State Of Venture Report Global: Q2 2021 Global data and analysis on dealmaking, funding, and exits in private-market companies. pg. 1 What is CB Insights? SIGN UP FOR A FREE TRIAL CB Insights helps the world’s leading companies make smarter technology decisions with data, not opinion. Our Technology Insights Platform provides companies with comprehensive data, expert insights and work management tools that enable them to discover, understand and make technology decisions. Q2 2021 State Of Venture Report pg. 2 Plaid Assess and compare companies Valuations & Deal Terms Compare private companies and price deals with speed and scale. Q2 2021 State Of Venture Report pg. 3 Upcoming Events October 5-6, 2021 New York, NY + Online REGISTER HERE Q2 2021 State Of Venture Report December 8-9, 2021 Global Online Experience REGISTER HERE pg. 4 TL;DR — What you need to know about venture in Q2'21 136 New unicorns. Record high. $156B Record financing. $70B Raised in the US. $42M US Series A valuations climb. 93% Silicon Valley jump in funding. Q2'21 saw the birth of 136 new unicorns globally — nearly 6x the 23 unicorns born a year ago in Q2'20, and already higher than the 128 unicorns born in all of 2020. Companies entered the unicorn club at an average valuation of $1.6B in the first 6 months of 2021, up 33% from $1.2B in 2016. Global funding to startups smashed new records. Funding was up 157% compared to Q2’20. This marks the biggest quarter for dollars raised in the last decade. The new global high was driven by a record quarter for funding in the US, with $70.4B raised in the country in Q2'21. This puts 2021’s half-year total for US funding at $138.9B raised, compared to 2020’s year-end total of $149.3B. US valuations across the board saw an increase, most notably at the Series A stage. In Q1’21, the median Series A valuation climbed to $42M as capital competed aggressively for the best deals. In 2021’s first 6 months, Series A valuations grew 27% vs. 2020. Silicon Valley, including San Francisco, is still by far the largest tech hub and is up 93% YoY in funding despite a slip from Q1’21’s peak of $23.7B. By comparison, New York raised $11.2B, Boston $7.8B, and LA $6.0B. Q2 2021 State Of Venture Report pg. 5 TL;DR — What you need to know about venture in Q2'21 22% $1 out of every $5 goes to fintech. 390 Deals > $100M. Record high. 18% China drop in dollars. 81 Tiger does 1.3 deals/day. 2,893 M&A/IPO exits up 109% YoY. Global fintech funding reached a new high of $33.7B in Q2'21, up 191% YoY. Fintech companies represented 22% of total global funding this quarter. Compared to Q2’20, the number of $100M+ mega-rounds nearly tripled, hitting an all-time high of 390. This is the second quarter to surpass the 300 mark, with the previous record held by Q1’21’s 367 mega-rounds. Funding to China-based companies has been on a decline, with an 18% drop from Q4'20's peak of $27.7B. Deals also fell by 5% over the same time period. Tiger Global was the most active investor globally in Q2'21. Tiger increased its global investments by 8x YoY, hitting a record-high of 81 (or 1.3 deals per business day, excluding follow-on investments). Andreessen Horowitz and Sequoia Capital China round out the top 3 investors of the quarter. The number of global exits (IPOs and M&As) increased 109% YoY, reaching an all-time high of 2,893. Global IPOs peaked in Q2'21, up from the previous high of 2,812 in Q1’21. Didi Chuxing's IPO at a valuation of $73B was the largest exit of the quarter. Q2 2021 State Of Venture Report pg. 6 This report also covers: pg. 18 Global Trends 35 Exit Trends 41 Sector Spotlights pg. 52 65 70 74 78 82 86 90 94 98 United States Trends Exit Trends Silicon Valley New York Los Angeles Boston Seattle Denver DC Chicago 102 Dallas 106 Austin 110 Miami 114 Atlanta 118 Philadelphia 122 Raleigh pg. 126 Canada Trends 133 Toronto 137 Vancouver pg. 141 Asia Trends 148 China 152 India pg. 156 163 167 171 Europe Trends United Kingdom Germany France pg. 175 Latin America Trends 182 Mexico 186 Brazil pg. 190 Report Methodology Q2 2021 State Of Venture Report pg. 7 Q2'21 shatters previous record for unicorn births, up 491% YoY 135 136 unicorns Q2 2021 113 51 46 44 47 34 23 20 29 26 37 38 37 31 21 23 14 13 10 13 491% increase YoY 23 unicorns Q2 2020 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 8 Global funding to startups rises to an eye-popping new record $136.2B $156.2B Q2 2021 $78.8B $68.7B $70.0B $62.7B $62.0B $57.3B $57.9B $68.0B $69.2B $65.3B $63.1B $61.1B $37.0B $40.5B $40.0B $43.3B $100.4B $80.4B 157% increase YoY $60.7B Q2 2020 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 9 Driven by $70B quarter high, funding to US startups smashes the previous half-year record $138.9B $138.9B H1 2021 $36.5B $38.1B $49.9B $49.2B $54.8B $78.7B $67.7B $60.7B $63.2B $86.0B 62% increase $86.0B H2 2020 (prior record) H1 H2 2016 H1 H2 2017 Q2 2021 State Of Venture Report H1 H2 2018 H1 H2 2019 H1 H2 2020 H1 2021 pg. 10 Median valuations for US Series A deals reach a massive new high $25M $26M $30M $37M $39M $42M $42M 2021 YTD 27% increase $33M $33M 2020 2015 2016 Q2 2021 State Of Venture Report 2017 2018 2019 2020 2021 YTD *Post-money. 2021 is forecasted based on current trends due to filings lag. pg. 11 Silicon Valley hit by wall of money, 2nd consecutive $20B+ quarter $23.7B Silicon Valley Q2 2021 93% increase $12.3B $11.2B NY Silicon Valley Q2 2020 $7.8B Boston $6.0B LA Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2019 2020 2021 Q2 2021 State Of Venture Report pg. 12 Fintech sweeps past the $30B mark in funding raised — 1 of every 5 venture dollars in Q2 went into fintech 950 850 $33.7B 750 $33.7B Q2 2021 $25.0B 650 550 191% 4i5n0crease YoY $8.6B $11.8B $12.5B $11.0B $12.5B $11.6B $11.7B $12.8B $8.8B $9.6B $9.7B $9.7B $10.0B $7.4B $6.6B $5.5B $5.4B $4.8B $3.5B 350 250 $11.6B Q2 2020 150 50 -50 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 13 $100M+ mega-rounds nearly triple compared to Q2'20 390 367 390 deals Q2 2021 236 182 124 143 131 132 141 131 111 118 132 94 97 98 94 79 63 60 67 195% increase YoY 132 deals Q2 2020 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 14 China cools as funding drops for a 2nd quarter from all-time high $22.6B $24.5B $17.7B $14.6B $16.8B $18.9B $15.2B $13.8B $27.7B $26.5B $27.7B Q4 2020 $18.8B $22.8B $22.8B Q2 2021 $11.7B $11.2B $10.4B $10.5B $11.9B $11.5B $10.4B $11.2B $9.5B 18% decline Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 15 Tiger Global easily the most active investor globally in Q2’21 Tiger Global Management 81 Andreesen Horowitz Sequoia Sequoia Capital China Accel 64 62 21% fewer investments than top ranked Tiger Global 60 Softbank Group Q2 2021 State Of Venture Report 53 35% fewer investments than top ranked Tiger Global pg. 16 Global exits blow way past pandemic lows to reach new high 223 232 146 106 159 160 154 128 118 224 131 171 160 200 115 98 133 175 114 118 2256 2589 1149 1221 1210 1521 1437 1489 1522 1585 1696 1656 1810 1881 1695 1714 1843 1593 1,269 1700 280 2,893 Exits IPO Q2 2021 2,613 M&A 109% increase YoY 1,387 Exits Q2 2020 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 17 Global Trends Q2 2021 Q2 2021 State Of Venture Report pg. 18 Global regional comparison Q2'21 Canada $4.1B 111 deals United States $70.4B 2,718 deals Europe $30.6B 1,821 deals Q2 2021 State Of Venture Report LatAm $7.2B 218 deals Asia $42.4B 2,577 deals pg. 19 Global funding already close to last year's 12-month total 16,952 20,677 22,123 26,084 29,195 $275.5B 27,960 $265.5B $302.6B $292.4B 25,801 $225.3B 9,556 11,411 13,620 $173.4B $157.8B $119.2B 15,227 deals $64.5B $63.0B $65.1B 2011 2012 2013 Q2 2021 State Of Venture Report 2014 2015 2016 2017 2018 2019 2020 2021 YTD pg. 20 Global deals and dollars reach new highs in Q2'21 6,502 6,266 6,615 6,701 7,107 7,722 7,622 7,095 6,744 7,038 7,151 6,676 6,136 6,793 6,055 6,817 7,751 deals 7,476 $156.2B 5,601 5,389 5,304 $136.2B $100.4B $78.8B $80.4B $68.7B $70.0B $62.7B $57.3B $62.0B $57.9B $68.0B $69.2B $65.3B $63.1B $61.1B $60.7B $37.0B $40.5B $40.0B $43.3B Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 21 US leads in global funding, followed by Asia in H1'21 $149.3B $133.4B $128.4B $138.9B US $41.6B $14.0B $6.4B $1.0B $1.2B $68.7B $86.8B $99.1B $91.4B $74.6B $64.1B $59.3B $107.8B $37.7B $42.3B $9.1B $13.5B $11.8B $8.4B $31.1B $13.1B $17.6B $18.6B $25.8B $26.6B $86.3B $38.3B $103.2B $84.5B Asia $39.1B $50.8B Europe $9.3B LatAm $6.3B Canada 2011 2012 2013 Q2 2021 State Of Venture Report 2014 2015 2016 2017 2018 2019 2020 2021 YTD pg. 22 US leads in deals in first 6 months of 2021, followed by Asia 6,322 7,324 8,358 1,495 1,373 230 83 2011 2,017 1,538 2012 2,466 2,038 2013 Q2 2021 State Of Venture Report 9,919 3,480 2,697 2014 10,175 5,951 3,459 2015 9,690 6,631 4,441 2016 10,517 8,018 10,965 10,433 10,603 9,250 5,865 5,910 6,050 2017 2018 2019 9,734 8,463 5,731 2020 5,531 US 5,007 Asia 3,470 Europe 414 LatAm 393 Canada 2021 YTD pg. 23 US mega-rounds see slight increase in Q2'21, Asia dips 200 204 US 109 105 97 89 66 57 72 61 65 65 74 69 68 33 26 23 7 25 5 36 36 20 28 9 11 42 36 12 50 38 6 45 42 41 39 10 10 57 9 64 10 57 51 12 44 20 46 12 45 43 16 31 16 43 9 18 24 48 92 Asia 62 Europe 15 LatAm 15 Canada Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 24 $100M+ global mega-rounds make up a small share of total deals 99% 99% 99% 99% 98% 99% 99% 99% 98% 98% 98% 98% 98% 98% 98% 98% 98% 97% 97% 95% 95% Nonmega-rounds 1% 1% 1% 1% 2% 1% 1% 1% 2% 2% 2% 2% 2% 2% 2% 2% 2% 3% 3% 5% 5% Mega-rounds Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 25 Mega-rounds account for ~60% of total dollars invested globally 60% 57% 57% 57% 42% 51% 49% 57% 55% 49% 41% 48% 52% 53% 54% 53% 58% 48% 44% 37% 42% Nonmega-rounds 40% 43% 43% 43% 58% 49% 51% 43% 45% 51% 59% 52% 48% 47% 46% 47% 42% 52% 56% 63% 58% Megarounds Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 26 Average global late-stage deal size reaches $132M in H1'21 $132M Late-stage $104M $81M $76M $79M $45M $58M $49M $30M $25M $24M $26M $20M $13M $12M $11M $13M $14M $5M $4M $4M $4M $24M $15M $7M $29M $17M $6M $27M $15M $6M $35M $17M $8M $31M $25M $7M $36M $20M $8M $51M Mid-stage $28M $12M Earlystage $27M Other 2011 2012 2013 Q2 2021 State Of Venture Report 2014 2015 2016 2017 2018 2019 2020 2021 YTD pg. 27 Global: Top 10 investors in Q2'21 Investor Company Count Investor Type Country Continent 1 81 Tiger Global Management 2 64 Andreessen Horowitz 3 62 Sequoia Capital China 4 60 Accel 5 53 SoftBank Group Q2 2021 State Of Venture Report Asset/Invest ment Management United States North America Venture Capital United States North America Venture Capital China Asia Venture Capital United States North America Holding Company Japan Asia Investor 5 Bpifrance 7 Insight Partners 8 General Catalyst Company Count Investor Type Country Diversified 53 Financial France Services Continent Europe 52 Venture Capital United States North America 47 Venture Capital United States North America 9 46 Tencent Holdings 10 44 Global Founders Capital Corporation China Asia Venture Capital Germany Europe pg. 28 Global: Top 10 deals in Q2'21 Company Round Amount Round Name Select Investors Country Continent Sector Industry Subindustry 1 $3,000M Orange Heart Optimal Technology 2 Northvolt $2,750M 3 C6 Bank $2,021M 4 J&T Express $1,800M 5 $1,000M Epic Games Q2 2021 State Of Venture Report Convertible Note Didi Chuxing China Asia Internet E-commerce Marketplace Unattributed VC - II Andra AP-fonden, Arbejdsmarkedets Tillaegspension, Baillie Gifford & Co., Daniel Ek, Stena, AP3, AMF Pensionsforsakring Sweden Europe Electronics Electrical Product Distribution Power Generation & Storage Corporate Minority J.P. Morgan Chase & Co. Brazil South America Mobile & Telecommu nications Mobile Software & Services Accounting & Finance Private Equity Sequoia Capital China, Hillhouse Capital Management, Boyu Capital Indonesia Asia Automotive & Transportation Transportation Services Freight forwarding & courier services Private Equity - III AllianceBernstein, Sony, Franklin Templeton, Fidelity Investments, GIC, Altimeter Capital, Luxor Capital Group United States North America Software (noninternet/mobile) Gaming