State Of Venture GLOBAL | Q3 2021 Global data and analysis on dealmaking, funding, and exits in private-market companies What is CB Insights? SIGN UP FOR A FREE TRIAL CB Insights helps the world’s leading companies make smarter technology decisions with data, not opinion. Our Technology Insights Platform provides companies with comprehensive data, expert insights, and work management tools that enable them to discover, understand, and make technology decisions. 2 With CB Insights, Microsoft can quickly identify disruptive technologies and pinpoint the right market opportunities. This enables us to create digital-first offerings that empower our customers. Moran Haviv Strategic Innovation, Microsoft Plaid Assess and compare companies Valuations & Deal Terms Compare private companies and price deals with speed and scale. 4 Dig deeper. CB Insights clients can find and track companies using our analyst-curated Expert Collections. Fintech Digital Health In-Store Retail Tech 5 WEBINAR Behind the Scenes of the State of VC October 26th, 2pm ET REGISTER HERE Chris Bendtsen Senior Intelligence Analyst, Fintech 6 Upcoming Events December 8-9, 2021 Global Online Experience REGISTER HERE 7 Contents Executive Summary Global Trends Investment Trends Unicorns & Valuations Exit Trends Investors Sector Spotlights Fintech Retail Tech Healthcare State Of Venture 9 US Trends Silicon Valley 21 New York 22 Los Angeles 57 Boston 67 Seattle 78 Denver 86 DC 87 Chicago 100 Dallas 113 Austin Miami Atlanta Philadelphia Raleigh 126 Canada Trends 135 Toronto 139 Vancouver 143 147 Asia Trends 151 China 155 India 159 Europe Trends 163 United Kingdom 167 Germany 171 France 175 179 LatAm Trends 183 Mexico 187 Brazil 191 200 204 208 217 221 225 234 238 242 246 255 259 8 What you need to know about venture in Q3’21 848 Total unicorns. 127 added in Q3. Q3’21 saw the global unicorn herd reach 848. This is 311 more than this time last year. In Q3’21, 127 new unicorns were born — the 2nd highest birth rate ever after Q2’21’s 140. Half of the new unicorns came from the US, with 69. Asia saw 30 and Europe 15. $158B In total funding. Up 105% vs. last year. Global venture funding reached $158.2B this quarter – a 105% increase YoY compared to Q3’20’s $77B. The last 2 quarters are the #1 and #2 quarters in terms of total venture funding in the last decade. State Of Venture 409 Deals > $100M. Record high. The number of $100M+ mega-rounds reached an all-time high for the 5th straight quarter, clocking 409. Mega-rounds are just 4% of the global deal count, but 58% of total funding dollars. Q3’21 mega-round dollars totaled $91.3B — over double that of a year ago and 7% higher than last quarter’s record $85.2B. $72B Raised in the US. ~½ the world’s venture dollars. US companies raised $72.3B in Q3’21, making up 46% of global dollars — the most of any region. Funding grew 90% YoY, while also topping last quarter’s $70.3B. The total number of US deals was 3,210 — the country’s highest quarterly deal activity on record. 95% Asia funding jumps. China & India roaring. Asia funding dollars rose 95% YoY to reach a record of $50.2B. Asia’s share of global equity funding rose from 26% in Q2’21 to 32% in Q3’21 — the only major region to see share growth QoQ. China funding grew 26% QoQ to reach $25.5B. India funding jumped 68% QoQ and an astounding 195% YoY to $9.9B. 9 What you need to know about venture in Q3’21 continued $1.1B Late-stage valuations double. The median valuation for late-stage deals in 2021 YTD is now at unicorn status, reaching $1.1B. This is more than 2x 2020’s median valuation of $523M (110% growth). Early- and mid-stage median deal valuations are also up for the year. 13% Increase in exits YTD vs. full-year 2020. The total number of exits (M&A, IPOs, and SPACs) has hit 8,457 in 2021 so far, up 13% from 2020’s 7,494. In Q3’21, M&A exits broke Q2’21’s record level to reach 2,598, while IPOs declined by 20% QoQ. $97B $1 out of $5 YTD goes to healthcare. Healthcare funding YTD has reached $97.1B — more than any other industry and 22% of total dollars raised this year. Healthcare funding in Q3’21 was down QoQ, but still reached $30.5B, more than any quarter prior to this year. State Of Venture 1 in 3 33% of new unicorns are in fintech. Fintech claims the most unicorns among sectors at 200 and saw 42 additions in Q3’21 – 33% of total unicorn births. Total fintech funding in Q3’21 has grown 161% YoY to reach $31B. The yearly sum so far of $91.5B is already almost double 2020’s full-year total, and there’s still a quarter to go. 1.5 Sequoia Capital China’s deals/day. Sequoia Capital China is the new #1 investor for most deals in Q3’21 at 96. That’s 1.5 deals per business day. It took the crown from Tiger Global Management, Q2’21’s winner, which was a close second at 86 deals this quarter. 10 The global unicorn herd reaches 848 in Q3’21, with 127 additions 848 unicorns Q3 2021 58% increase YoY Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015 2016 2017 2018 2019 2020 2021 State Of Venture | Global Trends | Unicorns & Valuations 11 Global venture funding climbs to new record $180.0B $160.0B $140.0B $120.0B $100.0B $80.0B $60.0B $40.0B $20.0B $.0B Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015 2016 2017 2018 2019 2020 2021 State Of Venture | Global Trends | Investment Trends $158.2B Q3 2021 105% increase YoY 12 $100M+ global mega-rounds jump to new high, more than 2x YoY 450 400 409 mega-rounds Q3 2021 350 300 136% 250 increase YoY 200 150 100 50 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015 2016 2017 2018 2019 2020 2021 State Of Venture | Global Trends | Investment Trends 13 US funding to startups trends up in Q3’21 $80.0B $70.0B $72.3B Q3 2021 $60.0B $50.0B 90% increase YoY $40.0B $30.0B $20.0B $10.0B $.0B Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015 2016 2017 2018 2019 2020 2021 State Of Venture | US Trends 14 Asia funding blows past previous record, up 95% YoY $60.0B $50.0B $50.2B Q3 2021 $40.0B $30.0B 95% increase YoY $20.0B $10.0B $.0B Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015 2016 2017 2018 2019 2020 2021 State Of Venture | Asia Trends 15 Late-stage median valuations double to reach unicorn status in 2021 YTD $1,100M 2021 YTD 110% increase 2015 2017 State Of Venture | Global Trends | Unicorns & Valuations 2019 2021 YTD 16 Driven by record M&As, global exits are up 13% in 2021 so far 8,457 2021 YTD 13% increase 2015 2016 2017 2018 2019 2020 2021 YTD State Of Venture | Global Trends | Exit Trends 17 Healthcare funding explodes, nearing $100B in 2021 so far $120.0B $100.0B $80.0B $60.0B $40.0B $20.0B $.0B 2015 2016 2017 State Of Venture | Sector Spotlights | Healthcare 2018 2019 2020 2021 YTD $97.1B 2021 YTD 22% increase 18 Fintech reaches 200 unicorns, with 42 added in Q3’21 200 fintech unicorns Q3 2021 94% increase YoY Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015 2016 2017 2018 2019 2020 2021 State Of Venture | Sector Spotlights | Fintech 19 Sequoia Capital China is the most active investor in Q3’21 Company 1 Sequoia Capital China 2 Tiger Global Management 3 SoftBank Group 4 SOSV 5 Insight Partners 6 Tencent Holdings 7 Accel 8 Andreessen Horowitz 9 Global Founders Capital 10 Hillhouse Capital Management 10 Sequoia Capital State Of Venture | Global Trends | Investors Company Count Investor Group 96 VC 86 Asset/Investment Management 79 Other 75 VC 73 VC 60 Other 56 VC 53 VC 51 VC 48 Asset/Investment Management 48 VC Country China United States Japan United States United States China United States United States Germany China United States Percent of Total Quarter Deals 1.0% 0.9% 0.8% 0.8% 0.8% 0.6% 0.6% 0.6% 0.5% 0.5% 0.5% 20 Global Trends Q3 2021 21 Investment Trends GLOBAL: Q3 2021 22 Global funding blows past last year’s 12-month total $500.0B $450.0B $400.0B $350.0B $300.0B $250.0B $200.0B $150.0B $100.0B $50.0B $.0B 20,682 $169.8B 2015 22,129 $153.5B 2016 26,124 $209.7B 2017 State Of Venture | Global Trends | Investment Trends 29,284 $286.0B 2018 28,051 $257.2B 2019 26,143 $284.2B 2020 Funding $437.7B Deals 24,951 35,000 30,000 25,000 20,000 15,000 10,000 5,000 2021 YTD 0 23 Global deals and dollars reach all-time highs in Q3’21 $180.0B Deals 9,363 10,000 $160.0B $151.0B $140.0B $120.0B $100.0B $80.0B $60.0B $40.0B 7,741 7,648 7,597 4,965 5,145 5,370 5,202 5,843 5,297 5,597 5,392 6,506 6,271 6,631 6,716 7,135 6,760 7,141 7,039 7,161 6,710 6,256 6,095 6,838 6,954 7,991 $128.5B $89.8B $82.0B $79.0B $77.0B $56.5B $55.7B $56.5B $56.3B $68.5B $68.1B $64.2B $64.5B $60.4B $59.6B $57.8B $37.1B $44.5B $47.7B $40.6B $39.0B $38.5B $37.5B $38.6B $41.2B 9,000 Funding $185,0800.2B 7,000 6,000 5,000 4,000 3,000 2,000 $20.0B 1,000 $.0B 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015 2016 2017 2018 2019 2020 2021 State Of Venture | Global Trends | Investment Trends 24 Global regional comparison Q3’21 US $72.3B 3210 Deals Canada $2.9B 212 Deals Europe $24.2B 1590 Deals LatAm $5.3B 255 Deals All Other Regions $3.2B 281 Deals Asia $50.2B 3815 Deals State Of Venture | Global Trends | Investment Trends 25 US leads in global funding in Q3’21, followed by Asia and Europe US $72.3B $70.3B $67.8B Asia Europe LatAm Canada All Other Regions $50.2B $41.4B $38.1B $32$.13B1.4B $39.9B $33$.43B5.5B $25.7B $17.3B $15.1B Q1 Q3 Q1 Q3 2020 2021 Q1 Q3 Q1 Q3 2020 2021 $24.2B $27.8B $19.7B $8.2$B8.$31B0$.11B1.8B Q1 Q3 Q1 Q3 2020 2021 $5.3B $7.3B $.7$B1.3$B1.9$B1.5$B2.1B $2.9B $.8B$.9B$.9B$.5$B2$.42.B1B $3.2B $.6B$.8B$.4$B1.2$B1$.12.B5B Q1 Q3 Q1 Q3 2020 2021 Q1 Q3 Q1 Q3 2020 2021 Q1 Q3 Q1 Q3 2020 2021 State Of Venture | Global Trends | Investment Trends 26 Asia’s deal share overtakes the US’ in Q3’21 132%%% 221%%% 122%%% 132%%% 132%%% 122%%% 3% 3% 2% 132%%% 122%%% 322%%% 122%%% 222%%% 32%% 2% 222%%% 222%%% 222%%% 3% 23%% 3% 3% 2% 3% 32%% 232%%% 3% 3% 2% 3% 3% 2% 3% 22%% 3% 22%% 32%% 3% 3% 3% 3% 17% 15% 16% 18% 17% 20% 20% 22% 24% 22% 21% 22% 21% 19% 18% 22% 22% 22% 20% 22% 22% 23% 20% 22% 22% 23% 27% 28% 30% 30% 32% 29% 29% 31% 29% 30% 32% 33% 33% 37% 39% 35% 33% 31% 34% 36% 30% 32% 35% 34% 33% 34% All Other Regions, 3% Canada, 2% LatAm, 3% Europe, 17% Asia, 41% 50% 51% 49% 47% 45% 45% 43% 40% 41% 41% 41% 38% 38% 37% 37% 37% 38% 39% 39% 35% 40% 37% 37% 37% 38% 35% US, 34% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015 2016 2017 2018 2019 2020 2021 State Of Venture | Global Trends | Investment Trends 27 VC leads investor deal share in Q3’21 24% 25% 24% 26% 24% 25% 25% 26% 25% 26% 25% 26% 25% 24% 25% 25% 24% 24% 24% 24% 23% 23% 23% 23% 21% 19% 5% 10% 8% 5% 5% 10% 9% 4% 4% 9% 7% 11% 7% 10% 6% 10% 7% 10% 6% 6% 6% 5% 5% 6% 6% 5% 5% 6% 6% 9% 10% 10% 10% 10% 10% 9% 10% 9% 8% 5% 4% 4% 4% 4% 4% 5% 5% 4% 5% 8% 6% 8% 5% 7% 6% 8% 5% 8% 6% 7% 6% 6% 6% 7% 6% 9% 6% 7% 6% 6% 6% 8% 6% 9% 5% 7% 6% 6% 6% 8% 6% 9% 5% 8% 6% 5% 6% 8% 7% 7% 6% 8% 7% 5% 7% 8% 7% 8% 7% 7% 10% 8% 10% 8% 12% 13% 13% 13% 13% 14% 14% 14% 15% 15% 15% 15% 15% 16% 16% 17% 17% 16% 17% 17% 17% 17% 16% 16% 16% 16% Other, 19% Incubator/Accelerator, 6% Private Equity, 8% Angel, 9% Asset/Investment Management, 10% Corp and CVC, 16% 36% 35% 35% 34% 32% 34% 32% 34% 31% 32% 32% 34% 33% 34% 32% 34% 32% 33% 32% 34% 32% 34% 33% 33% 32% 33% VC, 31% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015 2016 2017 2018 2019 2020 2021 State Of Venture | Global Trends | Investment Trends 28 Average global deal size reaches $25M $25M $11M $9M $11M $15M $14M $16M $2M 2015 $2M 2016 State Of Venture | Global Trends | Investment Trends $2M $2M $2M 2017 2018 Average Deal Median Deal 2019 $3M 2020 $4M 2021 YTD 29 Median deal size up in all regions in 2021 so far, Asia leads US Asia Europe LatAm Canada All Other Regions $6M $5M $4M $4M $3M $3M $2M $2M$2M $3M$3M$3M $2M$2M $3M $3M $2M $2M $1M $1M$1M$1M $2M $2M $1M $1M $1M $0M $0M $2M$2M $2M $1M$1M $1M $2M $1M $1M$1M$1M$1M$1M 2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021 YTD YTD YTD YTD YTD YTD State Of Venture | Global Trends | Investment Trends 30 Median deal size up for all investor categories in 2021 so far, PE leads Angel Asset/Investment Corp and CVC Private Equity VC Management Other $32M $35M $4M $2M$2M$2M$2M$2M$3M $21M $23M $17M $15M $11$M12M $24M $14M $8M$8M$8M$9M$$91M0M $16$M15M $14$M13$M12M $12M $6M$5M$6M$8M$8$M8M $4M $1M$1M$2M$2M$2M$3M 2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021 YTD YTD YTD YTD YTD YTD State Of Venture | Global Trends | Investment Trends 31 $100M+ mega-rounds account for record $253B in funding so far this year $300.0B $250.0B Deals 1,132 1,200 Funding $252.7B 1,000 $200.0B $150.0B $100.0B $50.0B $.0B $70.1B 287 2015 $57.5B 228 2016 State Of Venture | Global Trends | Investment Trends $95.4B 336 2017 $144.6B 472 $115.9B 486 624 $131.2B 2018 2019 2020 800 600 400 200 2021 YTD 0 32 Q3’21 mega-round dollars over double compared to Q3’20 $100.0B $90.0B $80.0B $70.0B $60.0B Funding $91.3B $76.2B $85.2B 377 Deals 409 $44.5B 346 $50.0B $45.7B $38.4B $43.0B 217 $40.0B $30.0B $28.4B $26.3B $25.0B $32.9B $34.1B $22.1B $27.6B $28.9B $25.3B $26.2B 173 $19.4B $20.4B $22.9B 123 135 126 125 130 127 122 $20.0B $14.2B 90 $16.1B $13.5B $15.5B $13.6B $15.0B $15.7B 89 88 91 88 104 112 $10.0B 60 76 61 58 55 53 62 68 $.0B Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015 2016 2017 2018 2019 2020 2021 State Of Venture | Global Trends | Investment Trends 33 Global $100M+ mega-round comparison Q3’21 US $40.5B 193 Deals Canada $1.6B 10 Deals Europe $12.9B 54 Deals LatAm $3.6B 15 Deals All Other Regions $1.6B 9 Deals Asia $31.1B 128 Deals State Of Venture | Global Trends | Investment Trends 34 Asia mega-rounds see increase in Q3’21, US remains in the lead 198 200 US, 193 101 Asia, 128 87 90 87 28 23 7 2 334 9 0 4319 9 01 256 8 20 31 21 501 28 21 6 0 223 421 34 19 9 0 33 23 8301 41 34 11 1 47 33 602 3480 11 01 3397 9 210 57 8 01 6529 11 201 61 52 7231 60 49 14 10 69 38 18 410 64 43 12 431 4420 14 341 67 29 14 20 7364 88 58 45 34 23 15 15 9312 610 401 463 2 Europe, 54 LatAm, 15 Canada, 10 All Other Regions, 9 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015 2016 2017 2018 2019 2020 2021 State Of Venture | Global Trends | Investment Trends 35 $100M+ global mega-rounds make up small share of total deals 99% 99% 98% 99% 99% 99% 99% 99% 99% 99% 99% 99% 99% 98% 98% 98% 98% 98% 98% 98% 98% 98% 97% 97% 95% 95% Non-mega-rounds, 96% 5% 5% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015 2016 2017 2018 2019 2020 2021 Mega-rounds, 4% State Of Venture | Global Trends | Investment Trends 36 Mega-rounds account for ~60% of total dollars invested globally 62% 56% 57% 60% 65% 60% 64% 61% 62% 49% 53% 56% 59% 48% 52% 42% 50% 57% 55% 58% 56% 62% 50% 50% 41% 44% Non-mega-rounds, 42% 38% 44% 43% 40% 35% 40% 36% 39% 38% 51% 47% 44% 41% 52% 48% 58% 50% 43% 45% 42% 44% 38% 50% 50% 59% 56% Mega-rounds, 58% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015 2016 2017 2018 2019 2020 2021 State Of Venture | Global Trends | Investment Trends 37 Global: Top 10 equity deals in Q3’21 Company Round Round Amount Date AVIC Lithium 1 Battery $1,858M Undisclosed 2021-09-06 2 Yanolja Corporate $1,700M Minority 2021-07-09 3 Databricks $1,600M Series H 2021-08-31 4 Articulate $1,500M Series A 2021-07-01 5 Gopuff $1,000M Series H 2021-07-30 Latest Valuation Select Investors Country N/A N/A China $1.0B SoftBank Group South Korea Tiger Global Management, $38.0B T. Rowe Price, BlackRock, Andreessen Horowitz, Franklin Templeton United States $3.8B General Atlantic, Blackstone, ICONIQ Growth United States Blackstone, Adage Capital $15.0B Management, Eldridge, Guggenheim Investments, MSD Partners United States Sector Electronics Internet Internet Internet Industry Subindustry Electrical Product Distribution Power Generation & Storage E-commerce Travel (internet) Percent of Total Quarter Funding 1.2% 1.1% Internet Software & Services Data & Document Management Internet Software & Services Education & Training 1.0% 0.9% Mobile & Mobile Commerce Telecommunications Multi-Product 0.6% State Of Venture | Global Trends | Investment Trends 38 Global: Top 10 equity deals in Q3’21 Company 6 Gorillas Round Round Amount Date $950M Series C 2021-09-23 7 FTX 8 Revolut 9 Chime 10 Bolt $900M Series B 2021-07-20 $800M Series E 2021-07-15 $750M Series G 2021-08-13 $713M Series E 2021-08-02 State Of Venture | Global Trends | Investment Trends Latest Valuation Select Investors Country Sector DST Global, Tencent $3.0B Holdings, Delivery Hero, Coatue Management, A-Star Group Germany New Enterprise Associates, $18.0B Insight Partners, Lightspeed Venture Partners, Sequoia Capital, Ribbit Capital Hong Kong Mobile & Telecommunications Internet $33.0B Tiger Global Management, SoftBank Group, Schroders United Kingdom Mobile & Telecommunications Sequoia Capital, Tiger Global $25.0B Management, General Atlantic, SoftBank Group, Dragoneer Investment Group United States Sequoia Capital, G Squared, $4.8B Tekne Capital Management, D1 Capital Partners, Naya Capital Estonia Mobile & Telecommunications Mobile & Telecommunications Industry Subindustry Percent of Total Quarter Funding Mobile Commerce Food & Grocery 0.6% Internet Software & Services Asset & Financial Management & Trading Mobile Software & Services Payments Mobile Software & Services Accounting & Finance 0.6% 0.5% 0.5% Mobile Commerce Travel (mobile) 0.5% 39 Early-stage deal share continues to dominate 13% 14% 14% 13% 12% 15% 11% 10% 12% 12% 12% 11% 12% 11% 11% 12% 13% 14% Other, 11% Late-stage, 12% Mid-stage, 15% 65% 65% 64% 62% 63% 60% Early-stage, 62% 2015 2016 2017 2018 2019 2020 2021 YTD State Of Venture | Global Trends | Investment Trends 40 Asia leads early-, mid-, and late-stage deal share in Q3’21 All Other Regions LatAm Canada 12% 13% Europe 19% 18% 37% US 31% 30% 53% Asia 41% Ear ly-s