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1、State of VentureGlobal|2023 recapGlobal data and analysis on dealmaking,funding,and exits by private market venture companiesState of Venture2 2Make smartertech decisions.Our platform will help you discover,understand,and manage your response to emerging tech.Make confident tech decisions that drive

2、 growth,improve operations,and beat the competition with CB Insights.IIIITry our platform free!Sign up for a free trialContentsGlobal Trends5Investment Trends6Unicorns30Exit Trends36Investors43Sector Spotlights47Fintech48Retail Tech60Digital Health72Geographic Trends84US85Silicon Valley93New York97L

3、os Angeles101Boston105Seattle109Denver113DC117Chicago121Dallas125Austin129Miami133Atlanta137Philadelphia141Canada145Toronto153Asia157China165India169Singapore173Japan177Europe181United Kingdom189Germany193France197Israel201Netherlands205Sweden209LatAm213Mexico221Brazil225Chile229Africa233Egypt241Ken

4、ya245Nigeria249Oceania2533State of VentureState of Venture4 4“Steal”our data.Download the underlying data in this report.If you create any analysis or visualizations with this data,send it our way and you could be featured in the CBI newsletter.us on social LinkedIn X(Twitter)InstagramIIIIDownload t

5、he raw dataSign up for a free trialGlobal Trends5Investment Trends6Annual equity funding&deals7State of Venture|Global Trends|Investment Trends$261.0B$302.1B$648.6B$426.2BFunding$248.4B30,74830,53641,73642,069Deals29,30305,00010,00015,00020,00025,00030,00035,00040,00045,00050,000$0.0B$100.0B$200.0B$

6、300.0B$400.0B$500.0B$600.0B$700.0B20192020202120222023Quarterly equity funding&deals8State of Venture|Global Trends|Investment Trends$69.5B$66.9B$65.8B$58.8B$62.5B$60.1B$83.0B$96.5B$142.5B$157.7B$168.1B$180.3B$152.9B$118.6B$84.4B$70.3B$72.0B$58.7B$66.8BFunding$51.0B8,0047,6097,7407,3957,5996,9457,80

7、08,1929,8819,69111,13411,03012,63110,6399,9438,8568,6887,4197,027Deals6,16902,0004,0006,0008,00010,00012,00014,000$0.0B$20.0B$40.0B$60.0B$80.0B$100.0B$120.0B$140.0B$160.0B$180.0B$200.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4201920202021202220239State of Venture|Global Trends|Investment TrendsUS$24.

8、9B2,182 DealsAsia$12.3B2,006 DealsEurope$10.8B1,516 DealsLatAm$0.8B140 DealsCanada$1.2B126 DealsOceania$0.7B99 DealsAfrica$0.3B92 DealsAll Other Regions$17M8 DealsFunding&deals by global region in Q423Percent of quarterly deals by global region10State of Venture|Global Trends|Investment Trends38%40%

9、39%34%39%37%37%35%37%35%35%34%35%33%36%34%38%38%40%US,35%32%31%33%36%29%33%35%35%32%34%40%36%34%37%36%34%30%29%29%Asia,33%23%22%20%22%23%22%20%22%23%22%17%20%21%22%21%23%23%24%23%Europe,25%LatAm,2%Canada,2%Africa,1%Oceania,2%All Other Regions,0%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4201920202021202

10、22023Percent of quarterly deals by investor group11State of Venture|Global Trends|Investment Trends33%34%33%34%32%34%33%34%33%34%32%32%32%32%31%32%31%33%32%VC,31%20%21%20%20%20%19%19%19%17%16%15%17%16%17%18%19%18%19%20%Other,21%9%9%9%9%9%9%9%9%9%11%11%11%11%11%10%11%10%10%10%Angel,11%10%9%10%9%9%9%9

11、%9%9%9%10%10%10%10%9%10%10%9%10%Corp,11%6%7%6%7%6%8%8%8%8%10%10%10%10%10%9%9%8%8%8%Asset/Investment Management,9%8%8%8%8%8%8%8%8%7%8%7%7%7%7%7%7%7%8%7%CVC,7%6%6%5%6%5%6%7%7%7%7%8%7%6%6%6%6%6%6%6%Private Equity,6%9%6%9%6%11%6%8%6%10%6%7%6%9%6%9%6%11%6%7%Incubator/Accelerator,4%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q

12、4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Annual average&median deal size12State of Venture|Global Trends|Investment Trends$13.1M$14.9M$22.9M$15.2M$12.5M201920212023Average Deal Size$2.2M$2.5M$3.6M$3.0M$2.8M201920212023Median Deal SizeAnnual median deal size by global region13State of Venture|Global Tren

13、ds|Investment Trends$2.6M$3.8M$3.0M201920212023US$3.0M$3.1M$3.1M201920212023Asia$1.7M$2.5M$2.5M201920212023Europe$0.7M$1.3M$1.0M201920212023LatAm$0.9M$2.5M$2.5M201920212023Canada$0.2M$1.0M$0.6M201920212023Africa$1.3M$2.7M$2.0M201920212023OceaniaAnnual median deal size by investor group14State of Ven

14、ture|Global Trends|Investment Trends$2.2M$3.4M$2.8M201920212023Angel$14.0M$12.5M$10.0M201920212023Asset/Investment Management$9.1M$11.0M$9.1M201920212023CVC$7.8M$7.5M$6.0M201920212023Corp$16.0M$22.6M$14.5M201920212023Private Equity$7.0M$8.0M$6.0M201920212023VCAnnual funding&deals from mega-rounds(de

15、als worth$100M+)15State of Venture|Global Trends|Investment Trends$116.8B$144.9B$375.9B$191.8BFunding$99.7B4966511,608933Deals39402004006008001,0001,2001,4001,6001,8002,000$0.0B$50.0B$100.0B$150.0B$200.0B$250.0B$300.0B$350.0B$400.0B20192020202120222023Quarterly mega-round funding&deals16State of Ven

16、ture|Global Trends|Investment Trends$35.1B$29.2B$29.7B$22.8B$28.1B$23.5B$43.2B$50.1B$86.7B$88.5B$96.8B$103.9B$78.1B$53.8B$34.3B$25.5B$32.2B$19.7B$30.5BFunding$17.3B12913512810412212817822336738642642938126515513292103121Deals780100200300400500$0.0B$20.0B$40.0B$60.0B$80.0B$100.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q

17、3Q4Q1Q2Q3Q4Q1Q2Q3Q42019202020212022202317State of Venture|Global Trends|Investment TrendsUS$9.4B42 DealsAsia$4.4B16 DealsEurope$2.9B15 DealsOceania$0.3B2 DealsCanada$0.3B2 DealsLatAm$0.2B1 DealMega-round funding&deals by global region in Q423Quarterly mega-round deals by global region18State of Vent

18、ure|Global Trends|Investment Trends73485868US,4231232626Asia,1618161321Europe,1533LatAm,13441Canada,2311Africa,011Oceania,211All Other Regions,0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Quarterly mega-rounds as percent of total funding19State of Venture|Global Trends|Investment Tre

19、nds51%44%45%39%45%39%52%52%61%56%58%58%51%45%41%36%45%34%46%Mega-rounds,34%49%56%55%61%55%61%48%48%39%44%42%42%49%55%59%64%55%66%54%Non-mega-rounds,66%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Global:Top equity deals in Q42320State of Venture|Global Trends|Investment TrendsCompanyR

20、ound AmountRoundDateRound ValuationSelect InvestorsCountrySectorIndustrySubindustry%of Total Funding1JUUL Labs$1.3BUndisclosed2023-11-09N/A Undisclosed InvestorsUnited StatesConsumer Products&ServicesConsumer ElectronicsN/A2.5%2Envision Group$1.0BSeries B2023-10-30N/A Undisclosed InvestorsChinaEnerg

21、y&UtilitiesRenewablesInfrastructure2.0%2Metropolis$1.0BSeries C2023-10-05N/A3L,Eldridge,Assembly Ventures,Slow Ventures,BDT&MSD PartnersUnited StatesMobile&TelecommunicationsMobile Software&ServicesPayments2.1%4Footprint$830MPrivate Equity2023-10-20N/A Olympus Partners,Cleveland AvenueUnited StatesI

22、ndustrialsManufacturingPaper&Paper Product Manufacturing1.6%5Aleph Alpha$500MSeries B2023-11-06N/AInnovation Park Artificial Intelligence,Robert Bosch Venture Capital,Schwarz Group,Burda Principal Investments,Christ&Company ConsultingGermanyInternetInternet Software&ServicesBusiness Intelligence,Ana

23、lytics&Performance Mgmt1.0%5Anthropic$500MCorporate Minority2023-10-27N/A GoogleUnited StatesSoftware(non-internet/mobile)Application&Data Integration SoftwareN/A1.0%7Mistral AI$415MSeries A2023-12-10$2.0BAndreessen Horowitz,General Catalyst,Lightspeed Venture PartnersFranceSoftware(non-internet/mob

24、ile)Application&Data Integration SoftwareN/A0.8%8OMS Group$400MPrivate Equity2023-10-30N/A KKRMalaysiaMobile&TelecommunicationsTelecom Devices&EquipmentTelecom Equipment Distribution&Maintenance0.8%9Electric Hydrogen$380MSeries C2023-10-03$1.0BEnergy Impact Partners,Fifth Wall,Fortescue,Breakthrough

25、 Energy Ventures,Capricorn PartnersUnited StatesEnergy&UtilitiesRenewablesHydrogen/Fuel Cell0.7%10Tamara$340MSeries C2023-12-18$1.0BSNB Capital,Sanabil Investments,C,Coatue,EndeavorSaudi ArabiaMobile&TelecommunicationsMobile Software&ServicesPayments0.7%10Udaan$340MSeries E2023-12-14N/AM&G Investmen

26、ts,DST Global,Lightspeed Venture PartnersIndiaInternetE-CommerceB2B Commerce0.7%Annual percent of deals by deal stage21State of Venture|Global Trends|Investment Trends66%64%67%70%Early-stage,70%12%13%14%11%Mid-stage,10%11%10%10%8%Late-stage,8%11%13%9%10%Other,12%20192020202120222023Regional deal sha

27、re by deal stage in Q42322State of Venture|Global Trends|Investment Trends31%35%30%58%34%42%36%16%26%18%28%20%Early-stageMid-stageLate-stageOtherUSAsiaEuropeLatAmCanadaAfricaOceaniaAll Other RegionsAnnual median funding by deal stage23State of Venture|Global Trends|Investment Trends$1.5M$1.5M$2.2M$2

28、.0M$2.0M201920212023Early-stage$17.0M$20.0M$30.0M$26.0M$19.4M201920212023Mid-stage$15.0M$26.3M$50.0M$26.4M$21.0M201920212023Late-stageGlobal:Top seed/angel deals in Q42324State of Venture|Global Trends|Investment TrendsCompanyRound AmountRoundDateSelect InvestorsCountrySectorIndustrySubindustry1Xing

29、 Zesen$92MSeed2023-12-19ZhongShiYun Shuke TechnologyChinaInternetInternet Software&ServicesNetworking&Connectivity2Gutsy$51MSeed VC2023-10-10Mayfield,YL VenturesUnited StatesInternetInternet Software&ServicesMonitoring&Security3Vedabio$40MSeed VC2023-10-17OMX Ventures,Kleinmuntz AssociatesUnited Sta

30、tesHealthcareBiotechnologyN/A3Xpanceo$40MSeed VC2023-10-16Opportunity VentureUnited Arab EmiratesSoftware(non-internet/mobile)Science&EngineeringN/A5Liquid AI$38MSeed VC2023-12-06OSS Capital,Pagsgroup,Argean Capital,Automattic,Breyer CapitalUnited StatesSoftware(non-internet/mobile)Application&Data

31、Integration SoftwareN/A5Vivodyne$38MSeed VC2023-11-22Khosla Ventures,Kairos Ventures,Bison Ventures,CS Ventures,MBX CapitalUnited StatesHealthcareBiotechnologyN/A7qomodo$37MPre-Seed2023-11-07Exor Ventures,Fasanara Capital,Ithaca Investment,Lumen Ventures,Notion CapitalItalyInternetInternet Software&

32、ServicesPayments8CentML$27MSeed VC2023-10-25Gradient Ventures,Deloitte Ventures,NVIDIA,Thomson Reuters Ventures,Misha BilenkoCanadaSoftware(non-internet/mobile)Application&Data Integration SoftwareN/A8EarthGrid$27MSeed VC2023-10-18Undisclosed InvestorsUnited StatesIndustrialsConstructionConstruction

33、&Design Services10Rhythms$26MSeed VC2023-12-07Greenoaks,Madrona Venture Group,Accel,Cercano Management,Founders Co-opUnited StatesInternetInternet Software&ServicesBusiness Intelligence,Analytics&Performance MgmtGlobal:Top Series A deals in Q42325State of Venture|Global Trends|Investment TrendsCompa

34、nyRound AmountRoundDateSelect InvestorsCountrySectorIndustrySubindustry1Mistral AI$415MSeries A2023-12-10Andreessen Horowitz,General Catalyst,Lightspeed Venture PartnersFranceSoftware(non-internet/mobile)Application&Data Integration SoftwareN/A2Baichuan AI$300MSeries A2023-10-17Alibaba Cloud,Shunwei

35、 Capital,Tencent,XiaomiChinaInternetInternet Software&ServicesContent Management3Aiolos Bio$245MSeries A2023-10-24Atlas Venture,Bain Capital Life Sciences,Forbion,Sofinnova Ventures,RA Capital AdvisorsUnited StatesHealthcareDrug DevelopmentN/A4Hangtian Lidian$139MSeries A2023-11-20Anshu Capital,Orig

36、in Fund,Hailan InvestmentChinaElectronicsElectrical Product DistributionPower Generation&Storage5VectoryTx Therapeutics$138MSeries A2023-11-13EQT Life Sciences,Forbion,Insight Partners,BioGeneration Ventures,ALS Investment FundNetherlandsHealthcareBiotechnologyN/A6Together$103MSeries A2023-11-29Klei

37、ner Perkins Caufield&Byers,New Enterprise Associates,Definition Capital,FactoryHQ,Long Journey VenturesUnited StatesInternetInternet Software&ServicesApplication&Data Integration7Photonic$100MSeries A2023-11-08Amadeus Capital Partners,British Columbia Investment Management Corporation,Inovia Capital

38、,M12,National Security Strategic Investment FundCanadaComputer Hardware&ServicesSpecialty Computer HardwareN/A8Triveni Bio$92MSeries A2023-10-26Atlas Venture,Cormorant Asset Management,Alexandria Venture Investments,Invus Group,OrbiMed AdvisorsUnited StatesHealthcareBiotechnologyN/A9ARTBIO$90MSeries

39、 A2023-12-07Third Rock Ventures,F-Prime Capital,Omega FundsUnited StatesHealthcareBiotechnologyN/A9Cortex$90MSeries A2023-12-07Hellman&Friedman,KKR,AI Life Sciences InvestmentsUnited StatesHealthcareMedical Devices&EquipmentImaging&Diagnostic EquipmentGlobal:Top Series B deals in Q42326State of Vent

40、ure|Global Trends|Investment TrendsCompanyRound AmountRoundDateSelect InvestorsCountrySectorIndustrySubindustry1Envision Group$1.0BSeries B2023-10-30Undisclosed InvestorsChinaEnergy&UtilitiesRenewablesInfrastructure2Aleph Alpha$500MSeries B2023-11-06Innovation Park Artificial Intelligence,Robert Bos

41、ch Venture Capital,Schwarz Group,Burda Principal Investments,Christ&Company ConsultingGermanyInternetInternet Software&ServicesBusiness Intelligence,Analytics&Performance Mgmt3QI Tech$200MSeries B2023-10-31General Atlantic,Across CapitalBrazilInternetInternet Software&ServicesAccounting&Finance4Terr

42、emoto Biosciences$175MSeries B2023-11-02OrbiMed Advisors,Third Rock Ventures,Cormorant Capital,EcoR1 Capital,Novo HoldingsUnited StatesHealthcareDrug DevelopmentN/A5Silicon Box$139MSeries B2023-12-11Undisclosed InvestorsSingaporeElectronicsChips&SemiconductorsSemiconductors:Integrated Circuits6Seism

