CB Insights - Venture Report Q3 2022

State of
Venture
Global | Q3 2022
Global data and analysis on dealmaking, funding,
and exits by private market venture companies
State of Venture
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State of Venture
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State of Venture
TLDR Your rundown on

venture in Q3'22
$74.5B 71% 44% $10.7B 38%

Total funding for Drop in new Drop in mega- Silicon Valley Drop in fintech
Q3'22. Down 34% unicorns in Q3'22. round funding QoQ. funding in Q3'22. funding QoQ.
QoQ. Q3'22 saw the birth of only A 9-quarter low. Lowest since Q4'19. Global fintech funding
Global funding continued 25 unicorns globally, a 71% $100M+ mega-rounds Silicon Valley startups dropped to $12.9B,
to slide in Q3'22 to $74.5B, drop QoQ, and the lowest collectively accounted for raised $10.7B in Q3'22, a marking a 9-quarter low
hitting a 9-quarter low. birth count since Q1'20. $29.6B in funding in Q3'22, 36% drop QoQ and an 11- and a 38% drop QoQ.
This represented a 34% While unicorn births saw a 9-quarter low and a 44% quarter low. Deals Retail tech and digital
drop QoQ — the largest sharp drops in all major drop QoQ. dropped by 6% to 584. health also saw sharp
quarterly percentage drop regions, the US continued The number of global New York, another major drops in funding.
in a decade — and is down to lead — accounting for mega-rounds dropped to tech hub, saw funding drop Retail tech funding shrunk
58% from the funding peak more than half of new 144 for Q3'22. by 27% to $4.8B in Q3'22. to $8.5B, a 33% drop QoQ.
in Q4'21. unicorns (14). However, deal activity Similarly, digital health
See the data →
While not as severe, the See the data → remained effectively flat at funding fell by 31% QoQ to
number of deals declined 431 in Q3'22. $5B in Q3'22.
by 10% to 7,936 — the See the data → See the data →
lowest level since 2020.
See the data →
7
State of Venture
TLDR Your rundown on

venture in Q3'22
36% 42% 28% $25.6B 56%

Decline in Drop in median deal Mega-round Total value of the Fewer investments
European funding. size for late-stage funding raised by top 10 IPO exits. from top 3 investors.
European startups raised rounds. startups in Asia. While M&A exits Last quarter’s top 3 investors,
$14.8B in Q3'22, a 36% The median size of late- In Q3’22, Asia overtook continued to trend Tiger Global Management,
drop QoQ and a 7-quarter stage deals dropped to Europe in mega-round downward, IPOs Gaingels, and SOSV,
low. Deals dropped by $29M — on par with the funding, with Asia-based rebounded — up 42% QoQ accounted for 109
11% to 1,584. median size of mid-stage companies raising $1.7B — after 2 consecutive investments in Q3’22 — less
US and Asia also deals. Investors' appetite more. The US still leads in quarters of decline. than half the amount they
saw sharp drops in for late-stage Series E+ this category, accounting The number of SPAC exits made in Q2'22. Tiger Global
quarterly funding. US deals continues to be for half of mega-round also increased, reaching Management was not among
funding fell by 32% to diminished compared to funding. This quarter saw its highest level since the top ten investors after
$36.7B, whereas Asia previous years. a significant drop in overall 2021. leading the list for 3
funding fell by 33% to mega-rounds and other See the data → consecutive quarters.
See the data →
$20.1B. geographies like Canada, The overall number of
See the data → Africa, Latin America, and investments from the
Australia did not see any previous quarter’s top 10
deals of this caliber. investors fell by 53%.
See the data → See the data →
8
State of Venture
Contents
Global Trends 10 Seattle 105 Europe 185

Denver 109 United Kingdom 191
Investment Trends 11
DC 113 Germany 195
Unicorns 35 Chicago 117 France 199
Exit Trends 41 Dallas 121 Netherlands 203
Investors 47 Austin 125 Sweden 207
Miami 129
LatAm & Caribbean 211
Sector Spotlights 51 Atlanta 133
Mexico 217
Fintech 52 Philadelphia 137
Brazil 221
Raleigh 141
Retail Tech 62 Colombia 225
Canada 145 Argentina 229
Digital Health 72
Toronto 151 Chile 233
Vancouver 155
Geographic Trends 82 Africa 237
US 83 Asia 159 Egypt 244
China 165 Nigeria 248
Silicon Valley 89
India 169 South Africa 252
New York 93
Israel 173
Los Angeles 97 Australia 256
Singapore 177
Boston 101
Japan 181
9
Global Trends
10
Investment Trends
11
State of Venture | Global Trends | Investment Trends
Funding reaches $329B in 2022 so far
700000
40,000 Projected Deals

600000 35,821 35,059
35,000
500000 29,442 Projected Funding

30,000 28,341
26,829 $438.9B
25,000
400000 Deals
26,294
20,000
300000 Funding
15,000
$329.2B
200000
10,000
100000
5,000
$292.3B $258.3B $298.2B $630.3B

00
2018 2019 2020 2021 2022
YTD
12
Q3’22 funding falls to $74.5B, down 34% QoQ
$200.0B 14,000
$180.0B
12,000
$160.0B
9,862
9,403 9,587
$140.0B 10,000
8,771 Deals
8,420
8,136 7,936
$120.0B 7,733 7,682
7,219 7,265 7,201 7,206 8,000
7,083 6,991
6,808 6,792
$100.0B 6,426 6,206
Funding
6,000
$80.0B $74.5B
$60.0B 4,000
$40.0B
2,000
$20.0B
$58.9B $82.5B $73.6B $77.4B $69.0B $66.0B $65.6B $57.6B $60.5B $60.2B $84.7B $92.8B $134.5B $153.7B $164.0B $178.2B $142.1B $112.6B
$0.0 B 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2018 2019 2020 2021 2022
13
US-based companies raise $36.7B, accounting for 49% of global Q3'22 funding
Canada
$0.7B
143 Deals Asia
Europe
$20.1B
US $14.8B 2,890 Deals
1,584 Deals
$36.7B
2,866 Deals
Africa
$0.4B
117 Deals
LatAm &
Caribbean
$1.1B
226 Deals
Australia
$0.7B
110 Deals
14
US and Asia lead in deal share in Q3’22, collectively accounting for

72% of deals
Australia, 1%
Africa, 1%
Canada, 2%
19% 18% 21% 19% 17%
LatAm & Caribbean, 3%
21% 22% 22% 21% 22% 22% 20% 21% 21% 20% 20%
22% 20% Europe, 20%
33% 37% 40% 34% 31%

36% 34% 32%
37% 33% 36% 36% 34%
35%
41% 38% 35% 40%
Asia, 36%
39% 39% 39% 40%

37% 36% 37% 38% 35% 37% 37% 36% 37% 35% 34% 34% 36%
32%
US, 36%
2018 2019 2020 2021 2022
15
VC leads investor deal share in Q3'22
6% 6% 6% 6% 6% 6% 5% 6% 5% 6% 6% 8% 7% 7% 8% 7% 6% 7% Private Equity, 6%
6% 6% 6% 5%
8% 7% 7% 9% 9% 9% 7% 5% 7% 5% 6% 7% Incubator/Accelerator, 7%
8% 9% 8% 8% 9% 8% 8% 8%
7% 7% 8% 8% 8% 8% 8% 7% 8% 8% CVC, 8%
5% 6% 6% 6% 6% 7% 7% 8% 10% 10%
6% 6% 6% 7% 9% 10% 10% 10% Asset/Investment Management, 9%
10% 10% 10% 9% 10%
10% 10% 10% 10% 10% 10% 9%
10% 10%
11%
11%
10%
11% Corp, 10%
10% 9% 9% 9% 10%
8% 9% 9% 9% 10% 10% 10%
10% 11%
11% 12%
12%
12% Angel, 11%
23% 22% 23% 22% 21% 20%

23% 21% 21% 21% 20% 20%
19% 17% 18%
16% 17% 19% Other, 20%
32% 33% 31% 33% 31% 33% 32% 33% 31% 33% 32% 33% 32% 32% 31% 31% 29% 30% VC, 28%
2018 2019 2020 2021 2022
16
Average global deal size drops to $18M in 2022 so far
Average Deal Size Median Deal Size
$25M
$18M
$15M
$4M $4M
$2M
2018 2020 2022 2018 2020 2022

YTD YTD
17
Median deal size dips slightly in the US and Asia
US Asia Europe LatAm & Canada Africa Australia

Caribbean
$6M
$5M
$5M $5M
$4M
$3M $3M $3M

$3M $3M
$3M
$3M
$2M
$2M
$2M
$1M $1M $1M
$1M $1M
$0M
2018 2020 2022 2018 2020 2022 2018 2020 2022 2018 2020 2022 2018 2020 2022 2018 2020 2022 2018 2020 2022
YTD YTD YTD YTD YTD YTD YTD
18
Median deal size is down for all investor categories, except for Angel
Angel Asset/Investment CVC Corp Private Equity VC

Management
$35M
$29M
$24M
$17M $16M $16M

$14M $13M
$10M $11M
$10M
$8M $8M $9M
$8M
$3M $4M
$2M
2018 2020 2022 2018 2020 2022 2018 2020 2022 2018 2020 2022 2018 2020 2022 2018 2020 2022
YTD YTD YTD YTD YTD YTD
19
Funding from $100M+ mega-rounds plummets to $29.6B across 144 deals
600
$100.0B
500
421 418
$80.0B
381 400
364 364
$60.0B
300
260
217 Funding
$40.0B $29.6B
176 200
141
122 125 128 135 130
117
127 Deals
104 144
92
$20.0B 100
$0.0 B 0
2018 2019 2020 2021 2022
20
US leads in global mega-round funding in Q3'22
Asia
$8.2B
Europe 44 Deals
$6.5B
US 23 Deals
$14.9B
77 Deals
Continents in gray saw no mega-rounds in Q3'22. 21

Mega-rounds drop globally in Q3'22, US remains in the lead
228
204
189
123 124 127
85
US, 77
67
63 Asia, 44
56
46
55 Europe, 23
17 11 11 7 Australia, 0
10 5 7 5 Africa, 0
7 3 4 2
4 1 1 1
Canada, 0
LatAm & Caribbean, 0
2018 2019 2020 2021 2022
22
$100M+ mega-rounds account for 40% of total funding in Q3'22
42% 39% 41% 40%

45% 43%
47% 48% 49% 48% 48%
56% 54% 55% 53%
57% 60% 60% Non-mega-rounds, 60%
58% 61% 59% 60%

55% 57%
53% 52% 51% 52% 52%
44% 46% 45% 47%
43% 40% 40% Mega-rounds, 40%
2018 2019 2020 2021 2022
23
Global: Top equity deals in Q3'22
Round Round Round Industry % of Total

Company Select Investors Country Sector
Amount Date Valuation Subindustry Funding
Convertible Arbejdsmarkedets Tillaegspension, Baillie

Electrical Product Distribution
1 Northvolt $1.1B Note N/A Gifford & Co., Compagnia di San Paolo, Sweden Electronics
Power Generation & Storage
1.5%
2022-07-05 Folksam, Forsta AP-Fonden
Series A Cyrus Capital Partners, Keyframe Capital, Vision United Automotive & Transportation Services
2 TeraWatt Infrastructure $1.0B 2022-09-13
N/A
Ridge Partners States Transportation Infrastructure Management Services
1.3%
Private equity Sequoia Capital, BESTSELLER, Commonwealth Internet Software & Services
3 Klarna $800M 2022-07-11
$6.7B
Bank of Australia, Silver Lake, CPP Investments
Sweden Internet
Payments
1.1%
Undisclosed United Electric

4 TerraPower $750M 2022-08-15
N/A Bill Gates, SK Innovation
States
Energy & Utilities
Nuclear
1.0%
Series A Mobile & Mobile Software & Services

5 DANA $555M 2022-08-10
$1.1B Lazada, Sinar Mas Indonesia Indonesia
Telecommunications Payments
0.7%
Series C SummitView Capital, GF Xinde Investment Software (non- Science & Engineering
6 Black Sesame Technologies $500M 2022-08-08
N/A
Management Co., Industrial Bank
China
internet/mobile) N/A
0.7%
Private equity United Electrical Product Distribution

7 EnergyX $450M 2022-07-27
N/A Global Emerging Markets
States
Electronics
0.6%
24
Global: Top equity deals in Q3'22

British Columbia Investment Management

Private equity Corporation, CPP Investments, Public Sector United Mobile & Fiber Optics
7 Ziply Fiber $450M 2022-09-08
N/A
Pension Investment Board, Searchlight Capital States Telecommunications N/A
0.6%
Partners, WaveDivision Capital
Series D ABC Impact, OrbiMed Advisors, Grand Flight Medical Facilities & Services
9 Dami & Xiaomi $420M 2022-07-29
N/A
Investment
China Healthcare
Specialized Healthcare Services
0.6%
Business Intelligence, Analytics &

Private equity United Software (non-
10 Xpansiv $400M 2022-07-06
N/A Blackstone
States internet/mobile)
Performance Mgmt Software 0.5%
N/A
Internet Software & Services

Series F Sixth Street Growth, BlackRock, Bpifrance,
10 ContentSquare $400M 2022-07-21
$5.6B
Canaan Partners, Eurazeo
France Internet Business Intelligence, Analytics & 0.5%
Performance Mgmt

Series D Activant Capital, Qatar Investment Authority, Software (non-
10 Celonis $400M 2022-08-23
$13B
Accel, 83North, Arena Holdings Management
Germany
internet/mobile)
N/A
Series D Mobile & Mobile Software & Services

10 wefox $400M 2022-07-12
$4.5B Mubadala, Horizons Ventures, OMERS Ventures Germany
Telecommunications Accounting & Finance
0.5%
25
Early-stage rounds continue to dominate overall deal share
13% 12% 10% Other, 12%

14%
12% Late-stage, 10%

12% 12%
11%
12% 15% Mid-stage, 12%

12% 14%
63% 64% 62% 64% Early-stage, 66%
2018 2019 2020 2021 2022

YTD
26
Asia leads early-, mid-, and late-stage deal share in Q3'22
US Asia Europe LatAm & Carib bean Canada Africa Australia
Early-stag e 31% 39% 21%
Mid-stage 29% 53% 14%
Late-stage 27% 40% 26%
Other 70% 9% 15%
27
Global late-stage median deal size drops to $29M in Q3'22
Early-stage Mid-stage Late-stage
$50M
$30M $30M $29M
$16M
$10M
$2M $3M $3M
2018 2020 2022 2018 2020 2022 2018 2020 2022

YTD YTD YTD
28
Global: Top seed/angel deals in Q3'22

Round Round Industry
Amount Date Subindustry
Seed Mobile & Fiber Optics

1 LiveOak Fiber $150M 2022-07-11
InfraRed Capital Partners United States
Telecommunications N/A
Hengxu Capital, Zhongjin Chuanhua, Bozhong

Seed VC Automotive & Automobile Parts
2 Nanjing Xiezhong Group $74M 2022-07-26
Xinhe, Dynamic Balance Investment, Nanjing China
Transportation N/A
Railway Investment
Seed VC KKR, OMX Ventures, Artis Ventures, Axial, Biotechnology

3 Replay $55M 2022-07-25 DeciBio Ventures
United States Healthcare
N/A
Seed Internet Software & Services

4 Vegas One $50M 2022-07-09
GameSparcs, XSGames United States Internet
Gambling
Seed VC Internet Software & Services

4 VeeFriends $50M 2022-07-29
Andreessen Horowitz United States Internet
Multimedia & Graphics
Seed VC Coatue Management, Global Founders Capital, Internet Software & Services
4 Portofino Technologies $50M 2022-09-15 Valar Ventures
Switzerland Internet
Web Development
NIO Capital, Qiming Venture Partners, Oriza

Seed VC Chips & Semiconductors
4 CIX Technology $50M 2022-07-19
Holdings, Sky9 Capital, Bertelsmann Asia China Electronics
N/A
Investments

8 Xinli Intelligent $44M 2022-08-18
Matrix Partners China, SummitView Capital China Electronics
N/A
Huatai Zijin Investment, CDH Investments,

Seed VC Energy Storage
9 Jiemeng Intelligence $43M 2022-09-23
Hanhui Fund, Hengxu Capital, SUNWODA China Energy & Utilities
N/A
Electronics
CTC Capital, Matrix Partners China, Redpoint
10 Yige Technology $42M 2022-08-31
Ventures China, Sequoia Capital China, Vlight China Electronics
N/A
Capital
29
Global: Top Series A deals in Q3'22

Round Industry
Company Round Amount Select Investors Country Sector
Date Subindustry
Transportation Services
Series A Cyrus Capital Partners, Keyframe Capital, Vision Automotive &
1 TeraWatt Infrastructure $1.0B 2022-09-13 Ridge Partners
United States
Transportation
Infrastructure Management
Services

2 DANA $555M 2022-08-10
Lazada, Sinar Mas Indonesia Indonesia
Series A Banco BPM, Creator Partners, Intesa Sanpaolo, Mobile & Mobile Software & Services
3 Bending Spoons $340M 2022-09-27 Maximum Effort, Eric Schmidt
Italy
Telecommunications Application Development
Series A Internet Software & Services

4 Muck Rack $180M 2022-09-07
Susquehanna Growth Equity United States Internet
Information Providers & Portals
Chaos Investment, China Central Television, Chips & Semiconductors

