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1、State of CVCGlobal|Q1 2025Global data and analysis on CVC-backed deals and funding to private market companiesState of CVC2 2Make smartertech decisions.Our platform will help you discover,understand,and manage your response to emerging tech.Make confident tech decisions that drive growth,improve ope

2、rations,and beat the competition with CB Insights.IIIITry our platform free!State of CVC3 3“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(T

3、witter)InstagramIIIIDownload the raw dataTL;DR4Your rundown onCVC in Q125$13.1BCVC-backed funding to US companies.US companies raised$13.1B in CVC-backed funding,capturing 70%of total funding in Q125,reflecting strength despite economic headwinds.Among US metros,Silicon Valley continues to command t

4、he highest share of CVC-backed investment at$7.5B,or 57%of the US total.See the data 7Of the top 10 CVC deals go to AI companies.AI continued to dominate CVC activity in Q125,securing 7 of the top 10 deals.Those 7 deals drove 31%of all CVC-backed funding for the quarter.This concentration signals a

5、strategic focus by CVCs to place massive bets onstartups with the potential to reshape industries.See the data 65%Of CVC deals go to early-stage companies.Early-stage deals represent 65%of all CVC activity in 2025 YTD,tied for a record high matched by each year since 2023.With median early-stage dea

6、l size growing to$5.8M,CVCs are placing larger bets on young companies in an increasingly selective environment.See the data 891Avg.Mosaic score for Salesforce Ventures Q1 bets.Among CVCs with 5+investments in Q125,Salesforce Ventures had the strongest portfolio based on average Mosaic(measuring sta

7、rtup health&potential).It was followed by Qualcomm Ventures(840 avg.Mosaic).Salesforce Ventures Q125 investments included 2 of the largest rounds this quarter:Anthropic($3.5B)and Together AI($305M).See the data 728CVC deals a 13%drop QoQ and the fewest since Q118.Global CVC deals fell 13%QoQ to 728,

8、the lowest quarterly total since Q118.CVC-backed funding also declined 22%to$18.7B.Despite the pullback,$100M+mega-rounds accounted for 59%of total funding,indicating that CVCs are still making large,strategic bets but in a more selective environment.See the data CVC deals hit a 7-year quarterly low

9、TL;DR State of CVCUS companies capture 70%of global CVC-backed funding in Q125TL;DR State of CVC7 of the top 10 CVC deals in Q125 go to AI companiesTL;DR State of CVCIIITrack the latest CVC-backed AI dealsWe define AI companies as those developing core AI technologies or leveraging AI as a central c

10、omponent of their product offerings.Early-stage CVC deal share remains at a record high so far in 2025TL;DR State of CVCSalesforce Ventures leads CVCs with the strongest Q125 portfolioBy CB Insights Mosaic scoreTL;DR State of CVCIIITrack top CVC-backed companies by MosaicAnalysis includes CVCs with

11、5+investments in Q125.Mosaic is CB Insights proprietary metric measuring private-company health and growth potential.It is scored from 0 1,000.ContentsGlobal Trends11Investment Trends12Sector Spotlights34Fintech35Retail Tech43Digital Health51Geographic Trends59US60Silicon Valley65New York69Boston73A

12、sia77China82India86Japan90Europe94United Kingdom99Germany103France107LatAm11110State of CVCGlobal Trends11Investment Trends12Annual equity funding&deals13State of CVC|Global Trends|Investment Trends$179.7B$106.3B$55.2B$73.6BFunding$18.7B5,3735,4893,8083,519Deals72801,0002,0003,0004,0005,0006,000$0.0

13、B$20.0B$40.0B$60.0B$80.0B$100.0B$120.0B$140.0B$160.0B$180.0B20212022202320242025YTDQuarterly equity funding&deals14State of CVC|Global Trends|Investment Trends$32.8B$47.8B$52.6B$46.5B$43.2B$28.6B$19.3B$15.2B$14.5B$14.9B$14.1B$11.6B$15.7B$17.1B$16.8B$23.9BFunding$18.7B1,1051,3081,4861,4741,6731,3991,

