CB Insights Venture Report Q2 2021

State Of
Venture Report
Global: Q2 2021 Global data and analysis on dealmaking,

funding, and exits in private-market companies.
pg. 1
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TL;DR — What you need to know about venture in Q2'21
136 $156B $70B $42M 93%

New unicorns. Record Raised US Series A Silicon Valley jump
Record high. financing. in the US. valuations climb. in funding.
Q2'21 saw the birth of Global funding to The new global high US valuations across Silicon Valley, including San
136 new unicorns globally — startups smashed new was driven by a record the board saw an increase, Francisco, is still by far the
nearly 6x the 23 unicorns records. Funding was up quarter for funding in the most notably at the Series largest tech hub and is up
born a year ago in Q2'20, 157% compared to Q2’20. US, with $70.4B raised in A stage. 93% YoY in funding despite
and already higher than the the country in Q2'21. a slip from Q1’21’s peak
128 unicorns born in all This marks the biggest In Q1’21, the median of $23.7B.
of 2020. quarter for dollars raised This puts 2021’s half-year Series A valuation climbed
in the last decade. total for US funding at to $42M as capital By comparison, New
Companies entered the $138.9B raised, compared competed aggressively York raised $11.2B,
unicorn club at an average to 2020’s year-end total for the best deals. In Boston $7.8B, and
valuation of $1.6B in the of $149.3B. 2021’s first 6 months, LA $6.0B.
first 6 months of 2021, up Series A valuations grew
33% from $1.2B in 2016. 27% vs. 2020.

TL;DR — What you need to know about venture in Q2'21
22% 390 18% 81 2,893

$1 out of every $5 Deals > $100M. China drop Tiger does M&A/IPO exits
goes to fintech. Record high. in dollars. 1.3 deals/day. up 109% YoY.
Global fintech funding Compared to Q2’20, Funding to China-based Tiger Global was the most The number of global
reached a new high of the number of $100M+ companies has been active investor globally in exits (IPOs and M&As)
$33.7B in Q2'21, up 191% mega-rounds nearly tripled, on a decline, with an 18% Q2'21. Tiger increased its increased 109% YoY,
YoY. Fintech companies hitting an all-time high drop from Q4'20's peak global investments by 8x reaching an all-time high
represented 22% of total of 390. of $27.7B. Deals also fell YoY, hitting a record-high of 2,893.
global funding this quarter. by 5% over the same of 81 (or 1.3 deals per
This is the second time period. business day, excluding Global IPOs peaked in
quarter to surpass the follow-on investments). Q2'21, up from the
300 mark, with the previous high of 2,812
previous record held by Andreessen Horowitz in Q1’21. Didi Chuxing's
Q1’21’s 367 mega-rounds. and Sequoia Capital IPO at a valuation of $73B
China round out the top was the largest exit of
3 investors of the quarter. the quarter.

This report also covers:
pg. 18 Global Trends 102 Dallas pg. 156 Europe Trends
35 Exit Trends 106 Austin 163 United Kingdom
41 Sector Spotlights 110 Miami 167 Germany
114 Atlanta 171 France
pg. 52 United States Trends 118 Philadelphia
65 Exit Trends 122 Raleigh pg. 175 Latin America Trends
70 Silicon Valley 182 Mexico
74 New York pg. 126 Canada Trends 186 Brazil
78 Los Angeles 133 Toronto
82 Boston 137 Vancouver pg. 190 Report Methodology
86 Seattle
90 Denver pg. 141 Asia Trends
94 DC 148 China
98 Chicago 152 India

Q2'21 shatters previous record for unicorn births, up 491% YoY
135
136 unicorns
Q2 2021
113
491%
increase YoY
51
46 47
44
37 38 37
34
29 31
26
23 21 23
20
14 13 13
23 unicorns
10 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

Global funding to startups rises to an eye-popping new record
$156.2B
Q2 2021
$136.2B
$100.4B 157%
increase YoY
$78.8B $80.4B
$68.7B $70.0B $68.0B $69.2B

$65.3B $63.1B
$62.7B $62.0B $61.1B
$57.3B $57.9B
$60.7B
Q2 2020
$43.3B
$40.5B $40.0B
$37.0B
2016 2017 2018 2019 2020 2021

Driven by $70B quarter high, funding to US startups smashes the
previous half-year record
$138.9B
$138.9B
H1 2021
62%
increase
$86.0B
$78.7B $86.0B
H2 2020
$67.7B (prior record)
$60.7B $63.2B
$54.8B
$49.9B $49.2B
$36.5B $38.1B
H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1
2016 2017 2018 2019 2020 2021

Median valuations for US Series A deals reach a massive new high
$42M
$42M
$39M 2021 YTD
$37M
27%
$33M
increase
$33M
$30M 2020
$26M
$25M
2015 2016 2017 2018 2019 2020 2021

YTD
Q2 2021 State Of Venture Report *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

Fintech sweeps past the $30B mark in funding raised — 1 of every 5
venture dollars in Q2 went into fintech
950
850
$33.7B
$33.7B
750 Q2 2021
650
$25.0B
550
191%
increase YoY
450
350
$12.5B $12.5B $12.8B
$11.8B $11.6B $11.7B
$11.0B
$9.6B $9.7B $9.7B $10.0B
250
$11.6B
$8.6B $8.8B Q2 2020
$7.4B
$6.6B 150
$5.5B $5.4B
$4.8B
$3.5B
50
-50
2016 2017 2018 2019 2020 2021

$100M+ mega-rounds nearly triple compared to Q2'20
390
367 390 deals
Q2 2021
236 195%
increase YoY
182
143 141
131 132 131 132
124
111
118 132 deals
94 97 98 94 Q2 2020
79
63 67
60
2016 2017 2018 2019 2020 2021

China cools as funding drops for a 2nd quarter from all-time high
$27.7B
$26.5B
$27.7B
$24.5B
Q4 2020
18%
$22.6B $22.8B decline
$22.8B
Q2 2021
$18.9B $18.8B
$17.7B
$16.8B
$15.2B
$14.6B
$13.8B
$11.7B $11.9B $11.5B

$11.2B $11.2B
$10.4B $10.5B $10.4B
$9.5B
2016 2017 2018 2019 2020 2021

Tiger Global easily the most active investor globally in Q2’21
Tiger Global Management 81
Andreesen Horowitz 64 21%

fewer investments
than top ranked Tiger Global
Sequoia 62
Sequoia Capital China
Accel 60
Softbank Group 53 35%

fewer investments
than top ranked Tiger Global

Global exits blow way past pandemic lows to reach new high
280
2,893 Exits
Q2 2021
223 IPO
232
106 159
109%
146
224
increase YoY
160 128 118
154
115 98
2,613
131 200
171
160 M&A
118
1,387 Exits
133 175 2589
114 Q2 2020
2256
1810 1881 1843

1696 1656 1695 1714 1700
1521 1522 1585 1593
1437 1489
1221 1210 1,269
1149
2016 2017 2018 2019 2020 2021

Global Trends
Q2 2021

Global regional comparison Q2'21
Canada
$4.1B
111 deals
Asia
$42.4B
Europe 2,577 deals
$30.6B
United States 1,821 deals
$70.4B
2,718 deals
LatAm
$7.2B
218 deals

Global funding already close to last year's 12-month total
29,195
27,960
26,084 $302.6B
$292.4B
25,801
$275.5B
$265.5B
22,123
20,677
$225.3B
16,952
$173.4B
13,620 $157.8B
15,227 deals
11,411
$119.2B
9,556
$64.5B $63.0B $65.1B
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
YTD
Global deals and dollars reach new highs in Q2'21
7,722 7,622 7,751 deals
7,476
7,107 7,095 7,038 7,151
6,744 6,793 6,817
6,502 6,615 6,701 6,676
6,266 6,136 6,055 $156.2B
5,601 5,389
5,304 $136.2B
$100.4B
$78.8B $80.4B
$68.7B $70.0B $68.0B $69.2B $65.3B
$62.7B $62.0B $63.1B $61.1B $60.7B
$57.3B $57.9B
$40.5B $40.0B $43.3B

$37.0B
2016 2017 2018 2019 2020 2021

US leads in global funding, followed by Asia in H1'21
$149.3B
$138.9B US
$133.4B
$128.4B
$107.8B
$103.2B
$99.1B
$91.4B
$86.8B $86.3B
$41.6B $84.5B Asia
$14.0B $74.6B
$6.4B $68.7B
$64.1B
$1.0B $59.3B
$1.2B $50.8B Europe
$42.3B
$37.7B $38.3B $39.1B
$31.1B
$25.8B $26.6B
$9.1B $11.8B $17.6B $18.6B
$9.3B LatAm
$13.5B $13.1B
$8.4B
$6.3B Canada
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
YTD
US leads in deals in first 6 months of 2021, followed by Asia
10,965
10,517 10,603
10,175 10,433
9,919
9,690 9,734
9,250
8,358 8,018 8,463
7,324
6,631
6,322
5,951 5,910 6,050
5,865 5,731
5,531 US
4,441 5,007 Asia
3,480
3,459
3,470 Europe
2,697
2,466
2,017
1,495
2,038
1,373 1,538
414 LatAm
230
83 393 Canada
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
YTD
US mega-rounds see slight increase in Q2'21, Asia dips
200 204 US
109
105
97
89
92 Asia
72 74
69 68
66 65 65
61
57
50 51 62 Europe
45 64 46 45 48
42 44 43
42 57 57
33 36 36 38
43 31
26 28 41 39 24
23 20 36 20 18
12 12
16 16 15 LatAm
25 11 12 9 10 9
7 9 6 10 10
5 15 Canada
2016 2017 2018 2019 2020 2021

$100M+ global mega-rounds make up a small share of total deals
95% Non-
98% 97% 97% 95%
99% 99% 99% 99% 98% 99% 99% 99% 98% 98% 98% 98% 98% 98% 98% 98% mega-rounds
1% 1% 1% 1% 2% 1% 1% 1% 2% 2% 2% 2% 2% 2% 2% 2% 2% 3% 3% 5% 5% Mega-rounds
2016 2017 2018 2019 2020 2021

Mega-rounds account for ~60% of total dollars invested globally
37% 42% Non-

42% 41%
44%
51% 49% 49% 48%
52%
48% mega-rounds
55% 53% 54% 53%
57% 57% 57% 57% 58%
60%
63% 58% Mega-

58% 59%
56% rounds
51% 51% 52% 52%
49% 48% 47% 47%
43% 43% 43% 43% 45% 46%
40% 42%
2016 2017 2018 2019 2020 2021

Average global late-stage deal size reaches $132M in H1'21
$132M Late-stage
$104M
$81M
$79M
$76M
$58M
$51M
$49M Mid-stage
$45M
$35M $36M
$30M $25M $31M
$29M $28M
$26M $27M $27M Other
$24M $24M $25M
$20M $20M $12M
$12M $17M $17M Early-
$14M $15M $15M
$13M $13M stage
$11M
$7M $8M $7M $8M
$5M $6M $6M
$4M $4M $4M
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
YTD
Global: Top 10 investors in Q2'21
Company Company
Investor Investor Type Country Continent Investor Investor Type Country Continent
Count Count
Asset/Invest Diversified
North
1 81 ment United States 5 53 Financial France Europe
America
Tiger Global Management Services
Management Bpifrance
Venture North Venture North

2 64 United States 7 52 United States
Capital America Capital America
Andreessen Horowitz Insight Partners
Venture Venture North

3 62 China Asia 8 47 United States
Capital Capital America
Sequoia Capital China General Catalyst
Venture North
4 60 United States 9 46 Corporation China Asia
Capital America
Accel Tencent Holdings
Holding Venture
5 53 Japan Asia 10 44 Germany Europe
Company Capital
Global Founders
SoftBank Group Capital

Global: Top 10 deals in Q2'21
Round
Company Round Name Select Investors Country Continent Sector Industry Subindustry
Amount
Convertible
1 $3,000M Didi Chuxing China Asia Internet E-commerce Marketplace
Note
Orange Heart Optimal
Technology
Andra AP-fonden, Arbejdsmarkedets Electrical Power

Unattributed
2 $2,750M Tillaegspension, Baillie Gifford & Co., Daniel Ek, Sweden Europe Electronics Product Generation &
VC - II
Stena, AP3, AMF Pensionsforsakring Distribution Storage
Northvolt
Mobile & Mobile

Corporate South Accounting &
3 $2,021M J.P. Morgan Chase & Co. Brazil Telecommu Software &
Minority America Finance
nications Services
C6 Bank
Freight
Private Sequoia Capital China, Hillhouse Capital Automotive & Transportation forwarding &
4 $1,800M Indonesia Asia Transportation Services
Equity Management, Boyu Capital courier
services
J&T Express
AllianceBernstein, Sony, Franklin Templeton,

Private United North Software (non-
5 $1,000M Fidelity Investments, GIC, Altimeter Capital, internet/mobile)
Gaming N/A
Equity - III States America
Luxor Capital Group
Epic Games

Global: Top 10 deals in Q2'21
Round
Amount
Business
Franklin Templeton, Splunk Ventures, Durable Intelligence,
Software (non-
5 $1,000M Series D Capital Partners, Arena Holdings Management, Germany Europe internet/mobile)
Analytics & N/A
Performance
T. Rowe Price Mgmt Software
Celonis
Asset &
Founders Fund, Sequoia Capital, Accel, Mobile & Mobile
Financial
7 $900M Series C Technology Crossover Ventures, Creandum, Germany Europe Telecommu Software &
Management &
Thrive Capital, Project A Ventures nications Services
Trading
Trade Republic
OrbiMed Advisors, Highland Capital

Private Management, Fidelity Investments, CPP United North
8 $830M Healthcare Biotechnology N/A
Equity - II Investments, Silver Lake, Millennium States America
Management, ClearBridge Investments
Caris Life Sciences
Accel, Carmignac, Falcon Edge Capital, Prosus