Series A
5 Muxi $150M 2022-07-05
China Internet Investment Fund, Guochuang China Electronics Semiconductors: Design &
Zhongding, Matrix Partners China Packaging Services
Series A FTX Ventures, Jump Crypto, Circle Ventures, Internet Software & Services
5 Aptos $150M 2022-07-25 Franklin Templeton, Griffin Gaming Partners
United States Internet
Data Storage

Series A Tiger Global Management, 8VC, Clocktower
7 Opto Investments $145M 2022-09-20 Technology Ventures, Fin Capital, HOF Capital
United States Internet Asset & Financial Management &
Trading
Series A Affirma Capital, Altos Ventures, STIC Mobile & Mobile Software & Services
7 Carrot General Insurance $145M 2022-09-08 Investments, Hanwha Group
South Korea
Series A Guoxin Investment, Sun Rock Capital, China Chips & Semiconductors
7 Zhaoxin $145M 2022-09-05 Insurance, Eazytec, Real Power Capital
China Electronics
N/A
Series A World Fund, MIG Fonds, Maki.vc, Matadero Computer Hardware & Specialty Computer Hardware
10 IQM $130M 2022-07-22 QED, Open Ocean Capital
Finland
Services N/A
30
Global: Top Series B deals in Q3'22

Series B FTX Ventures, Andreessen Horowitz, Lightspeed Venture Internet Software & Services
1 Mysten Labs $300M 2022-09-08 Partners, Coinbase Ventures
Asset & Financial Management & Trading
Series B Anhui Transportation Holding Group, Qingchuang Bole, SDIC Chips & Semiconductors
2 Deer Technology $292M 2022-09-16 MY Industrial Capital, Turing Capital, Zhidian Technology
China Electronics
Semiconductors: Components
Series B Chips & Semiconductors

3 Xinxin Semiconductor $267M 2022-07-07
TCL Capital China Electronics
N/A
Series B GIC, LINE Corporation, BRV Capital Management, Bualuang E-Commerce

4 LINE MAN Wongnai $265M 2022-09-26 Ventures, PTT
Thailand Internet
Food & Grocery
Series B DFJ Growth Fund, AV8 Ventures, Illumina Ventures, Northpond Disease Diagnosis
5 Delfi Diagnostics $225M 2022-07-18 Ventures, OrbiMed Advisors
N/A
Series B Biotechnology
6 Orna Therapeutics $221M 2022-08-16
Merck & Co. United States Healthcare
N/A
Kleiner Perkins Caufield & Byers, Bristol-Myers Squibb,

7 ArsenalBio $220M 2022-09-06
Euclidean Capital, Parker Institute for Cancer Immunotherapy, United States Healthcare
N/A
UCSF Foundation Investment Company
Series B Gaorong Capital, Yunfeng Capital, ARCH Venture Partners, Biotechnology

8 Sirnoax $200M 2022-08-02 Eight Roads Ventures, F-Prime Capital
China Healthcare
N/A
Series B Internet Software & Services

8 Atlas $200M 2022-09-16
Sixth Street Growth United States Internet
HR & Workforce Management
Series B Anthos Capital, Buckley Ventures, Coinbase Ventures, FTX, Internet Software & Services
8 Limit Break $200M 2022-08-29 Paradigm Ventures
Gaming
31
Global: Top Series C deals in Q3'22

1 Black Sesame Technologies $500M 2022-08-08 Management Co., Industrial Bank
China
Manufacturing, Warehousing &

Series C Eclipse Ventures, Atlas Innovate, Boston Seed Software (non-
2 VulcanForms $355M 2022-07-05 Capital, D1 Capital Partners, Fontinalis Partners
United States
internet/mobile)
Industrial Software
N/A
Series C Computer Hardware & IT Services

3 MEGAZONE $343M 2022-08-16
IMM Private Equity, MBK Partners South Korea
Services Infrastructure & Hosting
Access Biotechnology, Cowen, Decheng Capital,

Series C Drug Development
4 ACELYRIN $300M 2022-09-13
Marshall Wace Asset Management, Matrix United States Healthcare
N/A
Capital Management
D2 Investments, Bessemer Venture Partners,
Series C Internet Software & Services
5 DriveNets $262M 2022-08-17
Atreides Management, D1 Capital Partners, Israel Internet
Networking & Connectivity
Pitango Venture Capital
Series C Fidelity Investments, T. Rowe Price, Cigna Internet Software & Services
6 Cleerly $192M 2022-07-25 Ventures, DigiTx Partners, LRVHealth
Healthcare
Series C Kairos HQ, Evolve Healthcare Partners, Guinness Internet Software & Services
7 Cera $160M 2022-08-03 Asset Management, Yabeo Capital
United Kingdom Internet
Healthcare
Meat, Fish, Seafood & Alternative

Series C Revolution Growth, CPP Investments, Cultivate
8 Meati Foods $150M 2022-07-21 Next, Grosvenor, Wellington Management
United States Food & Beverages Proteins
N/A
Data Collective, 3x5 Partners, Breakthrough
Series C Renewables
9 Fervo Energy $138M 2022-08-23
Energy Ventures, Capricorn Investment Group, United States Energy & Utilities
Geothermal
Congruent Ventures
Alexandria Venture Investments, Flagship
Series C Biotechnology
10 Senda Biosciences $123M 2022-08-16
Pioneering, Longevity Vision Fund, Partners United States Healthcare
N/A
Investment, State of Michigan Retirement System
32
Global: Top Series D deals in Q3'22

Round Round Round Industry
Amount Date Valuation Subindustry
1 Dami & Xiaomi $420M 2022-07-29
N/A
Investment
China Healthcare

2 wefox $400M 2022-07-12

Series D Activant Capital, Qatar Investment Authority, Accel, Software (non-
2 Celonis $400M 2022-08-23
$13.0B
83North, Arena Holdings Management
Germany
internet/mobile)
Performance Mgmt Software
N/A
Series D Allianz X, Centerbridge Partners, Acrew Capital, Internet Software & Services
4 Pie Insurance $315M 2022-09-21
N/A
Gallatin Point Capital, Greycroft
Accounting & Finance

5 Triller $310M 2022-09-29
N/A Global Emerging Markets United States
Telecommunications Video
Series D Addition, Block, Greyhound Capital, Lightrock, Tencent Mobile & Mobile Software & Services
6 Satispay $307M 2022-09-28
$1.0B
Holdings
Italy
Series D CapitalG, DST Global, Andreessen Horowitz, Y Mobile & Mobile Commerce
7 Whatnot $260M 2022-07-21
$3.7B
Combinator, Bond
United States
Telecommunications Marketplace
Agricultural Products & Related

Series D Qatar Investment Authority, Creadev, Temasek, ABC
8 InnovaFeed $250M 2022-09-20
N/A
Impact, Cargill
France Agriculture Activities
N/A
Series D Linse Capital, Sequoia Capital, Felicis, First Round Internet Software & Services
9 Verkada $205M 2022-09-14
$3.2B
Capital, Meritech Capital Partners
Monitoring & Security
Sofinnova Partners, Viking Global Investors,

Series D Biotechnology
10 RayzeBio $160M 2022-09-13
N/A Wellington Management, Ally Bridge Group, Sands United States Healthcare
N/A
Capital
Series D The Column Group, Deep Track Capital, Horizon Drug Discovery
10 Carmot Therapeutics $160M 2022-07-26
N/A
Ventures, RA Capital Management, Willett Advisors
N/A
33
Global: Top Series E+ deals in Q3'22

Round Industry
Company Round Amount Round Valuation Select Investors Country Sector
Date Subindustry

$5.6B
France Internet Business Intelligence, Analytics &
Performance Mgmt
Altos Ventures, DAOL Investment, Goodwater
Series G Mobile & Mobile Software & Services
2 Toss $371M 2022-09-27
$6.4B Capital, Greyhound Capital, Korea Development South Korea
Bank
Series E BlackRock, Allianz Global Investors, Indonesia Internet Software & Services
3 Traveloka $300M 2022-09-29
N/A
Investment Authority, Orion Capital
Indonesia Internet
Travel
Series F Internet Software & Services

4 Coalition $250M 2022-07-08
$5.0B Valor Equity Partners, Allianz X, Kinetic Partners United States Internet
Compliance
Google Ventures, Chevron, Reimagined

Series G Renewables
4 TAE Technologies $250M 2022-07-19
N/A Ventures, Sumitomo Corporation of Americas, United States Energy & Utilities
N/A
The Investment Fund for Foundations
Series E Accel, Arctos Sports Partners, Wellington E-Commerce

6 SeatGeek $238M 2022-08-31
$1.2B
Management, Ryan Smith
Events & Ticketing
Series J Alpha Wave Global, Avendus Capital, Epiq E-Commerce

7 Lenskart $200M 2022-07-05
$4.5B
Capital
India Internet
Apparel & Accessories
Series E Apax Digital, MSD Partners, Sixth Street Growth, Internet Software & Services
8 Guesty $170M 2022-08-16
N/A
Flashpoint Venture Capital, Viola Growth
Israel Internet
Content Management

9 We Doctor $150M 2022-07-05
N/A Shandong Guotou China
Telecommunications Healthcare
Series E CPP Investments, Hanwha Power Systems, Shell Electrical Product Distribution
10 Mainspring Energy $140M 2022-09-21
N/A
Ventures
United States Electronics
34
Unicorns
35
State of Venture | Global Trends | Unicorns
Unicorn births drop to just 25 in Q3'22, total herd ticks up to 1,192
1,174
1,098
Total Unicorns, 1,192
982
871
136 141 125

87
New Unicorns, 25
2018 2019 2020 2021 2022
36
US accounts for 14 of the new unicorns in Q3'22
Canada
19
0 New Asia
Europe 325
158 7 New
US 3 New
644
14 New
Africa
5
0 New
LatAm &
Caribbean
33
1 New
Australia
8
0 New
37
Unicorn births plummet across regions
84
79
75
50
33
31
US, 14
20 Asia, 7
18 19 16 Europe, 3
15 16 LatAm & Caribbean, 1
7
4 4 3 Australia, 0
2 1 2 4
1 1
Africa, 0
2 2
Canada, 0
2018 2019 2020 2021 2022
38
Global: Top unicorn births in Q3'22

Industry
Company Latest Valuation Country Sector
Subindustry
Automobile Manufacturing
1 Zhiji Auto $4.4B China Automotive & Transportation
N/A
E-Commerce
2 Tridge $2.7B South Korea Internet
Marketplace
Specialty Computer Hardware

3 21.co $2.0B United States Computer Hardware & Services
N/A
IT Services
4 MEGAZONE $1.8B South Korea Computer Hardware & Services
Infrastructure & Hosting
Consulting & Outsourcing

5 Redesign Health $1.7B United States Business Products & Services
Market, Industry & Competitive Research

5 Incredible Health $1.7B United States Internet
Biotechnology
7 Orna Therapeutics $1.5B United States Healthcare
N/A

7 5ire $1.5B United Kingdom Internet
Mobile Software & Services

9 OneCard $1.4B India Mobile & Telecommunications
Payments

10 Shiprocket $1.3B India Internet
Supply Chain & Logistics

10 ClassDojo $1.3B United States Mobile & Telecommunications
Education & Training
39
Global: Top unicorns by valuation in Q3'22

Industry
Company Latest Valuation Country Sector
Subindustry

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

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

4 Stripe $95.0B United States Internet
Payments

5 Canva $40.0B Australia Internet

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

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

9 Revolut $33.0B United Kingdom Mobile & Telecommunications
Payments

10 FTX $32.0B Bahamas Internet
40
Exit Trends
41
State of Venture | Global Trends | Exit Trends
IPOs rebound, M&A deals trend down
2,988 2,985
2,729
2,543
M&A, 2,281
222 262
159 137 IPO, 194
42 37 19 14
SPAC, 25
2018 2019 2020 2021 2022
42
US has largest share of global exits with 37%, followed by Europe
Canada, 3%
5% 5%
Australia, 3%
6%
5% 5% Africa, 1%
LatAm & Caribbean, 4%
27% 33% 30%

29% 33% 31% 33% 31% 31% 31% 33%
35%
34% 35% 32% 33% 34% 39% Europe, 36%
12% 17% 13% 11% 13% 11%

13% 12% 14% 12%
12% 16% 12% 13%
12% 14% 14%
14%
Asia, 15%
46% 44% 45% 44% 46% 45% 47% 44%

42% 43% 42% 40% 41% 42% 42% 40% 39% US, 37%
36%
2018 2019 2020 2021 2022
43
Global: Top M&A exits in Q3'22

Round Industry
Company Acquirer Country Sector
Valuation Subindustry
United Internet Software & Services

1 Figma $20.0B Adobe States
Internet
Collaboration & Project Management
Computer Hardware & IT Services

2 Grupo Primavera $6.9B Cegid Spain
Services IT Solutions & Software Development
E-Commerce
3 iFood $5.4B Prosus Brazil Internet
Food & Grocery
Medical Devices & Equipment

4 Evident $3.1B Bain Capital Japan Healthcare
Imaging & Diagnostic Equipment
United Medical Facilities & Services

5 KelseyCare Advantage $2.0B UnitedHealth Group States
Healthcare
Health care plans

6 Instabox $1.7B Instabee Sweden Internet
Mobile & Mobile Software & Services

6 Budbee $1.7B Instabee Sweden
Telecommunications Supply Chain & Logistics
United N/A
8 Theravance Respiratory Company $1.5B Royalty Pharma States
Healthcare
N/A
Medical Facilities & Services

8 Amcare Women's & Children's Hospital $1.5B ByteDance China Healthcare
Hospitals
United Biotechnology
10 TeneoTwo $1.3B AstraZeneca States
Healthcare
N/A
44
Global: Top IPOs in Q3'22

Industry
Company Round Valuation Country Sector
Subindustry
Chips & Semiconductors

1 Guobo Electronics $4.2B China Electronics
Semiconductors: Integrated Circuits
Electronic Manufacturing Services

2 Longsys $3.4B China Electronics
N/A
Electronic Components
3 CICT Mobile $2.8B China Electronics
Wireless Communications
IT Services
4 Empyrean Software $2.6B China Computer Hardware & Services
IT Solutions & Software Development
Pharmaceuticals / Drugs
5 Tianxin Pharmaceutical $2.4B China Healthcare
N/A

5 Dingdang Health $2.4B China Internet
Healthcare
Mobile Commerce
7 Dingdang Medicine Express $2.1B China Mobile & Telecommunications
Pharmacies

8 Zhenhua Fengguang $2.0B China Electronics
N/A
Electronic Equipment & Components

9 Orbbec Technology $1.9B China Business Products & Services
N/A

10 China Micro Semiconductor $1.8B China Electronics
45
Global: Top SPACs in Q3'22

Round Industry
Valuation Subindustry
Social Capital Suvretta Holdings United Biotechnology

1 ProKidney $2.6B III States
Healthcare
N/A

2 Rumble $2.1B CF Acquisition VI Canada Internet
Video

3 Rubicon $2.0B Founder SPAC
States
Internet
Environment
Computer Hardware & Supercomputers

4 D-Wave Systems $1.6B DPCM Capital Canada
Services N/A
United Software (non- Security Software

5 ZeroFox $1.4B L&F Acquisition
States internet/mobile) N/A

6 FiscalNote $1.3B Duddell Street Acquisition
States
Internet
Government

7 Deezer $1.2B I2PO France Internet
Music
United Non-Alcoholic Beverages

8 Westrock Coffee Company $1.0B Riverview Acquisition Corp.
States
Food & Beverages
N/A
Alpha Capital Acquisition Internet Software & Services

8 Semantix $1.0B Company
Brazil Internet
United Software (non- Healthcare Software

8 Akili Interactive Labs $1.0B Social Capital Suvretta Holdings
States internet/mobile) N/A
United Computer Hardware & Specialty Computer Hardware

8 Presto $1.0B Ventoux CCM Acquisition
States Services Point of Sales & Retail Computer Systems
46
Investors
47
State of Venture | Global Trends | Investors
Global: Top investors by company count in Q3'22

Investor Company Count Investor Group Country
1 Gaingels 45 Angel United States
2 Andreessen Horowitz 44 VC United States
3 SOSV 41 VC United States
4 Sequoia Capital China 30 VC China
5 Insight Partners 29 VC United States
6 Accel 27 VC United States
7 Lightspeed Venture Partners 26 VC United States
7 Plug and Play Ventures 26 VC United States
9 Coinbase Ventures 25 CVC United States
9 East Ventures 25 VC Indonesia
9 Goodwater Capital 25 VC United States
48
Global: Top VCs by company count in Q3'22

Investor Company Count Country
1 Andreessen Horowitz 44 United States
2 SOSV 41 United States
3 Sequoia Capital China 30 China
4 Insight Partners 29 United States
5 Accel 27 United States
6 Lightspeed Venture Partners 26 United States
6 Plug and Play Ventures 26 United States
8 East Ventures 25 Indonesia
8 Goodwater Capital 25 United States
10 FJ Labs 22 United States
49
Global: Top CVCs by company count in Q3'22