14、2631,1549911,034905878949903830837Deals72802004006008001,0001,2001,4001,600$0.0B$10.0B$20.0B$30.0B$40.0B$50.0B$60.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q12021202220232024202515State of CVC|Global Trends|Investment TrendsAsia$1.6B273 DealsUS$13.1B269 DealsEurope$3.5B145 DealsLatAm$0.2B15 DealsCanada$0.2B

15、12 DealsOceania$0.2B9 DealsAfrica$9M4 DealsAll Other Regions$20M1 DealFunding&deals by global region in Q125Percent of quarterly deals by global region16State of CVC|Global Trends|Investment Trends39%38%36%34%33%31%34%33%35%35%39%32%34%36%36%39%US,37%36%38%43%42%39%43%39%39%36%34%37%40%40%34%37%34%A

16、sia,38%19%18%13%16%19%19%21%20%22%22%19%20%19%21%20%22%Europe,20%LatAm,2%5%5%5%5%All Other Regions,3%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Annual average&median deal size17State of CVC|Global Trends|Investment Trends$44.7M$26.8M$20.3M$29.8M$36.1M20212022202320242025YTDAverage Deal Si

17、ze$12.4M$10.0M$7.9M$8.9M$10.0M20212022202320242025YTDMedian Deal SizeAnnual median deal size by global region18State of CVC|Global Trends|Investment Trends$20.0M$15.6M$17.0M202120232025YTDUS$7.4M$4.2M$4.1M202120232025YTDAsia$10.3M$8.4M$10.9M202120232025YTDEurope$7.0M$3.6M$10.5M202120232025YTDLatAm$1

18、1.0M$6.1M$20.0M202120232025YTDAll Other RegionsQuarterly funding&deals from mega-rounds(deals worth$100m+)19State of CVC|Global Trends|Investment Trends$19.6B$30.7B$34.9B$29.8B$23.9B$12.9B$7.5B$4.0B$5.3B$5.2B$5.4B$4.0B$7.3B$8.8B$8.3B$14.3BFunding$11.1B901201401271157942293029322636393238Deals3702040

19、6080100120140160180$0.0B$5.0B$10.0B$15.0B$20.0B$25.0B$30.0B$35.0B$40.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q12021202220232024202520State of CVC|Global Trends|Investment TrendsUS$9.3B28 DealsEurope$1.6B7 DealsOceania$0.1B1 DealAsia$0.1B1 DealMega-round funding&deals by global region in Q125Quarterly mega

20、-round deals by global region21State of CVC|Global Trends|Investment Trends26252631US,28252Asia,18536Europe,711LatAm,031All Other Regions,1Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Quarterly mega-rounds as percent of funding22State of CVC|Global Trends|Investment Trends60%64%66%64%55%45%

21、39%26%37%35%39%34%47%51%49%60%Mega-rounds,59%40%36%34%36%45%55%61%74%63%65%61%66%53%49%51%40%Non-mega-rounds,41%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Global:Top equity deals in Q12523State of CVC|Global Trends|Investment TrendsCompanyRound AmountRoundDateRound ValuationCVC InvestorsC

22、ountrySectorIndustrySubindustry%of Total Funding1Anthropic$3.5BSeries E2025-03-03$61.5B Cisco Investments,Salesforce VenturesUnited StatesInternetInternet Software&ServicesApplication&Data Integration18.7%2Isomorphic Laboratories$600MSeries A2025-03-31N/A Google VenturesUnited Kingdom InternetIntern

23、et Software&ServicesHealthcare3.2%3NinjaOne$500MSeries C2025-02-24$5.0B CapitalGUnited StatesInternetInternet Software&ServicesMonitoring&Security2.7%4Lambda$480MSeries D2025-02-19$2.5B In-Q-Tel,NVenturesUnited StatesComputer Hardware&ServicesIT ServicesIT Solutions&Software Development2.6%5Apptroni

