'22

Industry
Company Latest Valuation Country Sector
Subindustry

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

2 SpaceX $127.0B United States Industrials
N/A
E-Commerce
3 SHEIN $100.0B China Internet
Apparel & Accessories

4 Stripe $95.0B United States Internet
Payments

5 Klarna $45.6B Sweden Internet
Payments

6 Canva $40.0B Australia Internet
Multimedia & Graphics

6 Checkout.com $40.0B United Kingdom Internet
Payments
Mobile Commerce
8 Instacart $39.0B United States Mobile & Telecommunications
Food & Grocery

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

10 Revolut $33.0B United Kingdom Mobile & Telecommunications
Payments
57
Median post-money valuation is on the rise across most stages
Seed / Angel Series A Series B Series C Series D Series E+
$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
58
Median seed/angel valuation ticks up to reach $16M in Q2'22
Top Quartile, $29M
$15M Median Valuation, $16M

$13M
$12M
$11M
Bottom Quartile, $7M
2018 2019 2020 2021 2022
59
Median Series A valuation drops slightly QoQ to hit $61M in Q2'22
Top Quartile, $127M
$66M
$60M
$56M $58M Median Valuation, $61M
2018 2019 2020 2021 2022
60
Median Series B valuation down QoQ in Q2'22
Top Quartile, $354M
$215M $222M
$195M $210M
Median Valuation, $205M
2018 2019 2020 2021 2022
61
Median Series C valuation increases 33% QoQ in Q2'22
Top Quartile, $1,000M
$664M $633M Median Valuation, $773M

$502M $519M
2018 2019 2020 2021 2022
62
Median Series D valuation up QoQ in Q2'22
Top Quartile, $2.2B
$1.2B $1.2B
Median Valuation, $1.4B
$1.1B $1.1B
Bottom Quartile, $0.9B
2018 2019 2020 2021 2022
63
Median Series E+ valuation jumps up QoQ for the first time since Q3’21
Top Quartile, $4.1B
$2.6B
$2.4B
$2.0B $2.0B
Median Valuation, $2.2B
2018 2019 2020 2021 2022
64
The median change in valuation between financing rounds comes in at

185% in Q2’22
Median Change
210%
200% 200% in Valuation
195%
180%
185%
150%
130%
120% 120%
110% 110% 110%
100% 100% 100%
90% 90%
2018 2019 2020 2021 2022
65
Exit Trends
66
M&A deals account for majority of exits in 2022 so far
10,823
M&A, 5,471
927
127 IPO, 288
SPAC, 33
2018 2019 2020 2021 2022
YTD
67
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
253 217 257

156
25 41 35 19 IPO, 132
SPAC, 14
2018 2019 2020 2021 2022
68
Europe takes the lead in global exit deal share in Q2’22
Africa, 1%
5%
Australia, 3%
6%
5% 5%
Canada, 4%
LatAm & Caribbean, 4%
28% 33% 30%

29% 33% 31% 32% 31% 31% 31% 33%
35% 35% 32% 33% 34%
34% Europe, 39%
12% 17% 13% 11% 13% 11%

13% 12% 14% 12%
12% 16% 12% 12% 13% 14% 14%
Asia, 14%
47% 44% 45% 44% 45% 45% 47% 44%

42% 43% 42% 40% 41% 42% 42% 40% 39%
US, 36%
2018 2019 2020 2021 2022
69
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
2018 2019 2020 2021 2022

YTD
70
Global: Top M&A exits in Q2'22

Round Industry
Company Acquirer Country Sector
Valuation Subindustry
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

4 Freedom Mobile $2.2B Quebecor Canada Mobile & Telecommunications
Networking & Connectivity

5 Deliverr $2.1B Shopify United States Internet
Supply Chain & Logistics
Pharmaceuticals / Drugs
6 Norgine $1.9B Goldman Sachs Netherlands Healthcare
N/A
Chips & Semiconductors

6 Pensando Systems $1.9B Advanced Micro Devices United States Electronics
Semiconductors: Microprocessors

8 Wyre $1.5B Bolt United States Internet
Payments
Health & Wellness (non-internet/mobile)

9 Havea $1.2B BC Partners France Consumer Products & Services
N/A
Dental Products & Services

10 Al Meswak Dental Clinics $1.0B Gulf Islamic Investments Saudi Arabia Healthcare
N/A
71
Global: Top IPOs in Q2'22

Industry
Company Round Valuation Country Sector
Subindustry

1 Vanchip $4.0B China Electronics
Computer Networking Equipment

2 Loongson Technology $3.6B China Computer Hardware & Services
N/A

3 Novosense $3.5B China Electronics
Semiconductors: Integrated Circuits
Automobile Parts
4 Jingwei Hirain $2.2B China Automotive & Transportation
N/A

4 HWATSING $2.2B China Electronics
Semiconductors: Components
Renewables
6 AP Systems $2.0B China Energy & Utilities
Solar

7 SmartSens Technology $1.9B China Electronics
Semiconductors: Sensors

8 EverBright Photonics $1.7B China Electronics
N/A
Science & Engineering

8 Cloudwalk $1.7B China Software (non-internet/mobile)
N/A
N/A
8 Zhongyi $1.7B China Electronics
N/A
72
Global: Top SPACs in Q2'22

Industry
Company Round Valuation Select Investors Country Sector
Subindustry

1 Pagaya $8.5B EJF Acquisition Israel Internet
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

4 SoundHound $2.1B Archimedes Tech SPAC Partners United States Internet
Music

5 BenevolentAI $1.7B Odyssey Acquisition United Kingdom Internet
Healthcare
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

8 springbig $275M Tuatara Capital Acquisition United States Internet

9 Seek Tech $228M TradeUP Global China Electronics
Semiconductor Equipment
E-Commerce
10 GoTo Global $163M Neratech Media Israel Internet
Travel (internet)
73
Investors
74
Global: Top investors by company count in Q2'22

Investor Company Count Investor Group Country
1 Tiger Global Management 86 Asset/Investment Management United States
2 Gaingels 75 Angel United States
3 SOSV 63 VC United States
4 Insight Partners 61 VC United States
5 Andreessen Horowitz 59 VC United States
6 Global Founders Capital 54 VC Germany
7 Accel 44 VC United States
8 Sequoia Capital China 39 VC China
9 Animoca Brands 37 Corp Hong Kong
10 Bpifrance 35 Other France
75
Global: Top investors YTD by median Mosaic score of companies in 2022

Investor Median Mosaic Score Country Median Money Score Median Momentum Score Median Market Score Median Management Score
1 Altimeter Capital 870 United States 960 880 770 550
1 GIC 870 Singapore 980 790 700 545
1 Silver Lake 870 United States 960 830 770 580
1 Wellington Management 870 United States 950 800 790 660
5 Advent International 865 United States 960 805 810 565
6 Alkeon Capital Management 860 United States 950 815 805 640
6 CapitalG 860 United States 950 885 810 490
6 Generation Investment Management 860 United Kingdom 960 785 785 575
9 FTV Capital 850 United States 950 780 770 515
9 ICONIQ Growth 850 United States 960 810 780 610
9 Snowflake Ventures 850 United States 965 860 800 530
76
Global: Top VCs by company count in Q2'22

Investor Company Count Country
1 SOSV 63 United States
2 Insight Partners 61 United States
3 Andreessen Horowitz 59 United States
4 Global Founders Capital 54 Germany
5 Accel 44 United States
6 Sequoia Capital China 39 China
7 General Catalyst 34 United States
7 Sequoia Capital 34 United States
9 500 Global 33 United States
10 Bessemer Venture Partners 30 United States
77
Global: Top VCs YTD by median Mosaic score of companies in 2022

Investor Median Mosaic Score Country Median Money Score Median Momentum Score Median Market Score Median Management Score
1 FTV Capital 850 United States 950 780 770 515
2 Sapphire Ventures 835 United States 960 795 775 660
3 B Capital Group 825 United States 945 755 800 640
3 Canapi Ventures 825 United States 960 780 810 600
5 General Atlantic 820 United States 950 730 800 495
5 Hanaco Ventures 820 Israel 900 720 830 660
5 Liberty City Ventures 820 United States 920 720 880 500
5 Scale Venture Partners 820 United States 910 735 800 635
9 G Squared 810 United States 970 740 630 620
9 Industry Ventures 810 United States 920 720 800 530
78
Global: Top CVCs by company count in Q2'22

Investor Company Count Country
1 Coinbase Ventures 27 United States
1 Google Ventures 27 United States
3 KB Investment 24 South Korea
4 Mitsubishi UFJ Capital 22 Japan
4 Salesforce Ventures 22 United States
6 SMBC Venture Capital 18 Japan
7 SBI Investment 17 Japan
8 Circle Ventures 11 United States
8 FTX Ventures 11 Bahamas
8 Kakao Ventures 11 South Korea
8 Sony Innovation Fund 11 Japan
79
Global: Top CVCs YTD by median Mosaic score of companies in 2022

Investor Median Mosaic Score Country Median Management Score Median Money Score Median Momentum Score Median Market Score
1 CapitalG 860 United States 490 950 885 810
2 Snowflake Ventures 850 United States 530 965 860 800
3 Telstra Ventures 815 Australia 700 920 800 690
4 Bertelsmann Investments 810 Germany 590 850 695 780
5 Wipro Ventures 800 India 660 930 740 730
6 SVB Capital 795 United States 720 940 660 810
7 GS Growth 790 United States 655 960 750 790
7 Salesforce Ventures 790 United States 640 940 720 780
9 Cisco Investments 780 United States 580 930 710 800
9 Workday Ventures 780 United States 560 920 680 760
80
Global: Top investor pairs YTD by number of shared companies in 2022

Investor 1 Investor 2 2022 Shared Portfolio Companies Investor 1 Country Investor 2 Country
1 Tiger Global Management Insight Partners 19 United States United States
2 Accel Tiger Global Management 13 United States United States
3 Tiger Global Management Sequoia Capital India 12 United States India
4 Coinbase Ventures Pantera Capital 11 United States United States
4 Global Founders Capital Soma Capital 11 Germany United States
4 Mitsubishi UFJ Capital SMBC Venture Capital 11 Japan Japan
4 Tiger Global Management Sequoia Capital 11 United States United States
8 Accel Insight Partners 10 United States United States
8 Andreessen Horowitz Tiger Global Management 10 United States United States
8 Animoca Brands Dapper Labs 10 Hong Kong Canada
8 Coatue Management Tiger Global Management 10 United States United States
81
Investors scale back on follow-on investments as they opt for new

investments, except for Accel, SOSV, and SoftBank
Accel Andreessen Horowitz Global Founders Capital Insight Partners

62%
38% 28% 27%
2018 2020 2022 2018 2020 2022 2018 2020 2022 2018 2020 2022
YTD YTD YTD YTD
SOSV Sequoia Capital China SoftBank Group Tiger Global Management

74%
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
Global fintech funding reaches $50.7B in Q2’22
9,000
$140.0B
8,000
$120.0B
7,000
$100.0B 6,000
5,282
5,000
$80.0B
3,654 3,662 3,617 4,000

Funding
$60.0B
$50.7B
3,000
$40.0B
Deals 2,000
2,707
$20.0B
1,000
$40.5B $49.1B $49.4B $138.8B

$0.0 B 0
2018 2019 2020 2021 2022
YTD
85
Quarterly fintech funding drops 33% QoQ in Q2’22
$45.0B 2,000
$40.0B 1,800
1,482 1,600
$35.0B
1,394 1,362 Deals
1,400
$30.0B 1,239
1,287 1,225
1,200
1,036
$25.0B
964 963
Funding
925 924 937
868 879 856 889 886 $20.4B 1,000
$20.0B 806
800
$15.0B
600
$10.0B
400
$5.0 B 200
$0.0 B 0
2018 2019 2020 2021 2022
86
All major regions see fintech funding drop QoQ in Q2’22
$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
US-based startups account for 38% of all fintech deals in Q2'22
Australia, 1%
Africa, 5%
5% 6% 6% 5% 5% 7% 5%
Canada, 2%
6% 7% 7%
7% LatAm & Caribbean, 6%
20%
22% 23% 27% 20%
24% 24% 24%
28% 25% 23% 25% 24% 23% 20% 22% 20% Europe, 23%
27% 31%
30% 26% 26% 31% 26%
22%
27% 24%
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%
2018 2019 2020 2021 2022
88
Average deal size down to $23M in H1’22
$32M
Average Size
$23M
$19M
$18M
$16M
Median Size
$5M $5M
$4M $4M
$3M
2018 2019 2020 2021 2022

YTD
89
Early-stage deals continue to account for more than 60% of all deals
10% 9% 8% Other, 11%

12%
11% 12%
12% 11% Late-stage, 11%
13%
15%
14%
15% Mid-stage, 14%
64% 65% 62% 65% Early-stage, 65%
2018 2019 2020 2021 2022

YTD
90
Fintech: Top equity deals in Q2'22

Series C Insight Partners, Apis Partners, GIC, Smash Internet Software & Services
$2.5B
Ventures
Singapore Internet
Payments
3.4%
Series B Software (non- HR & Workforce Management Software

N/A Eldridge, Norwest Venture Partners United States
2.0%
Venture Capital Fidelity Investments, Marshall Wace Asset Internet Software & Services
2 Circle $400M 2022-04-12
N/A
Management, BlackRock, Fin Capital
2.0%
Series A Credo Capital Management, Fortress Internet Software & Services