Investor Company Count Country
1 Coinbase Ventures 25 United States
2 Mitsubishi UFJ Capital 18 Japan
3 Mizuho Capital 16 Japan
4 FTX Ventures 15 Bahamas
4 SBI Investment 15 Japan
6 Intel Capital 13 United States
6 Salesforce Ventures 13 United States
8 Google Ventures 12 United States
8 SMBC Venture Capital 12 Japan
10 Binance Labs 11 United States
50
Sector Spotlights
51
Fintech
52
State of Venture | Sector Spotlights | Fintech
Global fintech funding drops to $12.9B in Q3'22, down 38% QoQ
$45.0B 2,000
$40.0B 1,800
1,524 1,600
$35.0B 1,428 1,400
1,314 1,400
$30.0B 1,268 1,280 Deals
1,160
1,200
1,054
$25.0B
976 972
936 935 942
878 888 900 896 1,000
861
$20.0B 818
800
Funding
$15.0B $12.9B
600
$10.0B
400
$5.0 B 200
$0.0 B 0
2018 2019 2020 2021 2022
53
Funding & deals by global region in Q3'22
Canada
$95M
23 Deals Asia
Europe
$3.3B
US $3.5B 291 Deals
259 Deals
$5.1B
454 Deals
Africa
$0.2B
43 Deals
LatAm &
Caribbean
$0.5B
73 Deals
Australia
$0.1B
17 Deals
54
US-based fintechs lead in global deal share
Australia, 1%
Africa, 4%
6% 6% 5% 5% 7% 5% 6% 6%
Canada, 2%
7% 7%
7% LatAm & Caribbean, 6%
20%
22% 22% 27% 20%
23%
28%
24% 24% 24% 24% 25% 24% 23% 20% 22% 24% Europe, 22%
20%
27% 31%
30% 26% 26% 30% 28% 24% 26% 25% 24% 25% 26% 25%
Asia, 25%
22% 26% 28% 27%
40% 39% 36% 39% 39% 38% 37% 37% 39% 36% 36% 37% 38% 38% 38%
35% 35% 38% US, 39%
2018 2019 2020 2021 2022
55
The average deal size for fintech is down in 2022 so far
$32M
$20M
$15M
$5M $5M
$3M
2018 2020 2022 2018 2020 2022

YTD YTD
56
Early-stage rounds dominate fintech investment with a 67% deal share
10% 9% 8% Other, 11%

12%
11% 12%
12% 11% Late-stage, 9%
15% 15% Mid-stage, 12%

13% 14%
64% 65% 63% 65% Early-stage, 67%
2018 2019 2020 2021 2022

YTD
57
Fintech: Top equity deals in Q3'22

1 Klarna $800M 2022-07-11
$6.7B
Sweden Internet
Payments
6.2%

2 DANA $555M 2022-08-10
4.3%

3 wefox $400M 2022-07-12
3.1%

Series G South Mobile & Mobile Software & Services
4 Toss $371M 2022-09-27
$6.4B Capital, Greyhound Capital, Korea Development
Korea Telecommunications Payments
2.9%
Bank
Series D Allianz X, Centerbridge Partners, Acrew Capital, United Internet Software & Services
N/A
Gallatin Point Capital, Greycroft States
Internet
2.4%
Series F United Internet Software & Services

6 Coalition $250M 2022-07-08
$5.0B Valor Equity Partners, Allianz X, Kinetic Partners
States
Internet
Compliance
1.9%
Private equity United Internet Software & Services

7 Pico $200M 2022-07-13
N/A Golden Gate Capital
States
Internet
1.6%
Series E Apax Digital, MSD Partners, Sixth Street Growth, Internet Software & Services
8 Guesty $170M 2022-08-16
N/A
Flashpoint Venture Capital, Viola Growth
Israel Internet
Content Management
1.3%
Series D Internet Software & Services

9 Hibob $150M 2022-08-17
$2.5B General Atlantic, Bessemer Venture Partners Israel Internet
1.2%
Series A Tiger Global Management, 8VC, Clocktower United Internet Software & Services
10 Opto Investments $145M 2022-09-20
$475M
Technology Ventures, Fin Capital, HOF Capital States
Internet
1.1%
Series A Affirma Capital, Altos Ventures, STIC Investments, South Mobile & Mobile Software & Services
10 Carrot General Insurance $145M 2022-09-08
N/A
Hanwha Group Korea Telecommunications Accounting & Finance
1.1%
58
6 fintech unicorns born in Q3'22, bringing the global total to 307
301
Total Unicorns, 307
282
246
216
48
37 37
21
New Unicorns, 6
2018 2019 2020 2021 2022
59
Fintech sees 155 M&A deals and 2 IPOs in Q3'22
255
246
233
181
M&A, 155
27
16 7 9
6 2 2 3 SPAC, 4
IPO, 2
2018 2019 2020 2021 2022
60
Fintech: Top investors by company count in Q3'22

3 Soma Capital 12 VC United States
5 FJ Labs 11 VC United States
6 GSR Ventures 10 VC United States
6 Tiger Global Management 10 Asset/investment management United States
9 Kraken Ventures 8 CVC United States
9 GEM Digital 8 Asset/investment management Bahamas
9 Alumni Ventures 8 VC United States
61
Retail Tech
62
State of Venture | Sector Spotlights | Retail Tech
Retail tech funding reaches $8.5B across 776 deals in Q3'22
1,400
$30.0B
1,200
1,012
$25.0B 957 965
923 1,000
881 891
862
835 843 Deals
823 812
$20.0B
794
761 773 790 776
724 739 800
713
$15.0B 600
Funding
$10.0B $8.5B 400
$5.0 B 200
$0.0 B 0
2018 2019 2020 2021 2022
63
US leads in retail tech funding in Q3'22, followed by Asia and Europe
Canada
$99M
22 Deals Asia
Europe
$2.4B
US $2.3B 278 Deals
153 Deals
$3.4B
261 Deals
Africa
$91M
27 Deals
LatAm &
Caribbean
$0.1B
22 Deals
Australia
$0.1B
13 Deals
64
Asia leads retail tech deal share in Q3'22
Australia, 2%
Africa, 3%
Canada, 3%
20% 17% 18% LatAm & Caribbean, 3%
19% 22% 18%
20% 20% 23% 23% 21% 23% 21%
21% 19% 19% 20% 24% Europe, 20%
37%
37% 37% 40%
34% 39%
37% 41% 35%
35% 35% 36% 35%
39%
Asia, 36%
37% 40% 37% 39%
37% 37% 40% 37%

36% 34% 35% 35% 34% 34% US, 34%
30% 33% 32% 30% 30% 29%
28% 28%
2018 2019 2020 2021 2022
65
Retail tech average deal size trends down in 2022 so far
$37M
$23M
$24M
$5M $4M
$3M
2018 2020 2022 2018 2020 2022

YTD YTD
66
64% of retail tech deals go to early-stage companies in 2022 so far
9% 8% 8%
10% Other, 11%
12% 11% 14%

12% Late-stage, 11%
16%
16% 16% 18% Mid-stage, 14%
63% 65% 62% 60% Early-stage, 64%
2018 2019 2020 2021 2022

YTD
67
Retail Tech: Top equity deals in Q3'22

Sequoia Capital, BESTSELLER,

Private equity Internet Software & Services
1 Klarna $800M 2022-07-11
$6.7B Commonwealth Bank of Australia, Silver Sweden Internet
Payments
9.4%
Lake, CPP Investments
Series F Sixth Street Growth, BlackRock, Bpifrance, Internet Software & Services
$5.6B
France Internet
Business Intelligence, Analytics & Performance Mgmt
4.7%
Series D Addition, Block, Greyhound Capital, Mobile & Mobile Software & Services
3 Satispay $307M 2022-09-28
$1.0B
Lightrock, Tencent Holdings
Italy
3.6%
Series B GIC, LINE Corporation, BRV Capital E-Commerce

4 LINE MAN Wongnai $265M 2022-09-26
$1.0B
Management, Bualuang Ventures, PTT
Thailand Internet
Food & Grocery
3.1%
Series D CapitalG, DST Global, Andreessen Horowitz, United Mobile & Mobile Commerce
5 Whatnot $260M 2022-07-21
$3.7B
Y Combinator, Bond States Telecommunications Marketplace
3.1%
Series J Alpha Wave Global, Avendus Capital, Epiq E-Commerce

6 Lenskart $200M 2022-07-05
$4.5B
Capital
India Internet
2.4%
Series D E-Commerce
7 RuiGuShop $150M 2022-07-29
N/A Ontario Teachers' China Internet
N/A
1.8%
Apeira Capital, Celtic House Asia Partners,

Series F United E-Commerce
8 GrubMarket $120M 2022-09-28
$2.0B Liberty Street Funds, Tiger Global
States
Internet
Food & Grocery
1.4%
Management, Walleye Capital
Spark Capital, Insight Partners, Baseline
Series B United Internet Software & Services
9 Afresh $115M 2022-08-04
N/A Ventures, Food Retail Ventures, Impact
States
Internet
Retail & Inventory
1.4%
Engine
Sequoia Capital China, SoftBank Group, GGV
Series D E-Commerce
10 Dianxiaomi $110M 2022-08-16
N/A Capital, China Renaissance, Tiger Global China Internet
N/A
1.3%
Management
68
Only 3 retail tech unicorns born in Q3'22, bringing the total to 212
210
200 Total Unicorns, 212
186
161
30
22 18
13
New Unicorns, 3
2018 2019 2020 2021 2022
69
Retail tech M&A deals slow down in Q3'22, IPOs and SPACs trend up
208
183
175
160
M&A, 111
18 15 4
10
4 6
1 3 IPO, 8
SPAC, 4
2018 2019 2020 2021 2022
70
Retail Tech: Top investors by company count in Q3'22

4 Endeavor 5 VC United States
4 Speedinvest 5 VC Austria
4 Kunal Shah 5 Angel N/A
9 8VC 4 VC United States
9 Abstract Ventures 4 VC United States
9 BEENEXT 4 VC Singapore
9 DSG Consumer Partners 4 VC Singapore
9 LetsVenture 4 Other Singapore
71
Digital Health
72
State of Venture | Sector Spotlights | Digital Health
Quarterly digital health funding is down 31%
$18.0B 1,000
$16.0B 847 900

821
738 800
$14.0B 735 720
718
684 676
661 700
637 641
$12.0B 624 617 612 610 619
573
556 600
$10.0B
Deals
500
419
$8.0 B
400
Funding
$6.0 B
$5.0B 300
$4.0 B
200
$2.0 B 100
$0.0 B 0
2018 2019 2020 2021 2022
73
US leads in healthcare funding in Q3’22, followed by Asia and Europe
Canada
$90M
10 Deals Asia
Europe $1.3B
$0.6B 94 Deals
US 62 Deals
$2.9B
231 Deals
Africa
$14M
5 Deals
LatAm &
Caribbean
$58M
12 Deals
Australia
$38M
5 Deals
74
US gains healthcare deal share in Q3'22, Europe and Asia's shares fall
Australia, 1%
5% Africa, 1%
15%
Canada, 2%
17%
14% 18%
18%
14%
18%
18%
19% 22% 16% 21% 19% 18% LatAm & Caribbean, 3%
20% 21% 18% 20%
Europe, 15%
26% 28% 25% Asia, 22%

25% 27% 23% 22% 27% 23% 23% 24%
23% 27% 22% 24% 30% 27%
26%
52% 53% 51% 54% 51% 51% 51%

US, 55%
49% 50% 50% 48% 50% 49% 49% 50%
46% 46% 46%
2018 2019 2020 2021 2022
75
Digital health average deal size trends down in 2022 so far
$25M
$16M
$15M
$4M $4M
$3M
2018 2020 2022 2018 2020 2022

YTD YTD
76
Early-stage rounds make up 60% of all digital health deals in 2022 so far
12% 11% 12% 9%

Other, 14%
9% 11%
15%
14% 18%
18% Mid-stage, 16%
63% 65%
59% 62% Early-stage, 60%
2018 2019 2020 2021 2022

YTD
77
Digital Health: Top equity deals in Q3'22

1 Dami & Xiaomi $420M 2022-07-29
N/A
Investment
China Healthcare
8.4%
Kleiner Perkins Caufield & Byers, Bristol-Myers

Series B Squibb, Euclidean Capital, Parker Institute for Biotechnology
2 ArsenalBio $220M 2022-09-06
N/A
Cancer Immunotherapy, UCSF Foundation
N/A
4.4%
Investment Company
Series C Fidelity Investments, T. Rowe Price, Cigna Ventures, Internet Software & Services
3 Cleerly $192M 2022-07-25
$572M
DigiTx Partners, LRVHealth
Healthcare
3.9%
Corporate Minority Mobile & Mobile Software & Services

4 Allm $182M 2022-07-05
N/A DeNA, Seibu Properties Solutions Japan
3.7%
Series C Kairos HQ, Evolve Healthcare Partners, Guinness United Internet Software & Services
5 Cera $160M 2022-08-03
N/A
Asset Management, Yabeo Capital Kingdom
Internet
Healthcare
3.2%

6 We Doctor $150M 2022-07-05
N/A Shandong Guotou China
3.0%
Series D Thoma Bravo, Insight Partners, Optum Ventures, Internet Software & Services
7 Alma $130M 2022-08-25
$733M
Primary Venture Partners, Sound Ventures
Health & Wellness
2.6%

Series C Biotechnology
N/A Pioneering, Longevity Vision Fund, Partners United States Healthcare
N/A
2.5%
Investment, State of Michigan Retirement System
Series C Goldman Sachs Growth Equity, Foundation Capital, Internet Software & Services
9 Fortanix $90M 2022-08-11
N/A
Intel Capital, Neotribe Ventures, Giantleap Capital
1.8%
Series B Base10 Partners, Andreessen Horowitz, Obvious Internet Software & Services
10 Incredible Health $80M 2022-08-17
$1.7B
Ventures, 444 Capital, Kaiser Permanente
1.6%
78
3 digital health unicorns born in Q3'22, bringing the total to 105
103
Total Unicorns, 105
94
86
76
13
10 8 10
New Unicorns, 3
2018 2019 2020 2021 2022
79
Digital health sees 48 M&A deals and 7 IPOs in Q3'22
147 147
141
86
M&A, 48
23
19
2
5 6 2 1 IPO, 7
SPAC, 2
2018 2019 2020 2021 2022
80
Digital Health: Top investors by company count in Q3'22
1 General Catalyst 7 VC United States
3 Transformation Capital 4 VC United States
3 ARCH Venture Partners 4 VC United States
81
Geographic Trends
82
US Trends
83
State of Venture | Geographic Trends | US Trends
US funding is down 32% QoQ, deals tick up
$100.0B 4,500
$90.0B 4,000
3,496
$80.0B 3,380
3,221 3,500
3,036
Deals
$70.0B 2,884 2,931 2,866
2,788 2,801 2,771 2,811 2,798 3,000
2,735
2,570 2,559 2,606
$60.0B 2,524
2,355 2,298 2,500
$50.0B
Funding 2,000
$40.0B $36.7B
1,500
$30.0B
1,000
$20.0B
$10.0B 500
$0.0 B 0
2018 2019 2020 2021 2022
84
Early-stage deals make up 56% of all deals in the US in 2022 so far
19% 17%
20% 22% Other, 23%
11%
12% 10% 9% Late-stage, 9%
14% 16%
13% 14% Mid-stage, 12%
55% 57% 55% 57% Early-stage, 56%
2018 2019 2020 2021 2022

YTD
85
US: Top equity deals in Q3'22

Company Select Investors Sector
Series A Automotive & Transportation Services

N/A Cyrus Capital Partners, Keyframe Capital, Vision Ridge Partners
Transportation Infrastructure Management Services
2.7%
Undisclosed Electric
2 TerraPower $750M 2022-08-15
N/A Bill Gates, SK Innovation Energy & Utilities
Nuclear
2.0%
British Columbia Investment Management Corporation, CPP

Private equity Mobile & Fiber Optics
3 Ziply Fiber $450M 2022-09-08
N/A Investments, Public Sector Pension Investment Board,
1.2%
Searchlight Capital Partners, WaveDivision Capital
Private equity Electrical Product Distribution

3 EnergyX $450M 2022-07-27
N/A Global Emerging Markets Electronics
1.2%

Private equity Software (non-
5 Xpansiv $400M 2022-07-06
N/A Blackstone
internet/mobile)
N/A
Manufacturing, Warehousing & Industrial
Series C Eclipse Ventures, Atlas Innovate, Boston Seed Capital, D1 Software (non-
6 VulcanForms $355M 2022-07-05
$1.0B
Capital Partners, Fontinalis Partners internet/mobile)
Software 1.0%
N/A
Venture Capital Real Estate

7 Flow $350M 2022-08-15
$1.0B Andreessen Horowitz Finance
N/A
1.0%
Series D Allianz X, Centerbridge Partners, Acrew Capital, Gallatin Point Internet Software & Services
N/A
Capital, Greycroft
Internet
0.9%

9 Triller $310M 2022-09-29
0.8%
Series C Access Biotechnology, Cowen, Decheng Capital, Marshall Wace Drug Development
10 ACELYRIN $300M 2022-09-13
N/A
Asset Management, Matrix Capital Management
Healthcare
N/A
0.8%
Series B FTX Ventures, Andreessen Horowitz, Lightspeed Venture Internet Software & Services
10 Mysten Labs $300M 2022-09-08
$2.0B
Partners, Coinbase Ventures
Internet
0.8%
86
M&A deals trend down in the US in Q3'22, SPACs and IPOs edge up
1,222 1,211
1,148
941
M&A, 896
70 59 24 17
33 29 11 5 IPO, 18
SPAC, 15
2018 2019 2020 2021 2022
87
US: Top investors by company count in Q3'22