24、k$403MSeries A2025-02-12N/AGoogle Ventures,Japan Post Capital,Ryder VenturesUnited StatesIndustrialsMachinery&EquipmentRobotics2.2%6Eikon Therapeutics$351MSeries D2025-02-26$1.9B Alexandria Venture InvestmentsUnited StatesHealthcareDrug DiscoveryN/A1.9%7Together AI$305MSeries B2025-02-20$3.3BProsper

25、ity7 Ventures,SK Telecom Ventures,Salesforce Ventures,SE VenturesUnited StatesInternetInternet Software&ServicesBusiness Intelligence,Analytics&Performance Mgmt1.6%8Harvey$300MSeries D2025-02-12$3.0BGoogle Ventures,REV Venture Partners,OpenAI Startup FundUnited StatesInternetInternet Software&Servic

26、esLegal1.6%9Innovaccer$275MSeries F2025-01-09$3.5B M12,Danaher VenturesUnited StatesInternetInternet Software&ServicesHealthcare1.5%10Whatnot$265MSeries E2025-01-08$5.0B CapitalGUnited StatesMobile&TelecommunicationsMobile CommerceMarketplace1.4%Annual percent of deals by deal stage24State of CVC|Gl

27、obal Trends|Investment Trends58%64%65%65%Early-stage,65%28%24%22%24%Mid-stage,23%8%5%6%5%Late-stage,5%6%7%8%6%Other,7%20212022202320242025YTDRegional deal share by deal stage in Q12525State of CVC|Global Trends|Investment Trends33%41%62%37%39%35%26%37%21%18%10%24%Early-stageMid-stageLate-stageOtherU

28、SAsiaEuropeLatAmAll Other RegionsAnnual median funding by deal stage26State of CVC|Global Trends|Investment Trends$5.4M$5.5M$5.0M$5.5M$5.8M20212022202320242025YTDEarly-stage$33.0M$29.2M$21.8M$25.0M$30.0M20212022202320242025YTDMid-stage$104.5M$89.7M$46.6M$50.0M$65.5M20212022202320242025YTDLate-stageG

29、lobal:Top seed/angel deals in Q12527State of CVC|Global Trends|Investment TrendsCompanyRound AmountRoundDateCVC InvestorsCountrySectorIndustrySubindustry1Spirit AI$73MSeed VC2025-03-31Prosperity7 Ventures,China Merchants VentureChinaIndustrialsMachinery&EquipmentRobotics2Orchid$36MSeed VC2025-01-14I

30、ntel CapitalUnited StatesInternetInternet Software&ServicesMonitoring&Security3TRIMTECH Therapeutics$31MSeed VC2025-03-05M Ventures,Pfizer Venture InvestmentsUnited KingdomHealthcareBiotechnologyN/A4Qualified Health$30MSeed VC2025-01-08Intermountain VenturesUnited StatesInternetInternet Software&Ser

31、vicesHealthcare51Money$20MSeed VC2025-01-15Galaxy Ventures,Kraken Ventures,KuCoin Ventures,CoinFlip Ventures,Bankless Ventures,BitGo VenturesBermudaInternetInternet Software&ServicesPayments5Cygnus Finance$20MPre-Seed2025-02-18OKX VenturesUnited StatesInternetInternet Software&ServicesAsset&Financia

32、l Management&Trading5DG Matrix$20MSeed VC2025-03-06Chevron Technology VenturesUnited StatesEnergy&UtilitiesElectricTransmission&Distribution8Abound$14MSeed VC2025-03-27Circle VenturesUnited StatesInternetInternet Software&ServicesPayments9Chronicle Labs$12MSeed VC2025-03-25Gnosis VCSwitzerlandIntern

33、etInternet Software&ServicesAccounting&Finance10Knostic$11MSeed VC2025-03-05Bright Pixel CapitalUnited StatesInternetInternet Software&ServicesMonitoring&SecurityGlobal:Top Series A deals in Q12528State of CVC|Global Trends|Investment TrendsCompanyRound AmountRoundDateCVC InvestorsCountrySectorIndus