43、ic Therapeutics$121MSeries B2023-12-04Bessemer Venture Partners,Lightspeed Venture Partners,Boxer Capital,Google Ventures,Polaris PartnersUnited StatesHealthcareBiotechnologyN/A7Tome Biosciences$118MSeries B2023-12-12Andreessen Horowitz,ARCH Venture Partners,Longwood Fund,Alexandria Venture Investme

44、nts,BrukerUnited StatesHealthcareBiotechnologyN/A8Sudo Biosciences$116MSeries B2023-12-20Enavate Sciences,TPG Capital,Velosity Capital,Eventide Asset Management,Frazier Life SciencesUnited StatesHealthcareBiotechnologyN/A9Nullmax$107MSeries B2023-10-12Stonehill TechnologyChinaSoftware(non-internet/m

45、obile)Science&EngineeringN/A10Urban Sports Club$104MSeries B2023-12-14Verdane Capital,HV Capital,ProSiebenSat.1GermanyMobile&TelecommunicationsMobile Software&ServicesHealth&WellnessGlobal:Top Series C deals in Q42327State of Venture|Global Trends|Investment TrendsCompanyRound AmountRoundDateSelect

46、InvestorsCountrySectorIndustrySubindustry1Metropolis$1.0BSeries C2023-10-053L,Eldridge,Assembly Ventures,Slow Ventures,BDT&MSD PartnersUnited StatesMobile&TelecommunicationsMobile Software&ServicesPayments2Electric Hydrogen$380MSeries C2023-10-03Energy Impact Partners,Fifth Wall,Fortescue,Breakthrou

47、gh Energy Ventures,Capricorn PartnersUnited StatesEnergy&UtilitiesRenewablesHydrogen/Fuel Cell3Tamara$340MSeries C2023-12-18SNB Capital,Sanabil Investments,C,Coatue,EndeavorSaudi ArabiaMobile&TelecommunicationsMobile Software&ServicesPayments4Main Street Health$315MSeries C2023-10-08Oak HC/FT Partne

48、rs,CVS Health Ventures,Centene,Elevance HealthUnited StatesHealthcareMedical Facilities&ServicesN/A5Huasun$275MSeries C2023-11-15China Green Development,Bank of China Asset Management,China Post Life Insurance,China Xinxing Asset Management,Wuxi Guolian Financial Investment QiyuanChinaEnergy&Utiliti

49、esRenewablesSolar6Bicara Therapeutics$165MSeries C2023-12-12Braidwell,TPG Capital,Acorn Bioventures,Bioqube Ventures,Eight Roads VenturesUnited StatesHealthcareBiotechnologyN/A7Galactic Energy$155MSeries C2023-12-18Jintuo Capital,Bengbu Zhongcheng,Founder Hesheng Investment,Langfang LinkongChinaIndu

50、strialsAerospace&DefenseCommercial Aircraft Manufacturing7Lightmatter$155MSeries C2023-12-19Google Ventures,Viking Global InvestorsUnited StatesElectronicsChips&SemiconductorsSemiconductors:Communications Chips9Urbanic$150MSeries C2023-11-15D1 Capital Partners,Jam Fund,Mirabaud Asset ManagementUnite

51、d KingdomInternetE-CommerceApparel&Accessories10Headway$125MSeries C2023-10-04Spark Capital,Accel,Andreessen Horowitz,Thrive Capital,Health Care Service CorporationUnited StatesInternetInternet Software&ServicesHealth&WellnessGlobal:Top Series D deals in Q42328State of Venture|Global Trends|Investme

52、nt TrendsCompanyRound AmountRoundDateRound ValuationSelect InvestorsCountrySectorIndustrySubindustry1Investree$231MSeries D2023-10-04N/A JTA Holding,SBI GroupIndonesiaInternetE-CommerceMarketplace2PragmatIC$206MSeries D2023-12-06N/AM&G Investments,UK Infrastructure Bank,British Patient Capital,Cambr

53、idge Innovation Capital,Prosperity7 VenturesUnited KingdomElectronicsChips&SemiconductorsSemiconductors:Integrated Circuits3Tabby$200MSeries D2023-11-01$1.5BWellington Management Company,Arbor Ventures,Mubadala Capital,PayPal Ventures,Peak XV PartnersSaudi ArabiaMobile&TelecommunicationsMobile Softw

54、are&ServicesPayments4GreyOrange$135MSeries D2023-11-24N/AAnthelion Capital,Blume Ventures,Mithril Capital Management,3State VenturesUnited StatesInternetInternet Software&ServicesSupply Chain&Logistics5Vestwell$125MSeries D2023-12-21$1.0BLightspeed Venture Partners,Fin Capital,FinTech Collective,Pri

55、mary Venture Partners,Blue Owl CapitalUnited StatesInternetInternet Software&ServicesAsset&Financial Management&Trading6Enable$120MSeries D2023-11-07$1.1BLightspeed Venture Partners,Insight Partners,Norwest Venture Partners,Menlo Ventures,Sierra VenturesUnited StatesInternetInternet Software&Service

56、sAccounting&Finance7May Mobility$105MSeries D2023-11-06N/ANippon Telegraph and Telephone,BMW i Ventures,Cyrus Capital Partners,State Farm Ventures,Toyota VenturesUnited StatesSoftware(non-internet/mobile)Operating Systems&Utility SoftwareN/A8Pony.ai$100MSeries D2023-10-21$8.6B Abu Dhabi Investment O

57、ffice,NEOMUnited StatesSoftware(non-internet/mobile)Operating Systems&Utility SoftwareN/A8Verkada$100MSeries D2023-10-10N/AAlkeon Capital Management,Lightspeed Venture Partners,First Round Capital,next47United StatesRisk&SecuritySecurity ProductsSecurity Systems10JusBrasil$86MSeries D2023-10-30N/A W

58、arburg PincusBrazilInternetInternet Software&ServicesInformation Providers&PortalsGlobal:Top Series E+deals in Q42329State of Venture|Global Trends|Investment TrendsCompanyRound AmountRoundDateRound ValuationSelect InvestorsCountrySectorIndustrySubindustry1Udaan$340MSeries E2023-12-14N/AM&G Investme

59、nts,DST Global,Lightspeed Venture PartnersIndiaInternetE-CommerceB2B Commerce2SumUp$307MSeries F2023-12-11N/ASixth Street Growth,Bain Capital Tech Opportunities,Fin Capital,LiquidityUnited KingdomInternetInternet Software&ServicesPayments3Next Insurance$265MSeries G2023-11-01N/A Allianz X,Allstate S

60、trategic VenturesUnited StatesInternetInternet Software&ServicesAccounting&Finance4Synlight Crystal$212MSeries F2023-12-04N/AChina Development Bank,Shenzhen Capital Group,Hunan Hi-Tech Venture Capital Group,Hebei Industrial InvestmentChinaElectronicsChips&SemiconductorsSemiconductors:Components5Infi

61、nitum Electric$185MSeries E2023-11-01N/AJust Climate,Ajax Strategies,Alliance Resource Partners,Chevron Technology Ventures,Cottonwood Technology FundUnited StatesElectronicsElectrical Product DistributionMotors&Motor Drives6Devoted Health$175MSeries E2023-12-29$12.9BFearless Ventures,GIC,Maverick V

62、entures,Stardust Equity,The Space BetweenUnited StatesHealthcareHealthcare PlansN/A7Employment Hero$167MSeries F2023-10-18$1.4BTechnology Crossover Ventures,Insight Partners,AirTree Ventures,OneVentures,SeekAustraliaMobile&TelecommunicationsMobile Software&ServicesHR&Workforce Management8Farmers Bus

63、iness Network$155MSeries H2023-10-13N/A Undisclosed InvestorsUnited StatesInternetInternet Software&ServicesInformation Providers&Portals9BlueVoyant$140MSeries E2023-11-29N/A Liberty Strategic Capital,ISTARIUnited StatesInternetInternet Software&ServicesMonitoring&Security10VAST Data$118MSeries E202

64、3-12-05$9.1BFidelity Investments,New Enterprise Associates,Bond Capital,Drive CapitalUnited StatesComputer Hardware&ServicesIT ServicesInfrastructure&Hosting10Zetwerk$118MSeries F2023-10-18$2.7BAvenir Growth Capital,D1 Capital Partners,Greenoaks Capital Management,Steadview Capital,Footpath Ventures

65、IndiaInternetE-CommerceB2B CommerceUnicorns30Quarterly new&total unicorns(private companies valued at$1B+)31State of Venture|Global Trends|Unicorns21151914New Unicorns,231,2051,2151,2241,221Total Unicorns,1,233Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q42019202020212022202332State of Venture|Global Tren

66、ds|UnicornsUS66810 NewAsia3077 NewEurope1874 NewOceania91 NewLatAm321 NewCanada220 NewAfrica60 NewAll Other Regions20 NewNew&total unicorns by global region in Q423Quarterly new unicorns by global region33State of Venture|Global Trends|Unicorns99106US,103155Asia,78332Europe,4LatAm,111Canada,02Africa

67、,0Oceania,11All Other Regions,0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Global:Top unicorn births in Q42334State of Venture|Global Trends|UnicornsCompanyLatest Valuation CountrySectorIndustrySubindustry1Mistral AI$2.0BFranceSoftware(non-internet/mobile)Application&Data Integration

68、 SoftwareN/A2Lambda Labs$1.5BUnited StatesComputer Hardware&ServicesComputer Storage&PeripheralsN/A2Tabby$1.5BSaudi ArabiaMobile&TelecommunicationsMobile Software&ServicesPayments2SHIFT UP$1.5BSouth KoreaMobile&TelecommunicationsMobile Software&ServicesGaming5Employment Hero$1.4BAustraliaMobile&Tele

69、communicationsMobile Software&ServicesHR&Workforce Management6Keyfactor$1.3BUnited StatesInternetInternet Software&ServicesMonitoring&Security7Castore$1.2BUnited KingdomInternetE-CommerceApparel&Accessories7Lightmatter$1.2BUnited StatesElectronicsChips&SemiconductorsSemiconductors:Communications Chi

70、ps9Enable$1.1BUnited StatesInternetInternet Software&ServicesAccounting&FinanceGlobal:Top unicorns by valuation in Q42335State of Venture|Global Trends|UnicornsCompanyLatest Valuation CountrySectorIndustrySubindustry1ByteDance$225.0BChinaInternetInternet Software&ServicesSocial2SpaceX$150.0BUnited S

71、tatesIndustrialsAerospace&DefenseCommercial Aircraft Manufacturing3SHEIN$66.0BSingaporeInternetE-CommerceApparel&Accessories4Stripe$50.0BUnited StatesInternetInternet Software&ServicesPayments5Databricks$43.0BUnited StatesInternetInternet Software&ServicesApplication&Data Integration6Revolut$33.0BUn

72、ited KingdomMobile&TelecommunicationsMobile Software&ServicesAccounting&Finance7Epic Games$31.5BUnited StatesSoftware(non-internet/mobile)GamingN/A8Fanatics$31.0BUnited StatesInternetE-CommerceSporting Goods9OpenAI$29.0BUnited StatesInternetInternet Software&ServicesApplication&Data Integration10Can

73、va$25.4BAustraliaInternetInternet Software&ServicesMultimedia&GraphicsExit Trends36Annual exits37State of Venture|Global Trends|Exit Trends736IPO,42410,234M&A,8,35190SPAC,4820192020202120222023Quarterly exits38State of Venture|Global Trends|Exit Trends16389103128IPO,1042,1712,2212,0891,950M&A,2,0911

74、811616SPAC,15Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Percent of quarterly exits by global region39State of Venture|Global Trends|Exit Trends43%45%45%42%46%41%39%41%44%42%42%40%40%36%37%37%37%36%35%US,36%12%11%12%13%11%11%16%11%11%11%13%13%13%13%15%13%12%14%16%Asia,16%34%34%31%33%

75、32%36%32%35%34%36%33%34%35%40%37%39%40%40%38%Europe,39%LatAm,3%5%5%Canada,3%Africa,1%Oceania,3%All Other Regions,0%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Global:Top M&A exits in Q42340State of Venture|Global Trends|Exit TrendsCompanyRound ValuationAcquirerCountrySectorIndustrySu

76、bindustry1Telavant$7.2B RocheUnited StatesHealthcareBiotechnologyN/A2Carmot Therapeutics$3.1B RocheUnited StatesHealthcareDrug DiscoveryN/A3Exiger$1.2B Insight Partners,CarlyleUnited StatesInternetInternet Software&ServicesCompliance3Sogo Medical$1.2B CVC Capital PartnersJapanHealthcareN/AN/A5VettaF

77、i$1.1B TMX GroupUnited StatesInternetInternet Software&ServicesBusiness Intelligence,Analytics&Performance Mgmt6COSRX$1.0B AmorepacificSouth KoreaInternetE-CommerceOther Retail6Cubic Telecom$1.0B SoftBankIrelandMobile&TelecommunicationsMobile Software&ServicesNetworking&Connectivity6DAOU Vineyards$1

78、.0B Treasury Wine EstatesUnited StatesMobile&TelecommunicationsMobile CommerceOther Retail9Loom$975M AtlassianUnited StatesInternetInternet Software&ServicesVideo10EquiLend$800M Welsh Carson Anderson&StoweUnited StatesInternetInternet Software&ServicesN/AGlobal:Top IPOs in Q42341State of Venture|Glo

79、bal Trends|Exit TrendsCompanyRound Valuation CountrySectorIndustrySubindustry1J&T Express$13.5BIndonesiaAutomotive&TransportationTransportation ServicesFreight Forwarding&Courier Services2Birkenstock$9.3BGermanyConsumer Products&ServicesClothing&AccessoriesFootwear3REPT Battero$5.5BChinaElectronicsE

80、lectrical Product DistributionPower Generation&Storage4UBTECH Robotics$4.8BChinaIndustrialsMachinery&EquipmentRobotics5WuXi XDC$3.1BChinaHealthcareDrug DiscoveryN/A6Kokusai Electric$2.8BJapanElectronicsChips&SemiconductorsSemiconductors:Components7Guoquan Shihui$2.1BChinaInternetE-CommerceFood&Groce

81、ry8Ubox$1.4BChinaComputer Hardware&ServicesSpecialty Computer HardwarePoint of Sales&Retail Computer Systems9Doosan Robotics$1.3BSouth KoreaIndustrialsMachinery&EquipmentRobotics9Mamaearth$1.3BIndiaInternetE-CommerceMulti-ProductGlobal:Top SPACs in Q42342State of Venture|Global Trends|Exit TrendsCom

82、panyRound Valuation Select InvestorsCountrySectorIndustrySubindustry117LIVE$674MVERTEX Technology Acquisition CorporationTaiwanMobile&TelecommunicationsMobile Software&ServicesSocial2GRIID$625MAdit EdTech AcquisitionUnited StatesInternetInternet Software&ServicesAsset&Financial Management&Trading3Mo

83、neyHero Group$310MBridgetown HoldingsHong KongInternetInternet Software&ServicesAccounting&Finance4R&S$304MVT5 AcquisitionSwitzerlandElectronicsElectrical ProductsN/A5Mobix Labs$295MChavant Capital AcquisitionUnited StatesElectronicsChips&SemiconductorsSemiconductors6Airship AI$225MBYTE AcquisitionU

84、nited StatesInternetInternet Software&ServicesApplication&Data Integration7Volato$190MPROOF Acquisition Corp IUnited StatesAutomotive&TransportationAirN/A8Nukkleus$105MBrilliant AcquisitionUnited StatesSoftware(non-internet/mobile)Asset&Financial Management&Trading SoftwareN/AInvestors43Global:Top i

85、nvestors by company count in Q42344State of Venture|Global Trends|InvestorsInvestorCompany Count Investor GroupCountry1Plug and Play Ventures39VCUnited States2Bpifrance28Asset/investment managementFrance3Lightspeed Venture Partners27VCUnited States4Andreessen Horowitz26VCUnited States5General Cataly