4 Insight Partners 29 VC United States
5 Accel 27 VC United States
88
Silicon Valley
89
State of Venture | Geographic Trends | Silicon Valley
Silicon Valley funding reaches just $10.7B in Q3’22, lowest level since 2019
$35.0B 1,000
900
$30.0B 818 810
758 800
739 729
692 695
$25.0B 675
628 629 639 640 643
622
Deals 700
596 584 584
555 600
$20.0B 529
500
$15.0B
Funding 400
$10.7B
$10.0B 300
200
$5.0 B
100
$0.0 B 0
2018 2019 2020 2021 2022
90
Early-stage rounds dominate Silicon Valley deals
8% 7%
10% 10% Other, 11%
11% 12%
19% Mid-stage, 18%

20% 19% 22%
59%
63% 60% 59% Early-stage, 62%
2018 2019 2020 2021 2022

YTD
91
Silicon Valley: Top equity deals in Q3'22

Cyrus Capital Partners,

Series A Automotive & Transportation Services
N/A Keyframe Capital, Vision Ridge
Transportation Infrastructure Management Services
9.4%
Partners

Private equity Software (non-
2 Xpansiv $400M 2022-07-06
N/A Blackstone
internet/mobile)
Software 3.8%
N/A
FTX Ventures, Andreessen

3 Mysten Labs $300M 2022-09-08
$2.0B Horowitz, Lightspeed Venture Internet
2.8%
Partners, Coinbase Ventures
Series F Valor Equity Partners, Allianz X, Internet Software & Services

4 Coalition $250M 2022-07-08
$5.0B
Kinetic Partners
Internet
Compliance
2.3%
DFJ Growth Fund, AV8

Series B Ventures, Illumina Ventures, Disease Diagnosis
5 Delfi Diagnostics $225M 2022-07-18
N/A
Northpond Ventures, OrbiMed
Healthcare
N/A
2.1%
Advisors
92
New York
93
State of Venture | Geographic Trends | New York
New York funding totals $4.8B in Q3'22, lowest level in 2 years
$20.0B 700
$18.0B
600
$16.0B 538 538
488
480 Deals 500
$14.0B 446
427
439 431
412 410
$12.0B 389 382 384
365 373 400
340 340 350
$10.0B 318
300
$8.0 B
Funding
$6.0 B
$4.8B 200
$4.0 B
100
$2.0 B
$0.0 B 0
2018 2019 2020 2021 2022
94
Early-stage rounds account for 60% of New York deals in 2022 so far
15% 16% 15% 14%

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

Late-stage, 8%
12% 13% 15%
17% Mid-stage, 13%
62% 62% 61% 59% Early-stage, 60%
2018 2019 2020 2021 2022

YTD
95
New York: Top equity deals in Q3'22

Series E Accel, Arctos Sports Partners, E-Commerce

1 SeatGeek $238M 2022-08-31
$1.2B
Wellington Management, Ryan Smith
Internet
Events & Ticketing
5.0%

2 Pico $200M 2022-07-13
N/A Golden Gate Capital Internet
4.2%
Fidelity Investments, T. Rowe Price,

3 Cleerly $192M 2022-07-25
$572M Cigna Ventures, DigiTx Partners, Internet
Healthcare
4.0%
LRVHealth
Tiger Global Management, 8VC,

4 Opto Investments $145M 2022-09-20
$475M Clocktower Technology Ventures, Fin Internet
3.0%
Capital, HOF Capital
Thoma Bravo, Insight Partners, Optum

5 Alma $130M 2022-08-25
$733M Ventures, Primary Venture Partners, Internet
Health & Wellness
2.7%
Sound Ventures
96
Los Angeles
97
State of Venture | Geographic Trends | Los Angeles
Los Angeles funding and deals both drop slightly in Q3'22
$8.0 B 350
$7.0 B
278 300
276
$6.0 B
234 233 Deals 250
214 218 219 219 217
$5.0 B
210 207 209 210 205 208
182 185 200
170
159
Funding
$4.0 B
$3.4B
150
$3.0 B
100
$2.0 B
50
$1.0 B
$0.0 B 0
2018 2019 2020 2021 2022
98
Early-stage rounds account for most of Los Angeles deals
15% Other, 18%

21% 21% 23%
9%
Late-stage, 10%
11% 11% 9%
13%
Mid-stage, 11%
13% 12% 12%
63% Early-stage, 61%

55% 56% 56%
2018 2019 2020 2021 2022

YTD
99
Los Angeles: Top equity deals in Q3'22


1 Triller $310M 2022-09-29
9.0%
Access Biotechnology, Cowen, Decheng

Series C Drug Development
2 ACELYRIN $300M 2022-09-13
N/A Capital, Marshall Wace Asset Management, Healthcare
N/A
8.7%
Matrix Capital Management
Series D CapitalG, DST Global, Andreessen Horowitz, Mobile & Mobile Commerce
3 Whatnot $260M 2022-07-21
$3.7B
Y Combinator, Bond Telecommunications Marketplace
7.6%
Google Ventures, Chevron, Reimagined

Series G Ventures, Sumitomo Corporation of Renewables
4 TAE Technologies $250M 2022-07-19
N/A
Americas, The Investment Fund for
Energy & Utilities
N/A
7.3%
Foundations

5 LootMogul $200M 2022-09-19
N/A Global Emerging Markets Internet
Gaming
5.8%
Convertible Note ClearVue Partners, Falcon Capital, Fubon Mobile & Mobile Software & Services
5 Triller $200M 2022-08-29
N/A
Venture Capital Telecommunications Video
5.8%
100
Boston
101
State of Venture | Geographic Trends | Boston
Boston funding falls 35% QoQ, deals trend down
$10.0B 300
$9.0 B
250
$8.0 B 221 222
214 211 214
208
200 201 200
$7.0 B 194 194
189 188 184
Deals 200
178 182 181
172
$6.0 B
154
$5.0 B 150
$4.0 B Funding
$3.2B
100
$3.0 B
$2.0 B
50
$1.0 B
$0.0 B 0
2018 2019 2020 2021 2022
102
Early-stage rounds account for 51% of all Boston deals in 2022 so far
17% 13%
17% 17%
Other, 23%
10%
13% 10%
14%
Late-stage, 9%
24%
17% 21%
19% Mid-stage, 17%
54% 51% 53% Early-stage, 51%

49%
2018 2019 2020 2021 2022

YTD
103
Boston: Top equity deals in Q3'22

Manufacturing, Warehousing & Industrial

Series C Eclipse Ventures, Atlas Innovate, Boston Seed Software (non-
1 VulcanForms $355M 2022-07-05
$1.0B
Capital, D1 Capital Partners, Fontinalis Partners internet/mobile)
Software 11.2%
N/A
2 Orna Therapeutics $221M 2022-08-16
$1.5B Merck & Co. Healthcare
N/A
7.0%
Series F SV Health Investors, Access Biotechnology, Drug Discovery

3 Nimbus Therapeutics $125M 2022-09-12
N/A
Atlas Venture, BVF Partners, Bill Gates
Healthcare
N/A
3.9%
Series D L2 Point, Fidelity Investments, Forestay Capital, Internet Software & Services
3 Wasabi $125M 2022-09-27
$1.1B
Cedar Pine
Internet
Data Storage
3.9%

Series C Pioneering, Longevity Vision Fund, Partners Biotechnology
N/A
Investment, State of Michigan Retirement
Healthcare
N/A
3.9%
System
104
Seattle
105
State of Venture | Geographic Trends | Seattle
Seattle funding and deals trend up slightly in Q3'22
$3.0 B 140
120
$2.5 B
104 106
97 98 Funding
$2.0B 100
90 90 89
$2.0 B 86 Deals
83 81 83
80
88
71 72 73 80
69 70
67
$1.5 B
60
$1.0 B
40
$0.5 B
20
$0.0 B 0
2018 2019 2020 2021 2022
106
Early-stage rounds account for 56% of all Seattle deals so far in 2022
20% 19% 21% 18%

Other, 27%
8% 7%
11% 10%
Late-stage, 7%
14% 16%
10% 12%
Mid-stage, 10%
58% 60% 59%

2018 2019 2020 2021 2022

YTD
107
Seattle: Top equity deals in Q3'22

Undisclosed Electric
1 TerraPower $750M 2022-08-15
N/A Bill Gates, SK Innovation Energy & Utilities
Nuclear
37.7%
British Columbia Investment

Management Corporation, CPP
Private equity Mobile & Fiber Optics
2 Ziply Fiber $450M 2022-09-08
N/A Investments, Public Sector Pension
22.6%
Investment Board, Searchlight Capital
Partners, WaveDivision Capital
Series C Mobile & Mobile Software & Services

3 Swiftly $100M 2022-09-19
$1.2B BRV Capital Management
Telecommunications Customer Relationship Management
5.0%
Series B BlackRock, Maveron, Version One Business Products & Consulting & Outsourcing
3 Cap Hill Brands $100M 2022-09-08
N/A
Ventures, Ascend.vc Services Management & Strategy Consulting
5.0%
Series C Medical Devices & Equipment

5 EchoNous $57M 2022-09-26
N/A N/A Healthcare
Imaging & Diagnostic Equipment
2.9%
108
Denver
109
State of Venture | Geographic Trends | Denver
Denver funding sees a 67% drop QoQ
$2.0 B 120
$1.8 B
95 93 100
$1.6 B 89 91
88 86
84 82 81 80
$1.4 B
73 80
70 68 68
$1.2 B 67 67
63 61
Deals
$1.0 B 60
60
$0.8 B Funding
$0.6B 40
$0.6 B
$0.4 B
20
$0.2 B
$0.0 B 0
2018 2019 2020 2021 2022
110
Early-stage rounds account for 51% of all Denver deals in 2022 so far
19% 21%
26%
30% Other, 29%
8%
9%
10%
13%
13%
7% Late-stage, 8%
13% 14% Mid-stage, 12%
60% 58%
2018 2019 2020 2021 2022

YTD
111
Denver: Top equity deals in Q3'22

Revolution Growth, CPP

Series C Meat, Fish, Seafood & Alternative Proteins
1 Meati Foods $150M 2022-07-21
$661M Investments, Cultivate Next, Food & Beverages
N/A
24.6%
Grosvenor, Wellington Management

2 Ocelot $117M 2022-09-28
N/A K1 Capital Management Internet
Conferencing & Communication
19.2%

3 Guild Education $90M 2022-08-05
N/A N/A Internet
14.7%
Series B Volta Energy Technologies, Flag Electrical Product Distribution

4 Iontra $38M 2022-08-29
N/A
Group
Electronics
6.2%
Private equity Software (non- Accounting & Finance Software

5 Black Diamond Advisory $25M 2022-09-12
N/A Tercera
4.1%
112
DC
113
State of Venture | Geographic Trends | DC
DC funding and deals both tick up in Q3'22
$5.0 B 160
$4.5 B
140
$4.0 B 119 119

120
$3.5 B 103
90 100
$3.0 B 88 88 89
86 85 86
83
79 78
77 Deals
$2.5 B 71 72 80
80
58 59
$2.0 B
60
Funding
$1.5 B $1.2B
40
$1.0 B
20
$0.5 B
$0.0 B 0
2018 2019 2020 2021 2022
114
Early-stage rounds account for just over half of all DC deals
23% 23% 21%

25%
Other, 31%
10% 9% 11% 14%
Late-stage, 10%
12% 13%
15% 13%
Mid-stage, 8%
55% 54% 51% 52% Early-stage, 51%
2018 2019 2020 2021 2022

YTD
115
DC: Top equity deals in Q3'22

Allianz X, Centerbridge Partners,

N/A Acrew Capital, Gallatin Point Internet
25.7%
Capital, Greycroft

2 Atlas $200M 2022-09-16
N/A Sixth Street Growth Internet
16.3%
Venture Capital Education & Training (non-internet/mobile)

3 Great Minds $150M 2022-07-14
N/A A-Street Ventures Consumer Products & Services
Childcare Services & Children's Schooling
12.2%
Series A Consulting & Outsourcing

4 BLEND360 $100M 2022-08-09
N/A Recognize Partners Business Products & Services
Business Performance Management
8.1%
Undisclosed IT Services
5 ARG $85M 2022-08-22
N/A N/A Computer Hardware & Services
IT Management & Helpdesk
6.9%
116
Chicago
117
State of Venture | Geographic Trends | Chicago
Chicago deals trend up in Q3'22
$2.5 B 120
95 100
$2.0 B 89 90
84 83
79
Deals
78 77
74 76 74 80
72
70 70 68
$1.5 B 66
62 62
53 60
$1.0 B
Funding
$0.7B 40
$0.5 B
20
$0.0 B 0
2018 2019 2020 2021 2022
118
Early-stage rounds account for 48% of all Chicago deals in 2022 so far
24% 21%
26% 25%
Other, 31%
13%
9% 10% 8%
Late-stage, 11%
11% 14% 13% 14%
Mid-stage, 10%
54% 52% 53% 52%

Early-stage, 48%
2018 2019 2020 2021 2022

YTD
119
Chicago: Top equity deals in Q3'22

Private equity GenNx360 Capital Computer Hardware & IT Services

1 ITsavvy $81M 2022-08-10
N/A
Partners Services IT Solutions & Software Development
11.6%
Venture Capital Internet Software & Services

2 Zap $65M 2022-08-10
N/A Ten31 Internet
Payments
9.2%
Undisclosed Internet Software & Services

3 Upfront Healthcare $62M 2022-08-30
N/A N/A Internet
Healthcare
8.7%
Series B Steele Foundation for Medical Devices & Equipment

4 Sibel $33M 2022-07-08
N/A
Hope
Healthcare
Patient Monitoring
4.7%

Series A
5 PriceLabs $30M 2022-07-28
$128M Summit Partners Internet Business Intelligence, Analytics & 4.3%
Performance Mgmt

5 FourKites $30M 2022-08-25
$1.0B N/A Internet
4.3%
Venture Capital Biotechnology

5 Cour Pharmaceuticals Development Co $30M 2022-09-08
N/A Alpha Wave Global Healthcare
N/A
4.3%
120
Dallas
121
State of Venture | Geographic Trends | Dallas
Dallas funding reaches $0.6B across 40 deals in Q3'22
$2.5 B 70
56 60
55
$2.0 B
46 47 50
43 43 44
42 42 41 42
$1.5 B 39
37
39 39 Deals
36 40
34 33
40
30
$1.0 B
Funding
$0.6B 20
$0.5 B
10
$0.1B $0.1B
$0.1B
$0.2B $0.2B $0.5B $0.3B $0.4B $0.7B $0.3B $0.5B $0.5B $0.4B $1.0B $0.4B $1.9B $1.9B $0.4B
$0.0 B 0
2018 2019 2020 2021 2022
122
Early-stage rounds account for 45% of Dallas deals in 2022 so far
19%
36% 35% Other, 33%

39%
15%
9%
14%
12% Late-stage, 16%
15%
10% Mid-stage, 6%
12%
7%
56%
39% 38%
2018 2019 2020 2021 2022

YTD
123
Dallas: Top equity deals in Q3'22
Round Round Industry % of Total

Company Round Amount Select Investors Sector
Date Valuation Subindustry Funding
Health & Wellness (non-

Venture Capital North Castle Partners, Rx3 Ventures,
1 Therabody $165M 2022-09-20
N/A
Hartbeat Ventures
Consumer Products & Services internet/mobile) 26.1%
N/A
Physicians Surgical Network Undisclosed Medical Facilities & Services

1 $165M 2022-08-23
N/A BTG Pactual Healthcare
26.1%
Affiliates
MVM Partners, Bluestem Capital

Venture Capital Personal
3 Neurolens $67M 2022-09-12
N/A Partners, Versant Ventures, Falcon Consumer Products & Services
Eyewear
10.6%
Vision

Growth Equity
4 SmartMoving $42M 2022-08-23
N/A Mainsail Partners Internet Business Intelligence, Analytics & 6.6%
Performance Mgmt
Series E Computer Networking Equipment

5 Baicells Technologies $37M 2022-08-01
N/A N/A Computer Hardware & Services
Wireless Networking
5.8%
124
Austin
125
State of Venture | Geographic Trends | Austin
Austin sees funding drop while deals trend up in Q3'22
$2.5 B 140
120
$2.0 B 107
100
90
81 Deals
$1.5 B 78 78
74 72 74 74 80
69 71
66 66 68
60 62
58 56 57
60
$1.0 B
Funding 40
$0.5B
$0.5 B
20
$0.0 B 0
2018 2019 2020 2021 2022
126
Early-stage rounds account for most of Austin deals
14% 17%
18% 18%
Other, 27%
8%
10% 11%
13%
18% Late-stage, 7%
12% 12%
11%
Mid-stage, 10%
60% 59% 60%

2018 2019 2020 2021 2022

YTD
127
Austin: Top equity deals in Q3'22


1 Happy Health $60M 2022-08-24
$307M ARCH Venture Partners
Telecommunications Health & Wellness
12.1%

2 FLASH $40M 2022-08-02
N/A Brookfield Asset Management Internet
8.1%
ITI Venture Capital Partners,

3 4M Analytics $30M 2022-09-20
N/A Insight Partners, F2 Capital, Viola Internet
Science & Engineering
6.0%
Ventures, Nir Erez
Venture Capital Grotech Ventures, Seven Peaks E-Commerce