34、trySubindustry1Isomorphic Laboratories$600MSeries A2025-03-31Google VenturesUnited KingdomInternetInternet Software&ServicesHealthcare2Apptronik$403MSeries A2025-02-12Google Ventures,Japan Post Capital,Ryder VenturesUnited StatesIndustrialsMachinery&EquipmentRobotics3Ouro Medicines$120MSeries A2025-

35、01-10UPMC EnterprisesUnited StatesHealthcareBiotechnologyN/A4Reflection AI$105MSeries A2025-03-07NVenturesUnited StatesInternetInternet Software&ServicesBusiness Intelligence,Analytics&Performance Mgmt5RhyGaze$86MSeries A2025-01-10Google Ventures,Novartis Venture FundsSwitzerlandHealthcareMedical De

36、vices&EquipmentImaging&Diagnostic Equipment6Alesta Therapeutics$67MSeries A2025-01-08Novartis Venture FundsNetherlandsHealthcareBiotechnologyN/A7GravitHy$65MSeries A2025-03-26ENGIE New VenturesFranceEnergy&UtilitiesRenewablesHydrogen/Fuel Cell8Cartesia$64MSeries A2025-03-11Dell Technologies Capital,

37、Samsung VenturesUnited StatesInternetInternet Software&ServicesApplication&Data Integration9Light Horse Therapeutics$62MSeries A2025-01-09AbbVie Ventures,Taiho VenturesUnited StatesHealthcareDrug DiscoveryN/A10MIMIC$50MSeries A2025-02-27Google VenturesUnited StatesInternetInternet Software&ServicesM

38、onitoring&Security10Quibim$50MSeries A2025-01-28GoHub VenturesSpainInternetInternet Software&ServicesHealthcareGlobal:Top Series B deals in Q12529State of CVC|Global Trends|Investment TrendsCompanyRound AmountRoundDateCVC InvestorsCountrySectorIndustrySubindustry1Together AI$305MSeries B2025-02-20Pr

39、osperity7 Ventures,SK Telecom Ventures,Salesforce Ventures,SE VenturesUnited StatesInternetInternet Software&ServicesBusiness Intelligence,Analytics&Performance Mgmt2QuEra Computing$230MSeries B2025-02-11Sabanci VenturesUnited StatesComputer Hardware&ServicesSupercomputersN/A3Tune Therapeutics$175MS

40、eries B2025-01-12Regeneron VenturesUnited StatesHealthcareBiotechnologyN/A4Latigo Biotherapeutics$150MSeries B2025-02-13Alexandria Venture Investments,UPMC Enterprises,Sanofi Ventures,Access BiotechnologyUnited StatesHealthcareBiotechnologyN/A5Hippocratic AI$141MSeries B2025-01-09NVenturesUnited Sta

41、tesInternetInternet Software&ServicesHealthcare6NEURA Robotics$123MSeries B2025-01-15Delta Electronics Capital,Volvo Cars Tech FundGermanyIndustrialsMachinery&EquipmentRobotics780 Acres Farms$115MSeries B2025-02-10Barclays Climate VenturesUnited StatesAgricultureCrop ProductionN/A8StackBlitz$106MSer

42、ies B2025-01-23Google VenturesUnited StatesInternetInternet Software&ServicesApplication&Data Integration9Alice&Bob$104MSeries B2025-01-28AVP,Bpifrance Digital Venture,Sopra Steria VenturesFranceComputer Hardware&ServicesComputer Networking EquipmentN/A10EnCharge AI$100MSeries B2025-02-13In-Q-Tel,Sa

43、msung Ventures,Constellation Technology VenturesUnited StatesInternetInternet Software&ServicesApplication&Data IntegrationGlobal:Top Series C deals in Q12530State of CVC|Global Trends|Investment TrendsCompanyRound AmountRoundDateCVC InvestorsCountrySectorIndustrySubindustry1NinjaOne$500MSeries C202