tage State Of Venture | Global Trends | Investment Trends 45% Mid-stage 44% La te-st ag e 28% Other 41 Global median late-stage deal size nearly doubles in 2021 YTD Early-stage Mid-stage Late-stage $50M $1M $1M $1M $2M $2M $2M $2M 2015 2017 2019 2021 YTD State Of Venture | Global Trends | Investment Trends $30M $20M $15M $15M $15M $16M $17M $27M $15M $10M $8M $15M $10M 2015 2017 2019 2021 YTD 2015 2017 2019 2021 YTD 42 Median months between stages down across most rounds in 2021 so far Seed / Angel to Series A Series A to B Series B to C Series C to D Series D to E+ 17 16 15 15 14 16 15 20 18 18 18 16 18 17 19 18 18 17 16 18 17 18 18 17 17 17 16 15 19 19 18 18 17 14 12 2015 2017 2019 2021 YTD 2015 2017 2019 2021 YTD 2015 2017 2019 2021 YTD 2015 2017 2019 2021 YTD 2015 2017 2019 2021 YTD State Of Venture | Global Trends | Investment Trends 43 Global: Top 10 seed / angel deals in Q3’21 Company 1 newcleo 2 ROFS Microsystem 2 Geometrical Pal 4 KaiYun Motors 4 DevRev Round Round Amount Date Select Investors Country $118M Seed VC 2021-08-31 Club degli Investitori, EXOR Seeds, LiftT United Kingdom $61M Seed VC 2021-08-05 CSC Group, Haihe River Industry Fund China Sector Industry Subindustry Energy & Utilities Renewables Other Renewables Electronics Electronic Components Wireless Communications $61M Seed VC 2021-08-02 Matrix Partners China, Silergy Corp., Puhua Capital, Glory Ventures, Xinyu Yihe China Management Consulting Partnership Business Products & Services Consulting & Outsourcing Research, Engineering & Technical $50M Angel 2021-08-26 De Liu, Jiangji Huang China Automotive & Transportation Automobile Manufacturing N/A $50M Seed VC 2021-07-14 Mayfield, Khosla Ventures United States Software (noninternet/mobile) Customer Relationship Management Software N/A State Of Venture | Global Trends | Investment Trends 44 Global: Top 10 seed / angel deals in Q3’21 Company 6 HOUMO.AI Round Round Amount Date Select Investors $46M Seed VC 2021-08-24 Qiming Venture Partners, Sequoia Capital China, Hony Capital, Matrix Partners China, IMO Ventures Country China Sector Electronics Industry Subindustry Chips & Semiconductors N/A 6 Yundao Zhizao $46M Seed VC 2021-07-16 Sequoia Capital China, Chanye Capital China Software (noninternet/mobile) Manufacturing, Warehousing & Industrial Software N/A 8 CytoLynx Therapeutics 9 Anivive 10 Neukio Biotherapeutics $45M Seed VC 2021-09-14 Yunfeng Capital, Tigermed, TF Capital, China Everbright ReinFore, BioTrack Capital China Healthcare Biotechnology N/A $44M Seed VC 2021-08-12 Vivo Capital United States Software (noninternet/mobile) Healthcare Software N/A $40M Seed VC 2021-07-30 IDG Capital, Lilly Asia Ventures, Sherpa Venture Capital China Healthcare Drug Development N/A State Of Venture | Global Trends | Investment Trends 45 Global: Top 10 Series A deals in Q3’21 Company 1 Articulate Round Amount Round Date $1,500M Series A 2021-07-01 Select Investors Country Sector General Atlantic, Blackstone, ICONIQ Growth United States Internet Genesis 2 Digital Assets $431M Series A 2021-09-21 Ribbit Capital, Stoneridge, Electric Capital, Kingsway Capital Partners, Paradigm United States Internet Industry Subindustry Internet Software & Services Education & Training Internet Software & Services Asset & Financial Management & Trading Fanatics 3 Trading Cards $350M Series A 2021-09-29 Insight Partners, Silver Lake, Endeavor United States Internet E-commerce Sporting Goods 4 Wave $200M Series A 2021-09-07 Founders Fund, Sequoia Capital, Partech Partners, Sam Altman, Ribbit Capital Senegal Mobile & Mobile Software & Services Telecommunications Payments 4 OrbusNeich $200M Series A 2021-08-30 Shenzhen Capital Group, CCB International, Galaxy Capital, Wanhui Capital Hong Kong Healthcare Medical Devices & Equipment Device Design & Manufacturing State Of Venture | Global Trends | Investment Trends 46 Global: Top 10 Series A deals in Q3’21 Company Round Amount Round Date Select Investors Country Sector Industry Subindustry Deer 6 Technology $182M Series A 2021-08-13 Shenzhen Capital Group, Sequoia Capital China, Rich Land Capital, Cowin Capital, Fortune China Capital Electronics Chips & Semiconductors Semiconductors: Components 7 Jokr $170M Series A 2021-07-20 Balderton Capital, Tiger Global Management, Greycroft, GGV Capital, Monashees+ United States Mobile & Telecommunications Mobile Commerce Food & Grocery 8 GentiBio $157M Series A 2021-08-11 OrbiMed Advisors, Novartis, Matrix Capital Management, RA Capital Management, JDRF T1D Fund United States Healthcare Biotechnology N/A 9 Scalapay 9 Meike Solar $155M Series A 2021-09-09 Tiger Global Management, Ithaca Investment, Woodson Capital Management, Fasanara Capital, Baleen Capital Ireland $155M Series A 2021-08-03 Addor Capital, Sinopec Capital, Astronergy China Mobile & Mobile Software & Services Telecommunications Payments Energy & Utilities Renewables Solar State Of Venture | Global Trends | Investment Trends 47 Global: Top 10 Series B deals in Q3’21 Company 1 FTX 2 Sorare 3 Cao Cao Mobility Hangzhou 4 Semiconductor Wafer 5 ESWIN Round Round Amount Date $900M Series B 2021-07-20 $680M Series B 2021-09-21 $588M Series B 2021-09-06 $510M Series B 2021-09-04 $464M Series B 2021-07-30 State Of Venture | Global Trends | Investment Trends Select Investors Country Sector New Enterprise Associates, Insight Partners, Lightspeed Venture Partners, Sequoia Capital, Thoma Bravo Hong Kong Internet Industry Subindustry Internet Software & Services Asset & Financial Management & Trading Bessemer Venture Partners, Accel, Benchmark, Institutional Venture Partners, Atomico Suzhou Ventures Group, Xiangcheng Financial Holdings France China Internet E-commerce Marketplace Mobile & Mobile Commerce Telecommunications Travel (mobile) CCB International, China Cinda Asset Management, China Capital Investment Group, Orient Securities Capital Investment, Sunic Capital China Electronics Chips & Semiconductors Semiconductors GoldStone Investment, Addor Capital, Triniti Capital, ZWC Partners, China Internet Investment Fund China Electronics Chips & Semiconductors Semiconductors: Integrated Circuits 48 Global: Top 10 Series B deals in Q3’21 Company 6 Laronde 7 Deeproute.ai Inceptio 8 Technology Sonoma 9 Biotherapeutics 10 SmartLabs 10 VNLIFE Round Round Amount Date $440M Series B 2021-08-30 $300M Series B 2021-08-27 $270M Series B 2021-08-03 $265M Series B 2021-08-04 $250M Series B 2021-09-20 $250M Series B 2021-07-30 State Of Venture | Global Trends | Investment Trends Select Investors Country Flagship Pioneering, T. Rowe Price, Invus United Group, BlackRock, Fidelity Investments States Alibaba Group, Yunqi Partners, Fosun RZ Capital, Glory Ventures, Jeneration China Capital Eight Roads Ventures, IDG Capital, PAG, Eastern Bell Capital, Global Logistic Properties China Google Ventures, ARCH Venture Partners, Frazier Healthcare Partners, Osage University Partners, Piper Sandler United States Onex Falcon, ArrowMark Partners, Conversion Venture Capital, Winslow Capital, Breed’s Hill Capital United States General Atlantic, GIC, SoftBank Group, EDBI, Dragoneer Investment Group Vietnam Sector Healthcare Internet Industry Subindustry Drug Development N/A Internet Software & Services Scientific, Engineering Internet Internet Software & Services Scientific, Engineering Healthcare Biotechnology N/A Internet Internet Software & Services N/A Computer Hardware & Services IT Services IT Solutions & Software Development 49 Global: Top 10 Series C deals in Q3’21 Company 1 Gorillas 2 Abogen Redwood 2 Materials 4 Kitopi 5 Opay Round Round Amount Date $950M Series C 2021-09-23 Select Investors Country DST Global, Tencent Holdings, Delivery Hero, Coatue Management, A-Star Group Germany $700M Series C 2021-08-20 Qiming Venture Partners, Legend Capital, Hillhouse Capital Management, Lilly Asia Ventures, Boyu Capital China Sector Mobile & Telecommunications Healthcare Industry Subindustry Mobile Commerce Food & Grocery Drug Development N/A $700M Series C 2021-07-28 T. Rowe Price, Amazon, Capricorn Investment Group, Valor Equity Partners, Franklin Templeton United States Environmental Services & Equipment Recycling N/A $415M Series C 2021-07-01 SoftBank Group, Next Play Capital, B. Riley Financial, Dogus Group, Nordstar United Arab Emirates Internet E-commerce Food & Grocery $400M Series C 2021-08-23 Sequoia Capital China, SoftBank Group, Softbank Ventures Asia, Source Code Capital, Nigeria Longzhu Capital Mobile & Telecommunications Mobile Software & Services Payments State Of Venture | Global Trends | Investment Trends 50 Global: Top 10 Series C deals in Q3’21 Company 6 Solugen Nature’s 6 Fynd MediTrust 8 Health Ramp 9 Financial 10 Bitpanda Round Round Amount Date Select Investors Country $350M Series C 2021-09-10 BlackRock, GIC, Baillie Gifford & Co., Refactor Capital, Fifty Years Fund United States $350M Series C 2021-07-19 Generation Investment Management, Blackstone, Balyasny Asset Management, Hillhouse Capital Management, EDBI United States Sector Industry Subindustry Industrial Basic Materials Specialty Chemicals Food & Beverages Meat, Fish, Seafood & Alternative Proteins N/A $308M Series C 2021-08-10 Lilly Asia Ventures, Sinovation Ventures, Boyu Capital, China International Capital Corporation, Huasheng Capital China Financial Lending Consumer $300M Series C 2021-08-24 Spark Capital, Founders Fund, Redpoint Ventures, Lux Capital, Thrive Capital United States Software (noninternet/mobile) Billing, Expense Management and Procurement Software N/A $263M Series C 2021-08-17 Valar Ventures, Jump Capital, Alan Howard, REDO Ventures, Leadblock Partners Austria Internet Internet Software & Services Asset & Financial Management & Trading State Of Venture | Global Trends | Investment Trends 51 Global: Top 10 Series D deals in Q3’21 Company 1 Picnic 2 FiveTran 3 PatPat 4 Hopin Round Round Amount Date $705M Series D 2021-09-16 $565M Series D 2021-09-20 $510M Series D 2021-07-19 $450M Series D 2021-08-05 4 DriveWealth $450M Series D 2021-08-20 State Of Venture | Global Trends | Investment Trends Latest Valuation Select Investors N/A Bill & Melinda Gates Foundation Country Netherlands Sector Industry Subindustry Mobile & Mobile Commerce Telecommunications Food & Grocery Matrix Partners, Y Combinator, General $5.6B Catalyst, Andreessen Horowitz, ICONIQ Capital United States Internet Internet Software & Services Business Intelligence, Analytics & Performance Mgmt $227M General Atlantic, GGV Capital, DST Global, Ocean Link United States Internet Northzone Ventures, Adams Street $7.8B Partners, Tiger Global Management, General Catalyst, Andreessen Horowitz United Kingdom Internet E-commerce Marketplace E-commerce Events & Ticketing Insight Partners, Accel, Fidelity $2.9B International, Base10 Partners, Point72 Ventures United States Internet Internet Software & Services Asset & Financial Management & Trading 52 Global: Top 10 Series D deals in Q3’21 Company 4 PsiQuantum Round Round Amount Date $450M Series D 2021-07-27 7 Pivot Bio $430M Series D 2021-07-19 8 XtalPi Cityblock 8 Health Advance 8 Intelligence Group $400M Series D 2021-08-11 $400M Series D 2021-09-03 $400M Series D 2021-09-23 State Of Venture | Global Trends | Investment Trends Latest Valuation Select Investors $3.2B BlackRock, Temasek, Blackbird Ventures, M12, Baillie Gifford & Co. Country Sector Industry Subindustry United States Computer Hardware & N/A Services N/A Generation Investment Management, $1.9B Pavilion Capital, Data Collective, Prelude United States Ventures, Breakthrough Energy Ventures Agriculture Agricultural products & related activities N/A OrbiMed Advisors, Sequoia Capital $2.0B China, Tencent Holdings, Sino Biopharmaceutical, 5Y Capital China Internet Internet Software & Services Scientific, Engineering $5.7B SoftBank Group United States Healthcare Medical Facilities & Services N/A Warburg Pincus, SoftBank China Venture $2.0B Capital, EDBI, Gaorong Capital, Northstar Singapore Group Internet Internet Software & Services Application & Data Integration 53 Global: Top 10 Series E+ deals in Q3’21 Company 1 Databricks 2 Gopuff 3 Revolut 4 Chime 5 Bolt Round Round Amount Date $1,600M Series H 2021-08-31 $1,000M Series H 2021-07-30 $800M Series E 2021-07-15 $750M Series G 2021-08-13 $713M Series E 2021-08-02 Latest Valuation Select Investors Country Sector Industry Subindustry Tiger Global Management, T. Rowe $38.0B Price, BlackRock, Andreessen United States Horowitz, Franklin Templeton Internet Internet Software & Services Data & Document Management Blackstone, Adage Capital $15.0B Management, Eldridge, Guggenheim Investments, MSD Partners United States Mobile & Mobile Commerce Telecommunications Multi-Product $33.0B Tiger Global Management, SoftBank Group, Schroders United Kingdom Mobile & Telecommunications Mobile Software & Services Payments Sequoia Capital, Tiger Global $25.0B Management, General Atlantic, SoftBank Group, Dragoneer Investment Group United States Mobile & Mobile Software & Services Telecommunications Accounting & Finance Sequoia Capital, G Squared, Tekne $4.8B Capital Management, D1 Capital Partners, Naya Capital Estonia Mobile & Mobile Commerce Telecommunications Travel (mobile) State Of Venture | Global Trends | Investment Trends 54 Global: Top 10 Series E+ deals in Q3’21 Company 6 Kavak 7 Ninja Van 8 Meesho 9 Mirakl 10 Varo Bank Round Round Amount Date Latest Valuation Select Investors Country Sector Industry Subindustry $700M Series E 2021-09-22 $578M Series E 2021-09-27 $570M Series F 2021-09-30 $555M Series E 2021-09-21 $510M Series E 2021-09-09 Founders Fund, Tiger Global $8.7B Management, General Catalyst, SEA Ventures, SoftBank Group Mexico Internet E-commerce Marketplace Alibaba Group, Dynamic Parcel $1.0B Distribution, Monk’s Hill Ventures, B Capital Group, Zamrud Sovereign Wealth Fund Singapore Internet Internet Software & Services Supply Chain & Logistics Facebook, Trifecta Capital, $4.9B B Capital Group, Symphony, Footpath Ventures India Mobile & Mobile Commerce Telecommunications Mobile Commerce enablement $3.5B Elaia Partners, Permira, Silver Lake, 83North, Felix Capital France Internet E-commerce Marketplace Lone Pine Capital, HarbourVest $2.5B Partners, Warburg Pincus, BlackRock, Berkshire Partners United States Mobile & Telecommunications Mobile Software & Services Asset & Financial Management & Trading State Of Venture | Global Trends | Investment Trends 55 Global: Top 10 companies that raised funding in Q3’21 by Mosaic score Company 1 Delhivery Mosaic Score 960 2 SpotOn 950 2 Yotpo 950 2 Rappi 950 5 Swiggy 940 5 Vestiaire Collective 940 7 Mirakl 930 7 Ninja Van 930 7 Pine Labs 930 10 Shiprocket 920 Round Round Amount Date $125M Series I 2021-09-24 $300M Series E 2021-09-13 $30M Corporate Minority 2021-09-09 $500M Series G 2021-07-19 $450M Series J 2021-07-20 $208M Series I 2021-09-22 $555M Series E 2021-09-21 $578M Series E 2021-09-27 $100M Corporate Minority 2021-09-16 $41M Series D 2021-07-08 State Of Venture | Global Trends | Investment Trends Latest Valuation Country $3.0B India $1.9B United States $1.4B United States $5.3B Colombia $5.5B India $1.0B France $1.5B France $750M Singapore $3.0B India N/A India Sector Internet Internet Internet Mobile & Telecommunications Internet Internet Internet Internet Internet Internet Industry Subindustry Internet Software & Services Supply Chain & Logistics Internet Software & Services Payments Internet Software & Services Advertising, Sales & Marketing Mobile Commerce Food & Grocery E-commerce Food & Grocery E-commerce Marketplace E-commerce Marketplace Internet Software & Services Supply Chain & Logistics Internet Software & Services Payments E-commerce E-commerce enablement 56 Unicorns & Valuations GLOBAL: Q3 2021 57 Unicorn births hit 100+ for the 3rd straight quarter, total reaches 848 751 656 Total unicorns, 848 568 492 506 523 537 469 440 410 378 339 171 176 183 191 199 204 211 229 243 263 283 301 140 140 112 111 31 34 12 10 14 13 10 13 23 19 29 25 35 51 46 37 45 40 31 23 26 37 47 24 New unicorns, 127 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015 2016 2017 2018 2019 2020 2021 State Of Venture | Global Trends | Unicorns & Valuations 58 Global unicorn comparison Q3’21 US 69 New 429 Total Unicorns Canada 4 New 16 Total Unicorns LatAm 5 New 22 Total Unicorns Europe 15 New 100 Total Unicorns All Other Regions 4 New 10 Total Unicorns Asia 30 New 271 Total Unicorns State Of Venture | Global Trends | Unicorns & Valuations 59 US leads in unicorn births in Q3’21 77 74 US, 69 16 4 2 1 Q1 2020 36 29 Asia, 30 19 14 8 97 301 20 21 13 11 301 130 17 7 21 Europe, 15 LatAm, 5 Canada, 4 All Other Regions, 4 Q2 Q3 Q4 Q1 Q2 Q3 2021 State Of Venture | Global Trends | Unicorns & Valuations 60 US leads in total unicorns in Q3’21 US, 429 378 327 267 249 248 Asia, 271 216 229 238 244 203 210 224 115406 117519 185 169 199 181 187 191 193 200 67 28 13 1 1 1 80 41 17 10 96 50 21 21 99 54 20 210 98 60 21 21 100 66 103 71 105 73 105 79 113 86 118 93 126 105 132 114 113248 21 21 21 22 24 26 26 29 31 33 21 21 21 21 312 213 213 314 314 514 37 614 44 615 48 714 53 814 56 1240 58 1241 66 68 78 89 61 1341 1243 1256 17 5 11682 Europe, 100 LatAm, 22 Canada, 16 All Other Regions, 10 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015 2016 2017 2018 2019 2020 2021 State Of Venture | Global Trends | Unicorns & Valuations 61 Average time to unicorn status increases to 4 years, 9 months in 2021 YTD 61 62 56 54 55 55 Average months, 57 57 Median months, 53 52 50 52 51 2015 2016 2017 2018 2019 2020 2021 YTD State Of Venture | Global Trends | Unicorns & Valuations 62 Global: Top 10 unicorn births in Q3’21 by valuation Company 1 FTX 2 ZEPZ 3 Sorare 4 iCapital Network 5 