4 CrowdStreet $28M 2022-07-06
N/A
Ventures
Internet
Marketplace
5.7%
Sweat Equity Ventures, Fitz Gate

Series B Mobile & Mobile Commerce
5 Spruce $26M 2022-07-19
N/A Ventures, Mercury Fund, New Age
Telecommunications Marketplace
5.2%
Ventures, Raven One Ventures
128
Miami
129
State of Venture | Geographic Trends | Miami
Quarterly funding sees slight uptick after two stagnant quarters
$2.5 B 120
Deals 100
93
$2.0 B 89
82
76 80
71
$1.5 B Funding
$1.3B
60
51
48 47
44 46 44
$1.0 B 41
40 39
37 37 37
40
32
24
$0.5 B
20
$0.1B $0.1B $0.2B

$0.1B $0.1B
$0.6B $0.5B $0.5B $0.2B $0.5B $0.2B $1.3B $0.3B $0.8B $1.5B $2.2B $1.2B $1.2B
$0.0 B 0
2018 2019 2020 2021 2022
130
Mid-stage deal share shrinks as late- and early-stage deals rise
28% 26% Other, 25%

31%
40%
10% Late-stage, 11%

17%
19% Mid-stage, 7%
8% 12%
8%
7% 9%
Early-stage, 57%
52%
48%
43% 43%
2018 2019 2020 2021 2022

YTD
131
Miami: Top equity deals in Q3'22

Private equity Electrical Product Distribution

1 EnergyX $450M 2022-07-27
N/A Global Emerging Markets Electronics
35.1%

2 Muck Rack $180M 2022-09-07
N/A Susquehanna Growth Equity Internet
Information Providers & Portals
14.0%
Corporate Minority Internet Software & Services

3 Avenue Securities $93M 2022-07-08
$266M Itau Unibanco Internet
7.3%
Series A Summit Partners, Brevan Howard, Castle Island Internet Software & Services
4 Halborn $90M 2022-07-19
$376M
Ventures, Digital Currency Group
Internet
7.0%
Series B Andreessen Horowitz, Nyca Partners, XYZ Internet Software & Services
5 Sardine $52M 2022-09-20
N/A
Ventures, Activant Capital, Alloy Labs
Internet
4.0%
132
Atlanta
133
State of Venture | Geographic Trends | Atlanta
Funding reaches its lowest point since Q2’20
$1,400M 100
90
$1,200M 80
80
$1,000M 68
66 70
60
54 60
$800M
50 49 49
47 47 Deals
44 50
43 42
41 40 48
$600M 38
35 40
33
30
$400M Funding
$256M 20
$200M
$79M 10
$151M $431M $468M $239M $359M $402M $153M $684M $181M $325M $934M $1,259M $994M $798M $549M $589M $456M
$0M 0
2018 2019 2020 2021 2022
134
Early, mid, and late-stage deal shares shrink in 2022 YTD
14%
27%
23% 23% Other, 25%
16%
10% 9%
Late-stage, 13%
16% 10%
13% 13%
Mid-stage, 6%
8%
61%
49%
2018 2019 2020 2021 2022

YTD
135
Atlanta: Top equity deals in Q3'22


Growth Equity
1 SingleOps $74M 2022-07-12
N/A FTV Capital, Five Elms Capital Internet Business Intelligence, Analytics & Performance 28.9%
Mgmt
Polychain Capital, Castle Island Ventures,

2 Yellow Card $40M 2022-09-19
N/A Fabric Ventures, Raba Capital, Third Prime Internet
15.6%
Capital
Series E Accel, Google Ventures, Permira, Stripes Internet Software & Services
3 FullStory $25M 2022-08-09
N/A
Group, Voyager Capital
Internet
Customer Relationship Management
9.8%

4 Evident $14M 2022-09-06
N/A Forte Ventures, Alumni Ventures, Gaingels Internet
5.5%
Series A Cox Enterprises, Great Oaks Venture Capital, Internet Software & Services
4 Motivo $14M 2022-08-18
N/A
SteelSky Ventures
Internet
Health & Wellness
5.5%
136
Philadelphia
137
State of Venture | Geographic Trends | Philadelphia
Deals are up 25% from Q2’22 levels
$2.0 B 120
$1.8 B
Deals 100
$1.6 B 91 89
84
$1.4 B
74 74 74 80
71
$1.2 B
58
$1.0 B 55 60
51 52
50
46 44 44
$0.8 B
40 39 Funding
37
31
$0.6B 40
$0.6 B
$0.4 B
20
$0.2 B
$0.0 B 0
2018 2019 2020 2021 2022
138
Early-stage deals hold steady, mid-stage deals fall in 2022 YTD
21% 21% Other, 23%

29% 28%
7%
14% Late-stage, 8%
8% 10%
13% Mid-stage, 6%
12% 14%
8%

50% 53% 51%
2018 2019 2020 2021 2022

YTD
139
Philadelphia: Top equity deals in Q3'22

Series D RTW Investments, Perceptive Advisors, Medical Devices & Equipment

1 Orchestra BioMed $110M 2022-07-05
N/A
SternAegis Ventures, Terumo
Healthcare
Therapeutic Devices
19.2%
Series D Disease Diagnosis

2 MedGenome Labs $50M 2022-08-30
$490M Novo Holdings, LeapFrog Investments, Sofina Healthcare
N/A
8.7%

3 PurpleLab $40M 2022-07-27
N/A Primus Capital, Edison Partners Internet
Healthcare
7.0%
Series A Deerfield Management, BioAdvance, IP Group, Biotechnology

3 Innervace $40M 2022-09-08
$57M
Penn Medicine, WARF Ventures
Healthcare
N/A
7.0%

Growth Equity
3 Fexa $40M 2022-07-28
N/A Mainsail Partners Internet Business Intelligence, Analytics & 7.0%
Performance Mgmt
140
Raleigh
141
State of Venture | Geographic Trends | Raleigh
Funding resets after a record-breaking Q2’22
$2.5 B 50
42
Deals 45
40
39 39 39
$2.0 B 38 38 40
37
35
33 33 35
32 32
30
$1.5 B 28 30
27 27
24
22 25
$1.0 B 20
15
Funding
$0.5 B 10
$0.3B
5
$0.1B
$0.3B $0.6B $0.3B $1.4B $0.4B $0.5B $0.0B $0.4B $0.1B $0.2B $1.9B $0.4B $1.2B $0.8B $0.5B $0.2B $2.2B
$0.0 B 0
2018 2019 2020 2021 2022
142
Early and mid-stage deal shares grow slightly so far in 2022
28% 27% 27% Other, 25%

31%
6%
Late-stage, 6%
10% 10%
11% Mid-stage, 11%

18% 8%
8%
11%
55% 56% 55% Early-stage, 57%

41%
2018 2019 2020 2021 2022

YTD
143
Raleigh: Top equity deals in Q3'22

Series C Electrical Product Distribution

1 FlexGen Power Systems $100M 2022-07-19
$743M Vitol Group Electronics
30.8%

2 ETON Solutions $38M 2022-07-12
N/A Navis Capital Partners Internet
11.7%

Series A Shield Capital, Calibrate Ventures, L3Harris Software (non-
3 Diveplane $25M 2022-09-12
N/A
Technologies, Sigma Defense Systems internet/mobile)
N/A
ARCH Venture Partners, Alexandria Venture

Series B Basic Materials
4 Reactive Biosciences $24M 2022-09-12
N/A Investments, Bill & Melinda Gates Foundation, Industrials
Agricultural Chemicals
7.2%
Elanco, Flagship Pioneering

5 Viably $20M 2022-07-26
N/A Angular Ventures, Bull City Venture Partners Internet
6.2%
144
Canada Trends
145
State of Venture | Geographic Trends | Canada Trends
Funding drops by 65% while deals fall 19% QoQ
$4.5 B 300
$4.0 B
231 250
$3.5 B 219 216
205 202
188 192
$3.0 B 200
180 176 177 177
168 172 169
165 165
$2.5 B 152
144
Deals
150
$2.0 B 143
$1.5 B 100
Funding
$1.0 B
$0.7B
50
$0.5 B
$0.0 B 0
2018 2019 2020 2021 2022
146
Early-stage deal share swells in 2022 YTD
18% 16% 14% Other, 15%

22%

13%
10% Mid-stage, 7%
8% 10%
8% 7%
65%
Early-stage, 69%
61% 60% 62%
2018 2019 2020 2021 2022

YTD
147
Canada: Top equity deals in Q3'22

Series A Seven Seven Six, 10T Fund, Acrew Capital, FTX Internet Software & Services
1 Doodles $54M 2022-09-13
$704M
Ventures
Internet
7.5%

Private equity
2 WellnessLiving $46M 2022-08-16
N/A McCarthy Capital Internet Business Intelligence, Analytics & 6.4%
Performance Mgmt
Series B Venn Growth Partners, Strand Equity Partners, E-Commerce

3 Monos $30M 2022-09-21
N/A
Michele Romanow
Internet
4.2%
Series C Bain Capital Ventures, Parker89, AlleyCorp, FJ Labs, Internet Software & Services
4 Properly $28M 2022-08-08
N/A
Golden Ventures
Internet
Real Estate
3.9%

5 Geeq $25M 2022-08-08
N/A
3.5%
Series B Computer Hardware & IT Services

6 Kaloom $21M 2022-09-08
N/A Alternative Capital Group, Government of Quebec
Services Networking
2.9%

7 Lil Durk $20M 2022-08-03
N/A N/A Internet
News & Discussion
2.8%

7 Evidence Partners $20M 2022-08-09
N/A Thomvest Ventures Internet
N/A
2.8%

Undisclosed
7 WellnessLiving $20M 2022-08-16
N/A CIBC Innovation Banking Internet Business Intelligence, Analytics & 2.8%
Performance Mgmt

7 Milk Moovement $20M 2022-07-12
N/A VMG Catalyst, Richard Cargill, SOSV Internet
2.8%
Series A Alate Partners, Bessemer Venture Partners, Navitas Internet Software & Services
7 VendorPM $20M 2022-08-23
N/A
Capital, Colliers, RXR Realty
Internet
Real Estate
2.8%
148
M&A exits fall for second consecutive quarter
127
123
116
103
M&A, 71
16
5 5 4
1 1 1 SPAC, 4
IPO, 4
2018 2019 2020 2021 2022
149
Canada: Top investors by company count in Q3'22
Investor Company Count Investor Group
1 Holt Xchange 7 VC
2 CPP Investments 6 Asset/investment management
3 BDC Capital 5 VC
3 OMERS Ventures 5 VC
5 Dapper Labs 4 Corp
5 Figment Capital 4 CVC
5 Golden Ventures 4 VC
5 Shopify 4 Corp
150
Toronto
151
State of Venture | Geographic Trends | Toronto
Funding hits a 7-quarter low
$1.8 B 100
$1.6 B 84 90
80
80
$1.4 B
70 70
68 67
64 65 70
$1.2 B
59
56 60
54 53
$1.0 B 50
48 49
47
45 50
Deals
$0.8 B 38 46
40
$0.6 B
30
$0.4 B
Funding 20
$0.2B
$0.2 B 10
$0.0 B 0
2018 2019 2020 2021 2022
152
Early-stage deal share rebounds after dipping in 2021
12% 10% Other, 13%

15% 14%
10% Late-stage, 7%
9% 7%
10%
9% 7% 11% Mid-stage, 8%
6%
68% 70% 72% 69% Early-stage, 72%
2018 2019 2020 2021 2022

YTD
153
Toronto: Top equity deals in Q3'22

Series C Bain Capital Ventures, Parker89, AlleyCorp, FJ Labs, Internet Software & Services
1 Properly $28M 2022-08-08
N/A
Golden Ventures
Internet
Real Estate
16.1%
Series A Alate Partners, Bessemer Venture Partners, Navitas Internet Software & Services
2 VendorPM $20M 2022-08-23
N/A
Capital, Colliers, RXR Realty
Internet
Real Estate
11.5%
Questa Capital, MaRS Investment Accelerator Fund,

3 ACTO $18M 2022-07-07
N/A Panache Ventures, Resolve Growth Partners, Internet
Advertising, Sales & Marketing
10.3%
Salesforce Ventures

4 Orium $11M 2022-08-22
N/A Tercera Internet
Web Development
6.3%
Series A KB Partners, Union Square Ventures, 6th Man Mobile Software & Services
5 Stadium Live $10M 2022-07-28
$32M
Ventures, Alumni Ventures, Breakout Capital
Mobile & Telecommunications
Sports
5.7%
Series C BDC Capital, Export Development Canada, Alabaster, Consumer Electronics

5 Muse $10M 2022-08-08
N/A
Intertech
Consumer Products & Services
N/A
5.5%
154
Vancouver
155
State of Venture | Geographic Trends | Vancouver
Deals fall for the fourth consecutive quarter
$1.2 B 45
40
$1.0 B 35 35 35
34
35
30
29
$0.8 B 28 28 30
26 26 26
24
23 25
22
$0.6 B 21 21
20 20
20
Deals
$0.4 B 1715
10
Funding
$0.2 B
$0.1B
5
$0.1B
$0.0 B 0
2018 2019 2020 2021 2022
156
Early-stage deal share reaches its highest point in 5 years
18% 17%
30% Other, 27%
12% 48% 16%

Late-stage, 4%
Mid-stage, 6%
13% 12%
13%
10%
9%
6%
Early-stage, 63%
57% 55%
49%
37%
2018 2019 2020 2021 2022

YTD
157
Vancouver: Top equity deals in Q3'22

Series A Seven Seven Six, 10T Fund, Acrew Capital, FTX Internet Software & Services
1 Doodles $54M 2022-09-13
$704M
Ventures
Internet
45.3%
Series B Venn Growth Partners, Strand Equity Partners, E-Commerce

2 Monos $30M 2022-09-21
N/A
Michele Romanow
Internet
25.2%
Series B Horizon Ventures, OurCrowd, Agricultural Bank of Biotechnology

3 SaNOtize $18M 2022-08-08
N/A
China
Healthcare
N/A
15.5%
Series A Home Furnishings & Accessories

4 Fable $7M 2022-07-28
N/A Listen Ventures, Sandpiper Ventures, True Consumer Products & Services
N/A
5.5%
Seed VC N49P Ventures, Plug and Play Ventures, Samsung Internet Software & Services
5 Lynk $3M 2022-09-20
N/A
NEXT, Simplex Trading, Tribe Capital
Internet
Payments
2.5%

Seed VC
5 cognitive3D $3M 2022-09-13
N/A Konvoy Ventures, Space Capital, Boost VC Software (non-internet/mobile) Performance Mgmt Software 2.1%
N/A
158
Asia Trends
159
State of Venture | Geographic Trends | Asia Trends
Funding falls by 33% to reach lowest level since Q2'20
$60.0B 5,000
4,500
$50.0B 3,998
4,000
3,547 3,548
3,312 3,500
$40.0B
Deals
3,036
2,884 2,939 2,890
2,782 3,000
2,521 2,580
2,410 2,437 2,435 2,469 2,485
$30.0B 2,265 2,500
2,059
1,968 Funding
2,000
$20.1B
$20.0B
1,500
1,000
$10.0B
500
$0.0 B 0
2018 2019 2020 2021 2022
160
Early-stage deal share surges to new high in 2022 YTD
6% 5% 7%
Other, 3%
12%
Late-stage, 10%
12% 12%
13%
Mid-stage, 15%
14% 15% 18%
17%

66%
62%
2018 2019 2020 2021 2022

YTD
161
Asia: Top equity deals in Q3'22


1 DANA $555M 2022-08-10
2.8%
N/A
Management Co., Industrial Bank
China
2.5%
Medical Facilities & Services

Series D ABC Impact, OrbiMed Advisors, Grand Flight
3 Dami & Xiaomi $420M 2022-07-29
N/A
Investment
China Healthcare Specialized Healthcare 2.1%
Services
Series G South Mobile & Mobile Software & Services
4 Toss $371M 2022-09-27
$6.4B Capital, Greyhound Capital, Korea Development
Korea Telecommunications Payments
1.8%
Bank
Series C South Computer Hardware & IT Services

5 MEGAZONE $343M 2022-08-16
$1.8B IMM Private Equity, MBK Partners
Korea Services Infrastructure & Hosting
1.7%
Series E BlackRock, Allianz Global Investors, Indonesia Internet Software & Services
6 Traveloka $300M 2022-09-29
N/A
Investment Authority, Orion Capital
Indonesia Internet
Travel
1.5%
Anhui Transportation Holding Group, Qingchuang

7 Deer Technology $292M 2022-09-16
$2.5B Bole, SDIC MY Industrial Capital, Turing Capital, China Electronics
1.4%
Zhidian Technology

N/A TCL Capital China Electronics
N/A
1.3%
Series B GIC, LINE Corporation, BRV Capital Management, E-Commerce

9 LINE MAN Wongnai $265M 2022-09-26
$1.0B
Bualuang Ventures, PTT
Thailand Internet
Food & Grocery
1.3%
D2 Investments, Bessemer Venture Partners,

10 DriveNets $262M 2022-08-17
$2.5B Atreides Management, D1 Capital Partners, Israel Internet
1.3%
Pitango Venture Capital
162
IPOs increase by 58% QoQ as M&A and SPAC deals fall
343
329
301
262
M&A, 223
IPO, 158
118
98 103 100
3 2 3 5
SPAC, 1
2018 2019 2020 2021 2022
163
Asia: Top investors by company count in Q3'22