44、5-02-24CapitalGUnited StatesInternetInternet Software&ServicesMonitoring&Security2Amboss$259MSeries C2025-03-25Burda Principal InvestmentsGermanyInternetInternet Software&ServicesInformation Providers&Portals3Celestial AI$250MSeries C2025-03-11AMD VenturesUnited StatesInternetInternet Software&Servi

45、cesNetworking&Connectivity4Abcuro$200MSeries C2025-02-12Sanofi Ventures,Mass General Brigham VenturesUnited StatesHealthcareBiotechnologyN/A5ElevenLabs$180MSeries C2025-01-24Salesforce VenturesUnited StatesInternetInternet Software&ServicesContent Management6Quantum Machines$170MSeries C2025-02-25In

46、tel CapitalIsraelComputer Hardware&ServicesSupercomputersN/A7Temporal$146MSeries C2025-03-31MongoDB VenturesUnited StatesInternetInternet Software&ServicesWeb Development8BuildOps$127MSeries C2025-03-21Next47,SE VenturesUnited StatesInternetInternet Software&ServicesCollaboration&Project Management9

47、AdvanCell$112MSeries C2025-02-03Sanofi VenturesAustraliaHealthcareMedical Facilities&ServicesN/A10Umoja Biopharma$100MSeries C2025-01-14Alexandria Venture InvestmentsUnited StatesHealthcareBiotechnologyN/AGlobal:Top Series D deals in Q12531State of CVC|Global Trends|Investment TrendsCompanyRound Amo

48、untRoundDateRound ValuationCVC InvestorsCountrySectorIndustrySubindustry1Lambda$480MSeries D2025-02-19$2.5B In-Q-Tel,NVenturesUnited StatesComputer Hardware&ServicesIT ServicesIT Solutions&Software Development2Eikon Therapeutics$351MSeries D2025-02-26$1.9B Alexandria Venture InvestmentsUnited States

49、HealthcareDrug DiscoveryN/A3Harvey$300MSeries D2025-02-12$3.0BGoogle Ventures,REV Venture Partners,OpenAI Startup FundUnited StatesInternetInternet Software&ServicesLegal4Abridge$250MSeries D2025-02-17$2.8B CapitalG,CVS Health Ventures,NVenturesUnited StatesInternetInternet Software&ServicesHealthca

50、re5Synthesia$180MSeries D2025-01-14$2.1B Google Ventures,PSP Growth,Atlassian VenturesUnited KingdomInternetInternet Software&ServicesVideo6Alleviant Medical$90MSeries D2025-01-14N/A Texas Medical Center Venture FundUnited StatesHealthcareMedical Devices&EquipmentTherapeutic Devices6netradyne$90MSer

51、ies D2025-01-16$1.4B Pavilion Capital,Qualcomm VenturesUnited StatesInternetInternet Software&ServicesBusiness Intelligence,Analytics&Performance Mgmt8UVeye$41MSeries D2025-01-29$800M UMC CapitalUnited StatesSoftware(non-internet/mobile)Security SoftwareN/A9Mediquitous$33MSeries D2025-03-19$205M kt

52、investment,Hana Ventures,Signite PartnersSouth KoreaInternetE-CommerceMarketplace10Shippeo$30MSeries D2025-01-15N/ANGP Capital,Yamaha Motor Ventures,Bpifrance Digital VentureFranceInternetInternet Software&ServicesSupply Chain&Logistics10hacomono$30MSeries D2025-01-22N/A 31VENTURES,GMO Venture Partn

53、ersJapanInternetInternet Software&ServicesCustomer Relationship ManagementGlobal:Top Series E+deals in Q12532State of CVC|Global Trends|Investment TrendsCompanyRound AmountRoundDateRound ValuationCVC InvestorsCountrySectorIndustrySubindustry1Anthropic$3.5BSeries E2025-03-03$61.5B Cisco Investments,S