86、st24VCUnited States6Antler22VCSingapore6Gaingels22AngelUnited States6Mitsubishi UFJ Capital22CVCJapan9Insight Partners19VCUnited States10Khosla Ventures18VCUnited States10Kima Ventures18AngelFrance10SMBC Venture Capital18CVCJapanGlobal:Top VCs by company count in Q42345State of Venture|Global Trends

87、|InvestorsInvestorCompany Count Country1Plug and Play Ventures39United States2Lightspeed Venture Partners27United States3Andreessen Horowitz26United States4General Catalyst24United States5Antler22Singapore6Insight Partners19United States7Khosla Ventures18United States8Accel17United States8Global Bra

88、in17Japan10Alumni Ventures16United StatesGlobal:Top corporate VCs(CVCs)by company count in Q42346State of Venture|Global Trends|InvestorsInvestorCompany Count Country1Mitsubishi UFJ Capital22Japan2SMBC Venture Capital18Japan3Mizuho Capital15Japan4Google Ventures14United States5KB Investment11South K

89、orea5Samsung NEXT11United States7SBI Investment10Japan8Mitsui Sumitomo Insurance Venture Capital8Japan8SDIC Venture Capital8ChinaSector Spotlights47Fintech48Annual funding&deals49State of Venture|Sector Spotlights|Fintech$48.9B$50.4B$140.8B$78.6BFunding$39.2B3,9984,0696,1726,108Deals3,80101,0002,000

90、3,0004,0005,0006,0007,0008,000$0.0B$20.0B$40.0B$60.0B$80.0B$100.0B$120.0B$140.0B$160.0B20192020202120222023Quarterly funding&deals50State of Venture|Sector Spotlights|Fintech$13.8B$11.5B$11.6B$12.0B$11.7B$12.2B$13.2B$13.4B$28.3B$37.9B$36.1B$38.4B$31.8B$22.3B$13.6B$10.8B$15.5B$7.5B$7.7BFunding$8.5B1,

91、0639431,0509421,0488809761,1651,4901,4611,6021,6191,9761,5321,4111,1891,233968860Deals74005001,0001,5002,000$0.0B$5.0B$10.0B$15.0B$20.0B$25.0B$30.0B$35.0B$40.0B$45.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q42019202020212022202351State of Venture|Sector Spotlights|FintechUS$3.7B281 DealsAsia$2.1B154 D

92、ealsEurope$1.7B184 DealsLatAm$0.4B53 DealsCanada$0.3B21 DealsOceania$0.3B17 DealsAfrica$0.1B26 DealsAll Other Regions$11M4 DealsFunding&deals by global region in Q423Percent of quarterly deals by global region52State of Venture|Sector Spotlights|Fintech40%39%37%38%40%38%39%37%39%40%38%36%36%39%39%36

93、%43%38%43%US,38%24%21%28%27%22%25%24%24%23%23%25%25%24%22%24%23%19%21%21%Asia,21%23%27%20%23%24%24%23%24%23%22%19%21%20%23%22%23%23%25%22%Europe,25%5%6%7%6%5%6%6%7%6%7%8%8%7%8%8%6%6%LatAm,7%Canada,3%5%5%Africa,4%Oceania,2%All Other Regions,1%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4201920202021202220

94、23Annual average&median deal size53State of Venture|Sector Spotlights|Fintech$17.2M$16.5M$29.0M$16.8M$13.8M201920212023Average Deal Size$3.0M$3.0M$4.5M$3.9M$3.2M201920212023Median Deal SizeAnnual percent of deals by deal stage54State of Venture|Sector Spotlights|Fintech67%66%69%73%Early-stage,73%14%

95、13%14%10%Mid-stage,10%11%10%11%8%Late-stage,8%8%11%7%9%Other,9%20192020202120222023Fintech:Top equity deals in Q42355State of Venture|Sector Spotlights|FintechCompanyRound AmountRoundDateRound ValuationSelect InvestorsCountrySectorIndustrySubindustry%of Total Funding1Metropolis$1.0BSeries C2023-10-0

96、5N/A3L,Eldridge,Assembly Ventures,Slow Ventures,BDT&MSD PartnersUnited StatesMobile&TelecommunicationsMobile Software&ServicesPayments12.4%2Tamara$340MSeries C2023-12-18$1.0BSNB Capital,Sanabil Investments,C,Coatue,EndeavorSaudi ArabiaMobile&TelecommunicationsMobile Software&ServicesPayments4.0%3Sum

97、Up$307MSeries F2023-12-11N/ASixth Street Growth,Bain Capital Tech Opportunities,Fin Capital,LiquidityUnited KingdomInternetInternet Software&ServicesPayments3.6%4Alpheya$300MUndisclosed2023-11-21N/A BNY Mellon,LunateUnited Arab EmiratesInternetInternet Software&ServicesAsset&Financial Management&Tra

98、ding3.5%5Next Insurance$265MSeries G2023-11-01N/A Allianz X,Allstate Strategic VenturesUnited StatesInternetInternet Software&ServicesAccounting&Finance3.1%6Investree$231MSeries D2023-10-04N/A JTA Holding,SBI GroupIndonesiaInternetE-CommerceMarketplace2.7%7QI Tech$200MSeries B2023-10-31$1.0B General

99、 Atlantic,Across CapitalBrazilInternetInternet Software&ServicesAccounting&Finance2.4%7Tabby$200MSeries D2023-11-01$1.5BWellington Management Company,Arbor Ventures,Mubadala Capital,PayPal Ventures,Peak XV PartnersSaudi ArabiaMobile&TelecommunicationsMobile Software&ServicesPayments2.4%9Devoted Heal

100、th$175MSeries E2023-12-29$12.9BFearless Ventures,GIC,Maverick Ventures,Stardust Equity,The Space BetweenUnited StatesHealthcareHealthcare PlansN/A2.1%10Employment Hero$167MSeries F2023-10-18$1.4BTechnology Crossover Ventures,Insight Partners,AirTree Ventures,OneVentures,SeekAustraliaMobile&Telecommu

101、nicationsMobile Software&ServicesHR&Workforce Management2.0%Quarterly new&total unicorns56State of Venture|Sector Spotlights|Fintech6233New Unicorns,8311312313314Total Unicorns,322Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Annual exits57State of Venture|Sector Spotlights|Fintech27IP

102、O,22759M&A,61211SPAC,820192020202120222023Quarterly exits58State of Venture|Sector Spotlights|Fintech3459IPO,4155180145138M&A,14913SPAC,4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Fintech:Top investors by company count in Q42359State of Venture|Sector Spotlights|FintechInvestorCompa

103、ny Count Investor GroupCountry1Plug and Play Ventures13VCUnited States2Lightspeed Venture Partners7VCUnited States3Andreessen Horowitz6VCUnited States3Antler6VCSingapore3Fin Capital6VCUnited States3General Catalyst6VCUnited States7Clocktower Technology Ventures5VCUnited States7Gaingels5AngelUnited S

104、tates7Hyperithm5CorpJapan7Insight Partners5VCUnited StatesRetail Tech60Annual funding&deals61State of Venture|Sector Spotlights|Retail Tech$53.0B$49.9B$118.2B$54.8BFunding$19.0B3,6933,5564,7414,178Deals2,33901,0002,0003,0004,0005,000$0.0B$20.0B$40.0B$60.0B$80.0B$100.0B$120.0B$140.0B20192020202120222

105、023Quarterly funding&deals62State of Venture|Sector Spotlights|Retail Tech$18.6B$12.3B$11.7B$10.4B$9.2B$8.5B$14.1B$18.2B$28.7B$30.3B$31.6B$27.7B$25.1B$14.8B$8.2B$6.7B$5.5B$4.6B$4.1BFunding$4.7B9079489199199037848929771,1301,1601,2171,2341,2951,0621,013808673582595Deals48902004006008001,0001,2001,400

106、$0.0B$5.0B$10.0B$15.0B$20.0B$25.0B$30.0B$35.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q42019202020212022202363State of Venture|Sector Spotlights|Retail TechAsia$1.8B165 DealsUS$1.3B135 DealsEurope$1.3B137 DealsLatAm$0.1B22 DealsCanada$53M6 DealsAfrica$40M17 DealsOceania$29M7 DealsFunding&deals by glob

107、al region in Q423Percent of quarterly deals by global region64State of Venture|Sector Spotlights|Retail Tech36%34%33%31%33%31%34%30%33%29%29%29%29%27%31%30%33%31%32%US,28%34%36%39%39%34%35%35%36%34%37%40%39%37%37%37%33%33%35%34%Asia,34%23%20%19%21%24%24%20%24%23%22%20%19%21%25%22%25%24%24%25%Europe,

108、28%5%5%5%5%LatAm,4%Canada,1%Africa,3%Oceania,1%All Other Regions,0%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Annual average&median deal size65State of Venture|Sector Spotlights|Retail Tech$21.0M$20.4M$34.2M$17.6M$11.4M201920212023Average Deal Size$3.0M$2.6M$4.0M$3.0M$2.6M2019202120

109、23Median Deal SizeAnnual percent of deals by deal stage66State of Venture|Sector Spotlights|Retail Tech66%65%65%69%Early-stage,69%15%15%16%12%Mid-stage,12%12%11%12%9%Late-stage,9%8%9%7%10%Other,10%20192020202120222023Retail Tech:Top equity deals in Q42367State of Venture|Sector Spotlights|Retail Tec

110、hCompanyRound AmountRoundDateRound ValuationSelect InvestorsCountrySectorIndustrySubindustry%of Total Funding1Tamara$340MSeries C2023-12-18$1.0BSNB Capital,Sanabil Investments,C,Coatue,EndeavorSaudi ArabiaMobile&TelecommunicationsMobile Software&ServicesPayments7.3%1Udaan$340MSeries E2023-12-14N/AM&

111、G Investments,DST Global,Lightspeed Venture PartnersIndiaInternetE-CommerceB2B Commerce7.3%3SumUp$307MSeries F2023-12-11N/ASixth Street Growth,Bain Capital Tech Opportunities,Fin Capital,LiquidityUnited KingdomInternetInternet Software&ServicesPayments6.6%4Tabby$200MSeries D2023-11-01$1.5BWellington

112、 Management Company,Arbor Ventures,Mubadala Capital,PayPal Ventures,Peak XV PartnersSaudi ArabiaMobile&TelecommunicationsMobile Software&ServicesPayments4.3%5Castore$184MVenture Capital2023-11-29$1.2B Raine,Felix Capital,Hanaco VenturesUnited KingdomInternetE-CommerceApparel&Accessories3.9%6Urbanic$

113、150MSeries C2023-11-15N/AD1 Capital Partners,Jam Fund,Mirabaud Asset ManagementUnited KingdomInternetE-CommerceApparel&Accessories3.2%7GreyOrange$135MSeries D2023-11-24N/AAnthelion Capital,Blume Ventures,Mithril Capital Management,3State VenturesUnited StatesInternetInternet Software&ServicesSupply

114、Chain&Logistics2.9%8Zetwerk$118MSeries F2023-10-18$2.7BAvenir Growth Capital,D1 Capital Partners,Greenoaks Capital Management,Steadview Capital,Footpath VenturesIndiaInternetE-CommerceB2B Commerce2.5%9Pony.ai$100MSeries D2023-10-21$8.6B Abu Dhabi Investment Office,NEOMUnited StatesSoftware(non-inter

115、net/mobile)Operating Systems&Utility SoftwareN/A2.1%9Wonder$100MCorporate Minority2023-11-07N/A NestleUnited StatesInternetE-CommerceFood&Grocery2.1%Quarterly new&total unicorns68State of Venture|Sector Spotlights|Retail Tech311New Unicorns,3225225223219Total Unicorns,217Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2

116、Q3Q4Q1Q2Q3Q420192020202120222023Annual exits69State of Venture|Sector Spotlights|Retail Tech38IPO,35720M&A,46010SPAC,320192020202120222023Quarterly exits70State of Venture|Sector Spotlights|Retail Tech7838IPO,16114116104111M&A,129121SPAC,0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023R

117、etail Tech:Top investors by company count in Q42371State of Venture|Sector Spotlights|Retail TechInvestorCompany Count Investor GroupCountry1500 Global4VCUnited States1Speedinvest4VCAustria3Antler3VCSingapore3Blume Ventures3VCIndia3Global Founders Capital3VCGermany3Groove Capital3VCUnited States3Jam

118、 Fund3VCUnited States3Jungle Ventures3VCSingapore3Kima Ventures3AngelFrance3QED Investors3VCUnited StatesDigital Health72Annual funding&deals73State of Venture|Sector Spotlights|Digital Health$17.9B$28.4B$52.7B$25.5BFunding$13.2B2,2532,3062,7982,267Deals1,39705001,0001,5002,0002,5003,0003,500$0.0B$1

119、0.0B$20.0B$30.0B$40.0B$50.0B$60.0B20192020202120222023Quarterly funding&deals74State of Venture|Sector Spotlights|Digital Health$3.9B$4.7B$4.3B$5.0B$5.7B$5.4B$7.5B$9.9B$11.4B$15.2B$11.9B$14.2B$9.8B$7.5B$4.6B$3.6B$4.1B$3.5B$3.4BFunding$2.3B568573573539561573613559678725742653768584503412499378277Deal

120、s2430100200300400500600700800$0.0B$2.0B$4.0B$6.0B$8.0B$10.0B$12.0B$14.0B$16.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q42019202020212022202375State of Venture|Sector Spotlights|Digital HealthUS$1.7B133 DealsEurope$0.3B51 DealsAsia$0.3B44 DealsLatAm$26M3 DealsCanada$24M8 DealsOceania$9M2 DealsAfrica$8M

121、2 DealsFunding&deals by global region in Q423Percent of quarterly deals by global region76State of Venture|Sector Spotlights|Digital Health53%54%57%49%54%54%54%51%54%50%50%48%50%51%56%55%51%52%54%US,55%20%19%20%24%18%18%19%22%19%22%24%24%22%21%20%16%16%17%21%Asia,18%19%20%15%20%21%20%22%21%19%23%17%

122、22%21%21%17%24%26%23%20%Europe,21%LatAm,1%Canada,3%Africa,1%Oceania,1%All Other Regions,0%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Annual average&median deal size77State of Venture|Sector Spotlights|Digital Health$10.5M$15.8M$23.1M$14.1M$11.9M201920212023Average Deal Size$2.3M$3.4

123、M$3.7M$4.0M$4.0M201920212023Median Deal SizeAnnual percent of deals by deal stage78State of Venture|Sector Spotlights|Digital Health66%62%65%65%Early-stage,64%15%18%17%15%Mid-stage,16%8%9%9%8%Late-stage,9%11%12%8%11%Other,11%20192020202120222023Digital Health:Top equity deals in Q42379State of Ventu

124、re|Sector Spotlights|Digital HealthCompanyRound AmountRoundDateRound ValuationSelect InvestorsCountrySectorIndustrySubindustry%of Total Funding1Devoted Health$175MSeries E2023-12-29$12.9BFearless Ventures,GIC,Maverick Ventures,Stardust Equity,The Space BetweenUnited StatesHealthcareHealthcare PlansN

125、/A7.5%2Headway$125MSeries C2023-10-04$1.0BSpark Capital,Accel,Andreessen Horowitz,Thrive Capital,Health Care Service CorporationUnited StatesInternetInternet Software&ServicesHealth&Wellness5.4%3Iambic Therapeutics$100MSeries B2023-10-03$267MAbingworth,Ascenta Capital,Sequoia Capital,Catalio Capital

126、 Management,CoatueUnited StatesHealthcareDrug DiscoveryN/A4.3%4EmployerDirect Healthcare$92MGrowth Equity2023-12-19$1.0B Insight PartnersUnited StatesInternetInternet Software&ServicesHealthcare4.0%5Elucid$80MSeries C2023-11-09N/A Elevage Medical TechnologiesUnited StatesSoftware(non-internet/mobile

127、)Healthcare SoftwareN/A3.4%6Commure$70MSeries E2023-10-13$6.0B General CatalystUnited StatesSoftware(non-internet/mobile)Healthcare SoftwareN/A3.0%7InfoBionic$58MSeries D2023-10-09$73MBlue Cross and Blue Shield of Kansas,Excel Venture Management,Zaffre Investments,Security International Investments,

128、Mayo ClinicUnited StatesHealthcareMedical Devices&EquipmentPatient Monitoring2.5%8Forward$50MSeries E2023-11-15N/AFounders Fund,Garrett Camp,Khosla Ventures,Abu Dhabi Investment Council,Samsung NEXTUnited StatesInternetInternet Software&ServicesHealthcare2.2%8Twin Health$50MSeries D2023-12-13N/ATema

129、sek,Helena Capital Partners,ICONIQ Growth,Peak XV Partners,SofinaUnited StatesMobile&TelecommunicationsMobile Software&ServicesHealth&Wellness2.2%10Alto Neuroscience$45MSeries C2023-11-21N/AInVivium Capital,Alpha Wave Global,Lightswitch Capital,What If Ventures,Windham Venture PartnersUnited StatesH

130、ealthcareMedical Devices&EquipmentImaging&Diagnostic Equipment1.9%Quarterly new&total unicorns80State of Venture|Sector Spotlights|Digital Health2New Unicorns,295979695Total Unicorns,94Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Annual exits81State of Venture|Sector Spotlights|Digita

131、l Health19IPO,4258M&A,1513SPAC,120192020202120222023Quarterly exits82State of Venture|Sector Spotlights|Digital Health121IPO,135563620M&A,391SPAC,0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Digital Health:Top investors by company count in Q42383State of Venture|Sector Spotlights|Dig

132、ital HealthInvestorCompany Count Investor GroupCountry1Andreessen Horowitz5VCUnited States1Plug and Play Ventures5VCUnited States3CVS Health Ventures3CVCUnited States3Excelerate Health Ventures3VCUnited States3Kleiner Perkins Caufield&Byers3VCUnited States3SOSV3VCUnited States3Samsung NEXT3CVCUnited

133、 States3The Venture Collective3VCUnited StatesGeographic Trends84US Trends85Annual funding&deals86State of Venture|Geographic Trends|US Trends$132.0B$157.3B$322.0B$206.4BFunding$132.4B11,59111,38414,69514,363Deals11,11602,0004,0006,0008,00010,00012,00014,00016,00018,000$0.0B$50.0B$100.0B$150.0B$200.