1 Sequoia Capital China 30 VC China
3 ANRI 19 VC Japan
4 Mitsubishi UFJ Capital 18 CVC Japan
4 Shenzhen Capital Group 18 VC China
6 Global Brain 16 VC Japan
6 Legend Capital 16 VC China
6 Mizuho Capital 16 CVC Japan
6 Qiming Venture Partners 16 VC China
10 SBI Investment 15 CVC Japan
164
China
165
State of Venture | Geographic Trends | China
Funding hits 10-quarter low, deals drop by 26%
$40.0B 3,000
$35.0B
2,352 2,500
$30.0B
1,895 2,000
1,753 1,795
$25.0B
1,644
1,476 1,483 1,452
$20.0B 1,384 1,500
1,289 1,331 1,314
1,262
1,203 Deals
1,140 1,176
1,037 1,325
$15.0B
1,000
806 Funding
$10.0B $8.5B
500
$5.0 B
$0.0 B 0
2018 2019 2020 2021 2022
166
Early-stage deal share surges to a 5-year high in 2022 YTD
Other, 1%
7% 6%
11%
Late-stage, 7%
9% 10% 13%
14% Mid-stage, 20%
16% 17%
22%
21%
Early-stage, 72%
67% 66%
61%
55%
2018 2019 2020 2021 2022

YTD
167
China: Top equity deals in Q3'22

SummitView Capital, GF Xinde

Series C Science & Engineering
N/A Investment Management Co., Software (non-internet/mobile)
N/A
5.9%
Industrial Bank
Series D ABC Impact, OrbiMed Advisors, Grand Medical Facilities & Services
2 Dami & Xiaomi $420M 2022-07-29
N/A
Flight Investment
Healthcare
4.9%
Anhui Transportation Holding Group,

Series B Qingchuang Bole, SDIC MY Industrial Chips & Semiconductors
3 Deer Technology $292M 2022-09-16
$2.5B
Capital, Turing Capital, Zhidian
Electronics
3.4%
Technology

N/A TCL Capital Electronics
N/A
3.1%
Gaorong Capital, Yunfeng Capital,

5 Sirnoax $200M 2022-08-02
N/A ARCH Venture Partners, Eight Roads Healthcare
N/A
2.3%
Ventures, F-Prime Capital
168
India
169
State of Venture | Geographic Trends | India
Funding plummets by 58% QoQ
$12.0B 700
600
$10.0B
526 537
525
500
$8.0 B
404
Deals
400
$6.0 B 327 334 387

302 313 304
296 300 296
269 274 268 300
236
217 213
$4.0 B Funding
$2.8B 200
$2.0 B
100
$0.0 B 0
2018 2019 2020 2021 2022
170
Deal shares hold steady in 2022 YTD
Other, 5%
12% 13% Late-stage, 12%
14% 14%
12%
10% Mid-stage, 10%
12% 14%
70% 71% 74% Early-stage, 74%

68%
2018 2019 2020 2021 2022

YTD
171
India: Top equity deals in Q3'22

Private equity IIFL, Temasek, Artian Investments, Internet Software & Services
1 upGrad $210M 2022-08-08
N/A
Bharti Airtel Family Office, Bodhi Tree
Internet
Education & Training
7.5%
Series J Alpha Wave Global, Avendus Capital, E-Commerce

2 Lenskart $200M 2022-07-05
$4.5B
Epiq Capital
Internet
7.2%
Private equity General Atlantic, Kedaara Capital, Medical Facilities & Services
3 ASG Eye Hospitals $188M 2022-07-27
N/A
Foundation Holdings
Healthcare
6.7%
Series D Norwest Venture Partners, The Rise Mobile & Mobile Software & Services
4 EarlySalary $110M 2022-08-23
N/A
Fund, HDFC, Piramal Capital Telecommunications Accounting & Finance
3.9%
Temasek, Hummingbird Ventures,

5 OneCard $100M 2022-07-13
$1.4B Ocean View Investments, QED
3.6%
Investors, Sequoia Capital India

5 Rubix $100M 2022-07-05
N/A LDA Capital Internet
3.6%
Undisclosed E-Commerce
5 InsuranceDekho $100M 2022-07-07
N/A N/A Internet
Comparison Shopping
3.6%
172
Israel
173
State of Venture | Geographic Trends | Israel
Funding holds steady while deals fall for third consecutive quarter
180
$3.5 B
160
140
137
$3.0 B 140
127
122 Funding
$2.5 B 109 110 113 $2.4B 120
102 103 Deals
94 91 107
100
$2.0 B 84 87 84
81 80 79
76
80
$1.5 B
60
$1.0 B
40
$0.5 B
20
$0.0 B 0
2018 2019 2020 2021 2022
174
Early-deal share rises to 66% in 2022 YTD
6%
Other, 3%
11% 10% 12% Late-stage, 11%
11%
17% 19% 22%

Mid-stage, 20%
23%
67% 66% 63% Early-stage, 66%

59%
2018 2019 2020 2021 2022

YTD
175
Israel: Top equity deals in Q3'22

D2 Investments, Bessemer Venture

Series C Partners, Atreides Management, D1 Internet Software & Services
1 DriveNets $262M 2022-08-17
$2.5B
Capital Partners, Pitango Venture
Internet
10.8%
Capital
Private equity Berkshire Partners, van Rooyen & Computer Hardware & IT Services
2 MedOne $215M 2022-07-18
$439M
Partners, Taavura Group Services Data Storage & Security
8.9%
Apax Digital, MSD Partners, Sixth

Series E Internet Software & Services
3 Guesty $170M 2022-08-16
N/A Street Growth, Flashpoint Venture Internet
Content Management
7.0%
Capital, Viola Growth
Series D General Atlantic, Bessemer Venture Internet Software & Services

4 Hibob $150M 2022-08-17
$2.5B
Partners
Internet
6.2%
Koch Disruptive Technologies, State

5 Pliops $100M 2022-08-16
N/A of Mind Ventures, SK Hynix, Lip-Bu Internet
Data Storage
4.1%
Tan
Evolution Equity Partners, Lightspeed

5 Talon Cyber Security $100M 2022-08-04
N/A Venture Partners, George Kurtz, Internet
4.1%
Sorenson Ventures, Team8 Capital
176
Singapore
177
State of Venture | Geographic Trends | Singapore
Funding drops by 67% QoQ
$3.0 B 200
180
161 160
$2.5 B
160
143
137
131 140
$2.0 B 124
117 Deals
111 124120
106
97 100
94
$1.5 B 89 90 100
82 81 80
69 80
Funding
$1.0 B $0.8B 60
40
$0.5 B
20
$0.0 B 0
2018 2019 2020 2021 2022
178
Early-stage deal share climbs to 80% in 2022 YTD
5% 6% Other, 3%
12% 6%
7% Late-stage, 8%
10%
6% 10% Mid-stage, 9%
10% 11%

74% 74%
2018 2019 2020 2021 2022

YTD
179
Singapore: Top equity deals in Q3'22

Series A Non-Alcoholic Beverages

1 OATSIDE $66M 2022-08-05
N/A GGV Capital, Temasek Food & Beverages
N/A
7.8%

2 Inery $50M 2022-09-17
N/A GEM Digital Internet
5.9%
Series D DCM Ventures, Lavender Hill Internet Software & Services

2 Glints $50M 2022-08-29
N/A
Capital, Persol Holdings
Internet
5.9%

2 Lightnet $50M 2022-08-28
N/A LDA Capital Internet
5.9%
ITOCHU Corporation, KDV Capital,

Series C Mobile & Mobile Software & Services
5 Docquity $44M 2022-08-18
N/A Alkemi Venture Partners, Global
Telecommunications Social
5.2%
Brain, Infocom
180
Japan
181
State of Venture | Geographic Trends | Japan
Funding and deals continue to climb in Q3’22
$1.8 B
Deals
371 400
$1.6 B
342
350
$1.4 B 308 314 Funding
301
286 $1.2B
273 276 275 300
$1.2 B
258
251
234 237 237 239
222 250
$1.0 B
204
174 200
$0.8 B
151
$0.6 B 150
$0.4 B 100
$0.2 B 50
$0.0 B 0
2018 2019 2020 2021 2022
182
Early and mid-stage deal shares dip as late-stage share grows
8% Other, 11%
24% 24% 22% 18%

Late-stage, 19%
14% 14% 16%

20% Mid-stage, 15%
59% 58% 58% Early-stage, 56%

53%
2018 2019 2020 2021 2022

YTD
183
Japan: Top equity deals in Q3'22

Corporate Minority DeNA, Seibu Properties Mobile & Mobile Software & Services
1 Allm $182M 2022-07-05
N/A
Solutions Telecommunications Healthcare
14.8%
Series B Sompo Holdings, Yamaha Motor Software (non- Operating Systems & Utility Software
2 Tier IV $88M 2022-07-19
N/A
Company, Bridgestone internet/mobile) N/A
7.1%
Venture Capital Business Products & Advertising, Marketing & PR

3 Katana Marketing $60M 2022-09-28
N/A Cool Japan Fund
Services N/A
4.8%

4 CureApp $52M 2022-08-16
N/A The Carlyle Group
4.2%
Series B DG Ventures, MIRAISE, One Internet Software & Services

5 oVice $33M 2022-08-31
N/A
Capital, SBI Investment
Internet
Collaboration & Project Management
2.6%
184
Europe Trends
185
State of Venture | Geographic Trends | Europe Trends
Funding in Europe falls 36% QoQ
$35.0B
1,864 1,897 2,000

1,858
$30.0B 1,778
1,707
1,670
1,576
1,523 1,527 1,526 Deals
$25.0B 1,457 1,442 1,455
1,365 1,376 1,399 1,380 1,383 1,584
1,500
$20.0B
Funding
$14.8B 1,000
$15.0B
$10.0B
500
$5.0 B
$0.0 B 0
2018 2019 2020 2021 2022
186
Early-stage companies continue to dominate deal share in Europe
12% 9% 10% 9% Other, 10%
13% 11% 12% Late-stage, 12%

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

YTD
187
Europe: Top equity deals in Q3'22

Arbejdsmarkedets Tillaegspension, Baillie

Convertible Note Electrical Product Distribution
1 Northvolt $1.1B 2022-07-05
N/A Gifford & Co., Compagnia di San Paolo, Sweden Electronics
7.5%
Folksam, Forsta AP-Fonden
2 Klarna $800M 2022-07-11
$6.7B
Sweden Internet
Payments
5.4%

Series D Activant Capital, Qatar Investment Authority, Software (non-
3 Celonis $400M 2022-08-23
$13.0B
Accel, 83North, Arena Holdings Management
Germany
internet/mobile)
N/A
$5.6B
France Internet Business Intelligence, Analytics & 2.7%
Performance Mgmt

3 wefox $400M 2022-07-12
2.7%
Series A Banco BPM, Creator Partners, Intesa Sanpaolo, Mobile & Mobile Software & Services
6 Bending Spoons $340M 2022-09-27
N/A
Maximum Effort, Eric Schmidt
Italy
Telecommunications Application Development
2.3%
Undisclosed Renewables
7 NW Groupe $313M 2022-07-01
N/A RGreen Invest France Energy & Utilities
N/A
2.1%
Series D Addition, Block, Greyhound Capital, Lightrock, Mobile & Mobile Software & Services
8 Satispay $307M 2022-09-28
$1.0B
Tencent Holdings
Italy
2.1%
Undisclosed Biotechnology
9 Normax Biomed $305M 2022-07-18
N/A N/A Ireland Healthcare
N/A
2.1%
Undisclosed Computer Hardware & IT Services

10 Acronis $250M 2022-07-27
$3.5B BlackRock Switzerland
Services Data Storage & Security
1.7%
Series D Qatar Investment Authority, Creadev, Temasek, Agricultural Products & Related Activities
10 InnovaFeed $250M 2022-09-20
N/A
ABC Impact, Cargill
France Agriculture
N/A
1.7%
188
M&A exits and IPOs are down QoQ
1,058
1,014 1,027
901
M&A, 886
39 54 22 15
4 6 3 3 IPO, 11
SPAC, 3
2018 2019 2020 2021 2022
189
Europe: Top investors by company count in Q3'22

1 Speedinvest 19 VC Austria
2 Eight Roads Ventures 14 VC United Kingdom
2 Global Founders Capital 14 VC Germany
2 Index Ventures 14 VC United Kingdom
5 Firstminute Capital 13 VC United Kingdom
6 Creandum 12 VC Sweden
6 High-Tech Grunderfonds 12 VC Germany
6 Picus Capital 12 VC Germany
9 Kima Ventures 11 Angel France
10 Octopus Ventures 10 VC United Kingdom
10 Phoenix Court Group 10 VC United Kingdom
10 Vækstfonden 10 VC Denmark
190
United Kingdom
191
State of Venture | Geographic Trends | United Kingdom
Funding to UK-based companies falls by 55% QoQ
$10.0B 700
$9.0 B
555 600
$8.0 B 516
498 505
492
479
$7.0 B 500
414
393 400 397 391 Deals
$6.0 B 387
351
365
350
364
350 358 408400
$5.0 B
Funding 300
$4.0 B
$3.3B
$3.0 B 200
$2.0 B
100
$1.0 B
$0.0 B 0
2018 2019 2020 2021 2022
192
Late-stage deal share falls slightly in 2022 YTD
13%
9% 12% 9% Other, 10%
14%
12%
15% Late-stage, 12%
17%
9% 10% 9% Mid-stage, 9%
8%
68% 66% 68% Early-stage, 68%

62%
2018 2019 2020 2021 2022

YTD
193
United Kingdom: Top equity deals in Q3'22

Private equity Infracapital, Mitsubishi HC Capital, Energy & Renewables

1 GRIDSERVE $242M 2022-08-08
N/A
The Rise Fund Utilities Solar
7.3%
Kairos HQ, Evolve Healthcare Partners,

2 Cera $160M 2022-08-03
N/A Guinness Asset Management, Yabeo Internet
Healthcare
4.9%
Capital
Series C Dai-ichi Life Insurance, Anthemis, Internet Software & Services

3 YuLife $120M 2022-07-07
$800M
Creandum, Eurazeo, Latitude
Internet
3.6%
Series A Energy & Energy Efficiency

4 Connected Kerb $118M 2022-09-26
N/A Aviva Investors
Utilities N/A
3.6%

5 5ire $100M 2022-07-15
$1.5B Sram & Mram Group Internet
3.0%
194
Germany
195
State of Venture | Geographic Trends | Germany
Funding falls by 50% while deals increase by 10% QoQ
$7.0 B 350
$6.0 B 300
$5.0 B 238 Deals 250

220 217 220
195 198 198 200
191 192
$4.0 B 186 186 200
178 177
171 168
155 150
143
$3.0 B 150
Funding
$2.0 B $1.7B 100
$1.0 B 50
$0.0 B 0
2018 2019 2020 2021 2022
196
Early-stage deal share surges to 72% in 2022 YTD
9% 7% 6% Other, 5%
14% 15% Late-stage, 12%

14%
13%
Mid-stage, 11%
11% 13% 14%
11%
68%
Early-stage, 72%
66% 67% 66%
2018 2019 2020 2021 2022

YTD
197
Germany: Top equity deals in Q3'22

Activant Capital, Qatar Investment

Series D Software (non- Business Intelligence, Analytics & Performance Mgmt Software
1 Celonis $400M 2022-08-23
$13.0B Authority, Accel, 83North, Arena
22.9%
Holdings Management
Series D Mubadala, Horizons Ventures, Mobile & Mobile Software & Services
1 wefox $400M 2022-07-12
$4.5B
OMERS Ventures Telecommunications Accounting & Finance
22.9%
Morgan Stanley Expansion Capital,

3 DataGuard $61M 2022-09-22
N/A One Peak Partners, Kreos Capital, Internet
Compliance
3.5%
Bastian Nominacher, Carsten Thoma
Animoca Brands, Ash Park, New Life

4 Klang Games $41M 2022-07-06
N/A Ventures, Novator Partners, Internet
Gaming
2.3%
Angelhub Ventures
General Catalyst, Frontline Ventures,

5 Localyze $35M 2022-09-07
N/A Visionaries Club, Web Summit Internet
2.0%
Ventures, Job van der Voort
198
France
199
State of Venture | Geographic Trends | France
Funding and deals continue to fall from the record highs set in Q1’22
$5.0 B 300
265
$4.5 B
246 250
250
$4.0 B 230
212 216 214 211
202 199 202
$3.5 B
188 Deals 200
180 183 180
171 174
$3.0 B
154
140 Funding
$2.5 B 150
$2.1B
$2.0 B
100
$1.5 B
$1.0 B
50
$0.5 B
$0.0 B 0
2018 2019 2020 2021 2022
200
Early-stage deal share rebounds to 70% in 2022 YTD
11% 10% 12% Other, 9%

15%
11% 11%
11%
Late-stage, 12%
13%
9% 9%
9%
Mid-stage, 9%
8%
69% 70% 68% Early-stage, 70%

64%
2018 2019 2020 2021 2022

YTD
201
France: Top equity deals in Q3'22

Sixth Street Growth, BlackRock,

$5.6B Bpifrance, Canaan Partners, Internet
18.7%
Eurazeo
Undisclosed Energy & Renewables

2 NW Groupe $313M 2022-07-01
N/A RGreen Invest
Utilities N/A
14.6%
Qatar Investment Authority,

Series D Agricultural Products & Related Activities
3 InnovaFeed $250M 2022-09-20
N/A Creadev, Temasek, ABC Impact, Agriculture
N/A
11.7%
Cargill
Series B Kharis Capital, Verlinvest, Restaurants