Articulate 5 FalconX 7 Redwood Materials 8 Commure 9 Eruditus Executive Education 9 Blockstream Latest Valuation Country $18.0B Hong Kong Sector Internet $5.0B United Kingdom Mobile & Telecommunications $4.3B France Internet $4.0B United States Internet $3.8B United States Internet $3.8B United States Internet $3.7B United States Environmental Services & Equipment $3.5B United States Software (non-internet/mobile) $3.2B India Consumer Products & Services $3.2B Canada Internet State Of Venture | Global Trends | Unicorns & Valuations Industry Subindustry Internet Software & Services Asset & Financial Management & Trading Mobile Software & Services Payments E-commerce Marketplace Internet Software & Services Asset & Financial Management & Trading Internet Software & Services Education & Training Internet Software & Services Asset & Financial Management & Trading Recycling N/A Healthcare Software N/A Education & Training (non-internet/mobile) N/A Internet Software & Services Payments 63 Global: Top 10 unicorns in Q3’21 by valuation Company 1 ByteDance 2 Stripe 3 SpaceX 4 Klarna 5 Canva 6 Instacart 7 Databricks 8 Revolut 9 Nubank 10 Epic Games Latest Valuation Country $140.0B China $95.0B United States $74.0B United States $45.6B Sweden $40.0B Australia $39.0B United States $38.0B United States $33.0B United Kingdom $30.0B Brazil $28.7B United States State Of Venture | Global Trends | Unicorns & Valuations Sector Mobile & Telecommunications Internet Industrial Internet Internet Mobile & Telecommunications Internet Mobile & Telecommunications Mobile & Telecommunications Software (non-internet/mobile) Industry Subindustry Mobile Software & Services Social Internet Software & Services Payments Aerospace & Defense N/A Internet Software & Services Payments Internet Software & Services Multimedia & Graphics Mobile Commerce Food & Grocery Internet Software & Services Data & Document Management Mobile Software & Services Payments Mobile Software & Services Accounting & Finance Gaming N/A 64 Median valuation of late-stage deals hits unicorn-minting high this year Early-stage Mid-stage Late-stage $1,100M $523M $13M $13M $15M $17M $20M $18M $27M 2015 2017 2019 2021 YTD $286M $80M $81M $83M $106M $121M $150M $215M $153M $106M $112M $143M 2015 2017 2019 2021 YTD 2015 2017 2019 2021 YTD State Of Venture | Global Trends | Unicorns & Valuations 65 Global: Top 10 companies in Q3’21 by positive change in valuation Company 1 Gusto Change in Valuation $6.2B 2 Netskope $4.5B 3 Oxford Nanopore Technologies $3.4B 4 Sino Biological $2.9B 5 Cityblock Health $2.7B 6 Olive $2.5B 7 Whoop $2.4B 8 Reify Health $2.0B 9 Cytek Biosciences $1.5B 10 Vividion Therapeutics $1.4B Latest Valuation $10.0B $7.5B $6.8B $3.1B $5.7B $4.0B $3.6B $2.2B $2.2B $2.0B Previous Valuation Country $3.8B United States Sector Internet $3.0B United States Internet $3.5B United Kingdom Healthcare $215M China Healthcare $3.0B United States Healthcare $1.5B United States Internet $1.2B United States Internet $160M United States Internet $737M United States Healthcare $555M United States Healthcare State Of Venture | Global Trends | Unicorns & Valuations Industry Subindustry Internet Software & Services HR & Workforce Management Internet Software & Services Monitoring & Security Medical Devices & Equipment N/A Biotechnology N/A Medical Facilities & Services N/A Internet Software & Services Billing, Expense Management and Procurement Internet Software & Services Health & Wellness Internet Software & Services Healthcare Biotechnology N/A Drug Discovery N/A 66 Exit Trends GLOBAL: Q3 2021 67 Global exits in 2021 have already beaten last year’s totals 4,853 4,686 5,967 6,737 7,127 6,819 M&A, 7,704 515 2015 540 2 2016 State Of Venture | Global Trends | Exit Trends 663 2 2017 570 7 2018 492 16 2019 642 33 2020 IPO, 670 SPAC, 83 2021 YTD 68 Global M&A exits inch up in Q3’21, IPOs down 20%, and SPACs up 81% 2,529 2,577 2,250 M&A, 2,598 1,250 1,516 1,440 1,488 1,523 1,592 1,703 1,657 1,785 1,863 1,693 1,718 1,853 1,588 1,281 1,700 1,307 1,186 1,226 1,173 1,146 1,181 1,070 107 152 98 158 112 119 137 172 135 168 0 0 01 1 00 1 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2015 2016 2017 159 201 117 160 153 140 102 6122 113 1 0 1 15 0 33 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2018 2019 155 97 3 111 4 5 Q4 Q1 Q2 2020 224 210 205 259 3 22 24 21 Q3 Q4 Q1 Q2 2021 IPO, 206 SPAC, 38 Q3 State Of Venture | Global Trends | Exit Trends 69 US gains share of global exits in Q3’21, Europe’s share falls 3% 5% 1% 3% 4% 2% 3% 4% 2% 3% 14%% 3% 5% 1% 3% 5% 1% 3% 13%% 3% 4% 3% 3% 4% 2% 3% 4% 3% 4% 3% 3% 4% 4% 3% 3% 6% 3% 4% 4% 3% 4% 4% 3% 3% 5% 4% 3% 5% 3% 3% 4% 3% 4% 4% 3% 5% 4% 3% 4% 5% 3% 3% 4% 4% 4% 5% 4% 3% 5% 5% 3% 5% 3% 4% 4% 4% 24% 23% 24% 24% 24% 26% 30% 28% 28% 32% 30% 29% 29% 33% 28% 31% 32% 33% 30% 31% 31% 35% 31% 34% 33% 35% 14% 16% 13% 17% 14% 14% 16% 17% 14% 14% 16% 15% 12% 13% 17% 12% 12% 11% 13% 14% 11% 12% 17% 12% 12% 12% All Other Regions, 4% Canada, 4% LatAm, 5% Europe, 32% Asia, 12% 53% 52% 54% 51% 53% 51% 46% 46% 49% 44% 45% 45% 47% 43% 44% 44% 44% 46% 45% 43% 46% 41% 40% 41% 44% 42% US, 43% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015 2016 2017 2018 2019 2020 2021 State Of Venture | Global Trends | Exit Trends 70 Global median exit valuations for SPACs more than double compared to 2020 $1,618M $1,600M $214M $0M 2015 $166M $326M $211M 2016 2017 State Of Venture | Global Trends | Exit Trends $407M $308M $402M $395M $720M $490M $543M 2018 IPO SPAC 2019 2020 2021 YTD 71 Global: Top 10 M&A exits in Q3’21 by valuation Company Valuation Round Acquirer 1 MailChimp $12.0B M&A Intuit 2 BioLegend $5.2B M&A PerkinElmer 3 BillDesk $4.7B M&A PayU 4 Maskco Technologies $4.4B M&A Gredale 5 Tingo Mobile $3.7B M&A iWeb Country Sector Industry Subindustry United States Internet Internet Software & Services Email United States Healthcare Drug Development N/A India Internet Internet Software & Services Billing, Expense Management and Procurement United States Healthcare Medical Equipment & Supplies N/A United Kingdom Mobile & Telecommunications Telecom Services Wireless State Of Venture | Global Trends | Exit Trends 72 Global: Top 10 M&A exits in Q3’21 by valuation Company 6 Paidy 6 Smiths Medical 8 TeneoBio 9 Bole Games 9 SpinX Games Valuation Round Acquirer $2.7B M&A PayPal $2.7B M&A ICU Medical $2.5B M&A Amgen $2.2B M&A NetMarble $2.2B M&A NetMarble Country Sector Industry Subindustry Japan Mobile & Telecommunications Mobile Software & Services Payments United States Healthcare Medical Devices & Equipment N/A United States Healthcare Drug Development N/A China Mobile & Telecommunications Mobile Software & Services Gaming Hong Kong Mobile & Telecommunications Mobile Software & Services Gambling State Of Venture | Global Trends | Exit Trends 73 Global: Top 10 IPO exits in Q3’21 by valuation Company 1 Toast 2 Krafton Game Union 3 On 4 Freshworks 5 Sportradar State Of Venture | Global Trends | Exit Trends Valuation Exit Type Country $17.5B IPO United States $17.3B IPO South Korea $11.3B IPO Switzerland $10.1B IPO United States $8.0B IPO Switzerland Sector Industry Subindustry Internet Internet Software & Services Retail & Inventory Internet Internet Software & Services Gaming Consumer Products & Services Health & Wellness (noninternet/mobile) Sporting Goods & Equipment Internet Internet Software & Services Customer Relationship Management Business Products & Services Consulting & Outsourcing Market, Industry & Competitive Research 74 Global: Top 10 IPO exits in Q3’21 by valuation Company Valuation Exit Type Country Sector Industry Subindustry 6 Remitly $6.9B IPO United States Mobile & Telecommunications Mobile Software & Services Payments 7 Oxford Nanopore Technologies $6.8B IPO United Kingdom Healthcare Medical Devices & Equipment N/A 8 Bukalapak $6.0B IPO Indonesia Internet E-commerce Marketplace 9 Galaxy Core $5.5B IPO China Electronics Chips & Semiconductors N/A 10 Saudi Telecom Company $4.8B IPO Saudi Arabia Mobile & Telecommunications Telecom Services N/A State Of Venture | Global Trends | Exit Trends 75 Global: Top 10 SPAC exits in Q3’21 by valuation Company Valuation Exit Type Country Sector 1 Ginkgo BioWorks $17.5B SPAC United States Healthcare 2 Alight Solutions 3 Cazoo 4 Joby Aviation $7.3B SPAC United States Internet $7.0B SPAC United Kingdom Internet $6.6B SPAC United States Automotive & Transportation 5 Rocket Lab $4.1B SPAC United States Industrial State Of Venture | Global Trends | Exit Trends Industry Subindustry Biotechnology N/A Internet Software & Services HR & Workforce Management E-commerce Auto Air N/A Aerospace & Defense N/A 76 Global: Top 10 SPAC exits in Q3’21 by valuation Company 6 Sharecare 7 Cyxtera Technologies 8 Lilium Aviation 9 OfferPad 9 Doma 9 LumiraDx Valuation Exit Type Country Sector $3.9B SPAC United States Internet $3.4B SPAC United States Computer Hardware & Services $3.3B SPAC Germany Automotive & Transportation $3.0B SPAC United States Internet $3.0B SPAC United States Internet $3.0B SPAC United Kingdom Mobile & Telecommunications State Of Venture | Global Trends | Exit Trends Industry Subindustry Internet Software & Services Health & Wellness IT Services Infrastructure & Hosting Air N/A Internet Software & Services Real Estate Internet Software & Services Accounting & Finance Mobile Software & Services Health & Wellness 77 Investors GLOBAL: Q3 2021 78 Global: Top 10 investors in Q3’21 by company count Company 1 Sequoia Capital China 2 Tiger Global Management 3 SoftBank Group 4 SOSV 5 Insight Partners 6 Tencent Holdings 7 Accel 8 Andreessen Horowitz 9 Global Founders Capital 10 Hillhouse Capital Management 10 Sequoia Capital State Of Venture | Global Trends | Investors Company Count Investor Group 96 VC 86 Asset/Investment Management 79 Other 75 VC 73 VC 60 Other 56 VC 53 VC 51 VC 48 Asset/Investment Management 48 VC Country China United States Japan United States United States China United States United States Germany China United States Percent of Total Quarter Deals 1.0% 0.9% 0.8% 0.8% 0.8% 0.6% 0.6% 0.6% 0.5% 0.5% 0.5% 79 Global: Top 10 investors YTD by median Mosaic score of companies Company 1 Qatar Investment Authority Median Mosaic Score Country 910 Qatar 2 Neuberger Berman 895 United States 3 Amazon 890 United States 3 Baillie Gifford & Co. 890 United Kingdom 3 Generation Investment Management 890 United Kingdom 6 Fidelity Investments 880 United States 7 Great Hill Partners 870 United States 7 Owl Rock Capital Partners 870 United States 7 Shopify 870 Canada 10 Morgan Stanley 860 United States 10 Eldridge 860 United States 10 Ontario Teachers' Pension Plan 860 Canada 10 General Atlantic 860 United States 10 ICONIQ Capital 860 United States 10 Silver Lake 860 United States State Of Venture | Global Trends | Investors Median Money Score 960 955 940 960 955 960 910 960 960 930 940 950 960 950 960 Median Momentum Score 910 865 850 870 840 880 810 845 830 775 840 780 805 860 850 Median Market Score 830 835 840 815 840 750 830 810 835 820 830 840 830 820 810 Median Management Score 610 660 650 590 560 590 600 680 540 585 540 535 560 630 550 80 Global: Top 10 VCs in Q3’21 by company count Company 1 Sequoia Capital China 2 SOSV 3 Insight Partners 4 Accel 5 Andreessen Horowitz 6 Global Founders Capital 7 Sequoia Capital 8 Lightspeed Venture Partners 9 General Catalyst 10 Shenzhen Capital Group 10 Shunwei Capital Partners State Of Venture | Global Trends | Investors Company Count Investor Group 96 VC 75 VC 73 VC 56 VC 53 VC 51 VC 48 VC 47 VC 46 VC 37 VC 37 VC Country China United States United States United States United States United States United States United States United States China China Percent of Total Quarter Deals 1.0% 0.8% 0.8% 0.6% 0.5% 0.5% 0.5% 0.5% 0.5% 0.4% 0.4% 81 Global: Top 10 VCs YTD by median Mosaic score of companies Company Median Mosaic Score Country 1 General Atlantic 2 Lightrock 2 Sapphire Ventures 4 Pegasus Tech Ventures 4 Summit Partners 6 Ribbit Capital 7 Georgian Partners 7 7wire Ventures 9 Revaia 9 Dreamers Fund 860 United States 850 United Kingdom 850 United States 830 United States 830 United States 820 United States 815 Canada 815 United States 810 France 810 United States State Of Venture | Global Trends | Investors Median Money Score 960 960 940 970 905 960 905 915 900 940 Median Momentum Score Median Market Score 805 830 840 730 850 820 780 750 770 820 790 860 750 830 710 840 730 790 780 840 Median Management Score 560 530 590 610 615 625 470 720 520 665 82 Global: Top 10 CVCs in Q3’21 by company count Company 1 Coinbase Ventures 2 Salesforce Ventures 3 Google Ventures 4 Lenovo Capital and Incubator Group 5 M12 5 Lilly Asia Ventures 7 Intel Capital 8 Alexandria Venture Investments 9 Qualcomm Ventures 10 Habo Investment 10 SMBC Venture Capital State Of Venture | Global Trends | Investors Company Count Investor Group 30 CVC 27 CVC 26 CVC 20 CVC 17 CVC 17 CVC 15 CVC 14 CVC 13 CVC 12 CVC 12 CVC Country United States United States United States China United States China United States United States United States China Japan Percent of Total Quarter Deals 0.3% 0.3% 0.2% 0.2% 0.2% 0.2% 0.2% 0.1% 0.1% 0.1% 0.1% 83 Global: Top 10 CVCs YTD by median Mosaic score of companies Company Median Mosaic Score Country 1 Prosus Ventures 2 PayPal Ventures 2 GS Growth 4 Kaiser Permanente Ventures 5 Wells Fargo Strategic Capital 6 Telstra Ventures 7 NGP Capital 7 SemperVirens 9 Point72 Ventures 9 Optum Ventures 835 Netherlands 800 United States 800 United States 790 United States 780 United States 760 Australia 755 United States 755 United States 750 United States 750 United States State Of Venture | Global Trends | Investors Median Money Median Momentum Median Market Median Management Score Score Score Score 925 875 830 460 950 760 820 580 930 830 830 610 900 645 840 645 890 780 840 510 900 690 830 530 880 765 825 625 905 590 840 545 860 680 845 570 900 600 830 610 84 Global: Top 10 investor pairs by number of shared companies in 2021 YTD Investor 1 Investor 1 Country 1 Tiger Global Management 2 Coatue Management 3 RA Capital Management 3 Accel 5 Sequoia Capital China 5 Bessemer Venture Partners 7 Index Ventures 7 Tiger Global Management 7 Sequoia Capital China 10 Tiger Global Management United States United States United States United States China United States United Kingdom United States China United States State Of Venture | Global Trends | Investors Investor 2 Insight Partners Tiger Global Management Janus Henderson Investors Tiger Global Management IDG Capital Tiger Global Management Sequoia Capital Sequoia Capital Tencent Holdings DST Global Investor 2 Country United States United States United Kingdom United States China United States United States United States China Hong Kong 2021 Shared Portfolio Companies 18 17 16 16 15 15 14 14 14 12 85 Sector Spotlights GLOBAL: Q3 2021 86 Fintech GLOBAL: Q3 2021 87 Global fintech funding in 2021 so far nearly doubles 2020’s year-end total $100.0B $90.0B $80.0B $70.0B $60.0B $50.0B $40.0B $30.0B $20.0B $10.0B $.0B 1,973 $20.5B 2015 2,288 $23.1B 2016 State Of Venture | Sector Spotlights | Fintech 2,850 $27.5B 2017 3,478 $52.5B 2018 3,475 $43.8B 2019 3,404 $47.2B 2020 Funding $91.5B Deals 3,514 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 2021 YTD 88 Fintech dollars and deals slip slightly QoQ in Q3’21 $40.0B $35.0B 1,192 1,144 $30.0B $25.0B $20.0B $15.0B $10.0B $5.0B $34.8B 983 910 923 913 869 878 821 839 833 800 $25.7B 830 721 692 725 712 $24.2B 758 645 534 500 500 439 547 556 540 $3.7B $5.9B $6.9B $4.0B $4.8B $9.2B $5.5B $3.6B $4.9B $6.2B $8.8B $7.5B $8.3B $10.3B $9.6B $12.8B $10.9B $11.2B $11.9B $11.9B $12.3B $10.1B $10.0B Deals 1,178 Funding $31.0B $.0B Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015 2016 2017 2018 2019 2020 2021 State Of Venture | Sector Spotlights | Fintech 89 US leads in fintech funding in Q3’21, followed by Asia and Europe US $14.4B $14$.61B4.2B Asia Europe LatAm Canada All Other Regions $6.5$B6.3B $5.7B $4.4B Q1 Q3 Q1 Q3 2020 2021 $5.4B $7.9B $6.0B $5.6B $3.6B $4.3B $4.9B $2.4$B2.3$B2.3B $2.5$B2.5$B2.0$B2.2B $2.6B $5.6B $.9$B1.0$B.9$B1.2B $.4B $.9B $1.0B $.0B$.0B$.0B$.1B$.2B $1.6B $.2B$.4B$.1B$.5B$.5B$.6B Q1 Q3 Q1 Q3 2020 2021 Q1 Q3 Q1 Q3 2020 2021 Q1 Q3 Q1 Q3 2020 2021 Q1 Q3 Q1 Q3 2020 2021 Q1 Q3 Q1 Q3 2020 2021 State Of Venture | Sector Spotlights | Fintech 90 US and Asia gain share of global fintech deals in Q3’21 20% 17% 19% 23% 21% 20% 23% 25% 29% 22% 23% 27% 22% 20% 23% 26% 24% 28% 20% 23% 24% 25% 24% 25% 25% 23% 22% 24% 25% 23% 24% 27% 26% 24% 23% 29% 27% 23% 28% 32% 31% 26% 26% 23% 30% 27% 25% 27% 26% 24% 24% 24% All Other Regions, 7% Canada, 3% LatAm, 6% Europe, 20% Asia, 26% 50% 50% 47% 47% 47% 43% 42% 41% 39% 37% 41% 39% 40% 40% 36% 39% 38% 37% 36% 37% 38% 35% 36% 38% 38% 37% US, 38% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015 2016 2017 2018 2019 2020 2021 State Of Venture | Sector Spotlights | Fintech 91 Fintech average and median deal size both up in 2021 so far $31M $13M $13M $13M $21M $18M $18M $2M 2015 $2M 2016 State Of Venture | Sector Spotlights | Fintech $2M $3M 2017 2018 Average Deal Median Deal $4M 2019 $4M 2020 $5M 2021 YTD 92 Fintech early-stage deal share up to 63% in 2021 YTD 10% 11% 11% 11% 9% 12% 9% 9% 11% 12% 11% 12% 13% 12% 12% 14% 15% 15% Other, 8% Late-stage, 12% Mid-stage, 17% 68% 68% 66% 64% 65% 61% Early-stage, 63% 2015 2016 2017 2018 2019 2020 2021 YTD State Of Venture | Sector Spotlights | Fintech 93 Fintech: Top 10 equity deals in Q3’21 Company 1 FTX 2 Revolut 3 Chime 4 Kavak 5 Varo Bank Round Round Amount Date Latest Valuation Select Investors Country Percent of Total Fintech Quarter Funding $900M Series B 2021-07-20 $800M Series E 2021-07-15 $750M Series G 2021-08-13 $700M