134、0B$250.0B$300.0B$350.0B20192020202120222023Quarterly funding&deals87State of Venture|Geographic Trends|US Trends$35.1B$34.6B$33.3B$29.0B$34.2B$33.1B$43.2B$46.8B$76.8B$75.6B$78.2B$91.4B$75.1B$56.7B$39.1B$35.6B$44.3B$29.8B$33.4BFunding$24.9B3,0173,0233,0132,5383,0012,5662,9162,9013,6563,4093,8573,7734

135、,3703,4753,5322,9863,3202,8372,777Deals2,18201,0002,0003,0004,0005,000$0.0B$10.0B$20.0B$30.0B$40.0B$50.0B$60.0B$70.0B$80.0B$90.0B$100.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Annual percent of deals by deal stage88State of Venture|Geographic Trends|US Trends59%59%61%64%Early-sta

136、ge,65%13%13%14%10%Mid-stage,10%10%9%10%7%Late-stage,7%18%19%15%19%Other,19%20192020202120222023US:Top equity deals in Q42389State of Venture|Geographic Trends|US TrendsCompanyRound AmountRoundDateRound ValuationSelect InvestorsSectorIndustrySubindustry%of Total Funding1JUUL Labs$1.3BUndisclosed2023-

137、11-09N/A Undisclosed InvestorsConsumer Products&ServicesConsumer ElectronicsN/A5.1%2Metropolis$1.0BSeries C2023-10-05N/A3L,Eldridge,Assembly Ventures,Slow Ventures,BDT&MSD PartnersMobile&TelecommunicationsMobile Software&ServicesPayments4.2%3Footprint$830MPrivate Equity2023-10-20N/A Olympus Partners

138、,Cleveland AvenueIndustrialsManufacturingPaper&Paper Product Manufacturing3.3%4Anthropic$500MCorporate Minority2023-10-27N/A GoogleSoftware(non-internet/mobile)Application&Data Integration SoftwareN/A2.0%5Electric Hydrogen$380MSeries C2023-10-03$1.0BEnergy Impact Partners,Fifth Wall,Fortescue,Breakt

139、hrough Energy Ventures,Capricorn PartnersEnergy&UtilitiesRenewablesHydrogen/Fuel Cell1.5%6Adacen$335MUndisclosed2023-10-05N/A Undisclosed InvestorsComputer Hardware&ServicesIT ServicesInfrastructure&Hosting1.3%7Main Street Health$315MSeries C2023-10-08N/AOak HC/FT Partners,CVS Health Ventures,Centen

140、e,Elevance HealthHealthcareMedical Facilities&ServicesN/A1.3%8SwyftConnect$275MUndisclosed2023-10-25N/A Macquarie Asset ManagementMobile&TelecommunicationsTelecom ServicesData&Broadband1.1%9Next Insurance$265MSeries G2023-11-01N/A Allianz X,Allstate Strategic VenturesInternetInternet Software&Servic

141、esAccounting&Finance1.1%10Aiolos Bio$245MSeries A2023-10-24N/AAtlas Venture,Bain Capital Life Sciences,Forbion,Sofinnova Ventures,RA Capital AdvisorsHealthcareDrug DevelopmentN/A1.0%Annual exits90State of Venture|Geographic Trends|US Trends77IPO,614,016M&A,3,10955SPAC,2720192020202120222023Quarterly

142、 exits91State of Venture|Geographic Trends|US Trends12161120IPO,14857830781724M&A,774108210SPAC,7Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023US:Top investors by company count in Q42392State of Venture|Geographic Trends|US TrendsInvestorCompany Count Investor GroupCountry1Plug and Pla

143、y Ventures39VCUnited States2Lightspeed Venture Partners27VCUnited States3Andreessen Horowitz26VCUnited States4General Catalyst24VCUnited States5Gaingels22AngelUnited States6Insight Partners19VCUnited States7Khosla Ventures18VCUnited States8Accel17VCUnited States9Alumni Ventures16VCUnited States10SOS

144、V15VCUnited StatesSilicon Valley93Quarterly funding&deals94State of Venture|Geographic Trends|Silicon Valley$12.4B$13.9B$13.0B$10.4B$12.9B$12.6B$13.6B$12.6B$27.6B$23.6B$27.8B$30.7B$28.9B$17.1B$10.7B$7.2B$24.7B$9.6B$10.4BFunding$7.0B7037137335677636407356699257789439071,041792744578861578624Deals4060

145、2004006008001,000$0.0B$5.0B$10.0B$15.0B$20.0B$25.0B$30.0B$35.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Annual percent of deals by deal stage95State of Venture|Geographic Trends|Silicon Valley65%65%65%70%Early-stage,74%17%17%19%15%Mid-stage,11%10%9%10%6%Late-stage,5%8%8%6%9%Other,

146、9%20192020202120222023Silicon Valley:Top equity deals in Q42396State of Venture|Geographic Trends|Silicon ValleyCompanyRound AmountRoundDateRound ValuationSelect InvestorsSectorIndustrySubindustry%of Total Funding1JUUL Labs$1.3BUndisclosed2023-11-09N/A Undisclosed InvestorsConsumer Products&Services

147、Consumer ElectronicsN/A18.0%2Anthropic$500MCorporate Minority2023-10-27N/A GoogleSoftware(non-internet/mobile)Application&Data Integration SoftwareN/A7.1%3Next Insurance$265MSeries G2023-11-01N/A Allianz X,Allstate Strategic VenturesInternetInternet Software&ServicesAccounting&Finance3.8%4Terremoto

148、Biosciences$175MSeries B2023-11-02N/AOrbiMed Advisors,Third Rock Ventures,Cormorant Capital,EcoR1 Capital,Novo HoldingsHealthcareDrug DevelopmentN/A2.5%5Farmers Business Network$155MSeries H2023-10-13N/A Undisclosed InvestorsInternetInternet Software&ServicesInformation Providers&Portals2.2%5Lightma

149、tter$155MSeries C2023-12-19$1.2B Google Ventures,Viking Global InvestorsElectronicsChips&SemiconductorsSemiconductors:Communications Chips2.2%New York97Quarterly funding&deals98State of Venture|Geographic Trends|New York$6.6B$5.2B$4.3B$3.8B$5.0B$4.0B$5.2B$5.9B$12.5B$12.7B$13.1B$14.9B$11.7B$7.2B$5.5B

150、$4.7B$4.9B$4.0B$3.3BFunding$3.9B456439393364448358399400561536595555668537523441515425389Deals3220100200300400500600700$0.0B$2.0B$4.0B$6.0B$8.0B$10.0B$12.0B$14.0B$16.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Annual percent of deals by deal stage99State of Venture|Geographic Trend

151、s|New York65%64%64%68%Early-stage,69%12%14%15%10%Mid-stage,8%9%8%9%7%Late-stage,6%15%14%12%15%Other,17%20192020202120222023New York:Top equity deals in Q423100State of Venture|Geographic Trends|New YorkCompanyRound AmountRoundDateRound ValuationSelect InvestorsSectorIndustrySubindustry%of Total Fund

152、ing1Metropolis$1.0BSeries C2023-10-05N/A3L,Eldridge,Assembly Ventures,Slow Ventures,BDT&MSD PartnersMobile&TelecommunicationsMobile Software&ServicesPayments27.2%2BlueVoyant$140MSeries E2023-11-29N/A Liberty Strategic Capital,ISTARIInternetInternet Software&ServicesMonitoring&Security3.6%3Headway$12

153、5MSeries C2023-10-04$1.0BSpark Capital,Accel,Andreessen Horowitz,Thrive Capital,Health Care Service CorporationInternetInternet Software&ServicesHealth&Wellness3.2%3Vestwell$125MSeries D2023-12-21$1.0BLightspeed Venture Partners,Fin Capital,FinTech Collective,Primary Venture Partners,Blue Owl Capita

154、lInternetInternet Software&ServicesAsset&Financial Management&Trading3.2%5VAST Data$118MSeries E2023-12-05$9.1BFidelity Investments,New Enterprise Associates,Bond Capital,Drive CapitalComputer Hardware&ServicesIT ServicesInfrastructure&Hosting3.1%Los Angeles101Quarterly funding&deals102State of Vent

155、ure|Geographic Trends|Los Angeles$3.0B$2.9B$3.4B$3.4B$3.3B$1.7B$7.4B$3.3B$6.5B$6.5B$6.2B$5.7B$6.0B$4.3B$4.1B$5.2B$1.3B$1.8B$2.2BFunding$1.1B210197229201234177252243255271324280350278274218219178207Deals153050100150200250300350400450$0.0B$1.0B$2.0B$3.0B$4.0B$5.0B$6.0B$7.0B$8.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q

156、4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Annual percent of deals by deal stage103State of Venture|Geographic Trends|Los Angeles61%61%66%68%Early-stage,66%12%12%12%8%Mid-stage,8%10%9%9%8%Late-stage,7%17%19%14%16%Other,18%20192020202120222023Los Angeles:Top equity deals in Q423104State of Venture|Geograph

157、ic Trends|Los AngelesCompanyRound AmountRoundDateRound Valuation Select InvestorsSectorIndustrySubindustry%of Total Funding1Rampart Bioscience$85MSeries A2023-10-24$153MForbion,Healthcap,OrbiMed Advisors,RA Capital ManagementHealthcareBiotechnologyN/A7.6%2The Wonder Project$75MSeries A2023-12-06N/AL

158、ionsgate,Powerhouse Capital,Sovereigns Capital,United Talent Agency,Jason BlumMedia(Traditional)Film&VideoN/A6.7%3Songtradr$70MSeries E2023-11-21$530MArgo Capital Management,Aware Super,Perennial,Richard White,St.Baker Family OfficeInternetE-CommerceMarketplace6.3%4Skims$60MSeries C2023-10-02N/A Ima

159、ginary VenturesInternetE-CommerceApparel&Accessories5.3%5SuperOrdinary$58MSeries B2023-10-05$800MAlliance Consumer Growth,Demira Gate,Manzanita Capital,Upper90Business Products&ServicesAdvertising,Marketing&PRN/A5.2%Boston105Quarterly funding&deals106State of Venture|Geographic Trends|Boston$3.3B$2.

160、8B$2.2B$2.1B$3.9B$4.1B$3.4B$3.8B$8.3B$7.2B$7.0B$10.1B$4.9B$5.9B$3.1B$4.3B$2.5B$4.0B$3.8BFunding$3.1B208231194170229206201197236260243254275218212204178177165Deals163050100150200250300350$0.0B$2.0B$4.0B$6.0B$8.0B$10.0B$12.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Annual percent of

161、 deals by deal stage107State of Venture|Geographic Trends|Boston56%55%57%58%Early-stage,56%16%19%22%16%Mid-stage,17%12%10%9%8%Late-stage,9%16%16%12%18%Other,18%20192020202120222023Boston:Top equity deals in Q423108State of Venture|Geographic Trends|BostonCompanyRound AmountRoundDateRound Valuation S

162、elect InvestorsSectorIndustrySubindustry%of Total Funding1Electric Hydrogen$380MSeries C2023-10-03$1.0BEnergy Impact Partners,Fifth Wall,Fortescue,Breakthrough Energy Ventures,Capricorn PartnersEnergy&UtilitiesRenewablesHydrogen/Fuel Cell12.3%2Aiolos Bio$245MSeries A2023-10-24N/AAtlas Venture,Bain C

163、apital Life Sciences,Forbion,Sofinnova Ventures,RA Capital AdvisorsHealthcareDrug DevelopmentN/A7.9%3Bicara Therapeutics$165MSeries C2023-12-12N/ABraidwell,TPG Capital,Acorn Bioventures,Bioqube Ventures,Eight Roads VenturesHealthcareBiotechnologyN/A5.3%4Seismic Therapeutics$121MSeries B2023-12-04N/A

164、Bessemer Venture Partners,Lightspeed Venture Partners,Boxer Capital,Google Ventures,Polaris PartnersHealthcareBiotechnologyN/A3.9%5Tome Biosciences$118MSeries B2023-12-12N/AAndreessen Horowitz,ARCH Venture Partners,Longwood Fund,Alexandria Venture Investments,BrukerHealthcareBiotechnologyN/A3.8%Seat

165、tle109Quarterly funding&deals110State of Venture|Geographic Trends|Seattle$0.7B$0.8B$0.8B$1.1B$0.5B$1.2B$1.2B$1.2B$1.6B$1.7B$1.4B$2.3B$1.6B$1.9B$0.9B$0.9B$0.5B$0.5B$1.0BFunding$0.6B1088990738569948592981071061338410387787066Deals67020406080100120140160$0.0B$0.5B$1.0B$1.5B$2.0B$2.5BQ1Q2Q3Q4Q1Q2Q3Q4Q1

166、Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Annual percent of deals by deal stage111State of Venture|Geographic Trends|Seattle61%61%63%66%Early-stage,68%14%11%15%8%Mid-stage,12%8%8%6%5%Late-stage,5%18%20%17%21%Other,15%20192020202120222023Seattle:Top equity deals in Q423112State of Venture|Geographic

167、Trends|SeattleCompanyRound AmountRoundDateRound ValuationSelect InvestorsSectorIndustrySubindustry%of Total Funding1Stoke Space$100MSeries B2023-10-05$300MIndustrious Ventures,Long Journey Ventures,Breakthrough Energy Ventures,In-Q-Tel,MaC Venture CapitalIndustrialsAerospace&DefenseParts Manufacturi

168、ng&Distribution18.1%2Chainguard$61MSeries B2023-11-01N/ASpark Capital,Sequoia Capital,Amplify Partners,Banana Capital,MANTIS Venture CapitalInternetInternet Software&ServicesSupply Chain&Logistics11.1%3Pulumi$41MSeries C2023-10-03$362MMadrona Venture Group,Tola Capital,NEA Partners,Strike Capital Ma