4 Not So Dark $80M 2022-09-26
N/A
Convivialité Ventures
Leisure
N/A
3.7%
Jeito Capital, UPMC Enterprises,

Series B Drug Development
5 SparingVision $75M 2022-09-14
N/A 4BIO Capital, Bpifrance, Ysios Healthcare
N/A
3.5%
Capital Partners
202
Netherlands
203
State of Venture | Geographic Trends | Netherlands
Funding to Netherlands-based companies hits an 8-quarter low
$3.0 B 140
120
$2.5 B
100
93 100
89
$2.0 B 85
75 76 Deals
80
68 81
66
$1.5 B 62 62
58 59 59 58 57
53 55 60
52
$1.0 B
40
Funding
$0.5 B $0.4B
20
$0.2B
$0.0 B 0
2018 2019 2020 2021 2022
204
Early-stage deal share surges to 68%
14% 14% 16% 13% Other, 13%
11% 13% 10% 15%

Late-stage, 11%
7% 7% Mid-stage, 8%
14%
13%

61% 59%
2018 2019 2020 2021 2022

YTD
205
Netherlands: Top equity deals in Q3'22

Series D Automotive & Automobile Manufacturing

1 Lightyear $81M 2022-09-06
N/A DELA, SHV Holdings NV, Invest-NL
Transportation N/A
19.3%

2 GRNGrid $50M 2022-09-20
N/A GEM Digital Internet
11.9%
Venture Capital Equinor Ventures, Invest-NL, Enfuro Ventures, Electrical Product Distribution
3 Elestor $30M 2022-08-30
N/A
Somerset Capital Partners, Vopak Ventures
Electronics
7.1%
Activate Capital, Participatiefonds Duurzame

Series C Software (non- Environment
4 Sympower $23M 2022-07-19
N/A Economie Noord-Holland, Rockstart, Rubio
5.4%
Impact Ventures, Expon Capital
Undisclosed Chips & Semiconductors

5 PHIX $20M 2022-07-28
N/A National Growth Fund Electronics
4.9%
206
Sweden
207
State of Venture | Geographic Trends | Sweden
Funding sees an 85% jump from Q2’22 levels
200
$4.5 B
180
$4.0 B 162
160
$3.5 B 137
140
126
122
$3.0 B
113 111 114
110
Funding 120
105 107
98
$2.4B
$2.5 B 95 Deals
91 90 89 100
81 82 99
$2.0 B 77
80
$1.5 B
60
$1.0 B 40
$0.5 B 20
$0.0 B 0
2018 2019 2020 2021 2022
208
Early- and late-stage deal shares see slight uptick in 2022 YTD
12% 9% 10% Other, 11%

14%
8% 9%
11% 8%
Late-stage, 11%
9%
9%
6%
14%
Mid-stage, 12%
70% 74% 72%

2018 2019 2020 2021 2022

YTD
209
Sweden: Top equity deals in Q3'22

Convertible Note Arbejdsmarkedets Tillaegspension, Baillie Gifford & Co., Electrical Product Distribution
1 Northvolt $1.1B 2022-07-05
N/A
Compagnia di San Paolo, Folksam, Forsta AP-Fonden
Electronics
44.9%
Private equity Sequoia Capital, BESTSELLER, Commonwealth Bank of Internet Software & Services
2 Klarna $800M 2022-07-11
$6.7B
Australia, Silver Lake, CPP Investments
Internet
Payments
32.7%
Series B AMF Pensionsforsakring, GIC, Schaeffler Group, Altor Steel

3 H2 Green Steel $189M 2022-08-31
N/A
Equity Partners, Cristina Stenbeck
Metals & Mining
N/A
7.7%
Series D E-Commerce
4 Matsmart $38M 2022-09-01
N/A EXOR, SEB Private Equity, Blume Equity, Refood Invest Internet
Food & Grocery
1.5%
Series B Blume Equity, 2150, ETF Partners, Future Five, Horizons Internet Software & Services
5 Normative $32M 2022-07-21
N/A
Ventures
Internet
1.3%
210
LatAm & Caribbean
Trends
211
State of Venture | Geographic Trends | LatAm & Caribbean Trends
Funding falls for the fifth consecutive quarter
$8.0 B 400
$7.0 B 350
316
299
$6.0 B 300
269
Deals
$5.0 B
224 225 226 250
215
$4.0 B 176 200

169
158 162
154
145 146
136 139
$3.0 B 127 150
112
105
$2.0 B 100
Funding
$1.1B
$1.0 B 50
$0.2B
$0.0 B 0
2018 2019 2020 2021 2022
212
Early-stage deal share swells to 75%
11% 10% 12%

7% Other, 8%
12% Late-stage, 10%
12% 14% 10%
10%
Mid-stage, 7%
7% 7%
72% 71% 72%

Early-stage, 75%
69%
2018 2019 2020 2021 2022

YTD
213
LatAm & Caribbean: Top equity deals in Q3'22

Undisclosed Creation Investments Capital Internet Software & Services

1 DD360 $91M 2022-08-09
N/A
Management
Mexico Internet
8.3%
2 Origo Energia $85M 2022-08-01
N/A Augment Infrastructure, IFU Brazil Energy & Utilities
Solar
7.7%
Series C E-Commerce
3 Frubana $63M 2022-07-07
N/A GGV Capital Colombia Internet
Food & Grocery
5.8%

4 Creditas $50M 2022-07-08
N/A Andbank Brazil Internet
4.5%
Series C BAI Capital, GGV Capital, GIC, General Mobile Software & Services
4 stori $50M 2022-07-15
$1.2B
Catalyst, Lightspeed Venture Partners
Mexico Mobile & Telecommunications
4.5%
Series C Lightrock, Riverwood Capital, SoftBank Internet Software & Services

6 Cortex $48M 2022-09-30
N/A
Latin America Fund
Brazil Internet
4.4%
Corporate Minority Environmental Services & N/A

7 Carbonext $40M 2022-07-11
N/A Shell Brazil
Equipment N/A
3.6%

7 Deribit $40M 2022-09-26
$400M 10T Fund, Akuna Capital, QCP Capital Panama Internet
3.6%
Venture Capital Mobile Software & Services

9 Geopagos $35M 2022-08-04
N/A Riverwood Capital, Endeavor Argentina Mobile & Telecommunications
Payments
3.2%
Series D Kamaroopin, Lightrock, Madrone Capital Internet Software & Services

10 Dr. Consulta $34M 2022-08-01
N/A
Partners
Brazil Internet
Health & Wellness
3.1%
214
M&A exits continue to fall while SPACs and IPOs see slight uptick
163
153
147
111
M&A, 101
8
1 2 SPAC, 2
IPO, 2
2018 2019 2020 2021 2022
215
LatAm & Caribbean: Top investors by company count in Q3'22
1 FTX Ventures 15 CVC Bahamas
2 GEM Digital 10 Asset/investment management Bahamas
3 BossaNova Investimentos 8 VC Brazil
4 Monashees+ 7 VC Brazil
5 Canary VC 6 VC Brazil
6 Domo Invest 4 VC Brazil
6 Urca Angels 4 Angel Brazil
216
Mexico
217
State of Venture | Geographic Trends | Mexico
Funding falls by 51% while deals nearly double QoQ
$1,600M 70
$1,400M
60
53
$1,200M
50
Deals
43
$1,000M 40 41 41
39
40
$800M 31
30
26 30
25 25
$600M 23 22
19
17 20
$400M 15 14 15 Funding
10 $250M
10
$200M
$70M $58M $61M
$33M $32M
$7M $129M $600M $162M $164M $132M $199M $210M $1,365M $1,497M $698M $267M $507M
$0M 0
2018 2019 2020 2021 2022
218
Early-stage deal share surges to 82%
10% Other, 7%
5% 7% 11% Late-stage, 3%
8% 10%
Mid-stage, 9%
10%
88%
76%
2018 2019 2020 2021 2022

YTD
219
Mexico: Top equity deals in Q3'22


1 DD360 $91M 2022-08-09
N/A Creation Investments Capital Management Internet
36.4%
Series C BAI Capital, GGV Capital, GIC, General Catalyst, Mobile & Mobile Software & Services
2 stori $50M 2022-07-15
$1.2B
Lightspeed Venture Partners Telecommunications Accounting & Finance
20.0%
Series A Stepstone Group, Sequoia Capital, Bullpen Mobile & Mobile Software & Services
3 Draftea $20M 2022-09-01
N/A
Capital, Courtside Ventures, Kaszek Ventures Telecommunications Gambling
8.0%
Series A Upload Ventures, 500 Global, MGV Capital, Internet Software & Services
4 Plerk $12M 2022-08-29
N/A
Magma Partners
Internet
4.8%
Series A Software (non- Billing, Expense Management & Procurement

5 Mendel $10M 2022-09-21
N/A N/A
4.2%
Series A Tenacity Venture Capital, Broom Ventures, Internet Software & Services
5 Kapital $10M 2022-07-08
N/A
FoundersXFund, Pioneer Fund, Soma Capital
Internet
4.0%
220
Brazil
221
State of Venture | Geographic Trends | Brazil
Funding and deals continue to fall in Q3’22
$6.0 B 200
180
165
$5.0 B 158
154
160
130 140
$4.0 B
118 118
120
102
97 100 Deals
$3.0 B 90 92 105100
86
76 75
68 68 80
63
$2.0 B
60
45
Funding 40
$1.0 B
$0.6B
$0.3B 20
$0.3B
$0.3B $0.1B $0.8B $0.6B $1.0B $0.6B $0.5B $1.0B $1.1B $1.2B $1.9B $4.8B $2.4B $2.3B $1.5B $0.9B
$0.0 B 0
2018 2019 2020 2021 2022
222
Early- and late-stage deal shares increase
10% 9% 8% Other, 7%
12%
14%
14% Late-stage, 17%
18% 14%
6%
7%
10% Mid-stage, 7%
9%
70% 67% 68% Early-stage, 70%

63%
2018 2019 2020 2021 2022

YTD
223
Brazil: Top equity deals in Q3'22

1 Origo Energia $85M 2022-08-01
N/A Augment Infrastructure, IFU Energy & Utilities
Solar
15.3%

2 Creditas $50M 2022-07-08
N/A Andbank Internet
9.0%
Series C Lightrock, Riverwood Capital, Internet Software & Services

3 Cortex $48M 2022-09-30
N/A
SoftBank Latin America Fund
Internet
8.6%
Corporate Minority Environmental Services & N/A

4 Carbonext $40M 2022-07-11
N/A Shell
Equipment N/A
7.2%
Series D Kamaroopin, Lightrock, Madrone Internet Software & Services

5 Dr. Consulta $34M 2022-08-01
N/A
Capital Partners
Internet
Health & Wellness
6.1%
224
Colombia
225
State of Venture | Geographic Trends | Colombia
Funding plummets 75% from Q2’22 levels
$1.2 B 45
40
$1.0 B 35
35
$0.8 B 30
Deals 25
22
$0.6 B
21
20
18 18 20
17 17
16 16 16
$0.4 B 15
11 11
10 10 10
10
$0.2 B 6
5
Funding
4
$0.1B 5
$0.1B $0.1B $0.1B
$0.0B $0.0B
$0.2B $0.0B $0.2B $0.0B $0.1B $1.0B $0.0B $0.4B $0.2B $0.8B $0.3B $0.5B $0.4B
$0.0 B 0
2018 2019 2020 2021 2022
226
‘Other’ deals account for 8% of deal share in 2022 YTD
5% 8%
12%
Other, 8%
5% Late-stage, 3%
11% 26%
10% Mid-stage, 13%
88%
74% 72%
2018 2019 2020 2021 2022

YTD
227
Colombia: Top equity deals in Q3'22

Series C E-Commerce
1 Frubana $63M 2022-07-07
N/A GGV Capital Internet
Food & Grocery
65.5%
Tiger Global Management,

2 Treble.ai $15M 2022-07-21
N/A FundersClub, Twilio Ventures, Gokul
Telecommunications Customer Relationship Management
15.5%
Rajaram
Canary VC, 8VC, Global Founders

Pre-Seed Mobile & Mobile Software & Services
3 Bia $6M 2022-07-27
N/A Capital, Marathon Ventures,
Telecommunications Environment
6.2%
MatterScale Ventures
Seed VC CMT Digital, Dune Ventures, FJ Labs, Internet Software & Services
4 Minteo $4M 2022-09-29
N/A
Fabric Ventures, G20 Ventures
Internet
4.4%

5 Home Capital $3M 2022-08-17
N/A Bancolombia Ventures Internet
Real Estate
3.1%
228
Argentina
229
State of Venture | Geographic Trends | Argentina
Funding continues to increase as deals rebound in Q3’22
$600M 35
30
$500M
Deals
25
24
25
$400M
20
20
17
$300M 16
14
13 15
12
$200M 10 10 10
9 Funding
8 8 10
7 7 $118M
5
$100M 4
3 5
$18M $17M $9M $12M

$5M $39M $2M $53M $3M $176M $6M $2M $61M $118M $480M $90M $53M $92M
$0M 0
2018 2019 2020 2021 2022
230
Early-stage deal share grows to 88% in 2022 YTD
7% 5% Other, 8%
13% 16% 8% Late-stage, 3%
11% Mid-stage, 2%
5% 7%
16%
11%
6%
Early-stage, 88%
79% 80%
68%
65%
2018 2019 2020 2021 2022

YTD
231
Argentina: Top equity deals in Q3'22

Venture Capital Mobile & Mobile Software & Services

1 Geopagos $35M 2022-08-04
N/A Riverwood Capital, Endeavor
29.8%
Series A Algorand, G2 Momentum Capital, Internet Software & Services

2 Koibanx $22M 2022-08-18
N/A
Innogen Capital, Borderless Capital
Internet
18.7%
Index Ventures, Insight Partners,

3 Pomelo $15M 2022-08-18
N/A BoxGroup, Clocktower Technology Internet
12.8%
Ventures, Monashees+

4 Mudafy $10M 2022-08-02
N/A Founders Fund, IDC Ventures Internet
8.5%
Andreessen Horowitz, Atlantico,

Seed VC Mobile & Mobile Software & Services
5 Fudo $8M 2022-08-19
N/A Maya Capital, Collaborative Fund,
Telecommunications Point of Sale
6.4%
Goodwater Capital
232
Chile
233
State of Venture | Geographic Trends | Chile
Funding plummets 94% from Q2’22
$350M 30
$300M
25
21
$250M
19 20
18
$200M 16
Deals
15
13 13 13 13 13 15
$150M
10 10
9 10
8
$100M 7 7 7
5
5
$50M 3
Funding
$8M $8M $7M $8M
$14M $10M
$0M $32M $38M $22M $1M $50M $90M $7M $150M $297M $220M $189M $173M
$0M 0
2018 2019 2020 2021 2022
234
Early-stage deal share increases by 8% in 2022 YTD
7% Other, 6%
21% 21% 11% Late-stage, 4%
7% Mid-stage, 4%
7%
8%
13%
83%
Early-stage, 87%
79%
71%
66%
2018 2019 2020 2021 2022

YTD
235
Chile: Top equity deals in Q3'22

Genesis Ventures, Platanus Ventures,

1 Reversso $2M 2022-08-09
N/A Grupo Prisma, Hero Capital, Alan Internet
15.3%
Weschler
Hero Capital, LarrainVial Asset

1 Keiron $2M 2022-08-31
N/A Management, Agustin Soler, Enrique Internet
14.4%
Besa, Jaime Arrieta
Seed VC Medical Devices & Equipment

3 TrainFES $1M 2022-07-14
N/A Amarena, Invexor Capital Healthcare
Therapeutic Devices
13.4%

3 TripYeah $1M 2022-08-25
N/A Genesis Ventures, CoreAngels Internet
Travel
10.5%
Pre-Seed Mobile & Mobile Commerce

3 Appcar $1M 2022-07-30
N/A Ameris Capital
Telecommunications Travel (mobile)
9.6%

3 Owny $1M 2022-09-02
N/A H32 Capital, SC Ventures Internet
Real Estate
9.6%
236
Africa Trends
237
State of Venture | Geographic Trends | Africa Trends
Funding drops by 54% as deals fall by 13% QoQ
$1,400M
200
$1,200M
173
157
$1,000M
140 150
135
125 127
$800M 116
109 111 Deals
106
99 102 117
94 95
89 88 100
$600M
79
Funding
$400M 55 $367M
50
$200M
$76M
$107M $238M $306M $144M $167M $144M $275M $165M $192M $110M $400M $295M $245M $1,247M $676M $922M $804M
$0M 0
2018 2019 2020 2021 2022
238
Late-stage deal share grows as mid- and early-stage shares shrink
7% 7% 9% Other, 7%
5%
Late-stage, 7%
12% 8% Mid-stage, 3%
17%

78% 79%
72%
2018 2019 2020 2021 2022

YTD
239
Africa: Top equity deals in Q3'22

QED Investors, British

1 TeamApt $50M 2022-08-10
N/A International Investment, Nigeria Internet
13.6%
Novastar Ventures, Lightrock
West Indian Ocean Cable Corporate Minority International Finance Mobile & Telecom Services
2 $30M 2022-09-28
N/A
Corporation
Mauritius
Telecommunications Diversified & Bundled
8.2%
Company

3 Scorefam $25M 2022-07-18
N/A Global Emerging Markets Nigeria Internet
Gambling
6.8%
Series A Impact 46, Nuwa Capital, Outliers E-Commerce