4 Bloom $378M 2022-05-26
N/A
Investment Group
United Kingdom Internet
1.9%
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
1.5%
Series C SoftBank Group, Accel, General Catalyst, Index Internet Software & Services
6 Remote $300M 2022-04-05
$3.0B
Ventures, Sequoia Capital
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%
Dragoneer Investment Group, Andreessen

6 SpotOn $300M 2022-05-18
$3.6B Horowitz, DST Global, Franklin Templeton, United States Internet
Payments
1.5%
Mubadala Investment Company

9 IIFL Home Loan $282M 2022-06-10
$1.4B Abu Dhabi Investment Authority India Internet
1.4%
Series C Mobile & Mobile Software & Services

$5.4B Ontario Teachers' Pension Plan Germany
Telecommunications Asset & Financial Management & Trading
1.3%
91
Unicorn births drop to 20 in Q2'22, a 6-quarter low
279 Total Unicorns, 297
244
216
176
48 48
36 36
New Unicorns, 20
2018 2019 2020 2021 2022
92
Fintech sees 47% of 2021’s total M&A exit count in H1’22
928
M&A, 438
77
19 IPO, 16
SPAC, 5
2018 2019 2020 2021 2022
YTD
93
Fintech M&A exits drop 30% QoQ in Q2'22, the lowest count since Q3’20
257
246
237 234
M&A, 181
27
22 7
16
4 6 2 2 IPO, 9
SPAC, 3
2018 2019 2020 2021 2022
94
Fintech: Top investors by company count in Q2'22

5 Coinbase Ventures 15 CVC United States
6 Soma Capital 13 VC United States
7 Jump Crypto 10 Corp United States
7 Index Ventures 10 VC United Kingdom
10 Pantera Capital 9 VC United States
10 QED Investors 9 VC United States
95
Retail Tech
96
Retail tech sees $36.4B in funding across 1,611 deals so far in 2022
$100.0B 5,000
$80.0B 3,764 4,000
3,238 3,207
3,081
$60.0B 3,000
Funding
$40.0B $36.4B 2,000
Deals
$20.0B 1,611 1,000
$51.9B $47.9B $46.7B $108.6B

$0.0 B 0
2018 2019 2020 2021 2022
YTD
97
Quarterly retail tech funding is down 43% QoQ in Q2'22
1,800
$30.0B
1,600
$25.0B 1,400
1,200
$20.0B
1,006
946 935
901 1,000
881 858 834
877 Funding
811 806 829
$15.0B
789
756 772 777 $13.2B
710 703 800
Deals
710
600
$10.0B
400
$5.0 B
200
$0.0 B 0
2018 2019 2020 2021 2022
98
Retail tech funding drops QoQ in all major regions, except Australia
$4.8B $4.9B $2.7B

$0.5B
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
Asia leads in retail tech deal share in Q2'22
Africa, 2%
Australia, 2%
Canada, 1%
20% 17% 17% LatAm & Caribbean, 4%
19% 22% 18%
20% 20% 23% 24% 21% 21%
23% 22% 20% 19% Europe, 25%
21%
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%
2018 2019 2020 2021 2022
100
Average deal size down to $28M in 2022 YTD
$38M
Average Size
$28M
$23M
$21M $21M
Median Size
$5M $5M
$3M $3M $3M
2018 2019 2020 2021 2022

YTD
101
More than 3 out of every 5 retail tech deals go to early-stage companies
8% 8%
9% 10% Other, 11%
12% 11% 14%

12% Late-stage, 11%
16%
16% 16% 18% Mid-stage, 16%
63% 64% 62% Early-stage, 62%

60%
2018 2019 2020 2021 2022

YTD
102
Retail Tech: Top equity deals in Q2'22


$2.5B Insight Partners, Apis Partners, GIC, Smash Ventures Singapore Internet
Payments
5.2%

Series D
2 EcoVadis $500M 2022-06-14
$1.0B Astorg Partners, Beyond Net Zero, GIC, Princeville Global France Internet Information Providers & 3.8%
Portals
Series G United E-Commerce

3 Faire $416M 2022-05-10
$12.6B Sequoia Capital, Y Combinator
States
Internet
Marketplace
3.1%
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
Series F United Internet Software & Services

9 Salsify $200M 2022-04-13
$2.0B TPG Capital, Cap Table Coalition, Neuberger Berman, Permira
States
Internet
Content Management
1.5%
Series D Y Combinator, Contrary, Glade Brook Capital, Lachy Groom, E-Commerce

9 Zepto $200M 2022-05-02
$900M
Nexus Venture Partners
India Internet
Food & Grocery
1.5%
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
1.5%
103
Retail tech experiences 13 unicorn births in Q2'22, bringing the total to 211

187
163
149
30
24 22 18
New Unicorns, 13
2018 2019 2020 2021 2022
104
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
M&A deals and IPOs drop QoQ in Q2’22, SPACs tick up
207
192
184
176
M&A, 160
25
18 15
6 10 IPO, 4
1 4 1
SPAC, 3
2018 2019 2020 2021 2022
106
Retail Tech: Top investors by company count in Q2'22

2 500 Global 10 VC United States
4 East Ventures 8 VC Indonesia
6 LetsVenture 6 Other Singapore
6 SBI Investment 6 CVC Japan
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
5,000
$60.0B
$50.0B 4,000
3,107
$40.0B
3,000
2,564 2,564
2,466
$30.0B
2,000
Funding
$20.0B $17.6B
Deals 1,000
$10.0B
1,255
$25.6B $21.4B $32.6B $59.3B

$0.0 B 0
2018 2019 2020 2021 2022
YTD
109
Quarterly digital health funding is down 32% QoQ in Q2’22
1,400
$16.0B
1,200
$14.0B
$12.0B 1,000
842
809
$10.0B 733
714 723 800
682 701
652 672 Funding
619 614 631 637
$8.0 B 609 606 607
551 $7.1B
Deals
600
$6.0 B 554
400
$4.0 B
200
$2.0 B
$0.0 B 0
2018 2019 2020 2021 2022
110
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
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% 14% 18% 16% 21%
LatAm & Caribbean, 2%
18% 20% 18% 18% 21% 18% 20% 19% 22% 19% Europe, 19%
26% 28% 25%

26%
27%
23%
23%
26% 21% 22% 27% 24% 23% 30% 23% Asia, 23%
26% 27%
52% 53% 51% 54% 51% 51% US, 51%

49% 50% 50% 48% 49% 49% 50% 50%
46% 46% 46%
2018 2019 2020 2021 2022
112
Average deal size comes in at $17M in H1’22
$25M
Average Size
$17M $17M
$15M
$11M
Median Size
$4M
$5M $5M
$3M $3M
2018 2019 2020 2021 2022

YTD
113
Fifty-nine percent of digital health deals are early-stage in H1’22
13% 11% 13% 9%

Other, 15%
9% 11%
10% 10%
Late-stage, 10%
15%
14% 18%
18% Mid-stage, 17%
63% 65%
59% 62% Early-stage, 59%
2018 2019 2020 2021 2022

YTD
114
Digital Health: Top equity deals in Q2'22


1 Biofourmis $300M 2022-04-26
$1.3B General Atlantic, CVS Health United States Internet
Healthcare
4.2%
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
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
2.7%

4 BostonGene $150M 2022-04-06
$1.0B NEC, Impact Investment Capital, Japan Industrial Partners United States Internet
Healthcare
2.1%
Series D SoftBank Group, Insight Partners, Spark Capital, Aspenwood Internet Software & Services
4 Clarify Health $150M 2022-04-05
$1.4B
Ventures, KKR
Health & Wellness
2.1%

6 CareBridge $140M 2022-06-08
$1.0B Oak HC/FT Partners United States Internet
Healthcare
2.0%
Series C Buckley Ventures, Packy McCormick, Rahul Vohra, Scott Internet Software & Services
7 NexHealth $125M 2022-04-21
$1.0B
Belsky, Eric Glyman
Healthcare
1.8%
Medical Facilities & Services

Series E
8 Aledade $123M 2022-06-06
N/A OMERS Growth Equity, Fidelity Investments United States Healthcare Medical Practice Management 1.7%
& Services
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
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
1.5%
115
Eight new unicorn births in Q2’22 bring the total herd to 101

86
76
70
11 13
10 8
New Unicorns, 8
2018 2019 2020 2021 2022
116
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
M&A exits drop sharply QoQ in Q2’22
171
146 144
139
M&A, 83
23
18 19
4 5 6 2 SPAC, 2
IPO, 1
2018 2019 2020 2021 2022
118
Digital Health: Top investors by company count in Q2'22

3 General Catalyst 7 VC United States
4 Eight Roads Ventures 6 VC United Kingdom
6 Bpifrance 5 Other France
6 Google Ventures 5 CVC United States
6 BoxGroup 5 VC United States
6 F-Prime Capital 5 VC United States
6 Goldman Sachs Asset Management 5 Asset/Investment Management United States
119
Geographic Trends
120
US Trends
121
State of Venture | Geographic Trends | US Trends
The US sees $123B in funding across 6,079 deals in H1’22
$350.0B 20,000
18,000
$300.0B
16,000
$250.0B 14,000
12,374
10,947 12,000
$200.0B 10,616
9,941
10,000
$150.0B Funding
$123.0B 8,000
$100.0B 6,000
Deals
6,079 4,000
$50.0B
2,000
$133.1B $128.4B $150.1B $309.8B
$0.0 B 0
2018 2019 2020 2021 2022
YTD
122
US funding is down 25% QoQ, deals down 20%
$100.0B
$90.0B 5,000
$80.0B
4,000
$70.0B
3,333 3,381
3,168 Funding
$60.0B 2,985
2,771
2,876 2,790 2,757 2,800 2,888 $52.9B
2,716 3,000
$50.0B 2,510 2,549 2,538 2,583 Deals
2,343 2,271 2,698
$40.0B
2,000
$30.0B
$20.0B
1,000
$10.0B
$0.0 B 0
2018 2019 2020 2021 2022
123
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%
56% 56%
2018 2019 2020 2021 2022

YTD
124
US: Top equity deals in Q2'22

% of
Company Select Investors Country Sector Total
Funding
Private Equity United Software (non- Gaming

1 Epic Games $2.0B 2022-04-11
$31.5B Sony, KIRKBI
States internet/mobile) N/A
3.8%
Undisclosed United Aerospace & Defense

2 SpaceX $1.7B 2022-05-24
$127.0B Undisclosed Investors
States
Industrials
N/A
3.2%
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 D United Biotechnology

4 Resilience $625M 2022-06-06
N/A Undisclosed Investors
States
Healthcare
N/A
1.2%
Series A Andreessen Horowitz, Lightspeed Venture Partners, United Biotechnology

N/A
D1 Capital Partners, Founders Fund, General Atlantic States
Healthcare
N/A
1.1%
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%
Private equity United Environmental N/A

7 Summit Carbon Solutions $431M 2022-05-12
N/A The Rise Fund
States Services & Equipment N/A
0.8%
Series G United E-Commerce

8 Faire $416M 2022-05-10
$12.6B Sequoia Capital, Y Combinator
States
Internet
Marketplace
0.8%

Series B United Software (non-
N/A Eldridge, Norwest Venture Partners
States internet/mobile)
Software 0.8%
N/A
Meat, Fish, Seafood & Alternative
Series C Abu Dhabi Growth Fund, Temasek, Norwest Venture United
9 UPSIDE Foods $400M 2022-04-21
$1.0B
Partners, Bill Gates, CPT Capital States
Food & Beverages Proteins 0.8%
N/A
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
0.8%
125
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
M&A exits, IPOs, and SPACs drop QoQ in Q2’22
1,212 1,210
1,139
1,113
M&A, 928
73 70 60 23
21 32 28 11 IPO, 16
SPAC, 5
2018 2019 2020 2021 2022
127
US: Top investors by company count in Q2'22

7 General Catalyst 34 VC United States
7 Sequoia Capital 34 VC United States
9 500 Global 33 VC United States
10 Bessemer Venture Partners 30 VC United States
128
Median early-stage valuation increases QoQ in Q2'22
Top Quartile, $100M

$36M $34M
$31M
2018 2019 2020 2021 2022
129
Median mid-stage valuation drops QoQ in Q2'22
Top Quartile, $631M
$279M $270M
$245M $250M
2018 2019 2020 2021 2022
130
Median late-stage valuation rises QoQ to reach $1.5B in Q2'22
Top Quartile, $2.9B
$1.5B $1.6B
$1.3B $1.3B Median Valuation, $1.5B
2018 2019 2020 2021 2022
131
Median change in valuation between financing rounds rises QoQ to hit 230%
Median Change
in Valuation
230%
210% 210% 210% 210%
200%
150%
120% 120% 120%

110%
100% 100% 100%
90% 90% 90% 90%
2018 2019 2020 2021 2022
132
Silicon Valley
133
State of Venture | Geographic Trends | Silicon Valley
Funding and deals drop QoQ in Q2’22
1,200
$30.0B
1,000
$25.0B
801 788
730 742 Funding 800
719
$20.0B 688 687
640 633 642
670 $16.6B
626 626
600
551
579 Deals
531 600
$15.0B 606
400
$10.0B
$5.0 B 200
$0.0 B 0
2018 2019 2020 2021 2022
134
Early-stage rounds continue to dominate Silicon Valley deals
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%
2018 2019 2020 2021 2022

YTD
135
Silicon Valley: Top equity deals in Q2'22

Company Select Investors Sector
Andreessen Horowitz, Lightspeed Venture Partners,