169、nagementInternetInternet Software&ServicesApplication&Data Integration7.4%4Zuper$32MSeries B2023-12-13N/AFUSE,Peak XV Partners,Kin Ventures,Prime Ventures,ZendeskInternetInternet Software&ServicesBusiness Intelligence,Analytics&Performance Mgmt5.8%5Center$30MSeries C2023-11-27N/A Top Tier Capital Pa

170、rtners,Durable Capital PartnersInternetInternet Software&ServicesBilling,Expense Management&Procurement5.4%5Oleria$30MSeries A2023-12-14N/A Undisclosed InvestorsInternetInternet Software&ServicesMonitoring&Security5.4%Denver113Quarterly funding&deals114State of Venture|Geographic Trends|Denver$0.4B$

171、0.5B$0.4B$0.6B$0.4B$1.0B$0.6B$1.3B$1.2B$1.4B$0.8B$1.0B$1.1B$2.2B$0.9B$1.2B$0.6B$0.7B$0.3BFunding$0.5B959810172807079908911081801151038468827062Deals55020406080100120140$0.0B$0.5B$1.0B$1.5B$2.0B$2.5BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Annual percent of deals by deal stage115St

172、ate of Venture|Geographic Trends|Denver62%55%57%60%Early-stage,58%12%12%14%10%Mid-stage,13%8%7%7%8%Late-stage,5%18%27%22%22%Other,24%20192020202120222023Denver:Top equity deals in Q423116State of Venture|Geographic Trends|DenverCompanyRound AmountRoundDateRound Valuation Select InvestorsSectorIndust

173、rySubindustry%of Total Funding1Prins AI$100MSeries B2023-10-01N/A AAB Venture CapitalMobile&TelecommunicationsMobile Software&ServicesMultimedia&Graphics18.6%1True Anomaly$100MSeries B2023-12-12N/ARiot Ventures,Champion Hill Ventures,Eclipse Ventures,Narya Capital,645 VenturesIndustrialsAerospace&De

174、fenseN/A18.6%3FusionAuth$65MGrowth Equity2023-11-01N/A Updata PartnersInternetInternet Software&ServicesMonitoring&Security12.1%4PanTheryx$52MUndisclosed2023-10-11N/A Undisclosed InvestorsHealthcareBiotechnologyN/A9.7%5AgentSync$50MSeries B2023-10-26N/A Craft Ventures,Valor Equity PartnersInternetIn

175、ternet Software&ServicesCompliance9.3%DC117Quarterly funding&deals118State of Venture|Geographic Trends|DC$0.5B$0.5B$0.8B$0.5B$0.5B$0.8B$0.5B$4.6B$1.5B$1.8B$1.2B$1.9B$1.5B$1.4B$1.1B$0.9B$0.9B$1.2B$0.8BFunding$0.3B86949486778381749211087137143951001089611285Deals79020406080100120140160180$0.0B$0.5B$1

176、.0B$1.5B$2.0B$2.5B$3.0B$3.5B$4.0B$4.5B$5.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Annual percent of deals by deal stage119State of Venture|Geographic Trends|DC56%52%58%58%Early-stage,60%13%15%11%8%Mid-stage,8%9%10%13%9%Late-stage,10%23%22%18%25%Other,22%20192020202120222023DC:To

177、p equity deals in Q423120State of Venture|Geographic Trends|DCCompanyRound AmountRoundDateRound Valuation Select InvestorsSectorIndustrySubindustry%of Total Funding1X-energy$80MSeries C2023-12-05N/A Ares Management,Kam GhaffarianEnergy&UtilitiesElectricNuclear24.5%2ManaT Bio$72MSeries A2023-10-20N/A

178、 Catalio Capital ManagementHealthcareBiotechnologyN/A22.1%3Origin$16MSeries B2023-10-17$157M Undisclosed InvestorsElectronicsChips&SemiconductorsSemiconductors:Sensors4.9%4Eat the Change$14MSeries A2023-10-13$71M Undisclosed InvestorsFood&BeveragesCandy&Snack FoodsN/A4.3%5VOLT$12MSeries A2023-11-15N

179、/A Abstract Ventures,Buckley VenturesInternetInternet Software&ServicesMonitoring&Security3.7%Chicago121Quarterly funding&deals122State of Venture|Geographic Trends|Chicago$0.6B$0.6B$0.5B$0.4B$0.5B$0.4B$1.1B$1.1B$1.4B$1.9B$1.5B$1.3B$1.4B$0.7B$1.0B$0.9B$0.5B$0.5B$0.6BFunding$0.3B828183717359729095818

180、9104997810084787169Deals50020406080100120140$0.0B$0.2B$0.4B$0.6B$0.8B$1.0B$1.2B$1.4B$1.6B$1.8B$2.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Annual percent of deals by deal stage123State of Venture|Geographic Trends|Chicago53%57%56%60%Early-stage,58%14%12%12%7%Mid-stage,10%9%8%12%1

181、0%Late-stage,6%23%23%20%22%Other,25%20192020202120222023Chicago:Top equity deals in Q423124State of Venture|Geographic Trends|ChicagoCompanyRound AmountRoundDateRound Valuation Select InvestorsSectorIndustrySubindustry%of Total Funding1Loop$35MSeries B2023-10-03N/AIndex Ventures,J.P.Morgan Asset Man

182、agementInternetInternet Software&ServicesPayments13.8%2Fingerprints$33MSeries C2023-10-17$302MNexus Venture Partners,Uncorrelated VenturesInternetInternet Software&ServicesMonitoring&Security13.0%2Provi$33MSeries D2023-11-27N/A Bessemer Venture PartnersInternetE-CommerceMarketplace12.8%4Mozaic$20MSe

183、ries A2023-10-11$53MJoe Galante,Maverick Nashville Management,Revolution Rise Of The Rest Seed Fund,Volition CapitalInternetInternet Software&ServicesPayments7.9%5Hazel Technologies$12MSeries C2023-12-01N/APangaea Ventures,Rhapsody Venture Partners,S2G VenturesAgricultureAgricultural Products&Relate

184、d ActivitiesN/A4.5%Dallas125Quarterly funding&deals126State of Venture|Geographic Trends|Dallas$0.3B$0.3B$0.2B$0.1B$0.8B$0.3B$0.5B$0.5B$0.5B$1.0B$0.4B$1.8B$1.9B$0.5B$0.7B$0.2B$0.7B$0.2B$0.8BFunding$0.3B46434844413742534641564459514443373933Deals26010203040506070$0.0B$0.2B$0.4B$0.6B$0.8B$1.0B$1.2B$1.

185、4B$1.6B$1.8B$2.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Annual percent of deals by deal stage127State of Venture|Geographic Trends|Dallas38%46%57%48%Early-stage,53%12%10%11%9%Mid-stage,8%15%12%14%13%Late-stage,12%35%31%18%30%Other,27%20192020202120222023Dallas:Top equity deals i

186、n Q423128State of Venture|Geographic Trends|DallasCompanyRound AmountRoundDateRound ValuationSelect InvestorsSectorIndustrySubindustry%of Total Funding1Island$100MSeries C2023-10-23$1.5BPrysm Capital,Insight Partners,Sequoia Capital,CyberStarts,GeorgianInternetInternet Software&ServicesBrowser Softw

187、are/Plugins29.0%2EmployerDirect Healthcare$92MGrowth Equity2023-12-19$1.0B Insight PartnersInternetInternet Software&ServicesHealthcare26.6%3Mach Industries$79MSeries A2023-10-04$335M Bedrock Capital,1517 FundIndustrialsAerospace&DefenseOther Weapon Design&Manufacturing22.9%4FieldPulse$21MSeries B20

188、23-10-17$68MFulcrum Equity Partners,Capri Investment Group,SuperSeedInternetInternet Software&ServicesBilling,Expense Management&Procurement6.1%5Care Continuity$10MSeries A2023-10-20N/A Empactful CapitalInternetInternet Software&ServicesSupply Chain&Logistics2.9%Austin129Quarterly funding&deals130St

189、ate of Venture|Geographic Trends|Austin$0.8B$0.6B$0.7B$0.4B$0.6B$0.4B$0.5B$0.8B$0.9B$2.3B$1.4B$2.0B$2.0B$1.2B$0.5B$0.7B$0.8B$0.7B$0.6BFunding$0.6B80739076736366791099410390128968880907763Deals67020406080100120140160$0.0B$0.5B$1.0B$1.5B$2.0B$2.5BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4201920202021202

190、22023Annual percent of deals by deal stage131State of Venture|Geographic Trends|Austin63%63%64%63%Early-stage,66%17%11%12%11%Mid-stage,10%7%9%11%7%Late-stage,5%13%17%14%20%Other,19%20192020202120222023Austin:Top equity deals in Q423132State of Venture|Geographic Trends|AustinCompanyRound AmountRound

191、DateRound ValuationSelect InvestorsSectorIndustrySubindustry%of Total Funding1Infinitum Electric$185MSeries E2023-11-01N/AJust Climate,Ajax Strategies,Alliance Resource Partners,Chevron Technology Ventures,Cottonwood Technology FundElectronicsElectrical Product DistributionMotors&Motor Drives31.1%2B

192、lack Ore$60MSeries A2023-11-07N/AAndreessen Horowitz,Oak HC/FT Partners,General Catalyst,Founders Fund,Khosla VenturesInternetInternet Software&ServicesAccounting&Finance10.1%3Saronic Technologies$55MSeries A2023-10-09N/ACaffeinated Capital,Andreessen Horowitz,Lightspeed Venture Partners,8VC,Cubit V

193、enturesIndustrialsAerospace&DefenseParts Manufacturing&Distribution9.2%4Halcyon$40MSeries B2023-12-18N/A Bain Capital VenturesInternetInternet Software&ServicesMonitoring&Security6.7%5Talus Renewables$22MSeries A2023-11-02N/AMaterial Impact,Xora Innovation,Cavallo Ventures,Rice Investment Group,Tema

194、sekEnergy&UtilitiesRenewablesOther Renewables3.7%Miami133Quarterly funding&deals134State of Venture|Geographic Trends|Miami$0.8B$0.6B$0.1B$0.2B$0.2B$0.6B$0.2B$1.3B$0.4B$1.1B$1.1B$2.0B$1.3B$1.3B$1.8B$0.6B$0.5B$0.3B$0.3BFunding$0.2B29484249634449517661978511411211179786870Deals57020406080100120140$0.0

195、B$0.5B$1.0B$1.5B$2.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Annual percent of deals by deal stage135State of Venture|Geographic Trends|Miami54%53%61%65%Early-stage,68%8%8%9%6%Mid-stage,6%14%7%8%7%Late-stage,5%24%31%21%21%Other,21%20192020202120222023Miami:Top equity deals in Q42

196、3136State of Venture|Geographic Trends|MiamiCompanyRound AmountRoundDateRound ValuationSelect InvestorsSectorIndustrySubindustry%of Total Funding1Forward Therapeutics$50MSeries A2023-11-08N/ABVF Partners,OrbiMed Advisors,RA Capital ManagementHealthcareBiotechnologyN/A22.3%2CAST AI$35MSeries B2023-11

197、-07N/AVintage Investment Partners,Creandum,Uncorrelated VenturesInternetInternet Software&ServicesApplication&Data Integration15.6%3Moocho$23MUndisclosed2023-12-21N/A Undisclosed InvestorsMobile&TelecommunicationsMobile Software&ServicesPayments10.3%4Traba$22MSeries A2023-10-26N/A Founders Fund,Khos

198、la VenturesInternetInternet Software&ServicesHR&Workforce Management9.8%5Dynamic$14MSeed VC2023-12-13N/AAndreessen Horowitz,Founders FundInternetInternet Software&ServicesWeb Development6.0%Atlanta137Quarterly funding&deals138State of Venture|Geographic Trends|Atlanta$0.5B$0.4B$0.4B$0.2B$0.7B$0.2B$0

199、.4B$1.2B$1.7B$1.0B$0.8B$0.6B$0.9B$0.5B$0.4B$0.4B$0.4B$0.3B$0.4BFunding$0.3B47505040484343627046748578596049722947Deals440102030405060708090100$0.0B$0.2B$0.4B$0.6B$0.8B$1.0B$1.2B$1.4B$1.6B$1.8BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Annual percent of deals by deal stage139State of

200、 Venture|Geographic Trends|Atlanta58%57%64%61%Early-stage,58%11%13%8%7%Mid-stage,9%10%9%15%11%Late-stage,6%21%21%13%22%Other,27%20192020202120222023Atlanta:Top equity deals in Q423140State of Venture|Geographic Trends|AtlantaCompanyRound AmountRoundDateRound ValuationSelect InvestorsSectorIndustrySu

201、bindustry%of Total Funding1GreyOrange$135MSeries D2023-11-24N/AAnthelion Capital,Blume Ventures,Mithril Capital Management,3State VenturesInternetInternet Software&ServicesSupply Chain&Logistics45.7%2Ninety$35MSeries B2023-11-16N/ABlue Cloud Ventures,Insight Partners,Catalyst InvestorsInternetIntern

202、et Software&ServicesCollaboration&Project Management11.8%3Saleo$13MSeries A2023-10-05$46M Emergence Capital,Tech Square VenturesInternetInternet Software&ServicesAdvertising,Sales&Marketing4.4%3Sonder Health Plans$13MUndisclosed2023-12-06N/A Undisclosed InvestorsFinanceInsuranceHealth Insurance4.4%5

203、Layr$10MSeries A2023-10-25N/ACota Capital,Flyover Capital,HSCM Ventures,Sandbox Industries,K FundInternetInternet Software&ServicesAccounting&Finance3.4%Philadelphia141Quarterly funding&deals142State of Venture|Geographic Trends|Philadelphia$0.3B$0.3B$1.4B$0.4B$0.2B$0.4B$0.9B$0.8B$1.9B$2.2B$1.5B$1.7

204、B$1.7B$0.9B$0.7B$0.7B$0.2B$0.3B$1.1BFunding$0.4B62615446464480511159193105149108139113135114110Deals87020406080100120140160180$0.0B$0.5B$1.0B$1.5B$2.0B$2.5BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Annual percent of deals by deal stage143State of Venture|Geographic Trends|Philadelp

205、hia61%61%71%75%Early-stage,77%10%10%7%6%Mid-stage,5%10%6%Late-stage,2%18%23%17%15%Other,16%20192020202120222023Philadelphia:Top equity deals in Q423144State of Venture|Geographic Trends|PhiladelphiaCompanyRound AmountRoundDateRound Valuation Select InvestorsSectorIndustrySubindustry%of Total Funding

206、1Second Front Systems$40MSeries B2023-11-28N/ANew Enterprise Associates,AE Industrial Partners,Moore Strategic VenturesInternetInternet Software&ServicesMonitoring&Security10.4%2Vivodyne$38MSeed VC2023-11-22N/AKhosla Ventures,Kairos Ventures,Bison Ventures,CS Ventures,MBX CapitalHealthcareBiotechnol

207、ogyN/A9.9%3Puzzle$31MSeries B2023-11-29N/A General CatalystInternetInternet Software&ServicesAccounting&Finance7.9%4Brella Insurance$29MSeries B2023-11-27N/APlug and Play Ventures,Two Sigma VenturesInternetInternet Software&ServicesAccounting&Finance7.4%5Burro$24MSeries B2023-12-27N/A S2G Ventures,T

208、ransLink CapitalIndustrialsMachinery&EquipmentRobotics6.2%Canada Trends145Annual funding&deals146State of Venture|Geographic Trends|Canada Trends$4.5B$3.0B$11.3B$9.3BFunding$5.7B758730998905Deals64702004006008001,0001,2001,400$0.0B$2.0B$4.0B$6.0B$8.0B$10.0B$12.0B20192020202120222023Quarterly funding

209、&deals147State of Venture|Geographic Trends|Canada Trends$0.8B$1.0B$1.1B$1.5B$0.8B$0.9B$0.8B$0.5B$1.9B$4.0B$2.8B$2.5B$4.3B$2.1B$0.9B$2.0B$1.5B$2.1B$1.0BFunding$1.2B201190187180196187181166254247243254310225183187204164153Deals126050100150200250300$0.0B$0.5B$1.0B$1.5B$2.0B$2.5B$3.0B$3.5B$4.0B$4.5B$5.