54、alesforce VenturesUnited StatesInternetInternet Software&ServicesApplication&Data Integration2Innovaccer$275MSeries F2025-01-09$3.5B M12,Danaher VenturesUnited StatesInternetInternet Software&ServicesHealthcare3Whatnot$265MSeries E2025-01-08$5.0B CapitalGUnited StatesMobile&TelecommunicationsMobile

55、CommerceMarketplace4Verkada$200MSeries E2025-01-07$4.5B Next47United StatesInternetInternet Software&ServicesMonitoring&Security5Supira Medical$120MSeries E2025-03-26N/A PA MedTech VCUnited StatesHealthcareMedical Devices&EquipmentTherapeutic Devices6Fourier$109MSeries E2025-01-07N/A Prosperity7 Ven

56、turesChinaHealthcareMedical Devices&EquipmentDevice Design&Manufacturing7Saluda Medical$100MSeries G2025-01-10N/A Action Potential Venture CapitalUnited StatesHealthcareMedical Devices&EquipmentTherapeutic Devices8Augury$75MSeries F2025-02-19N/AQualcomm Ventures,Munich Re Ventures,SE VenturesUnited

57、StatesInternetInternet Software&ServicesBusiness Intelligence,Analytics&Performance Mgmt9Uala$66MSeries E2025-03-20N/A Allianz XArgentinaMobile&TelecommunicationsMobile Software&ServicesAccounting&Finance10MicroTransponder$65MSeries F2025-03-12N/A Action Potential Venture CapitalUnited StatesHealthc

58、areMedical Devices&EquipmentTherapeutic DevicesGlobal:Top CVCs by company count in Q12533State of CVC|Global Trends|Investment TrendsInvestorCompany Count Country1Google Ventures17United States2Mitsubishi UFJ Capital15Japan2SMBC Venture Capital15Japan4In-Q-Tel11United States4Mizuho Capital11Japan6In

59、tel Capital10United States7Coinbase Ventures9United States8Prosus Ventures8Netherlands9NVentures7United States9Samsung NEXT7United StatesSector Spotlights34Fintech35Quarterly equity funding&deals36State of CVC|Sector Spotlights|Fintech$6.1B$10.4B$11.9B$10.6B$11.3B$6.3B$3.0B$2.4B$2.2B$2.2B$1.6B$1.6B$

60、2.5B$2.4B$1.6B$1.8BFunding$1.4B203243275252331251233176157160151125183161129106Deals102050100150200250300350$0.0B$2.0B$4.0B$6.0B$8.0B$10.0B$12.0B$14.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q12021202220232024202537State of CVC|Sector Spotlights|FintechUS$0.8B49 DealsEurope$0.2B18 DealsLatAm$0.2B6 DealsAsia

61、$0.1B23 DealsOceania$27M3 DealsCanada$20M1 DealAfrica$4M1 DealAll Other Regions$20M1 DealFunding&deals by global region in Q125Quarterly deals by global region38State of CVC|Sector Spotlights|Fintech46%46%46%39%38%39%39%41%46%43%53%38%41%42%41%42%US,48%21%29%26%35%28%26%24%23%20%23%19%26%26%22%28%22

62、%Asia,23%21%16%15%13%19%20%24%24%24%25%14%22%19%22%16%23%Europe,18%4%2%3%3%5%4%5%6%2%2%5%7%3%6%5%7%LatAm,6%7%6%8%8%7%8%6%5%6%4%6%6%4%5%4%2%All Other Regions,5%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Annual average&median deal size39State of CVC|Sector Spotlights|Fintech$48.0M$28.6M$16.