N/A pg. 29 Global: Top 10 deals in Q2'21 Company Round Amount 5 Celonis $1,000M 7 Trade Republic $900M 8 Caris Life Sciences $830M 9 Swiggy $800M 9 $800M Mollie Q2 2021 State Of Venture Report Round Name Select Investors Country Continent Sector Industry Subindustry Series D Series C Private Equity - II Series J Franklin Templeton, Splunk Ventures, Durable Capital Partners, Arena Holdings Management, T. Rowe Price Germany Europe Founders Fund, Sequoia Capital, Accel, Technology Crossover Ventures, Creandum, Thrive Capital, Project A Ventures Germany Europe OrbiMed Advisors, Highland Capital Management, Fidelity Investments, CPP Investments, Silver Lake, Millennium Management, ClearBridge Investments United States North America Software (noninternet/mobile) Business Intelligence, Analytics & Performance Mgmt Software N/A Mobile & Telecommu nications Mobile Software & Services Asset & Financial Management & Trading Healthcare Biotechnology N/A Accel, Carmignac, Falcon Edge Capital, Prosus Ventures, Amansa Capital, Think Capital, India Asia Goldman Sachs Internet E-commerce Food & Grocery Series C General Atlantic, Technology Crossover Ventures, Alkeon Capital Management, HMI Capital, EQT, Blackstone Netherlands Europe Internet Internet Software & Services Payments pg. 30 Global unicorn births set new record in Q2’21 136 113 51 46 44 47 34 23 20 29 26 37 38 37 31 21 23 14 13 10 13 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 31 US leads in unicorn births in Q2'21 76 United States 33 Asia 17 Europe 9 7 Canada 5 2 LatAm & Carib Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 32 Global: Top 10 most valuable unicorns in Q2'21 Company Current Valuation Country Continent Sector Industry Subindustry 1 Bytedance $140.0B 2 Stripe $95.0B 3 SpaceX $74.0B 4 Klarna $45.6B 5 $39.0B Instacart Q2 2021 State Of Venture Report China Asia United States North America United States North America Sweden Europe United States North America Mobile & Telecommunications Mobile Software & Services Social Internet Internet Software & Services Payments Industrial Aerospace & Defense N/A Internet Internet Software & Services Payments Mobile & Telecommunications Mobile Commerce Food & Grocery pg. 33 Global: Top 10 most valuable unicorns in Q2'21 Company Current Valuation Country Continent Sector Industry Subindustry 6 Nubank $30.0B 7 Epic Games $28.7B 8 Databricks $28.0B 8 Rivian $27.6B 10 $16.5B BYJU's Q2 2021 State Of Venture Report Brazil South America Mobile & Telecommunications Mobile Software & Services Accounting & Finance United States North America Software (non-internet/mobile) Gaming N/A United States North America Internet Internet Software & Services Data & Document Management United States North America Automotive & Transportation Automobile Manufacturing N/A India Asia Internet Internet Software & Services Education & Training pg. 34 Exit Trends Global: Q2 2021 Q2 2021 State Of Venture Report pg. 35 Global exits in H1'21 already 76% of 2020's full-year total 210 2,528 187 2,900 224 2,729 454 3,997 501 4,907 529 4,764 662 5,969 575 6,747 511 7,132 672 6,819 503 IPO 5,203 M&A 2011 2012 2013 Q2 2021 State Of Venture Report 2014 2015 2016 2017 2018 2019 2020 2021 YTD pg. 36 Global IPOs set a new quarterly record, up 26% from Q1'21 223 232 114 1,149 133 1,221 175 1,210 131 1,521 171 1,437 160 1,489 200 1,522 115 1,585 160 1,696 154 1,656 146 1,810 106 1,881 128 1,695 118 1,714 159 1,843 98 1,593 118 1,269 224 1,700 2,256 2,589 280 IPO 2,613 M&A Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 37 US leads in totals exits (M&As and IPOs), followed by Europe in Q2'21 83 116 135 331 131 70 68 63 298 82 13 16 44 34 57 47 56 98 86 59 61 73 29 67 238 40 64 235 44 49 262 43 74 262 47 96 208 82 244 77 323 246 248 75 210 80 251 284 51 82 195 54 57 87 910 319 843 59 177 220 236 472 523 486 501 494 618 496 615 646 602 546 632 518 179 603 332 416 386 487 1,199 999 639 614 631 798 702 748 774 796 785 791 863 870 824 822 847 779 567 762 110 LatAm 110 Canada 334 Asia 982 Europe 1,171 US Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 38 Global: Top 10 largest exits in Q2’21 Company Exit Valuation Exit Type Country Continent Sector Industry Subindustry 1 Didi Chuxing $73.0B 2 Coinbase $65.3B 3 UiPath $29.1B 4 AppLovin $28.6B 5 $18.0B Tokopedia Q2 2021 State Of Venture Report IPO IPO IPO IPO Merger China Asia Mobile & Telecommunications Mobile Commerce Travel (mobile) United States North America Internet Internet Software & Services Payments United States North America Software (noninternet/mobile) Scientific, Engineering Software N/A United States North America Mobile & Telecommunications Mobile Software & Services Advertising, Sales & Marketing Indonesia Asia Internet E-commerce Marketplace pg. 39 Global: Top 10 largest exits in Q2’21 Company Exit Valuation Exit Type Country Continent Sector Industry Subindustry 6 $16.8B IPO Manbang Group 7 Marqeta $14.3B IPO 8 $13.4B IPO Bright HealthCare 9 Oatly $10.1B IPO 10 $8.9B IPO SentinelOne Q2 2021 State Of Venture Report China Asia Internet United States North America Internet United States North America Healthcare Internet Software & Services Supply Chain & Logistics E-commerce E-commerce enablement Healthcare Plans N/A Sweden Europe Food & Beverages Non-alcoholic beverages N/A United States North America Computer Hardware & Services IT Services Data Storage & Security pg. 40 Sector Spotlights Global Trends: Q2 2021 Q2 2021 State Of Venture Report pg. 41 Fintech funding sets a new quarterly record of $33.7B $33.7B 901 857 848 873 875 836 810 792 767 775 710 713 686 684 729 $25.0B 641 651 815 deals 541 534 537 $5.5B $5.4B $3.5B $4.8B $7.4B $8.6B $6.6B $8.8B $9.6B $9.7B $11.8B $12.5B $12.5B $12.8B $11.0B $11.6B $11.7B $9.7B $10.0B Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 42 Global: Top 5 fintech deals in Q2'21 Company Round Amount Round Name Select Investors Country Continent Sector Industry Subindustry 1 C6 Bank $2,021M 2 Trade Republic $900M 3 Mollie $800M 4 Nubank $750M 5 $650M wefox Q2 2021 State Of Venture Report Corporate Minority J.P. Morgan Chase & Co. Brazil South America Mobile & Telecommu nications Mobile Software & Services Accounting & Finance Series C Founders Fund, Sequoia Capital, Accel, Technology Crossover Ventures, Creandum, Thrive Capital, Project A Ventures Germany Europe Mobile & Telecommu nications Mobile Software & Services Asset & Financial Management & Trading Series C General Atlantic, Technology Crossover Ventures, Alkeon Capital Management, HMI Capital, EQT, Blackstone Netherlands Europe Internet Internet Software & Services Payments Series G - II CPP Investments, Sands Capital, MSA Capital, Sunley House Capital Management, Verde Asset Management, Absoluto Partners, Berkshire Hathaway Brazil South America Mobile & Telecommu nications Mobile Software & Services Accounting & Finance Series C Horizons Ventures, Seedcamp, Jupiter Asset Management, Mountain Partners, LGT Group Stiftung, Victory Park Capital, EDBI Germany Europe Mobile & Telecommu nications Mobile Software & Services Accounting & Finance pg. 43 E-commerce companies raise $16B, up 23% QoQ $16.3B 392 336 345 335 318 294 266 253 238 364 364 362 343 337 346 337 $12.9B 281 275 309 298 401 deals $5.5B $6.3B $7.1B $5.1B $5.8B $5.9B $5.9B $5.3B $4.5B $5.6B $6.8B $7.7B $6.6B $2.7B $2.9B $2.1B $3.6B $3.5B $2.9B Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 44 Global: Top 5 e-commerce deals in Q2'21 Company Round Amount Round Name Select Investors Country Continent Sector Industry Subindustry 1 $3,000M Orange Heart Optimal Technology 2 Mollie $800M 3 Perch $775M 4 Klarna $639M 5 $600M Xingyun Group Q2 2021 State Of Venture Report Convertible Note Didi Chuxing China Asia Internet Series C General Atlantic, Technology Crossover Ventures, Alkeon Capital Management, HMI Capital, EQT, Blackstone Netherlands Europe Internet Series A Spark Capital, Victory Park Capital, SoftBank Group United States North America Internet Unattributed - WestCap Group, Adit Ventures, Honeycomb II Asset Management, SoftBank Group Sweden Europe Internet Series C - II Boston Capital Ventures, Skywalker Ventures, UOB Venture Management, Matrix Partners China, China Yunfeng Capital, HighLight Capital, Keywise Capital Asia Internet E-commerce Marketplace Internet Software & Services Payments E-commerce N/A Internet Software & Services Payments E-commerce B2B Commerce pg. 45 Digital health funding more than doubled in Q2'21 YoY 514 521 460 458 458 426 410 387 $14.0B 591 524 612 550 546 528 522 531 519 569 522 $10.7B 625 deals 456 $7.4B $9.2B $8.2B $6.2B $2.5B $2.5B $2.3B $3.3B $3.8B $3.2B $4.0B $4.0B $5.2B $5.8B $5.6B $5.1B $4.1B $3.7B $4.2B Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 46 Global: Top 5 digital health deals in Q2'21 Company Round Amount 1 CMR Surgical $600M 2 Noom $540M 3 Exscientia $525M 4 KRY $312M 4 AllyAlign Health $300M 4 Capsule $300M Q2 2021 State Of Venture Report Round Name Select Investors Country Continent Sector Industry Subindustry Series D GE Healthcare, Lightrock, Ally Bridge Group, Cambridge Innovation Capital, RPMI Railpen, Watrium, Chimera United Kingdom Europe Series F Series D, Convertible Note Series D Sequoia Capital, RRE Ventures, Novo Holdings, Temasek, Samsung Ventures, Silver Lake, Oak HC/FT Partners United States SoftBank Group, Novo Holdings, Farallon Capital Management, Casdin Capital, GT Healthcare Capital Partners, Mubadala Investment Company United Kingdom Accel, Index Ventures, Creandum, Fidelity Investments, CPP Investments, Project A Ventures, Ontario Teachers' Pension Plan Sweden North America Europe Europe Unattributed VC New Enterprise Associates, Heritage Group, Oak HC/FT Partners, Town Hall Ventures, Ziegler United States North America Series D Baillie Gifford & Co., Durable Capital Partners, Whale Rock Capital Management, T. Rowe Price United States North America Healthcare Medical Devices & Equipment Surgical Devices Mobile & Telecommu nications Mobile Software & Services Health & Wellness Healthcare Drug Discovery N/A Mobile & Telecommu nications Mobile Software & Services Healthcare Internet Internet Software & Services Healthcare Mobile & Telecommu nications Mobile Commerce Pharmacies pg. 47 Funding to cybersecurity companies soars to nearly $13B in H1'21 $6.7B 222 157 141 206 190 188 172 171 173 166 178 177 202 $5.8B 178 179 175 167 162 140 $3.7B 114 $3.3B 214 deals $1.2B $1.3B $2.9B $2.5B $2.3B $1.8B $1.9B $1.5B $1.5B $1.1B $1.2B $2.3B $2.0B $2.6B $2.6B $2.3B $.5B Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 48 Global: Top 5 cybersecurity deals in Q2'21 Company Round Amount 1 Transmit Security $543M 2 Trulioo $394M 3 Block.one $300M 3 Forter $300M 5 $250M Acronis Q2 2021 State Of Venture Report Round Name Select Investors Country Continent Sector Industry Subindustry Insight Partners, General Atlantic, Vintage Series A Investment Partners, Geodesic Capital, Israel Asia CyberStarts, Artisanal Ventures, SYN Ventures Software (noninternet/mobile) Security Software N/A Series D Technology Crossover Ventures, Blumberg Capital, Citi Ventures, American Express Ventures, Mouro Capital Canada North America Internet Internet Software & Services Monitoring & Security Series A Series F Private Equity Founders Fund, Thiel Capital, Richard Li, Louis Bacon, Galaxy Digital, Alan Howard, Christian Angermayer Cayman Islands North America Internet Internet Software & Services Monitoring & Security Bessemer Venture Partners, Sequoia Capital, Scale Venture Partners, Tiger Global Management, Adage Capital Management, March Capital Partners, Salesforce Ventures United States North America Internet Internet Software & Services Monitoring & Security CVC Capital Partners Switzerland Europe Computer Hardware & Services IT Services Data Storage & Security pg. 49 AI funding hits nearly $31B in H1'21 — a new half-year record $15.5B $15.4B 714 619 638 613 600 619 616 598 577 559 542 490 506 500 549 527 $10.7B 349 303 314 426 $6.0B $8.5B $9.1B $7.8B $7.7B $6.8B $6.5B $6.1B $6.8B $6.4B $6.2B $4.6B $5.1B $4.0B $2.8B $2.4B $1.8B $1.9B 390 deals Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 50 Global: Top 5 AI deals in Q2'21 Company Round Amount 1 $676M SambaNova Systems 2 Trax $640M 3 Horizon Robotics $600M 4 Anduril $450M 5 $325M Scale AI Q2 2021 State Of Venture Report Round Name Select Investors Country Continent Sector Industry Subindustry Series D Walden International, Google Ventures, Intel Capital, GIC, Temasek Holdings, BlackRock, SoftBank Group United States North America Software (noninternet/mobile) Business Intelligence, Analytics & Performance Mgmt Software N/A Series E Warburg Pincus, Sony Innovation Fund, OMERS, BlackRock, SoftBank Group Singapore Asia Internet Internet Software & Services Retail & Inventory Legend Capital, BOE Technology Group, ZWC Series C - IV Partners, HuangPu River Capital, CICC Jiacheng Investment, Will Semiconductor, China Asia Zhongyuan Capital Internet Internet Software & Services Scientific, Engineering Series D Founders Fund, Lux Capital, General Catalyst, Valor Equity Partners, Andreessen Horowitz, Elad Gil, 8VC United States North America Industrial Aerospace & Defense N/A Series E Founders Fund, Tiger Global Management, Index Ventures, Y Combinator, Wellington Management, Greenoaks Capital Management, Dragoneer Investment Group United States North America Internet Internet Software & Services Testing pg. 51 United States Trends Q2 2021 Q2 2021 State Of Venture Report pg. 52 US funding already close to 2020's full-year total 6,322 7,324 8,358 9,919 10,175 9,690 10,517 10,965 $133.4B 10,603 $128.4B $149.3B 9,734 $138.9B $68.7B $86.8B $74.6B $99.1B 5,531 deals $41.6B $37.7B $42.3B 2011 2012 2013 Q2 2021 State Of Venture Report 2014 2015 2016 2017 2018 2019 2020 2021 YTD pg. 53 US funding reaches new high in Q2'21, despite dip in deals $70.4B $68.5B 2,402 2,442 2,181 2,662 2,602 2,707 2,546 2,734 2,893 2,791 2,690 2,547 $43.8B 2,773 2,794 2,346 2,469 2,262 2,816 2,498 2,505 $47.0B $34.9B $29.7B $28.4B $25.1B $24.1B $26.3B $20.7B $20.2B $17.3B $17.4B $39.0B $33.8B $33.8B $33.0B $32.3B $31.0B $27.7B 2,715 deals Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 54 Share of US deals with CVC participation sets new quarterly record 84% 83% 84% 85% 84% 84% 84% 83% 83% 83% 81% 81% 81% 83% 82% 83% 81% 82% 81% 78% 76% Other 16% 17% 16% 15% 16% 16% 16% 17% 17% 17% 19% 19% 19% 17% 18% 17% 19% 18% 19% 22% 24% CVC participation Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 55 UK leads foreign investor participation in deals to US companies 14% 16% 8% 12% 16% 15% 9% 11% 15% 12% 12% 14% 14% 10% 14% 13% 14% 11% 17% 21% 13% 14% 16% 17% 14% 18% 16% 13% 12% 20% 19% 18% 22% 18% 11% 12% 16% 15% 12% 17% 28% 34% 32% 33% 27% 30% 30% 34% 35% 31% 26% 24% 18% 26% 15% 23% 20% 27% 27% 19% 12% 14% 15% 13% 13% 16% 12% 14% 7% 15% 12% 11% 15% 13% 13% 16% 9% 9% 13% 15% 14% Israel 15% Japan 18% Canada 18% China 33% 27% 30% 32% 28% 24% 32% 31% 23% 29% 28% 31% 32% 29% 35% 34% 36% 35% 36% 36% 34% United Kingdom Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 56 Top 10 investors in US-based companies Q2'21 Investor Company Count Investor Type Country Continent Investor Company Count Investor Type Country Continent 1 56 Andreessen Horowitz 2 44 Tiger Global Management 3 36 General Catalyst 4 33 Sequoia Capital 5 30 Insight Partners Q2 2021 State Of Venture Report Venture Capital United States North America Asset/Invest ment Management United States North America 6 29 Accel 6 29 SoftBank Group Venture Capital United States North America Holding Company Japan Asia Venture Capital United States North America 8 28 Google Ventures Corporate Venture United States North America Venture Capital United States North America 9 25 Coatue Management Hedge Fund United States North America Venture Capital United States North America 10 24 Khosla Ventures Venture Capital Note: Incubators/accelerators and angel investors are omitted United States North America pg. 57 US: Top 10 deals for Q2'21 Company Round Amount Round Name Select Investors City State Sector Industry Subindustry 1 Epic Games $1,000M 2 Caris Life Sciences $830M Private Equity - III Private Equity - II AllianceBernstein, Sony, Franklin Templeton, Fidelity Investments, GIC, Altimeter Capital, Cary Luxor Capital Group OrbiMed Advisors, Highland Capital Management, Fidelity Investments, CPP Investments, Silver Lake, Millennium Management, ClearBridge Investments Irving North Carolina Software (noninternet/mobile) Gaming N/A Texas Healthcare Biotechnology N/A 3 Perch $775M 4 $676M SambaNova Systems 5 $650M Relativity Space Q2 2021 State Of Venture Report Series A Spark Capital, Victory Park Capital, SoftBank Group Boston Massachusetts Internet E-commerce N/A Series D Series E Walden International, Google Ventures, Intel Capital, GIC, Temasek Holdings, BlackRock, SoftBank Group Palo Alto California Software (noninternet/mobile) Business Intelligence, Analytics & Performance Mgmt Software N/A Mark Cuban, Tiger Global Management, Fidelity Investments, Jared Leto, Spencer Rascoff, Inglewood Brad Buss, Coatue Management California Industrial Aerospace & Defense N/A pg. 58 US: Top 10 deals for Q2'21 Company Round Amount 6 Kajabi $550M 7 Noom $540M 8 Better.com $500M 9 Anduril $450M 10 $440M Circle Q2 2021 State Of Venture Report Round Name Select Investors City State Sector Industry Subindustry Private Equity Meritech Capital Partners, Tiger Global Management, TPG Capital, Tidemark, Owl Rock Irvine Capital Partners California Internet Internet Software & Services Education & Training Series F Sequoia Capital, RRE Ventures, Novo Holdings, Temasek, Samsung Ventures, Silver Lake, Oak HC/FT Partners New York New York Mobile & Telecommu nications Mobile Software & Services Health & Wellness Series E SoftBank Group New York New York Internet Internet Software & Services Accounting & Finance Series D Founders Fund, Lux Capital, General Catalyst, Valor Equity Partners, Andreessen Horowitz, Elad Gil, 8VC Irvine California Industrial Aerospace & Defense N/A Series F Fidelity Investments, Valor Capital Group, Breyer Capital, Digital Currency Group, Atlas Merchant Capital, Willett Advisors, Pillar Boston Massachusetts Internet Internet Software & Services Accounting & Finance pg. 59 US unicorn births hit new record in Q2’21 76 72 29 27 24 21 21 17 18 19 15 12 12 11 10 13 7 5 5 5 5 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 60 US: Top 10 most valuable unicorns Company Current Valuation City State Sector Industry Subindustry 1 Stripe $95B 2 SpaceX $74B 3 Instacart $39B 4 Epic Games $29B 5 $28B Databricks Q2 2021 State Of Venture Report San Francisco California Internet Hawthorne California Industrial Internet Software & Services Payments Aerospace & Defense N/A San Francisco California Mobile & Telecommunications Mobile Commerce Food & Grocery Cary North Carolina Software (non-internet/mobile) Gaming N/A San Francisco California Internet Internet Software & Services Data & Document Management pg. 61 US: Top 10 most valuable unicorns Company Current Valuation City State Sector Industry Subindustry 6 Rivian $28B 7 Chime $15B 8 Plaid Technologies $14B 8 Fanatics $13B 10 $12B Biosplice Therapeutics Q2 2021 State Of Venture Report Plymouth Michigan San Francisco California San Francisco California Jacksonville Florida San Diego California Automotive & Transportation Automobile Manufacturing N/A Mobile & Telecommunications Mobile Software & Services Accounting & Finance Internet Internet Software & Services Accounting & Finance Internet E-commerce Apparel & Accessories Healthcare Biotechnology N/A pg. 62 US median valuation per round by year $298M $158M $105M $64M $25M $9M $1,200M $424M $230M $100M $33M $10M $1,544M Series E+ $485M Series D $258M Series C $124M Series B $42M Series A $12M Seed / Angel 2015 2016 Q2 2021 State Of Venture Report 2017 2018 2019 2020 2021 YTD *Post-money. 2021 is forecasted based on current trends due to filings lag. pg. 63 US average valuation per round by year $2,035M $306M $192M $116M $37M $13M $3,225M $692M $467M $167M $53M $15M $3,912M Series E+ $803M Series D $530M Series C $219M Series B $77M Series A $20M Seed / Angel 2015 2016 Q2 2021 State Of Venture Report 2017 2018 2019 2020 2021 YTD *Post-money. 2021 is forecasted based on current trends due to filings lag. pg. 64 Exit Trends US: Q2 2021 Q2 2021 State Of Venture Report pg. 65 US exits in 2021 already catching up with 2020's full-year total 144 141 183 112 118 176 87 65 1,609 78 1,860 121 1,694 2,361 2,714 2,485 2,910 3,098 3,221 2,933 154 IPO 2,320 M&A 2011 2012 2013 Q2 2021 State Of Venture Report 2014 2015 2016 2017 2018 2019 2020 2021 YTD pg. 66 US IPOs reach quarterly high, up 167% YoY 66 73 35 33 30 20 24 29 24 39 43 39 32 49 23 54 26 23 24 33 1,133 926 778 673 724 735 772 742 752 828 837 775 790 817 756 708 613 591 607 534 88 IPO 1,083 M&A Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 67 US: Top 10 largest exits in Q2’21 Company Exit Valuation Exit Type City State Sector Industry Subindustry 1 Coinbase $65.3B IPO 2 UiPath $29.1B IPO 3 AppLovin $28.6B IPO 4 Marqeta $14.3B IPO 5 $13.4B IPO Bright HealthCare Q2 2021 State Of Venture Report San Francisco California Internet Internet Software & Services Payments New York New York Software (noninternet/mobile) Scientific, Engineering Software N/A Palo Alto California Mobile & Telecommunications Mobile Software & Services Advertising, Sales & Marketing Oakland California Internet E-commerce E-commerce enablement Minneapolis Minnesota Healthcare Healthcare Plans N/A pg. 68 US: Top 10 largest exits in Q2’21 Company Exit Valuation Exit Type City State Sector Industry Subindustry 6 SentinelOne $8.9B 7 SoFi $8.7B 8 Procore $8.6B 9 TuSimple $8.5B 10 $8.1B Kindred at Home Q2 2021 State Of Venture Report IPO Mountain View California Computer Hardware & Services IT Services Data Storage & Security Reverse Merger San Francisco California Internet E-commerce Marketplace IPO Carpinteria California Internet Internet Software & Services Collaboration & Project Management IPO San Diego California Software (noninternet/mobile) Scientific, Engineering Software N/A Acquired Atlanta Georgia Healthcare Medical Facilities & Services Home Healthcare pg. 69 Silicon Valley United States Trends: Q2 2021 Q2 2021 State Of Venture Report pg. 70 Silicon Valley funding drops from peak in Q1'21 $26.0B 661 601 711 727 703 670 687 644 610 648 622 610 622 604 $25.2B 711 $23.7B 628 580 638 deals 547 527 549 $16.0B $15.0B $7.6B $6.2B $7.5B $4.5B $11.5B $10.6B $9.1B $7.3B $13.7B $12.7B $13.0B $13.3B $13.5B $13.9B $12.3B $10.2B Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 71 Silicon Valley early-stage rounds lose deal share in Q2'21 12% 10% 14% 13% 12% 9% 14% 12% 11% 11% 16% 10% 9% 9% 11% 10% 15% 12% 13% 11% 5% 8% 8% 5% 8% 10% 8% 9% 10% 11% 9% 10% 8% 8% 9% 9% 9% 13% 9% 11% 18% 16% 17% 13% 21% 19% 19% 20% 19% 19% 17% 23% 18% 21% 24% 18% 22% 19% 22% 21% 9% Other 12% Late-stage 27% Mid-stage 59% 67% 64% 67% 60% 67% 59% 59% 60% 59% 54% 64% 57% 65% 60% 58% 54% 60% 57% 58% 51% Early-stage Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 72 Silicon Valley: Top 5 deals in Q2'21 Company Round Amount 1 $676M SambaNova Systems 2 Plaid Technologies $425M 2 Brex $425M 4 Stripe $350M 5 $325M Scale AI Q2 2021 State Of Venture Report Round Name Select Investors City Sector Industry Subindustry Series D Series D Walden International, Google Ventures, Intel Capital, GIC, Temasek Holdings, BlackRock, SoftBank Group Palo Alto Software (noninternet/mobile) Business Intelligence, Analytics & Performance Mgmt Software N/A New Enterprise Associates, Kleiner Perkins Caufield & Byers, Spark Capital, Index Ventures, Andreessen Horowitz, Silver Lake, Thrive Capital San Francisco Internet Internet Software & Services Accounting & Finance Series D Lone Pine Capital, Tiger Global Management, Y Combinator, Technology Crossover Ventures, Madrone Capital Partners, DST Global, GIC San Francisco Internet Internet Software & Services Payments Corporate Minority - II Shopify San Francisco Internet Internet Software & Services Payments Series E Founders Fund, Tiger Global Management, Index Ventures, Y Combinator, Wellington Management, Greenoaks Capital Management, Dragoneer Investment Group San Francisco Internet Internet Software & Services Testing pg. 73 New York United States Trends: Q2 2021 Q2 