Food &
9 $800M Series J Ventures, Amansa Capital, Think Capital, India Asia Internet E-commerce
Grocery
Goldman Sachs
Swiggy
General Atlantic, Technology Crossover Internet

9 $800M Series C Ventures, Alkeon Capital Management, HMI Netherlands Europe Internet Software & Payments
Capital, EQT, Blackstone Services
Mollie

Global unicorn births set new record in Q2’21
136
113
51
46 47
44
37 38 37
34
29 31
26
23 21 23
20
14 13 13
10
2016 2017 2018 2019 2020 2021

US leads in unicorn births in Q2'21
76 United States
33 Asia
17 Europe
9 7 Canada
5 2 LatAm & Carib
2016 2017 2018 2019 2020 2021

Global: Top 10 most valuable unicorns in Q2'21
Current
Company Country Continent Sector Industry Subindustry
Valuation
Mobile Software &

1 $140.0B China Asia Mobile & Telecommunications Social
Services
Bytedance
Internet Software &

2 $95.0B United States North America Internet Payments
Services
Stripe
3 $74.0B United States North America Industrial Aerospace & Defense N/A
SpaceX
Internet Software &

4 $45.6B Sweden Europe Internet Payments
Services
Klarna
5 $39.0B United States North America Mobile & Telecommunications Mobile Commerce Food & Grocery
Instacart

Global: Top 10 most valuable unicorns in Q2'21
Current
Company Country Continent Sector Industry Subindustry
Valuation
Mobile Software & Accounting &

6 $30.0B Brazil South America Mobile & Telecommunications
Services Finance
Nubank
7 $28.7B United States North America Software (non-internet/mobile) Gaming N/A
Epic Games
Internet Software & Data & Document

8 $28.0B United States North America Internet
Services Management
Databricks
8 $27.6B United States North America Automotive & Transportation Automobile Manufacturing N/A
Rivian
10 $16.5B India Asia Internet Internet Software & Services Education & Training
BYJU's

Exit Trends
Global: Q2 2021

Global exits in H1'21 already 76% of 2020's full-year total
511
575 672
662
503 IPO
501
529
454
7,132
187 6,747 6,819
224
210 5,969
4,907
5,203 M&A
4,764
3,997
2,900 2,729
2,528
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
YTD
Global IPOs set a new quarterly record, up 26% from Q1'21
223 280 IPO
232
106 159
146
160 118 224
154 128
200 115 98
131 160
171
133 175 118 2,589 2,613 M&A

114
2,256
1,810 1,881 1,843

1,696 1,656 1,695 1,714 1,700
1,521 1,522 1,585 1,593
1,437 1,489
1,221 1,210 1,269
1,149
2016 2017 2018 2019 2020 2021

US leads in totals exits (M&As and IPOs), followed by Europe in Q2'21
83
110 LatAm
135 110 Canada
116
331 334 Asia

131
70 68 63 298
82
47 56 86 59 61 73
98
43 47 82 87
29 44 77 75 80 51 910 982 Europe
40 246 248 284
67 74 96 82
64 49 244 210 251 319
323 843
16 34 238 262 262 208 195 54
235
13 44 57 57
59 615 646 632
220 236 602 179
177 618 546 603
472 501 494 496 518
523 486
332 416 386 487
1,199 1,171 US
999
798 796 791 863 870 824 822 847
702 748 774 785 779 762
639 614 631 567
2016 2017 2018 2019 2020 2021

Global: Top 10 largest exits in Q2’21
Exit
Company Exit Type Country Continent Sector Industry Subindustry
Valuation
Mobile &
1 $73.0B IPO China Asia Mobile Commerce Travel (mobile)
Telecommunications
Didi Chuxing
North Internet Software &

2 $65.3B IPO United States Internet Payments
America Services
Coinbase
North Software (non- Scientific, Engineering

3 $29.1B IPO United States N/A
America internet/mobile) Software
UiPath
North Mobile & Mobile Software & Advertising, Sales &

4 $28.6B IPO United States
America Telecommunications Services Marketing
AppLovin
5 $18.0B Merger Indonesia Asia Internet E-commerce Marketplace
Tokopedia

Global: Top 10 largest exits in Q2’21
Exit
Company Exit Type Country Continent Sector Industry Subindustry
Valuation
Internet Software &

6 $16.8B IPO China Asia Internet Supply Chain & Logistics
Services
Manbang Group
North
7 $14.3B IPO United States Internet E-commerce E-commerce enablement
America
Marqeta
North
8 $13.4B IPO United States Healthcare Healthcare Plans N/A
America
Bright HealthCare
9 $10.1B IPO Sweden Europe Food & Beverages Non-alcoholic beverages N/A
Oatly
North Computer Hardware &

10 $8.9B IPO United States IT Services Data Storage & Security
America Services
SentinelOne

Sector Spotlights
Global Trends: Q2 2021

Fintech funding sets a new quarterly record of $33.7B
$33.7B
901
873 875
857 848 836
810
792
767 775 815 deals
729
710 713 686 $25.0B
684
641 651
537
541 534
$12.5B $12.5B $12.8B

$11.8B $11.6B $11.7B
$11.0B
$9.6B $9.7B $9.7B $10.0B
$8.6B $8.8B
$7.4B
$6.6B
$5.5B $5.4B
$4.8B
$3.5B
2016 2017 2018 2019 2020 2021

Global: Top 5 fintech deals in Q2'21
Round
Amount
Mobile & Mobile

Corporate South Accounting &
1 $2,021M J.P. Morgan Chase & Co. Brazil Telecommu Software &
Minority America Finance
nications Services
C6 Bank
Asset &
Founders Fund, Sequoia Capital, Accel, Mobile & Mobile
Financial
2 $900M Series C Technology Crossover Ventures, Creandum, Germany Europe Telecommu Software &
Management &
Thrive Capital, Project A Ventures nications Services
Trading
Trade Republic

Mollie
CPP Investments, Sands Capital, MSA Capital,

Mobile & Mobile
Sunley House Capital Management, Verde South Accounting &
4 $750M Series G - II Brazil Telecommu Software &
Asset Management, Absoluto Partners, America Finance
nications Services
Berkshire Hathaway
Nubank
Horizons Ventures, Seedcamp, Jupiter Asset Mobile & Mobile

Accounting &
5 $650M Series C Management, Mountain Partners, LGT Group Germany Europe Telecommu Software &
Finance
Stiftung, Victory Park Capital, EDBI nications Services
wefox

E-commerce companies raise $16B, up 23% QoQ
$16.3B
392
401 deals
364 364 362
345 335 343 346
336 337 337 $12.9B
318
309
294 298
281
275
266
253
238
$7.7B
$7.1B
$6.8B $6.6B
$6.3B
$5.8B $5.9B $5.9B
$5.5B $5.6B
$5.1B $5.3B
$4.5B
$3.6B $3.5B
$2.7B $2.9B $2.9B
$2.1B
2016 2017 2018 2019 2020 2021

Global: Top 5 e-commerce deals in Q2'21
Round
Amount
Convertible
1 $3,000M Didi Chuxing China Asia Internet E-commerce Marketplace
Note
Technology

Mollie
Spark Capital, Victory Park Capital, SoftBank United North

3 $775M Series A Internet E-commerce N/A
Group States America
Perch
Internet
Unattributed - WestCap Group, Adit Ventures, Honeycomb
4 $639M Sweden Europe Internet Software & Payments
II Asset Management, SoftBank Group
Services
Klarna
Boston Capital Ventures, Skywalker Ventures, UOB

B2B
5 $600M Series C - II Venture Management, Matrix Partners China, China Asia Internet E-commerce
Yunfeng Capital, HighLight Capital, Keywise Capital
Commerce
Xingyun Group

Digital health funding more than doubled in Q2'21 YoY
$14.0B
612
591 625 deals
569
550 546
528 531 522
514 521 524 522 519
$10.7B
460 458 458 456

426 $9.2B
410
387 $8.2B
$7.4B
$6.2B
$5.8B
$5.6B
$5.2B $5.1B
$4.0B $4.1B $4.2B

$3.8B $4.0B
$3.7B
$3.3B $3.2B
$2.5B $2.5B $2.3B
2016 2017 2018 2019 2020 2021

Global: Top 5 digital health deals in Q2'21
Round
Amount
GE Healthcare, Lightrock, Ally Bridge Group, Medical

United Surgical
1 $600M Series D Cambridge Innovation Capital, RPMI Railpen, Europe Healthcare Devices &
Kingdom Devices
Watrium, Chimera Equipment
CMR Surgical
Sequoia Capital, RRE Ventures, Novo Holdings, Mobile & Mobile

United North Health &
2 $540M Series F Temasek, Samsung Ventures, Silver Lake, Oak Telecommu Software &
States America Wellness
HC/FT Partners nications Services
Noom
SoftBank Group, Novo Holdings, Farallon
Series D,
Capital Management, Casdin Capital, GT United Drug
3 $525M Convertible Europe Healthcare N/A
Healthcare Capital Partners, Mubadala Kingdom Discovery
Note
Exscientia Investment Company
Accel, Index Ventures, Creandum, Fidelity Mobile & Mobile

4 $312M Series D Investments, CPP Investments, Project A Sweden Europe Telecommu Software & Healthcare
Ventures, Ontario Teachers' Pension Plan nications Services
KRY
New Enterprise Associates, Heritage Group, Internet

Unattributed United North
4 $300M Oak HC/FT Partners, Town Hall Ventures, Internet Software & Healthcare
VC States America
Ziegler Services
AllyAlign Health
Baillie Gifford & Co., Durable Capital Partners, Mobile &

United North Mobile
4 $300M Series D Whale Rock Capital Management, T. Rowe Telecommu Pharmacies
States America Commerce
Price nications
Capsule

Funding to cybersecurity companies soars to nearly $13B in H1'21
$6.7B
222
206 214 deals

202 $5.8B
190 188
178 179
178 177 175
172 171 173 167
166
162
157
140
141
$3.7B
114
$3.3B
$2.9B
$2.6B $2.6B
$2.5B
$2.3B $2.3B $2.3B
$1.9B $2.0B
$1.8B
$1.5B $1.5B
$1.3B $1.2B
$1.2B $1.1B
$.5B
2016 2017 2018 2019 2020 2021

Global: Top 5 cybersecurity deals in Q2'21
Round
Amount
Insight Partners, General Atlantic, Vintage

Software (non- Security
1 $543M Series A Investment Partners, Geodesic Capital, Israel Asia internet/mobile)
N/A
Software
CyberStarts, Artisanal Ventures, SYN Ventures
Transmit Security
Technology Crossover Ventures, Blumberg Internet

North Monitoring &
2 $394M Series D Capital, Citi Ventures, American Express Canada Internet Software &
America Security
Ventures, Mouro Capital Services
Trulioo
Founders Fund, Thiel Capital, Richard Li, Louis Internet

Cayman North Monitoring &
3 $300M Series A Bacon, Galaxy Digital, Alan Howard, Christian Internet Software &
Islands America Security
Angermayer Services
Block.one
Bessemer Venture Partners, Sequoia Capital,

Internet
Scale Venture Partners, Tiger Global United North Monitoring &
3 $300M Series F Internet Software &
Management, Adage Capital Management, States America Security
Services
March Capital Partners, Salesforce Ventures
Forter
Computer
Private Data Storage &
5 $250M CVC Capital Partners Switzerland Europe Hardware & IT Services
Equity Security
Services
Acronis

AI funding hits nearly $31B in H1'21 — a new half-year record
$15.5B $15.4B
714
638
619 613 600 619 616
598
577
559 549
542
500 527 $10.7B
506
490
426 $9.1B
$8.5B
$7.8B $7.7B
349 390 deals
$6.8B $6.8B
303 314 $6.5B $6.4B
$6.1B $6.2B
$6.0B
$5.1B
$4.6B
$4.0B
$2.8B
$2.4B
$1.8B $1.9B
2016 2017 2018 2019 2020 2021

Global: Top 5 AI deals in Q2'21
Round
Amount
Business
Walden International, Google Ventures, Intel Intelligence,
United North Software (non-
1 $676M Series D Capital, GIC, Temasek Holdings, BlackRock, internet/mobile)
Analytics & N/A
States America Performance
SoftBank Group Mgmt Software
SambaNova Systems
Internet
Warburg Pincus, Sony Innovation Fund, Retail &
2 $640M Series E Singapore Asia Internet Software &
OMERS, BlackRock, SoftBank Group Inventory
Services
Trax
Legend Capital, BOE Technology Group, ZWC

Internet
Partners, HuangPu River Capital, CICC Scientific,
3 $600M Series C - IV China Asia Internet Software &
Jiacheng Investment, Will Semiconductor, Engineering
Services
Zhongyuan Capital
Horizon Robotics
Founders Fund, Lux Capital, General Catalyst,

United North Aerospace &
4 $450M Series D Valor Equity Partners, Andreessen Horowitz, Industrial N/A
States America Defense
Elad Gil, 8VC
Anduril
Founders Fund, Tiger Global Management,

Internet
Index Ventures, Y Combinator, Wellington United North
5 $325M Series E Internet Software & Testing
Management, Greenoaks Capital Management, States America
Services
Dragoneer Investment Group
Scale AI

United States Trends
Q2 2021

US funding already close to 2020's full-year total
10,965
10,603 $149.3B
10,517
10,175
9,919 $138.9B
9,690 $133.4B
$128.4B 9,734
8,358
7,324
$99.1B
6,322 $86.8B
$74.6B
5,531 deals
$68.7B
$41.6B $42.3B
$37.7B
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
YTD
US funding reaches new high in Q2'21, despite dip in deals
$70.4B
$68.5B
2,893
2,791 2,773 2,794 2,816
2,707 2,734 2,690
2,662
2,602 2,547 2,715 deals
2,546 2,498 2,505
2,442 2,346 2,469
2,402
2,262
2,181 $47.0B
$43.8B
$39.0B
$34.9B $33.8B $33.8B $33.0B
$32.3B
$31.0B
$29.7B
$28.4B $27.7B
$26.3B
$25.1B $24.1B
$20.7B $20.2B
$17.3B $17.4B
2016 2017 2018 2019 2020 2021