210、0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Annual percent of deals by deal stage148State of Venture|Geographic Trends|Canada Trends67%63%67%73%Early-stage,69%8%7%9%7%Mid-stage,10%10%9%12%7%Late-stage,7%14%20%13%12%Other,14%20192020202120222023Canada:Top equity deals in Q423149Stat

211、e of Venture|Geographic Trends|Canada TrendsCompanyRound AmountRoundDateRound ValuationSelect InvestorsSectorIndustrySubindustry%of Total Funding1Entropy$150MUndisclosed2023-12-20N/A Canada Growth FundEnergy&UtilitiesRenewablesOther Renewables13.0%2Photonic$100MSeries A2023-11-08N/AAmadeus Capital P

212、artners,British Columbia Investment Management Corporation,Inovia Capital,M12,National Security Strategic Investment FundComputer Hardware&ServicesSpecialty Computer HardwareN/A8.7%3KOHO$63MSeries D2023-12-07$589M TTV Capital,BDC Capital,Drive Capital,Eldridge,HOOPPMobile&TelecommunicationsMobile So

213、ftware&ServicesAccounting&Finance5.5%4Clearco$60MSeries D2023-10-04N/A Inovia Capital,Founders Circle CapitalInternetInternet Software&ServicesAccounting&Finance5.2%5ContactMonkey$55MSeries A2023-12-07N/A Updata PartnersInternetInternet Software&ServicesEmail4.8%6Procurify$50MSeries C2023-10-17N/ATe

214、n Coves Capital,HarbourVest Partners,Information Venture Partners,Export Development CanadaInternetInternet Software&ServicesBilling,Expense Management&Procurement4.3%6SMT Intelligence$50MUndisclosed2023-11-03N/A Fonds de Solidarite FTQElectronicsElectronic Manufacturing ServicesN/A4.3%8DeepSky$42MS

215、eries A2023-11-16N/ABrightspark Ventures,Whitecap Venture Partners,Investissement Quebec,BDC Capital,OMERS VenturesEnvironmental Services&EquipmentRemediation&Environmental CleanupN/A3.6%9Wellington-Altus$40MUndisclosed2023-12-07N/A The Cynosure GroupFinanceAsset/Financial ManagementN/A3.5%10Fareneg

216、otiator$36MUndisclosed2023-11-09N/A Undisclosed InvestorsInternetE-CommerceTravel(internet)3.2%Annual exits150State of Venture|Geographic Trends|Canada Trends25IPO,11380M&A,2727SPAC,120192020202120222023Quarterly exits151State of Venture|Geographic Trends|Canada Trends3322IPO,471776960M&A,661SPAC,0Q

217、1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Canada:Top investors by company count in Q423152State of Venture|Geographic Trends|Canada TrendsInvestorCompany Count Investor Group1BDC Capital9VC2Inovia Capital8VC3Portage4VC3Relay Ventures4VC5Graphite Ventures3VC5Information Venture Partn

218、ers3VC5Scale Good Fund3VC5TELUS Pollinator Fund for Good3CVC5TELUS Ventures3CVC5inBC3Asset/investment managementToronto153Quarterly funding&deals154State of Venture|Geographic Trends|Toronto$0.4B$0.2B$0.4B$0.4B$0.3B$0.1B$0.2B$0.1B$0.6B$1.5B$1.2B$0.7B$1.8B$0.7B$0.2B$0.5B$0.4B$0.9B$0.3BFunding$0.3B745

219、562386857565191927881115785756616457Deals33020406080100120$0.0B$0.2B$0.4B$0.6B$0.8B$1.0B$1.2B$1.4B$1.6B$1.8B$2.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Annual percent of deals by deal stage155State of Venture|Geographic Trends|Toronto73%75%74%78%Early-stage,74%9%6%9%7%Mid-stage,

220、11%9%6%9%5%Late-stage,7%9%13%8%10%Other,8%20192020202120222023Toronto:Top equity deals in Q423156State of Venture|Geographic Trends|TorontoCompanyRound AmountRoundDateRound ValuationSelect InvestorsSectorIndustrySubindustry%of Total Funding1KOHO$63MSeries D2023-12-07$589MTTV Capital,BDC Capital,Driv

221、e Capital,Eldridge,HOOPPMobile&TelecommunicationsMobile Software&ServicesAccounting&Finance20.8%2Clearco$60MSeries D2023-10-04N/A Inovia Capital,Founders Circle CapitalInternetInternet Software&ServicesAccounting&Finance19.8%3ContactMonkey$55MSeries A2023-12-07N/A Updata PartnersInternetInternet Sof

222、tware&ServicesEmail18.1%4Arteria AI$30MSeries B2023-10-26N/AGGV Capital,BDC Capital,Citi SPRINT,Illuminate Financial Management,Information Venture PartnersInternetInternet Software&ServicesLegal9.9%5CentML$27MSeed VC2023-10-25N/AGradient Ventures,Deloitte Ventures,NVIDIA,Thomson Reuters Ventures,Mi

223、sha BilenkoSoftware(non-internet/mobile)Application&Data Integration SoftwareN/A8.9%Asia Trends157Annual funding&deals158State of Venture|Geographic Trends|Asia Trends$73.7B$89.7B$177.7B$105.7BFunding$53.4B10,15810,04314,82214,871Deals8,79002,0004,0006,0008,00010,00012,00014,00016,00018,000$0.0B$20.

224、0B$40.0B$60.0B$80.0B$100.0B$120.0B$140.0B$160.0B$180.0B$200.0B20192020202120222023Quarterly funding&deals159State of Venture|Geographic Trends|Asia Trends$21.3B$17.5B$18.6B$16.4B$17.0B$15.0B$24.8B$32.8B$36.9B$37.0B$50.9B$52.8B$35.8B$29.0B$24.4B$16.5B$12.4B$13.5B$15.3BFunding$12.3B2,5712,3582,5842,64

225、52,1862,2632,7022,8923,1293,2864,4034,0044,3293,9603,5353,0472,5912,1292,064Deals2,00605001,0001,5002,0002,5003,0003,5004,0004,5005,000$0.0B$10.0B$20.0B$30.0B$40.0B$50.0B$60.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Annual percent of deals by deal stage160State of Venture|Geograp

226、hic Trends|Asia Trends68%64%68%73%Early-stage,70%15%16%17%15%Mid-stage,15%12%12%11%9%Late-stage,9%5%7%Other,6%20192020202120222023Asia:Top equity deals in Q423161State of Venture|Geographic Trends|Asia TrendsCompanyRound AmountRoundDateRound ValuationSelect InvestorsCountrySectorIndustrySubindustry%

227、of Total Funding1Envision Group$1.0BSeries B2023-10-30N/A Undisclosed InvestorsChinaEnergy&UtilitiesRenewablesInfrastructure8.1%2OMS Group$400MPrivate Equity2023-10-30N/A KKRMalaysiaMobile&TelecommunicationsTelecom Devices&EquipmentTelecom Equipment Distribution&Maintenance3.3%3Tamara$340MSeries C20

228、23-12-18$1.0BSNB Capital,Sanabil Investments,C,Coatue,EndeavorSaudi ArabiaMobile&TelecommunicationsMobile Software&ServicesPayments2.8%3Udaan$340MSeries E2023-12-14N/AM&G Investments,DST Global,Lightspeed Venture PartnersIndiaInternetE-CommerceB2B Commerce2.8%5Alpheya$300MUndisclosed2023-11-21N/A BN

229、Y Mellon,LunateUnited Arab EmiratesInternetInternet Software&ServicesAsset&Financial Management&Trading2.4%5Baichuan AI$300MSeries A2023-10-17$1.0B Alibaba Cloud,Shunwei Capital,Tencent,XiaomiChinaInternetInternet Software&ServicesContent Management2.4%7Huasun$275MSeries C2023-11-15N/AChina Green De

230、velopment,Bank of China Asset Management,China Post Life Insurance,China Xinxing Asset Management,Wuxi Guolian Financial Investment QiyuanChinaEnergy&UtilitiesRenewablesSolar2.2%8Investree$231MSeries D2023-10-04N/A JTA Holding,SBI GroupIndonesiaInternetE-CommerceMarketplace1.9%9Synlight Crystal$212M

231、Series F2023-12-04N/AChina Development Bank,Shenzhen Capital Group,Hunan Hi-Tech Venture Capital Group,Hebei Industrial InvestmentChinaElectronicsChips&SemiconductorsSemiconductors:Components1.7%10Tabby$200MSeries D2023-11-01$1.5BWellington Management Company,Arbor Ventures,Mubadala Capital,PayPal V

232、entures,Peak XV PartnersSaudi ArabiaMobile&TelecommunicationsMobile Software&ServicesPayments1.6%Annual exits162State of Venture|Geographic Trends|Asia Trends534IPO,304941M&A,9907SPAC,1220192020202120222023Quarterly exits163State of Venture|Geographic Trends|Asia Trends134568293IPO,73163235232247M&A

233、,2762125SPAC,4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Asia:Top investors by company count in Q423164State of Venture|Geographic Trends|Asia TrendsInvestorCompany Count Investor GroupCountry1Antler22VCSingapore1Mitsubishi UFJ Capital22CVCJapan3SMBC Venture Capital18CVCJapan4Global

234、 Brain17VCJapan5Mizuho Capital15CVCJapan6East Ventures14VCSingapore6Peak XV Partners14VCIndia8ANRI12VCJapan8Addor Capital12VCChina10KB Investment11CVCSouth Korea10Tencent11CorpChinaChina165Quarterly funding&deals166State of Venture|Geographic Trends|China$11.9B$10.6B$10.7B$7.9B$8.3B$8.7B$17.8B$25.2B

235、$25.6B$18.8B$27.7B$28.0B$13.4B$11.5B$14.8B$7.7B$6.1B$7.2B$8.5BFunding$5.6B1,4141,2501,3171,3709391,2021,5001,7041,6871,6882,6151,9162,0841,9831,7161,6561,325813832Deals76905001,0001,5002,0002,500$0.0B$5.0B$10.0B$15.0B$20.0B$25.0B$30.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Annua

236、l percent of deals by deal stage167State of Venture|Geographic Trends|China66%56%62%72%Early-stage,67%17%21%22%20%Mid-stage,22%10%13%11%7%Late-stage,7%7%10%Other,3%20192020202120222023China:Top equity deals in Q423168State of Venture|Geographic Trends|ChinaCompanyRound AmountRoundDateRound Valuation

237、 Select InvestorsSectorIndustrySubindustry%of Total Funding1Envision Group$1.0BSeries B2023-10-30N/A Undisclosed InvestorsEnergy&UtilitiesRenewablesInfrastructure17.7%2Baichuan AI$300MSeries A2023-10-17$1.0B Alibaba Cloud,Shunwei Capital,Tencent,XiaomiInternetInternet Software&ServicesContent Manage

238、ment5.3%3Huasun$275MSeries C2023-11-15N/AChina Green Development,Bank of China Asset Management,China Post Life Insurance,China Xinxing Asset Management,Wuxi Guolian Financial Investment QiyuanEnergy&UtilitiesRenewablesSolar4.9%4Synlight Crystal$212MSeries F2023-12-04N/AChina Development Bank,Shenzh

239、en Capital Group,Hunan Hi-Tech Venture Capital Group,Hebei Industrial InvestmentElectronicsChips&SemiconductorsSemiconductors:Components3.8%5Galactic Energy$155MSeries C2023-12-18N/AJintuo Capital,Bengbu Zhongcheng,Founder Hesheng Investment,Langfang LinkongIndustrialsAerospace&DefenseCommercial Air

240、craft Manufacturing2.7%India169Quarterly funding&deals170State of Venture|Geographic Trends|India$3.3B$2.5B$3.2B$4.3B$3.7B$0.9B$3.3B$3.1B$4.2B$6.2B$10.0B$10.2B$8.1B$6.9B$2.9B$2.7B$2.1B$1.5B$1.7BFunding$2.0B254307313311336219306307365365567553591455417339300280242Deals2540100200300400500600700$0.0B$2

241、.0B$4.0B$6.0B$8.0B$10.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Annual percent of deals by deal stage171State of Venture|Geographic Trends|India68%72%75%75%Early-stage,78%13%12%10%9%Mid-stage,7%14%12%12%12%Late-stage,9%Other,6%20192020202120222023India:Top equity deals in Q423172

242、State of Venture|Geographic Trends|IndiaCompanyRound AmountRoundDateRound Valuation Select InvestorsSectorIndustrySubindustry%of Total Funding1Udaan$340MSeries E2023-12-14N/AM&G Investments,DST Global,Lightspeed Venture PartnersInternetE-CommerceB2B Commerce17.3%2Zetwerk$118MSeries F2023-10-18$2.7BA

243、venir Growth Capital,D1 Capital Partners,Greenoaks Capital Management,Steadview Capital,Footpath VenturesInternetE-CommerceB2B Commerce6.0%3Xpressbees$80MUndisclosed2023-11-07$1.4B Ontario TeachersInternetInternet Software&ServicesSupply Chain&Logistics4.1%4Kitchens$65MSeries C2023-12-22N/A FinNest

244、GroupFood&BeveragesFood ServiceN/A3.3%5InCred$60MSeries D2023-11-09$1.0B Salarpuria Sattva Group,Varanium CapitalFinanceLendingCommercial3.1%5InsuranceDekho$60MSeries B2023-10-11$700MMitsubishi UFJ Financial Group,Avataar Venture Partners,Goldman Sachs Asset Management,TVS Capital,Beams Fintech Fund

245、InternetInternet Software&ServicesAccounting&Finance3.1%Singapore173Quarterly funding&deals174State of Venture|Geographic Trends|Singapore$2.3B$0.9B$0.8B$0.4B$1.4B$1.2B$0.7B$0.7B$0.7B$2.7B$2.6B$2.5B$2.7B$2.4B$0.8B$1.4B$1.1B$0.9B$1.1BFunding$0.7B1129614010110398110110153146164192217170157123137133112

246、Deals89050100150200$0.0B$0.5B$1.0B$1.5B$2.0B$2.5B$3.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Annual percent of deals by deal stage175State of Venture|Geographic Trends|Singapore74%82%81%83%Early-stage,79%10%6%9%8%Mid-stage,8%10%7%6%7%Late-stage,7%6%5%Other,7%20192020202120222023

247、Singapore:Top equity deals in Q423176State of Venture|Geographic Trends|SingaporeCompanyRound AmountRoundDateRound ValuationSelect InvestorsSectorIndustrySubindustry%of Total Funding1Silicon Box$139MSeries B2023-12-11N/A Undisclosed InvestorsElectronicsChips&SemiconductorsSemiconductors:Integrated C

248、ircuits20.9%2YouTrip$50MSeries B2023-10-26N/A LightspeedMobile&TelecommunicationsMobile Software&ServicesPayments7.5%3Doctor Anywhere$41MSeries C2023-12-06N/ANovo Holdings,Square Peg VenturesInternetInternet Software&ServicesHealthcare6.1%4Igloo$36MSeries B2023-12-04N/AEurazeo,La Maison,Openspace Ve

249、nturesInternetInternet Software&ServicesAccounting&Finance5.4%5Blue Planet Environmental Solutions$35MSeries C2023-12-18N/A IFUEnvironmental Services&EquipmentHazardous Waste ServicesN/A5.3%Japan177Quarterly funding&deals178State of Venture|Geographic Trends|Japan$0.5B$0.7B$1.1B$1.0B$0.9B$0.7B$0.9B$

250、0.8B$1.7B$1.6B$1.6B$1.1B$1.1B$1.2B$1.3B$0.8B$0.8B$0.8B$0.9BFunding$0.8B307270290294253258256178211250234334351370400302313348339Deals361050100150200250300350400450500$0.0B$0.2B$0.4B$0.6B$0.8B$1.0B$1.2B$1.4B$1.6B$1.8B$2.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Annual percent of d