N/A D1 Capital Partners, Founders Fund, General Healthcare
N/A
3.6%
Atlantic
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
1.8%
Dragoneer Investment Group, Andreessen Horowitz,

5 SpotOn $300M 2022-05-18
$3.6B DST Global, Franklin Templeton, Mubadala Internet
Payments
1.8%
Investment Company
136
New York
137
State of Venture | Geographic Trends | New York
New York quarterly funding drops to its lowest level since 2020
$20.0B 900
$18.0B 800
$16.0B
700
$14.0B
600
530 526
$12.0B
470 480 Deals 500
436
$10.0B
424
406 406 416
387 375 380
366 365 400
347
$8.0 B
339 338
315
Funding
$6.4B
300
$6.0 B
200
$4.0 B
$2.0 B 100
$0.0 B 0
2018 2019 2020 2021 2022
138
Nearly 3 out of 5 deals in the US are early-stage in H1’22
15% 16% 16% 14%

Other, 20%
11% 10% 8% 11%

Late-stage, 9%
13% 13% 15%
17%
Mid-stage, 14%
61% 62% 61% 58% Early-stage, 57%
2018 2019 2020 2021 2022

YTD
139
New York: Top equity deals in Q2'22

Bain Capital Ventures, Accel, General

Series A Restaurants
1 Wonder $350M 2022-06-14
$3.5B Catalyst, New Enterprise Associates, Leisure
Other Restaurants
5.4%
Forerunner Ventures
GIC, Lightspeed Venture Partners,

2 Grafana Labs $240M 2022-04-06
$4.9B Sequoia Capital, Coatue Management, Internet
Business Intelligence, Analytics & Performance Mgmt
3.7%
Lead Edge Capital

3 AlphaSense $225M 2022-06-15
$1.7B GS Growth, Viking Global Investors Internet
3.5%
KKR, Insight Partners, Atrium Health,

Series C Security Software
4 Semperis $200M 2022-05-24
N/A Paladin Capital Group, Tech Pioneers Software (non-internet/mobile)
N/A
3.1%
Fund
Growth Equity Supply Chain & Logistics Software

5 LogicSource $180M 2022-04-07
N/A FTV Capital Software (non-internet/mobile)
N/A
2.8%
140
Los Angeles
141
State of Venture | Geographic Trends | Los Angeles
Funding drops for the fifth consecutive quarter in Q2’22
$8.0 B 450
$7.0 B 400
350
$6.0 B
274 300
$5.0 B 263 Funding
$4.4B
233 229 250
212 209 214 211 216 213 211
$4.0 B 204 203
Deals
182 180 200
172 206
157
$3.0 B
150
$2.0 B
100
$1.0 B 50
$0.0 B 0
2018 2019 2020 2021 2022
142
Sixty percent of deals go to early-stage companies in H1’22
16% Other, 19%

21% 22% 23%
9%
Late-stage, 10%
12% 11% 10%
13%
Mid-stage, 11%
13% 12% 12%
62% Early-stage, 60%

54% 56% 56%
2018 2019 2020 2021 2022

YTD
143
Los Angeles: Top equity deals in Q2'22

Undisclosed Aerospace & Defense

1 SpaceX $1.7B 2022-05-24
$127.0B Undisclosed Investors Industrials
N/A
38.2%
Series A Andreessen Horowitz, Paradigm, Coatue Internet Software & Services

2 Lightspark $175M 2022-05-12
N/A
Management, Felix Capital, Matrix Partners
Internet
4.0%
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 Automobile Manufacturing

4 Divergent 3D $160M 2022-04-25
$1.0B Hedosophia, John Thornton, Tom Steyer Automotive & Transportation
N/A
3.6%
Series C Silver Lake, New Enterprise Associates, Bond, Mobile Software & Services
5 Genies $150M 2022-04-12
$1.0B
Tamarack Global
Social
3.4%
144
Boston
145
State of Venture | Geographic Trends | Boston
Funding increases while deals drop QoQ in Q2’22
$10.0B 400
$9.0 B
350
$8.0 B
300
$7.0 B
250
$6.0 B 219 217 Funding
207 210 211 210
200 199 193 194
202 $5.1B
187 188 183
$5.0 B 180 176 200
Deals
152 178
$4.0 B
150
$3.0 B
100
$2.0 B
50
$1.0 B
$0.0 B 0
2018 2019 2020 2021 2022
146
Less than half of deals are early-stage in H1’22
13%
17% 17% 17%
Other, 26%
10%
12% 10%
14%
Late-stage, 9%
24%
18% 21%
19%
Mid-stage, 18%
53% 51% 53%

2018 2019 2020 2021 2022

YTD
147
Boston: Top equity deals in Q2'22
Round Industry % of Total

Company Round Amount Round Valuation Select Investors Sector
Date Subindustry Funding
Venture Capital Fidelity Investments, Marshall Wace Asset Internet Software & Services
1 Circle $400M 2022-04-12
N/A
Management, BlackRock, Fin Capital
Internet
7.9%

2 Biofourmis $300M 2022-04-26
$1.3B General Atlantic, CVS Health Internet
Healthcare
5.9%
Altimeter Capital, Coatue Management, Battery

3 Reify Health $220M 2022-04-21
$4.8B Ventures, Adams Street Partners, Dragoneer Internet
Healthcare
4.3%
Investment Group
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%
Maruho, OrbiMed Advisors, Access

4 Upstream Bio $200M 2022-06-02
N/A Biotechnology, Altshuler Shaham, Decheng Healthcare
N/A
3.9%
Capital
148
Seattle
149
State of Venture | Geographic Trends | Seattle
Funding jumps 29% QoQ in Q2’22
$3.0 B 180
160
$2.5 B
140
Funding
$2.0 B 120
103
$1.8B
101
96 95
90 89 100
87 86
$1.5 B 79 82 81 82
71 72 80
69 70
65
Deals
73
$1.0 B 60
40
$0.5 B
20
$0.0 B 0
2018 2019 2020 2021 2022
150
Mid- and late-stage deals account for less than a fifth of deals
20% 19% 21% 18%

Other, 29%
8% 7%
11% 10%
14% 16% Late-stage, 8%

11% 12%
Mid-stage, 11%
58% 59% 56% 59%

Early-stage, 52%
2018 2019 2020 2021 2022

YTD
151
Seattle: Top equity deals in Q2'22


1 iSpot.tv $325M 2022-04-27
N/A Goldman Sachs Asset Management Internet
Business Intelligence, Analytics & Performance Mgmt
18.1%
Lowercarbon Capital, Addition, Chevron

Series C Energy Storage
2 Zap Energy $160M 2022-06-07
N/A Technology Ventures, Energy Impact Energy & Utilities
N/A
8.9%
Partners, Breakthrough Energy Ventures
Baillie Gifford & Co., Greylock Partners, Ali

Series E Mobile Software & Services
2 Convoy $160M 2022-04-21
$3.8B Partovi, Durable Capital Partners, Fidelity Mobile & Telecommunications
8.9%
Investments
Baillie Gifford & Co., Bill Gates, New

Series C Specialty Computer Hardware
4 Echodyne $135M 2022-06-13
N/A Enterprise Associates, Cercano Computer Hardware & Services
N/A
7.5%
Management, Madrona Venture Group
Deerfield Management, Alcon, Falcon

5 Aurion Biotech $120M 2022-04-12
N/A Vision, Petrichor Healthcare Capital Healthcare
N/A
6.7%
Management, Visionary Venture Fund
152
Denver
153
Funding skyrockets to reach a quarterly record high in Q2’22
Funding 160
$2.0 B $1.9B
140
120
$1.5 B
95 93
90 100
87 87 89
84
81 80
73
Deals
71 80
$1.0 B 67 68 68 68 80
62 61
60
$0.5 B 40
20
$0.0 B 0
2018 2019 2020 2021 2022
154
Early-stage deals continue to account for less than half of deals
19% 21%
25%
30% Other, 32%
8%
9%
10%
13% 7%
12% Late-stage, 7%
13% 16%
Mid-stage, 14%
60% 59%
2018 2019 2020 2021 2022

YTD
155
Denver: Top equity deals in Q2'22

Series B HR & Workforce Management Software

N/A Eldridge, Norwest Venture Partners Software (non-internet/mobile)
N/A
21.1%
G2VP, Bain Capital Ventures, DRW

2 Crusoe $350M 2022-04-21
$1.8B Venture Capital, Founders Fund, Internet
Environment
18.5%
Lowercarbon Capital
SoftBank Group, Blue Cloud Ventures,

Venture Capital IT Services
3 Pax8 $185M 2022-04-11
$1.7B Catalyst Investors, Liberty Global Computer Hardware & Services
IT Solutions & Software Development
9.8%
Ventures, Sageview Capital
Wellington Management, Bessemer

4 Guild Education $175M 2022-06-03
$4.4B Venture Partners, General Catalyst, Internet
9.2%
Workday Ventures, Oprah Winfrey
Series D General Catalyst, Permira, Vista Mobile Software & Services

5 HouseCall $125M 2022-06-13
N/A
Equity Partners
6.6%
156
DC
157
State of Venture | Geographic Trends | DC
Funding drops for second consecutive quarter in Q2’22
$5,000M 200
$4,500M 180
$4,000M 160
$3,500M 140
114 115
$3,000M 120
104
$2,500M 90 90 89 89 100
88 86 85 Deals
78 80
$2,000M 72 75 74 80
70
58 59
$1,500M 60
Funding
$927M
$1,000M 40
$500M 20
$890M $602M $695M $807M $485M $475M $574M $503M $514M $798M $453M $4,406M $1,551M $1,379M $1,167M $1,231M $1,037M
$0M 0
2018 2019 2020 2021 2022
158
One fifth of deals go to mid- and late-stage companies in H1’22
23% 24% 24% 21%

Other, 32%
10% 9% 11% 14%
12% 13% Late-stage, 12%

15% 13%
Mid-stage, 8%
55% 54% 52%

2018 2019 2020 2021 2022

YTD
159
DC: Top equity deals in Q2'22

J.P. Morgan Asset Management, Camber Creek,

Series E Renewables
1 Arcadia $200M 2022-05-10
$1.5B Drawdown Fund, MCJ Collective, Tiger Global Energy & Utilities
Wind
21.6%
Management
Series E Medical Facilities & Services

2 Aledade $123M 2022-06-06
N/A OMERS Growth Equity, Fidelity Investments Healthcare
Medical Practice Management & Services
13.3%
Series B Eldridge, George Kaiser Family Foundation, TTV E-Commerce

3 SamCart $82M 2022-04-07
$249M
Capital, Fin Capital, eGateway Capital
Internet
E-Commerce Enablement
8.8%
Series D Bessemer Venture Partners, General Catalyst, Mobile Commerce

4 Upside $65M 2022-04-26
$1.5B
Builders VC
Discount
7.0%
Undisclosed Science & Engineering

5 Aireon $50M 2022-06-20
N/A Undisclosed Investors Software (non-internet/mobile)
N/A
5.4%
160
Chicago
161
State of Venture | Geographic Trends | Chicago
Funding drops while deal count remains flat QoQ in Q2’22
$2,500M 160
140
$2,000M
120
94 100
$1,500M 89 88
83 82
78 80 Deals
76
72 80
70 70
66
70 68 68
62 63
$1,000M
52 Funding 60
$662M
40
$500M
20
$481M $440M $548M $732M $614M $532M $499M $414M $512M $391M $761M $1,169M $1,475M $1,995M $1,437M $1,726M $1,363M
$0M 0
2018 2019 2020 2021 2022
162
Less than half of deals are early-stage in H1’22
20%
26% 24% 25%
Other, 34%
13%
9% 10% 8%
11% 14% 13% 15% Late-stage, 13%
Mid-stage, 10%
54% 52% 54% 52%

Early-stage, 44%
2018 2019 2020 2021 2022

YTD
163
Chicago: Top equity deals in Q2'22

Undisclosed Consulting & Outsourcing

1 StoicLane $82M 2022-05-10
N/A Undisclosed Investors Business Products & Services
Management & Strategy Consulting
12.4%

2 bloXroute Labs $70M 2022-04-12
$382M SoftBank Group Internet
10.6%
Undisclosed Supply Chain & Logistics Software

3 Revenova $63M 2022-04-21
N/A Viking Global Investors Software (non-internet/mobile)
N/A
9.5%

4 Elevate K-12 $40M 2022-06-16
N/A General Catalyst Internet
6.0%
Venture Capital August Capital, QED Investors, Shell Mobile Software & Services
5 Amount $36M 2022-04-20
N/A
Ventures
5.4%
164
Dallas
165
State of Venture | Geographic Trends | Dallas
Funding to Dallas startups falls dramatically in Q1’22 from record high
$2,500M 90
80
$2,000M
70
56 60
54
$1,500M
46 45 46 Deals 50
43
40
42 42 42
40 40 41
39
37 40
34 35
$1,000M 32
30
Funding
20
$500M $402M
10
$121M $143M
$76M
$164M $196M $536M $303M $363M $738M $263M $502M $488M $400M $995M $354M $1,920M $2,164M
$0M 0
2018 2019 2020 2021 2022
166
Late-stage deals account for one fifth of deals in 2022 so far
20%
36% 36% Other, 33%

39%
15%
12% 9%
14% Late-stage, 20%
15%
10%
7% 11% Mid-stage, 6%
56%
39% 38%
2018 2019 2020 2021 2022

YTD
167
Dallas: Top equity deals in Q2'22

Private Equity IT Services

1 Critical Start $215M 2022-04-12
N/A Vista Equity Partners Computer Hardware & Services
Data Storage & Security
53.5%
Series D Paradigm, Griffin Gaming Gaming