Share of US deals with CVC participation sets new quarterly record
78% 76% Other

83% 83% 83% 83% 81% 81% 81% 82% 83% 81% 82% 81%
84% 84% 85% 84% 84% 84% 83%
24% CVC
19% 19% 22% participation
16% 17% 16% 16% 17% 17% 17% 19% 19% 17% 18% 17% 18% 19%
16% 15% 16%
2016 2017 2018 2019 2020 2021

UK leads foreign investor participation in deals to US companies
8% 9% 11% 10%
12% 12% 12% 14% 13% 14% 11%
14% 16% 16% 15% 15% 14% 14% 17% 14% Israel
21%
16% 16% 12%
13% 11%
17% 18%
13% 12% 20% 19% 16% 15% 15% Japan
14% 14% 18% 12%
18% 22%
17%
27% 27%
32% 30% 20% 19% 18% Canada
28% 34% 26% 23%
33% 27% 35% 26% 24%
31% 18% 15%
34% 30%
15% 13% 16% 18% China

12% 14% 13%
12% 12% 13% 13% 16%
14% 11% 15%
7% 15%
9%
9% 13% 15%
35% 36% 35% 36% 36%

33% 32% 32% 31% 31% 32% 34% 34% United Kingdom
27% 30% 28% 29% 28% 29%
24% 23%
2016 2017 2018 2019 2020 2021

Top 10 investors in US-based companies Q2'21
Company Company
Investor Investor Type Country Continent Investor Investor Type Country Continent
Count Count

Andreessen Horowitz Accel
Asset/Invest
North Holding
2 44 ment United States 6 29 Japan Asia
America Company
Tiger Global Management
Management SoftBank Group
Venture North Corporate North

Capital America Venture America
General Catalyst Google Ventures
Venture North North

4 33 United States 9 25 Hedge Fund United States
Capital America America
Sequoia Capital Coatue Management

Insight Partners Khosla Ventures
Q2 2021 State Of Venture Report Note: Incubators/accelerators and angel investors are omitted pg. 57
US: Top 10 deals for Q2'21
Round
Company Round Name Select Investors City State Sector Industry Subindustry
Amount

Private North Software (non-
1 $1,000M Fidelity Investments, GIC, Altimeter Capital, Cary internet/mobile)
Gaming N/A
Equity - III Carolina
Luxor Capital Group
Epic Games
OrbiMed Advisors, Highland Capital

Private Management, Fidelity Investments, CPP
2 $830M Irving Texas Healthcare Biotechnology N/A
Equity - II Investments, Silver Lake, Millennium
Management, ClearBridge Investments
Caris Life Sciences
Spark Capital, Victory Park Capital, SoftBank

3 $775M Series A Boston Massachusetts Internet E-commerce N/A
Group
Perch
Business
Walden International, Google Ventures, Intel Intelligence,
Software (non-
4 $676M Series D Capital, GIC, Temasek Holdings, BlackRock, Palo Alto California internet/mobile)
Analytics & N/A
SoftBank Group Performance
Mgmt Software
SambaNova Systems
Mark Cuban, Tiger Global Management, Fidelity

Aerospace &
5 $650M Series E Investments, Jared Leto, Spencer Rascoff, Inglewood California Industrial N/A
Defense
Brad Buss, Coatue Management
Relativity Space

US: Top 10 deals for Q2'21
Round
Amount
Meritech Capital Partners, Tiger Global Internet

Private Education &
6 $550M Management, TPG Capital, Tidemark, Owl Rock Irvine California Internet Software &
Equity Training
Capital Partners Services
Kajabi
Sequoia Capital, RRE Ventures, Novo Holdings, Mobile & Mobile

Health &
7 $540M Series F Temasek, Samsung Ventures, Silver Lake, Oak New York New York Telecommu Software &
Wellness
HC/FT Partners nications Services
Noom
Internet
Accounting &
8 $500M Series E SoftBank Group New York New York Internet Software &
Finance
Services
Better.com

Aerospace &
9 $450M Series D Valor Equity Partners, Andreessen Horowitz, Irvine California Industrial N/A
Defense
Elad Gil, 8VC
Anduril
Fidelity Investments, Valor Capital Group, Internet

Accounting &
10 $440M Series F Breyer Capital, Digital Currency Group, Atlas Boston Massachusetts Internet Software &
Finance
Merchant Capital, Willett Advisors, Pillar Services
Circle

US unicorn births hit new record in Q2’21
76
72
29
27
24
21 21
18 19
17
15
12 12 13
11 10
7
5 5 5 5
2016 2017 2018 2019 2020 2021

US: Top 10 most valuable unicorns
Current
Company City State Sector Industry Subindustry
Valuation
Internet Software &

1 $95B San Francisco California Internet Payments
Services
Stripe
2 $74B Hawthorne California Industrial Aerospace & Defense N/A
SpaceX
3 $39B San Francisco California Mobile & Telecommunications Mobile Commerce Food & Grocery
Instacart
4 $29B Cary North Carolina Software (non-internet/mobile) Gaming N/A
Epic Games
Internet Software & Data & Document

5 $28B San Francisco California Internet
Services Management
Databricks

US: Top 10 most valuable unicorns
Current
Company City State Sector Industry Subindustry
Valuation
6 $28B Plymouth Michigan Automotive & Transportation Automobile Manufacturing N/A
Rivian

7 $15B San Francisco California Mobile & Telecommunications
Services Finance
Chime
Internet Software & Accounting &

8 $14B San Francisco California Internet
Services Finance
Plaid Technologies
Apparel &
8 $13B Jacksonville Florida Internet E-commerce
Accessories
Fanatics
10 $12B San Diego California Healthcare Biotechnology N/A
Biosplice Therapeutics

US median valuation per round by year
$1,200M $1,544M Series E+
$424M
$298M $485M Series D
$230M
$158M $258M Series C
$105M $100M $124M Series B

$64M
$33M $42M Series A

$25M
$9M $10M
$12M Seed / Angel
2015 2016 2017 2018 2019 2020 2021

YTD
US average valuation per round by year
$3,225M
$3,912M Series E+
$2,035M
$692M
$803M Series D
$467M $530M Series C
$306M
$192M $167M $219M Series B

$116M
$53M
$77M Series A
$37M
$15M $20M Seed / Angel

$13M
2015 2016 2017 2018 2019 2020 2021

YTD
Exit Trends
US: Q2 2021

US exits in 2021 already catching up with 2020's full-year total
144
141
183
112
118
176 87
154 IPO
78
121
65
3,221
3,098
2,910 2,933
2,714
2,485
2,361 2,320 M&A
1,860
1,609 1,694
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
YTD

US IPOs reach quarterly high, up 167% YoY
66
88 IPO
73
35 33 30
32
20 24
49 23
24 43 39
39 54
29
26 24
23
33
1,133
1,083 M&A
926
828 837 817
778 772 752 775 790 756
724 735 742 708
673
613 591 607
534
2016 2017 2018 2019 2020 2021

US: Top 10 largest exits in Q2’21
Exit
Company Exit Type City State Sector Industry Subindustry
Valuation
Internet Software &

1 $65.3B IPO San Francisco California Internet Payments
Services
Coinbase
Software (non- Scientific, Engineering

2 $29.1B IPO New York New York N/A
internet/mobile) Software
UiPath
Mobile & Mobile Software & Advertising, Sales &

3 $28.6B IPO Palo Alto California
Telecommunications Services Marketing
AppLovin
4 $14.3B IPO Oakland California Internet E-commerce E-commerce enablement
Marqeta
5 $13.4B IPO Minneapolis Minnesota Healthcare Healthcare Plans N/A
Bright HealthCare

US: Top 10 largest exits in Q2’21
Exit
Company Exit Type City State Sector Industry Subindustry
Valuation
Computer Hardware &

6 $8.9B IPO Mountain View California IT Services Data Storage & Security
Services
SentinelOne
Reverse
7 $8.7B San Francisco California Internet E-commerce Marketplace
Merger
SoFi
Internet Software & Collaboration & Project

8 $8.6B IPO Carpinteria California Internet
Services Management
Procore
Software (non- Scientific, Engineering

9 $8.5B IPO San Diego California N/A
internet/mobile) Software
TuSimple
Medical Facilities &

10 $8.1B Acquired Atlanta Georgia Healthcare Home Healthcare
Services
Kindred at Home

Silicon Valley
United States Trends: Q2 2021

Silicon Valley funding drops from peak in Q1'21
$26.0B
727 $25.2B
711 703
687 711 $23.7B
661 670
644 648
610 622 622 628
601 610 604 638 deals
580
547
527 549
$16.0B
$15.0B
$13.7B $13.9B
$13.3B $13.5B
$12.7B $13.0B
$12.3B
$11.5B
$10.6B
$10.2B
$9.1B
$7.6B $7.5B $7.3B
$6.2B
$4.5B
2016 2017 2018 2019 2020 2021

Silicon Valley early-stage rounds lose deal share in Q2'21
12% 10% 13% 12% 9%
12% 11% 11% 10% 9% 9% 11% 10% 12% 13% 11% 9% Other
14% 14% 16% 15%
5% 8% 8%
9% 10% 8% 9% 12% Late-stage
8% 5% 8% 10% 9% 10% 11% 9% 9% 13%
8%
9% 11%
18% 16%
13% 18%
17% 17%
21% 19% 23% 21% 24% 18%
19% 19% 20% 19% 22% 19%
22% 21% 27% Mid-stage
67% 67% 67% 65%

64% 64%
59% 60% 59% 59% 60% 59% 60% 60%
57% 58% 57% 58%
54% 54% 51% Early-stage
2016 2017 2018 2019 2020 2021

Silicon Valley: Top 5 deals in Q2'21
Round
Company Round Name Select Investors City Sector Industry Subindustry
Amount
Business Intelligence,
Walden International, Google Ventures, Intel
Software (non- Analytics &
1 $676M Series D Capital, GIC, Temasek Holdings, BlackRock, Palo Alto N/A
internet/mobile) Performance Mgmt
SoftBank Group Software
SambaNova Systems
New Enterprise Associates, Kleiner Perkins

2 $425M Series D Caufield & Byers, Spark Capital, Index Ventures, San Francisco Internet
Services Finance
Andreessen Horowitz, Silver Lake, Thrive Capital
Plaid Technologies
Lone Pine Capital, Tiger Global Management, Y

Internet Software &
2 $425M Series D Combinator, Technology Crossover Ventures, San Francisco Internet Payments
Services
Madrone Capital Partners, DST Global, GIC
Brex
Corporate Internet Software &

4 $350M Shopify San Francisco Internet Payments
Minority - II Services
Stripe
Founders Fund, Tiger Global Management, Index

Ventures, Y Combinator, Wellington Management, Internet Software &
5 $325M Series E San Francisco Internet Testing
Greenoaks Capital Management, Dragoneer Services
Investment Group
Scale AI

New York

NY funding stays elevated in Q2'21
$11.2B $11.2B
414 414 433 deals

402
385 391
375 371
360 364
356 354
346 340 339 341
335 332
317 316 313
$6.5B
$6.2B $6.3B $6.3B
$5.5B
$5.0B $4.9B $5.0B
$4.6B
$3.7B $3.9B
$3.4B $3.5B $3.4B $3.4B
$3.0B $2.9B
$2.3B
$2.1B
2016 2017 2018 2019 2020 2021

NY mid-stage deal share hits new high, early-stage continues to drop
17% 18% 17% 18% 17% 17% 18% 16% 18%

19% 19%
22% 21% 22%
19% 19% 20% 19%
22% 19% Other
24%
6% 8% 7% 8% 6%
5% 7% 8% 8% 10% 7% 6%
10% 7% 9% 9% Late-stage
9% 10% 6%
8% 12% 12%
11%
11% 12% 12% 12% 14% 16%
19% 12% 16% 16%
13% 15% 15%
10% 12% 11% 16%
21% Mid-stage
15%
64% 65% 63% 63% 65%

62% 62% 61% 60%
57% 58% 58% 59% 58% 57% 58% 59% 57% 56%
51% 50% Early-stage
2016 2017 2018 2019 2020 2021

NY: Top 5 deals in Q2'21
Round
Amount
Sequoia Capital, RRE Ventures, Novo Holdings, Mobile &

Mobile Software & Health &
1 $540M Series F Temasek, Samsung Ventures, Silver Lake, Oak New York Telecommun
Services Wellness
HC/FT Partners ications
Noom

2 $500M Series E SoftBank Group New York Internet
Services Finance
Better.com
Mobile &
Baillie Gifford & Co., Durable Capital Partners,
3 $300M Series D New York Telecommun Mobile Commerce Pharmacies
Whale Rock Capital Management, T. Rowe Price
ications
Capsule
Liberty City Ventures, Mithril Capital Management, Asset &
Oak HC/FT Partners, Senator Investment Group, Internet Software & Financial
3 $300M Series D New York Internet
Declaration Partners, PayPal Ventures, WestCap Services Management &
Paxos Group Trading
Google Ventures, General Catalyst, GGV Capital,

Software (non- Green/Environmental
3 $300M Series C Temasek, Fidelity Investments, Groupe Artemis, New York internet/mobile)
N/A
Software
Justin Timberlake
Bowery Farming
Bessemer Venture Partners, Sequoia Capital,
Scale Venture Partners, Tiger Global Internet Software & Monitoring &
3 $300M Series F New York Internet
Management, Adage Capital Management, March Services Security
Forter Capital Partners, Salesforce Ventures