Series E 2021-09-22 $510M Series E 2021-09-09 $18.0B New Enterprise Associates, Insight Partners, Lightspeed Venture Partners, Sequoia Capital, Thoma Bravo Hong Kong $33.0B Tiger Global Management, SoftBank Group, Schroders United Kingdom $25.0B Sequoia Capital, Tiger Global Management, General Atlantic, SoftBank Group, Dragoneer Investment Group United States $8.7B Founders Fund, Tiger Global Management, General Catalyst, SEA Ventures, SoftBank Group Mexico $2.5B Lone Pine Capital, HarbourVest Partners, Warburg Pincus, BlackRock, Berkshire Partners United States 2.9% 2.6% 2.4% 2.3% 1.6% State Of Venture | Sector Spotlights | Fintech 94 Fintech: Top 10 equity deals in Q3’21 Company Round Round Amount Date Latest Valuation Select Investors Country Percent of Total Fintech Quarter Funding 6 Carta $500M Series G 2021-08-13 $7.4B Silver Lake United States 1.6% 7 DriveWealth $450M Series D 2021-08-20 $2.9B Insight Partners, Accel, Fidelity International, Base10 Partners, Point72 Ventures United States 1.5% 8 iCapital Network $440M Venture Capital 2021-07-27 $4.0B Blackstone, UBS, Ping An Ventures, BNY Mellon, Pivot Investment Partners United States 1.4% 9 Genesis Digital Assets $431M Series A 2021-09-21 N/A Ribbit Capital, Stoneridge, Electric Capital, Kingsway Capital Partners, Paradigm United States 1.4% 10 Opay $400M Series C 2021-08-23 $2.0B Sequoia Capital China, SoftBank Group, Softbank Ventures Asia, Source Code Capital, Longzhu Capital Nigeria 1.3% State Of Venture | Sector Spotlights | Fintech 95 42 fintech unicorns born in Q3’21, bringing the total count to 200 Total unicorns, 200 166 134 112 103 92 96 97 84 75 64 58 19 21 21 21 22 24 24 26 30 30 35 37 41 46 46 28 New unicorns, 42 14 721112 2 5 2 6 3 6 7 12 7 13 11 9 5 1 9 11 3 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015 2016 2017 2018 2019 2020 2021 State Of Venture | Sector Spotlights | Fintech 96 Fintech exits see new high in 2021 so far 544 555 544 434 318 332 M&A, 663 22 2015 25 1 2016 State Of Venture | Sector Spotlights | Fintech 33 0 2017 49 2 2018 28 3 2019 31 4 2020 IPO, 46 SPAC, 14 2021 YTD 97 Fintech M&A exits are flat in Q3’21, IPOs down 29% 227 210 180 M&A, 226 117 110 152 142 147 144 138 136 126 130 120 126 112 102 94 91 95 86 81 81 79 77 61 3 Q1 2015 20 17 10 4 5 3 8 1 8 6 2 5 6 11 11 1 1 000 0000000 0 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2016 2017 2018 10 10 2 5 7 1 6 71 4 0 00 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2019 2020 2 9 11 1 0 Q3 Q4 21 10 6 3 Q1 Q2 2021 IPO, 15 SPAC, 5 Q3 State Of Venture | Sector Spotlights | Fintech 98 Fintech: Top 10 investors in Q3’21 by company count Company 1 Tiger Global Management 2 Coinbase Ventures 3 Global Founders Capital 4 Accel 5 Andreessen Horowitz 5 Ribbit Capital 5 Lightspeed Venture Partners 5 Sequoia Capital 9 Sequoia Capital India 10 Insight Partners 10 Alameda Research 10 Coatue Management 10 General Catalyst 10 Valar Ventures State Of Venture | Sector Spotlights | Fintech Deals Investor Group 24 Asset/Investment Management 22 CVC 21 VC 20 VC 13 VC 13 VC 13 VC 13 VC 12 VC 10 VC 10 CVC 10 Asset/Investment Management 10 VC 10 VC Country United States United States Germany United States United States United States United States United States India United States Hong Kong United States United States United States Percent of Total Fintech Quarter Deals 2.0% 1.9% 1.8% 1.7% 1.1% 1.1% 1.1% 1.1% 1.0% 0.8% 0.8% 0.8% 0.8% 0.8% 99 Retail Tech GLOBAL: Q3 2021 100 Retail tech funding soars past 2020’s full-year total to $83B $90.0B $80.0B $70.0B $60.0B $50.0B $40.0B $30.0B $20.0B $10.0B $.0B 2,885 $37.0B 2015 2,920 $26.2B 2016 State Of Venture | Sector Spotlights | Retail Tech 3,313 $43.9B 2017 3,564 $53.4B 2018 3,387 $51.1B 2019 3,155 $47.9B 2020 Funding $82.5B Deals 2,930 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 2021 YTD 101 Retail tech dollars slip slightly in Q3’21, deals reach new high $35.0B $30.0B $25.0B $20.0B $15.0B $10.0B $5.0B 1,200 Deals 1,028 783 789 707 739 727 740 992 985 860 852 870 790 811 939 917 879 874 815 763 819 796 847 $29.0B 785 $25.0B 727 1,000 Funding $28.5B 800 656 664 $17.4B $17.9B 600 $14.7B $14.3B $14.2B $11.4B $9.1B $7.9B $8.6B $6.9B $8.1B $7.1B $7.3B $11.1B $10.8B $12.7B $12.2B $12.2B $11.0B $10.4B $9.7B $11.2B $9.1B 400 $4.1B 200 $.0B 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015 2016 2017 2018 2019 2020 2021 State Of Venture | Sector Spotlights | Retail Tech 102 Asia leads in retail tech funding in Q3’21, followed by US and Europe US Asia Europe LatAm Canada All Other Regions $12.1B $11.7B $9.9$B9.0B $7.6B $7.5B $8.9B $7.9B $4.6B $3.6$B4.1B $4.4B $3.3$B3.4B Q1 Q3 Q1 Q3 2020 2021 Q1 Q3 Q1 Q3 2020 2021 $6.2B $5.9B $5.3B $2.4B $2.0B $1.5$B1.4B Q1 Q3 Q1 Q3 2020 2021 $2.5B $1.7B $.0B$.2B$.6B$.2B$.7B $.0B$.2B$.1B$.1B$.$2.B1B $.1B $.1B$.0B$.0B$.2B$.$1.B1B $.2B Q1 Q3 Q1 Q3 2020 2021 Q1 Q3 Q1 Q3 2020 2021 Q1 Q3 Q1 Q3 2020 2021 State Of Venture | Sector Spotlights | Retail Tech 103 Asia gains share of retail tech deals in Q3’21, US’ and Europe’s shares fall 18% 15% 15% 18% 16% 18% 22% 23% 26% 26% 20% 20% 20% 19% 17% 19% 22% 20% 19% 21% 24% 24% 21% 24% 22% 23% All Other Regions, 5% Canada, 2% LatAm, 5% Europe, 20% 36% 38% 43% 39% 39% 36% 33% 36% 33% 33% 37% 38% 37% 38% 43% 38% 36% 37% 39% 41% 35% 36% 36% 36% 34% 37% Asia, 41% 40% 41% 37% 37% 40% 40% 38% 35% 34% 34% 36% 34% 36% 35% 34% 37% 35% 34% 34% 30% 34% 32% 33% 30% 34% 30% US, 27% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015 2016 2017 2018 2019 2020 2021 State Of Venture | Sector Spotlights | Retail Tech 104 Retail tech average and median deal size both up in 2021 YTD $37M $17M $12M $18M $22M $22M $21M $2M 2015 $2M 2016 State Of Venture | Sector Spotlights | Retail Tech $2M $3M 2017 2018 Average Deal Median Deal $3M 2019 $3M 2020 $5M 2021 YTD 105 Retail tech early-stage deal share down to 60% in 2021 YTD 9% 9% 10% 9% 8% 11% 9% 9% 12% 13% 12% 12% 13% 12% 14% 15% 15% 16% Other, 8% Late-stage, 14% Mid-stage, 18% 69% 69% 65% 63% 64% 61% Early-stage, 60% 2015 2016 2017 2018 2019 2020 2021 YTD State Of Venture | Sector Spotlights | Retail Tech 106 Retail Tech: Top 10 equity deals in Q3’21 Company 1 Gopuff 2 Gorillas 3 Picnic 4 Kavak 5 Ninja Van Round Amount Round Date $1,000M Series H 2021-07-30 $950M Series C 2021-09-23 $705M Series D 2021-09-16 $700M Series E 2021-09-22 $578M Series E 2021-09-27 State Of Venture | Sector Spotlights | Retail Tech Latest Valuation Select Investors Country Blackstone, Adage Capital Management, $15.0B Eldridge, Guggenheim Investments, MSD Partners United States $3.0B DST Global, Tencent Holdings, Delivery Hero, Coatue Management Germany N/A Bill & Melinda Gates Foundation Netherlands Founders Fund, Tiger Global Management, $8.7B General Catalyst, SEA Ventures, SoftBank Group Mexico Alibaba Group, Dynamic Parcel Distribution, $1.0B Monk’s Hill Ventures, B Capital Group, Zamrud Sovereign Wealth Fund Singapore Percent of Total Retail Tech Quarter Funding 3.5% 3.3% 2.5% 2.5% 2.0% 107 Retail Tech: Top 10 equity deals in Q3’21 Company Round Amount Round Date 6 Meesho 7 Mirakl 8 PatPat 9 Nuvemshop 9 Rappi $570M Series F 2021-09-30 $555M Series E 2021-09-21 $510M Series D 2021-07-19 $500M Series E 2021-08-17 $500M Series G 2021-07-19 State Of Venture | Sector Spotlights | Retail Tech Latest Valuation Select Investors Country $4.9B Facebook, Trifecta Capital, B Capital Group, Symphony, Footpath Ventures India $3.5B Elaia Partners, Permira, Silver Lake, 83North, Felix Capital France $227M General Atlantic, GGV Capital, DST Global, Ocean Link United States Insight Partners, Accel, Tiger Global $3.1B Management, VMG Partners, Qualcomm Ventures Brazil $5.2B Sequoia Capital, T. Rowe Price, Third Point, DST Global, Andreessen Horowitz Colombia Percent of Total Retail Tech Quarter Funding 2.0% 1.9% 1.8% 1.8% 1.8% 108 21 retail tech unicorns born in Q3’21, bringing the total to 167 Total unicorns, 167 154 140 129 122 116 115 116 106 100 88 76 69 48 49 50 52 53 53 56 57 60 62 39 42 32 26 20 23 7 8 5 6 3 4 3 2 2 3 4 3 6 10 7 12 14 7 12 4 10 10 3 New unicorns, 21 4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015 2016 2017 2018 2019 2020 2021 State Of Venture | Sector Spotlights | Retail Tech 109 Retail tech exits reach new high 520 520 474 482 361 360 M&A, 627 24 2015 37 0 2016 28 0 2017 State Of Venture | Sector Spotlights | Retail Tech 38 2 2018 31 0 2019 28 2 2020 IPO, 59 SPAC, 9 2021 YTD 110 Retail tech M&A exits down 8% in Q3’21, IPOs down 35% 226 193 164 M&A, 208 104 130 114 126 128 116 120 118 132 124 125 139 135 135 100 87 97 96 96 91 86 76 78 26 3 10 2 9 7 11 9 10 5 8 7 8 6 8 13 11 24 14 5 8 3 15 9 11 16 141 00000000000000 0000 00 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2015 2016 2017 2018 2019 2020 2021 IPO, 17 SPAC, 4 Q3 State Of Venture | Sector Spotlights | Retail Tech 111 Retail tech: Top 10 investors in Q3’21 by company count Company 1 Tiger Global Management 2 Insight Partners 3 DST Global 3 Accel 3 East Ventures 6 Sequoia Capital India 6 Titan Capital 8 Endeavor 9 General Catalyst 9 Wavemaker Partners State Of Venture | Sector Spotlights | Retail Tech Deals Investor Group 17 Asset/Investment Management 13 VC 10 VC 10 VC 10 VC 9 VC 9 VC 8 VC 7 VC 7 VC Country United States United States Hong Kong United States Indonesia India India United States United States United States Percent of Total Retail Tech Quarter Deals 1.7% 1.3% 1.0% 1.0% 1.0% 0.9% 0.9% 0.8% 0.7% 0.7% 112 Healthcare GLOBAL: Q3 2021 113 Healthcare funding reaches $97B in 2021 YTD $120.0B $100.0B $80.0B $60.0B 3,985 4,391 $40.0B $20.0B $33.6B $34.0B $.0B 2015 2016 State Of Venture | Sector Spotlights | Healthcare 5,086 $44.2B 2017 5,707 $62.0B 2018 5,758 $59.6B 2019 5,821 $79.9B 2020 Funding $97.1B Deals 5,210 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 2021 YTD 114 Healthcare dollars down, deals up in Q3’21 $40.0B Deals 1,901 $35.0B $30.0B $25.0B $20.0B $15.0B $10.0B 1,626 $33.9B 1,660 1,005 $6.6B 935 $8.4B 996 $9.2B 1,187 1,049 1,027 $10.3B $9.4B $7.1B 1,073 $8.5B 1,104 $8.2B 1,253 $9.6B 1,311 1,319 1,378 1,520 1,479 1,330 1,465 1,490 1,432 1,371 1,344 1,393 1,203 1,458 1,649 $32.7B $24.3B $21.7B $18.3B $16.7B $16.9B $16.3B $17.6B $12.8B $12.1B $13.3B $13.7B $14.2B $14.0B $14.4B $9.8B $5.0B Funding $30.5B $.0B Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015 2016 2017 2018 2019 2020 2021 State Of Venture | Sector Spotlights | Healthcare 115 US leads in healthcare funding in Q3’21, followed by Asia and Europe US $21$.51B9.2B $17.7B Asia Europe LatAm Canada All Other Regions $13.8B $13.0B $11$.51B1.6B Q1 Q3 Q1 Q3 2020 2021 $9.0B $7.8$B6$.77.B3B $6.0B $6.5B $2.8B $2.9$B3.3B $3.7B $1.5$B2.3$B2.2$B2.4B $.0B$.1B$.0B$.1B$.$1.B3B $.1B $.2B$.2B$.4B$.1B$.$4.B5B $.4B $.0B$.1B$.0B$.1B$.$3.B1B $.5B Q1 Q3 Q1 Q3 2020 2021 Q1 Q3 Q1 Q3 2020 2021 Q1 Q3 Q1 Q3 2020 2021 Q1 Q3 Q1 Q3 2020 2021 Q1 Q3 Q1 Q3 2020 2021 State Of Venture | Sector Spotlights | Healthcare 116 Asia gains share of healthcare deals in Q3’21, US’ and Europe’s shares fall 14% 12% 14% 13% 14% 17% 13% 19% 17% 17% 17% 18% 16% 14% 15% 16% 18% 16% 15% 18% 19% 20% 17% 18% 18% 21% 15% 17% 16% 19% 26% 20% 22% 23% 22% 21% 25% 24% 25% 29% 29% 28% 26% 23% 25% 27% 22% 24% 30% 28% 28% 30% All Other Regions, 2% Canada, 2% LatAm, 1% Europe, 13% Asia, 38% 66% 68% 66% 63% 57% 59% 59% 54% 56% 58% 54% 53% 52% 51% 52% 51% 49% 54% 54% 49% 53% 49% 48% 48% 48% 45% US, 42% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015 2016 2017 2018 2019 2020 2021 State Of Venture | Sector Spotlights | Healthcare 117 Healthcare average and median deal size both up in 2021 YTD $25M $10M $10M $12M $15M $14M $18M $2M 2015 $2M 2016 State Of Venture | Sector Spotlights | Healthcare $2M $3M $3M 2017 2018 Average Deal Median Deal 2019 $4M 2020 $6M 2021 YTD 118 Healthcare early-stage deal share up to 54% in 2021 YTD 22% 22% 21% 19% 19% 20% 12% 11% 12% 13% 12% 12% 14% 12% 13% 14% 15% 18% Other, 15% Late-stage, 12% Mid-stage, 19% 52% 55% 54% 2015 2016 2017 State Of Venture | Sector Spotlights | Healthcare 53% 2018 54% 2019 50% 2020 Early-stage, 54% 2021 YTD 119 Healthcare: Top 10 equity deals in Q3’21 Company 1 Abogen 2 Laronde Round Round Amount Date $700M Series C 2021-08-20 $440M Series B 2021-08-30 3 Olive $400M Series H 2021-07-01 3 XtalPi Cityblock 3 Health $400M Series D 2021-08-11 $400M Series D 2021-09-03 State Of Venture | Sector Spotlights | Healthcare Latest Valuation Select Investors Country Sector Industry Subindustry Percent of Total Healthcare Quarter Funding Qiming Venture Partners, Legend N/A Capital, Hillhouse Capital Management, Lilly Asia Ventures, Boyu Capital China Healthcare Drug Development N/A 2.3% Flagship Pioneering, T. Rowe Price, $33M Invus Group, BlackRock, Fidelity Investments United States Healthcare Drug Development N/A 1.4% $4,000M Tiger Global Management, Vista Equity Partners, Base10 Partners United States Internet Internet Software & Services Billing, Expense Management and Procurement 1.3% OrbiMed Advisors, Sequoia Capital $2,000M China, Tencent Holdings, Sino Biopharmaceutical, 5Y Capital China $5,700M SoftBank Group United States Internet Healthcare Internet Software & Services Scientific, Engineering Medical Facilities & Services N/A 1.3% 1.3% 120 Healthcare: Top 10 equity deals in Q3’21 Company Round Round Amount Date 6 Carbon Health Zhiyuan 7 Zhongan $350M Series D 2021-07-21 Corporate $309M Minority 2021-09-16 MediTrust 8 Health $308M Series C 2021-08-10 9 Netskope $300M Series H 2021-07-09 10 Cybereason $275M Series F 2021-07-14 State Of Venture | Sector Spotlights | Healthcare Latest Valuation Select Investors Country Lux Capital, Blackstone, $3,000M BlackRock, Brookfield Asset Management, Silver Lake United States N/A ZhongAn Insurance China Lilly Asia Ventures, Sinovation N/A Ventures, Boyu Capital, China International Capital Corporation, Huasheng Capital China Lightspeed Venture Partners, $7,500M Sequoia Capital, Accel, Sapphire Ventures, Geodesic Capital United States SoftBank Group, Neuberger $2,437M Berman, Irving Investors, Liberty Strategic Capital United States Sector Industry Subindustry Percent of Total Healthcare Quarter Funding Mobile & Telecommunications Mobile Software & Services Healthcare 1.1% Healthcare Medical Equipment & Supplies N/A 1.0% Financial Lending Consumer 1.0% Internet Internet Internet Software & Services Monitoring & Security Internet Software & Services Monitoring & Security 1.0% 0.9% 121 Healthcare unicorn births fell to 10 in Q3’21, bringing the total to 91 87 84 Total unicorns, 91 71 64 64 66 59 59 59 61 53 54 46 43 38 35 31 21 22 24 24 24 24 26 19 16 12 11 4 5 5 1 2 3 2 5 4 3 6 3 8 4 6 4 5 2 4 2 7 6 New unicorns, 10 00 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015 2016 2017 2018 2019 2020 2021 State Of Venture | Sector Spotlights | Healthcare 122 Healthcare M&As in 2021 YTD have already exceeded last year’s total 1,240 1,137 1,427 1,691 1,711 1,713 M&A, 1,822 212 2015 183 0 2016 225 0 2017 State Of Venture | Sector Spotlights | Healthcare 212 2 2018 203 5 2019 257 7 2020 IPO, 245 SPAC, 25 2021 YTD 123 Healthcare M&A exits down 5% in Q3’21, IPOs down 7% 614 621 527 509 420 405 387 351 366 361 357 313 311 285 311 293 296 271 259 472 449 423 395 395 408 355 M&A, 587 62 53 49 44 41 45 53 45 62 67 51 40 61 57 54 45 54 47 57 36 57 80 84 73 89 IPO, 83 48 2 113 1677 SPAC, 11 00000000000000 0 00 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015 2016 2017 2018 2019 2020 2021 State Of Venture | Sector Spotlights | Healthcare 124 Healthcare: Top 10 investors in Q3’21 by company count Company 1 OrbiMed Advisors 2 Sequoia Capital China 3 RA Capital Management 3 Qiming Venture Partners 5 General Catalyst 5 Khosla Ventures 7 Legend Capital 8 Shenzhen Capital Group 8 Sinovation Ventures 8 Tiger Global Management State Of Venture | Sector Spotlights | Healthcare Deals Investor Group 27 VC 25 VC 18 Asset/Investment Management 18 VC 16 VC 16 VC 13 VC 9 VC 9 VC 9 Asset/Investment Management Country United States China United States China United States United States China China China United States Percent of Total Healthcare Quarter Deals 1.4% 1.3% 0.9% 0.9% 0.8% 0.8% 0.7% 0.5% 0.5% 0.5% 125 United States Trends REGIONAL TRENDS: Q3 2021 126 US funding exceeds 2020’s full-year total $250.0B $200.0B 10,159 9,657 $150.0B $100.0B $50.0B $87.6B $72.2B $.0B 2015 2016 State Of Venture | US Trends 10,492 10,964 $97.7B $134.1B 2017 2018 10,596 $127.3B 2019 9,846 $142.9B 2020 Funding $210.4B Deals 8,869 12,000 10,000 8,000 6,000 4,000 2,000 2021 YTD 0 127 US deals and dollars reach all-time highs in Q3’21 $80.0B Deals, 3,210 $70.0B $60.0B 2,482 2,643 2,614 2,420 2,653 2,393 2,433 2,178 2,657 2,590 2,702 2,543 2,737 2,900 2,793 2,534 2,694 2,759 2,793 2,350 2,521 2,264 2,507 $70.3B $67.8B 2,554 2,859 2,800 Funding $72.3B $50.0B $40.0B $30.0B $20.0B $44.1B $41.4B $38.1B $34.6B $29.8B $29.0B $23.9B $23.3B $21.3B $19.1B $19.4B $16.9B $18.4B $17.5B $19.6B $24.9B $23.4B $26.4B $33.2B $32.8B $32.5B $32.1B $31.4B $28.8B $10.0B $.0B Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015 2016 2017 2018 2019 2020 2021 State Of Venture | US Trends 128 US mid-stage deal share hits new high 21% 23% 22% 21% 20% 23% 9% 8% 10% 12% 10% 9% 13% 12% 12% 13% 14% 15% Other, 17% Late-stage, 11% Mid-stage, 17% 57% 56% 56% 54% 56% 53% Early-stage, 54% 2015 2016 2017 2018 2019 2020 2021 YTD State Of Venture | US Trends 129 US: Top 10 equity deals in Q3’21 Company Round Round Amount Date 1 Databricks 2 Articulate 3 Gopuff $1,600M Series H 2021-08-31 $1,500M Series A 2021-07-01 $1,000M Series H 2021-07-30 4 Chime Redwood 5 Materials $750M Series G 2021-08-13 $700M Series C 2021-07-28 State Of Venture | US Trends Latest Valuation Select Investors Sector Industry