2 Playful Studios $46M 2022-06-14
N/A
Partners, Sabrina Hahn
N/A
11.5%
Insight Partners, Rainfall Ventures,

3 LibLab $42M 2022-06-02
N/A Sheva VC, StepStone, Zeev Internet
Web Development
10.5%
Ventures
Series B Foundation Fighting Blindness, RD Drug Development

4 Nacuity Pharmaceuticals $17M 2022-06-15
N/A
Fund
Healthcare
N/A
4.1%
Undisclosed Mobile Software & Services

5 VitalTech $14M 2022-05-18
N/A Undisclosed Investors Mobile & Telecommunications
Healthcare
3.6%
168
Austin
169
State of Venture | Geographic Trends | Austin
Q2’22 funding falls below $1B for the first time since Q1’21
$2,000M 180
$1,800M 160
$1,600M
140
$1,400M
120
103
$1,200M
100
86 Funding
$1,000M
76 74
79 79 $882M
72 73 80
$800M 65 65 65 63
59 60
57
Deals
55 55
65
60
$600M
40
$400M
$200M 20
$695M $469M $533M $295M $757M $372M $642M $340M $556M $380M $410M $738M $651M $1,891M $1,221M $1,652M $1,658M
$0M 0
2018 2019 2020 2021 2022
170
Just over half of deals are early-stage in H1’22
14% 17%
19% 19%
Other, 26%
9%
10% 11%
12%
17% Late-stage, 10%
13% 13%
11%
Mid-stage, 12%
59% 60% 59% 59%

Early-stage, 52%
2018 2019 2020 2021 2022

YTD
171
Austin: Top equity deals in Q2'22
Round Round Industry % of Total

Company Round Valuation Select Investors Sector
Amount Date Subindustry Funding
Riverstone Holdings, Ajax Strategies, Chevron

Series D Renewables
1 Infinitum Electric $80M 2022-05-17
$312M Technology Ventures, Cottonwood Technology Energy & Utilities
N/A
9.1%
Fund, Energy Innovation Capital
Series A Benchmark, Bow Ventures, WestCap Group, Internet Software & Services
2 Mothership $76M 2022-05-11
N/A
Douglas Stotlar
Internet
8.6%

3 Dealhub $60M 2022-06-14
N/A Alpha Wave Global Internet
Advertising, Sales & Marketing
6.8%
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
6.8%
U.S. Venture Partners, Green Park & Golf Ventures,

Series E Medical Devices & Equipment
5 MicroTransponder $53M 2022-06-20
N/A Action Potential Venture Capital, Exceller Hunt Healthcare
Therapeutic Devices
6.0%
Ventures, Osage University Partners
172
Miami
173
State of Venture | Geographic Trends | Miami
Q2’22 Miami funding is up slightly from last quarter, deals remain elevated
$2,500M 120
100
$2,000M
Deals
84
81
75 80
72
$1,500M
Funding
$1,160M 60
51
47 48
46 44
$1,000M 43
39 39 41
38 37 36
33 40
24
$500M
20
$112M $124M $139M

$94M
$605M $533M $510M $157M $194M $458M $165M $1,262M $324M $820M $1,530M $2,214M $1,065M
$0M 0
2018 2019 2020 2021 2022
174
Early-stage deal share hits 55% in 2022 YTD
33%
28% 27% Other, 28%
40%
10% Late-stage, 9%
17%
19% 12% Mid-stage, 7%
8%
8%
8%
6%
51%
Early-stage, 55%
48%
43% 43%
2018 2019 2020 2021 2022

YTD
175
Miami: Top equity deals in Q2'22

Private Equity Internet Software & Services

1 Recurrent $300M 2022-05-18
N/A Blackstone Internet
Multimedia & Graphics
25.9%
Series D Brookfield Asset Management, Fifth Wall E-Commerce

2 Material Bank $175M 2022-05-06
$1.9B
Ventures, RXR Realty, SoftBank Group
Internet
Marketplace
15.1%

3 PayCargo $130M 2022-06-15
N/A Blackstone Internet
Payments
11.2%
Private Equity Asset/Financial Management

4 Insigneo $100M 2022-06-13
N/A J.C. Flowers & Co., Bain Capital Credit Finance
N/A
8.6%
Corporate Minority Specialty Computer Hardware

5 Grubbrr $35M 2022-04-19
N/A Aon Computer Hardware & Services
Point of Sales & Retail Computer Systems
3.0%
176
Atlanta
177
State of Venture | Geographic Trends | Atlanta
Deals to Atlanta startups fall for second quarter in a row
$1,400M
100
$1,200M
$1,000M 74 80
66
$800M 58 58
Deals 60
53
48 49 49
46 47 45
44
$600M 42 42 Funding
39
37
35
32
$459M 40
$400M
20
$200M
$79M
$151M $431M $464M $284M $358M $395M $151M $684M $181M $333M $929M $1,258M $996M $786M $529M $587M
$0M 0
2018 2019 2020 2021 2022
178
Early-stage deal share dips below 50% in 2022 YTD
14%
22% 24%
27% Other, 27%
16%
10% 9%
16% 10% Late-stage, 17%

13% 13%
8% Mid-stage, 7%
60%
54% 55%
2018 2019 2020 2021 2022

YTD
179
Atlanta: Top equity deals in Q2'22

Franklin Templeton, Kleiner Perkins

1 STORD $120M 2022-05-10
$1.3B Caufield & Byers, Bond, Dynamo VC, Internet
Manufacturing, Warehousing & Industrial
26.1%
Founders Fund
Undisclosed Mobile Software & Services

2 Ingo Money $45M 2022-06-22
Payments
9.8%
Beechwood Capital, Goat Rodeo

Series A Non-Alcoholic Beverages
3 Lemon Perfect $31M 2022-04-28
$100M Capital, Melitas Ventures, NNS Food & Beverages
N/A
6.8%
Holding, Trousdale Ventures
Series C Mobile Software & Services

4 Bark Technologies $30M 2022-06-01
N/A Kayne Partners Mobile & Telecommunications
Security
6.5%
Series A Energy Efficiency

4 JTEC Energy $30M 2022-04-14
$92M Ellis Capital Energy & Utilities
N/A
6.5%
180
Philadelphia
181
State of Venture | Geographic Trends | Philadelphia
Q2’22 funding and deals fall after last quarter’s jump
$2,000M
120
$1,800M
$1,600M
100
$1,400M 86
81
Deals
$1,200M 72 72 80
71 69
$1,000M Funding
53 60
51 50 52 51 $806M
$800M 44 44 43
38 39
36
$600M 32 40
$400M
20
$200M
$435M $490M $244M $422M $344M $336M $1,343M $359M $168M $344M $561M $632M $1,867M $1,679M $1,578M $878M $1,507M
$0M 0
2018 2019 2020 2021 2022
182
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%

51% 53% 51%
2018 2019 2020 2021 2022

YTD
183
Philadelphia: Top equity deals in Q2'22

Georgian Partners, Avid Ventures,

1 Oyster $150M 2022-04-20
$1.0B Emergence Capital, HR Tech Internet
18.6%
Investments, PayPal Ventures
Undisclosed Drug Development

2 Castle Creek Biosciences $113M 2022-05-02
N/A Undisclosed Investors Healthcare
N/A
14.0%
Northpond Ventures, New Enterprise

Series A Drug Discovery
3 Code Biotherapeutics $75M 2022-06-07
N/A Associates, 4BIO Capital, Takeda Healthcare
N/A
9.3%
Ventures, Amgen Ventures
Series B Mass General Brigham Ventures, Drug Development

4 SwanBio Therapeutics $56M 2022-05-18
N/A
Syncona Partners
Healthcare
N/A
6.9%
Tribe Capital, Insight Partners, ATX

5 QuotaPath $41M 2022-04-25
$230M Venture Partners, Integr8d Capital, Stage Internet
5.1%
2 Capital
184
Raleigh
185
State of Venture | Geographic Trends | Raleigh
Funding skyrockets to $2.2B thanks to a single $2B deal
$2,500M Funding 60
$2,240M
50
$2,000M
42
39
37 38 37 38 40
36
35
$1,500M 33 33 32
31
28 28 28
Deals
30
23 28
$1,000M 21
20
$500M
10
$134M
$309M $587M $265M $1,413M $438M $464M $39M $369M $158M $223M $1,902M $450M $1,194M $776M $453M $203M
$0M 0
2018 2019 2020 2021 2022
186
Early-stage rounds account for half of deals in 2022 so far
28% 27% 27%

31% Other, 30%
6%
10% 10%
Late-stage, 11%
18% 12%
8% 9%
Mid-stage, 9%
11%
55% 55% 54%

Early-stage, 50%
40%
2018 2019 2020 2021 2022

YTD
187
Raleigh: Top equity deals in Q2'22

Private Equity Gaming

1 Epic Games $2.0B 2022-04-11
$31.5B Sony, KIRKBI Software (non-internet/mobile)
N/A
89.3%

2 Teamworks $50M 2022-06-15
N/A Delta-V Capital Internet
Collaboration & Project Management
2.2%
Series C Biotechnology
3 Baebies $38M 2022-05-03
N/A Illumina Ventures, IAG Capital Partners Healthcare
N/A
1.7%
Mountain Group Partners, NovaQuest

Series C Agricultural Products & Related Activities
4 Targan $35M 2022-05-25
N/A Capital Management, Merck Animal Agriculture
N/A
1.6%
Health Ventures, Oval Park Capital
Undisclosed Telecom Services

5 SmartSky Networks $30M 2022-06-15
Wireless
1.3%
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
$14.0B 1,200
$12.0B
1,000
824
$10.0B
800
699 708
$8.0 B 647
Funding 600
$6.0B
$6.0 B
400
$4.0 B
Deals
383
200
$2.0 B
$3.5B $4.6B $3.0B $11.7B

$0.0 B 0
2018 2019 2020 2021 2022
YTD
190
After last quarter’s bump, deals drop to 6-quarter low in Q2’22
$4.5 B 400
$4.0 B 350
$3.5 B
300
$3.0 B
250
219 224
215
$2.5 B 204 200
188 190 Funding
180 200
175 177
168 170 170 $2.0B
$2.0 B 163 163
152
144 Deals
159
150
$1.5 B
100
$1.0 B
$0.5 B 50
$0.0 B 0
2018 2019 2020 2021 2022
191
Early-stage deals continue to account for more than 60% of all deals
18% 15% 13% Other, 14%

23%

13%
10% Mid-stage, 8%
8% 11%
8%
7%

62% 60% 63%
2018 2019 2020 2021 2022

YTD
192
Canada: Top equity deals in Q2'22

Private Equity Mobile Software & Services

1 RingID $200M 2022-04-06
N/A Global Emerging Markets Mobile & Telecommunications
Social
10.0%

2 Viral Nation $198M 2022-04-12
N/A Eldridge, Maverix Private Equity Internet
9.9%
Growth Equity Internet Software & Services

3 Ataccama $150M 2022-06-22
$550M Bain Capital Tech Opportunities Internet
Database Management
7.5%
Series C Valar Ventures, Altos Ventures, Maple VC, Blank Mobile Software & Services
4 Neo Financial $145M 2022-05-05
$785M
Ventures, Knollwood Investment Advisory
7.3%
Series C Sunstone Partners, Delta-V Capital, Salesforce IT Services

5 OSF Digital $100M 2022-04-13
N/A
Ventures
Computer Hardware & Services
5.0%

Series C Georgian, Bain Capital Ventures, White Star Capital,
6 Vention $95M 2022-05-10
N/A
Bolt Ventures, Fidelity Investments Canada
Internet Manufacturing, Warehousing & 4.8%
Industrial
Series J Repsol Energy Ventures, Avenue Capital Group, Renewables

7 Enerkem $80M 2022-04-06
N/A
Monarch Alternative Capital
Energy & Utilities
Bio-energy
4.0%

8 Tailscale $78M 2022-05-04
N/A CRV, Insight Partners, Accel, Heavybit, Uncork Capital Internet
3.9%
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%
Private Equity Mobile Software & Services

10 Kidoodle.TV $48M 2022-06-21
$360M TriWest Capital Partners Mobile & Telecommunications
Video
2.4%
193
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
M&A exits fall sharply in Q2’22 after 4 quarters of growth
127
123
115
105
M&A, 100
15
12
4 5
1 1 1 IPO, 4
SPAC, 1
2018 2019 2020 2021 2022
195
Canada: Top investors by company count in Q2'22
Investor Company Count Investor Group
1 Dapper Labs 11 Corp
2 Anges Quebec 6 Angel
2 BDC Capital 6 VC
2 Inovia Capital 6 VC
2 Ontario Teachers' Pension Plan 6 Asset/Investment Management
6 Garage Capital 5 VC
6 N49P 5 VC
196
Toronto
197
State of Venture | Geographic Trends | Toronto
After a record first quarter, funding more than halves in Q2'22
$1,800M 120
$1,600M
100
$1,400M
84
78
$1,200M 80
70 71 71
64 65 Deals
$1,000M 59
56 56 60
52 52
49 50
$800M
45
48 48 Funding
38
$620M
$600M 40
$400M
20
$200M
$308M $295M $302M $251M $360M $248M $413M $368M $252M $122M $228M $157M $710M $1,603M $1,130M $650M $1,703M
$0M 0
2018 2019 2020 2021 2022
198
Early-stage deals continue to dominate investment activity in H1’22
12% 9% Other, 11%