Los Angeles

LA funding soars to $6B, a quarterly record
$6.0B
219 218
215 212
209 210 208
204 207 216 deals
197 195 195
193
183 175 175
169 160
$4.2B
143
$3.6B
130
$3.1B
$2.9B $3.0B
$2.6B $2.6B
$2.3B $2.4B
$2.3B
$2.2B
$1.8B $1.9B $1.9B
$1.7B
$1.4B $1.3B
$1.3B $1.2B
$1.1B
2016 2017 2018 2019 2020 2021

LA mid-stage deal share continues to climb
22% 22% 22% 21% 20% 22% 21% 18% Other

24% 23% 22%
27% 25% 28% 26% 28% 26%
29% 31% 30%
34%
6% 7% 6%
6% 7% 10% Late-stage
9% 8% 6%
7% 8%
6% 8% 9% 7%
8% 8% 13% 8%
11% 12% 11%
14% 11% 10% 15% 11% 14% Mid-stage
7% 14% 11%
15% 11% 11% 13%
14% 11%
10% 14%
9%
11% 12%
64%
59% 60% 60% 61%
54% 56% 56% 55% 58% 57% 56% 54%
57% Early-stage
51% 51% 53%
50% 49% 47% 47%
2016 2017 2018 2019 2020 2021

LA: Top 5 deals in Q2'21
Round
Amount
Mark Cuban, Tiger Global Management, Fidelity

Aerospace &
1 $650M Series E Investments, Jared Leto, Spencer Rascoff, Brad Inglewood Industrial N/A
Defense
Buss, Coatue Management
Relativity Space
Meritech Capital Partners, Tiger Global

Private Internet Software & Education &
2 $550M Management, TPG Capital, Tidemark, Owl Rock Irvine Internet
Equity Services Training
Capital Partners
Kajabi

Aerospace &
3 $450M Series D Valor Equity Partners, Andreessen Horowitz, Elad Irvine Industrial N/A
Defense
Gil, 8VC
Anduril
Aerospace &
4 $310M Series K - IV Charter Life Sciences, Gigafund, Future Ventures Hawthorne Industrial N/A
Defense
SpaceX
Private Qatar Investment Authority, Madrone Capital Internet Software & Education &
5 $300M Glendale Internet
Equity Partners, TPG Capital Services Training
Age of Learning

Boston

Boston sees another strong quarter for funding in Q2'21
$7.8B $7.8B
209 222 deals

204
199 197 198 200
196 196
192 192
181 183 183
177 174
168 165 163 161
164
$4.3B
$3.9B
$3.8B
$3.6B $3.6B
$3.3B
$3.1B
$2.9B
$2.7B $2.8B
$2.7B $2.6B
$2.2B $2.1B $2.2B
$2.1B
$1.9B
$1.7B
$1.5B
2016 2017 2018 2019 2020 2021

Boston early-stage deals make up 50% of total deal share in Q2'21
18% 18% 16% 16% 18% Other

21% 20% 19% 20%
24% 24% 24% 24% 24% 23% 23% 22% 23% 23% 24%
25%
11% 11%
11% 11% 7%
10% 6% 13%
9% 8% 10% 8% 12% 10% 11% 8% 12% 9%
14% 19% 19%

15% 19% 20% 16% 22% 15% 24% 21% Mid-stage
17% 22% 27%
18% 17% 20% 20% 19%
22%
23%
55% 52% 53% 53%

50% 51% 50% 52% 50% 52% 50% Early-stage
48% 48% 47% 47% 47% 49% 48%
44% 46%
43%
2016 2017 2018 2019 2020 2021

Boston: Top 5 deals in Q2'21
Round
Amount
Spark Capital, Victory Park Capital, SoftBank

1 $775M Series A Boston Internet E-commerce N/A
Group
Perch
Fidelity Investments, Valor Capital Group, Breyer

2 $440M Series F Capital, Digital Currency Group, Atlas Merchant Boston Internet
Services Finance
Capital, Willett Advisors, Pillar
Circle
Google Ventures, OrbiMed Advisors, Redmile

3 $336M Series C Group, Fidelity Investments, Polaris Partners, RA Waltham Healthcare Biotechnology N/A
Capital Management, PremjiInvest
Adagio Therapeutics
Accel, Lone Pine Capital, Glynn Capital

Advertising,
Management, Summit Partners, ClearBridge Internet Software &
4 $320M Series D Boston Internet Sales &
Investments, Sands Capital, Whale Rock Capital Services
Marketing
Management
Klaviyo
New Enterprise Associates, Tiger Global

Internet Software &
5 $250M Series G Management, Silver Lake, Altimeter Capital, T. Boston Internet Testing
Services
Rowe Price, BlackRock
DataRobot

Seattle

Seattle sees record funding in Q2'21
$1,574M
$1,519M
102
97
90 90
$1,235M
83 84 84
82 $1,178M 79 $1,026M $1,177M
80 79 85 deals
73 74
67 66 $991M
80
63 62
69 68
$812M
$786M
$755M
$712M $724M
$596M
$545M
$454M
$424M $408M
$398M
$371M $370M
$342M
2016 2017 2018 2019 2020 2021

Seattle early-stage deal share continues to lead in Q2'21
16%
19% 20% 19% 20% 20%
23% 24% 24% 23% 24% 22%
25% 27% 25% 26% 27% Other
32% 31% 31%
37%
8%
6% 5% 8%
4% 7% 6%
7% 11%
5% 8% 6% 7%
6% 8% 11% 6% 4% Late-stage
7% 12% 10%
3% 4% 18%
7% 17% 12%
16% 13% 4% 15% 19%
11% 10%
9%
19% 15% 18% 18% Mid-stage
14%
14% 6%
68% 68% 66% 63%

56% 55% 57% 55% 58%
54% 54% 54% 54% 53% 54% 53%
52%
48%
2016 2017 2018 2019 2020 2021

Seattle: Top 5 deals in Q2'21
Round
Amount
MPM Capital, Qiming Venture Partners, Temasek,

Pharmaceuticals /
1 $210M Series B Data Collective, Casdin Capital, Emerson Seattle Healthcare N/A
Drugs
Collective, Cormorant Asset Management
Umoja Biopharma
Mayfield Fund, Sequoia Capital, Lone Pine Business

Intelligence,
Capital, Trinity Ventures, Tiger Global Internet Software &
2 $200M Series G Seattle Internet Analytics &
Management, DFJ Growth Fund, Vista Equity Services Performance
Partners Mgmt
Outreach
Norwest Venture Partners, Battery Ventures,

Andreessen Horowitz, Balyasny Asset Internet Software &
3 $150M Series C Seattle Internet Real Estate
Management, Camber Creek, Spencer Rascoff, Services
Fifth Wall Ventures
Flyhomes
Application &
Internet Software &
4 $130M Series B TA Associates Seattle Internet Data
Services
Integration
Stackline
Adams Street Partners, +ND Capital, Qiming

Venture Partners, Perceptive Advisors, RA Capital
5 $100M Series B Seattle Healthcare Biotechnology N/A
Management, Viking Global Investors, Omega
Fund Management
Icosavax

Denver

Denver funding sets a new record of $1.2B in Q2'21
$1,216M
102
99
96
91 91
87 $999M
$972M
83 $927M
81 81 81
77 76 $888M
76
74
65 75 deals
66 67 67
62 62
$688M
$556M $544M
$534M
$400M $414M
$377M
$350M $336M
$294M $311M
$288M
$261M
$229M
$169M $177M
2016 2017 2018 2019 2020 2021

Denver early-stage deal share remains steady in Q2'21
16% 15%
20% 18%
25% 25% 25% 23% 24% 23% 23%
29% 29% 28% 27% Other
32% 32% 34%
35% 35% 7%
8% 4%
6% 45% 2%
9% 12% 11%
9% 9% 11% 14% 11%
10% 14% 18% 9%
5%
4% 8% 9% 6%
9% 6% 14%
12% 8%
7% 3%
10% 12% 12%
7% 21% 19% Mid-stage
4% 15% 19%
12%
64% 66% 65%

60% 58% 59%
57% 57% 55% 57%
54% 52% 52% 54%
51% 50%
45% 44% 45% 45% Early-stage
39%
2016 2017 2018 2019 2020 2021

Denver: Top 5 deals in Q2'21
Round
Amount
Bessemer Venture Partners, Redpoint Ventures, HR &

Internet Software &
1 $150M Series E General Catalyst, Harrison Metal, Cowboy Denver Internet Workforce
Services
Ventures, ICONIQ Capital, Emerson Collective Management
Guild Education
Power
Volta Energy Technologies, Ford Motor Company, Electrical Product
2 $130M Series B Louisville Electronics Generation &
BMW Group Distribution
Storage
Solid Power
Founders Fund, Bain Capital Ventures, Valor

Energy &
3 $128M Series B Equity Partners, Winklevoss Capital, KCK, EXOR, Denver N/A N/A
Crusoe Energy Utilities
JB Straubel
Systems
Insight Partners, TechOperators, Koch Disruptive Internet Software & Content

4 $110M Series C Boulder Internet
Technologies, Blackstone Services Management
Automox
Fidelity Investments, Foresite Capital, D1 Capital

5 $100M Series E - II Partners, Durable Capital Partners, JS Capital, T. Boulder Healthcare Biotechnology N/A
Rowe Price, Morgan Stanley
Inscripta
HR & Workforce
Private Software (non-
5 $100M FFL Partners Denver internet/mobile)
Management N/A
Equity
Software
Velocity Global

DC

DC dollars continue to fall from Q4'20 peak
$4,407M
103 102
89 89 88 88
86 87 82 86
85
82
77 78 82 deals
76 76
72 73
56 56
$1,720M
$1,337M
$964M $920M
$779M $838M
$552M $601M $606M $597M $657M $553M $491M $495M

$469M $501M $445M
$361M
$236M $250M
2016 2017 2018 2019 2020 2021

DC sees sharp uptick in early-stage deal share, all others drop
18% 20% 18% Other

24% 22% 22%
25% 27% 27% 25% 27%
28% 30% 29% 28% 30% 30% 30%
34% 33% 32%
5%
11% 12% Late-stage
5% 10% 8%
7% 5%
11% 12% 6% 8%
7% 7%
12% 9% 9% 9% 5% 15%
5% 6% 11% 11%
14% 14% 15% Mid-stage
13% 21% 15%
11% 6% 13% 14% 7%
8% 9%
9% 13% 18%
16%
20%
63% 64%
57%
53% 53% 52%
55% 53% 55% 55% 53% 55% 55% Early-stage
51% 51% 51% 49%
48%
45% 43%
38%
2016 2017 2018 2019 2020 2021

DC: Top 5 deals in Q2'21
Round
Amount
Invus Group, SWaN & Legend Ventures, Mousse

1 $190M Series F Partners, Revolution Growth, Declaration Washington Leisure Restaurants Casual Dining
Partners, Lighthouse Partners, Equilibra Partners
Cava Group
New Enterprise Associates, Novo Ventures, Quan

2 $115M Series C Gaithersburg Healthcare Biotechnology N/A
Capital, Solasta Ventures
Arcellx
Mobile & Collaboration

Growth Mobile Software &
3 $75M Sunstone Partners Frederick Telecommun & Project
Equity Services
ications Management
MeetingPlay
Fidelity Investments, Pierre Fabre, Surveyor

4 $70M Series A Capital, Opaleye Management, Ikarian Capital, Bethesda Healthcare Drug Development N/A
Janus Henderson Investors
Valenza Biotech
Data &
Susquehanna Growth Equity, Advance Venture Internet Software &
5 $60M Series B Washington Internet Document
Partners, Lupa Systems Services
Management
Morning Consult
Medical Devices & Patient

5 $60M Series D Ganot Capital, Soleus Capital Management Manassas Healthcare
Equipment Monitoring
Notal Vision

Chicago

Chicago funding peaks at nearly $2B in Q2'21
84 85
$1,955M
81 80
77 78
76
72 73
71
67 68
65 66
64 60 63
61 65 deals
56 54 $1,330M
$1,083M
$1,057M
$916M
$751M $728M
$583M $610M $563M $568M

$502M $531M $500M
$436M $463M
$424M $401M
$347M $321M
$252M
2016 2017 2018 2019 2020 2021

Chicago early-stage deal share jumps, late-stage falls from peak
20% 20% 21% 22% 22% Other

23% 24%
27% 27% 26% 27%
30% 31% 30% 29%
34% 33% 35% 33% 33% 36%
8% 7% 4%
11% 7%
4% 14% Late-stage
9% 9% 3% 7%
15% 9% 16% 18%
3% 8% 13% 12% 6%
17% 11% 13%
10% 8%
6% 7% 14% 8%
12% 19% 10%
3% 15% Mid-stage
14%
11% 13% 17%
11% 15%
15%
12%
61% 58%
57% 57% 58% 58% 57%
55% 55% 53%
52%
48% 46% 48% 46%
49% Early-stage
45% 44% 42%
42% 41%
2016 2017 2018 2019 2020 2021

Chicago: Top 5 deals in Q2'21
Round
Amount
Tiger Global Management, Susquehanna Growth Customer

Internet Software &
1 $240M Series C Equity, Dragoneer Investment Group, Silversmith Chicago Internet Relationship
Services
Capital Partners Management
ActiveCampaign
Insight Partners, Emergence Capital Partners,

Internet Software & Supply Chain &
2 $202M Series E Chicago Ventures, Sapphire Ventures, Lineage Chicago Internet
Services Logistics
Logistics, Sozo Ventures, 8VC
Project44
Menlo Ventures, Bain Capital Ventures, Hyde Park