Subindustry Tiger Global Management, T. $38.0B Rowe Price, BlackRock, Andreessen Horowitz, Franklin Templeton Internet Internet Software & Services Data & Document Management $3.8B General Atlantic, Blackstone, ICONIQ Growth Internet Internet Software & Services Education & Training Blackstone, Adage Capital $15.0B Management, Eldridge, Guggenheim Investments, MSD Partners Mobile & Telecommunications Mobile Commerce Multi-Product Sequoia Capital, Tiger Global $25.0B Management, General Atlantic, SoftBank Group, Dragoneer Investment Group Mobile & Telecommunications Mobile Software & Services Accounting & Finance T. Rowe Price, Amazon, $3.7B Capricorn Investment Group, Valor Equity Partners, Franklin Templeton Environmental Services Recycling & Equipment N/A Percent of Total US Quarter Funding 2.2% 2.1% 1.4% 1.0% 1.0% 130 US: Top 10 equity deals in Q3’21 Company Round Round Amount Date 6 FiveTran 7 PatPat 7 Varo Bank 9 Entrata 10 Carta 10 Discord $565M Series D 2021-09-20 $510M Series D 2021-07-19 $510M Series E 2021-09-09 $507M Private Equity 2021-07-07 $500M Series G 2021-08-13 $500M Series I 2021-07-13 State Of Venture | US Trends Latest Valuation Select Investors Sector Matrix Partners, Y Combinator, $5.6B General Catalyst, Andreessen Horowitz, ICONIQ Capital Internet $227M General Atlantic, GGV Capital, DST Global, Ocean Link Internet Lone Pine Capital, HarbourVest $2.5B Partners, Warburg Pincus, BlackRock, Berkshire Partners Mobile & Telecommunications N/A Silver Lake, Josh James, Todd Pedersen, Ryan Smith Mobile & Telecommunications $7.4B Silver Lake Internet Spark Capital, Google Ventures, $15.0B Benchmark, Index Ventures, Internet Greylock Partners Industry Subindustry Internet Software & Services Business Intelligence, Analytics & Performance Mgmt E-commerce Marketplace Mobile Software & Services Asset & Financial Management & Trading Mobile Software & Services Real Estate Internet Software & Services Asset & Financial Management & Trading Internet Software & Services Conferencing & Communication Percent of Total US Quarter Funding 0.8% 0.7% 0.7% 0.7% 0.7% 0.7% 131 US exits have already surpassed last year’s totals 2,685 2,459 2,906 3,098 3,248 2,944 M&A, 3,381 120 2015 87 1 2016 110 2 2017 139 5 2018 132 11 2019 155 27 2020 IPO, 186 SPAC, 70 2021 YTD State Of Venture | US Trends 132 US M&A exits stay elevated in Q3’21, SPACs surge 82% 1,143 1,104 931 M&A, 1,134 692 712 688 670 775 720 733 774 746 753 825 835 783 799 831 760 709 594 678 593 622 573 544 21 Q1 2015 47 24 28 13 127 23 24 20 27 1 24 39 1 24 45 1 38 1 32 3 30 4 46 2 30 2 26 3 22 1 29 4 51 2 5320 46 72 22 17 000 0000 0 0 IPO, 68 SPAC, 31 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2016 2017 2018 2019 2020 2021 State Of Venture | US Trends 133 Top 10 US-based investors in Q3’21 by company count Company 1 Tiger Global Management 2 SOSV 3 Insight Partners 4 Accel 5 Andreessen Horowitz 6 Sequoia Capital 7 Lightspeed Venture Partners 8 General Catalyst 9 Gaingels 10 Khosla Ventures State Of Venture | US Trends Company Count Investor Group 86 Asset/Investment Management 75 VC 73 VC 56 VC 53 VC 48 VC 47 VC 46 VC 37 Angel 36 VC Percent of Total US Quarter Deals 2.7% 2.3% 2.3% 1.7% 1.7% 1.5% 1.5% 1.4% 1.2% 1.1% 134 Silicon Valley UNITED STATES TRENDS: Q3 2021 135 Silicon Valley deals and dollars reach new highs in Q3’21 $30.0B Deals 771 $25.9B 746 $25.0B 695 668 594 713 603 657 552 708 642 668 611 726 699 623 604 622 645 685 623 $24.8B $23.2B 637 582 712 661 $20.0B 534 548 Funding $27.1B $15.0B $15.9B $14.2B $10.0B $5.0B $10.4B $9.3B $9.4B $6.0B $6.6B $5.7B $5.9B $4.7B $7.4B $11.6B $10.7B $9.2B $7.2B $13.6B $13.0B $12.3B $13.3B $13.4B $12.4B $12.5B $10.4B $.0B Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015 2016 2017 2018 2019 2020 2021 State Of Venture | US Trends | Silicon Valley 136 Silicon Valley mid- and late-stage deal share grow in 2021 YTD 8% 10% 10% 10% 8% 11% 9% 8% 10% 11% 11% 11% 17% 18% 17% 20% 20% 21% Other, 7% Late-stage, 13% Mid-stage, 23% 67% 65% 64% 59% 62% 58% Early-stage, 57% 2015 2016 2017 2018 2019 2020 2021 YTD State Of Venture | US Trends | Silicon Valley 137 Silicon Valley: Top 5 equity deals in Q3’21 Company 1 Databricks 2 Chime 3 FiveTran 4 PatPat 4 Varo Bank Round Round Amount Date $1,600M Series H 2021-08-31 $750M Series G 2021-08-13 $565M Series D 2021-09-20 Latest Valuation Select Investors Sector Industry Subindustry Tiger Global Management, T. Rowe Price, $38.0B BlackRock, Andreessen Horowitz, Franklin Templeton Internet Internet Software & Services Data & Document Management $25.0B Sequoia Capital, Tiger Global Management, General Atlantic, SoftBank Group, Dragoneer Investment Group Mobile & Telecommunications Mobile Software & Services Accounting & Finance $5.6B Matrix Partners, Y Combinator, General Catalyst, Andreessen Horowitz, ICONIQ Capital Internet Internet Software & Services Business Intelligence, Analytics & Performance Mgmt $510M Series D 2021-07-19 $227M General Atlantic, GGV Capital, DST Global, Ocean Link Internet E-commerce Marketplace $510M Series E 2021-09-09 $2.5B Lone Pine Capital, HarbourVest Partners, Warburg Pincus, BlackRock, Berkshire Partners Mobile & Telecommunications Mobile Software & Services Asset & Financial Management & Trading State Of Venture | US Trends | Silicon Valley 138 New York UNITED STATES TRENDS: Q3 2021 139 New York funding soars to $13.3B in Q3’21 $14.0B Funding $13.3B $12.0B $11.6B $11.3B 425 422 $10.0B 398 399 453 376 359 358 359 357 334 $8.0B 313 330 340 336 313 310 342 $7.3B 386 339 372 365 342 339 347 313 $6.0B $5.3B $6.8B $6.4B $5.4B $4.8B $4.9B $6.0B $4.9B $4.0B $2.0B $2.0B $2.8B $3.1B $2.9B $2.9B $2.1B $3.5B $3.5B $2.1B $3.5B $3.5B $2.9B $3.2B $3.9B $3.8B Deals 504 $.0B Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015 2016 2017 2018 2019 2020 2021 State Of Venture | US Trends | New York 140 New York mid- and late-stage deal share see gains, early-stage continues to drop 18% 19% 16% 15% 17% 17% 8% 8% 9% 11% 10% 8% 13% 13% 12% 13% 13% 16% Other, 16% Late-stage, 11% Mid-stage, 18% 61% 60% 63% 61% 61% 59% Early-stage, 55% 2015 2016 2017 2018 2019 2020 2021 YTD State Of Venture | US Trends | New York 141 New York: Top 5 equity deals in Q3’21 Company 1 Articulate Round Amount Round Date $1,500M Series A 2021-07-01 Latest Valuation Select Investors $3.8B General Atlantic, Blackstone, ICONIQ Growth Sector Internet Industry Subindustry Internet Software & Services Education & Training 2 DriveWealth iCapital 3 Network Genesis Digital 4 Assets Cityblock 5 Health 5 Dataiku $450M Series D 2021-08-20 Venture $440M Capital 2021-07-27 $431M Series A 2021-09-21 $400M Series D 2021-09-03 $400M Series E 2021-08-05 $2.9B Insight Partners, Accel, Fidelity International, Base10 Partners, Point72 Ventures Internet Internet Software & Services Asset & Financial Management & Trading $4.0B Blackstone, UBS, Ping An Ventures, BNY Mellon, Pivot Investment Partners Internet Internet Software & Services Asset & Financial Management & Trading N/A Ribbit Capital, Stoneridge, Electric Capital, Kingsway Capital Partners, Paradigm Internet Internet Software & Services Asset & Financial Management & Trading $5.7B SoftBank Group Healthcare Medical Facilities & Services N/A $4.6B Insight Partners, Battery Ventures, FirstMark Capital, Tiger Global Management, Dawn Capital Internet Internet Software & Services Business Intelligence, Analytics & Performance Mgmt State Of Venture | US Trends | New York 142 Los Angeles UNITED STATES TRENDS: Q3 2021 143 Los Angeles deals up in Q3’21, dollars down $7,000M $6,000M $5,000M $4,000M $3,000M $2,000M $1,000M 190 184 166 170 170 144 $2.6B $1.9B $1.8B $1.8B $1.1B $1.1B 144 $.7B 206 205 215 213 219 210 196 212 199 168 182 176 177 160 130 $2.9B $3.0B $1.1B $1.8B $1.3B $1.8B $1.4B $2.2B $2.2B $2.0B $2.4B $2.2B $2.5B $2.0B $1.6B Deals $6.1B 261 212 211 $4.2B 193 $3.8B $3.1B 226 Funding $3.3B $0M Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015 2016 2017 2018 2019 2020 2021 State Of Venture | US Trends | Los Angeles 144 Los Angeles early-stage deal share jumps to 61% in 2021 YTD 26% 27% 23% 21% 22% 24% 9% 10% 11% 10% 9% 9% 11% 11% 12% 13% 12% 12% 55% 54% 55% 54% 56% 55% Other, 17% Late-stage, 10% Mid-stage, 13% Early-stage, 61% 2015 2016 2017 2018 2019 2020 2021 YTD State Of Venture | US Trends | Los Angeles 145 Los Angeles: Top 5 equity deals in Q3’21 Company Round Round Amount Date Latest Valuation Select Investors Sector Industry Subindustry 1 BlockDaemon $155M Series B 2021-09-21 $1.3B Matrix Capital Management, Sapphire Ventures, BOLDstart Ventures, Lerer Hippeau, CoinFund Internet Internet Software & Services Networking & Connectivity 2 Orca Security $150M Series C 2021-07-04 $1.8B Temasek Software (noninternet/mobile) Security Software N/A 2 Whatnot $150M Series C 2021-09-16 $1.5B Y Combinator, Andreessen Horowitz, Gokul Rajaram, capitalG, Andre Iguodala Mobile & Mobile Commerce Telecommunications Marketplace 4 Saviynt 5 FloQast $130M Series B 2021-09-20 $110M Series D 2021-07-21 $204M HPS Investment Partners, PNC Financial Services Group Computer Hardware IT Services & Services Data Storage & Security Norwest Venture Partners, Insight Partners, $1.2B Meritech Capital Partners, Redpoint Ventures, Polaris Partners Internet Internet Software & Services Accounting & Finance State Of Venture | US Trends | Los Angeles 146 Boston UNITED STATES TRENDS: Q3 2021 147 Boston deals and dollars both down in Q3’21 $9,000M $8.0B 218 Deals $8,000M $7,000M 212 198 189 173 179 199 196 179 201 201 204 208 193 191 188 203 206 203 177 177 181 $7.5B Funding 169 164 161 162 156 $7.1B $6,000M $5,000M $4.4B $4,000M $3,000M $2,000M $2.1B $2.0B $2.2B $2.4B $2.4B $1.7B $2.8B $1.6B $2.2B $2.0B $1.8B $2.5B $3.0B $3.7B $3.3B $3.1B $3.2B $2.6B $2.2B $2.1B $3.8B $3.5B $3.6B $1,000M $0M Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015 2016 2017 2018 2019 2020 2021 State Of Venture | US Trends | Boston 148 Boston early- and mid-stage deal share up in 2021 YTD 18% 20% 20% 18% 17% 19% 12% 10% 11% 14% 13% 11% 21% 17% 20% 19% 18% 21% Other, 14% Late-stage, 11% Mid-stage, 25% 49% 53% 2015 2016 State Of Venture | US Trends | Boston 49% 2017 49% 2018 52% 2019 48% 2020 Early-stage, 49% 2021 YTD 149 Boston: Top 5 equity deals in Q3’21 Company 1 Laronde 2 DataRobot 2 Snyk 4 Cybereason 5 SmartLabs Round Amount Round Date $440M Series B 2021-08-30 $300M Series G 2021-07-27 $300M Series F 2021-09-09 $275M Series F 2021-07-14 $250M Series B 2021-09-20 Latest Valuation Select Investors Flagship Pioneering, T. Rowe Price, $33M Invus Group, BlackRock, Fidelity Investments Sector Healthcare New Enterprise Associates, Tiger $6.3B Global Management, T. Rowe Price, Sutter Hill Ventures, BlackRock Internet Accel, Canaan Partners, Lone Pine $8.6B Capital, Tiger Global Management, T. Rowe Price Internet SoftBank Group, Neuberger Berman, $2.4B Irving Investors, Liberty Strategic Capital Internet Onex Falcon, ArrowMark Partners, N/A Conversion Venture Capital, Winslow Capital, Breed’s Hill Capital Internet 5 BitSight Technologies $250M Corporate Minority 2021-09-13 $2.4B Moody’s Internet Industry Subindustry Drug Development N/A Internet Software & Services Testing Internet Software & Services Testing Internet Software & Services Monitoring & Security Internet Software & Services N/A Internet Software & Services Business Intelligence, Analytics & Performance Mgmt State Of Venture | US Trends | Boston 150 Seattle UNITED STATES TRENDS: Q3 2021 151 Seattle deals up in Q3’21, dollars down $2,000M $1,800M 101 97 Deals $1,739M 101 $1,600M $1,400M 81 82 76 82 77 90 84 84 82 82 74 70 86 70 $1,200M 63 $1,113M $1,000M $942M 88 $1,537M 90 79 80 79 80 72 $1,230M 74 $1,049M 63 $1,181M $1,020M Funding $1,407M $800M $600M $400M $200M $809M $571M $546M $627M $420M $449M $390M $316M $271M $241M $451M $386M $709M $734M $770M $742M $565M $501M $0M Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015 2016 2017 2018 2019 2020 2021 State Of Venture | US Trends | Seattle 152 Seattle early- and mid-stage deal share up in 2021 YTD 27% 30% 8% 3% 12% 14% 51% 55% 2015 2016 State Of Venture | US Trends | Seattle 27% 6% 10% 57% 2017 20% 11% 11% 58% 2018 19% 8% 14% 59% 2019 22% 10% 13% 55% 2020 Other, 20% Late-stage, 6% Mid-stage, 17% Early-stage, 56% 2021 YTD 153 Seattle: Top 5 equity deals in Q3’21 Company Shape 1 Therapeutics 2 Wyze 3 Amperity 3 Fabric 4 Truveta Round Round Amount Date Latest Valuation Select Investors Sector Industry Subindustry $112M Series B 2021-07-15 $110M Series B 2021-07-29 $100M Series D 2021-07-13 $100M Series B 2021-07-20 $95M Series A 2021-07-13 N/A New Enterprise Associates, Decheng Capital, Breton Capital Management Healthcare Biotechnology N/A Norwest Venture Partners, American Family $106M Ventures, iSeed Ventures, Marcy Venture Partners Madrona Venture Group, Tiger Global $1,000M Management, Madera Technology Partners, Declaration Partners, HighSage Ventures Consumer Products Consumer Electronics & Services N/A Internet Internet Software & Services Advertising, Sales & Marketing $850M Norwest Venture Partners, Sierra Ventures, Greycroft, Redpoint Ventures, Stripes Group Internet E-commerce E-commerce enablement Texas Health Resources, Providence Health & N/A Services, Baylor Scott & White Health, MedStar Health Software (noninternet/mobile) Healthcare Software N/A State Of Venture | US Trends | Seattle 154 Denver UNITED STATES TRENDS: Q3 2021 155 Denver deals and dollars both down in Q3’21 $1,600M 120 $1,400M $1,200M $1,000M $800M $600M $400M $200M 93 89 103 90 98 95 88 90 $1,385M 100 82 74 75 74 75 66 $876M 82 82 81 77 76 $1,036M 81 65 71 $965M $993M 65 81 64 Deals 80 67 Funding 65 $698M $710M 60 $627M $561M $583M $500M 40 $380M $427M $388M $377M $386M $397M $197M $205M $297M $196M $301M $251M $277M $336M $301M 20 $150M $0M 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015 2016 2017 2018 2019 2020 2021 State Of Venture | US Trends | Denver 156 Denver early-stage deal share continues decline, mid- and late-stage grow 29% 30% 10% 7% 6% 10% 57% 52% 2015 2016 State Of Venture | US Trends | Denver 29% 8% 10% 53% 2017 18% 8% 14% 60% 2018 21% 9% 12% 58% 2019 31% 7% 13% 49% 2020 Other, 26% Late-stage, 10% Mid-stage, 17% Early-stage, 47% 2021 YTD 157 Denver: Top 5 equity deals in Q3’21 Company 1 JumpCloud 2 SonderMind Friday Health 3 Plans 4 Meati Foods 5 BioIntelliSense Round Round Amount Date $159M Series F 2021-09-13 $150M Series C 2021-07-28 Latest Valuation Select Investors Sector Industry Subindustry $2.6B General Atlantic, BlackRock, Sapphire Ventures, H.I.G. Growth Partners, Sands Capital Computer Hardware & IT Services Services Data Storage & Security $1.4B F-Prime Capital, General Catalyst, Kickstart Fund, Partners Group, Drive Capital Internet Internet Software & Services Healthcare $100M Undisclosed 2021-09-14 N/A N/A Financial Insurance Health Insurance $50M Series B 2021-07-07 $45M Series B 2021-07-28 $292M Prelude Ventures, Tao Capital Partners, Acre Venture Partners, Congruent Ventures, Bond Food & Beverages Meat, Fish, Seafood & Alternative Proteins N/A $18M Philips, Pendrell Technologies, Fresenius Medical Care, 7wire Ventures, Chicago Pacific Founders Software (noninternet/mobile) Healthcare Software N/A State Of Venture | US Trends | Denver 158 DC UNITED STATES TRENDS: Q3 2021 159 DC deals and dollars both down in Q3’21 $2,000M 112 $1,800M 98 103 103 $1,789M $1,600M $1,400M $1,200M 89 87 79 85 85 75 86 78 82 75 87 90 86 86 85 $1,399M 77 56 75 70 72 85 59 $1,000M $800M $600M $840M $624M $480M $497M $481M $987M $944M $563M $806M $886M $613M $623M $634M $560M $700M $530M $458M $582M $511M $588M $453M $400M $252M $303M $288M $200M Deals 75 Funding $1,144M $0M Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015 2016 2017 2018 2019 2020 2021 State Of Venture | US Trends | DC 160 DC early-stage deal share down to 48% in 2021 YTD 21% 26% 9% 8% 10% 11% 55% 60% 2015 2016 State Of Venture | US Trends | DC 26% 9% 10% 55% 2017 23% 9% 12% 56% 2018 25% 9% 14% 53% 2019 24% 11% 16% 50% 2020 Other, 20% Late-stage, 13% Mid-stage, 18% Early-stage, 48% 2021 YTD 161 DC: Top 5 equity deals in Q3’21 Company Rebellion 1 Defense 2 Class 2 Sirnaomics MPOWER 4 Financing 4 Interos 4 Arcadia Round Round Amount Date $150M Series B 2021-09-16 $105M Series B 2021-07-28 $105M Series E 2021-07-01 $100M Series D 2021-07-13 $100M Series C 2021-07-22 $100M Series D 2021-09-15 State Of Venture | US Trends | DC Latest Valuation Select Investors Sector Industry Subindustry $1.1B Insight Partners, Venrock, Innovation Endeavors, Declaration Partners, Lupa Systems Software (noninternet/mobile) Government Software N/A $804M Insight Partners, Emergence Capital Partners, Steve Case, Bill Tai, Learn Capital Internet Internet Software & Services Education & Training $426M Rotating Boulder Fund Healthcare Biotechnology N/A $36M Pennington Partners & Co., King Street Capital, Tilden Park, Drakes Landing Associates Financial Lending Consumer $1.0B Kleiner Perkins Caufield & Byers, Venrock, NightDragon Internet Internet Software & Services Supply Chain & Logistics $218M Tiger Global Management, Wellington Management, Camber Creek, BoxGroup, Energy Impact Partners Energy & Utilities Renewables Wind 162 Chicago UNITED STATES TRENDS: Q3 2021 163 Chicago deals up in Q3’21, dollars down $2,500M 89 82 $2,000M 67 68 67 67 61 63 $1,500M 56 51 53 72 67 83 77 75 75 84 Deals 80 $1,984M 77 70 61 66 63 65 66 Funding $1,459M $1,444M 52 $1,089M $1,075M $1,000M $889M $932M $594M $500M $378M $364M $198M $364M $242M $267M $296M $726M $711M $513M $547M $455M $576M $580M $590M $471M $508M $419M $340M $0M Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015 2016 2017 2018 2019 2020 2021 State Of Venture | US Trends | Chicago 164 Chicago mid- and late-stage deal share grow in 2021 YTD 22% 24% 23% 8% 9% 12% 14% 11% 10% 56% 56% 55% 2015 2016 State Of Venture | US Trends | Chicago 2017 28% 9% 12% 51% 2018 26% 11% 14% 49% 2019 26% 9% 13% 52% 2020 Other, 19% Late-stage, 14% Mid-stage, 16% Early-stage, 51% 2021 YTD 165 Chicago: Top 5 equity deals in Q3’21 Company Round Round Amount Date 1 Nature’s Fynd $350M Series C 2021-07-19 2 M1 Finance 3 Copado 4 Project44 5 Vanqua Bio $150M Series E 2021-07-14 $140M Series C 2021-09-13 $116M Venture Capital 2021-09-30 $85M Series B 2021-09-14 State Of Venture | US Trends | Chicago Latest Valuation Select Investors Sector Generation Investment Management, $1.8B Blackstone, Balyasny Asset Management, Hillhouse Capital Management, EDBI Food & Beverages $1.5B SoftBank Group Internet $1.2B Insight Partners, IBM Ventures, DG Ventures, Capgemini, ISAI Software (noninternet/mobile) $1.2B Insight Partners, Emergence Capital Partners, Sapphire Ventures Internet OrbiMed Advisors, Osage University N/A Partners, Eli Lilly and Company, Pontifax, Healthcare Casdin Capital Industry Subindustry Meat, Fish, Seafood & Alternative Proteins N/A Internet Software & Services Asset & Financial Management & Trading Sales & Marketing Software N/A Internet Software & Services Supply Chain & Logistics Drug Development N/A 166 Dallas UNITED STATES TRENDS: Q3 2021 167 Dallas deals up in Q3’21, dollars down $1,200M 60 $1,000M $800M $600M $400M $200M 48 45 42 41 36 35 34 36 33 Deals $993M 49 50 39 39 41 40 42 40 41 43 $738M 42 39 40 40 33 32 37 31 28 27 $531M $291M $184M $99M $69M $362M $244M $168M $83M $321M $183M $96M $275M $188M $164M $76M $121M $297M $146M $149M $507M $454M $385M $250M 30 Funding $328M20 10 $0M 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015 2016 2017 2018 2019 2020 2021 State Of Venture | US Trends | Dallas 168 Dallas early-stage deal share jumps to 58% in 2021 YTD 41% 41% 8% 12% 8% 7% 42% 40% 2015 2016 State Of Venture | US Trends | Dallas 43% 17% 3% 37% 2017 39% 16% 7% 38% 2018 37% 14% 10% 39% 2019 37% 11% 10% 42% 2020 Other, 16% Late-stage, 16% Mid-stage, 10% Early-stage, 58% 2021 YTD 169 Dallas: Top 5 equity deals in Q3’21 Company 1 Tricolor 2 Veryable 3 SolCyber 3 TMGcore 5 OneDay Round Round Amount Date $90M Corporate Minority 2021-09-09 $32M Series A 2021-08-10 $20M Series A 2021-07-29 $20M Convertible Note 2021-09-07 $19M Series B 2021-07-26 State Of Venture | US Trends | Dallas Latest Valuation Select Investors Sector Industry Subindustry N/A BlackRock Internet Internet Software & Services Accounting & Finance $209M Gigafund, Trust Ventures Mobile & Telecommunications Mobile Software & Services HR & Workforce Management N/A ForgePoint Capital Internet Internet Software & Services Monitoring & Security N/A N/A Computer Hardware & Services Supercomputers N/A N/A Silverton Partners, Volition Capital Mobile & Telecommunications Mobile Software & Services Video 170 Austin UNITED STATES TRENDS: Q3 2021 171 Austin deals up in Q3’21, dollars down $2,000M $1,800M $1,903M Deals 86 $1,600M $1,400M 65 64 77 74 70 68 72 71 65 65 72 64 63 61 61 60 61 $1,200M 57 53 49 51 46 54 57 54 $1,000M 45 Funding $1,251M $800M $600M $400M $200M $762M $736M $650M $611M $611M $502M $371M $326M $276M $295M $312M $229M $171M $186M $142M $354M $261M $534M $477M $274M $381M $537M $348M $402M $416M $0M Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015 2016 2017 2018 2019 2020 2021 State Of Venture | US Trends | Austin 172 Austin early-stage deal share down to 56% in 2021 YTD 17% 19% 9% 8% 17% 13% 57% 59% 2015 2016 State Of Venture | US Trends | Austin 28% 11% 11% 50% 2017 19% 12% 11% 58% 2018 14% 9% 17% 60% 2019 19% 10% 14% 58% 2020 Other, 17% Late-stage, 13% Mid-stage, 14% Early-stage, 56% 2021 YTD 173 Austin: Top 5 equity deals in Q3’21 Company 1 ICON 3D Elligo Health 2 Research 3 Super Coffee 4 Foundry Brands 5 Membersy Round Round Amount Date $207M Series B 2021-08-24 $135M Series E 2021-09-23 $106M Series B 2021-08-09 $100M Private Equity 2021-07-12 $66M Growth Equity 2021-09-28 Latest Valuation Select Investors Sector Industry Subindustry Norwest Venture Partners, Citi Ventures, $739M Fifth Wall Ventures, Moderne Ventures, 8VC Computer Hardware & Services Computer Storage & Peripherals Printing & Imaging Equipment Norwest Venture Partners, Noro-Moseley $48M Partners, Hatteras Venture Partners, Piper Sandler, Morgan Stanley Expansion Software (noninternet/mobile) Capital 7-Ventures, Dave Peacock, Clayton $500M Christopher, Trousdale Ventures, LivWell Food & Beverages Ventures N/A Monogram Capital Partners, LightBay Capital Financial N/A Spectrum Equity Healthcare Healthcare Software N/A Non-alcoholic beverages N/A Investment Firms & Funds N/A Healthcare Plans N/A State Of Venture | US Trends | Austin 174 Miami UNITED STATES TRENDS: Q3 2021 175 Miami deals and dollars both surge in Q3’21 $1,600M Deals 72 $1,400M $1,200M $1,249M Funding $1,363M 45 $1,000M $857M 46 44 45 42 40 $800M 37 35 37 37 34 34 35 35 $718M 29 30 31 $600M 32 $603M 27 28 27 $585M 31 $530M 23 23 $421M 27 $487M $456M $400M $312M 22 $318M $251M $200M $101M $138M $165M $111M $183M $93M $71M $110M $122M $138M $191M $146M $77M $164M $0M Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015 2016 2017 2018 2019 2020 2021 State Of Venture | US Trends | Miami 176 Miami early-stage deal share up to 49% in 2021 YTD 42% 39% 10% 13% 12% 8% 36% 40% 2015 2016 State Of Venture | US Trends | Miami 31% 20% 9% 40% 2017 32% 20% 6% 42% 2018 33% 17% 8% 42% 2019 43% 8% 9% 40% 2020 Other, 30% Late-stage, 12% Mid-stage, 9% Early-stage, 49% 2021 YTD 177 Miami: Top 5 equity deals in Q3’21 Company 1 Aleph Holding 2 unybrands Round Round Amount Date $470M Private Equity 2021-07-12 $300M Undisclosed 2021-07-14 3 NationsBenefits $170M Growth Equity 2021-08-27 4 US Bitcoin Corp $55M Series B 2021-09-15 5 RECUR $50M Series A 2021-09-13 State Of Venture | US Trends | Miami Latest Valuation Select Investors $2,000M CVC Capital Partners N/A Crayhill Capital Management Sector Internet Internet N/A Monroe Capital, The Pritzker Organization, Denali Growth Partners Healthcare Industry Subindustry Internet Software & Services Advertising, Sales & Marketing E-commerce E-commerce enablement Medical Facilities & Services Medical Practice Management & Services N/A N/A $333M Digital Software (noninternet/mobile) Asset & Financial Management & Trading Software N/A Internet Internet Software & Services Customer Relationship Management 178 Atlanta UNITED STATES TRENDS: Q3 2021 179 Atlanta deals up in Q3’21, dollars down $1,600M $1,400M $1,200M $1,000M $800M $600M $400M $200M Deals 61 54 46 44 40 38 $1,345M 56 51 45 38 35 52 53 48 47 47 45 43 43 42 40 $939M 36 35 36 32 $992M 43 26 $709M $684M Funding $762M $446M $301M $231M $215M $318M $217M $175M $180M $177M $166M $373M $461M $291M $395M $353M $314M $150M $92M $152M $380M $181M $0M Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015 2016 2017 2018 2019 2020 2021 State Of Venture | US Trends | Atlanta 180 Atlanta late-stage deal share expands in 2021 YTD 21% 29% 14% 14% 12% 9% 53% 49% 2015 2016 State Of Venture | US Trends | Atlanta 30% 18% 12% 40% 2017 27% 16% 8% 50% 2018 23% 10% 13% 55% 2019 25% 9% 13% 54% 2020 Other, 15% Late-stage, 20% Mid-stage, 11% Early-stage, 54% 2021 YTD 181 Atlanta: Top 5 equity deals in Q3’21 Company 1 Flock Safety Round Round Amount Date $150M Series D 2021-07-13 2 FullStory $103M Series D 2021-08-04 3 Sunday 4 STORD 5 MiRus $100M Series A 2021-09-22 $90M Series D 2021-09-13 $65M Series A 2021-07-27 State Of Venture | US Trends | Atlanta Latest Valuation Select Investors Sector Meritech Capital Partners, Matrix $297M Partners, Andreessen Horowitz, Initialized Capital, Bedrock Risk & Security Kleiner Perkins Caufield & Byers, $1,800M Google Ventures, Glynn Capital Management, Dell Technologies Capital, Stripes Group Internet $140M DST Global, Coatue Management Mobile & Telecommunications Kleiner Perkins Caufield & Byers, $1,125M Founders Fund, Lux Capital, Carlos Internet Cashman, Michael Rubin N/A Mammoth Scientific Healthcare Industry Subindustry Security Products Security Systems Internet Software & Services Customer Relationship Management Mobile Software & Services Point of Sale Internet Software & Services Manufacturing, Warehousing & Industrial Medical Devices & Equipment Device Design & Manufacturing 182 Philadelphia UNITED STATES TRENDS: Q3 2021 183 Philadelphia dollars up in Q3’21, deals same $2,000M $1,800M $1,876M 80 Deals 69 69 70 $1,600M $1,400M $1,200M $1,000M $800M $600M $400M $200M 58 55 49 50 51 51 $1,337M 46 46 43 43 41 41 37 37 39 38 35 32 38 35 36 34 31 27 $392M $485M $393M $430M $380M $340M $354M $126M $107M $85M $188M $226M $181M $269M $235M $129M $134M $219M $629M $519M $331M $275M $161M 59 $1,556M Funding $610,603M 50 40 30 20 10 $0M 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015 2016 2017 2018 2019 2020 2021 State Of Venture | US Trends | Philadelphia 184 Philadelphia early-stage deal share up to 60% in 2021 YTD 28% 23% 34% 15% 13% 8% 8% 10% 7% 49% 52% 53% 2015 2016 State Of Venture | US Trends | Philadelphia 2017 28% 13% 7% 52% 2018 22% 14% 11% 53% 2019 30% 6% 15% 49% 2020 Other, 20% Late-stage, 9% Mid-stage, 11% Early-stage, 60% 2021 YTD 185 Philadelphia: Top 5 equity deals in Q3’21 Company Round Round Amount Date 1 Gopuff $1,000M Series H 2021-07-30 2 Misfits Market $225M Series C 2021-09-14 3 MOBILion Systems $60M Series C 2021-07-13 4 iECURE 4 Flo Health $50M Series A 2021-09-09 $50M Series B 2021-09-09 State Of Venture | US Trends | Philadelphia Latest Valuation Select Investors Sector Industry Subindustry Blackstone, Adage Capital $15.0B Management, Eldridge, Guggenheim Investments, MSD Partners Mobile & Telecommunications Mobile Commerce Multi-Product $2.0B Accel, SoftBank Group Internet E-commerce Food & Grocery IP Group, Agilent Technologies, $25M Cultivation Capital, aMoon Fund, Hostplus Internet Internet Software & Services Healthcare N/A OrbiMed Advisors, Versant Ventures Healthcare Biotechnology N/A $800M Delivery Hero, Lyft, Target Global, Vostok New Ventures, BIRD Mobile & Telecommunications Mobile Software & Services Health & Wellness 186 Raleigh UNITED STATES TRENDS: Q3 2021 187 Raleigh deals and dollars both down in Q3’21 $2,500M 45 39 $2,000M $1,500M 31 30 29 29 30 29 26 23 23 40 35 35 34 33 31 29 29 40 38 $1,929M 37 Deals 35 32 33 $1,414M 24 $1,235M 21 $1,000M Funding $594M $500M $322M $169M $181M $145M $227M $219M $168M $137M $83M $305M $91M $150M $106M $236M $471M $459M $518M $36M $164M $187M $389M $194M $646M $0M Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015 2016 2017 2018 2019 2020 2021 State Of Venture | US Trends | Raleigh 188 Raleigh early-stage deal down to 53% in 2021 YTD 31% 36% 8% 10% 13% 5% 51% 46% 2015 2016 State Of Venture | US Trends | Raleigh 43% 11% 10% 36% 2017 31% 18% 11% 40% 2018 26% 13% 8% 54% 2019 25% 6% 11% 58% 2020 Other, 26% Late-stage, 11% Mid-stage, 11% Early-stage, 53% 2021 YTD 189 Raleigh: Top 5 equity deals in Q3’21 Company FlexGen Power 1 Systems 1 Pendo Round Round Amount Date $150M Series B 2021-08-25 $150M Series F 2021-07-27 3 AgBiome $116M Series D 2021-09-14 4 Xilis 5 Phononic $70M Series A 2021-07-08 $50M Series G 2021-07-21 State Of Venture | US Trends | Raleigh Latest Valuation Select Investors Sector Altira Group, Apollo Global $324M Management, GE Ventures, Caterpillar Ventures Electronics Battery Ventures, FirstMark Capital, $2.6B Meritech Capital Partners, Tiger Global Management, IDEA Fund Partners Internet ARCH Venture Partners, Bayer, $358M Polaris Partners, University of Texas Investment Management Company, Pontifax AgTech Agriculture Google Ventures, Felicis Ventures, $14M Life Sciences Partners, Two Sigma Ventures, Pear VC Healthcare $283M Goldman Sachs Asset Management Electronics Industry Subindustry Electrical Product Distribution Power Generation & Storage Internet Software & Services Collaboration & Project Management Agricultural products & related activities N/A Drug Discovery N/A Chips & Semiconductors Semiconductors: Integrated Circuits 190 Canada Trends REGIONAL TRENDS: Q3 2021 191 Canada funding reaches $9.3B in 2021 YTD $10,000M $9,000M $8,000M $7,000M $6,000M $5,000M $4,000M $3,000M $2,000M $1,000M $0M 475 $1,884M 2015 570 $2,210M 2016 State Of Venture | Canada Trends 574 $2,882M 2017 719 $3,574M 2018 719 $4,673M 2019 659 $3,132M 2020 Funding 800 $9,317M Deals 700 632 600 500 400 300 200 100 0 2021 YTD 192 Canada deals and dollars both down in Q3’21 $4,500M $4,149M $4,000M $3,500M $3,000M $2,500M 131 211 Deals 194 197 223 212 185 152 149 165 150 170 153 177 177 171 173 173 166 147 Funding $2,930M 140 132 129 134 125 $2,238M $2,000M 105 107 $1,500M $1,000M $500M $1,508M $1,355M $985M $1,096M $880M $1,063M $960M $850M $762M $659M $657M $662M $629M $489M $338M $399M $452M $439M $507M $535M $937M $918M $798M $480M $0M Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015 2016 2017 2018 2019 2020 2021 State Of Venture | Canada Trends 193 Canada early-stage deal share flat, late-stage up in 2021 YTD 15% 15% 18% 17% 16% 22% 10% 6% 7% 8% 14% 13% 11% 10% 8% 7% 8% 8% Other, 14% Late-stage, 15% Mid-stage, 11% 69% 69% 61% 62% 65% 60% Early-stage, 60% 2015 2016 2017 2018 2019 2020 2021 YTD State Of Venture | Canada Trends 194 Canada: Top 10 equity deals in Q3’21 Company Round Round Amount Date 1 Dapper Labs $250M Series F 2021-09-22 2 Clearco 3 Blockstream Deep 4 Genomics $215M Series C 2021-07-08 $210M Series B 2021-08-24 $180M Series C 2021-07-28 5 Hopper $175M Series G 2021-08-17 State Of Venture | Canada Trends Latest Valuation Select Investors Sector Industry Subindustry Percent of Total Canada Quarter Funding Google Ventures, Andreessen $7.6B Horowitz, GIC, Version One Ventures, Coatue Management Internet E-commerce Marketplace 8.5% Intuit, SoftBank Group, Bow $2.0B Ventures, Park West Asset Management Internet $3.2B Baillie Gifford & Co., Bitfinex Internet Internet Software & Services Accounting & Finance Internet Software & Services Payments 7.3% 7.2% Khosla Ventures, True N/A Ventures, Fidelity Investments, CPP Investments, SoftBank Software (noninternet/mobile) Group Healthcare Software N/A 6.1% Glade Brook Capital, $3.5B Accomplice, GPI Capital, GS Growth, WestCap Group Mobile & Telecommunications Mobile Software & Services Travel 6.0% 195 Canada: Top 10 equity deals in Q3’21 Company Round Round Amount Date 6 Untether AI 7 PayFacto Virogin 7 Biotech $125M Series B 2021-07-20 $120M Private Equity 2021-08-05 $120M Series D 2021-09-24 9 1Password 9 Semios $100M Series B 2021-07-08 $100M Private Equity 2021-09-29 State Of Venture | Canada Trends Latest Valuation Select Investors Sector Intel Capital, CPP N/A Investments, Tracker Capital Management, Radical Ventures Electronics N/A Flexpoint Ford, BMO Capital Partners Internet Shenzhen Capital Group, China Life Investment Holding N/A Company, Fortune United Healthcare Partners, China Capital Management, GF Qianhe Accel, Stewart Butterfield, $2.0B Anthony Casalena, Kevin Hartz, Scott Farquhar Internet N/A Morningside Technology Ventures Software (noninternet/mobile) Industry Subindustry Percent of Total Canada Quarter Funding Chips & Semiconductors Semiconductors 4.3% Internet Software & Services Payments 4.1% Biotechnology N/A 4.1% Internet Software & Services Monitoring & Security Green/Environmental Software N/A 3.4% 3.4% 196 Canada M&A exits YTD have already beat last year’s total 321 330 297 M&A, 344 231 222 210 19 2015 13 0 2016 State Of Venture | Canada Trends 25 0 2017 40 0 2018 18 2 2019 33 0 2020 IPO, 20 SPAC, 1 2021 YTD 197 Canada M&A exits up, IPOs down QoQ in Q3’21 132 120 104 M&A, 108 86 89 83 69 64 64 55 51 58 59 52 58 47 45 41 74 72 79 77 76 70 71 51 5 Q1 2015 8 4 2 7 2 4 3 7 6 9 12 10 8 10 8 23 5 2 6 6 8 13 8 11 IPO, 1 SPAC, 1 000000000000000 000000000 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2016 2017 2018 2019 2020 2021 State Of Venture | Canada Trends 198 Top 10 Canada-based investors in Q3 by company count Company 1 BDC Capital 2 CPP Investments 3 Golden Ventures 4 Inovia Capital 4 Desjardins Capital 6 Radical Ventures 7 TELUS Ventures 7 Version One Ventures 7 Brookfield Asset Management 10 Intact Ventures 10 Georgian Partners 10 Canadian Business Growth Fund 10 Raiven Capital State Of Venture | Canada Trends Company Count Investor Group 13 VC 8 Asset/Investment Management 7 VC 6 VC 6 CVC 5 VC 4 CVC 4 VC 4 Asset/Investment Management 3 CVC 3 VC 3 VC 3 VC Percent of Total Quarter Deals 6.1% 3.8% 3.3% 2.8% 2.8% 2.4% 1.9% 1.9% 1.9% 1.4% 1.4% 1.4% 1.4% 199 Toronto CANADA TRENDS: Q3 2021 200 Toronto deals and dollars both down in Q3’21 $1,800M $1,600M $1,599M $1,400M $1,200M $1,000M $800M $600M $400M $200M $0M 73 72 87 62 54 56 45 47 46 42 32 37 37 38 33 34 45 52 48 54 57 58 49 52 51 40 $696M $305M $121M $39M $86M $413M $304M $302M $360M $383M $74M $290M $227M $189M $116M $132M $103M $185M $298M $294M $251M $252M $233M $122M $162M Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2015 2016 2017 2018 2019 2020 2021 Deals 72 Funding $1,142M Q3 State Of Venture | Canada Trends | Toronto 201 Toronto early-stage deal share down to 67% in 2021 YTD 15% 14% 14% 16% 13% 15% 9% 8% 10% 10% 9% 7% 8% 11% 9% 6% 8% 6% 68% 67% 66% 68% 70% 72% Other, 11% Late-stage, 11% Mid-stage, 11% Early-stage, 67% 2015 2016 2017 2018 2019 2020 2021 YTD State Of Venture | Canada Trends | Toronto 202 Toronto: Top 5 equity deals in Q3’21 Company 1 Clearco Deep 2 Genomics 3 Untether AI 4 1Password 5 Freshbooks Round Round Amount Date $215M Series C 2021-07-08 $180M Series C 2021-07-28 $125M Series B 2021-07-20 $100M Series B 2021-07-08 $80M Series E 2021-08-10 State Of Venture | Canada Trends | Toronto Latest Valuation Select