15% 14%
10% Late-stage, 5%
9% 7%
10% Mid-stage, 10%
8% 6% 11%
6%
71% 73% 70%

Early-stage, 74%
69%
2018 2019 2020 2021 2022

YTD
199
Toronto: Top equity deals in Q2'22

Growth Equity Internet Software & Services

1 Ataccama $150M 2022-06-22
$550M Bain Capital Tech Opportunities Internet
Database Management
24.2%
Series B CRV, Insight Partners, Accel, Heavybit, Uncork Internet Software & Services
2 Tailscale $78M 2022-05-04
N/A
Capital
Internet
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
N/A
7.3%
Private Equity E-Commerce

4 Shipfusion $40M 2022-04-13
N/A Kayne Anderson Capital Advisors Internet
N/A
6.5%
Kensington Capital Partners, Brightspark

Series B E-Commerce
5 Vetster $30M 2022-04-19
N/A Ventures, Whitecap Venture Partners, PetMed Internet
Marketplace
4.8%
Express
200
Vancouver
201
State of Venture | Geographic Trends | Vancouver
Vancouver quarterly funding and deals fall to lowest level since Q4'20
$1,200M
50
$1,000M
40
35 35
$800M 34
33
30
29
28 30
27
26 Deals
$600M 25
24
23 22
22
21 21
20
19
20
$400M
Funding 10
$200M
$116M
$137M $100M $99M $66M $118M $213M $158M $147M $161M $207M $231M $79M $506M $971M $865M $287M $226M
$0M 0
2018 2019 2020 2021 2022
202
Early-stage deal share trends upward in 2022 so far
18% 17%
29% Other, 29%
12% 49% 16%
Late-stage, 6%
12%
13%
13%
Mid-stage, 4%
10%
9%
6%
57%
Early-stage, 61%
55%
49%
37%
2018 2019 2020 2021 2022

YTD
203
Vancouver: Top equity deals in Q2'22

Corporate Minority E-Commerce

1 Canada Drives $31M 2022-06-27
N/A goeasy Internet
Auto
26.8%
Seed Internet Software & Services

2 MeetAmi Innovations $29M 2022-04-07
N/A Private International Consulting Internet
25.1%
Undisclosed Medical Devices & Equipment

3 Lungpacer Medical $20M 2022-04-19
N/A Undisclosed Investors Healthcare
Therapeutic Devices
17.3%

4 Spade $6M 2022-05-16
N/A Undisclosed Investors Internet
Web Development
5.3%
Seed VC WGG Capital Canada, Vestech Recycling

5 TrendiTech $5M 2022-06-09
N/A
Partners
Environmental Services & Equipment
N/A
4.2%
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
$200.0B 20,000
$180.0B 18,000
$160.0B 16,000
$140.0B 14,000
12,552
$120.0B 12,000
10,525
$100.0B 9,349 10,000

8,727
$80.0B Funding 8,000

$62.8B
$60.0B 6,000
$40.0B
Deals 4,000
5,528
$20.0B 2,000
$122.6B $76.8B $96.9B $180.1B
$0.0 B 0
2018 2019 2020 2021 2022
YTD
206
Quarterly deals & dollars continue to decline in Q2’22
$60.0B 6,000
$50.0B 5,000
3,830
$40.0B 4,000
3,350
2,970 2,898 Funding
2,838 2,756
$30.0B 2,616 $27.0B 3,000
2,363 2,354 2,365 2,411 2,369 2,423 2,420 Deals
2,204 2,630
1,907 1,977
$20.0B 2,000
$10.0B 1,000
$0.0 B 0
2018 2019 2020 2021 2022
207
Two out every 3 deals in Asia go to early-stage companies
6% 5% 8%
Other, 4%
12% 12% 13% Late-stage, 12%

13%
15% 15% Mid-stage, 15%

18%
17%
68% 67% 65%

Early-stage, 69%
62%
2018 2019 2020 2021 2022

YTD
208
Asia: Top equity deals in Q2'22

% of
Funding
Series J CPP Investments, Baillie Gifford & Co., Sofina, Mobile & Mobile Software & Services
$5.0B
Luxor Capital Group
India
3.0%
Series C Insight Partners, Apis Partners, GIC, Smash Internet Software & Services
$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
2.5%

$1.0B Bodhi Tree India Internet
2.2%
Corporate Minority Biotechnology

5 Sinobioway Medicine $433M 2022-05-20
$1.3B 1Globe Biomedical China Healthcare
N/A
1.6%
Series H Mobile & Mobile Software & Services

6 ShareChat $300M 2022-05-31
$5.0B Temasek, Google, Times Group Holding India
Telecommunications Social
1.1%
Asia Investment Capital, GGV Capital,

Series C Machinery & Equipment
6 MEGAROBO $300M 2022-06-15
N/A Goldman Sachs Asset Management, China Industrials
Robotics
1.1%
Sinovation Ventures, Harvest Capital
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%
Series C SoftBank Group, B. Riley Venture Capital, United Arab E-Commerce

6 Kitopi $300M 2022-05-10
$1.6B
Chimera Investments, DisruptAD, Dogus Group Emirates
Internet
Food & Grocery
1.1%

10 IIFL Home Loan $282M 2022-06-10
$1.4B Abu Dhabi Investment Authority India Internet
1.0%
209
SPAC exits already match last year's total in H1’22
1,091
M&A, 583
417
IPO, 197
8
SPAC, 8
2018 2019 2020 2021 2022
YTD
210
Asia sees a bump in SPACs in Q2’22 while IPOs and M&A exits dip
342
324
300
234 M&A, 259
116
96 96 101
IPO, 96
3 3 2 3
SPAC, 5
2018 2019 2020 2021 2022
211
Asia: Top investors by company count in Q2'22

1 Sequoia Capital China 39 VC China
2 Animoca Brands 37 Corp Hong Kong
3 East Ventures 27 VC Indonesia
4 KB Investment 24 CVC South Korea
5 Mitsubishi UFJ Capital 22 CVC Japan
5 Mizuho Capital 22 VC Japan
7 Sequoia Capital India 21 VC India
8 Qiming Venture Partners 19 VC China
9 SMBC Venture Capital 18 CVC Japan
10 IDG Capital 17 VC China
10 K2VC 17 VC China
10 SBI Investment 17 CVC Japan
212
Median early-stage valuation in Asia dips after recent high last quarter
Top Quartile, $100M
$30M
$19M
$16M $15M
2018 2019 2020 2021 2022
213
Median mid-stage valuation falls for second consecutive quarter
$694M
$570M
$500M Top Quartile, $575M
$320M

2018 2019 2020 2021 2022
214
Median late-stage valuation continues to slide in Q2’22

$1,000M $1,000M
$800M
$633M

2018 2019 2020 2021 2022
215
Company valuations see a median 60% increase compared to prior

financing in Q2’22
150% 150%
120%
100% 100%
90%
85%
Median Change
75% 75%
in Valuation
65%
60% 60% 60% 60%
50% 50% 50% 50%
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
$40.0B
2,500
$35.0B 2,273
$30.0B 1,858 2,000

1,722
$25.0B
1,504
1,346 1,384 1,374 1,347 1,500
$20.0B 1,246 1,223 1,264
1,105 1,128 1,143 Deals
978 958 945
$15.0B 1,000
763
Funding
$10.0B $8.3B
500
$5.0 B
$0.0 B 0
2018 2019 2020 2021 2022
218
Late-stage deal share ticks down to 5-year low in 2022 YTD
6% 5% Other, 2%
7%
11% Late-stage, 9%
10% 11% 13%
15%
Mid-stage, 20%
16% 17%
22%
21%

60%
54%
2018 2019 2020 2021 2022

YTD
219
China: Top equity deals in Q2'22

% of
Company Select Investors Sector Total
Funding
Series B GAC Capital, Utrust, Lanpu Venture Chips & Semiconductors

1 CanSemi $671M 2022-06-30
N/A
Capital, Science City Group, Baic Capital
Electronics
8.1%
Corporate Minority Biotechnology

2 Sinobioway Medicine $433M 2022-05-20
$1.3B 1Globe Biomedical Healthcare
N/A
5.2%
Asia Investment Capital, GGV Capital,

Series C Machinery & Equipment
3 MEGAROBO $300M 2022-06-15
N/A Goldman Sachs Asset Management, Industrials
Robotics
3.6%
Sinovation Ventures, Harvest Capital
IDG Capital, Aiko Solar Energy, China Life

Series A Renewables
4 Gokin Solar $251M 2022-04-13
$1.5B Equity Investment, Huamei International Energy & Utilities
Solar
3.0%
Investment Group, Midea Capital
The Carlyle Group, Tiger Global Internet Software & Services

Series D
5 SENSORS Data $200M 2022-05-06
N/A Management, Bessemer Venture Partners, Internet Business Intelligence, Analytics & 2.4%
GGV Capital, 5Y Capital Performance Mgmt
Series D Coatue Management, Sequoia Capital Automobile Manufacturing

5 ROX Motor $200M 2022-04-29
$2.0B
China, IDG Capital
Automotive & Transportation
N/A
2.4%
220
India
221
State of Venture | Geographic Trends | India
Deals & dollars to India remain elevated compared to pre-pandemic levels
$12.0B 900
800
$10.0B
700
$8.0 B 600
518 527 Funding
516
$6.6B
500
$6.0 B
Deals
400
325 331 403
295 300 301 308 295 301
269 275 264
$4.0 B 300
217 232
214
200
$2.0 B
100
$0.0 B 0
2018 2019 2020 2021 2022
222
Mid- and late-stage deal shares tick up in 2022 so far
5% Other, 5%
13%
14% 14% 12% Late-stage, 14%
10%
12% 14%
12% Mid-stage, 11%
74%
70% 68% 71% Early-stage, 70%
2018 2019 2020 2021 2022

YTD
223
India: Top equity deals in Q2'22

Series J CPP Investments, Baillie Gifford & Mobile Software & Services
$5.0B
Co., Sofina, Luxor Capital Group
Content Management
12.2%

$1.0B Bodhi Tree Internet
9.1%
Series H Temasek, Google, Times Group Mobile Software & Services

3 ShareChat $300M 2022-05-31
$5.0B
Holding
Social
4.5%

4 IIFL Home Loan $282M 2022-06-10
$1.4B Abu Dhabi Investment Authority Internet
4.3%
Private Equity Temasek, ETS, Lupa Systems, Mittal Internet Software & Services
5 upGrad $225M 2022-06-15
$2.3B
Family Office, Lakshmi Mittal
Internet
3.4%
224
Israel
225
State of Venture | Geographic Trends | Israel
Quarterly funding and deals to Israel continue downward trend in 2022
$4.0 B
200
$3.5 B
$3.0 B
140
Funding 150
130 $2.4B
$2.5 B
123
112 113 Deals
107
$2.0 B 101 100 118
91 90 100
85 87 85
80 80 79
76
$1.5 B
$1.0 B
50
$0.5 B
$0.0 B 0
2018 2019 2020 2021 2022
226
Early-stage rounds capture 65% of Israel investment in 2022 YTD
7% Other, 3%
12% 10% 12% Late-stage, 11%
11%
17% 19% 21% Mid-stage, 21%

24%

63%
59%
2018 2019 2020 2021 2022

YTD
227
Israel: Top equity deals in Q2'22

Series D Electronic Equipment & Components

1 Pixellot $161M 2022-06-13
N/A PSG, Israel Secondary Fund Business Products & Services
N/A
6.6%
Series D Alpha Intelligence Capital, Tanmeya Capital Healthcare Software

2 Aidoc Medical $110M 2022-06-16
N/A
Ventures, CDIB Capital International
N/A
4.5%
Series E Koch Disruptive Technologies, Battery Ventures, Chips & Semiconductors

3 Vayyar $108M 2022-06-06
N/A
Bessemer Venture Partners, ClalTech, MoreVC
Electronics
Semiconductors: Sensors
4.4%

Series D Bessemer Venture Partners, Insight Partners,
4 Optibus $100M 2022-05-16
$1.3B
Pitango Venture Capital, Verizon Ventures
Internet Business Intelligence, Analytics & 4.1%
Performance Mgmt
Series D Coatue Management, Greenoaks Capital Internet Software & Services

4 StarkWare $100M 2022-05-24
$8.0B
Management, Tiger Global Management
Internet
4.1%
Series C B Capital Group, Insight Partners, Spring Ventures, Security Software

4 Perimeter 81 $100M 2022-06-06
$1.0B
Toba Capital, Entree Capital
N/A
4.1%
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
4.1%
228
Singapore
229
State of Venture | Geographic Trends | Singapore
Singapore sees uptick in funding while deals fall by 23% QoQ
$3.0 B
$2.5 B
Funding 200
$2.3B
156 159
$2.0 B
138 141 150
126
114 118 Deals
$1.5 B
101 103 101 123
93 91
85 89 100
82 80
$1.0 B 71
50
$0.5 B
$0.0 B 0
2018 2019 2020 2021 2022
230
Singapore investment activity is dominated by early-stage rounds
5% 6%
Other, 2%
7% Late-stage, 9%
13% 11% 7%
7% 10% Mid-stage, 10%

10% 11%

73% 72%
2018 2019 2020 2021 2022

YTD
231
Singapore: Top equity deals in Q2'22

Series C Insight Partners, Apis Partners, GIC, Internet Software & Services
$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
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%
Series A Polaris Partners, EDBI, Heliconia Capital Biotechnology