3 $200M Series E Angels, Hyde Park Venture Partners, Silicon Chicago Internet
Services Logistics
Valley Bank, SoftBank Group
ShipBob
Mobile &
Cox Enterprises, OMERS Ventures, American Mobile Software &
3 $200M Series D Chicago Telecommun Payments
Family Ventures, Eldridge Services
ications
Clearcover
Accel, Emergence Capital Partners, Auren Information

Internet Software &
5 $157M Series D Hoffman, Permira, Thomas Lehrman, Institutional Chicago Internet Providers &
Services
Venture Partners, Salesforce Ventures Portals
G2

Dallas

Dallas funding surpasses $1B, buoyed by an $830M biotech round
$1,093M
48
46
45 45
43
42
41
40
39 39
36 38 38
35 $740M
35
33 33 31
29 28 $586M 31 deals
$498M
$445M
$406M
$315M $331M
$277M
$240M
$178M $169M $184M
$158M $144M
$122M $137M $138M
$76M $90M
$63M
2016 2017 2018 2019 2020 2021

Dallas early-stage deal share on the rise since Q4'20
24% 23% Other

34% 34% 36% 33% 34%
40% 38%
42% 42% 42%
46% 45%
50% 48% 51% 50% 53%
56% 13% Late-stage
63% 13%
3%
11% 7%
6%
21% 18% 10% 16%
14%
15% 18% 11% 10% 12%
15% 8% 4%
8% 0% 8%
3% 15% 8% 2%
3% 9%
6% 2% 11% 3% 5%
5% 14%
6% 11%
11%
57%
49% 52% Early-stage
46% 5% 44% 45% 47%
41% 44%
38% 39% 38% 37% 37%
36% 34% 35%
30% 29% 29%
21%
2016 2017 2018 2019 2020 2021

Dallas: Top 5 deals in Q2'21
Round
Amount
OrbiMed Advisors, Highland Capital Management,

Private Fidelity Investments, CPP Investments, Silver
1 $830M Irving Healthcare Biotechnology N/A
Equity - II Lake, Millennium Management, ClearBridge
Investments
Caris Life Sciences
Specialized
Unattributed - Medical Facilities &
2 $115M Austin Ventures Dallas Healthcare Healthcare
III Services
Services
AEG Vision
Franklin Templeton, Tuesday Capital, Goff Capital, Mobile &

3 $45M Series B Green Park & Golf Ventures, Alumni Ventures Dallas Telecommun Mobile Commerce Travel (mobile)
Group, Senterra, Hope Ventures ications
Alto
E-commerce
4 $20M Series B Next World Evergreen Dallas Internet E-commerce
enablement
The Citizenry
Business Management &

Consulting &
5 $15M Series B Sistema, Evolvence India Dallas Products & Strategy
Outsourcing
Services Consulting
ANSR Consulting

Austin

Funding reaches an all-time high in Austin with $1.8B in Q2'21
$1,784M
81
75
73 73 73
71 70
67 66 65 64
61 59
58 57 58
55 60 deals
52 49
45
$847M
$722M
$619M $594M
$571M $577M
$496M
$456M
$383M $403M
$359M $366M $341M $344M
$336M
$270M $274M
$214M
$171M
$142M
2016 2017 2018 2019 2020 2021

Mid-stage deal share jumps QoQ in Austin
15%
21% 21%
18% 20% 18% Other
22% 24% 22% 25%
27% 27% 27% 26% 26% 25% 26%
29% 30% 31% 34%
1%
5%
7% 7%
13% 5% 7% 7%
6% 11% 22% 11% 7%
8% 10% 14%
7% 7% 12%
4% 10% 15% 3% 17% Mid-stage
16% 6% 16% 17% 11%
18% 16%
12% 12% 17%
18% 11%
20%
3% 12%
63% 64% 65%

59% 60% 60% 59%
51% 49% 51% 52% 51% 52% 50%
46% 48%
44% 45%
2016 2017 2018 2019 2020 2021

Austin: Top 5 deals in Q2'21
Round
Amount
Founders Fund, Andreessen Horowitz, Franklin Collaboration &

Software (non-
1 $300M Series E Templeton, 137 Ventures, Baillie Gifford & Co., Austin Project Management N/A
internet/mobile)
Bedrock Capital, Moore Strategic Ventures Software
Workrise
Freight
Temasek, British Columbia Investment
Private Automotive & Transportation Forwarding &
1 $300M Management Corporation, Baupost Group, ATL Austin Transportation
Equity Services Courier
Partners
Services
Arrive Logistics
Accel, Weatherford Capital Management, Comparison

3 $150M Series D Austin Internet E-commerce
Hedosophia Shopping
The Zebra
Norwest Venture Partners, Adams Street

Internet Software &
4 $136M Series B - II Partners, Javelin, Breyer Capital, LiveOak Venture Austin Internet Real Estate
Services
Partners, Blackstone
Homeward
Unattributed Internet Software & Monitoring &

5 $110M Insight Partners Austin Internet
VC Services Security
Brinqa

Miami

Funding in Miami more than doubles from Q1'21
46 $1,241M
43
42 44 deals
41
40
39
37 36 37
36
34 33 33
32 31
31
28
27
26 $711M
20
$584M $574M
$524M $524M
$498M
$476M
$416M
$322M $322M
$173M $177M $160M

$125M $130M $138M
$86M $100M
$62M $68M
2016 2017 2018 2019 2020 2021

Miami sees steep drop across early-, mid-, and late-stage deal share
21%
28% 26%
29%
34% 33% 35% 35%
38% 36% 39%
41% 39%
44% 43% 45% 3%
50% 48% 50% Other
56% 56%
12%
13% 14%
16% 5%
8%
15%
19% 8%
11% 7% 12%
6% 23% 8%
23% 20% 20% 17%
0% 4% 10%
16% 7% Late-stage
11% 6% 10% 15%
11% 3%
6%
5% 7% 11% 7% Mid-stage
5% 7%
3%
12% 64% 11%
6%
50% 53%
48% 49% 49%
41% 42% 43%
38% 39% 39%
36% 35% 35% 34% 33% 36% Early-stage
27% 28% 28%
2016 2017 2018 2019 2020 2021

Miami: Top 5 deals in Q2'21
Round
Amount
next47, Marc Benioff, SBI Investment,

1 $250M Series A - II Greenspring Associates, Guy Oseary, Sound Miami Internet
Services Finance
Ventures, Republic
Pipe
Internet Software &

2 $125M Series B Insight Partners Coral Gables Internet Payments
Services
PayCargo
Manufacturing,
Software (non-
3 $68M Unattributed Undisclosed Investors Miami Beach internet/mobile)
Warehousing & N/A
Industrial Software
Redzone Software
Mobile &
Mobile Software & Health &
4 $60M Series C Tiger Global Management Miami Telecommun
Services Wellness
ications
Papa
Imaging &
Krillion Ventures, D1 Capital Partners, Maurice Medical Devices &
5 $30M Series A Miami Healthcare Diagnostic
Ferre, Frederic Moll, SoftBank Group Equipment
Equipment
Heru

Atlanta

Atlanta funding falls from Q1'21 peak, deals slip
$2,067M
59
57
54
51
48 49
47
44 45 44 44
43 42
38 37 42 deals
37
35 35
32
27 $948M $953M
$788M
$666M
$455M
$413M $387M
$380M $366M
$344M
$289M $305M
$221M $193M $192M
$167M $168M $155M
$135M
$84M
2016 2017 2018 2019 2020 2021

Atlanta early-stage deal share declines, mid-stage sees sharp uptick
19% 19% 18%

21%
26% 25% 25%
31% 31% 29% 30% 29% 28% 29% Other
34% 33% 34% 33%
38%
43%
48% 6% 9% 10%
7% 19%
6% 3% 11%
6%
11% 10%
19% 11% 11% 14% 9% 6% 12% Late-stage
6% 7%
13% 22% 17% 20% 4% 11%
11% 16%
8% 9%
9%
18%
17% 21% Mid-stage
13% 19% 11% 8%
5%
19%
9%
66%
59% 59% 62%
58% 56%
11% 53%
49% 51% 50%
48% 48%
42% 41% 42% 43%
31%
22%
2016 2017 2018 2019 2020 2021

Atlanta: Top 5 deals in Q2'21
Round
Amount
Andreessen Horowitz, Wellington Management,

Payments (non-
1 $260M Series D TTV Capital, Goodwater Capital, Owl Ventures, Atlanta Financial Issuer
internet/mobile)
LionTree Partners, Canapi Ventures
Greenlight
Internet Software &

2 $210M Series C - II Franklin Templeton, SoftBank Group Atlanta Internet Compliance
Services
OneTrust
Domain Associates, Aisling Capital, Lumira

3 $96M Series B Ventures, Adage Capital Management, Granite Atlanta Healthcare Drug Development N/A
Point Capital, Pontifax, RA Capital Management
Antios Therapeutics
Data &
Insight Partners, Fulcrum Equity Partners, Bee Internet Software &
4 $80M Series C Atlanta Internet Document
Partners, Flashpoint Venture Capital Services
Management
Florence Healthcare
Felicis Ventures, Tiger Global Management, Advertising,

Internet Software &
5 $65M Series C Salesforce Ventures, Base10 Partners, Bedrock Atlanta Internet Sales &
Services
Capital Marketing
Popmenu

Philadelphia

Philadelphia funding sees second consecutive billion-dollar quarter
$1,848M
68 deals
58 $1,561M
55 $1,333M
52 53
50
48
45 46 45
39 39 36 36
38 37
30 35 35
33
28
$629M
$508M
$444M
$378M $373M $364M
$330M $335M $321M $349M
$257M
$211M $220M $207M
$173M
$120M $124M $139M
2016 2017 2018 2019 2020 2021

Philadelphia early-stage deal share continues to dominate
21% 18% Other

24% 24% 23% 23%
29% 29% 30% 28% 28% 31%
32% 33% 31%
36%
41% 40% 39% 39%
42%
10% 13% Late-stage
9% 9%
11% 11% 3%
8% 8%
10% 6% 8% 6% 6% 7%
4% 10% 7% 12% Mid-stage
17% 11%
5% 6% 4%
11% 2% 4% 11% 10%
8% 6% 10% 6% 11% 17%
10% 16% 20%

8% 18%
9%
11%
62% 61% 63%

58% 58% 59% 57% 57% Early-stage
52% 54% 52% 53% 52%
50%
47%
44% 44%
41% 39% 40%
31%
2016 2017 2018 2019 2020 2021

Philadelphia: Top 5 deals in Q2'21
Round
Amount
1 $200M Unattributed Temasek Philadelphia Healthcare Biotechnology N/A
G2 Bio Companies
Accel, Valor Equity Partners, Greenoaks Capital

Food &
1 $200M Series C Management, Sound Ventures, Third Kind Pennsauken Internet E-commerce
Grocery
Venture Capital, D1 Capital Partners
Misfits Market
HBM Healthcare Investments, Invus Group,
Wellington Management, Pavilion Capital,
1 $200M Series C Wilmington Healthcare Biotechnology N/A
Perceptive Advisors, RA Capital Management,
NiKang Therapeutics Matrix Partners China
Sequoia Capital, Andreessen Horowitz, Altimeter Internet Software & Database

4 $150M Series C Philadelphia Internet
Capital, Amplify Partners Services Management
dbt Labs
HR &
OMERS Private Equity, Dragoneer Investment Internet Software &
5 $100M Series D Ambler Internet Workforce
Group, B Capital Group, GoldenArc Capital Services
Management
Phenom People
Greycroft, Flare Capital Partners, Foresite Capital, Internet Software &

5 $100M Series D Philadelphia Internet Healthcare
Durable Capital Partners Services
HealthVerity

Raleigh

Raleigh funding hits $1.2B, driven by Epic Games' $1B deal
$1,921M
45
40
36 37
36
$1,404M 37 deals
34
33
32 32
29 31 31 30 30
30 $1,199M
28
24
25
24 20
$587M
$470M $447M
$365M $378M
$296M
$217M $213M $227M $226M
$140M $138M $155M $175M
$77M $82M $106M
$47M
2016 2017 2018 2019 2020 2021

Raleigh early-stage deal share continues to fall
17%
20%
24% 26% 27%
32% 30% 31% 31% 32% Other
35% 33% 35% 33%
38% 38%
43% 43%
53% 17%
56% 15%
59%
18% 13% 5%
4% 18% 8% 8% Late-stage
7% 7% 13%
8% 8%
20% 16% 15%
13% 11% 10% 11%
10% 11% Mid-stage
7% 8%
13% 15%
8% 11%
0% 8%
6% 16%
21% 16%
7% 3%
60% 63%
6% 57% 56% 55%
52% 50% 50% 50%
50% 49% Early-stage
42% 43% 44%
40% 40%
34% 36%
32%
29%
25%
2016 2017 2018 2019 2020 2021

Raleigh: Top 5 deals in Q2'21
Round
Amount

1 $1,000M Fidelity Investments, GIC, Altimeter Capital, Luxor Cary Gaming N/A
Equity - III internet/mobile)
Capital Group
Epic Games
Unattributed -
2 $43M Undisclosed Investors Durham Healthcare Drug Development N/A
III
Istari Oncology
3 $35M Series A NovaQuest Capital Management Raleigh Healthcare Biotechnology N/A
Aceragen
Internet Software & Monitoring &

4 $30M Series B Bain Capital Ventures, Sapphire Ventures Morrisville Internet
Services Security
JupiterOne
5 $28M Series B - IV Undisclosed Investors Durham Healthcare Biotechnology N/A
Baebies