Investors Sector Intuit, SoftBank Group, Bow $2.0B Ventures, Park West Asset Management Internet Khosla Ventures, True Ventures, N/A Fidelity Investments, CPP Investments, SoftBank Group Software (noninternet/mobile) Intel Capital, CPP Investments, N/A Tracker Capital Management, Radical Ventures Electronics Accel, Stewart Butterfield, Anthony $2.0B Casalena, Kevin Hartz, Scott Internet Farquhar J.P. Morgan Chase & Co., Bank of N/A Montreal, Manulife Financial, Barclays Bank, Accomplice Internet Industry Subindustry Internet Software & Services Accounting & Finance Healthcare Software N/A Chips & Semiconductors Semiconductors Internet Software & Services Monitoring & Security Internet Software & Services Billing, Expense Management and Procurement 203 Vancouver CANADA TRENDS: Q3 2021 204 Vancouver dollars down in Q3’21, deals up $1,200M $1,000M 36 35 33 36 $971M 31 $800M 23 $600M 23 22 21 20 18 22 19 16 16 16 24 21 30 25 25 22 21 22 20 19 $510M Deals 31 Funding $838M $400M $200M $130M $58M $51M $176M $60M $78M $35M $79M $89M $43M $157M $137M $100M $99M $30M $66M $232M $195M $203M $203M $149M $169M $120M $71M $0M Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015 2016 2017 2018 2019 2020 2021 State Of Venture | Canada Trends | Vancouver 205 Vancouver early-stage deal share up to 48% in 2021 YTD 23% 25% 27% 6% 5% 4% 12% 12% 5% 68% 58% 56% 2015 2016 2017 State Of Venture | Canada Trends | Vancouver 17% 12% 13% 58% 2018 29% 11% 12% 48% 2019 47% 9% 9% 35% 2020 Other, 20% Late-stage, 21% Mid-stage, 11% Early-stage, 48% 2021 YTD 206 Vancouver: Top 5 equity deals in Q3’21 Company 1 Dapper Labs 2 Blockstream Round Round Amount Date $250M Series F 2021-09-22 $210M Series B 2021-08-24 3 Virogin Biotech $120M Series D 2021-09-24 4 Semios 5 Canada Drives $100M Private Equity 2021-09-29 $79M Series B 2021-08-18 State Of Venture | Canada Trends | Vancouver Latest Valuation Select Investors Google Ventures, Andreessen $7.6B Horowitz, GIC, Version One Ventures, Coatue Management Sector Internet $3.2B Baillie Gifford & Co., Bitfinex Internet Shenzhen Capital Group, China Life N/A Investment Holding Company, Fortune United Partners, China Capital Management, GF Qianhe Healthcare N/A Morningside Technology Ventures Software (noninternet/mobile) N/A KAR Global, Honor Ventures Financial Industry Subindustry E-commerce Marketplace Internet Software & Services Payments Biotechnology N/A Green/Environmental Software N/A Lending Consumer 207 Asia Trends REGIONAL TRENDS: Q3 2021 208 Asia funding reaches $126B in 2021 so far $140.0B $120.0B $100.0B $80.0B $60.0B $40.0B $20.0B $.0B 5,990 $59.2B 2015 6,702 $57.2B 2016 State Of Venture | Asia Trends 8,101 $78.7B 10,542 $116.8B 9,354 $77.9B 2017 2018 2019 8,598 $91.5B 2020 Funding $125.5B Deals 8,983 12,000 10,000 8,000 6,000 4,000 2,000 2021 YTD 0 209 Asia quarterly deals and dollars reach all-time highs in Q3’21 $60.0B Deals 3,815 $50.0B $40.0B $30.0B $20.0B $44.5B 2,977 2,857 $39.9B 2,361 2,227 2,104 1,351 1,860 1,888 1,882 1,625 1,585 1,429 1,557 1,627 1,658 $24.0B $22.7B $21.4B $18.3B $17.3B $14.8B $15.5B $13.7B $15.9B $13.9B $13.7B $14.7B 2,347 2,348 $25.2B $25.7B 2,204 2,416 2,386 1,852 1,958 $35.5B 2,413 $33.4B 2,483 2,375 $25.7B 2,685 $22.3B $17.9B $18.5B $19.3B $17.3B $15.1B $10.5B $10.0B Funding $50.2B $.0B Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015 2016 2017 2018 2019 2020 2021 State Of Venture | Asia Trends 210 Asia early-stage deal share up to 64% in 2021 YTD 3% 3% 5% 6% 6% 8% 12% 12% 13% 12% 13% 14% 12% 14% 14% 15% 15% 17% 73% 72% 69% 67% 67% 61% Other, 5% Late-stage, 13% Mid-stage, 18% Early-stage, 64% 2015 2016 2017 2018 2019 2020 2021 YTD State Of Venture | Asia Trends 211 Asia: Top 10 equity deals in Q3’21 Company Round Round Amount Date Latest Valuation Select Investors Country Sector AVIC Lithium 1 Battery $1,858M Undisclosed 2021-09-06 2 Yanolja Corporate $1,700M Minority 2021-07-09 3 FTX $900M Series B 2021-07-20 4 Abogen 5 Leap Motor $700M Series C 2021-08-20 Private $697M Equity 2021-07-15 N/A N/A China Electronics $1.0B SoftBank Group South Korea Internet New Enterprise Associates, Insight $18.0B Partners, Lightspeed Venture Partners, Sequoia Capital, Thoma Bravo Hong Kong Internet Qiming Venture Partners, Legend N/A Capital, Hillhouse Capital Management, Lilly Asia Ventures, Boyu Capital China China Capital Management, China $1.0B Capital Investment Group, Hangzhou China Capital Healthcare Automotive & Transportation Industry Subindustry Electrical Product Distribution Power Generation & Storage E-commerce Travel (internet) Internet Software & Services Asset & Financial Management & Trading Drug Development N/A Automobile Manufacturing N/A Percent of Total Asia Quarter Funding 3.7% 3.4% 1.8% 1.4% 1.4% State Of Venture | Asia Trends 212 Asia: Top 10 equity deals in Q3’21 Company 6 Cao Cao Mobility 7 Ninja Van 8 Meesho Hangzhou 9 Semiconductor Wafer 10 Ola Cabs 10 ZEEKR EdgePoint 10 Infrastructure Round Round Amount Date Latest Valuation Select Investors Country Sector $588M Series B 2021-09-06 $578M Series E 2021-09-27 $570M Series F 2021-09-30 $510M Series B 2021-09-04 $500M Series H 2021-07-09 $500M Unattributed VC 2021-08-27 $500M Private Equity 2021-07-09 $1.6B Suzhou Ventures Group, Xiangcheng Financial Holdings China Mobile & Telecommunications Alibaba Group, Dynamic Parcel $1.0B Distribution, Monk’s Hill Ventures, B Capital Group, Zamrud Sovereign Wealth Fund Singapore Internet Facebook, Trifecta Capital, B Capital $4.9B Group, Symphony, Footpath India Ventures Mobile & Telecommunications CCB International, China Cinda N/A Asset Management, China Capital Investment Group, Orient Securities Capital Investment, Sunic Capital China Electronics $6.3B Warburg Pincus, Temasek, Bhavish Aggarwal India Mobile & Telecommunications Intel Capital, Boyu Capital, bilibili, $9.0B Contemporary Amperex Technology, Cathay Fortune Group China Automotive & Transportation N/A Abu Dhabi Investment Authority Malaysia Mobile & Telecommunications Industry Subindustry Mobile Commerce Travel (mobile) Internet Software & Services Supply Chain & Logistics Mobile Commerce Mobile Commerce enablement Percent of Total Asia Quarter Funding 1.2% 1.2% 1.1% Chips & Semiconductors Semiconductors 1.0% Mobile Commerce Travel (mobile) Automobile Manufacturing N/A Towers & Infrastructure N/A 1.0% 1.0% 1.0% State Of Venture | Asia Trends 213 Asia M&A exits in 2021 YTD have already beat last year’s total 759 693 618 630 M&A, 694 554 469 378 331 348 IPO, 319 266 264 239 2015 1 2016 State Of Venture | Asia Trends 0 2017 2 2018 2 2019 4 2020 SPAC, 4 2021 YTD 214 Asia IPO and SPAC exits are down QoQ in Q3’21, M&As are up 233 229 215 194 176 196 191 172 156 174 174 181 157 150 157 154 149 128 140 127 118 139 119 137 114 108 116 113 101 106 101 112 107 96 73 89 110 81 83 66 59 81 51 61 56 67 54 49 53 46 45 48 M&A, 250 IPO, 100 Q1 2015 1 000000 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2016 2 0000000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2017 2018 1 0 Q1 Q2 2019 111 0 Q3 Q4 Q1 Q2 2020 2 0 Q3 Q4 3 0 Q1 Q2 2021 SPAC, 1 Q3 State Of Venture | Asia Trends 215 Top 10 Asia-based investors in Q3 by company count Company 1 Sequoia Capital China 2 Tencent Holdings 3 Hillhouse Capital Management 4 Shunwei Capital Partners 4 Shenzhen Capital Group 6 IDG Capital 7 Sequoia Capital India 7 Matrix Partners China 9 Xiaomi 10 Addor Capital 10 Qiming Venture Partners Company Count Investor Group 96 VC 60 Other 48 Asset/Investment Management 37 VC 37 VC 34 VC 33 VC 33 VC 30 CVC 28 VC 28 VC State Of Venture | Asia Trends Country China China China China China China India China China China China Percent of Total Asia Quarter Deals 2.5% 1.6% 1.3% 1.0% 1.0% 0.9% 0.9% 0.9% 0.8% 0.7% 0.7% 216 China ASIA TRENDS: Q3 2021 217 China dollars up in Q3’21, deals reach new high $40.0B $36.7B Deals 2,384 2,500 $35.0B $30.0B $25.0B $20.0B $15.0B $10.0B 954 997 757 801 862 847 886 $13.5B $10.3B $12.4B $9.4B $13.4B $9.4B $7.1B 921 $9.8B 1,336 1,313 1,260 1,013 1,087 $17.7B $13.9B $12.2B $15.5B $9.7B 1,735 1,842 1,234 $17.4B 1,197 1,079 1,108 $14.7B $11.8B $10.6B $9.3B 1,137 $9.7B 726 $8.1B $20.3B 2,000 Funding $25.5B $24.0B 1,247 $21.6B 1,500 1,349 1,276 1,301 948 $17.1B 1,000 $8.3B 500 $5.0B $.0B 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015 2016 2017 2018 2019 2020 2021 State Of Venture | Asia Trends | China 218 China early-stage deal share up to 58% in 2021 YTD 2% 3% 4% 7% 7% 11% 11% 12% 10% 11% 13% 14% 17% 15% 17% 17% 15% 21% 72% 69% 68% 66% 66% 52% 2015 2016 State Of Venture | Asia Trends | China 2017 2018 2019 2020 Other, 6% Late-stage, 13% Mid-stage, 22% Early-stage, 58% 2021 YTD 219 China: Top 5 equity deals in Q3’21 Company 1 AVIC Lithium Battery 2 Abogen 3 Leap Motor 4 Cao Cao Mobility Round Round Amount Date $1,858M Undisclosed 2021-09-06 $700M Series C 2021-08-20 $697M Private Equity 2021-07-15 $588M Series B 2021-09-06 Latest Valuation Select Investors Sector Industry Subindustry N/A N/A Electronics Qiming Venture Partners, Legend Capital, N/A Hillhouse Capital Management, Lilly Asia Ventures, Boyu Capital Healthcare Electrical Product Distribution Power Generation & Storage Drug Development N/A $1.0B China Capital Management, China Capital Investment Group, Hangzhou Capital Automotive & Transportation Automobile Manufacturing N/A $1.6B Suzhou Ventures Group, Xiangcheng Financial Holdings Mobile & Telecommunications Mobile Commerce Travel (mobile) Hangzhou 5 Semiconductor Wafer $510M Series B 2021-09-04 CCB International, China Cinda Asset N/A Management, China Capital Investment Group, Orient Securities Capital Investment, Sunic Capital Electronics Chips & Semiconductors Semiconductors State Of Venture | Asia Trends | China 220 India ASIA TRENDS: Q3 2021 221 India deals and dollars reach record highs in Q3’21 $12.0B $10.0B Deals 519 Funding $9.9B $8.0B $6.0B $4.0B $2.0B 337 337 333 292 297 282 293 265 263 269 278 273 304 312 305 308 303 288 $5.9B 226 204 225 228 237 242 216 210 $4.3B $3.1B $2.5B $1.7B $1.5B $1.8B $1.5B $3.0B $2.6B $2.9B $2.1B $1.9B $2.4B $3.4B $2.6B $3.2B $2.4B $3.5B $3.7B $3.7B $3.3B $3.0B $0.8B $0.8B $0.9B $0.0B Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015 2016 2017 2018 2019 2020 2021 State Of Venture | Asia Trends | India 222 India early-stage deal share up to 75% in 2021 YTD 3% 3% 7% 5% 5% 5% 11% 10% 14% 14% 14% 12% 10% 8% 8% 12% 14% 12% 77% 79% 71% 70% 67% 71% Other, 2% Late-stage, 12% Mid-stage, 10% Early-stage, 75% 2015 2016 2017 2018 2019 2020 2021 YTD State Of Venture | Asia Trends | India 223 India: Top 5 equity deals in Q3’21 Company 1 Meesho 2 Ola Cabs 3 Swiggy 4 Unacademy Eruditus Executive 5 Education Round Round Amount Date Latest Valuation Select Investors $570M Series F 2021-09-30 $4.9B Facebook, Trifecta Capital, B Capital Group, Symphony, Footpath Ventures $500M Series H 2021-07-09 $6.3B Warburg Pincus, Temasek, Bhavish Aggarwal Sector Mobile & Telecommunications Mobile & Telecommunications $450M Series J 2021-07-20 Accel, Qatar Investment Authority, $5.5B Wellington Management, Carmignac, Falcon Edge Capital Internet $440M Series H 2021-08-01 Tiger Global Management, General $3.4B Atlantic, Dragoneer Investment Group, Deepinder Goyal, Bhavin Turakhia Internet $430M Series E 2021-08-12 Accel, Sequoia Capital India, CPP $3.2B Investments, SoftBank Group, Bertelsmann India Investments Consumer Products & Services Industry Subindustry Mobile Commerce Mobile Commerce enablement Mobile Commerce Travel (mobile) E-commerce Food & Grocery Internet Software & Services Education & Training Education & Training (noninternet/mobile) N/A State Of Venture | Asia Trends | India 224 Europe Trends REGIONAL TRENDS: Q3 2021 225 Europe funding reaches $72B in 2021 YTD, up 87% from 2020’s total $80.0B $70.0B $60.0B $50.0B $40.0B $30.0B $20.0B $10.0B $.0B 3,434 $18.6B 2015 4,407 $19.1B 2016 State Of Venture | Europe Trends 5,842 $26.3B 2017 5,872 $27.2B 2018 6,022 $39.4B 2019 5,744 $38.4B 2020 Funding $71.7B Deals 5,099 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 2021 YTD 226 Europe quarterly deals and dollars down in Q3’21 $30.0B $25.0B $20.0B $15.0B $10.0B $5.0B 1,204 1,571 1,353 1,425 1,493 1,533 1,482 1,392 1,465 1,585 1,561 1,399 1,477 1,404 1,403 1,399 $27.8B 1,669 1,538 1,840 $19.7B Funding $24.2B Deals 1,590 853 $4.4B 794 $4.6B 872 $5.0B 915 $4.6B 1,008 $4.5B 1,051 $4.4B 1,144 $3.9B $6.2B $5.1B $6.9B $5.7B $8.6B $6.7B $7.1B $7.0B $10.5B $10.3B $9.7B $6.4B $8.9B $8.2B $11.8B $10.1B $8.3B $.0B Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015 2016 2017 2018 2019 2020 2021 State Of Venture | Europe Trends 227 Europe early-stage deal share down to 68% in 2021 YTD 8% 9% 12% 12% 9% 10% 13% 12% 12% 14% 13% 11% 8% 6% 6% 7% 8% 9% 71% 72% 70% 67% 70% 69% Other, 9% Late-stage, 12% Mid-stage, 10% Early-stage, 68% 2015 2016 2017 2018 2019 2020 2021 YTD State Of Venture | Europe Trends 228 Europe: Top 10 equity deals in Q3 Company 1 Gorillas 2 Revolut 3 Bolt 4 Picnic 5 Sorare Round Round Amount Date $950M Series C 2021-09-23 $800M Series E 2021-07-15 $713M Series E 2021-08-02 $705M Series D 2021-09-16 $680M Series B 2021-09-21 State Of Venture | Europe Trends Latest Valuation Select Investors Country Sector Industry Subindustry Percent of Total Europe Quarter Funding DST Global, Tencent Holdings, $3.0B Delivery Hero, Coatue Management, A-Star Group Germany Mobile & Mobile Commerce Telecommunications Food & Grocery 3.9% $33.0B Tiger Global Management, SoftBank Group, Schroders United Kingdom Mobile & Telecommunications Mobile Software & Services Payments 3.3% Sequoia Capital, G Squared, Tekne $4.8B Capital Management, D1 Capital Estonia Partners, Naya Capital Mobile & Mobile Commerce Telecommunications Travel (mobile) N/A Bill & Melinda Gates Foundation Netherlands Mobile & Telecommunications Mobile Commerce Food & Grocery Bessemer Venture Partners, Accel, $4.3B Benchmark, Institutional Venture France Partners, Atomico Internet E-commerce Marketplace 2.9% 2.9% 2.8% 229 Europe: Top 10 equity deals in Q3 Company 6 Mirakl 7 CarNext Round Round Amount Date $555M Series E 2021-09-21 $474M Private Equity 2021-07-12 8 Hopin $450M Series D 2021-08-05 9 Voodoo Corporate $370M Minority 2021-08-02 10 ManoMano $355M Series F 2021-07-05 Latest Valuation Select Investors Country Sector $3.5B Elaia Partners, Permira, Silver Lake, 83North, Felix Capital France Internet GIC, PGGM, TDR Capital, ATP N/A Private Equity Partners, Goldman Sachs Asset Management Netherlands Internet Industry Subindustry E-commerce Marketplace E-commerce Marketplace Percent of Total Europe Quarter Funding 2.3% 2.0% Northzone Ventures, Adams Street $7.8B Partners, Tiger Global Management, General Catalyst, Andreessen Horowitz United Kingdom Internet E-commerce Events & Ticketing 1.9% $2.3B Groupe Bruxelles Lambert France Mobile & Telecommunications Mobile Software & Services Gaming 1.5% Kismet Capital, General Atlantic, $2.6B Temasek, Eurazeo, Dragoneer Investment Group France Internet E-commerce Marketplace 1.5% State Of Venture | Europe Trends 230 All exit types are up in Europe in 2021 so far 1,188 1,338 1,852 2,097 2,362 2,369 M&A, 2,664 90 2015 83 0 2016 129 0 2017 124 0 2018 58 1 2019 84 2 2020 IPO, 124 SPAC, 6 2021 YTD State Of Venture | Europe Trends 231 Europe quarterly M&A and IPO exits both down QoQ in Q3’21 930 872 810 M&A, 862 624 620 580 573 571 584 482 445 477 466 464 471 534 506 473 387 357 306 308 302 272 289 305 21 Q1 2015 24 17 28 16 22 18 27 27 44 22 36 24 49 20 31 17 16 10 1 15 8 1 16 22 1 38 59 35 2 00000000000000000 0 0 0 0 IPO, 30 SPAC, 4 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2016 2017 2018 2019 2020 2021 State Of Venture | Europe Trends 232 Top 10 Europe-based investors in Q3 by company count Company 1 Index Ventures 2 Speedinvest 3 Partech Partners 4 Seedcamp 4 BGF 6 Octopus Ventures 7 Anthemis 7 Almi Invest 9 Prosus Ventures 10 RTP Global State Of Venture | Europe Trends Company Count Investor Group 28 VC 20 VC 17 VC 16 VC 16 VC 14 VC 13 VC 13 VC 11 CVC 10 VC Country United Kingdom Austria France United Kingdom United Kingdom United Kingdom United Kingdom Sweden Netherlands United Kingdom Percent of Total Europe Quarter Deals 1.8% 1.3% 1.1% 1.0% 1.0% 0.9% 0.8% 0.8% 0.7% 0.6% 233 United Kingdom EUROPE TRENDS: Q3 2021 234 United Kingdom dollars reach record high in Q3’21, deals down $9,000M $8,000M Funding 500 $7.7B 492 $7,000M $6,000M $5,000M $4,000M $3,000M $2,000M $1,000M 409 396 396 392 397 406 390 374 353 339 352 362 359 366 351 349 $6.8B $7.5B 245 $1.5B 232 $1.8B 242 $1.6B 269 $2.3B 280 $1.6B 242 $1.1B 277 $1.2B 279 $2.4B $1.3B $2.6B $2.4B $4.3B $1.8B $2.5B $2.8B $2.2B $4.0B $4.2B $3.1B $2.9B $3.3B $2.6B $3.2B $4.1B Deals 453 $0M Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015 2016 2017 2018 2019 2020 2021 State Of Venture | Europe Trends | United Kingdom 235 United Kingdom early- and late-stage deal share up in 2021 YTD 8% 8% 10% 13% 9% 12% 15% 14% 14% 15% 12% 18% 7% 8% 9% 9% 10% 8% Other, 8% Late-stage, 16% Mid-stage, 10% 70% 70% 68% 61% 67% 65% Early-stage, 66% 2015 2016 2017 2018 2019 2020 2021 YTD State Of Venture | Europe Trends | United Kingdom 236 United Kingdom: Top 5 equity deals in Q3’21 Company 1 Revolut 2 Hopin 3 Rapyd 4 ZEPZ 5 Form3 Round Round Amount Date $800M Series E 2021-07-15 $450M Series D 2021-08-05 $300M Series E 2021-08-03 $292M Series E 2021-08-23 $160M Series C 2021-09-16 State Of Venture | Europe Trends | United Kingdom Latest Valuation Select Investors $33.0B Tiger Global Management, SoftBank Group, Schroders Sector Mobile & Telecommunications Industry Subindustry Mobile Software & Services Payments Northzone Ventures, Adams Street Partners, $7.8B Tiger Global Management, General Catalyst, Andreessen