4 Tessa Therapeutics $126M 2022-06-09
N/A
Management, Heritas Capital, Temasek
Healthcare
N/A
5.5%
Dream Capital, Alpha Wave Global,

5 Rario $120M 2022-04-21
N/A Animoca Brands, Kingsway Capital Internet
5.3%
Partners, Presight Capital
232
Japan
233
State of Venture | Geographic Trends | Japan
Deals reach new high as Japan sees third consecutive quarter of growth
$1,800M 450
$1,600M 400
Deals
338
$1,400M 350
315
305
297
$1,200M 284 Funding 300
272 274 273
251 256 $1,060M
234 237 237 238
$1,000M 221 250
201
$800M 171 200
150
$600M 150
$400M 100
$200M 50
$652M $670M $744M $507M $415M $636M $1,093M $787M $732M $743M $901M $620M $1,643M $1,070M $1,419M $858M $902M
$0M 0
2018 2019 2020 2021 2022
234
In 2022 YTD, 1 out every 5 deals in Japan goes to late-stage companies
8% Other, 11%
24% 24% 22% 18%

Late-stage, 20%
13% 14% 16%

20%
Mid-stage, 15%
59% 58% 58%

2018 2019 2020 2021 2022

YTD
235
Japan: Top equity deals in Q2'22

SoftBank Group, Mitsubishi UFJ Capital,

1 LegalForce $101M 2022-06-23
N/A Mizuho Capital, World Innovation Lab, Internet
Legal
9.6%
Sequoia Capital China
Series C SoftBank Group, Globis Capital Partners, Healthcare Software

2 AI Medical Service $70M 2022-04-26
N/A
Incubate Fund, World Innovation Lab
N/A
6.6%
Series A NIPPON GAS, Spiral Ventures, Imabari Energy Storage

3 PowerX $33M 2022-05-23
N/A
Shipbuilding, BEMAC, Japan Airlines
Energy & Utilities
N/A
3.1%
31VENTURES, ALL STAR SAAS FUND,

4 SUPER STUDIO $32M 2022-06-22
N/A Mizuho Capital, Kiraboshi Capital, MUFG Mobile & Telecommunications
3.0%
Innovation Partners
Growth Capital of Japan, UTokyo

Series C Biotechnology
5 Chordia Therapeutics $31M 2022-05-19
N/A Innovation Platform, MEDIPAL Innovation, Healthcare
N/A
3.0%
Nippon Venture Capital
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
$120.0B
10,000
$100.0B
8,000
7,001
$80.0B
5,778 5,917
5,642 6,000
$60.0B Funding
$48.9B
4,000
$40.0B
Deals
3,553
$20.0B 2,000
$27.5B $40.2B $38.9B $95.5B

$0.0 B 0
2018 2019 2020 2021 2022
YTD
238
Funding tops $20B for fifth quarter straight in Q2’22
2,500
$30.0B
Funding 2,000
$25.0B 1,834 1,830 1,848
$22.7B
1,685 1,652 Deals
1,567 1,528
$20.0B
1,518
1,459 1,440 1,448
1,509 1,705
1,361 1,374 1,385 1,371 1,377 1,500
$15.0B
1,000
$10.0B
500
$5.0 B
$0.0 B 0
2018 2019 2020 2021 2022
239
Two out of every 3 deals go to early-stage companies
12% 9% 10% 9% Other, 9%
13% 11% 12% Late-stage, 12%

14%
8% 9% 10% Mid-stage, 9%
7%
67% 70% 69% 69% Early-stage, 69%
2018 2019 2020 2021 2022

YTD
240
Europe: Top equity deals in Q2'22

% of
Funding

N/A Undisclosed Investors Netherlands Electronics
Semiconductors
3.0%
Telecom Devices & Equipment

Corporate Minority Mobile &
2 Arqiva $564M 2022-06-27
$1.2B Digital 9 Infrastructure United Kingdom
Telecommunications
Satellite & Broadcast Network 2.5%
Equipment
Series D SoftBank Group, InvestIndustrial, Porsche, Automotive & Automobile Manufacturing

3 Rimac Automobili $535M 2022-06-01
$2.0B
Goldman Sachs Asset Management
Croatia
Transportation N/A
2.4%
Series D Astorg Partners, Beyond Net Zero, GIC, Internet Software & Services
4 EcoVadis $500M 2022-06-14
$1.0B
Princeville Global
France Internet
2.2%
Venture Capital Advent International, General Catalyst, Insight Software (non- Science & Engineering
5 SonarSource $412M 2022-04-26
$4.7B
Partners, Permira
Switzerland
1.8%

6 Netomnia $384M 2022-04-08
N/A DigitalBridge, Advencap, Soho Square United Kingdom Internet
Internet Service Provider
1.7%

7 Bloom $378M 2022-05-26
N/A
Investment Group
United Kingdom Internet
1.7%

Series C Tiger Global Management, Dragonfly Capital,
8 NEAR Protocol $350M 2022-04-06
N/A
FTX Ventures, Republic Capital, Hashed
Switzerland Internet Asset & Financial Management & 1.5%
Trading
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
United Kingdom
1.4%
241
M&A exits in Europe are on pace to exceed 2021 total
3,718
M&A, 2,057
183
12
IPO, 37
SPAC, 6
2018 2019 2020 2021 2022
YTD
242
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
2018 2019 2020 2021 2022
243
Europe: Top investors by company count in Q2'22

2 Speedinvest 21 VC Austria
3 Index Ventures 20 VC United Kingdom
4 Eight Roads Ventures 19 VC United Kingdom
5 Eurazeo 14 Private Equity France
6 Kima Ventures 13 Angel France
7 Phoenix Court Group 12 VC United Kingdom
7 Picus Capital 12 VC Germany
9 BGF 11 VC United Kingdom
9 Firstminute Capital 11 VC United Kingdom
9 Octopus Ventures 11 VC United Kingdom
9 Seedcamp 11 VC United Kingdom
244
Median early-stage valuation more than doubles from last quarter
Top Quartile, $79M
$20M
$18M
$14M
$10M $11M
Q1 Q2 Q3 Q4 Q1 Q2
2021 2022
245
Median valuation for mid-stage companies continues to fall for second

consecutive quarter
$1,000M
$886M Top Quartile, $1,000M
$565M
Q1 Q2 Q3 Q4 Q1 Q2
2021 2022
246
Median late-stage valuation remains steady at $1B
$1,675M
$1,000M $1,000M $1,000M

Median Valuation, $1,000M
$443M

Q1 Q2 Q3 Q4 Q1 Q2
2021 2022
247
Company valuations see a median 80% increase compared to prior

financing in Q2’22
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
$10.0B 900
$9.0 B 800
$8.0 B Funding
700
$7.1B
$7.0 B
600
536
$6.0 B 506 495
471 485
Deals
500
$5.0 B 392 390 397 397 387
414 478
364 365 356 400
349 348 345
$4.0 B
300
$3.0 B
200
$2.0 B
$1.0 B 100
$0.0 B 0
2018 2019 2020 2021 2022
250
Early-stage rounds account for 67% of UK deals inked in 2022 so far
12%
9% 12% 9% Other, 9%
14% 14% Late-stage, 13%

12%
18%
9% 10% 10% Mid-stage, 11%
8%
68% 66% 68% Early-stage, 67%

62%
2018 2019 2020 2021 2022

YTD
251
United Kingdom: Top equity deals in Q2'22

Corporate Minority Telecom Devices & Equipment

1 Arqiva $564M 2022-06-27
$1.2B Digital 9 Infrastructure Mobile & Telecommunications
Satellite & Broadcast Network Equipment
7.9%

2 Netomnia $384M 2022-04-08
N/A DigitalBridge, Advencap, Soho Square Internet
Internet Service Provider
5.4%

3 Bloom $378M 2022-05-26
N/A
Investment Group
Internet
5.3%
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
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
$7.0 B 400
350
$6.0 B
300
$5.0 B
232 250
$4.0 B 215 212 Funding
186 188 186 191 194 193 196 $3.5B
175 177 200
Deals
170 168
$3.0 B 155 149 186
142
150
$2.0 B
100
$1.0 B
50
$0.0 B 0
2018 2019 2020 2021 2022
254
Early-stage rounds capture growing share of German deals in 2022 so far
7% 6% Other, 4%
9%
15%
Late-stage, 13%
14% 14%
14%
Mid-stage, 13%
11% 13% 14%
11%
66% 68% 67%

Early-stage, 70%
66%
2018 2019 2020 2021 2022

YTD
255
Germany: Top equity deals in Q2'22

Liberty City Ventures, Alsara Investment

Series D Mobile Software & Services
1 Onefootball $300M 2022-04-28
N/A Group, Animoca Brands, DAH Beteiligungs, Mobile & Telecommunications
Sports
8.6%
Dapper Labs

$5.4B Ontario Teachers' Pension Plan Mobile & Telecommunications
7.7%
Ontario Teachers' Pension Plan, Index

Series D Mobile Software & Services
3 Taxfix $220M 2022-04-28
$1.0B Ventures, Creandum, Redalpine Venture Mobile & Telecommunications
6.3%
Partners, Valar Ventures
Series A Porsche Ventures, E-Capital, Eurazeo, btov Energy Efficiency

4 1Komma5 $218M 2022-04-11
N/A
Partners, Blue Elephant Capital Management
Energy & Utilities
N/A
6.3%

5 Personio $200M 2022-06-22
$8.5B Greenoaks Capital Management Internet
5.8%
Series C Sofina, SoftBank Group, HV Capital, Molten Internet Software & Services
5 CoachHub $200M 2022-06-14
N/A
Ventures, Signals Venture Capital
Internet
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
$5.0 B 450
$4.5 B 400
$4.0 B
Funding 350
$3.5 B $3.4B
300
259
$3.0 B 243
228 Deals
250
211 214 215 212 246
$2.5 B 201 199 200
180 186 184
171 178 200
$2.0 B 153
140
150
$1.5 B
100
$1.0 B
$0.5 B 50
$0.0 B 0
2018 2019 2020 2021 2022
258
Early-stage deals continue to dominate activity, consistent with prior years
12% 10% 12% Other, 10%

16%
11% 11% Late-stage, 10%

11%
13%
9% Mid-stage, 9%
9% 9%
8%
68% 70% 68% Early-stage, 71%

64%
2018 2019 2020 2021 2022

YTD
259
France: Top equity deals in Q2'22
Round Round Industry % of Total

Company Round Valuation Select Investors Sector
Amount Date Subindustry Funding
Series D Astorg Partners, Beyond Net Zero, GIC, Internet Software & Services
1 EcoVadis $500M 2022-06-14
$1.0B
Princeville Global
Internet
14.9%
Ontario Teachers' Pension Plan, Index

2 Alan $193M 2022-05-05
$2.8B Ventures, Dragoneer Investment Group, Internet
5.7%
EXOR, Ribbit Capital
Series A Eurazeo, Serena Capital, 574 Invest, Electric

3 Electra $168M 2022-06-30
N/A
CHOPARD Groupe Automobile, RATP Group
Energy & Utilities
Transmission & Distribution
5.0%
Digital Partners, Benhamou Global Ventures,

4 Platform.sh $140M 2022-06-20
N/A Eurazeo, Hi Inov, Morgan Stanley Expansion Internet
Web Development
4.2%
Capital
Series E Andera Partners, Societe Generale Capital HR & Workforce Management Software
5 HR Path $119M 2022-05-11
N/A
Partenaires
N/A
3.5%
260
Netherlands
261
State of Venture | Geographic Trends | Netherlands
Q2’22 funding and deals to startups in the Netherlands tick up QoQ
140
$2,500M
120
$2,000M 98 Deals
100
86
88
85
$1,500M 74 74 80
66 67 Funding
62 62
58 59 59 57 55 57 $1,112M
53 52 60
$1,000M
40
$500M
20
$174M $192M $152M $252M $316M $180M $381M $401M $231M $232M $770M $617M $1,062M $2,231M $2,417M $842M $891M
$0M 0
2018 2019 2020 2021 2022
262
Mid- and late-stage deals capture smaller shares in 2022 YTD vs. 2021
14% 14% 16% 13% Other, 14%
11% 12% 10% 15% Late-stage, 10%
14%
14%

61% 59%
2018 2019 2020 2021 2022

YTD
263
Netherlands: Top equity deals in Q2'22


N/A Undisclosed Investors Electronics
Semiconductors
61.2%

2 BackBase $128M 2022-06-09
$2.7B Motive Partners Internet
11.5%

3 TestGorilla $70M 2022-05-19
N/A Atomico Internet
6.3%

4 Retail Rocket $24M 2022-06-30
N/A Flintera Internet
2.2%

5 ZonnepanelenDelen $22M 2022-04-07
N/A DOEN Participaties, ING Bank, Obton Internet
1.9%
264
Sweden
265
State of Venture | Geographic Trends | Sweden
Sweden’s deal count grows for the first time since Q2’21
$5,000M
$4,500M
200
$4,000M
$3,500M 160
137 150
$3,000M
126
121 Deals
114 111 112
$2,500M 105 107 107
97
91 90 89 92 100
$2,000M
80 77 80
$1,500M
Funding
$1,135M
$1,000M 50
$500M
$671M $423M $334M $386M $687M $1,166M $766M $353M $844M $313M $1,713M $625M $2,144M $4,618M $848M $718M $743M
$0M 0
2018 2019 2020 2021 2022
266
Late-stage deal share ticks up in 2022 YTD
9% 10%
12% 14% Other, 13%
8% 9%
9%
9%
6%
14% Mid-stage, 11%
71% 73% 71%