4 Homzmart $23M 2022-08-01
N/A
Venture Capital, Rise Capital, STV
Egypt Internet
Home Furnishings & Improvement
6.3%
Partech Partners, TLcom Capital,

5 VendEase $20M 2022-09-26
N/A Hack VC, Hustle Fund, MAGIC Nigeria Internet
Retail & Inventory
5.5%
Fund

6 iiDENTIFii $15M 2022-09-28
N/A Arise, Sanari Capital, Bill Spruill South Africa Internet
4.1%
Seed VC NeoVision Ventures, DLF Family Mobile & Mobile Software & Services
7 NowNow $13M 2022-09-07
N/A
Office, Shadi Abdulhadi
Nigeria
3.5%
240
Africa: Top equity deals in Q3'22

Silicon Badia, Global Ventures,

Series A E-Commerce
8 Cartona $12M 2022-07-25
N/A Kepple Africa Ventures, Sanad, Egypt Internet
B2B Commerce
3.3%
Sunny Side Venture Partners
Alitheia IDF, Futuregrowth Asset

Series D Management, Michael & Susan E-Commerce
9 SweepSouth $11M 2022-09-26
N/A
Dell Foundation, Naspers, Caruso
South Africa Internet
Marketplace
3.0%
Ventures
Series A Tanzania, United Internet Software & Services

10 Ramani $10M 2022-08-10
N/A Martin Ventures
Republic of
Internet
2.8%
AfricInvest, Novastar Ventures,

Series A Insurance
10 Turaco $10M 2022-09-01
N/A Zephyr Acorn, Enza Capital, Kenya Finance
Health Insurance
2.7%
Operator Stack Fund
Corporate Minority Internet Software & Services

10 KuCoin $10M 2022-07-21
N/A Susquehanna International Group Seychelles Internet
2.7%
Knife Capital, Industrial Manufacturing, Warehousing & Industrial

Series A Software (non-
10 DataProphet $10M 2022-08-10
N/A Development Corporation, South Africa
internet/mobile)
Software 2.7%
Norican N/A
241
The region sees its first IPO of the year in Q3’22
28
27
M&A, 26
23
21
IPO, 1
2018 2019 2020 2021 2022
242
Africa: Top investors by company count in Q3'22
1 Launch Africa 6 VC Mauritius
2 UM6P Ventures 4 VC Morocco
3 AfricInvest 3 Private equity Tunisia
3 Entrepreneurs for Entrepreneurs Africa 3 VC South Africa
3 Huobi Ventures 3 CVC Seychelles
3 KuCoin 3 Corp Seychelles
3 LoftyInc Capital Management 3 Asset/investment management Nigeria
3 MEXC 3 Corp Seychelles
3 Newtown Partners 3 Angel South Africa
243
Egypt
244
State of Venture | Geographic Trends | Egypt
Funding and deals continue to fall in Q3’22
$400M 50
45
$350M
39
37 40
$300M
32 35
30
$250M
28 28 28 28 30
27
25 25
$200M 23 23 25
19 Deals
$150M 2120
12 15
$100M 10
9
Funding
$61M 10
6
$50M
5
$16M $18M
$10M $10M $7M $9M $5M $7M
$2M $1M $28M $37M $108M $80M $368M $64M $139M $102M
$0M 0
2018 2019 2020 2021 2022
245
Early-stage deal share falls by 6% in 2022 YTD
Other, 5%
6%
Late-stage, 8%
Mid-stage, 1%
94% 94% 92%

2018 2019 2020 2021 2022

YTD
246
Egypt: Top equity deals in Q3'22

Company Round Valuation Select Investors Sector
Amount Date Subindustry Funding
Series A Impact 46, Nuwa Capital, Outliers E-Commerce

1 Homzmart $23M 2022-08-01
N/A
Venture Capital, Rise Capital, STV
Internet
Home Furnishings & Improvement
37.8%
Silicon Badia, Global Ventures,

Series A E-Commerce
2 Cartona $12M 2022-07-25
N/A Kepple Africa Ventures, Sanad, Internet
B2B Commerce
19.7%
Sunny Side Venture Partners
Undisclosed E-Commerce
3 OneOrder $7M 2022-08-08
N/A Contact Financial Holding Internet
B2B Commerce
10.7%
Pre-Seed E-Commerce
4 Mazaya $5M 2022-09-27
N/A Raya Trade & Distribution Internet
B2B Commerce
8.2%

5 Convertedin $3M 2022-08-10
N/A Merak Capital, 500 Global, MSAS Internet
4.9%
A15, CVentures, Foundation

Seed VC E-Commerce
5 The Fashion Kingdom $3M 2022-07-26
N/A Ventures, Lotus Capital, Raba Internet
4.3%
Capital
247
Nigeria
248
State of Venture | Geographic Trends | Nigeria
Funding triples QoQ while deals continue to fall
$600M 70
60
$500M
51
50
45
$400M 43
39 39
36 40
34 Deals
$300M
35
30
23 24 24 23
$200M Funding
19 19
16 17 $149M 20
14 13
$100M 9
10
$25M $22M $25M $23M $31M
$14M
$47M $43M $34M $78M $164M $50M $129M $133M $551M $178M $198M $37M
$0M 0
2018 2019 2020 2021 2022
249
Early-stage companies continue to dominate deal share
Other, 2%
9% 6%
Late-stage, 2%
8%
Mid-stage, 2%
8%
95%
91%
Early-stage, 95%
88%
80%
2018 2019 2020 2021 2022

YTD
250
Nigeria: Top equity deals in Q3'22

Company Round Valuation Select Investors Sector
Amount Date Subindustry Funding
Series B QED Investors, British International Internet Software & Services

1 TeamApt $50M 2022-08-10
N/A
Investment, Novastar Ventures, Lightrock
Internet
33.5%

2 Scorefam $25M 2022-07-18
Gambling
16.7%
Series A Partech Partners, TLcom Capital, Hack VC, Internet Software & Services
3 VendEase $20M 2022-09-26
N/A
Hustle Fund, MAGIC Fund
Internet
Retail & Inventory
13.4%
Seed VC NeoVision Ventures, DLF Family Office, Mobile & Mobile Software & Services
4 NowNow $13M 2022-09-07
N/A
Shadi Abdulhadi Telecommunications Accounting & Finance
8.7%
Crestone Venture Capital, Goodwater

Seed VC Mobile & Mobile Software & Services
5 Kippa $8M 2022-09-12
N/A Capital, Horizon Partners Ltd.,
5.6%
Rocketship.vc, Saison Capital
251
South Africa
252
State of Venture | Geographic Trends | South Africa
Deals see slight uptick while funding drops for third consecutive quarter
$300M 40
35
$250M
29
30
27
26 Deals
$200M 25 25 25
23 23 25
22 22 22
21 21
20
19 19
$150M 20
16
14
15
$100M 12
Funding 10
$51M
$50M
5
$13M $14M $15M
$5M $8M $10M
$193M $39M $23M $32M $25M $137M $34M $35M $113M $280M $105M $60M
$0M 0
2018 2019 2020 2021 2022
253
Late-stage deal share grows by 6 percentage points in 2022 YTD
5% 6% Other, 8%
9% 12%

25%
28%
8%
6% Mid-stage, 5%
6%
5%
71%
64% 61%
2018 2019 2020 2021 2022

YTD
254
South Africa: Top equity deals in Q3'22


1 iiDENTIFii $15M 2022-09-28
N/A Arise, Sanari Capital, Bill Spruill Internet
29.7%
Alitheia IDF, Futuregrowth Asset

Series D Management, Michael & Susan E-Commerce
2 SweepSouth $11M 2022-09-26
N/A
Dell Foundation, Naspers, Caruso
Internet
Marketplace
21.8%
Ventures
Knife Capital, Industrial

Series A Software (non- Manufacturing, Warehousing & Industrial Software
3 DataProphet $10M 2022-08-10
N/A Development Corporation,
19.8%
Norican
Imvelo Ventures, Pallidus, Shaolin

Seed VC Stock Exchanges
4 Cape Town Stock Exchange $5M 2022-08-19
N/A Investments, Gary Stroebel, Finance
N/A
9.9%
Lebashe Investment Group
Africa Foresight Fund, HashKey

5 Metaverse Magna $3M 2022-09-05
N/A Capital, IndiGG, LD Capital, Internet
6.3%
Taureon
Seed VC Alcoholic Beverages

5 Spearhead Spirits $3M 2022-07-11
N/A Pendulum Food & Beverages
N/A
5.9%
255
Australia Trends
256
State of Venture | Geographic Trends | Australia Trends
Funding and deals hold steady in Q3’22
$2.5 B 200
180
159 159 162
$2.0 B 160
140
125 Deals
$1.5 B 110 110 120
102 105
97 97
100
82 85
80 79 79
74
$1.0 B 68 69 80
62
Funding
$0.7B 60
$0.5 B 40
20
$0.0 B 0
2018 2019 2020 2021 2022
257
Early-stage deal share grows to 71% in 2022 YTD
7% 10% 10% Other, 8%

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

YTD
258
Australia: Top equity deals in Q3'22

MegaChips Corporation, Blackbird Ventures, Chips & Semiconductors

Series B
1 Morse Micro $94M 2022-09-07
N/A Clean Energy Finance Corporation, Main Australia Electronics Semiconductors: Memory, Networking & Sensor 13.4%
Sequence Ventures, Skip Capital Chips
Private equity Mobile & Mobile Software & Services

2 Sphynx Labs $50M 2022-07-06
N/A Global Emerging Markets New Zealand
Telecommunications Asset & Financial Management & Trading
7.1%
Series B Tiger Global Management, AS1 Growth Internet Software & Services
3 HIVERY $30M 2022-07-14
N/A
Partners, Blackbird Ventures, OneVentures
Australia Internet
4.3%
Clean Energy Finance Corporation, IP Group

Series A Renewables
3 Hysata $30M 2022-08-01
N/A Australia, BlueScope Steel, Hostplus, Vestas Australia Energy & Utilities
Hydrogen/Fuel Cell
4.2%
Ventures
Series A Base10 Partners, Index Ventures, Craft Internet Software & Services
5 Okendo $26M 2022-07-14
N/A
Ventures
Australia Internet
3.7%
Series B Blackbird Ventures, MA Financial Group, Mobile & Mobile Software & Services
6 Sonder $24M 2022-09-15
N/A
SecondQuarter Ventures, Seek Ventures
Australia
Telecommunications Health & Wellness
3.4%
Acorn Capital, Artesian Capital Management,

7 mx51 $22M 2022-07-19
N/A Commencer Capital, Mastercard, Australia Internet
Payments
3.2%
Rampersand

8 Shaype $21M 2022-09-26
N/A Regal Investment Partners Australia Internet
3.1%
Series A Bessemer Venture Partners, Main Sequence Internet Software & Services
9 Lumachain $20M 2022-08-24
N/A
Ventures
Australia Internet
2.8%
Series A Meat, Fish, Seafood, & Alternative Proteins

10 All G Foods $17M 2022-08-04
N/A Agronomics Australia Food & Beverages
N/A
2.5%
Undisclosed Automotive & Automobile Manufacturing

10 Applied EV $17M 2022-07-28
$150M N/A Australia
Transportation N/A
2.4%
259
M&A exits tick up in Q3’22
95 95
84
72 M&A, 78
11
5
2 1 1 SPAC, 0
IPO, 0
2018 2019 2020 2021 2022
260
Australia: Top investors by company count in Q3'22
1 Blackbird Ventures 8 VC Australia
2 Square Peg Capital 6 VC Australia
3 Artesian Capital Management 5 Asset/investment management Australia
4 Justin Hamilton 3 Angel New Zealand
4 OIF Ventures 3 VC Australia
261
State of Venture
Report Methodology Geography notes: Israel funding figures are classified in Asia;
Caribbean region figures included in Latin America, or “LatAm”;
No buyouts, consolidations, or recapitalizations. All three of
these transaction types are commonly employed by private
You can download the underlying data found in this report here: funding to Australia and Africa is included in global figures but equity firms and are tracked by CB Insights. However, they are
https://www.cbinsights.com/reports/CB-Insights_Venture- not spotlighted in this report. excluded for the purposes of this report.
Report-Q3-2022.xlsx. Rounds to private companies that may be majority- or minority- No private placements. These investments, also known as PIPEs
If you have questions about the definitions or methodological owned subsidiaries of other private companies. (Private Investment in Public Equities), are not included even if
principles used, or if you feel that your firm has been Valuation data includes estimates to calibrate median and made by a venture capital firm.
underrepresented, please reach out to [email protected]. average valuations based on current and previous quarter No debt/loans of any kind (except convertible notes). Venture
disclosed valuations gathered from the aforementioned four debt or any kind of debt/loan issued to emerging, startup
What is included: sources. The estimating method will control for the over- companies, even if included as an additional part of an equity
Equity financings into private companies only. Funding rounds sampling of large rounds that are reported quickly versus a financing, is not included. If a company receives $3M with $2M
raised by public companies of any kind on any exchange comparative lag in valuations obtained from other sources. from venture investors and $1M in debt, only the $2M is included
(including Pink Sheets) are excluded from our numbers, even if Valuation data reflects post-money valuations. in these statistics.
they received investment from a venture firm. Exits include IPOs, SPACs, publicly announced M&A deals, and No non-equity government funding. Grants or loans by the
Only includes the investment made in the quarter for tranched other liquidity events; only first exits are counted. federal government, state agencies, or public-private
investments. If a company does a second closing of its Series B Headquarters are determined by publicly available sources partnerships to emerging, startup companies are not included.
round for $5M and previously had closed $2M in a prior quarter, including company-owned websites and profiles, legal filings, No fundings to subsidiaries of a larger parent corporation unless
only the $5M is reflected. and press releases. that subsidiary is a private entity and meets other criteria for
Round numbers reflect what has closed, not what is intended. If All figures in the report are in USD. inclusion.
a company indicates the closing of $5M out of a desired raise of Accelerators, incubators, business-plan competitions, economic-
$15M, our numbers reflect only the amount which has closed. US financing trends follow the combined statistical area (CSA)
methodology. Silicon Valley refers to the San Jose-San development entities are excluded from rankings of most active
Only verifiable fundings are included. Fundings are verified via Francisco-Oakland CSA. investors, even if making equity financings.
(1) various federal and state regulatory filings; (2) direct Rankings for top investors are calculated according to “company
confirmation with firm or investor; (3) press release; or (4) count,” or the number of unique companies an investor funds in
credible media sources. What is excluded: a quarter, and so excludes follow-on deals.
Equity fundings to joint ventures and spinoffs/spinouts are
No contingent funding. If a company receives a commitment for
included.
$20M subject to hitting certain milestones but first gets $8M,
Unicorn data includes private companies valued at $1B or more only the $8M is included in our data.
in the private markets globally, per the same 4 sources listed
No business development/R&D arrangements, whether
above and relied on for funding events, which include valuations
transferable into equity now, later, or never. If a company signs a
disclosed in credible media sources. The list is maintained
$300M R&D partnership with a larger corporation, this is not
publicly and updated in real time at
equity financing nor is it from venture capital firms. As a result, it
https://www.cbinsights.com/research-unicorn-companies.
is not included.
262

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State of

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TLDR Your rundown on

$74.5B 71% 44% $10.7B 38%

TLDR Your rundown on

36% 42% 28% $25.6B 56%

Global Trends 10 Seattle 105 Europe 185

Funding reaches $329B in 2022 so far

40,000 Projected Deals

500000 29,442 Projected Funding

$292.3B $258.3B $298.2B $630.3B

Q3’22 funding falls to $74.5B, down 34% QoQ

US and Asia lead in deal share in Q3’22, collectively accounting for

33% 37% 40% 34% 31%

39% 39% 39% 40%

VC leads investor deal share in Q3'22

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

Average global deal size drops to $18M in 2022 so far

Average Deal Size Median Deal Size

2018 2020 2022 2018 2020 2022

Median deal size dips slightly in the US and Asia

US Asia Europe LatAm & Canada Africa Australia

$3M $3M $3M

Angel Asset/Investment CVC Corp Private Equity VC

$17M $16M $16M

Funding from $100M+ mega-rounds plummets to $29.6B across 144 deals

US leads in global mega-round funding in Q3'22

Continents in gray saw no mega-rounds in Q3'22. 21

Mega-rounds drop globally in Q3'22, US remains in the lead

123 124 127

$100M+ mega-rounds account for 40% of total funding in Q3'22

42% 39% 41% 40%

58% 61% 59% 60%

Global: Top equity deals in Q3'22

Round Round Round Industry % of Total

Convertible Arbejdsmarkedets Tillaegspension, Baillie

Undisclosed United Electric

Series A Mobile & Mobile Software & Services

Private equity United Electrical Product Distribution

Global: Top equity deals in Q3'22

Round Round Round Industry % of Total

British Columbia Investment Management

Business Intelligence, Analytics &

Internet Software & Services

Business Intelligence, Analytics &

Series D Mobile & Mobile Software & Services

Early-stage rounds continue to dominate overall deal share

13% 12% 10% Other, 12%

12% Late-stage, 10%

12% 15% Mid-stage, 12%

63% 64% 62% 64% Early-stage, 66%

2018 2019 2020 2021 2022

Asia leads early-, mid-, and late-stage deal share in Q3'22

US Asia Europe LatAm & Carib bean Canada Africa Australia

Early-stag e 31% 39% 21%

Mid-stage 29% 53% 14%

Late-stage 27% 40% 26%

Other 70% 9% 15%

Global late-stage median deal size drops to $29M in Q3'22