2021 State Of Venture Report pg. 74 NY funding stays elevated in Q2'21 $11.2B $11.2B 414 402 414 335 375 356 360 364 346 385 391 340 371 354 339 341 332 317 316 313 $5.5B $6.2B $6.5B $6.3B $5.0B $4.9B $4.6B $6.3B $5.0B $3.4B $2.1B $3.5B $2.3B $3.4B $3.4B $3.0B $2.9B $3.7B $3.9B 433 deals Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 75 NY mid-stage deal share hits new high, early-stage continues to drop 19% 19% 24% 17% 18% 17% 22% 18% 17% 17% 18% 16% 21% 18% 22% 19% 19% 20% 19% 22% 5% 19% 7% 11% 8% 10% 6% 12% 8% 12% 8% 12% 9% 12% 8% 12% 7% 14% 10% 12% 10% 13% 8% 16% 10% 11% 6% 11% 6% 15% 7% 16% 6% 16% 7% 15% 9% 16% 12% 15% 19% Other 9% Late-stage 21% Mid-stage 57% 64% 58% 65% 63% 63% 58% 62% 62% 61% 59% 60% 58% 65% 57% 58% 59% 57% 56% 51% 50% Early-stage Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 76 NY: Top 5 deals in Q2'21 Company Round Amount 1 Noom $540M 2 Better.com $500M 3 Capsule $300M 3 Paxos $300M 3 Bowery Farming $300M 3 Forter $300M Q2 2021 State Of Venture Report Round Name Select Investors City Series F Sequoia Capital, RRE Ventures, Novo Holdings, Temasek, Samsung Ventures, Silver Lake, Oak HC/FT Partners New York Series E SoftBank Group New York Series D Series D Series C Series F Baillie Gifford & Co., Durable Capital Partners, Whale Rock Capital Management, T. Rowe Price New York Liberty City Ventures, Mithril Capital Management, Oak HC/FT Partners, Senator Investment Group, Declaration Partners, PayPal Ventures, WestCap Group New York Google Ventures, General Catalyst, GGV Capital, Temasek, Fidelity Investments, Groupe Artemis, Justin Timberlake New York Bessemer Venture Partners, Sequoia Capital, Scale Venture Partners, Tiger Global Management, Adage Capital Management, March Capital Partners, Salesforce Ventures New York Sector Industry Subindustry Mobile & Telecommun ications Mobile Software & Services Health & Wellness Internet Internet Software & Services Accounting & Finance Mobile & Telecommun Mobile Commerce ications Internet Internet Software & Services Pharmacies Asset & Financial Management & Trading Software (noninternet/mobile) Green/Environmental Software N/A Internet Internet Software & Services Monitoring & Security pg. 77 Los Angeles United States Trends: Q2 2021 Q2 2021 State Of Venture Report pg. 78 LA funding soars to $6B, a quarterly record $6.0B 204 209 219 215 218 212 210 207 208 193 197 195 195 183 175 175 169 160 $4.2B 143 130 $3.6B 216 deals $2.6B $1.3B $1.1B $1.8B $1.2B $1.7B $1.4B $2.3B $2.2B $1.9B $2.3B $2.6B $2.4B $2.9B $1.9B $3.0B $1.3B $3.1B Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 79 LA mid-stage deal share continues to climb 34% 22% 22% 22% 27% 25% 28% 26% 21% 24% 29% 23% 31% 20% 22% 28% 26% 22% 30% 21% 7% 9% 6% 8% 9% 15% 8% 14% 6% 11% 8% 11% 11% 10% 9% 14% 7% 14% 7% 11% 8% 14% 8% 11% 10% 6% 13% 6% 15% 8% 11% 7% 13% 6% 12% 11% 7% 11% 11% 12% 18% Other 10% Late-stage 14% Mid-stage 50% 64% 54% 56% 56% 55% 51% 51% 58% 59% 49% 57% 47% 60% 56% 53% 54% 60% 47% 61% 57% Early-stage Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 80 LA: Top 5 deals in Q2'21 Company Round Amount 1 Relativity Space $650M 2 Kajabi $550M 3 Anduril $450M 4 SpaceX $310M 5 $300M Age of Learning Q2 2021 State Of Venture Report Round Name Select Investors City Sector Industry Subindustry Series E Mark Cuban, Tiger Global Management, Fidelity Investments, Jared Leto, Spencer Rascoff, Brad Buss, Coatue Management Inglewood Industrial Aerospace & Defense N/A Private Equity Meritech Capital Partners, Tiger Global Management, TPG Capital, Tidemark, Owl Rock Capital Partners Irvine Internet Internet Software & Services Education & Training Series D Founders Fund, Lux Capital, General Catalyst, Valor Equity Partners, Andreessen Horowitz, Elad Gil, 8VC Irvine Industrial Aerospace & Defense N/A Series K - IV Charter Life Sciences, Gigafund, Future Ventures Hawthorne Industrial Aerospace & Defense N/A Private Equity Qatar Investment Authority, Madrone Capital Partners, TPG Capital Glendale Internet Internet Software & Services Education & Training pg. 81 Boston United States Trends: Q2 2021 Q2 2021 State Of Venture Report pg. 82 Boston sees another strong quarter for funding in Q2'21 $7.8B $7.8B 199 196 197 198 200 192 192 204 196 209 181 183 183 177 174 164 168 165 163 161 222 deals $1.7B $2.7B $1.5B $2.2B $1.9B $2.1B $2.7B $2.9B $3.6B $2.8B $3.1B $3.3B $2.6B $2.1B $2.2B $4.3B $3.9B $3.8B $3.6B Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 83 Boston early-stage deals make up 50% of total deal share in Q2'21 24% 21% 24% 24% 20% 24% 19% 24% 23% 18% 23% 20% 18% 22% 23% 25% 23% 16% 24% 16% 9% 10% 8% 11% 10% 6% 11% 8% 11% 10% 12% 10% 13% 7% 11% 8% 11% 12% 9% 11% 17% 14% 15% 18% 19% 20% 22% 16% 17% 22% 22% 15% 19% 19% 20% 20% 23% 24% 19% 27% 18% Other 11% Late-stage 21% Mid-stage 50% 55% 52% 48% 51% 50% 48% 52% 47% 50% 44% 53% 53% 52% 47% 47% 43% 49% 48% 46% 50% Early-stage Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 84 Boston: Top 5 deals in Q2'21 Company Round Amount Round Name Select Investors City 1 Perch $775M 2 Circle $440M 3 $336M Adagio Therapeutics 4 Klaviyo $320M 5 $250M DataRobot Q2 2021 State Of Venture Report Series A Spark Capital, Victory Park Capital, SoftBank Group Boston Series F Fidelity Investments, Valor Capital Group, Breyer Capital, Digital Currency Group, Atlas Merchant Capital, Willett Advisors, Pillar Boston Series C Series D Series G Google Ventures, OrbiMed Advisors, Redmile Group, Fidelity Investments, Polaris Partners, RA Capital Management, PremjiInvest Waltham Accel, Lone Pine Capital, Glynn Capital Management, Summit Partners, ClearBridge Investments, Sands Capital, Whale Rock Capital Management Boston New Enterprise Associates, Tiger Global Management, Silver Lake, Altimeter Capital, T. Rowe Price, BlackRock Boston Sector Industry Subindustry Internet E-commerce N/A Internet Internet Software & Services Accounting & Finance Healthcare Biotechnology N/A Internet Internet Software & Services Advertising, Sales & Marketing Internet Internet Software & Services Testing pg. 85 Seattle United States Trends: Q2 2021 Q2 2021 State Of Venture Report pg. 86 Seattle sees record funding in Q2'21 102 97 $1,574M $1,519M 90 83 84 80 82 84 $1,178M 90 $1,235M 79 $1,026M $1,177M 79 73 67 66 74 80 $991M 63 62 69 68 $786M $812M $712M $755M $724M 85 deals $596M $342M $398M $424M $371M $408M $370M $545M $454M Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 87 Seattle early-stage deal share continues to lead in Q2'21 25% 23% 24% 32% 31% 31% 27% 25% 19% 20% 16% 24% 19% 20% 23% 26% 20% 24% 22% 37% 8% 5% 3% 4% 16% 14% 11% 4% 6% 8% 7% 13% 14% 4% 6% 6% 7% 12% 18% 10% 9% 5% 8% 6% 11% 8% 7% 7% 6% 11% 7% 6% 10% 19% 17% 12% 15% 15% 18% 19% 27% Other 4% Late-stage 18% Mid-stage 68% 68% 66% 63% 54% 52% 54% 56% 54% 55% 54% 57% 48% 51% 55% 58% 53% 54% 51% 53% 52% Early-stage Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 88 Seattle: Top 5 deals in Q2'21 Company Round Amount 1 Umoja Biopharma $210M 2 Outreach $200M 3 Flyhomes $150M Round Name Select Investors City Series B Series G Series C MPM Capital, Qiming Venture Partners, Temasek, Data Collective, Casdin Capital, Emerson Collective, Cormorant Asset Management Seattle Mayfield Fund, Sequoia Capital, Lone Pine Capital, Trinity Ventures, Tiger Global Management, DFJ Growth Fund, Vista Equity Partners Norwest Venture Partners, Battery Ventures, Andreessen Horowitz, Balyasny Asset Management, Camber Creek, Spencer Rascoff, Fifth Wall Ventures Seattle Seattle 4 Stackline $130M 5 $100M Icosavax Q2 2021 State Of Venture Report Series B TA Associates Seattle Series B Adams Street Partners, +ND Capital, Qiming Venture Partners, Perceptive Advisors, RA Capital Management, Viking Global Investors, Omega Fund Management Seattle Sector Industry Subindustry Healthcare Pharmaceuticals / Drugs N/A Internet Internet Software & Services Business Intelligence, Analytics & Performance Mgmt Internet Internet Software & Services Real Estate Internet Internet Software & Services Application & Data Integration Healthcare Biotechnology N/A pg. 89 Denver United States Trends: Q2 2021 Q2 2021 State Of Venture Report pg. 90 Denver funding sets a new record of $1.2B in Q2'21 $1,216M 102 99 96 74 76 65 91 81 81 77 76 87 83 91 $888M $927M $999M $972M 81 66 67 67 62 62 $688M 75 deals $534M $556M $544M $288M $169M $177M $400M $414M $294M $261M $229M $377M $350M $336M $311M Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 91 Denver early-stage deal share remains steady in Q2'21 35% 25% 32% 25% 29% 32% 35% 20% 25% 16% 8% 18% 4% 29% 23% 15% 7% 24% 23% 23% 28% 34% 6% 45% 2% 4% 7% 9% 9% 8% 3% 9% 10% 5% 12% 10% 12% 6% 7% 11% 14% 14% 18% 8% 3% 9% 9% 12% 14% 14% 12% 4% 11% 6% 11% 9% 15% 19% 21% 12% 54% 57% 57% 55% 52% 51% 52% 60% 57% 58% 64% 59% 54% 66% 50% 65% 45% 44% 45% 39% 27% Other 9% Late-stage 19% Mid-stage 45% Early-stage Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 92 Denver: Top 5 deals in Q2'21 Company Round Amount 1 Guild Education $150M 2 Solid Power $130M 3 Crusoe Energy Systems $128M 4 Automox $110M 5 Inscripta $100M 5 Velocity Global $100M Q2 2021 State Of Venture Report Round Name Select Investors City Series E Bessemer Venture Partners, Redpoint Ventures, General Catalyst, Harrison Metal, Cowboy Ventures, ICONIQ Capital, Emerson Collective Denver Series B Volta Energy Technologies, Ford Motor Company, BMW Group Louisville Series B Founders Fund, Bain Capital Ventures, Valor Equity Partners, Winklevoss Capital, KCK, EXOR, JB Straubel Denver Series C Insight Partners, TechOperators, Koch Disruptive Technologies, Blackstone Boulder Series E - II Fidelity Investments, Foresite Capital, D1 Capital Partners, Durable Capital Partners, JS Capital, T. Rowe Price, Morgan Stanley Boulder Private Equity FFL Partners Denver Sector Industry Subindustry Internet Internet Software & Services HR & Workforce Management Electronics Electrical Product Distribution Power Generation & Storage Energy & Utilities N/A N/A Internet Internet Software & Services Content Management Healthcare Biotechnology N/A Software (noninternet/mobile) HR & Workforce Management Software N/A pg. 93 DC United States Trends: Q2 2021 Q2 2021 State Of Venture Report pg. 94 DC dollars continue to fall from Q4'20 peak 103 102 $4,407M 86 87 82 89 89 88 88 85 86 82 76 77 78 76 72 73 56 56 82 deals $964M $920M $779M $838M $361M $552M $601M $606M $597M $657M $469M $501M $553M $491M $495M $445M $236M $250M $1,720M $1,337M Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 95 DC sees sharp uptick in early-stage deal share, all others drop 34% 28% 18% 25% 33% 30% 24% 29% 20% 28% 30% 27% 30% 27% 25% 22% 32% 22% 30% 27% 11% 11% 12% 7% 5% 6% 8% 9% 11% 9% 5% 9% 6% 7% 7% 12% 6% 11% 13% 13% 9% 8% 14% 9% 7% 5% 5% 10% 14% 21% 15% 5% 8% 14% 11% 15% 13% 18% 16% 20% 18% Other 12% Late-stage 15% Mid-stage 63% 64% 53% 51% 53% 52% 55% 57% 51% 53% 48% 51% 55% 55% 49% 53% 45% 55% 43% 38% 55% Early-stage Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 96 DC: Top 5 deals in Q2'21 Company Round Amount 1 Cava Group $190M 2 Arcellx $115M 3 MeetingPlay $75M 4 Valenza Biotech $70M 5 Morning Consult $60M 5 Notal Vision $60M Q2 2021 State Of Venture Report Round Name Select Investors City Sector Industry Subindustry Series F Invus Group, SWaN & Legend Ventures, Mousse Partners, Revolution Growth, Declaration Partners, Lighthouse Partners, Equilibra Partners Washington Leisure Restaurants Casual Dining Series C New Enterprise Associates, Novo Ventures, Quan Capital, Solasta Ventures Gaithersburg Healthcare Biotechnology N/A Growth Equity Series A Series B Sunstone Partners Frederick Fidelity Investments, Pierre Fabre, Surveyor Capital, Opaleye Management, Ikarian Capital, Janus Henderson Investors Bethesda Susquehanna Growth Equity, Advance Venture Partners, Lupa Systems Washington Mobile & Telecommun ications Mobile Software & Services Collaboration & Project Management Healthcare Drug Development N/A Internet Internet Software & Services Data & Document Management Series D Ganot Capital, Soleus Capital Management Manassas Healthcare Medical Devices & Equipment Patient Monitoring pg. 97 Chicago United States Trends: Q2 2021 Q2 2021 State Of Venture Report pg. 