2018 2019 2020 2021 2022

YTD
267
Sweden: Top equity deals in Q2'22

Series C Verdane Capital, Creades, EQT Ventures, M2 Asset Internet Software & Services
1 Instabox $190M 2022-04-21
$1.0B
Management, Nineyards Equity
Internet
16.7%

2 Juni $100M 2022-06-08
$622M Mubadala Capital Internet
8.8%
Undisclosed Energy Storage

3 Polarium $97M 2022-05-03
$1.0B AMF Pensionsforsakring Energy & Utilities
N/A
8.5%
Series C Peter Dahlberg, Helene Barnekow, Peter Carlsson, Other Transportation

4 X Shore $50M 2022-04-05
N/A
Siduri Poli, Silvana Imam
Automotive & Transportation
Recreational Vehicles
4.4%

4 Planhat $50M 2022-04-21
$531M Sprints Capital Internet
4.4%
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
$20.0B 1,200
991
1,000
$15.0B
800
608 Deals
562
$10.0B 550 532 600
Funding
400
$5.3B
$5.0 B
200
$2.4B $5.3B $5.4B $20.2B

$0.0 B 0
2018 2019 2020 2021 2022
YTD
270
Funding falls for fourth consecutive quarter, down 69% YoY
$8.0 B 500
450
$7.0 B
400
$6.0 B
350
308
$5.0 B 294
300
264 Deals
$4.0 B 220
224 250
213
177 Funding 200

$3.0 B 162 168
154 156
135
145 137 144 $2.3B
124 150
105 113
$2.0 B
100
$1.0 B
50
$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
$0.0 B 0
2018 2019 2020 2021 2022
271
Three out every 4 LatAm & Caribbean deals go to early-stage companies
11% 10% 7% Other, 7%

13%
12% Late-stage, 11%
12% 14% 10%
10%
Mid-stage, 8%
7% 7%
72% 70% 72% Early-stage, 75%

69%
2018 2019 2020 2021 2022

YTD
272
LatAm & Caribbean: Top equity deals in Q2'22

Homebrew, SoftBank Latin America Fund, Clocktower

1 Habi $200M 2022-05-11
$1.0B Technology Ventures, Inspired Capital, Tiger Global Colombia Internet
Real Estate
8.6%
Management
Series B General Atlantic, Foundation Capital, Quiet Capital, Arago E-Commerce

2 Justo $152M 2022-04-07
N/A
Capital
Mexico Internet
Food & Grocery
6.5%
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
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
4.8%

5 Solfacil $100M 2022-04-11
N/A QED Investors, Valor Capital Group, VEF, SoftBank Group Brazil Internet
Environment
4.3%
Series D Software (non- Security Software

5 Unico $100M 2022-04-13
$2.6B GS Growth, General Atlantic, SoftBank Group Brazil
4.3%
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 B Mobile & Mobile Software & Services

8 Take Blip $70M 2022-06-07
N/A Warburg Pincus Brazil
Telecommunications Conferencing & Communication
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
2.6%
273
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
M&A exits are down 28% compared to last quarter
163
153
147
111
M&A, 110
8
5 1 2 SPAC, 0
IPO, 0
2018 2019 2020 2021 2022
275
LatAm & Caribbean: Top investors by company count in Q2'22

1 FTX Ventures 11 CVC Bahamas
2 Domo Invest 9 VC Brazil
3 Magma Partners 8 VC Chile
4 BossaNova Investimentos 7 VC Brazil
5 Maya Capital 6 VC Brazil
6 Canary VC 5 VC Brazil
6 ChileGlobal Ventures 5 VC Chile
6 Kaszek Ventures 5 VC Argentina
6 Monashees+ 5 VC Brazil
10 Bolt Ventures 4 VC Brazil
10 ONEVC 4 VC Brazil
276
Mexico
277
State of Venture | Geographic Trends | Mexico
Mexico funding nearly doubles from last quarter thanks to 2 mega-rounds
$1,600M 90
$1,400M 80
70
$1,200M
60
$1,000M 52
50
43
$800M 40 40
39
40
31
Funding
$600M 29
26
$508M
25 25 30
23
19
Deals
$400M 17
15 14 15 23
20
11
$200M 10
$70M $54M $61M
$7M $33M $32M
$129M $600M $162M $164M $132M $199M $210M $1,365M $1,497M $628M $267M
$0M 0
2018 2019 2020 2021 2022
278
Early-stage deals dominate investment activity in Mexico in 2022 so far
Other, 2%
10% Late-stage, 2%
5% 7% 11% Mid-stage, 13%
8% 10%
9%
89%
81% 79%
Early-stage, 84%
77%
2018 2019 2020 2021 2022

YTD
279
Mexico: Top equity deals in Q2'22

Series B General Atlantic, Foundation Capital, E-Commerce

1 Justo $152M 2022-04-07
N/A
Quiet Capital, Arago Capital
Internet
Food & Grocery
29.9%
SoftBank Latin America Fund, Base10

Series C Supply Chain & Logistics Software
2 Nowports $150M 2022-05-24
$1.1B Partners, Broadhaven Capital Partners, Software (non-internet/mobile)
N/A
29.5%
Foundation Capital, Monashees+
General Atlantic, Acrew Capital,

3 Klar $70M 2022-06-09
N/A International Finance Corporation, Mobile & Telecommunications
13.8%
Mouro Capital, Prosus Ventures
Series A QED Investors, NFX, Felicis, Global E-Commerce

4 Zubale $40M 2022-04-20
N/A
Founders Capital, Maya Capital
Internet
7.9%
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
Q2’22 funding to Brazil continues downward slide from record Q2’21
$6,000M
$5,000M 200
164
153 156
$4,000M
150
129 Deals
114
118
$3,000M
102 99
97
89 92 100
86
75 75
$2,000M 68 68
61
44 Funding
50
$1,000M
$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
$0M 0
2018 2019 2020 2021 2022
282
Late-stage deal share up to 17% in 2022 YTD
10% 9% 8% Other, 6%
12%
14% Late-stage, 17%

15% 18% 14%
7%
9%
70% 67% 68% Early-stage, 70%

64%
2018 2019 2020 2021 2022

YTD
283
Brazil: Top equity deals in Q2'22

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 D Security Software

1 Unico $100M 2022-04-13
$2.6B GS Growth, General Atlantic, SoftBank Group Software (non-internet/mobile)
N/A
11.1%
Series B Mobile Software & Services

3 Take Blip $70M 2022-06-07
N/A Warburg Pincus Mobile & Telecommunications
Conferencing & Communication
7.8%
Series C The Lightsmith Group, TPG Alternative & Internet Software & Services
4 Solinftec $60M 2022-05-02
N/A
Renewable Technologies, Unbox Capital
Internet
6.7%
Greylock Partners, Andreessen Horowitz,

Series B E-Commerce
5 Inventa $55M 2022-04-27
N/A Founders Fund, Greenoaks Capital Management, Internet
Marketplace
6.1%
Maya Capital
284
Colombia
285
State of Venture | Geographic Trends | Colombia
Funding and deals slow in Q2’22 but remain elevated
$1,200M 40
33 35
$1,000M
30
$800M Deals
23 25
20
$600M 18 20
17 17
16 16 16
15 Funding
$389M 15
$400M 11 11
10 10 10
10
6
$200M 5
4
5
$53M $58M
$23M $37M
$188M $9M $220M $13M $72M $1,036M $11M $354M $63M $247M $768M $289M $470M
$0M 0
2018 2019 2020 2021 2022
286
Mid-stage deal share shrinks as early- and late-stage deal shares grow
5% 8% Other, 7%
12%
5% Late-stage, 4%
11%
10% 28%
Mid-stage, 16%
88%
79%
2018 2019 2020 2021 2022

YTD
287
Colombia: Top equity deals in Q2'22

Homebrew, SoftBank Latin America Fund,

1 Habi $200M 2022-05-11
$1.0B Clocktower Technology Ventures, Inspired Internet
Real Estate
51.4%
Capital, Tiger Global Management

2 La Haus $54M 2022-06-08
Real Estate
13.8%
Commerce Ventures, FJ Labs, First Check

Series A Mobile Software & Services
3 Treinta $46M 2022-04-06
N/A Ventures, Goodwater Capital, Luxor Capital Mobile & Telecommunications
11.8%
Group
Venture Capital Internet Software & Services

4 Cobre $18M 2022-06-30
N/A QED Investors Internet
Payments
4.6%
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
Funding rebounds for Argentina in Q2’22, deals fall 27%
30
$500M
25
22
$400M 20
20
Deals
16 16
$300M
14 15
12 12
10 10
$200M 9 9 10
8 8
7 7
Funding
5 $92M
$100M 4 5
3
$39M
$18M $17M $9M $12M
$5M $2M $53M $3M $176M $6M $2M $61M $118M $480M $87M $50M
$0M 0
2018 2019 2020 2021 2022
290
Nearly all deals in 2022 so far go to early-stage companies
7% 5% Other, 3%
13% 16%
9% Late-stage, 5%
11%
Mid-stage, 0%
5% 7%
16%
11%
6%
Early-stage, 92%
79% 79%
68%
65%
2018 2019 2020 2021 2022

YTD
291
Argentina: Top equity deals in Q2'22

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
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
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
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%
Seed VC Borderless Capital, Esteban Ordano, Facundo Garreton, IT Services

5 SenseiNode $4M 2022-04-08
N/A
Francisco Alvarez-Demalde, Javier Villamizar
Computer Hardware & Services
3.9%
292
Chile
293
State of Venture | Geographic Trends | Chile
Quarterly funding continues to trend downward for Chile in Q2’22
$350M 25
21
$300M
19 20
Deals
$250M
16
15
$200M 13 13 13 13 13
Funding 15
$173M
10 10
$150M
10
8 8
7 7
$100M 6
4 5
$50M 3
$50M $32M $37M
$22M
$8M $8M $14M
$7M $7M $7M
$0M $1M $90M $150M $297M $220M $189M
$0M 0
2018 2019 2020 2021 2022
294
Early-deal share grows as late-stage deal share shrinks to new low
7%
Other, 11%
21% 12%
22%
7% Late-stage, 3%
7% Mid-stage, 5%
8%
13%

70%
66%
2018 2019 2020 2021 2022

YTD
295
Chile: Top equity deals in Q2'22

Avenir Growth Capital, Kaszek

1 Xepelin $111M 2022-05-02
N/A Ventures, Battery Ventures, DST Internet
64.1%
Global, Carlos Garcia Ottati
Undisclosed E-Commerce
2 Cumplo $40M 2022-04-28
N/A Fasanara Capital Internet
Marketplace
23.1%
Series A General Catalyst, Jamie Karraker, Internet Software & Services

3 Examedi $17M 2022-06-22
N/A
Sebastian Mejia, Thomaz Srougi
Internet
Healthcare
9.8%
Seed VC Moonvalley Capital, Global Founders Facilities

4 Grupo Central $3M 2022-04-11
N/A
Capital, Opera Ventures
Business Products & Services
N/A
1.7%

5 Duemint $1M 2022-05-26
N/A Chile Ventures Internet
0.6%
296
Africa Trends
297
Africa sees $1.7B in funding across 298 deals in 2022 YTD, on track for
new annual high
$3.0 B 900
800
$2.5 B
700
$2.0 B Funding 600

530
$1.7B
453 500
$1.5 B
373
400
310
$1.0 B 300
Deals
298 200
$0.5 B
100
$0.7B $0.7B $0.8B $2.4B

$0.0 B 0
2018 2019 2020 2021 2022
YTD
298
Q2’22 funding is up more than 3x YoY
$1,400M
250
$1,200M
200
$1,000M 169
156 Funding
$794M
$800M 138 150
123 127 Deals
115
105
110 109 129
$600M 98 96
89 89 92
87 100
77
$400M
55
50
$200M
$76M
$106M $238M $306M $143M $169M $144M $275M $163M $169M $110M $397M $244M $245M $1,247M $676M $922M
$0M 0
2018 2019 2020 2021 2022
299
Early-stage deals continue to account for majority of deals in Africa
8% 7% 9% Other, 6%
5% Late-stage, 7%
18%

77% 79%
71%
2018 2019 2020 2021 2022

YTD
300
Africa: Top equity deals in Q2'22

% of
Funding
Series D Arch Emerging Partners, General Atlantic, M&G Electronic Components

1 Sun King $260M 2022-04-28
N/A
Investments
Kenya Electronics
Lighting & LED
32.8%
Series A Jump Crypto, IDG Capital, Matrix Partners China, Internet Software & Services
2 KuCoin $150M 2022-05-10
$10.0B
Circle Ventures
Seychelles Internet
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
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
3.8%
Avacare Undisclosed Medical Facilities & Services

6 $29M 2022-06-13
N/A International Finance Corporation Mauritius Healthcare
N/A
3.6%
Health
Seed VC Alameda Research, Coinbase Ventures, Day One Internet Software & Services
7 Mara $23M 2022-05-11
N/A
Ventures, Distributed Global, Huobi Ventures
Kenya Internet
2.9%
Undisclosed Mobile & Towers & Infrastructure

8 ieng $20M 2022-04-04
N/A BluePeak Private Capital Ghana
Telecommunications N/A
2.5%
Venture Capital Environmental Services Solid Waste

9 Sanergy $19M 2022-06-08
N/A Novastar Ventures Kenya
& Equipment N/A
2.4%
Pre-Seed Raed Ventures, 1984 Ventures, Algebra Ventures, E-Commerce