Horowitz Internet E-commerce Events & Ticketing $8.8B Spark Capital, Fidelity Ventures, General Catalyst, BlackRock, Altimeter Capital Internet Internet Software & Services Payments $5.0B Accel, Technology Crossover Ventures, Farallon Capital Management, LeapFrog Investments Mobile & Telecommunications Mobile Software & Services Payments $78M Draper Esprit, MasterCard, Lloyds Banking Group, 83North, Barclays Bank Internet Internet Software & Services Payments 237 Germany EUROPE TRENDS: Q3 2021 238 Germany deals and dollars both down in Q3’21 $7,000M $6,000M $5,000M $4,000M 231 $5,751M 199 193 193 187 182 187 182 171 165 160 149 157 143 137 142 139 130 173 169 158 Deals 201 192 Funding $4,047M 104 $3,000M 101 104 $2,815M $2,000M $1,000M 73 $2,243M $1,742M $1,699M $1,759M $1,324M $1,266M $1,135M $781M $609M $523M $412M $557M $521M $702M $952M $698M $1,227M $1,052M $763M $850M $1,421M $1,538M $1,409M $953M $0M Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015 2016 2017 2018 2019 2020 2021 State Of Venture | Europe Trends | Germany 239 Germany early-stage deal share down to 65% in 2021 YTD 7% 7% 12% 9% 7% 6% 14% 14% 13% 14% 13% 14% 12% 11% 11% 11% 13% 10% Other, 4% Late-stage, 16% Mid-stage, 15% 68% 68% 64% 67% 68% 67% Early-stage, 65% 2015 2016 2017 2018 2019 2020 2021 YTD State Of Venture | Europe Trends | Germany 240 Germany: Top 5 equity deals in Q3’21 Company 1 Gorillas 2 Solarisbank 3 Agile Robots 4 Contentful 5 Atheneum Round Round Amount Date $950M Series C 2021-09-23 $224M Series D 2021-07-13 Latest Valuation Select Investors Sector $3.0B DST Global, Tencent Holdings, Delivery Hero, Coatue Management, A-Star Group Mobile & Telecommunications Industry Subindustry Mobile Commerce Food & Grocery $1.7B Vulcan Capital, HV Capital, Yabeo Capital, Pathway Capital Management, Compagnie Nationale a Portefeuille Software (noninternet/mobile) Accounting & Finance Software N/A $220M Series C 2021-09-09 $175M Series F 2021-07-28 $151M Growth Equity 2021-08-26 Sequoia Capital China, SoftBank Group, $1.0B Hillhouse Capital Management, Xiaomi, Linear Capital Partners Industrial $3.0B Tiger Global Management, Base10 Partners, Tidemark Internet Michael Brehm, Crosslantic Capital, $84M Guidepost Growth Equity, Vogel Communication Group Business Products & Services Machinery & Equipment Robotics Internet Software & Services Content Management Consulting & Outsourcing N/A State Of Venture | Europe Trends | Germany 241 France EUROPE TRENDS: Q3 2021 242 France deals and dollars both down in Q3’21 $4,500M $4,000M $3,500M $3,000M $2,500M $2,000M $1,500M $1,000M $500M 300 274 $4,089M Funding $3,863M 184 191 182 228 201 214 219 221 209 214 217 206 194 178 188 186 232 250 209 200 163 144 123 126 107 111 95 $902M $692M $1,231M $1,349M $1,510M $1,496M $1,642M $1,169M $1,575M $1,436M $1,125M $1,084M $1,026M $1,035M $1,034M $1,157M $782M $842M $760M $768M $902M $413M $467M $457M $335M Deals 169 150 100 50 $0M 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015 2016 2017 2018 2019 2020 2021 State Of Venture | Europe Trends | France 243 France early-stage deal share flat at 70% in 2021 YTD 12% 11% 15% 16% 13% 11% 10% 21% 16% 11% 13% 11% 6% 4% 9% 9% 7% 9% 68% 70% 63% 67% 70% 58% Other, 11% Late-stage, 11% Mid-stage, 9% Early-stage, 70% 2015 2016 2017 2018 2019 2020 2021 YTD State Of Venture | Europe Trends | France 244 France: Top 5 equity deals in Q3’21 Company 1 Sorare 2 Mirakl 3 Voodoo 4 ManoMano Vestiaire 5 Collective Round Round Amount Date $680M Series B 2021-09-21 $555M Series E 2021-09-21 Corporate $370M Minority 2021-08-02 $355M Series F 2021-07-05 $209M Series I 2021-09-22 State Of Venture | Europe Trends | France Latest Valuation Select Investors Sector Industry Subindustry Bessemer Venture Partners, Accel, $4.3B Benchmark, Institutional Venture Partners, Atomico Internet E-commerce Marketplace $3.5B Elaia Partners, Permira, Silver Lake, 83North, Felix Capital Internet E-commerce Marketplace $2.3B Groupe Bruxelles Lambert Mobile & Telecommunications Mobile Software & Services Gaming $2.6B Kismet Capital, General Atlantic, Temasek, Eurazeo, Dragoneer Investment Group Internet E-commerce Marketplace Generation Investment Management, $1.7B Fidelity International, SoftBank Group, Conde Nast, Eurazeo Internet E-commerce Marketplace 245 LatAm Trends REGIONAL TRENDS: Q3 2021 246 Latin America funding hits $14.8B this year, up 174% from full-year 2020 $16.0B $14.0B $12.0B $10.0B $8.0B $6.0B $4.0B $2.0B $.0B 259 $1.4B 2015 293 $1.1B 2016 State Of Venture | LatAm Trends 500 $1.9B 2017 536 $2.4B 2018 608 $5.3B 2019 Deals 660 Funding $14.8B 539 $5.4B 2020 2021 YTD 247 Latin America deals up in Q3’21, dollars down $8,000M $7,000M $7,311M 300 Deals 255 250 $6,000M 202 203 $5,000M $4,000M $3,000M $2,000M $1,000M $0M 173 151 153 142 183 161 144 165 137 130 129 120 108 102 98 95 97 88 78 61 60 61 59 $1,828M $1,666M $1,882M $2,145M $1,505M 40 $1,016M $1,019M $1,291M $456M $418M $194M $348M $175M $172M $474M $244M $697M $630M $174M $395M $565M $241M $619M $792M $702M Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2015 2016 2017 2018 2019 2020 2021 Funding $5,347M 200 150 100 50 0 Q3 State Of Venture | LatAm Trends 248 Latin America early-stage deal share up to 71% in 2021 YTD 5% 6% 11% 11% 9% 13% 10% 11% 7% 6% 12% 12% 13% 11% 5% 4% 7% 7% Other, 7% Late-stage, 12% Mid-stage, 10% 79% 76% 72% 72% 70% 69% Early-stage, 71% 2015 2016 2017 2018 2019 2020 2021 YTD State Of Venture | LatAm Trends 249 Latin America: Top 10 equity deals in Q3’21 Company Round Round Amount Date 1 Kavak $700M Series E 2021-09-22 2 Nuvemshop $500M Series E 2021-08-17 2 Rappi $500M Series G 2021-07-19 4 Uala $350M Series D 2021-08-13 5 NotCo $235M Series D 2021-07-26 Latest Valuation Select Investors Country Sector Industry Subindustry Percent of Total LatAm Quarter Funding Founders Fund, Tiger Global $8.7B Management, General Catalyst, SEA Mexico Ventures, SoftBank Group Internet E-commerce Marketplace 13.1% Insight Partners, Accel, Tiger Global $3.1B Management, VMG Partners, Qualcomm Ventures Brazil Sequoia Capital, T. Rowe Price, Third $5.3B Point, DST Global, Andreessen Colombia Horowitz Internet E-commerce E-commerce enablement Mobile & Mobile Commerce Telecommunications Food & Grocery 9.4% 9.4% Tencent Holdings, Monashees+, $2.5M Soros Fund Management, Endeavor, Argentina Ribbit Capital Mobile & Telecommunications Mobile Software & Services Accounting & Finance 6.5% Tiger Global Management, DFJ $1.5B Growth Fund, SOSV, IndieBio, Ahmir Thompson Chile Food & Beverages N/A N/A 4.4% State Of Venture | LatAm Trends 250 Latin America: Top 10 equity deals in Q3’21 Company Round Round Amount Date Latest Valuation Select Investors Country Sector Industry Subindustry Percent of Total LatAm Quarter Funding 6 Merama $225M Series B 2021-09-28 Mercado 7 Bitcoin 8 CloudWalk $200M Series B 2021-07-01 $123M Series C 2021-09-08 9 Unico $120M Series C 2021-08-03 9 QuintoAndar $120M Series E 2021-08-18 Balderton Capital, Advent $850M International, Monashees+, Mexico SoftBank Group, Valor Capital Group Business Products & Services Consulting & Outsourcing Management & Strategy Consulting N/A SoftBank Group Brazil Internet E-commerce Marketplace N/A Valor Capital Group Brazil General Atlantic, Meyer Malka, Big $1.0B Bets, SoftBank Latin America Ventures Brazil Mobile & Telecommunications Mobile Software & Services Payments Software (noninternet/mobile) Security Software N/A $5.1B Tencent Holdings, Greenoaks Capital Management Brazil Internet E-commerce Marketplace 4.2% 3.7% 2.3% 2.2% 2.2% State Of Venture | LatAm Trends 251 All exit types are up in Latin America in 2021 YTD 76 78 1 2015 3 0 2016 State Of Venture | LatAm Trends 155 7 0 2017 216 8 0 2018 251 3 0 2019 300 6 0 2020 M&A, 319 IPO, 11 SPAC, 1 2021 YTD 252 Latin America quarterly M&A exits up in Q3’21, IPOs flat M&A, 128 116 109 80 82 26 23 69 67 62 64 58 54 54 50 50 39 42 44 43 33 30 15 Q1 2015 14 15 13 15 1 1 212311322 3 212115 IPO, 5 SPAC, 1 0000000000000000000000000 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2016 2017 2018 2019 2020 2021 State Of Venture | LatAm Trends 253 Top 10 Latin America-based investors in Q3 by company count Company 1 Monashees+ 2 Kaszek Ventures 3 Redpoint e.ventures 3 KPTL 3 ALL Venture Partners 6 FEMSA Ventures 6 Gavea Angels 6 VEF 6 Argonautic Ventures 6 Fir Capital 6 NAZCA State Of Venture | LatAm Trends Company Count Investor Group 17 VC 11 VC 4 VC 4 VC 4 VC 3 CVC 3 Angel 3 Asset/Investment Management 3 VC 3 VC 3 VC Country Brazil Argentina Brazil Brazil Mexico Mexico Brazil Bermuda Cayman Islands Brazil Mexico Percent of Total LatAm Quarter Deals 6.7% 4.3% 1.6% 1.6% 1.6% 1.1% 1.1% 1.1% 1.1% 1.1% 1.1% 254 Mexico LATAM TRENDS: Q3 2021 255 Mexico deals and dollars reach record highs in Q3’21 $1.6B $1.4B $1.2B $1.0B Funding $1,451.1M $1,355.8M Deals 48 40 37 $.8B $.6B $.4B 14 14 13 29 30 28 25 26 23 22 $604.5M 20 19 18 14 13 17 16 11 19 15 13 9 9 $.2B $.0B $9.7M $9.7M $9.0M 3 $8.0M $129.0M $71.3M $13.4M $18.6M $17.4M $31.0M $22.7M $20.9M $7.1M $128.7M $70.4M $54.0M $71.1M $32.5M $163.7M $161.9M $130.4M $208.3M $198.8M $32.2M Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015 2016 2017 2018 2019 2020 2021 State Of Venture | LatAm Trends | Mexico 256 Mexico late-stage deal share up to 12% in 2021 YTD 11% 7% 8% 5% 4% 4% 7% 11% 7% 9% 4% 11% 4% 9% 10% 6% 77% 82% 77% 87% 80% 78% Other, 2% Late-stage, 12% Mid-stage, 9% Early-stage, 77% 2015 2016 2017 2018 2019 2020 2021 YTD State Of Venture | LatAm Trends | Mexico 257 Mexico: Top 5 equity deals in Q3’21 Company 1 Kavak 2 Merama 3 Konfio 4 Kueski 5 Flink Round Round Amount Date Latest Valuation Select Investors Sector $700M Series E 2021-09-22 Founders Fund, Tiger Global Management, $8.7B General Catalyst, SEA Ventures, SoftBank Group Internet Industry Subindustry E-commerce Marketplace $225M Series B 2021-09-28 $110M Series E 2021-09-29 $59M Series C 2021-09-09 $57M Series B 2021-08-25 Balderton Capital, Advent International, $850M Monashees+, SoftBank Group, Valor Capital Group Business Products & Services Consulting & Outsourcing Management & Strategy Consulting International Finance Corporation, QED $1.3B Investors, SoftBank Group, Kaszek Ventures, Lightrock Internet Internet Software & Services Accounting & Finance N/A Richmond Global Internet Internet Software & Services Accounting & Finance Lightspeed Venture Partners, Accel, ALL N/A Venture Partners, Clocktower Technology Ventures, MANTIS Venture Capital Mobile & Telecommunications Mobile Software & Services Accounting & Finance State Of Venture | LatAm Trends | Mexico 258 Brazil LATAM TRENDS: Q3 2021 259 Brazil deals up in Q3’21, dollars down $5,000M $4,500M $4,000M $4,697M 125 Deals 142 $3,500M $3,000M $2,500M $2,000M 105 100 89 95 87 107 94 94 74 74 61 49 50 70 61 45 71 65 $1,794M Funding $2,179M $1,500M $1,000M $500M 39 35 34 35 $1,016M $1,175M $1,010M $1,176M 24 25 $845M 17 $621M $404M $384M $330M $149M $124M $137M $119M $152M $356M $318M $345M $317M $130M $106M $603M $262M $607M $481M $0M Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015 2016 2017 2018 2019 2020 2021 State Of Venture | LatAm Trends | Brazil 260 Brazil early- and mid-stage deal share up in 2021 YTD 5% 5% 13% 10% 9% 12% 15% 15% 15% 15% 17% 15% 13% 8% 6% 6% 9% 8% 67% 72% 67% 69% 64% 65% Other, 9% Late-stage, 14% Mid-stage, 10% Early-stage, 67% 2015 2016 2017 2018 2019 2020 2021 YTD State Of Venture | LatAm Trends | Brazil 261 Brazil: Top 5 equity deals in Q3’21 Company 1 Nuvemshop Round Round Amount Date $500M Series E 2021-08-17 Mercado 2 Bitcoin 3 CloudWalk 4 Unico 4 QuintoAndar $200M Series B 2021-07-01 $124M Series C 2021-09-08 $120M Series C 2021-08-03 $120M Series E 2021-08-18 State Of Venture | LatAm Trends | Brazil Latest Valuation Select Investors Sector Insight Partners, Accel, Tiger $3.1B Global Management, VMG Partners, Qualcomm Ventures Internet N/A SoftBank Group Internet N/A Valor Capital Group Mobile & Telecommunications General Atlantic, Meyer Malka, $1.0B Big Bets, SoftBank Latin America Ventures Software (noninternet/mobile) $5.1B Tencent Holdings, Greenoaks Capital Management Internet Industry Subindustry E-commerce E-commerce enablement E-commerce Marketplace Mobile Software & Services Payments Security Software N/A E-commerce Marketplace 262 Report Methodology You can download the underlying data found in this report here: https://www.cbinsights.com/reports/CB-Insights_VentureTrends-Q3-2021.xlsx If you have questions about the definitions or methodological principles used, or if you feel that your firm has been underrepresented, please reach out to info@cbinsights.com. All data is within range of January 1, 2015 and September 30, 2021. What is included: Equity financings into private companies. Fundings must be to either VC-backed companies, which are defined as companies that have received funding at any point from venture capital firms, corporate venture arms, growth equity, or super angel investors. The exception is companies that are in the Healthcare, Retail, Fintech, or Technology sectors as defined by CB Insights, and for those companies, equity financings from Private Equity and other investment firms are included even if those companies are not backed by investors meeting the definition of VC. Technology and Healthcare sectors include but are not limited to the following industries from the proprietary CB Insights taxonomy: Internet Software, Computer Hardware, Agriculture, Retail, Drug Discovery, Drug Manufacturing, Medical Devices & Equipment. Fundings of private companies only. Funding rounds raised by public companies of any kind on any exchange (including Pink Sheets) are excluded from our numbers, even if they received investment from a venture firm. Only includes the investment made in the quarter for tranched investments. If a company does a second closing of its Series B round for $5M and previously had closed $2M in a prior quarter, only the $5M is reflected. Round numbers reflect what has closed, not what is intended. If a company indicates the closing of $5M out of the desired raise of $15M, our numbers reflect only the amount which has closed. Only verifiable fundings are included. Fundings are verified via (1) various federal and state regulatory filings; (2) direct confirmation with firm or investor; (3) press release; or (4) credible media sources. Valuations are based on 6 sources including modeled valuation data. Equity fundings to joint ventures and spinoffs/spinouts are included, given that they meet the VC-backed criteria. Unicorn data includes private companies valued at $1B or more in the private markets globally, per the same 4 sources listed above and relied on for funding events, which include valuations disclosed in credible media sources. The list is maintained publicly and updated in real-time at https://www.cbinsights.com/research-unicorn-companies. Geography notes: Caribbean region figures included in Latin America, or “LatAm”; Funding to Australia and Africa is included in global figures and is defined under “All Other Regions”. Rounds to private companies that may be the majority- or minority-owned subsidiaries of other private companies. Exits include IPO, SPACs, M&A, and other liquidity events; only the first exits are counted. All exits are completed listings or events. SPACs are not included in the IPO category. Headquarters are determined by publicly available sources including company-owned websites and profiles, legal filings, and press releases. All figures in the report are in USD. US financing trends follow the combined statistical area (CSA) methodology. Silicon Valley refers to the San Jose-San Francisco-Oakland CSA. Rankings for top investors are calculated according to “company count,” or the number of companies an investor funds in a quarter, even if the investor followed on. What is excluded: No contingent funding. If a company receives a commitment for $20M subject to hitting certain milestones but first gets $8M, only the $8M is included in our data. No business development/R&D arrangements, whether transferable into equity now, later, or never. If a company signs a $300M R&D partnership with a larger corporation, this is not equity financing nor is it from venture capital firms. As a result, it is not included. No buyouts, consolidations, or recapitalizations. All three of these transaction types are commonly employed by private equity firms and are tracked by CB Insights. However, they are excluded for the purposes of this report. No debt/loans of any kind (except convertible notes). Venture debt or any kind of debt/loan issued to emerging, startup companies, even if included as an additional part of an equity financing, is not included. If a company receives $3M with $2M from venture investors and $1M in debt, only the $2M is included in these statistics. No private placements. These investments, also known as PIPEs (Private Investment in Public Equities), are not included even if made by a venture capital firm. No non-equity government funding. Grants or loans by the federal government, state agencies, or public-private partnerships to emerging, startup companies are not included. No fundings to subsidiaries of a larger parent corporation unless that subsidiary is a private entity and meets other criteria for inclusion. Accelerators, incubators, business-plan competitions, economicdevelopment entities are excluded from rankings of most active investors, even if making equity financings. No pending or incomplete transactions i.e. all SPAC exits are for listed companies only. Other notes: Original world map resources from simplemaps.com. 263
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