98 Chicago funding peaks at nearly $2B in Q2'21 65 64 84 85 81 80 77 71 72 73 66 67 60 63 61 $1,955M 76 78 68 65 deals 56 54 $1,330M $916M $1,083M $1,057M $502M $436M $347M $252M $751M $728M $531M $424M $583M $610M $563M $568M $463M $500M $401M $321M Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 99 Chicago early-stage deal share jumps, late-stage falls from peak 34% 20% 27% 27% 30% 20% 21% 26% 33% 27% 35% 22% 33% 31% 30% 23% 33% 29% 36% 24% 8% 11% 7% 4% 4% 7% 3% 6% 17% 9% 7% 15% 9% 3% 14% 8% 9% 13% 12% 10% 12% 8% 3% 16% 11% 13% 14% 19% 6% 7% 10% 8% 18% 15% 11% 13% 17% 11% 15% 12% 22% Other 14% Late-stage 15% Mid-stage 57% 55% 57% 55% 48% 61% 58% 58% 42% 52% 46% 58% 41% 45% 48% 57% 44% 53% 46% 42% 49% Early-stage Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 100 Chicago: Top 5 deals in Q2'21 Company Round Amount 1 ActiveCampaign $240M 2 Project44 $202M 3 ShipBob $200M 3 Clearcover $200M 5 $157M G2 Q2 2021 State Of Venture Report Round Name Select Investors City Series C Tiger Global Management, Susquehanna Growth Equity, Dragoneer Investment Group, Silversmith Capital Partners Chicago Series E Insight Partners, Emergence Capital Partners, Chicago Ventures, Sapphire Ventures, Lineage Logistics, Sozo Ventures, 8VC Chicago Series E Menlo Ventures, Bain Capital Ventures, Hyde Park Angels, Hyde Park Venture Partners, Silicon Chicago Valley Bank, SoftBank Group Series D Cox Enterprises, OMERS Ventures, American Family Ventures, Eldridge Chicago Series D Accel, Emergence Capital Partners, Auren Hoffman, Permira, Thomas Lehrman, Institutional Chicago Venture Partners, Salesforce Ventures Sector Industry Subindustry Internet Internet Software & Services Customer Relationship Management Internet Internet Software & Services Supply Chain & Logistics Internet Internet Software & Services Supply Chain & Logistics Mobile & Telecommun ications Mobile Software & Services Payments Internet Internet Software & Services Information Providers & Portals pg. 101 Dallas United States Trends: Q2 2021 Q2 2021 State Of Venture Report pg. 102 Dallas funding surpasses $1B, buoyed by an $830M biotech round $1,093M 48 36 35 33 46 45 45 38 35 39 39 40 41 $740M 43 42 38 33 31 29 28 $586M $406M $315M $158M $76M $178M $169M $144M $184M $122M $90M $63M $277M $137M $138M $498M $445M $240M $331M 31 deals Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 103 Dallas early-stage deal share on the rise since Q4'20 24% 34% 34% 36% 46% 42% 50% 40% 48% 51% 38% 50% 42% 53% 33% 34% 42% 56% 45% 63% 13% 3% 6% 11% 7% 21% 18% 10% 14% 3% 10% 16% 8% 15% 6% 2% 15% 0% 3% 3% 8% 4% 18% 11% 15% 8% 11% 3% 9% 8% 5% 11% 6% 11% 10% 12% 2% 5% 14% 57% 36% 38% 46% 39% 41% 5% 44% 44% 49% 45% 47% 34% 30% 38% 37% 35% 29% 37% 29% 21% 23% Other 13% Late-stage 13% Mid-stage 52% Early-stage Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 104 Dallas: Top 5 deals in Q2'21 Company Round Amount 1 Caris Life Sciences $830M 2 AEG Vision $115M 3 Alto $45M Round Name Select Investors City Private Equity - II OrbiMed Advisors, Highland Capital Management, Fidelity Investments, CPP Investments, Silver Lake, Millennium Management, ClearBridge Investments Irving Unattributed III Austin Ventures Dallas Series B Franklin Templeton, Tuesday Capital, Goff Capital, Green Park & Golf Ventures, Alumni Ventures Dallas Group, Senterra, Hope Ventures 4 The Citizenry $20M Series B Next World Evergreen Dallas 5 $15M ANSR Consulting Q2 2021 State Of Venture Report Series B Sistema, Evolvence India Dallas Sector Industry Subindustry Healthcare Biotechnology N/A Healthcare Medical Facilities & Services Specialized Healthcare Services Mobile & Telecommun Mobile Commerce ications Travel (mobile) Internet E-commerce E-commerce enablement Business Products & Services Consulting & Outsourcing Management & Strategy Consulting pg. 105 Austin United States Trends: Q2 2021 Q2 2021 State Of Venture Report pg. 106 Funding reaches an all-time high in Austin with $1.8B in Q2'21 $1,784M 81 75 71 73 73 73 70 67 66 65 64 58 61 59 57 58 55 60 deals 52 49 45 $847M $619M $571M $359M $366M $336M $270M $214M $171M $142M $456M $274M $722M $594M $496M $383M $341M $403M $344M $577M Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 107 Mid-stage deal share jumps QoQ in Austin 22% 29% 27% 27% 24% 30% 31% 15% 22% 27% 34% 21% 26% 21% 18% 1% 25% 26% 20% 25% 26% 7% 7% 16% 6% 4% 12% 5% 4% 8% 11% 7% 7% 13% 5% 10% 22% 7% 12% 10% 15% 3% 7% 11% 7% 14% 6% 16% 17% 18% 16% 11% 20% 18% 12% 12% 17% 11% 3% 12% 18% Other 8% Late-stage 17% Mid-stage 55% 44% 63% 59% 46% 51% 49% 60% 60% 45% 51% 48% 52% 64% 59% 51% 52% 65% 50% 56% 57% Early-stage Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 108 Austin: Top 5 deals in Q2'21 Company Round Amount 1 Workrise $300M 1 Arrive Logistics $300M 3 The Zebra $150M 4 Homeward $136M 5 $110M Brinqa Q2 2021 State Of Venture Report Round Name Select Investors City Series E Founders Fund, Andreessen Horowitz, Franklin Templeton, 137 Ventures, Baillie Gifford & Co., Bedrock Capital, Moore Strategic Ventures Austin Private Equity Temasek, British Columbia Investment Management Corporation, Baupost Group, ATL Partners Austin Series D Accel, Weatherford Capital Management, Hedosophia Austin Series B - II Norwest Venture Partners, Adams Street Partners, Javelin, Breyer Capital, LiveOak Venture Partners, Blackstone Austin Unattributed VC Insight Partners Austin Sector Industry Subindustry Collaboration & Software (noninternet/mobile) Project Management N/A Software Automotive & Transportation Transportation Services Freight Forwarding & Courier Services Internet E-commerce Comparison Shopping Internet Internet Software & Services Real Estate Internet Internet Software & Monitoring & Services Security pg. 109 Miami Q2 2021 State Of Venture Report United States Trends: Q2 2021 pg. 110 Funding in Miami more than doubles from Q1'21 46 $1,241M 39 37 34 31 32 28 27 26 40 31 43 41 42 33 33 36 36 37 44 deals $711M 20 $476M $416M $584M $574M $524M $498M $524M $322M $322M $173M $86M $62M $100M $125M $130M $177M $138M $68M $160M Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 111 Miami sees steep drop across early-, mid-, and late-stage deal share 21% 44% 41% 43% 29% 38% 34% 33% 36% 39% 28% 45% 39% 50% 3% 35% 48% 26% 35% 56% 56% 12% 13% 14% 16% 15% 5% 8% 6% 11% 7% 0% 19% 8% 23% 4% 23% 20% 10% 20% 12% 8% 17% 16% 11% 11% 6% 5% 7% 3% 10% 5% 7% 15% 6% 11% 12% 3% 64% 11% 6% 50% 48% 53% 38% 39% 39% 41% 36% 35% 42% 35% 34% 27% 49% 49% 43% 33% 28% 28% 50% Other 7% Late-stage 7% Mid-stage 36% Early-stage Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 112 Miami: Top 5 deals in Q2'21 Company Round Amount 1 Pipe $250M 2 PayCargo $125M 3 Redzone Software $68M 4 Papa $60M 5 $30M Heru Q2 2021 State Of Venture Report Round Name Select Investors City Series A - II next47, Marc Benioff, SBI Investment, Greenspring Associates, Guy Oseary, Sound Ventures, Republic Miami Sector Industry Subindustry Internet Internet Software & Services Accounting & Finance Series B Insight Partners Coral Gables Internet Internet Software & Services Payments Unattributed Undisclosed Investors Manufacturing, Miami Beach Software (noninternet/mobile) Warehousing & N/A Industrial Software Series C Tiger Global Management Miami Mobile & Telecommun ications Mobile Software & Services Health & Wellness Series A Krillion Ventures, D1 Capital Partners, Maurice Ferre, Frederic Moll, SoftBank Group Miami Healthcare Medical Devices & Equipment Imaging & Diagnostic Equipment pg. 113 Atlanta United States Trends: Q2 2021 Q2 2021 State Of Venture Report pg. 114 Atlanta funding falls from Q1'21 peak, deals slip $2,067M 59 57 54 51 47 48 49 44 43 45 44 44 42 38 37 37 35 35 32 42 deals 27 $948M $953M $788M $666M $380M $221M $167M $168M $155M $413M $455M $289M $305M $344M $387M $193M $84M $135M $366M $192M Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 115 Atlanta early-stage deal share declines, mid-stage sees sharp uptick 21% 19% 19% 18% 34% 26% 31% 38% 31% 33% 29% 30% 25% 29% 28% 25% 34% 33% 43% 48% 6% 9% 10% 6% 19% 11% 7% 3% 6% 11% 14% 11% 9% 6% 19% 11% 10% 7% 6% 13% 22% 11% 17% 9% 20% 8% 4% 9% 16% 11% 18% 17% 19% 13% 19% 5% 11% 8% 9% 66% 11% 49% 59% 58% 56% 59% 62% 51% 48% 50% 48% 53% 39% 37% 42% 41% 42% 43% 31% 22% 29% Other 12% Late-stage 21% Mid-stage 38% Early-stage Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 116 Atlanta: Top 5 deals in Q2'21 Company 1 Greenlight Round Amount $260M Round Name Select Investors City Series D Andreessen Horowitz, Wellington Management, TTV Capital, Goodwater Capital, Owl Ventures, LionTree Partners, Canapi Ventures Atlanta 2 OneTrust $210M 3 $96M Antios Therapeutics 4 $80M Florence Healthcare 5 $65M Popmenu Q2 2021 State Of Venture Report Series C - II Franklin Templeton, SoftBank Group Atlanta Series B Domain Associates, Aisling Capital, Lumira Ventures, Adage Capital Management, Granite Point Capital, Pontifax, RA Capital Management Atlanta Series C Insight Partners, Fulcrum Equity Partners, Bee Partners, Flashpoint Venture Capital Atlanta Series C Felicis Ventures, Tiger Global Management, Salesforce Ventures, Base10 Partners, Bedrock Capital Atlanta Sector Industry Subindustry Financial Payments (noninternet/mobile) Issuer Internet Internet Software & Services Compliance Healthcare Drug Development N/A Internet Internet Software & Services Data & Document Management Internet Internet Software & Services Advertising, Sales & Marketing pg. 117 Philadelphia United States Trends: Q2 2021 Q2 2021 State Of Venture Report pg. 118 Philadelphia funding sees second consecutive billion-dollar quarter $1,848M 55 52 53 $1,333M 50 48 45 46 58 45 39 38 37 30 39 36 36 35 35 33 28 $629M $444M $378M $373M $364M $330M $335M $173M $211M $257M $220M $120M $124M $207M $321M $508M $349M $139M 68 deals $1,561M Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 119 Philadelphia early-stage deal share continues to dominate 41% 29% 36% 24% 29% 30% 24% 42% 32% 21% 40% 39% 28% 28% 23% 39% 23% 33% 31% 31% 11% 11% 8% 5% 6% 10% 17% 11% 4% 8% 6% 10% 10% 9% 3% 9% 6% 10% 8% 8% 6% 11% 7% 6% 7% 4% 2% 6% 11% 17% 4% 11% 10% 8% 10% 16% 9% 18% 20% 11% 58% 52% 54% 62% 50% 44% 44% 58% 59% 52% 61% 63% 57% 53% 52% 47% 41% 39% 40% 31% 18% Other 13% Late-stage 12% Mid-stage 57% Early-stage Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 120 Philadelphia: Top 5 deals in Q2'21 Company Round Amount Round Name Select Investors City Sector Industry Subindustry 1 G2 Bio Companies $200M 1 Misfits Market $200M 1 $200M NiKang Therapeutics 4 dbt Labs $150M 5 Phenom People $100M 5 HealthVerity $100M Q2 2021 State Of Venture Report Unattributed Temasek Philadelphia Healthcare Biotechnology N/A Series C Series C Series C Series D Series D Accel, Valor Equity Partners, Greenoaks Capital Management, Sound Ventures, Third Kind Venture Capital, D1 Capital Partners HBM Healthcare Investments, Invus Group, Wellington Management, Pavilion Capital, Perceptive Advisors, RA Capital Management, Matrix Partners China Pennsauken Wilmington Sequoia Capital, Andreessen Horowitz, Altimeter Capital, Amplify Partners Philadelphia Internet E-commerce Food & Grocery Healthcare Biotechnology N/A Internet Internet Software & Services Database Management OMERS Private Equity, Dragoneer Investment Group, B Capital Group, GoldenArc Capital Ambler Internet Internet Software & Services HR & Workforce Management Greycroft, Flare Capital Partners, Foresite Capital, Durable Capital Partners Philadelphia Internet Internet Software & Services Healthcare pg. 121 Raleigh United States Trends: Q2 2021 Q2 2021 State Of Venture Report pg. 122 Raleigh funding hits $1.2B, driven by Epic Games' $1B deal $1,921M 45 30 29 28 24 25 40 36 34 $1,404M 32 31 31 30 30 37 32 36 33 37 deals $1,199M 24 20 $587M $217M $213M $140M $77M $296M $82M $138M $106M $227M $470M $447M $365M $47M $155M $175M $378M $226M Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 123 Raleigh early-stage deal share continues to fall 32% 38% 38% 24% 20% 17% 26% 35% 33% 35% 33% 30% 31% 27% 31% 43% 43% 59% 56% 53% 18% 13% 17% 15% 7% 7% 8% 5% 8% 13% 4% 18% 8% 13% 20% 11% 7% 10% 16% 10% 8% 15% 11% 13% 15% 8% 0% 8% 11% 6% 21% 7% 3% 16% 16% 6% 52% 60% 63% 57% 56% 55% 50% 50% 50% 50% 42% 43% 40% 40% 44% 