Canada Trends
Regional Trends: Q2 2021

Canada funding in H1'21 jumps more than 2x 2020's full-year total
$6.3B
720 716
575 617
572
$4.3B
474
412
$3.4B 414 deals
360
$2.9B
$2.7B
282
$2.2B
230
$1.9B
$1.6B
$1.2B $1.2B
$.9B
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
YTD
Canada funding rises 89% from Q1'21, reaching $4.1B
$4,119M
212
217 deals
197
192
187
180 180
167 169 166
164 161
145 152 159
148
141 131
137 126
128
$2,185M
$1,321M
$1,211M
$1,053M
$978M $988M $972M
$834M $840M $896M
$775M $759M
$630M $690M $666M
$624M
$480M $500M $452M
$420M
2016 2017 2018 2019 2020 2021

Canada sees increase in mid-stage deal share
16% 16% 18% 15% 17% Other

19% 19% 21% 20% 21% 20%
24% 22% 22% 23% 22% 23% 22% 24%
29% 26%
5% 5% 6%
5% 9% 7%
7% 10% 4% 8% 6% 8% 4% 12% Late-stage
11% 10% 9% 5%
8% 12%
10% 7% 8% 10% 7% 5% 8% 6% 12%
7% 13% 10%
10% 12% 10% 9% 6%
7% 14% Mid-stage
11% 9%
8%
72% 71%
66% 67% 67% 66% 66% 68% 66%
63% 61% 62% 62%
59% 59% 59% 59%
52%
2016 2017 2018 2019 2020 2021

Canada: Top 5 deals for Q2'21
Round
Amount
Technology Crossover Ventures, Blumberg Internet

British Monitoring &
1 $394M Series D Capital, Citi Ventures, American Express Vancouver Internet Software &
Columbia Security
Ventures, Mouro Capital Services
Trulioo
Index Ventures, Fidelity Investments, Blue

Internet Information
Cloud Ventures, Garage Capital, BDC
2 $300M Series D Kitchener Ontario Internet Software & Providers &
Capital, Ontario Teachers' Pension Plan,
Services Portals
Harmonic Growth Partners
ApplyBoard
Internet
Accounting &
3 $242M Series C Vista Equity Partners Toronto Ontario Internet Software &
Finance
Services
Vena Solutions
Fidelity Investments, Moore Capital Chips & Semiconductors:

4 $200M Series B Toronto Ontario Electronics Semiconductors Integrated Circuits
Management, Eclipse Ventures
TensTorrent
Collaboration &
Private Undisclosed Investors, Sumeru Equity Software (non- Project
4 $200M Toronto Ontario Management
N/A
Equity Partners internet/mobile)
Software
Loopio

Total exits in Canada fall from Q1'21's peak
7
11
8 IPO
10
12
5
9
8 3 5 6
2
6
3 10
128
7 120
5 5
102 M&A
2 6
84 88
82
74 77 75 76
71 72 71
64 64
59 57
52 52
42 43
2016 2017 2018 2019 2020 2021

Top 5 investors in Canada-based companies Q2'21
Investor Company Count Investor Type Country Continent
1 14 Venture Capital Canada North America
BDC Capital
Inovia Capital
Panache Ventures
Garage Capital
Real Ventures
3 5 Corporate Venture Canada North America
Desjardins Capital

Toronto
Canada Trends: Q2 2021

Toronto sees record-breaking funding in Q2'21
73
71 $673M
58 59 58 62 deals
55
54
52 49
47 50
49 49 47
47
$374M
42 39 $408M
31 $344M
34
38
$286M $289M $288M $290M
$259M
$246M $236M
$223M
$199M
$177M
$141M
$123M $128M $118M $111M
$94M
$68M
2016 2017 2018 2019 2020 2021

Toronto early-stage deal share continues to hold majority
5%
13% 13% 13% 11% 12%
16% 16% 16% 16% 16% 17% 15% Other
10% 20% 19% 20% 21% 19%
25% 24%
29% 7% 4%
6% 6%
5% 11% 4% 3% 4%
8% 9% 6% 11% Late-stage
15% 13% 7% 7% 4%
11% 7% 8% 0% 8% 11%
13% 4% 11% 5%
4% 4%
11% 2%
6% 14% 4% 10% 12% Mid-stage
10% 10% 8%
12%
80%
76%
70% 71% 71% 71% 72% 71%
68% 69% 67% 69% 69%
66% 64%
62% 61% 62% 61% 62% Early-stage
53%
2016 2017 2018 2019 2020 2021

Toronto: Top 5 deals for Q2'21
Round
Company Round Name Select Investors Province Sector Industry Subindustry
Amount
Internet Software Accounting &

1 $242M Series C Vista Equity Partners Ontario Internet
& Services Finance
Vena Solutions
Fidelity Investments, Moore Capital Chips & Semiconductors:

2 $200M Series B Ontario Electronics
Management, Eclipse Ventures Semiconductors Integrated Circuits
TensTorrent
Collaboration & Project

2 $200M Sumeru Equity Partners Ontario Management N/A
Equity internet/mobile) Software
Loopio
Bessemer Venture Partners, Spark Capital,
Customer
Accel, FirstMark Capital, Tiger Global Internet Software
4 $130M Series C Ontario Internet Relationship
Management, Version One Ventures, Burst & Services
Management
Ada Support Capital
Founders Circle Capital, Oak HC/FT Internet Software Accounting &

5 $100M Series C Ontario Internet
Partners & Services Finance
Clearco
Bessemer Venture Partners, Tiger Global Computer

5 $100M Series B Management, In-Q-Tel, Tim Draper, Ontario Hardware & Supercomputers N/A
Capricorn Holdings, BDC Capital, OMERS Services
Xanadu

Vancouver
Canada Trends: Q2 2021

Vancouver hits billion-dollar quarter, driven by $100M+ mega-rounds
38
36 $1,015M
35
32
31 deals
24
25
24
23
20 19
21 21
20 20 20 20
19 19
18 $501M
16
$215M
$197M $202M $187M
$149M $149M $158M
$127M
$95M $93M $93M
$73M $76M $63M
$38M $50M $44M $53M
$31M
2016 2017 2018 2019 2020 2021

Vancouver mid- and late-stage deal shares explode
13% 11%
15% 15%
21% 19% Other
24% 25% 3% 25%
29% 29% 30%
9% 32% 34% 33% 33% 34%
5% 37%
14% 40%
44% 15%
9% 8%
5% 15%
10% 58%
23% Late-stage
10% 8% 5%
5%
9% 8% 17% 8%
31% 10% 20% 5%
17% 15% 3%
4% 8% 17%
11% 15%
4% 13%
23% Mid-stage
11%
5%
15% 0%
71% 70% 71%
63% 65%
62%
54% 55% 55%
48% 50% 50% 50%
46% 47%
44% 44%
30%
2016 2017 2018 2019 2020 2021

Vancouver: Top 5 deals for Q2'21
Round
Company Round Name Select Investors Province Sector Industry Subindustry
Amount
Technology Crossover Ventures, Blumberg

British Internet Software Monitoring &
1 $394M Series D Capital, Citi Ventures, American Express Internet
Columbia & Services Security
Ventures, Mouro Capital
Trulioo
Foundation Capital, Adams Street Partners,

British Internet Software HR & Workforce
2 $125M Series E Summit Partners, Sorenson Capital, Internet
Columbia & Services Management
Goldman Sachs Asset Management
Visier
Computer IT Solutions &

Yaletown Venture Partners, Elsewhere British
3 $100M Series D Hardware & IT Services Software
Partners, Sumeru Equity Partners Columbia
Services Development
Tasktop
Spark Capital, Tiger Global Management, Customer

British Internet Software
4 $80M Series B BOLDstart Ventures, BoxGroup, Lachy Internet Relationship
Columbia & Services
Groom, Addition, GreenSpring Ventures Management
Dooly
Fortune United Partners, Forebright Capital

British
4 $80M Series D Management, GP Capital, China Structural Healthcare Biotechnology N/A
Columbia
Reform Fund, Young Label
Virogin Biotech

Asia Trends

Asia funding in H1'21 is catching up to 2020's full-year total
$107.8B
10,433
$103.2B
9,250
$91.4B 8,463
$86.3B
$84.5B
8,018
$64.1B 6,631
5,951
$59.3B
5,007 deals
3,480
$31.1B
2,038
$14.0B
1,538
1,373
$11.8B
$9.1B
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
YTD
Asia funding rises for the fifth consecutive quarter
$42.1B $42.4B
2,956 $38.5B
2,835
$27.8B 2,316 2,577 deals

$32.0B
2,326 2,395 2,384 2,430
$24.9B 2,316 2,358 2,331
2,215
$22.6B 2,181
2,074 $26.7B 1,932 $27.3B
$26.3B 1,816
1,868 1,861
$22.9B $23.3B
$22.4B
1,646 $21.5B
1,608
1,552
$19.1B $18.9B
$18.6B
$16.1B
$14.8B $14.8B
$14.1B
2016 2017 2018 2019 2020 2021

Asia early-stage deal share continues rebound from Q4'20 low
7% 9% 9% 11% 11% 12% 13% 11% 13% 12% 13% 13% 12% 12% 11% 13% 10% Other
16% 17% 17%
6% 20%
7% 7% 5% 6% Late-stage
6% 6% 6% 5% 6% 5%
7% 6% 5% 6% 6% 7%
5% 6%
14% 8%
13% 14% 13% 13% 7%
15% 15% 15% 16% 16%
14% 15% 16% 15% 15% 20% Mid-stage
14% 19%
18%
16% 19%
73% 71% 69% 70% 70% 68% 68% 67%

67% 66% 66% 65% 66% 65% 67% 67%
62% 64% Early-stage
60% 57% 55%
2016 2017 2018 2019 2020 2021

Asia: Top 5 deals for Q2'21
Round
Company Round Name Select Investors City Country Sector Industry Subindustry
Amount
Convertible
1 $3,000M Didi Chuxing Beijing China Internet E-commerce Marketplace
Note
Technology
Freight
Private Sequoia Capital China, Hillhouse Capital Automotive & Transportation forwarding &
2 $1,800M Jakarta Indonesia
Equity Management, Boyu Capital Transportation Services courier
services
J&T Express
Accel, Carmignac, Falcon Edge Capital,

Food &
3 $800M Series J Prosus Ventures, Amansa Capital, Think Bengaluru India Internet E-commerce
Grocery
Capital, Goldman Sachs
Swiggy
Tiger Global Management, General Atlantic,

DST Global, Sequoia Capital China, Hony Mobile & Mobile Food &
4 $700M Series D Shanghai China Telecommunications
Capital, CMC Capital Partners, Coatue Commerce Grocery
Management
Dingdong Maicai
Internet
Warburg Pincus, Sony Innovation Fund, Retail &
5 $640M Series E Singapore Singapore Internet Software &
OMERS, BlackRock, SoftBank Group Inventory
Services
Trax

Asia IPOs see slight increase, while total exits remain constant
82
111 117 IPO
136
106
46 107
49 63 69
101 110
77
83
113 49 52
85
53
56 60
241
220 217 M&A
195 202 192
183 182 177 183
161 152 161 152 159 158
135 142
121 123 119
2016 2017 2018 2019 2020 2021

Top 5 investors in Asia-based companies Q2'21
1 57 Venture Capital China Asia
Sequoia Capital China
Matrix Partners China
2 40 Corporation China Asia
Tencent Holdings
4 36 Asset/Investment Management China Asia
Hillhouse Capital Management
Qiming Venture Partners

China
Asia Trends: Q2 2021

China funding continues to fall from Q4'20 peak
$27.7B
1,811 $26.5B
$24.5B
1,706
$22.6B $22.8B
1,297
1,296 $18.9B $18.8B 1,291
1,198
$17.7B 1,226 1,200
$16.8B 1,158 1,223 deals
1,063 1,077 1,095 1,212
$15.2B 1,049
991 $14.6B
$11.7B 902 $13.8B 902
863 $9.5B
843 $11.9B $11.5B
$11.2B 692
$10.4B $10.5B $11.2B
$10.4B
2016 2017 2018 2019 2020 2021

China early-stage deal share continues to rebound from Q4'20 low
5% 6% 7% 7%
8% 9% 9% 10% 9% 9% Other
11% 11% 13% 12% 12% 11%
7% 16% 14%
7% 21% 22%
8% 8% 8% 6% 5% 6% 6% Late-stage
7% 25%
7% 6% 4% 5% 6% 6%
5% 7%
17%
18% 16% 15% 18%
18% 18% 19% 6%
15% 17% 18% 17% 17%
15% 18% 21% 11% 26% Mid-stage
9%
25%
21%
19% 24%
72% 69% 69% 70%

67% 67% 66% 67% 68% 65% 65% 66%
64% 65% 63% 62%
60% Early-stage
53% 54%
47%
44%
2016 2017 2018 2019 2020 2021

China: Top 5 deals for Q2'21
Round
Amount
Convertible
1 $3,000M Didi Chuxing Beijing Internet E-commerce Marketplace
Note
Technology
Tiger Global Management, General Atlantic,

Mobile &
DST Global, Sequoia Capital China, Hony Food &
2 $700M Series D Shanghai Telecommun Mobile Commerce
Capital, CMC Capital Partners, Coatue Grocery
ications
Management
Dingdong Maicai
Legend Capital, BOE Technology Group,

ZWC Partners, HuangPu River Capital, CICC Internet Software & Scientific,
3 $600M Series C - IV Beijing Internet
Jiacheng Investment, Will Semiconductor, Services Engineering
Zhongyuan Capital
Horizon Robotics
Boston Capital Ventures, Skywalker

Ventures, UOB Venture Management, B2B
3 $600M Series C - II Shenzhen Internet E-commerce
Matrix Partners China, Yunfeng Capital, Commerce
HighLight Capital, Keywise Capital
Xingyun Group
Matrix Partners China, CMC Capital Mobile &

B2B
5 $399M Series C - II Partners, Yunqi Partners, Genesis Capital, Shanghai Telecommun Mobile Commerce
Commerce
Jiawei Gan, Ab Initio Capital, Cygnus Equity ications
The Little Bear