251、eals by deal stage179State of Venture|Geographic Trends|Japan58%54%59%58%Early-stage,58%14%19%16%15%Mid-stage,14%24%22%18%17%Late-stage,20%5%7%9%Other,9%20192020202120222023Japan:Top equity deals in Q423180State of Venture|Geographic Trends|JapanCompanyRound AmountRoundDateRound ValuationSelect Inve

252、storsSectorIndustrySubindustry%of Total Funding1SODA$72MCorporate Minority2023-10-04$164M KREAMInternetE-CommerceMarketplace9.4%2ELIIY Power$66MCorporate Minority2023-11-17N/A Suzuki MotorElectronicsElectrical Product DistributionPower Generation&Storage8.7%3Axelspace$43MSeries D2023-12-21N/AGlobal

253、Brain,SMBC Venture Capital,Seibu Shinkin Capital,Epson X Investment,Keio Innovation InitiativeIndustrialsAerospace&DefenseN/A5.7%4Knowledge Work$31MSeries B2023-11-29N/AGlobis Capital Partners,World Innovation Lab,for Startups CapitalInternetInternet Software&ServicesCustomer Relationship Management

254、4.0%5MICIN$27MSeries C2023-10-05N/AMTG Ventures,Toho Holdings Co.Ltd.,World Innovation Lab,Alfresa Holdings CorporationInternetInternet Software&ServicesHealthcare3.5%Europe Trends181Annual funding&deals182State of Venture|Geographic Trends|Europe Trends$43.1B$43.3B$108.0B$88.4BFunding$48.4B6,6776,6

255、918,5859,088Deals6,92502,0004,0006,0008,00010,00012,000$0.0B$20.0B$40.0B$60.0B$80.0B$100.0B$120.0B20192020202120222023Quarterly funding&deals183State of Venture|Geographic Trends|Europe Trends$10.9B$11.6B$10.3B$10.3B$9.1B$9.1B$12.0B$13.2B$23.3B$31.9B$26.3B$26.6B$31.3B$26.7B$17.5B$12.9B$11.7B$11.4B$1

256、4.6BFunding$10.8B1,8141,6731,5471,6431,7701,5611,5691,7912,2512,1741,9212,2392,6962,3212,0392,0322,0221,7861,601Deals1,51605001,0001,5002,0002,5003,000$0.0B$5.0B$10.0B$15.0B$20.0B$25.0B$30.0B$35.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Annual percent of deals by deal stage184Sta

257、te of Venture|Geographic Trends|Europe Trends71%71%71%74%Early-stage,73%8%9%10%8%Mid-stage,7%12%11%11%10%Late-stage,10%9%9%8%9%Other,10%20192020202120222023Europe:Top equity deals in Q423185State of Venture|Geographic Trends|Europe TrendsCompanyRound AmountRoundDateRound ValuationSelect InvestorsCou

258、ntrySectorIndustrySubindustry%of Total Funding1Aleph Alpha$500MSeries B2023-11-06N/AInnovation Park Artificial Intelligence,Robert Bosch Venture Capital,Schwarz Group,Burda Principal Investments,Christ&Company ConsultingGermanyInternetInternet Software&ServicesBusiness Intelligence,Analytics&Perform

259、ance Mgmt4.6%2Mistral AI$415MSeries A2023-12-10$2.0BAndreessen Horowitz,General Catalyst,Lightspeed Venture PartnersFranceSoftware(non-internet/mobile)Application&Data Integration SoftwareN/A3.8%3SumUp$307MSeries F2023-12-11N/ASixth Street Growth,Bain Capital Tech Opportunities,Fin Capital,Liquidity

260、United KingdomInternetInternet Software&ServicesPayments2.8%4TOPdesk$216MPrivate Equity2023-12-12N/A CVC Capital PartnersNetherlandsSoftware(non-internet/mobile)Customer Relationship Management SoftwareN/A2.0%5PragmatIC$206MSeries D2023-12-06N/AM&G Investments,UK Infrastructure Bank,British Patient

261、Capital,Cambridge Innovation Capital,Prosperity7 VenturesUnited KingdomElectronicsChips&SemiconductorsSemiconductors:Integrated Circuits1.9%6Castore$184MVenture Capital2023-11-29$1.2B Raine,Felix Capital,Hanaco VenturesUnited KingdomInternetE-CommerceApparel&Accessories1.7%7Northvolt$150MConvertible

262、 Note2023-11-16N/A Caisse de depot et placement du QuebecSwedenElectronicsElectrical Product DistributionPower Generation&Storage1.4%7Urbanic$150MSeries C2023-11-15N/AD1 Capital Partners,Jam Fund,Mirabaud Asset ManagementUnited KingdomInternetE-CommerceApparel&Accessories1.4%9VectoryTx Therapeutics$

263、138MSeries A2023-11-13N/AEQT Life Sciences,Forbion,Insight Partners,BioGeneration Ventures,ALS Investment FundNetherlandsHealthcareBiotechnologyN/A1.3%10Blockchain$110MSeries E2023-11-14$7.0BKingsway Capital Partners,Lightspeed Venture Partners,Baillie Gifford,Google Ventures,LakestarUnited KingdomI

264、nternetInternet Software&ServicesAsset&Financial Management&Trading1.0%Annual exits186State of Venture|Geographic Trends|Europe Trends86IPO,434,037M&A,3,37819SPAC,720192020202120222023Quarterly exits187State of Venture|Geographic Trends|Europe Trends1114712IPO,10899918862763M&A,8356211SPAC,3Q1Q2Q3Q4

265、Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Europe:Top investors by company count in Q423188State of Venture|Geographic Trends|Europe TrendsInvestorCompany Count Investor GroupCountry1Bpifrance28Asset/investment managementFrance2Kima Ventures18AngelFrance3CDP Venture Capital15VCItaly4Speedin

266、vest14VCAustria5Denmarks Export and Investment Fund12Asset/investment managementDenmark5Eight Roads Ventures12VCUnited Kingdom7Index Ventures11VCUnited Kingdom8Bayern Kapital10VCGermany8High-Tech Grunderfonds10VCGermany10HV Capital9VCGermany10Seedcamp9VCUnited KingdomUnited Kingdom189Quarterly fundi

267、ng&deals190State of Venture|Geographic Trends|United Kingdom$3.9B$3.9B$3.1B$3.1B$3.3B$2.4B$3.5B$4.2B$6.6B$7.5B$8.2B$8.2B$10.4B$7.6B$3.8B$3.6B$3.2B$3.2B$3.1BFunding$2.8B444416382395468373397458620547531570721608509511488453434Deals3340100200300400500600700800$0.0B$2.0B$4.0B$6.0B$8.0B$10.0B$12.0BQ1Q2Q

268、3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Annual percent of deals by deal stage191State of Venture|Geographic Trends|United Kingdom68%68%70%72%Early-stage,71%8%8%9%8%Mid-stage,7%14%12%13%10%Late-stage,11%9%11%8%10%Other,11%20192020202120222023United Kingdom:Top equity deals in Q423192St

269、ate of Venture|Geographic Trends|United KingdomCompanyRound AmountRoundDateRound ValuationSelect InvestorsSectorIndustrySubindustry%of Total Funding1SumUp$307MSeries F2023-12-11N/ASixth Street Growth,Bain Capital Tech Opportunities,Fin Capital,LiquidityInternetInternet Software&ServicesPayments11.0%

270、2PragmatIC$206MSeries D2023-12-06N/AM&G Investments,UK Infrastructure Bank,British Patient Capital,Cambridge Innovation Capital,Prosperity7 VenturesElectronicsChips&SemiconductorsSemiconductors:Integrated Circuits7.4%3Castore$184MVenture Capital2023-11-29$1.2B Raine,Felix Capital,Hanaco VenturesInte

271、rnetE-CommerceApparel&Accessories6.6%4Urbanic$150MSeries C2023-11-15N/AD1 Capital Partners,Jam Fund,Mirabaud Asset ManagementInternetE-CommerceApparel&Accessories5.4%5Blockchain$110MSeries E2023-11-14$7.0BKingsway Capital Partners,Lightspeed Venture Partners,Baillie Gifford,Google Ventures,LakestarI

272、nternetInternet Software&ServicesAsset&Financial Management&Trading3.9%Germany193Quarterly funding&deals194State of Venture|Geographic Trends|Germany$1.2B$1.3B$2.2B$1.2B$1.0B$1.4B$1.6B$1.8B$2.8B$5.0B$3.0B$6.0B$3.0B$3.5B$1.4B$1.7B$1.8B$2.1B$1.4BFunding$1.6B19819019620419316216619127822321725028123924

273、7204226221211Deals187050100150200250300350$0.0B$1.0B$2.0B$3.0B$4.0B$5.0B$6.0B$7.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Annual percent of deals by deal stage195State of Venture|Geographic Trends|Germany70%69%69%76%Early-stage,78%11%13%14%9%Mid-stage,8%14%13%13%11%Late-stage,9%6

274、%6%Other,4%20192020202120222023Germany:Top equity deals in Q423196State of Venture|Geographic Trends|GermanyCompanyRound AmountRoundDateRound ValuationSelect InvestorsSectorIndustrySubindustry%of Total Funding1Aleph Alpha$500MSeries B2023-11-06N/AInnovation Park Artificial Intelligence,Robert Bosch

275、Venture Capital,Schwarz Group,Burda Principal Investments,Christ&Company ConsultingInternetInternet Software&ServicesBusiness Intelligence,Analytics&Performance Mgmt30.6%2CMblu Energy$107MCorporate Minority2023-10-24N/A STRABAGElectronicsElectrical Product DistributionPower Generation&Storage6.5%3Ur

276、ban Sports Club$104MSeries B2023-12-14N/A Verdane Capital,HV Capital,ProSiebenSat.1Mobile&TelecommunicationsMobile Software&ServicesHealth&Wellness6.4%4Sport Alliance$100MGrowth Equity2023-11-27N/A PSGInternetInternet Software&ServicesCollaboration&Project Management6.1%5Quantum Systems$67MSeries B2

277、023-10-24N/ADTCP,HV Capital,Bayern Kapital,Project A Ventures,Airbus VenturesIndustrialsAerospace&DefenseParts Manufacturing&Distribution4.1%France197Quarterly funding&deals198State of Venture|Geographic Trends|France$1.5B$1.5B$0.9B$1.0B$1.5B$1.2B$1.2B$1.2B$2.9B$3.9B$3.8B$2.5B$4.9B$3.6B$2.3B$1.9B$1.

278、9B$1.8B$2.5BFunding$1.9B240214187220226186157170253247195261323298206250267259196Deals227050100150200250300350400$0.0B$1.0B$2.0B$3.0B$4.0B$5.0B$6.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Annual percent of deals by deal stage199State of Venture|Geographic Trends|France69%72%71%72

279、%Early-stage,72%8%8%8%7%Mid-stage,9%10%10%11%12%Late-stage,10%12%10%11%8%Other,10%20192020202120222023France:Top equity deals in Q423200State of Venture|Geographic Trends|FranceCompanyRound AmountRoundDateRound ValuationSelect InvestorsSectorIndustrySubindustry%of Total Funding1Mistral AI$415MSeries

280、 A2023-12-10$2.0BAndreessen Horowitz,General Catalyst,Lightspeed Venture PartnersSoftware(non-internet/mobile)Application&Data Integration SoftwareN/A22.1%2Braincube$91MSeries B2023-11-29N/A Bpifrance,Scottish Equity PartnersInternetInternet Software&ServicesBusiness Intelligence,Analytics&Performan

281、ce Mgmt4.8%3Akuo Energy$74MUndisclosed2023-12-13N/A ICG InfraEnergy&UtilitiesRenewablesInfrastructure4.0%4Neolithe$65MSeries B2023-12-06N/ACredit Mutuel Impact,Otium Capital,RGreen Invest,Tivoli CapitalEnvironmental Services&EquipmentSolid WasteN/A3.4%5EODev$50MSeries B2023-11-15N/ATiLT Capital Part

282、ners,CapHorn Invest,Pulse,Supernova InvestEnergy&UtilitiesRenewablesHydrogen/Fuel Cell2.7%Israel201Quarterly funding&deals202State of Venture|Geographic Trends|Israel$1.0B$0.7B$1.0B$1.4B$0.8B$1.1B$0.9B$1.3B$1.7B$2.1B$2.3B$3.4B$3.0B$2.3B$2.1B$1.1B$1.0B$1.0B$1.3BFunding$0.5B113789286941079410512713196

283、1541711411161031138678Deals43020406080100120140160180$0.0B$0.5B$1.0B$1.5B$2.0B$2.5B$3.0B$3.5B$4.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Annual percent of deals by deal stage203State of Venture|Geographic Trends|Israel67%66%63%72%Early-stage,76%18%19%22%16%Mid-stage,15%11%11%9%9

284、%Late-stage,8%6%Other,2%20192020202120222023Israel:Top equity deals in Q423204State of Venture|Geographic Trends|IsraelCompanyRound AmountRoundDateRound ValuationSelect InvestorsSectorIndustrySubindustry%of Total Funding1AI21 Labs$53MSeries C2023-11-21$1.4B Comcast Ventures,Intel CapitalSoftware(non

285、-internet/mobile)Business Intelligence,Analytics&Performance Mgmt SoftwareN/A11.6%2Foretellix$42MSeries C2023-12-05N/ANext Gear Ventures,ISUZU Motors,OurCrowd First,TemasekSoftware(non-internet/mobile)TestingN/A9.2%3Dream Security$35MSeries A2023-11-21$200M Aleph,Group 11,Assaf RapaportInternetInter

286、net Software&ServicesMonitoring&Security7.6%4Vulcan Cyber$34MSeries B2023-11-15N/AMaor Investments,Ten Eleven Ventures,Dawn Capital,Wipro VenturesInternetInternet Software&ServicesMonitoring&Security7.4%5Blockaid$33MSeries A2023-10-23N/ABessemer Venture Partners,Ribbit Capital,Variant Equity,Greyloc

287、k Partners,Sequoia CapitalInternetInternet Software&ServicesMonitoring&Security7.2%Netherlands205Quarterly funding&deals206State of Venture|Geographic Trends|Netherlands$0.3B$0.2B$0.4B$0.4B$0.3B$0.2B$0.6B$0.7B$1.1B$2.3B$2.3B$0.8B$0.9B$1.5B$0.5B$0.4B$0.6B$0.3B$0.5BFunding$0.9B766862607561645988968810

288、213212611710210510683Deals112020406080100120140160$0.0B$0.5B$1.0B$1.5B$2.0B$2.5BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Annual percent of deals by deal stage207State of Venture|Geographic Trends|Netherlands69%64%63%72%Early-stage,75%6%12%11%6%Mid-stage,6%12%8%14%11%Late-stage,8%1

289、3%15%12%11%Other,11%20192020202120222023Netherlands:Top equity deals in Q423208State of Venture|Geographic Trends|NetherlandsCompanyRound AmountRoundDateRound ValuationSelect InvestorsSectorIndustrySubindustry%of Total Funding1TOPdesk$216MPrivate Equity2023-12-12N/A CVC Capital PartnersSoftware(non-

290、internet/mobile)Customer Relationship Management SoftwareN/A24.5%2VectoryTx Therapeutics$138MSeries A2023-11-13N/AEQT Life Sciences,Forbion,Insight Partners,BioGeneration Ventures,ALS Investment FundHealthcareBiotechnologyN/A15.7%3SecureW2$80MGrowth Equity2023-10-18N/A Insight PartnersComputer Hardw

291、are&ServicesComputer Networking EquipmentNetwork Security Hardware9.1%4Kynexis$61MSeries A2023-11-07N/AForbion,Sunstone Capital,Ysios Capital PartnersHealthcareBiotechnologyN/A6.9%5Raxio Group$46MSeries B2023-10-25N/A Meridiam,Roha GroupComputer Hardware&ServicesIT ServicesData Storage&Security5.2%S

292、weden209Quarterly funding&deals210State of Venture|Geographic Trends|Sweden$0.5B$1.2B$0.8B$0.4B$0.8B$0.3B$1.7B$0.6B$2.7B$4.6B$0.9B$0.7B$0.9B$1.3B$2.4B$0.6B$0.3B$0.3B$3.1BFunding$0.5B108131939013010190111156172150121131130124120976761Deals56020406080100120140160180$0.0B$0.5B$1.0B$1.5B$2.0B$2.5B$3.0B$