63、3M$20.0M$18.0M20212022202320242025YTDAverage Deal Size$13.5M$9.5M$6.5M$7.3M$13.0M20212022202320242025YTDMedian Deal SizeAnnual percent of deals by deal stage40State of CVC|Sector Spotlights|Fintech60%72%70%72%Early-stage,69%27%19%18%19%Mid-stage,24%10%5%6%Late-stage,5%5%Other,3%20212022202320242025Y

64、TDFintech:Top equity deals in Q12541State of CVC|Sector Spotlights|FintechCompanyRound AmountRoundDateRound ValuationCVC InvestorsCountrySectorIndustrySubindustry%of Total Funding1BuildOps$127MSeries C2025-03-21$1.0B Next47,SE VenturesUnited StatesInternetInternet Software&ServicesCollaboration&Proj

65、ect Management8.9%2Sardine$70MSeries C2025-02-11N/AGoogle Ventures,Experian Ventures,NAventuresUnited StatesInternetInternet Software&ServicesMonitoring&Security4.9%3Uala$66MSeries E2025-03-20N/A Allianz XArgentinaMobile&TelecommunicationsMobile Software&ServicesAccounting&Finance4.6%4WithClutch$65M

66、Series B2025-01-23N/A TruStage VenturesUnited StatesMobile&TelecommunicationsMobile Software&ServicesAccounting&Finance4.6%5Taktile$54MSeries B2025-02-27N/A Prosus VenturesGermanyInternetInternet Software&ServicesMonitoring&Security3.8%6Buk$50MSeries B2025-01-06$850M Workday VenturesChileInternetInt

67、ernet Software&ServicesHR&Workforce Management3.5%7Norm Ai$48MSeries B2025-03-11N/A Citi Ventures,New York Life VenturesUnited StatesInternetInternet Software&ServicesCompliance3.4%8Method Financial$42MSeries B2025-01-23N/A Samsung NEXTUnited StatesInternetInternet Software&ServicesAccounting&Financ

68、e2.9%9HDVI$40MSeries C2025-02-12N/A Munich Re VenturesUnited StatesInternetInternet Software&ServicesAccounting&Finance2.8%9RedotPay$40MSeries A2025-03-14N/A Galaxy VenturesHong KongInternetInternet Software&ServicesAsset&Financial Management&Trading2.8%Fintech:Top investors by company count in Q125

69、42State of CVC|Sector Spotlights|FintechInvestorCompany Count Investor GroupCountry1Coinbase Ventures6CVCUnited States2OKX Ventures5CVCVirgin Islands(British)3Citi Ventures4CVCUnited States4Galaxy Ventures3CVCUnited States4Prosus Ventures3CVCNetherlands4BitGo Ventures3CVCUnited States4KuCoin Venture

70、s3CVCSeychelles4YZi Labs3CVCUnited States4Kraken Ventures3CVCUnited StatesRetail Tech43Quarterly equity funding&deals44State of CVC|Sector Spotlights|Retail Tech$6.6B$9.9B$10.9B$6.5B$7.7B$4.2B$2.2B$1.9B$1.5B$1.1B$1.3B$0.6B$2.1B$1.1B$1.0B$0.9BFunding$1.4B1221821891581861491311278694856874646367Deals5

71、8020406080100120140160180$0.0B$2.0B$4.0B$6.0B$8.0B$10.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q12021202220232024202545State of CVC|Sector Spotlights|Retail TechUS$0.9B11 DealsAsia$0.4B36 DealsEurope$0.2B9 DealsAfrica$5M2 DealsFunding&deals by global region in Q125Quarterly deals by global region46State of

72、 CVC|Sector Spotlights|Retail Tech30%29%28%29%25%24%24%30%24%31%26%25%23%20%24%33%US,19%48%48%52%45%45%46%47%45%42%44%49%49%57%48%63%45%Asia,62%14%16%10%14%18%21%19%17%26%19%15%18%14%19%10%18%Europe,16%5%5%6%6%LatAm,0%7%9%6%6%6%8%All Other Regions,3%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q12021202220232024

73、2025Annual average&median deal size47State of CVC|Sector Spotlights|Retail Tech$65.2M$32.1M$18.2M$26.9M$32.2M20212022202320242025YTDAverage Deal Size$15.5M$9.0M$9.5M$7.8M$7.9M20212022202320242025YTDMedian Deal SizeAnnual percent of deals by deal stage48State of CVC|Sector Spotlights|Retail Tech51%62