India
Asia Trends: Q2 2021

India funding hits quarterly record in Q2'21, reaching $6.3B
$6.3B
335
336 deals
311
303 304 302 304
295 292
283 278
271 275
267 $4.5B
262 $4.3B
240 244
229 219 $3.9B
227
214 $3.7B
$3.5B $3.6B
$3.2B $3.3B
$3.0B $3.0B
$2.6B $2.5B
$2.4B
$2.2B $2.3B
$2.0B
$1.5B $1.6B
$.8B $.8B
2016 2017 2018 2019 2020 2021

India early-stage deal share continues to dominate
7% 7% 8% 7% 9% 7% 6%
9% 9% 6% Other
11% 12% 10% 11%
15% 15% 14% 13% 14% 13% 13%
2%
5% 9%
9% 9% 10% 7% 10% Late-stage
10% 8%
8% 14% 9%
8% 6% 8% 8% 10%
5% 8% 8%
8% 13%
6% 13% 13% 10% 9% Mid-stage
8% 10% 13% 14% 14%
9% 9%
6% 10% 14%
13% 14% 13%
13%
81% 80%
75%
72% 72% 72% 73% 75% Early-stage
71% 70% 71% 70% 70% 70% 70%
67% 65% 65% 67%
65%
61%
2016 2017 2018 2019 2020 2021

India: Top 5 deals for Q2'21
Round
Amount
Accel, Carmignac, Falcon Edge Capital,

Food &
1 $800M Series J Prosus Ventures, Amansa Capital, Think Bengaluru Internet E-commerce
Grocery
Capital, Goldman Sachs
Swiggy
Mobile &
Lightspeed Venture Partners, Tiger Global Mobile Software &
2 $502M Series E Bengaluru Telecommun Social
Management, Twitter, India Quotient, Snap Services
ications
ShareChat
Eric Yuan, ADQ, UBS Asset Management,

Internet Software & Education &
3 $350M Series G Phoenix Rising Investment Group, Bengaluru Internet
Services Training
Blackstone
BYJU's
Shunwei Capital Partners, Knollwood

Mobile & Mobile
Investment Advisory, Venture Highway,
4 $300M Series E Bengaluru Telecommun Mobile Commerce Commerce
Prosus Ventures, Facebook, SoftBank
ications enablement
Group
Meesho
Lone Pine Capital, Temasek, Ward Ferry

Unattributed Management, Baron Funds, Sunley House Internet Software &
5 $285M Noida Internet Payments
VC - III Capital Management, Moore Strategic Services
Ventures, Marshall Wace Asset Management
Pine Labs

Europe Trends

Europe blows past previous funding records at the half-year mark
6,050
5,865 5,910
5,731
$50.8B
4,441
$38.3B $39.1B
3,459
3,470 deals
2,697 $25.8B $26.6B

2,466
2,017
$18.6B
$17.6B
1,495
$13.5B $13.1B
$8.4B
$6.4B
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
YTD
Europe hits new quarterly funding high of $30.6B
$30.6B
1,821 deals
1,649
1,581 1,584 1,574
1,545 1,523
1,496 1,496 1,475 1,408 1,484
1,354 1,434 1,402 1,404 1,402
1,394
1,207
$20.2B
1,157
1,058
$11.9B
$10.6B $11.0B
$9.3B $9.4B
$9.0B
$8.4B $8.2B $8.0B
$6.8B $6.8B $6.9B $6.7B
$6.1B $6.1B
$5.2B $5.5B
$4.4B
$3.8B
2016 2017 2018 2019 2020 2021

Europe early-stage deal share continues to dominate
11% 13% 13% Other
14% 15% 14% 16% 15% 16% 15% 16%
18% 17% 18% 18% 18% 17% 17%
20% 20% 22%
7%
7% 7% 8% 8% 6% 8% Late-stage
5% 8% 6% 5% 7% 8% 9%
6% 8% 8% 8%
9% 7%
6% 5% 7% 8%
9% 7% 9% 9% 10% Mid stage
8% 8% 10% 10% 9%
6% 6% 6% 8% 7% 10%
6%
7%
76%
73% 73% 72% 71%
69% 67% 69% 69% 70% 68% 67% 69% Early stage
67% 67% 66% 66% 67% 67% 65%
62%
2016 2017 2018 2019 2020 2021

Europe: Top 5 deals for Q2'21
Round
Amount
Andra AP-fonden, Arbejdsmarkedets Electrical Power

Unattributed
1 $2,750M Tillaegspension, Baillie Gifford & Co., Daniel Stockholm Sweden Electronics Product Generation &
VC - II
Ek, Stena, AP3, AMF Pensionsforsakring Distribution Storage
Northvolt
Business
Franklin Templeton, Splunk Ventures, Intelligence,
Software (non-
2 $1,000M Series D Durable Capital Partners, Arena Holdings Munich Germany Analytics & N/A
internet/mobile) Performance
Management, T. Rowe Price
Mgmt Software
Celonis
Asset &
Founders Fund, Sequoia Capital, Accel, Mobile
Mobile & Financial
3 $900M Series C Technology Crossover Ventures, Creandum, Berlin Germany Telecommunications
Software &
Management &
Thrive Capital, Project A Ventures Services
Trading
Trade Republic

4 $800M Series C Ventures, Alkeon Capital Management, HMI Amsterdam Netherlands Internet Software & Payments
Mollie
Horizons Ventures, Seedcamp, Jupiter

Mobile
Asset Management, Mountain Partners, Mobile & Accounting &
5 $650M Series C Berlin Germany Telecommunications
Software &
LGT Group Stiftung, Victory Park Capital, Finance
Services
EDBI
wefox

Europe sees new quarterly highs for both M&As and IPOs
57 IPO
35
37
16 14
16 23
49 32
11
9
22 24 20 16
27 46
37
18 925 M&A
875
27 806
21
630 618
569 583 585 580
535 509
445 477 464 464 470 476 471
398
359
311
2016 2017 2018 2019 2020 2021

Top 5 investors in Europe-based companies Q2'21
1 50 Diversified Financial Services France Europe
Bpifrance
2 22 Venture Capital Sweden Europe
Almi Invest
3 20 Venture Capital United States North America
Accel
4 19 Venture Capital Germany Europe
High-Tech Grunderfonds
5 15 Venture Capital Austria Europe
Speedinvest

United Kingdom
Europe Trends: Q2 2021

UK raises $7.6B in new quarterly funding record
$7.6B
$6.7B
483
482 deals
405 406
396 396 392 393 391
374 370
362 365
354 349 347
339 343
280 $4.0B
$3.9B $3.9B
279
242 $3.2B $3.3B

$3.1B $3.2B
$2.9B $2.8B
$2.5B $2.4B $2.4B $2.5B
$2.3B
$2.1B $2.1B
$1.1B $1.2B
$1.0B
2016 2017 2018 2019 2020 2021

UK early-stage deal share jumps to nearly 70%
10% 10% 9% 10% Other
14% 14% 13% 14% 13% 12% 13%
15% 17% 16% 17% 16% 15% 16%
20% 18% 19%
7%
6% 10% 13% 12% Late-stage
7% 11% 12%
10% 11% 8% 11% 15%
8% 14% 6% 10%
13% 13% 7%
7% 15% 14%
12% 12% 10% 10% Mid-stage
9% 8% 9% 10% 11%
7% 10% 9% 10%
7% 4% 10% 10%
9%
9%
75% 75%
71%
65% 65% 68% 67% 66% 68% 66% 65% 65% 68% Early-stage
63% 64% 64% 64% 61%
61% 59%
58%
2016 2017 2018 2019 2020 2021

UK: Top 5 deals for Q2'21
Round
Amount
GE Healthcare, Lightrock, Ally Bridge Group,

Medical Devices & Surgical
1 $600M Series D Cambridge Innovation Capital, RPMI Railpen, Cambridge Healthcare
Equipment Devices
Watrium, Chimera
CMR Surgical
Series D, SoftBank Group, Novo Holdings, Farallon Capital

2 $525M Convertible Management, Casdin Capital, GT Healthcare Oxford Healthcare Drug Discovery N/A
Note Capital Partners, Mubadala Investment Company
Exscientia
Point of Sales
Computer
Specialty Computer & Retail
3 $500M Series C Tiger Global Management, Hedosophia London Hardware &
Hardware Computer
Services
Systems
SaltPay
Octopus Ventures, FTV Capital,

4 $350M Series D CommerzVentures, Munich Re Ventures, London Internet
Services Finance
Willoughby Capital Management, EQT Partners
Bought By Many
Temasek, Wellington Management, M&G Medical Devices &

5 $270M Series I Oxford Healthcare N/A
Investments, IP Group, Nikon Equipment
Oxford Nanopore
Technologies

Germany

Germany funding explodes in Q2'21, while deals slip from Q1'21 peak
232 $5.8B
198 201
192 183 204 deals
187 189
185
171 170
164 166
161 159
150 157
151
144
140
130
$2.8B
$2.3B
$1.9B
$1.7B $1.7B
$1.5B $1.5B
$1.3B $1.4B
$1.1B $1.2B
$1.1B
$.9B $1.0B
$.8B
$.7B $.7B $.7B
$.5B $.5B
2016 2017 2018 2019 2020 2021

Germany early-stage deal share jumps from the previous quarter
5% Other
10% 11% 11%
13% 13% 14% 15% 14% 14%
18% 19% 17% 16% 16% 17% 16%
20% 19% 19% 11% Late-stage
8% 26%
8% 5% 7%
8% 6% 7%
6% 9% 3% 7% 11%
7% 5% 8%
7% 6% 9%
12% 9%
8%
13% 9% 13% 14% Mid-stage
10%
5% 9% 11% 9% 13%
12% 11% 7% 15% 15% 17%
11% 13%
9% 7%
74%
71% 69% 69% 71% 69% 70% Early-stage
68% 67% 66% 67% 66%
61% 64% 63% 63% 62% 62% 62% 62% 62%
2016 2017 2018 2019 2020 2021

Germany: Top 5 deals for Q2'21
Round
Amount
Franklin Templeton, Splunk Ventures, Durable Business Intelligence,

Software (non-
1 $1,000M Series D Capital Partners, Arena Holdings Management, T. Munich internet/mobile)
Analytics & Performance N/A
Mgmt Software
Rowe Price
Celonis
Asset &
Founders Fund, Sequoia Capital, Accel, Mobile &
Mobile Software & Financial
2 $900M Series C Technology Crossover Ventures, Creandum, Berlin Telecommun
Services Management &
Thrive Capital, Project A Ventures ications
Trade Republic Trading
Horizons Ventures, Seedcamp, Jupiter Asset Mobile &

3 $650M Series C Management, Mountain Partners, LGT Group Berlin Telecommun
Services Finance
Stiftung, Victory Park Capital, EDBI ications
wefox
Application &
Private Internet Software &
4 $382M Turn/River Capital Duesseldorf Internet Data
Equity Services
Integration
Redwood Software
Northzone Ventures, Citi Ventures, G Squared,

5 $240M Series D Cherry Ventures, INVEN Capital, Unbound, Berlin Internet
Services Logistics
SoftBank Group
Forto
Mobile &
Food &
5 $240M Series A Mubadala Capital, Bond, Prosus Ventures Berlin Telecommun Mobile Commerce
Grocery
ications
Flink

France

France hits $4B in a record quarter for funding
279 $4.0B
232
223 225
201 216 214
219 231 deals
210 209
205
182 199
193 187
184 179 185
163
147
$1.8B
$1.7B
$1.4B $1.4B $1.5B

$1.3B $1.3B
$1.2B
$1.1B
$1.0B $1.0B $1.0B $1.0B
$.8B $.8B
$.7B $.8B $.7B
$.7B
$.4B
2016 2017 2018 2019 2020 2021

France early-stage deal share sees slight drop
12% 10%
14% 14% 17% 16% 15% 16% 16% Other
20% 18% 18% 19% 17% 17% 17%
23% 21% 21%
26% 24%
7%
6%
10% 11% 7% 8% 5% 10% 6%
7% 7% 8%
7%
10% 6% 10% 8%
4% 3% 8% 5% 9% 7%
6% 4% 8% 9% 9% 10% 6%
7% 4% 8% 11%
7% 7%
71% 72% 72% 73% 73%

69% 69% 69% 69% 70%
67% 66% 66%
64% 65% 63% 64% 65% Early-stage
59% 60% 61%
2016 2017 2018 2019 2020 2021

France: Top 5 deals for Q2'21
Round
Amount
Business
Intelligence,
Canaan Partners, Bpifrance, Highland Europe, Internet Software &
1 $500M Series E Paris Internet Analytics &
BlackRock, KKR, SoftBank Group, Eurazeo Services
Performance
ContentSquare Mgmt
Draper Associates, Financiere Agache, Wicklow Computer

Computer Storage Personal
2 $380M Series C Capital, iAngels, Digital Currency Group, Felix Paris Hardware &
& Peripherals Storage Drives
Capital, Inherent Group Services
Ledger
General Atlantic, Generation Investment

3 $335M Series D Management, Daphni, Aglae Ventures, GS Growth, Paris Internet E-commerce Marketplace
Eurazeo
Back Market
Index Ventures, Temasek, Ribbit Capital,

4 $222M Series D Dragoneer Investment Group, Coatue Paris Internet
Services Finance
Management, EXOR
Alan
Bessemer Venture Partners, Accel, Iris Capital,

5 $220M Series D Advent International, General Catalyst, Avenir Paris Internet
Services Finance
Growth Capital
Shift Technology