293、3.5B$4.0B$4.5B$5.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Annual percent of deals by deal stage211State of Venture|Geographic Trends|Sweden73%74%66%73%Early-stage,67%9%8%13%10%Mid-stage,10%8%8%8%7%Late-stage,10%10%10%14%10%Other,14%20192020202120222023Sweden:Top equity deals in

294、Q423212State of Venture|Geographic Trends|SwedenCompanyRound AmountRoundDateRound ValuationSelect InvestorsSectorIndustrySubindustry%of Total Funding1Northvolt$150MConvertible Note2023-11-16N/A Caisse de depot et placement du QuebecElectronicsElectrical Product DistributionPower Generation&Storage33

295、.3%2Aira$92MSeries B2023-10-18N/AAltor Capital,Collaborative Fund,Creades,Lingotto Investment ManagementEnergy&UtilitiesEnergy EfficiencyN/A20.4%3Brite$60MSeries B2023-10-04N/A Dawn Capital,Headline,Incore SoftwareMobile&TelecommunicationsMobile Software&ServicesPayments13.3%4Matsmart-Motatos$44MSer

296、ies D2023-11-20N/A Circularity Capital,SevenVenturesInternetE-CommerceFood&Grocery9.7%5Lassie$25MSeries B2023-11-28N/ABalderton Capital,Felix Capital,Inventure,Passion Capital,Philian InvestMobile&TelecommunicationsMobile Software&ServicesAccounting&Finance5.5%LatAm Trends213Annual funding&deals214S

297、tate of Venture|Geographic Trends|LatAm Trends$4.9B$5.7B$18.9B$7.5BFunding$3.3B7437831,3131,413Deals81902004006008001,0001,2001,4001,6001,800$0.0B$2.0B$4.0B$6.0B$8.0B$10.0B$12.0B$14.0B$16.0B$18.0B$20.0B20192020202120222023Quarterly funding&deals215State of Venture|Geographic Trends|LatAm Trends$0.5B

298、$1.8B$1.7B$0.9B$0.8B$1.2B$1.7B$2.0B$2.4B$7.1B$5.6B$3.8B$2.7B$2.3B$1.2B$1.3B$0.6B$0.6B$1.2BFunding$0.8B186158198201230144202207326268361358445340340288266225188Deals140050100150200250300350400450500$0.0B$1.0B$2.0B$3.0B$4.0B$5.0B$6.0B$7.0B$8.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4201920202021202220

299、23Annual percent of deals by deal stage216State of Venture|Geographic Trends|LatAm Trends76%80%77%81%Early-stage,83%6%8%Mid-stage,4%11%7%9%7%Late-stage,5%6%7%6%7%Other,8%20192020202120222023LatAm:Top equity deals in Q423217State of Venture|Geographic Trends|LatAm TrendsCompanyRound AmountRoundDateRo

300、und ValuationSelect InvestorsCountrySectorIndustrySubindustry%of Total Funding1QI Tech$200MSeries B2023-10-31$1.0B General Atlantic,Across CapitalBrazilInternetInternet Software&ServicesAccounting&Finance25.2%2JusBrasil$86MSeries D2023-10-30N/A Warburg PincusBrazilInternetInternet Software&ServicesI

301、nformation Providers&Portals10.9%3Kapital$40MSeries B2023-12-14N/ATribe Capital,MS&AD Ventures,Alumni Ventures,Cervin Ventures,Tru Arrow PartnersMexicoInternetInternet Software&ServicesAccounting&Finance5.0%3galgo$40MSeries B2023-10-10N/ANAZCA,Kayyak Ventures,Amarena,Auteco,Buena Vista CapitalChileF

302、inanceLendingConsumer5.0%5LogComex$33MSeries B2023-11-17N/ARiverwood Capital,Alexia Ventures,Caravela Capital,Endeavor,Igah VenturesBrazilInternetInternet Software&ServicesSupply Chain&Logistics4.1%6Vammo$30MSeries A2023-12-11N/A Monashees+,2150BrazilEnergy&UtilitiesEnergy StorageN/A3.8%7Zubale$25MS

303、eries A2023-11-30N/A QED Investors,Kevin Efrusy,NFX,GaingelsMexicoInternetE-CommerceE-Commerce Enablement3.2%8Bionexo$20MGrowth Equity2023-10-20N/A Bain Capital Tech OpportunitiesBrazilInternetInternet Software&ServicesHealthcare2.5%8Finkargo$20MSeries A2023-11-06N/AQED Investors,Flybridge Capital P

304、artners,Maya Capital,ONEVC,Quona CapitalColombiaInternetInternet Software&ServicesSupply Chain&Logistics2.5%10Bia$17MSeries A2023-10-09N/AKaszek Ventures,NAZCA,EWA Capital,WildSur InversionesColombiaMobile&TelecommunicationsMobile Software&ServicesEnvironment2.1%Annual exits218State of Venture|Geogr

305、aphic Trends|LatAm Trends3IPO,1442M&A,326SPAC,020192020202120222023Quarterly exits219State of Venture|Geographic Trends|LatAm Trends1IPO,187988180M&A,67SPAC,0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023LatAm:Top investors by company count in Q423220State of Venture|Geographic Trends|

306、LatAm TrendsInvestorCompany Count Investor GroupCountry1Clave Capital5Asset/investment managementBrazil1Kaszek Ventures5VCArgentina1Kayyak Ventures5VCChile4ABSeed Ventures3VCBrazil4G2 Momentum Capital3VCMexico4Terracotta Ventures3VCBrazilMexico221Quarterly funding&deals222State of Venture|Geographic

307、 Trends|Mexico$0.1B$1.1B$0.6B$0.2B$0.2B$0.1B$0.3B$0.7B$0.2B$1.5B$2.1B$0.7B$0.3B$0.7B$0.3B$0.2B$0.1B$0.1B$0.4BFunding$0.1B32284236421928226236746078526865473934Deals1901020304050607080$0M$500M$1,000M$1,500M$2,000MQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Annual percent of deals by d

308、eal stage223State of Venture|Geographic Trends|Mexico83%85%83%87%Early-stage,88%8%8%8%6%Mid-stage,4%7%7%Late-stage,4%5%Other,3%20192020202120222023Mexico:Top equity deals in Q423224State of Venture|Geographic Trends|MexicoCompanyRound AmountRoundDateRound ValuationSelect InvestorsSectorIndustrySubin

309、dustry%of Total Funding1Kapital$40MSeries B2023-12-14N/ATribe Capital,MS&AD Ventures,Alumni Ventures,Cervin Ventures,Tru Arrow PartnersInternetInternet Software&ServicesAccounting&Finance36.6%2Zubale$25MSeries A2023-11-30N/A QED Investors,Kevin Efrusy,NFX,GaingelsInternetE-CommerceE-Commerce Enablem

310、ent22.9%3Nonco$10MSeed VC2023-12-04N/AHack VC,Valor Capital Group,Bastion Trading,Bullish,CMCC GlobalInternetInternet Software&ServicesAsset&Financial Management&Trading9.2%3Nonco$10MConvertible Note2023-12-04N/A Undisclosed InvestorsInternetInternet Software&ServicesAsset&Financial Management&Tradi

311、ng9.2%5Verqor$8MSeed VC2023-10-31N/AYara Growth Ventures,Accion Venture Lab,Amplifica Capital,SP Ventures,Glocal VenturesMobile&TelecommunicationsMobile Software&ServicesAccounting&Finance6.9%Brazil225Quarterly funding&deals226State of Venture|Geographic Trends|Brazil$0.3B$0.6B$1.0B$0.5B$0.5B$1.0B$1

312、.0B$1.2B$2.1B$4.9B$2.5B$2.3B$1.6B$0.9B$0.6B$0.6B$0.4B$0.3B$0.7BFunding$0.5B1068511112013194127141185174210217226182179145142118106Deals71050100150200250$0.0B$1.0B$2.0B$3.0B$4.0B$5.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Annual percent of deals by deal stage227State of Venture|G

313、eographic Trends|Brazil74%78%74%77%Early-stage,80%6%8%Mid-stage,4%14%10%11%11%Late-stage,7%6%8%7%8%Other,9%20192020202120222023Brazil:Top equity deals in Q423228State of Venture|Geographic Trends|BrazilCompanyRound AmountRoundDateRound Valuation Select InvestorsSectorIndustrySubindustry%of Total Fun

314、ding1QI Tech$200MSeries B2023-10-31$1.0B General Atlantic,Across CapitalInternetInternet Software&ServicesAccounting&Finance39.7%2JusBrasil$86MSeries D2023-10-30N/A Warburg PincusInternetInternet Software&ServicesInformation Providers&Portals17.1%3LogComex$33MSeries B2023-11-17N/ARiverwood Capital,A

315、lexia Ventures,Caravela Capital,Endeavor,Igah VenturesInternetInternet Software&ServicesSupply Chain&Logistics6.5%4Vammo$30MSeries A2023-12-11N/A Monashees+,2150Energy&UtilitiesEnergy StorageN/A6.0%5Bionexo$20MGrowth Equity2023-10-20N/A Bain Capital Tech OpportunitiesInternetInternet Software&Servic

316、esHealthcare4.0%Chile229Quarterly funding&deals230State of Venture|Geographic Trends|Chile$38M$7M$22M$5M$9M$51M$87M$25M$11M$166M$304M$250M$210M$147M$22M$115M$127M$37M$29MFunding$80M1113141323910152918173235312225222123Deals1705101520253035$0M$50M$100M$150M$200M$250M$300MQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q

317、3Q4Q1Q2Q3Q420192020202120222023Annual percent of deals by deal stage231State of Venture|Geographic Trends|Chile80%95%81%87%Early-stage,87%Mid-stage,6%6%9%Late-stage,2%14%5%6%Other,5%20192020202120222023Chile:Top equity deals in Q423232State of Venture|Geographic Trends|ChileCompanyRound AmountRoundD

318、ateRound ValuationSelect InvestorsSectorIndustrySubindustry%of Total Funding1galgo$40MSeries B2023-10-10N/ANAZCA,Kayyak Ventures,Amarena,Auteco,Buena Vista CapitalFinanceLendingConsumer50.0%2TIMining$10MSeries A2023-10-13N/AAlpha Future Funds,Kayyak Ventures,Komatsu,LarrainVial Asset Management,Luks

319、ic FamilySoftware(non-internet/mobile)Manufacturing,Warehousing&Industrial SoftwareN/A12.5%3Fraccion$5MSeed VC2023-11-30N/A Manutara VenturesInternetE-CommercePharmacies6.2%3Strong by Form$5MSeed VC2023-12-05N/ACMPC Ventures,CiRi Ventures,Climate Insiders,Financiera Maderera,MAIF AvenirIndustrialsCo

320、nstructionLumber&Wood Production6.5%3Zapping$5MConvertible Note2023-10-26N/A Amarena,Joaqun NiemannInternetInternet Software&ServicesVideo6.2%Africa Trends233Annual funding&deals234State of Venture|Geographic Trends|Africa Trends$0.8B$1.0B$2.5B$3.0BFunding$1.8B401493601709Deals4860100200300400500600

321、700800900$0.0B$0.5B$1.0B$1.5B$2.0B$2.5B$3.0B20192020202120222023Quarterly funding&deals235State of Venture|Geographic Trends|Africa Trends$69M$232M$159M$339M$200M$204M$134M$421M$304M$167M$1,280M$712M$948M$879M$303M$894M$704M$391M$451MFunding$290M981001049913111910813515213513917524016115615214912911

322、6Deals92050100150200250$0M$200M$400M$600M$800M$1,000M$1,200M$1,400MQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Annual percent of deals by deal stage236State of Venture|Geographic Trends|Africa Trends81%82%88%85%Early-stage,80%Mid-stage,5%12%7%6%Late-stage,6%7%6%Other,9%20192020202120

323、222023Africa:Top equity deals in Q423237State of Venture|Geographic Trends|Africa TrendsCompanyRound AmountRoundDateRound ValuationSelect InvestorsCountrySectorIndustrySubindustry%of Total Funding1Cash Plus$60MPrivate Equity2023-10-10N/A Mediterrania Capital Partners,FMO,IFCMoroccoFinanceN/AN/A20.8%

324、2Liquid Intelligent Technologies$49MUndisclosed2023-11-15N/AInternational Finance Corporation,Rand Merchant BankMauritiusMobile&TelecommunicationsFiber OpticsN/A17.0%3CSquared$25MPrivate Equity2023-11-14N/AConvergence Partners,International Finance Corporation,International Development AssociationKe

325、nyaMobile&TelecommunicationsFiber OpticsN/A8.6%4Pineapple$21MSeries B2023-11-14N/AFuturegrowth Asset Management,MIC Capital,Talent Holdings,ASISA ESD Fund,Entrepreneurs for Entrepreneurs AfricaSouth AfricaMobile&TelecommunicationsMobile Software&ServicesAccounting&Finance7.4%5Copia$20MSeries C2023-1

326、2-13N/AGoodwell Investments,Sorenson Impact Foundation,U.S.International Development Finance Corporation,DEG,Enza CapitalKenyaMobile&TelecommunicationsMobile CommerceMobile Commerce enablement6.9%6Ampersand$12MVenture Capital2023-12-19N/A Ecosystem Integrity Fund,AcumenRwandaAutomotive&Transportatio

327、nOther TransportationMotorcycle&Small Engine Vehicles4.1%7Good Nature Agro$9MSeries B2023-11-02N/AGlobal Partnerships,Goodwell Investments,OikocreditZambiaAgricultureAgricultural Products&Related ActivitiesN/A3.0%8Apollo Agriculture$7MSeries B2023-11-16N/A AnthemisKenyaAgricultureAgricultural Produc

328、ts&Related ActivitiesN/A2.4%9Cavex$6MPre-Seed2023-10-30N/A E3 Capital,FSD AfricaKenyaEnergy&UtilitiesEnergy Trading&MarketingN/A2.1%10Chefaa$5MSeries A2023-12-17N/AGlobal Brain,Newtown Partners,GMS Capital Partners,M3,Verod-Kepple Africa VenturesEgyptInternetE-CommercePharmacies1.8%10Welltec$5MUndis

329、closed2023-11-17N/A Legacy Africa Fund ManagersSouth Africa InternetInternet Software&ServicesAccounting&Finance1.9%10iSchool$5MSeed2023-12-20N/AVentureWave Capital,OneStop Capital,Oraseya Capital,Webit Investment NetworkEgyptInternetInternet Software&ServicesEducation&Training1.5%Annual exits238Sta

330、te of Venture|Geographic Trends|Africa Trends1IPO,197M&A,5820192020202120222023Quarterly exits239State of Venture|Geographic Trends|Africa TrendsIPO,12191618M&A,15Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Africa:Top investors by company count in Q423240State of Venture|Geographic T

331、rends|Africa TrendsInvestorCompany Count Investor GroupCountry1216 Capital Ventures3VCTunisia1Futuregrowth Asset Management3Asset/investment managementSouth Africa1Janngo3VCCote DIvoire4Afrimobility2Asset/investment managementMorocco4Chui Ventures2VCKenya4E-Squared2VCSouth Africa4Entrepreneurs for E

332、ntrepreneurs Africa2VCSouth Africa4Knife Capital2VCSouth Africa4Launch Africa2VCMauritius4Newtown Partners2AngelSouth Africa4Ventures Platform2VCNigeria4Voltron Capital2VCNigeriaEgypt241Quarterly funding&deals242State of Venture|Geographic Trends|Egypt$2M$6M$9M$46M$69M$24M$7M$13M$117M$80M$259M$83M$1

333、50M$103M$58M$130M$280M$6M$10MFunding$24M31252333202529242730314448282628192013Deals1501020304050$0M$50M$100M$150M$200M$250M$300MQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Annual percent of deals by deal stage243State of Venture|Geographic Trends|Egypt95%88%91%85%Early-stage,82%Mid-stage,3%5%8%Late-stage,4%5%Other,10%20192020202120222023Egypt:Top equity deals in Q423244State of Ven