34% 29% 36% 25% 32% 32% Other 8% Late-stage 11% Mid-stage 49% Early-stage Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 124 Raleigh: Top 5 deals in Q2'21 Company 1 Epic Games 2 Istari Oncology Round Amount Round Name Select Investors City $1,000M Private Equity - III AllianceBernstein, Sony, Franklin Templeton, Fidelity Investments, GIC, Altimeter Capital, Luxor Capital Group Cary $43M Unattributed III Undisclosed Investors Durham Sector Industry Software (noninternet/mobile) Gaming Subindustry N/A Healthcare Drug Development N/A 3 Aceragen 4 JupiterOne $35M Series A NovaQuest Capital Management Raleigh Healthcare Biotechnology N/A $30M Series B Bain Capital Ventures, Sapphire Ventures Morrisville Internet Internet Software & Services Monitoring & Security 5 $28M Baebies Q2 2021 State Of Venture Report Series B - IV Undisclosed Investors Durham Healthcare Biotechnology N/A pg. 125 Canada Trends Regional Trends: Q2 2021 Q2 2021 State Of Venture Report pg. 126 Canada funding in H1'21 jumps more than 2x 2020's full-year total 720 716 $6.3B 230 $1.2B 282 $.9B 360 $1.2B 412 $1.6B 474 $1.9B 572 $2.2B 575 $2.7B $3.4B $4.3B 617 $2.9B 414 deals 2011 2012 2013 Q2 2021 State Of Venture Report 2014 2015 2016 2017 2018 2019 2020 2021 YTD pg. 127 Canada funding rises 89% from Q1'21, reaching $4.1B $4,119M 212 167 145 148 141 137 126 128 187 192 197 180 180 169 152 164 159 166 161 131 $2,185M 217 deals $1,321M $1,211M $978M $1,053M $988M $972M $630M $690M $624M $666M $834M $775M $420M $480M $500M $759M $840M $896M $452M Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 128 Canada sees increase in mid-stage deal share 19% 16% 16% 18% 19% 21% 29% 24% 20% 22% 22% 15% 21% 23% 20% 22% 23% 22% 26% 24% 5% 5% 6% 5% 9% 7% 11% 10% 7% 7% 10% 8% 10% 4% 10% 7% 9% 8% 6% 8% 8% 5% 4% 8% 5% 12% 6% 12% 10% 12% 7% 7% 13% 10% 9% 10% 6% 11% 9% 8% 17% Other 12% Late-stage 14% Mid-stage 66% 72% 67% 67% 66% 59% 52% 59% 63% 66% 59% 71% 61% 59% 68% 66% 62% 55% 62% 55% 56% Early-stage Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 129 Canada: Top 5 deals for Q2'21 Company 1 Trulioo 2 ApplyBoard Round Amount Round Name Select Investors City State $394M Series D Technology Crossover Ventures, Blumberg Capital, Citi Ventures, American Express Ventures, Mouro Capital Vancouver British Columbia $300M Series D Index Ventures, Fidelity Investments, Blue Cloud Ventures, Garage Capital, BDC Capital, Ontario Teachers' Pension Plan, Harmonic Growth Partners Kitchener Ontario 3 Vena Solutions $242M Series C 4 TensTorrent $200M Series B 4 Loopio $200M Private Equity Q2 2021 State Of Venture Report Vista Equity Partners Fidelity Investments, Moore Capital Management, Eclipse Ventures Undisclosed Investors, Sumeru Equity Partners Toronto Ontario Toronto Ontario Toronto Ontario Sector Internet Internet Internet Industry Subindustry Internet Software & Services Monitoring & Security Internet Software & Services Information Providers & Portals Internet Software & Services Accounting & Finance Electronics Chips & Semiconductors Semiconductors: Integrated Circuits Software (noninternet/mobile) Collaboration & Project Management Software N/A pg. 130 Total exits in Canada fall from Q1'21's peak 7 11 3 7 5 12 10 8 6 9 3 5 2 6 5 10 128 120 5 2 6 84 88 74 71 77 72 75 71 76 82 59 64 52 57 64 52 42 43 8 IPO 102 M&A Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 131 Top 5 investors in Canada-based companies Q2'21 Investor Company Count Investor Type Country 1 14 BDC Capital 2 7 Inovia Capital 3 5 Panache Ventures 3 5 Garage Capital 3 5 Real Ventures 3 5 Desjardins Capital Q2 2021 State Of Venture Report Venture Capital Venture Capital Venture Capital Venture Capital Venture Capital Corporate Venture Canada Canada Canada Canada Canada Canada Continent North America North America North America North America North America North America pg. 132 Toronto Canada Trends: Q2 2021 Q2 2021 State Of Venture Report pg. 133 Toronto sees record-breaking funding in Q2'21 73 71 $673M 58 54 49 47 42 39 47 52 49 59 55 58 $374M $408M 49 50 47 34 31 $344M $223M $286M $289M $288M $290M $246M $259M $177M $68M $123M $128M $94M $118M 38 $236M $199M $111M $141M 62 deals Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 134 Toronto early-stage deal share continues to hold majority 5% 29% 13% 6% 13% 13% 6% 11% 16% 8% 4% 10% 15% 16% 9% 16% 13% 16% 5% 7% 13% 11% 25% 4% 20% 8% 11% 7% 6% 16% 4% 11% 19% 7% 24% 0% 5% 17% 3% 7% 12% 4% 4% 20% 8% 21% 4% 4% 19% 11% 6% 14% 11% 4% 2% 10% 10% 10% 8% 12% 15% Other 11% Late-stage 12% Mid-stage 68% 70% 71% 69% 62% 61% 71% 66% 67% 69% 76% 69% 64% 71% 72% 80% 62% 71% 61% 53% 62% Early-stage Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 135 Toronto: Top 5 deals for Q2'21 Company Round Amount Round Name Select Investors Province 1 Vena Solutions $242M Series C 2 TensTorrent 2 Loopio $200M Series B $200M Private Equity 4 Ada Support $130M Series C 5 Clearco $100M Series C 5 Xanadu $100M Series B Q2 2021 State Of Venture Report Vista Equity Partners Ontario Fidelity Investments, Moore Capital Management, Eclipse Ventures Ontario Sumeru Equity Partners Ontario Bessemer Venture Partners, Spark Capital, Accel, FirstMark Capital, Tiger Global Management, Version One Ventures, Burst Capital Ontario Founders Circle Capital, Oak HC/FT Partners Ontario Bessemer Venture Partners, Tiger Global Management, In-Q-Tel, Tim Draper, Capricorn Holdings, BDC Capital, OMERS Ontario Sector Industry Subindustry Internet Internet Software Accounting & & Services Finance Electronics Chips & Semiconductors Semiconductors: Integrated Circuits Software (noninternet/mobile) Collaboration & Project Management Software N/A Internet Internet Software & Services Customer Relationship Management Internet Internet Software Accounting & & Services Finance Computer Hardware & Services Supercomputers N/A pg. 136 Vancouver Canada Trends: Q2 2021 Q2 2021 State Of Venture Report pg. 137 Vancouver hits billion-dollar quarter, driven by $100M+ mega-rounds 25 23 21 21 19 16 36 35 32 38 $1,015M 31 deals 24 24 20 20 19 20 20 20 19 18 $501M $73M $31M $76M $95M $38M $149M $127M $93M $50M $93M $63M $197M $202M $215M $187M $149M $158M $44M $53M Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 138 Vancouver mid- and late-stage deal shares explode 13% 11% 15% 15% 29% 24% 25% 9% 21% 3% 25% 32% 34% 33% 44% 14% 5% 29% 33% 30% 37% 40% 15% 34% 5% 9% 8% 15% 10% 58% 10% 5% 8% 5% 31% 9% 8% 17% 10% 20% 17% 15% 5% 4% 8% 4% 13% 17% 11% 15% 8% 3% 11% 71% 62% 70% 63% 71% 65% 15% 5% 0% 44% 48% 44% 50% 54% 55% 46% 50% 50% 47% 55% 39% 37% 30% 19% Other 23% Late-stage 23% Mid-stage 35% Early-stage Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 139 Vancouver: Top 5 deals for Q2'21 Company Round Amount Round Name Select Investors Province 1 Trulioo $394M Series D 2 Visier $125M Series E 3 Tasktop $100M Series D 4 Dooly $80M Series B 4 $80M Virogin Biotech Q2 2021 State Of Venture Report Series D Technology Crossover Ventures, Blumberg Capital, Citi Ventures, American Express Ventures, Mouro Capital British Columbia Foundation Capital, Adams Street Partners, Summit Partners, Sorenson Capital, Goldman Sachs Asset Management British Columbia Yaletown Venture Partners, Elsewhere Partners, Sumeru Equity Partners British Columbia Spark Capital, Tiger Global Management, BOLDstart Ventures, BoxGroup, Lachy Groom, Addition, GreenSpring Ventures British Columbia Fortune United Partners, Forebright Capital Management, GP Capital, China Structural Reform Fund, Young Label British Columbia Sector Internet Internet Computer Hardware & Services Internet Healthcare Industry Subindustry Internet Software Monitoring & & Services Security Internet Software HR & Workforce & Services Management IT Services IT Solutions & Software Development Internet Software & Services Customer Relationship Management Biotechnology N/A pg. 140 Asia Trends Regional Trends: Q2 2021 Q2 2021 State Of Venture Report pg. 141 Asia funding in H1'21 is catching up to 2020's full-year total $107.8B 10,433 $91.4B 9,250 $86.3B $103.2B 8,463 $64.1B 5,951 6,631 $59.3B 8,018 $14.0B 1,373 1,538 $9.1B 2,038 $11.8B 3,480 $31.1B $84.5B 5,007 deals 2011 2012 2013 Q2 2021 State Of Venture Report 2014 2015 2016 2017 2018 2019 2020 2021 YTD pg. 142 Asia funding rises for the fifth consecutive quarter $42.1B $42.4B 2,956 2,835 $38.5B $27.8B $24.9B 2,326 $22.6B 2,074 2,215 1,868 1,861 1,552 1,608 1,646 $22.9B $16.1B $14.1B $14.8B $14.8B $32.0B 2,316 2,316 $26.7B $26.3B 2,181 2,395 2,358 1,816 1,932 2,384 2,331 $27.3B $22.4B $21.5B $23.3B $19.1B $18.6B $18.9B 2,430 2,577 deals Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 143 Asia early-stage deal share continues rebound from Q4'20 low 7% 6% 9% 9% 11% 11% 12% 13% 11% 13% 16% 12% 13% 13% 12% 12% 11% 17% 20% 17% 13% 7% 7% 6% 6% 7% 6% 6% 5% 5% 6% 6% 6% 5% 5% 7% 14% 5% 6% 13% 14% 13% 13% 14% 15% 15% 16% 14% 15% 15% 15% 15% 16% 16% 7% 8% 19% 18% 16% 19% 10% Other 6% Late-stage 20% Mid-stage 73% 71% 69% 70% 70% 67% 66% 68% 66% 65% 68% 66% 65% 67% 67% 67% 60% 57% 55% 62% 64% Early-stage Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 144 Asia: Top 5 deals for Q2'21 Company Round Amount Round Name Select Investors City Country Sector Industry Subindustry 1 $3,000M Convertible Note Didi Chuxing Orange Heart Optimal Technology Beijing 2 J&T Express 3 Swiggy 4 Dingdong Maicai $1,800M Private Equity $800M Series J $700M Series D Sequoia Capital China, Hillhouse Capital Management, Boyu Capital Jakarta Accel, Carmignac, Falcon Edge Capital, Prosus Ventures, Amansa Capital, Think Capital, Goldman Sachs Bengaluru Tiger Global Management, General Atlantic, DST Global, Sequoia Capital China, Hony Capital, CMC Capital Partners, Coatue Management Shanghai 5 $640M Series E Trax Q2 2021 State Of Venture Report Warburg Pincus, Sony Innovation Fund, OMERS, BlackRock, SoftBank Group Singapore China Indonesia India China Singapore Internet E-commerce Marketplace Automotive & Transportation Transportation Services Freight forwarding & courier services Internet E-commerce Food & Grocery Mobile & Telecommunications Mobile Commerce Food & Grocery Internet Internet Software & Services Retail & Inventory pg. 145 Asia IPOs see slight increase, while total exits remain constant 82 111 77 101 110 83 49 85 113 49 56 46 63 107 69 136 106 52 53 60 241 220 195 202 183 182 177 183 192 161 152 161 152 159 121 135 123 158 142 119 117 IPO 217 M&A Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 146 Top 5 investors in Asia-based companies Q2'21 Investor Company Count Investor Type Country 1 57 Sequoia Capital China 2 40 Matrix Partners China 2 40 Tencent Holdings 4 36 Hillhouse Capital Management 5 29 Qiming Venture Partners Q2 2021 State Of Venture Report Venture Capital China Venture Capital China Corporation China Asset/Investment Management China Venture Capital China Continent Asia Asia Asia Asia Asia pg. 147 China Q2 2021 State Of Venture Report Asia Trends: Q2 2021 pg. 148 China funding continues to fall from Q4'20 peak $22.6B 1,811 $24.5B 1,706 $27.7B $26.5B $22.8B $17.7B 1,226 1,063 1,297 1,296 $16.8B 991 $14.6B $11.7B 863 902 843 $11.2B $10.4B $10.5B $18.9B 1,198 1,158 $15.2B 1,049 1,077 1,095 $18.8B 1,291 1,200 1,212 $13.8B $11.9B $11.5B $10.4B $9.5B 902 692 $11.2B 1,223 deals Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 149 China early-stage deal share continues to rebound from Q4'20 low 5% 7% 6% 7% 8% 8% 7% 8% 7% 11% 11% 9% 13% 16% 9% 10% 12% 12% 9% 11% 14% 8% 7% 6% 6% 4% 5% 7% 5% 6% 6% 6% 21% 25% 22% 17% 18% 18% 16% 15% 15% 17% 18% 18% 5% 15% 18% 17% 17% 18% 19% 21% 6% 7% 11% 9% 25% 21% 19% 24% 9% Other 6% Late-stage 26% Mid-stage 72% 69% 67% 69% 70% 67% 66% 67% 64% 65% 68% 65% 65% 63% 66% 62% 53% 54% 47% 44% 60% Early-stage Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 150 China: Top 5 deals for Q2'21 Company Round Amount Round Name Select Investors City Sector Industry Subindustry 1 $3,000M Orange Heart Optimal Technology 2 Dingdong Maicai $700M 3 Horizon Robotics $600M 3 Xingyun Group $600M 5 $399M The Little Bear Q2 2021 State Of Venture Report Convertible Note Didi Chuxing Beijing Series D Tiger Global Management, General Atlantic, DST Global, Sequoia Capital China, Hony Capital, CMC