Latin America Trends

LatAm dollars in H1'21 are nearly 2x 2020's full-year total
614 $9.3B
542
505 526
396 deals
$5.3B $5.3B
295
267
$3.8B
207 198
$2.3B
137 $2.1B
$1.0B
$1.3B $1.2B
83 $1.0B $1.0B
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
YTD
LatAm Q2'21 funding explodes, reaching $7.2B
202 $7.2B
188 194 deals
175
161
162
153 152 136
142
140
132 125
123
100 103
105
90
97
78
$2.6B
59
$2.1B
$1.8B $1.8B
$1.6B $1.6B
$1.3B
$1.0B $1.0B
$.9B
$.7B $.6B $.7B
$.5B $.5B
$.4B
$.2B $.2B $.2B $.2B
2016 2017 2018 2019 2020 2021

LatAm mid-stage deal share rises to quarterly high of 14% in Q2'21
3%
9% 11% Other
8% 15% 14% 15% 16% 16%
18% 19% 19% 18% 18% 18% 19% 17%
20% 20% 20% 20%
7% 23%
5%
8% Late-stage
4% 8% 8% 6% 6% 4%
3% 3% 5%
4% 5% 6% 6% 6% 4%
7% 7% 7% 5%
5% 6% 7% 5% 3%
6%
3% 5% 5% 1% 5% 9%
6% 6% 8% 14% Mid-stage
8% 7%
8%
83%
79%
73% 73% 72% 72% 73% 74%
71% 71% 70% 72% 71% 70% 70% 70% 70%
67% 65% 67% 68% Early-stage
2016 2017 2018 2019 2020 2021

LatAm: Top 5 deals for Q2'21
Round
Amount
Mobile & Mobile

Corporate Accounting &
1 $2,021M J.P. Morgan Chase & Co. Sao Paulo Brazil Telecomm Software &
Minority Finance
unications Services
C6 Bank
Mobile & Mobile
Sunley House Capital Management, Verde Accounting &
2 $750M Series G - II Sao Paulo Brazil Telecomm Software &
Asset Management, Absoluto Partners, Finance
unications Services
Nubank Berkshire Hathaway
Founders Fund, Bond Capital, Ribbit Capital, D1 Lerma de

3 $485M Series D Mexico Internet E-commerce Marketplace
Capital Partners Villada
Kavak
Internet
Private
4 $430M Advent International Curitiba Brazil Internet Software & Payments
Equity
Services
EBANX
Maverick Capital, Kaszek Ventures, Ribbit

5 $300M Series E Capital, Dragoneer Investment Group, Kevin Campinas Brazil Internet E-commerce Marketplace
Efrusy, Alta Park Capital, LTS Ventures
QuintoAndar
Founders Fund, Thiel Capital, Richard Li, Louis Internet

Cayman Monitoring &
5 $300M Series A Bacon, Galaxy Digital, Alan Howard, Christian Georgetown Internet Software &
Islands Security
Angermayer Services
Block.one

LatAm total exits are up 107% year-over-year
4 IPO
1
2
1
2 4 116
1
2 108 M&A
1
3 1
4
1 83
80
1
69 68
1 61 62
55 56 53
46 49
41 43 43
39
1 33
28
16
12
2016 2017 2018 2019 2020 2021

Top 5 investors in LatAm-based companies Q2'21
1 18 Venture Capital Argentina South America
Kaszek Ventures
2 11 Venture Capital Brazil South America
Monashees+
QED Investors
Valor Capital Group
3 8 Venture Capital Brazil South America
Canary VC

Mexico
LatAm Trends: Q2 2021

Mexico notches billion-dollar quarter, led by $485M mega-round
41
$1,307M
35
30
29
28
22 25
23
22
20 17
$596M
18
17
14
13 16 15 18 deals
11
11
$196M $196M
$158M $161M
$126M $120M $116M
$69M $69M $51M $69M
$30M $41M
$15M $15M $29M $19M $18M $4M
2016 2017 2018 2019 2020 2021

Mexico early-stage deal share drops in Q2'21
5% 3% 5% 5% 3% 3%
9% 7% 9%
6% 6% 6% Other
14% 13% 12% 6%
10% 15% 5% 7% 10%
18% 20% 18% 6%
7% 3%
15% 13% 27%
3% 9% 7% 3%
4% 22% Late-stage
7% 8% 12%
6% 4% 9%
10%
14% 8%
15%
17% Mid-stage
100%
91% 91% 89% 89%
87%
83% 82% 81% 82% 83%
80%
76% 76%
73% 73%
70% 68%
64% 62%
56% Early-stage
2016 2017 2018 2019 2020 2021

Mexico: Top 5 deals for Q2'21
Round
Amount
Founders Fund, Bond Capital, Ribbit Capital, D1 Lerma de

1 $485M Series D Internet E-commerce Marketplace
Capital Partners Villada
Kavak
Mobile &
Mobile Software &
2 $250M Series D Viking Global Investors, SoftBank Group Mexico City Telecommun Payments
Services
ications
Clip
Asset &
Tiger Global Management, QED Investors, Kaszek
Internet Software & Financial
2 $250M Series C Ventures, Valor Capital Group, Coatue Mexico City Internet
Services Management &
Management, Pantera Capital, Paradigm
Trading
Bitso
International Finance Corporation, QED Investors,

4 $125M Series E Kaszek Ventures, Lightrock, Tarsadia Capital, Mexico City Internet
Services Finance
SoftBank Group, VEF
Konfio
Balderton Capital, TriplePoint Capital, Business

Advertising,
5 $60M Series A Monashees+, Valor Capital Group, Simon Borrero, Mexico City Products & N/A
Marketing & PR
Fabien Mendez, Alessandro Bruzzi Services
Merama

Brazil
LatAm Trends: Q2 2021

Brazil funding nearly triples Q1'21's total, reaching $4.6B
$4,601M
121 deals
107 107
100
96 94 94
88 86
73 72 70
$2,366M 69 63
63
50 60
49
$1,776M
45
35 36 $1,265M
$1,129M
$995M $1,002M
$832M
$612M $587M $588M
$464M
$374M $307M $320M $304M $248M
$153M $150M $118M $85M
2016 2017 2018 2019 2020 2021

Brazil mid-stage deal share sees a jump, early-stage remains steady
3%
11% 12% 12% Other
11% 19% 20% 18% 19% 17% 19% 19% 19%
20% 21% 20% 20%
23%
6% 27% 26% 29%
29% 7% Late-stage
8%
9% 2% 4%
6% 5% 4% 4% 4% 6% 9% 7% 6%
11% 13% 10%
4% 1% 6% 9% 14% Mid-stage
6% 6%
8% 6% 5% 7%
7% 7% 3%
6%
8% 11% 10%
8% 9%
9%
4%
81%
77%
73% 72% 73%
70% 70% 68% 70% 68% 68%
67% 66% 65% 67% Early-stage
61% 60% 62% 60%
56% 58%
2016 2017 2018 2019 2020 2021

Brazil: Top 5 deals for Q2'21
Round
Company Round Select Investors City Sector Industry Subindustry
Amount
Mobile &
Corporate Mobile Software & Accounting &
1 $2,021M J.P. Morgan Chase & Co. Sao Paulo Telecommun
Minority Services Finance
ications
C6 Bank

Mobile &
Sunley House Capital Management, Verde Asset Mobile Software & Accounting &
2 $750M Series G - II Sao Paulo Telecommun
Management, Absoluto Partners, Berkshire Services Finance
ications
Hathaway
Nubank
Private Internet Software &

3 $430M Advent International Curitiba Internet Payments
Equity Services
EBANX
Maverick Capital, Kaszek Ventures, Ribbit Capital,

4 $300M Series E Dragoneer Investment Group, Kevin Efrusy, Alta Campinas Internet E-commerce Marketplace
Park Capital, LTS Ventures
QuintoAndar
Mobile &
DST Global, Valor Capital Group, Coatue Mobile Software &
5 $190M Series B Sao Paulo Telecommun Payments
Management, The Hive, FIS Services
ications
CloudWalk

Report Methodology
You can download the underlying data found in this report here: https://www.cbinsights.com/reports/CB- Valuation data includes estimates to calibrate median and average valuations based on current and
Insights_Venture-Trends-Q2-2021.xlsx. 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
If you have questions about the definitions or methodological principles used, or if you feel that your firm has lag in valuations obtained from other sources.
been underrepresented, please reach out to info@cbinsights.com.
Exits include IPO, SPACs, M&A and other liquidity events; only first exits are counted.
What is included:
Headquarters are determined by publicly available sources including company-owned websites and
Equity financings into private companies. Fundings must be to VC-backed companies, which are defined as profiles, legal filings, and press releases.
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 All figures in the report are in USD.
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. US financing trends follow the combined statistical area (CSA) methodology. Silicon Valley refers to the
Technology and Healthcare sectors include but are not limited to the following industries from the proprietary San Jose-San Francisco-Oakland CSA.
CB Insights taxonomy: Internet Software, Computer Hardware, Drug Discovery, Drug Manufacturing, Medical What is excluded:
Devices & Equipment.
No contingent funding. If a company receives a commitment for $20M subject to hitting certain
Fundings of private companies only. Funding rounds raised by public companies of any kind on any exchange milestones but first gets $8M, only the $8M is included in our data.
(including Pink Sheets) are excluded from our numbers, even if they received investment from a venture firm.
No business development/R&D arrangements, whether transferable into equity now, later, or never. If a
Only includes the investment made in the quarter for tranched investments. If a company does a second closing company signs a $300M R&D partnership with a larger corporation, this is not equity financing nor is it
of its Series B round for $5M and previously had closed $2M in a prior quarter, only the $5M is reflected. from venture capital firms. As a result, it is not included.
Round numbers reflect what has closed, not what is intended. If a company indicates the closing of $5M out of No buyouts, consolidations, or recapitalizations. All three of these transaction types are commonly
a desired raise of $15M, our numbers reflect only the amount which has closed. employed by private equity firms and are tracked by CB Insights. However, they are excluded for the
Only verifiable fundings are included. Fundings are verified via (1) various federal and state regulatory filings; purposes of this report.
(2) direct confirmation with firm or investor; (3) press release; or (4) credible media sources. No private placements. These investments, also known as PIPEs (Private Investment in Public Equities),
Equity fundings to joint ventures and spinoffs/spinouts are included, given that they meet the VC-backed criteria are not included even if made by a venture capital firm.
For valuation slides, data is as of June 28th, 2021. Valuation data includes only fundings to VC-backed No debt/loans of any kind (except convertible notes). Venture debt or any kind of debt/loan issued to
companies. 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
Unicorn data includes private companies valued at $1B or more in the private markets globally, per the same 4 these statistics.
sources listed above and relied on for funding events, which include valuations disclosed in credible media
sources. The list is maintained publicly and updated in real time at https://www.cbinsights.com/research- No non-equity government funding. Grants or loans by the federal government, state agencies, or public-
unicorn-companies. private partnerships to emerging, startup companies are not included.
Geography notes: Israel funding figures are classified in Asia; Caribbean region figures included in Latin No fundings to subsidiaries of a larger parent corporation unless that subsidiary is a private entity and
America, or “LatAm”; Funding to Australia and Africa is included in global figures but not spotlighted in this meets other criteria for inclusion.
report. Accelerators, incubators, business-plan competitions, economic-development entities are excluded from
Rounds to private companies that may be majority- or minority-owned subsidiaries of other private companies. 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.

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CB Insights Venture Report Q2 2021

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State Of

Global: Q2 2021 Global data and analysis on dealmaking,

CB Insights? companies make smarter technology

Our Technology Insights Platform provides

Q2 2021 State Of Venture Report pg. 2

Assess and compare companies

Compare private companies and

Q2 2021 State Of Venture Report pg. 3

REGISTER HERE REGISTER HERE

Q2 2021 State Of Venture Report pg. 4

136 $156B $70B $42M 93%

Q2 2021 State Of Venture Report pg. 5

22% 390 18% 81 2,893

Q2 2021 State Of Venture Report pg. 6

Q2 2021 State Of Venture Report pg. 7

Q2 2021 State Of Venture Report pg. 8

$68.7B $70.0B $68.0B $69.2B

Q2 2021 State Of Venture Report pg. 9

Q2 2021 State Of Venture Report pg. 10

2015 2016 2017 2018 2019 2020 2021

Q2 2021 State Of Venture Report pg. 12

Q2 2021 State Of Venture Report pg. 13

Q2 2021 State Of Venture Report pg. 14

$11.7B $11.9B $11.5B

Q2 2021 State Of Venture Report pg. 15

Tiger Global Management 81

Andreesen Horowitz 64 21%

Softbank Group 53 35%

Q2 2021 State Of Venture Report pg. 16

1810 1881 1843

Q2 2021 State Of Venture Report pg. 17

Q2 2021 State Of Venture Report pg. 18

Q2 2021 State Of Venture Report pg. 19

$64.5B $63.0B $65.1B

$40.5B $40.0B $43.3B

Q2 2021 State Of Venture Report pg. 21

8,358 8,018 8,463

Q2 2021 State Of Venture Report pg. 24

Q2 2021 State Of Venture Report pg. 25

37% 42% Non-

63% 58% Mega-

Q2 2021 State Of Venture Report pg. 26

Venture North Venture North

Venture Venture North

Accel Tencent Holdings

Q2 2021 State Of Venture Report pg. 28

Andra AP-fonden, Arbejdsmarkedets Electrical Power

Mobile & Mobile

AllianceBernstein, Sony, Franklin Templeton,

Q2 2021 State Of Venture Report pg. 29

OrbiMed Advisors, Highland Capital

Accel, Carmignac, Falcon Edge Capital, Prosus

General Atlantic, Technology Crossover Internet

Q2 2021 State Of Venture Report pg. 30

Q2 2021 State Of Venture Report pg. 31

Q2 2021 State Of Venture Report pg. 32

Mobile Software &

Internet Software &

Internet Software &

Q2 2021 State Of Venture Report pg. 33

Mobile Software & Accounting &

7 $28.7B United States North America Software (non-internet/mobile) Gaming N/A

Internet Software & Data & Document

Q2 2021 State Of Venture Report pg. 34