10 Sylndr $13M 2022-05-23
N/A
Global Founders Capital, Nuwa Capital
Egypt Internet
Auto
1.6%
301
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
M&A exits are up 17% in Q2’22, nearing record high of Q4'21
28
M&A, 27
23
21 21
1 1
IPO, 0
2018 2019 2020 2021 2022
303
Africa: Top investors by company count in Q2'22

1 Launch Africa 7 VC Mauritius
2 Future Africa 6 Angel Nigeria
2 MEXC 6 Corp Seychelles
4 Cairo Angels 5 Angel Egypt
4 Huobi Ventures 5 CVC Seychelles
4 WestBridge Capital 5 Private Equity Mauritius
7 Chandaria Capital 4 CVC Kenya
7 Ingressive Capital 4 VC Nigeria
9 Azur Partners 3 Asset/Investment Management Morocco
9 Berrywood Capital 3 Asset/Investment Management Nigeria
9 LoftyInc Capital Management 3 Asset/Investment Management Nigeria
9 Raba Capital 3 VC Kenya
304
Egypt
305
State of Venture | Geographic Trends | Egypt
Both funding and deals are down in Q2'22 for Egyptian market
$400M
50
$350M
$300M 38 38 40
$250M 31
30
29 29 Deals
27 30
$200M 24 24
25 24
21
19
$150M 18 20
Funding
$102M
$100M 12
10
9
10
6
$50M $37M
$28M
$20M $18M
$10M $8M $7M $9M $5M $7M
$2M $1M $108M $80M $368M $64M $139M
$0M 0
2018 2019 2020 2021 2022
306
Early-stage deals continue to dominate investment activity in 2022 YTD
Other, 0%
Late-stage, 8%
6%
Mid-stage, 2%
93% 93%
87%
2018 2019 2020 2021 2022

YTD
307
Egypt: Top equity deals in Q2'22

Clay Point Investors, Kora

1 Paymob $50M 2022-05-09
N/A Management, PayPal Ventures, A15, Internet
Payments
49.1%
FMO
Raed Ventures, 1984 Ventures,

Pre-Seed E-Commerce
2 Sylndr $13M 2022-05-23
N/A Algebra Ventures, Global Founders Internet
Auto
12.4%
Capital, Nuwa Capital
Private Equity E-Commerce

3 valU $12M 2022-06-20
$249M Alhokair Internet
Marketplace
12.2%
Corporate Minority E-Commerce

4 valU $10M 2022-05-16
N/A Amazon Internet
Marketplace
9.8%
4DX Ventures, Nuwa Capital, Shorooq

Seed VC Facilities
5 The Food Lab $5M 2022-04-16
N/A Partners, Abdul Majeed Al Hokair, Al Business Products & Services
N/A
4.4%
Faisaliah Group
308
Kenya
309
State of Venture | Geographic Trends | Kenya
Funding for Kenya remains elevated in Q2'22 while deals halve QoQ
$400M 50
Funding 45
$350M
$326M
40
$300M
32 35
$250M
30
24
$200M 25
20
17 20
$150M 16
15 15 15
14 14 Deals
13 15
12 12 12 16
$100M 10 10
9
10
$48M
$50M $38M
$28M $27M 5
$10M $15M $12M $10M
$2M $8M
$65M $75M $79M $69M $1M $73M $356M
$0M 0
2018 2019 2020 2021 2022
310
Mid- and late-stage deal shares see boost in 2022 so far
17% 15% Other, 17%

16%
10%
6% Late-stage, 13%
21% 8%
Mid-stage, 8%
8%
89%
74%
68%
Early-stage, 63%
54%
2018 2019 2020 2021 2022

YTD
311
Kenya: Top equity deals in Q2'22

Series D Arch Emerging Partners, General Electronic Components

1 Sun King $260M 2022-04-28
N/A
Atlantic, M&G Investments
Electronics
Lighting & LED
79.8%
Alameda Research, Coinbase Ventures,

2 Mara $23M 2022-05-11
N/A Day One Ventures, Distributed Global, Internet
7.1%
Huobi Ventures
Venture Capital Solid Waste

3 Sanergy $19M 2022-06-08
N/A Novastar Ventures Environmental Services & Equipment
N/A
5.8%
Undisclosed Stealth Mode

4 New Retail Africa $10M 2022-06-07
N/A
3.2%
Growth Equity Ed Brakeman, Hans den Bieman, DOB Animal Production

5 Victory Farms $5M 2022-05-19
N/A
Equity
Agriculture
N/A
1.5%
312
Nigeria
313
State of Venture | Geographic Trends | Nigeria
Funding for Nigeria falls to 4-quarter low, deals down 13%
$600M 70
60
$500M
51
50
45
$400M Deals
38
39
36 40
35
33
$300M
30
22 22 23 23
$200M 19 19
16 20
15 14 13
$100M 9
Funding 10
$47M $49M $44M
$25M $33M $34M $24M $23M $31M $35M
$14M $22M
$78M $164M $129M $551M $178M $198M
$0M 0
2018 2019 2020 2021 2022
314
Nearly all deals in 2022 so far go to early-stage companies
Late-stage, 1%
9% Other, 2%
8%
Mid-stage, 1%
8%

87%
80%
2018 2019 2020 2021 2022

YTD
315
Nigeria: Top equity deals in Q2'22

Series A Zrosk Investment Management, Inventure, Mobile Software & Services

1 ZirooPay $11M 2022-04-05
N/A
Fedha Capital, Tellimer
Payments
32.6%
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
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 Flexport Ventures, Y Combinator, Capital X, Mobile Software & Services

3 Topship $3M 2022-05-16
N/A
Olive Tree Capital, Soma Capital
7.2%
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
Deals hold steady while funding falls 43% QoQ
$300M
35
$250M 29
30
27
26
25 25 25
23 25
$200M
22 22 Deals
21 21 21
20
18 18 20
$150M
16
14
15
12
$100M
Funding
10
$60M
$50M $39M $34M
$32M $34M 5
$23M $25M
$13M $14M $15M
$5M $8M $10M
$193M $137M $113M $280M $105M
$0M 0
2018 2019 2020 2021 2022
318
Mid- and late-stage deal shares tick up in 2022 YTD vs. 2021
5% 6% 9% 12%
Other, 7%
25%
28%
6%
8%
Mid-stage, 7%
7%
5%
74%
63% 61%
2018 2019 2020 2021 2022

YTD
319
South Africa: Top equity deals in Q2'22

Tiger Global Management, Avenir Growth

1 BVNK $40M 2022-05-12
$340M Capital, Base Capital, Concentric, Kingsway Internet
66.6%
Capital Partners
Seed VC Naspers, Base Capital, Platform Investment E-Commerce

2 Nile $5M 2022-05-17
N/A
Partners, Raba Capital
Internet
Marketplace
8.5%

3 LifeCheq $3M 2022-05-31
N/A Naspers Internet
5.5%
Pre-Seed Breega Capital, CRE Venture Capital, Ingressive Mobile Software & Services
4 Sava $2M 2022-06-30
N/A
Capital, Quona Capital, Sherpa Ventures
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
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
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
Australia sees $2.3B in funding across 268 deals in 2022 YTD
$7.0 B 900
800
$6.0 B
700
$5.0 B
600
515
$4.0 B 500
377
$3.0 B Funding 400
314 304 $2.3B
300
$2.0 B
Deals 200
268
$1.0 B
100
$1.2B $1.9B $2.0B $6.1B

$0.0 B 0
2018 2019 2020 2021 2022
YTD
322
Q2’22 funding drops to lowest levels since Q4'20, deals fall 35%
$2,500M
200
$2,000M
160 162
158
150
$1,500M
124 Deals
106
104
100 97 98
100
$1,000M
78 78 82 81 79 Funding
73
67 69 $738M
62
$500M 50
$236M $246M $396M $307M $331M $316M $642M $595M $391M $633M $248M $768M $900M $1,272M $2,174M $1,712M $1,608M
$0M 0
2018 2019 2020 2021 2022
323
Early-stage deal share grows in 2022 so far
7% 11% 10% Other, 8%

12%
13%
12%
Late-stage, 11%
12%
8%
7% Mid-stage, 9%
10% 10%
76% 73%
2018 2019 2020 2021 2022

YTD
324
Australia: Top equity deals in Q2'22

% of
Company Select Investors Sector Total
Funding
Series E AirTree Ventures, Five Sigma, Blue Cloud Ventures, Internet Software & Services
1 Go1 $100M 2022-06-06
$2.0B
Larsen Ventures, M12
Internet
13.6%
Series A General Catalyst, Tiger Global Management, Avenir E-Commerce

2 Carma $52M 2022-05-12
N/A
Growth Capital, Entree Capital, Five V Capital
Internet
Auto
7.1%
Series B Tidal Ventures, Tiger Global Management, Internet Software & Services
3 Shippit $46M 2022-05-03
$256M
Perennial, SecondQuarter Ventures, Mike Ford
Internet
6.2%
Series A Mobile & Mobile Software & Services

4 Stake $36M 2022-04-27
N/A DST Global
Telecommunications Asset & Financial Management & Trading
4.8%
Series B Blackbird Ventures, AirTree Ventures, Aware Super, Internet Software & Services
5 Edrolo $29M 2022-06-07
N/A
HESTA, NGS Super
Internet
3.9%
Series B E-Commerce
6 Funding $27M 2022-05-06
Marketplace
3.6%

7 Clear Dynamics $24M 2022-05-16
N/A OIF Ventures, Colinton Capital Partners Internet
3.3%

Series B Exto Partners, 72 Ventures, In-Q-Tel, Vulpes
8 Zetaris $22M 2022-04-06
N/A
Ventures
Internet Business Intelligence, Analytics & 3.0%
Performance Mgmt
Undisclosed Computer Hardware & Servers & Mainframes

9 Leading Edge Data Centres $21M 2022-05-09
N/A DigitalBridge
Services N/A
2.8%
Series A E-Commerce
10 EQL $19M 2022-04-11
N/A Insight Partners, AirTree Ventures Internet
2.5%
325
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
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
2018 2019 2020 2021 2022
327
Australia: Top investors by company count in Q2'22
Investor Company Count Investor Group
1 Atlassian Ventures 6 CVC
2 AirTree Ventures 4 VC
2 Artesian Capital Management 4 Asset/Investment Management
2 Blackbird Ventures 4 VC
2 Folklore Ventures 4 VC
2 Main Sequence Ventures 4 CVC
2 Square Peg Capital 4 VC
2 Telstra Ventures 4 CVC
328
State of Venture
Report Methodology Rounds to private companies that may be majority- or minority-
owned subsidiaries of other private companies.
No private placements. These investments, also known as PIPEs
(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
Headquarters are determined by publicly available sources partnerships to emerging, startup companies are not included.
(including Pink Sheets) are excluded from our numbers, even if
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."
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State of

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Make your brand more

Think about the fundamental value chain of venture

Payments Store Management

Digital Health Supply Chain &

The TL;DR Live:

What you need to know about

$108.5B -13% 85 -31% -16%

What you need to know about

111% $1.7B -22% 33% -43%

Q1 2022 Q2 2022 Q1 2022 Q2 2022 Q1 2022 Q2 2022

New unicorn births fall significantly in Q2’22

Mega-round funding decreases 31% QoQ to $50.5B, a 6-quarter low

The number of total exits falls 16% QoQ

1,947 1,988 1,996

Denver funding soars to an all-time high of $1.9B, up 111% QoQ

Top 10 investors fund 22% fewer companies in Q2’22

Investor Company Count Investor Company Count

1 Tiger Global Management 120 1 Tiger Global Management 86

3 Global Founders Capital 77 3 SOSV 63

4 Insight Partners 70 4 Insight Partners 61

5 Andreessen Horowitz 62 5 Andreessen Horowitz 59

6 SOSV 60 6 Global Founders Capital 54

7 Sequoia Capital China 57 7 Accel 44

8 Animoca Brands 56 8 Sequoia Capital China 39

9 SoftBank Group 55 9 Animoca Brands 37

Total 705 Total 553 22%

Angel Asset/Investment CVC Corp Private Equity VC

Retail tech funding plummets 43% QoQ to hit $13.2B

$15.0B $13.8B $14.0B

Global Trends 21 Seattle 149 Europe 237

Funding reaches $250.1B in 2022 YTD

$291.1B $257.9B $297.2B $625.9B

Funding drops by 23% QoQ in Q2'22, deal activity slows

The US leads in deals and funding in Q2’22, followed by Asia

All major regions see funding drop QoQ in Q2’22

US Asia Europe LatAm & Caribbean

Canada Africa Australia

All Other Regions, 0%

33% 37% 39% 35% 31% 34% 30% 35%

VC leads in investor deal share in Q2'22

23% 22% 23% 22% 21% 20%

Average global deal size comes in at $20M in H1’22

2018 2019 2020 2021 2022

US Asia Europe LatAm & Caribbean

Canada Africa Australia

2018 2020 2022 2018 2020 2022 2018 2020 2022

Angel Asset/Investment CVC Corp Private Equity VC

$17M $16M $16M

Funding from $100M+ mega-rounds reaches $124.1B across 613 deals

$150.8B $117.4B $145.6B $369.4B

Mega-round funding down 31% QoQ in Q2’22

$80.0B 416 417

The US leads in mega-round funding and deals in Q2’22

Mega-round count down across most regions in Q2’22

$100M+ mega-rounds make up 3% of total deals in Q2'22

Mega-rounds account for 47% of total dollars invested globally