Capital Partners, Coatue Management Shanghai Series C - IV Legend Capital, BOE Technology Group, ZWC Partners, HuangPu River Capital, CICC Jiacheng Investment, Will Semiconductor, Zhongyuan Capital Beijing Series C - II Boston Capital Ventures, Skywalker Ventures, UOB Venture Management, Matrix Partners China, Yunfeng Capital, HighLight Capital, Keywise Capital Shenzhen Series C - II Matrix Partners China, CMC Capital Partners, Yunqi Partners, Genesis Capital, Jiawei Gan, Ab Initio Capital, Cygnus Equity Shanghai Internet E-commerce Marketplace Mobile & Telecommun Mobile Commerce ications Food & Grocery Internet Internet Software & Services Scientific, Engineering Internet E-commerce B2B Commerce Mobile & Telecommun Mobile Commerce ications B2B Commerce pg. 151 India Q2 2021 State Of Venture Report Asia Trends: Q2 2021 pg. 152 India funding hits quarterly record in Q2'21, reaching $6.3B $6.3B 335 295 283 267 262 271 278 275 303 311 304 302 $4.3B 304 292 $4.5B 240 227 229 $3.5B 244 214 $3.7B 219 $3.6B $3.9B $3.2B $3.3B $3.0B $3.0B $2.6B $2.4B $2.2B $2.0B $2.5B $2.3B $1.5B $1.6B 336 deals $.8B $.8B Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 153 India early-stage deal share continues to dominate 7% 11% 2% 10% 8% 6% 7% 5% 8% 15% 15% 14% 13% 12% 8% 14% 7% 13% 9% 7% 10% 6% 13% 11% 9% 9% 5% 8% 8% 6% 8% 6% 10% 10% 8% 9% 9% 13% 8% 13% 9% 14% 8% 14% 14% 13% 10% 14% 9% 14% 9% 13% 13% 10% 9% 7% 13% 8% 10% 13% 6% Other 10% Late-stage 9% Mid-stage 81% 80% 75% 72% 71% 67% 70% 71% 70% 65% 70% 65% 65% 70% 67% 72% 61% 70% 72% 73% 75% Early-stage Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 154 India: Top 5 deals for Q2'21 Company Round Amount 1 Swiggy $800M 2 ShareChat $502M 3 BYJU's $350M 4 Meesho $300M 5 $285M Pine Labs Q2 2021 State Of Venture Report Round Name Select Investors City Series J Accel, Carmignac, Falcon Edge Capital, Prosus Ventures, Amansa Capital, Think Capital, Goldman Sachs Bengaluru Series E Lightspeed Venture Partners, Tiger Global Management, Twitter, India Quotient, Snap Bengaluru Series G Eric Yuan, ADQ, UBS Asset Management, Phoenix Rising Investment Group, Blackstone Bengaluru Series E Shunwei Capital Partners, Knollwood Investment Advisory, Venture Highway, Prosus Ventures, Facebook, SoftBank Group Bengaluru Unattributed VC - III Lone Pine Capital, Temasek, Ward Ferry Management, Baron Funds, Sunley House Capital Management, Moore Strategic Ventures, Marshall Wace Asset Management Noida Sector Industry Subindustry Internet E-commerce Food & Grocery Mobile & Telecommun ications Mobile Software & Services Social Internet Internet Software & Services Education & Training Mobile & Telecommun Mobile Commerce ications Mobile Commerce enablement Internet Internet Software & Services Payments pg. 155 Europe Trends Regional Trends: Q2 2021 Q2 2021 State Of Venture Report pg. 156 Europe blows past previous funding records at the half-year mark 5,865 5,910 6,050 5,731 $50.8B 1,495 $6.4B 2,017 $13.5B 2,466 $8.4B 4,441 3,459 $38.3B $39.1B 2,697 $13.1B $17.6B $18.6B $25.8B $26.6B 3,470 deals 2011 2012 2013 Q2 2021 State Of Venture Report 2014 2015 2016 2017 2018 2019 2020 2021 YTD pg. 157 Europe hits new quarterly funding high of $30.6B $30.6B 1,649 1,157 1,207 1,581 1,354 1,434 1,496 1,545 1,496 1,394 1,475 1,584 1,574 1,408 1,484 1,402 1,404 1,402 1,523 $20.2B 1,058 1,821 deals $10.6B $11.9B $11.0B $8.4B $9.3B $9.4B $9.0B $8.2B $8.0B $6.1B $5.2B $6.8B $5.5B $4.4B $3.8B $6.8B $6.9B $6.7B $6.1B Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 158 Europe early-stage deal share continues to dominate 14% 11% 18% 17% 20% 15% 20% 18% 18% 22% 18% 14% 16% 13% 17% 15% 17% 16% 15% 16% 7% 7% 6% 6% 9% 6% 5% 5% 7% 6% 7% 7% 8% 6% 8% 6% 8% 8% 9% 8% 7% 8% 7% 8% 8% 8% 9% 6% 8% 6% 5% 7% 8% 9% 9% 10% 10% 9% 10% 7% 13% Other 8% Late-stage 10% Mid stage 73% 76% 67% 73% 67% 72% 66% 69% 66% 62% 67% 71% 67% 69% 69% 70% 68% 67% 67% 65% 69% Early stage Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 159 Europe: Top 5 deals for Q2'21 Company Round Amount Round Name Select Investors City Country Sector Industry Subindustry 1 Northvolt 2 Celonis 3 Trade Republic $2,750M Unattributed VC - II Andra AP-fonden, Arbejdsmarkedets Tillaegspension, Baillie Gifford & Co., Daniel Ek, Stena, AP3, AMF Pensionsforsakring Stockholm Sweden $1,000M Series D Franklin Templeton, Splunk Ventures, Durable Capital Partners, Arena Holdings Management, T. Rowe Price Munich Germany $900M Series C Founders Fund, Sequoia Capital, Accel, Technology Crossover Ventures, Creandum, Berlin Thrive Capital, Project A Ventures Germany Electronics Electrical Product Distribution Power Generation & Storage Software (noninternet/mobile) Mobile & Telecommunications Business Intelligence, Analytics & Performance Mgmt Software N/A Mobile Software & Services Asset & Financial Management & Trading 4 Mollie 5 wefox $800M Series C $650M Series C General Atlantic, Technology Crossover Ventures, Alkeon Capital Management, HMI Amsterdam Capital, EQT, Blackstone Netherlands Internet Internet Software & Services Payments Horizons Ventures, Seedcamp, Jupiter Asset Management, Mountain Partners, LGT Group Stiftung, Victory Park Capital, EDBI Berlin Germany Mobile & Telecommunications Mobile Software & Services Accounting & Finance Q2 2021 State Of Venture Report pg. 160 Europe sees new quarterly highs for both M&As and IPOs 35 37 16 14 16 23 49 32 27 46 22 37 24 20 11 9 16 18 27 875 806 21 311 398 359 445 477 464 464 470 569 476 583 630 585 535 618 509 471 580 57 IPO 925 M&A Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 161 Top 5 investors in Europe-based companies Q2'21 Investor Company Count Investor Type Country 1 50 Bpifrance 2 22 Almi Invest 3 20 Accel 4 19 High-Tech Grunderfonds 5 15 Speedinvest Q2 2021 State Of Venture Report Diversified Financial Services France Venture Capital Sweden Venture Capital United States Venture Capital Germany Venture Capital Austria Continent Europe Europe North America Europe Europe pg. 162 United Kingdom Europe Trends: Q2 2021 Q2 2021 State Of Venture Report pg. 163 UK raises $7.6B in new quarterly funding record $7.6B $6.7B 483 396 396 392 393 405 406 391 374 339 354 362 349 365 370 347 343 280 279 242 $2.3B $3.9B $4.0B $3.9B $2.5B $2.4B $2.9B $3.1B $2.4B $2.1B $2.1B $3.2B $2.8B $3.2B $2.5B $3.3B 482 deals $1.0B $1.1B $1.2B Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 164 UK early-stage deal share jumps to nearly 70% 14% 10% 14% 13% 15% 10% 17% 20% 16% 18% 17% 14% 13% 9% 16% 15% 19% 16% 12% 13% 7% 7% 7% 8% 14% 7% 6% 6% 10% 13% 10% 9% 12% 13% 12% 13% 15% 14% 11% 8% 11% 9% 10% 8% 10% 11% 10% 7% 4% 10% 9% 9% 7% 9% 12% 10% 15% 10% 11% 10% 10% Other 12% Late-stage 10% Mid-stage 71% 75% 65% 75% 65% 68% 63% 64% 61% 58% 59% 67% 66% 68% 66% 64% 65% 64% 65% 61% 68% Early-stage Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 165 UK: Top 5 deals for Q2'21 Company Round Amount 1 CMR Surgical $600M 2 Exscientia $525M 3 SaltPay $500M 4 Bought By Many $350M 5 Oxford Nanopore Technologies $270M Q2 2021 State Of Venture Report Round Name Select Investors City Sector Industry Subindustry Series D GE Healthcare, Lightrock, Ally Bridge Group, Cambridge Innovation Capital, RPMI Railpen, Watrium, Chimera Cambridge Healthcare Medical Devices & Surgical Equipment Devices Series D, Convertible Note SoftBank Group, Novo Holdings, Farallon Capital Management, Casdin Capital, GT Healthcare Capital Partners, Mubadala Investment Company Oxford Series C Tiger Global Management, Hedosophia London Series D Octopus Ventures, FTV Capital, CommerzVentures, Munich Re Ventures, Willoughby Capital Management, EQT Partners London Healthcare Drug Discovery N/A Computer Hardware & Services Specialty Computer Hardware Point of Sales & Retail Computer Systems Internet Internet Software & Accounting & Services Finance Series I Temasek, Wellington Management, M&G Investments, IP Group, Nikon Oxford Healthcare Medical Devices & Equipment N/A pg. 166 Germany Europe Trends: Q2 2021 Q2 2021 State Of Venture Report pg. 167 Germany funding explodes in Q2'21, while deals slip from Q1'21 peak 232 $5.8B 144 140 130 198 201 187 185 192 189 171 164 161 159 151 150 183 166 170 157 $2.8B $.5B $1.9B $1.1B $.5B $.7B $.7B $1.7B $.9B $.7B $2.3B $.8B $1.2B $1.3B $1.1B $1.5B $1.7B $1.5B $1.4B $1.0B 204 deals Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 168 Germany early-stage deal share jumps from the previous quarter 10% 11% 20% 18% 19% 19% 19% 13% 17% 16% 16% 13% 14% 17% 16% 15% 14% 11% 14% 8% 8% 12% 7% 9% 9% 26% 7% 5% 12% 7% 5% 9% 5% 6% 8% 13% 11% 11% 9% 7% 6% 11% 8% 9% 8% 9% 10% 15% 3% 9% 7% 7% 6% 7% 11% 13% 15% 17% 13% 13% 5% Other 11% Late-stage 14% Mid-stage 71% 74% 61% 64% 63% 68% 63% 62% 69% 67% 66% 67% 69% 62% 71% 62% 62% 66% 69% 62% 70% Early-stage Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 169 Germany: Top 5 deals for Q2'21 Company Round Amount 1 Celonis $1,000M 2 Trade Republic $900M 3 wefox $650M 4 Redwood Software $382M 5 Forto $240M 5 Flink $240M Q2 2021 State Of Venture Report Round Name Select Investors City Sector Industry Subindustry Series D Series C Series C Private Equity Series D Series A Franklin Templeton, Splunk Ventures, Durable Capital Partners, Arena Holdings Management, T. Rowe Price Munich Founders Fund, Sequoia Capital, Accel, Technology Crossover Ventures, Creandum, Thrive Capital, Project A Ventures Berlin Horizons Ventures, Seedcamp, Jupiter Asset Management, Mountain Partners, LGT Group Stiftung, Victory Park Capital, EDBI Berlin Software (noninternet/mobile) Business Intelligence, Analytics & Performance Mgmt Software N/A Mobile & Telecommun ications Mobile Software & Services Asset & Financial Management & Trading Mobile & Telecommun ications Mobile Software & Services Accounting & Finance Turn/River Capital Duesseldorf Internet Internet Software & Services Application & Data Integration Northzone Ventures, Citi Ventures, G Squared, Cherry Ventures, INVEN Capital, Unbound, SoftBank Group Berlin Internet Internet Software & Supply Chain & Services Logistics Mubadala Capital, Bond, Prosus Ventures Berlin Mobile & Telecommun Mobile Commerce ications Food & Grocery pg. 170 France Europe Trends: Q2 2021 Q2 2021 State Of Venture Report pg. 171 France hits $4B in a record quarter for funding 279 $4.0B 182 193 184 232 201 216 223 225 210 214 219 205 199 209 187 179 185 163 147 $1.3B $.4B $.8B $.7B $.8B $.7B $.7B $1.3B $1.0B $1.0B $.8B $1.7B $1.8B $1.4B $1.4B $1.5B $1.0B $1.0B $1.1B $1.2B 231 deals Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 172 France early-stage deal share sees slight drop 14% 14% 20% 18% 23% 17% 21% 18% 19% 26% 24% 16% 21% 12% 6% 17% 10% 7% 17% 17% 15% 16% 10% 11% 7% 4% 6% 10% 3% 8% 7% 5% 6% 4% 7% 10% 8% 8% 9% 8% 9% 8% 8% 7% 10% 5% 8% 10% 6% 10% 9% 7% 6% 11% 7% 4% 8% 11% 7% 7% 16% Other 10% Late-stage 10% Mid-stage 71% 69% 64% 72% 65% 72% 69% 67% 63% 59% 60% 66% 61% 73% 66% 73% 69% 64% 69% 70% 65% Early-stage Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 173 France: Top 5 deals for Q2'21 Company Round Amount Round Name Select Investors City 1 ContentSquare $500M 2 Ledger $380M 3 Back Market $335M 4 Alan $222M 5 $220M Shift Technology Q2 2021 State Of Venture Report Series E Canaan Partners, Bpifrance, Highland Europe, BlackRock, KKR, SoftBank Group, Eurazeo Paris Series C Draper Associates, Financiere Agache, Wicklow Capital, iAngels, Digital Currency Group, Felix Capital, Inherent Group Paris Series D General Atlantic, Generation Investment Management, Daphni, Aglae Ventures, GS Growth, Paris Eurazeo Series D Index Ventures, Temasek, Ribbit Capital, Dragoneer Investment Group, Coatue Management, EXOR Paris Series D Bessemer Venture Partners, Accel, Iris Capital, Advent International, General Catalyst, Avenir Growth Capital Paris Sector Industry Subindustry Internet Internet Software & Services Business Intelligence, Analytics & Performance Mgmt Computer Hardware & Services Computer Storage & Peripherals Personal Storage Drives Internet E-commerce Marketplace Internet Internet Software & Accounting & Services Finance Internet Internet Software & Accounting & Services Finance pg. 174 Latin America Trends Regional Trends: Q2 2021 Q2 2021 State Of Venture Report pg. 175 LatAm dollars in H1'21 are nearly 2x 2020's full-year total 614 542 505 $9.3B 526 $1.0B 83 137 $1.3B 207 $1.0B 198 $1.2B 267 $2.1B 295 $1.0B $3.8B $2.3B $5.3B $5.3B 396 deals 2011 2012 2013 Q2 2021 State Of Venture Report 2014 2015 2016 2017 2018 2019 2020 2021 YTD pg. 176 LatAm Q2'21 funding explodes, reaching $7.2B 202 $7.2B 188 175 161 162 153 152 142 136 140 132 125 100 90 123 105 103 97 194 deals 59 $.2B $.5B 78 $.2B $2.6B $.7B $.2B $.4B $.5B $.2B $1.8B $1.0B $.9B $.6B $1.6B $1.0B $.7B $2.1B $1.8B $1.6B $1.3B Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 177 LatAm mid-stage deal share rises to quarterly high of 14% in Q2'21 3% 9% 8% 5% 7% 15% 14% 15% 18% 19% 20% 19% 20% 18% 18% 18% 16% 19% 20% 20% 23% 17% 16% 4% 8% 6% 8% 5% 6% 6% 3% 7% 7% 3% 4% 5% 5% 5% 7% 1% 6% 5% 3% 9% 6% 6% 6% 5% 6% 8% 4% 6% 7% 8% 3% 7% 5% 8% 4% 5% 11% Other 8% Late-stage 14% Mid-stage 83% 79% 71% 73% 73% 72% 71% 70% 72% 72% 71% 70% 70% 73% 67% 70% 65% 67% 70% 74% 68% Early-stage Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 178 LatAm: Top 5 deals for Q2'21 Company Round Amount 1 C6 Bank $2,021M 2 Nubank $750M 3 Kavak $485M 4 EBANX $430M 5 QuintoAndar $300M 5 Block.one $300M Q2 2021 State Of Venture Report Round Name Select Investors City Country Corporate Minority J.P. Morgan Chase & Co. Sao Paulo Brazil Series G - II CPP Investments, Sands Capital, MSA Capital, Sunley House Capital Management, Verde Asset Management, Absoluto Partners, Berkshire Hathaway Sao Paulo Brazil Series D Founders Fund, Bond Capital, Ribbit Capital, D1 Lerma de Capital Partners Villada Mexico Private Equity Series E Series A Advent International Curitiba Brazil Maverick Capital, Kaszek Ventures, Ribbit Capital, Dragoneer Investment Group, Kevin Efrusy, Alta Park Capital, LTS Ventures Campinas Brazil Founders Fund, Thiel Capital, Richard Li, Louis Bacon, Galaxy Digital, Alan Howard, Christian Angermayer Georgetown Cayman Islands Sector Industry Subindustry Mobile & Telecomm unications Mobile Software & Services Accounting & Finance Mobile & Telecomm unications Mobile Software & Services Accounting & Finance Internet E-commerce Marketplace Internet Internet Software & Services Payments Internet E-commerce Marketplace Internet Internet Software & Services Monitoring & Security pg. 179 LatAm total exits are up 107% year-over-year 4 IPO 2 1 2 1 2 4 1 116 2 1 3 1 1 4 80 83 1 1 69 68 55 39 41 43 46 43 56 61 62 49 53 1 33 28 12 16 108 M&A Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 180 Top 5 investors in LatAm-based companies Q2'21 Investor Company Count Investor Type Country 1 18 Kaszek Ventures 2 11 Monashees+ 3 8 QED Investors 3 8 Valor Capital Group 3 8 Canary VC Q2 2021 State Of Venture Report Venture Capital Venture Capital Venture Capital Venture Capital Venture Capital Argentina Brazil United States United States Brazil Continent South America South America North America North America South America pg. 181 Mexico LatAm Trends: Q2 2021 Q2 2021 State Of Venture Report pg. 182 Mexico notches billion-dollar quarter, led by $485M mega-round 41 $1,307M 35 30 29 28 20 17 14 23 22 17 13 22 16 11 $596M 25 18 15 11 9 18 deals $126M $69M $15M $15M $29M $19M $18M $4M $120M $69M $51M $69M $30M $158M $161M $116M $196M $196M $41M Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 183 Mexico early-stage deal share drops in Q2'21 5% 3% 18% 14% 10% 15% 13% 15% 9% 12% 7% 7% 3% 7% 6% 8% 12% 4% 10% 14% 15% 9% 6% 5% 5% 13% 9% 5% 3% 6% 3% 6% 7% 10% 20% 18% 6% 3% 7% 3% 27% 4% 9% 8% 100% 83% 87% 91% 91% 82% 81% 82% 80% 83% 89% 89% 76% 76% 70% 64% 62% 73% 73% 68% 6% Other 22% Late-stage 17% Mid-stage 56% Early-stage Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 184 Mexico: Top 5 deals for Q2'21 Company Round Amount Round Name Select Investors City Sector Industry Subindustry 1 Kavak $485M 2 Clip $250M 2 Bitso $250M 4 Konfio $125M 5 $60M Merama Q2 2021 State Of Venture Report Series D Founders Fund, Bond Capital, Ribbit Capital, D1 Capital Partners Lerma de Villada Internet E-commerce Marketplace Series D Series C Series E Viking Global Investors, SoftBank Group Mexico City Mobile & Telecommun ications Mobile Software & Services Payments Tiger Global Management, QED Investors, Kaszek Ventures, Valor Capital Group, Coatue Mexico City Management, Pantera Capital, Paradigm Internet Internet Software & Services Asset & Financial Management & Trading International Finance Corporation, QED Investors, Kaszek Ventures, Lightrock, Tarsadia Capital, Mexico City SoftBank Group, VEF Internet Internet Software & Accounting & Services Finance Series A Balderton Capital, TriplePoint Capital, Monashees+, Valor Capital Group, Simon Borrero, Mexico City Fabien Mendez, Alessandro Bruzzi Business Products & Services Advertising, Marketing & PR N/A pg. 185 Brazil LatAm Trends: Q2 2021 Q2 2021 State Of Venture Report pg. 186 Brazil funding nearly triples Q1'21's total, reaching $4.6B $4,601M 107 100 88 96 86 107 94 94 $2,366M 73 72 63 49 50 70 60 45 69 63 $1,776M 35 36 $612M $374M $153M $150M $832M $995M $587M $588M $307M $320M $304M $118M $85M $248M $1,265M $1,129M $1,002M $464M 121 deals Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 187 Brazil mid-stage deal share sees a jump, early-stage remains steady 3% 11% 12% 11% 9% 6% 2% 19% 8% 20% 20% 29% 21% 20% 20% 27% 18% 19% 23% 26% 17% 19% 29% 19% 19% 4% 11% 6% 8% 5% 6% 4% 4% 6% 8% 11% 4% 4% 6% 1% 13% 9% 7% 7% 9% 6% 6% 6% 8% 9% 10% 3% 10% 9% 7% 5% 6% 7% 4% 12% Other 7% Late-stage 14% Mid-stage 77% 81% 61% 73% 70% 70% 56% 67% 72% 73% 58% 68% 66% 65% 60% 70% 62% 60% 68% 68% 67% Early-stage Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Q2 2021 State Of Venture Report pg. 188 Brazil: Top 5 deals for Q2'21 Company Round Amount Round Select Investors City Sector Industry Subindustry 1 C6 Bank $2,021M 2 Nubank $750M 3 EBANX $430M 4 QuintoAndar $300M 5 $190M CloudWalk Q2 2021 State Of Venture Report Corporate Minority J.P. Morgan Chase & Co. Sao Paulo Mobile & Telecommun ications Mobile Software & Services Accounting & Finance Series G - II CPP Investments, Sands Capital, MSA Capital, Sunley House Capital Management, Verde Asset Management, Absoluto Partners, Berkshire Hathaway Sao Paulo Mobile & Telecommun ications Mobile Software & Services Accounting & Finance Private Equity Advent International Curitiba Internet Internet Software & Services Payments Series E Maverick Capital, Kaszek Ventures, Ribbit Capital, Dragoneer Investment Group, Kevin Efrusy, Alta Park Capital, LTS Ventures Campinas Internet E-commerce Marketplace Series B DST Global, Valor Capital Group, Coatue Management, The Hive, FIS Sao Paulo Mobile & Telecommun ications Mobile Software & Services Payments pg. 189 Report Methodology You can download the underlying data found in this report here: https://www.cbinsights.com/reports/CBInsights_Venture-Trends-Q2-2021.xlsx. If you have questions about the definitions or methodological principles used, or if you feel that your firm has been underrepresented, please reach out to info@cbinsights.com. What is included: Equity financings into private companies. Fundings must be to VC-backed companies, which are defined as companies that have received funding at any point from: venture capital firms, corporate venture arms, growth equity, or super angel investors. The exception is companies that are in the Healthcare or Technology sectors as defined by CB Insights, and for those companies, equity financings from Private Equity and other investment firms are included even if those companies are not backed by investors meeting the definition of VC. Technology and Healthcare sectors include but are not limited to the following industries from the proprietary CB Insights taxonomy: Internet Software, Computer Hardware, Drug Discovery, Drug Manufacturing, Medical Devices & Equipment. Fundings of private companies only. Funding rounds raised by public companies of any kind on any exchange (including Pink Sheets) are excluded from our numbers, even if they received investment from a venture firm. Only includes the investment made in the quarter for tranched investments. If a company does a second closing of its Series B round for $5M and previously had closed $2M in a prior quarter, only the $5M is reflected. Round numbers reflect what has closed, not what is intended. If a company indicates the closing of $5M out of a desired raise of $15M, our numbers reflect only the amount which has closed. Only verifiable fundings are included. Fundings are verified via (1) various federal and state regulatory filings; (2) direct confirmation with firm or investor; (3) press release; or (4) credible media sources. Equity fundings to joint ventures and spinoffs/spinouts are included, given that they meet the VC-backed criteria For valuation slides, data is as of June 28th, 2021. Valuation data includes only fundings to VC-backed companies. Unicorn data includes private companies valued at $1B or more in the private markets globally, per the same 4 sources listed above and relied on for funding events, which include valuations disclosed in credible media sources. The list is maintained publicly and updated in real time at https://www.cbinsights.com/researchunicorn-companies. Geography notes: Israel funding figures are classified in Asia; Caribbean region figures included in Latin America, or “LatAm”; Funding to Australia and Africa is included in global figures but not spotlighted in this report. Rounds to private companies that may be majority- or minority-owned subsidiaries of other private companies. Q2 2021 State Of Venture Report Valuation data includes estimates to calibrate median and average valuations based on current and previous quarter disclosed valuations gathered from the aforementioned four sources. The estimating method will control for the over-sampling of large rounds that are reported quickly versus a comparative lag in valuations obtained from other sources. Exits include IPO, SPACs, M&A and other liquidity events; only first exits are counted. Headquarters are determined by publicly available sources including company-owned websites and profiles, legal filings, and press releases. All figures in the report are in USD. US financing trends follow the combined statistical area (CSA) methodology. Silicon Valley refers to the San Jose-San Francisco-Oakland CSA. What is excluded: No contingent funding. If a company receives a commitment for $20M subject to hitting certain milestones but first gets $8M, only the $8M is included in our data. No business development/R&D arrangements, whether transferable into equity now, later, or never. If a company signs a $300M R&D partnership with a larger corporation, this is not equity financing nor is it from venture capital firms. As a result, it is not included. No buyouts, consolidations, or recapitalizations. All three of these transaction types are commonly employed by private equity firms and are tracked by CB Insights. However, they are excluded for the purposes of this report. No private placements. These investments, also known as PIPEs (Private Investment in Public Equities), are not included even if made by a venture capital firm. No debt/loans of any kind (except convertible notes). Venture debt or any kind of debt/loan issued to emerging, startup companies, even if included as an additional part of an equity financing, is not included. If a company receives $3M with $2M from venture investors and $1M in debt, only the $2M is included in these statistics. No non-equity government funding. Grants or loans by the federal government, state agencies, or publicprivate partnerships to emerging, startup companies are not included. No fundings to subsidiaries of a larger parent corporation unless that subsidiary is a private entity and meets other criteria for inclusion. Accelerators, incubators, business-plan competitions, economic-development entities are excluded from rankings of most active investors, even if making equity financings. Rankings for top investors are calculated according to “company count,” or the number of unique companies an investor funds in a quarter, and so excludes follow on deals. pg. 190
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