74、%61%53%Early-stage,62%33%27%28%32%Mid-stage,21%13%6%8%9%Late-stage,12%6%Other,5%20212022202320242025YTDRetail Tech:Top equity deals in Q12549State of CVC|Sector Spotlights|Retail TechCompanyRound AmountRoundDateRound ValuationCVC InvestorsCountrySectorIndustrySubindustry%of Total Funding1Apptronik$4

75、03MSeries A2025-02-12N/AGoogle Ventures,Japan Post Capital,Ryder VenturesUnited StatesIndustrialsMachinery&EquipmentRobotics27.9%2Whatnot$265MSeries E2025-01-08$5.0B CapitalGUnited StatesMobile&TelecommunicationsMobile CommerceMarketplace18.3%3NEURA Robotics$123MSeries B2025-01-15N/ADelta Electronic

76、s Capital,Volvo Cars Tech FundGermanyIndustrialsMachinery&EquipmentRobotics8.5%4Fourier$109MSeries E2025-01-07N/A Prosperity7 VenturesChinaHealthcareMedical Devices&EquipmentDevice Design&Manufacturing7.5%5netradyne$90MSeries D2025-01-16$1.4B Pavilion Capital,Qualcomm VenturesUnited StatesInternetIn

77、ternet Software&ServicesBusiness Intelligence,Analytics&Performance Mgmt6.2%6Geniemode$50MSeries C2025-02-24N/A Info Edge VenturesIndiaInternetInternet Software&ServicesSupply Chain&Logistics3.5%7UVeye$41MSeries D2025-01-29$800M UMC CapitalUnited StatesSoftware(non-internet/mobile)Security SoftwareN

78、/A2.8%8Relay$35MSeries A2025-02-27N/A Prologis VenturesUnited KingdomInternetInternet Software&ServicesSupply Chain&Logistics2.4%9Mediquitous$33MSeries D2025-03-19$205Mkt investment,Hana Ventures,Signite PartnersSouth KoreaInternetE-CommerceMarketplace2.3%10Shippeo$30MSeries D2025-01-15N/ANGP Capita

79、l,Yamaha Motor Ventures,Bpifrance Digital VentureFranceInternetInternet Software&ServicesSupply Chain&Logistics2.1%Retail Tech:Top investors by company count in Q12550State of CVC|Sector Spotlights|Retail TechInvestorCompany Count Investor GroupCountry1Japan Post Capital3CVCJapan1Kakao Ventures3CVCS

80、outh Korea1NGP Capital3CVCUnited States4Info Edge Ventures2CVCIndia4DG Daiwa Ventures2CVCJapan4Google Ventures2CVCUnited States4Norrsken VC2CVCSweden4KB Investment2CVCSouth Korea4Prosus Ventures2CVCNetherlands4China Merchants Venture2CVCChinaDigital Health51Quarterly equity funding&deals52State of C

81、VC|Sector Spotlights|Digital Health$2.9B$4.5B$3.0B$3.9B$4.0B$1.8B$1.1B$1.0B$1.2B$1.2B$1.2B$1.0B$1.5B$0.8B$1.2B$0.8BFunding$2.0B84981121021248465567161475558395756Deals50020406080100120140$0.0B$0.5B$1.0B$1.5B$2.0B$2.5B$3.0B$3.5B$4.0B$4.5B$5.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q12021202220232024202553St

82、ate of CVC|Sector Spotlights|Digital HealthUS$1.2B27 DealsEurope$0.7B9 DealsAsia$70M12 DealsLatAm$27M1 DealCanada$6M1 DealFunding&deals by global region in Q125Quarterly deals by global region54State of CVC|Sector Spotlights|Digital Health57%57%46%57%49%45%46%52%42%54%51%53%52%59%56%57%US,54%31%24%3

83、2%27%30%36%31%34%31%20%30%18%22%15%30%25%Asia,24%8%15%14%11%12%14%20%13%20%25%17%20%21%26%11%14%Europe,18%LatAm,2%7%7%7%5%All Other Regions,2%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Annual average&median deal size55State of CVC|Sector Spotlights|Digital Health$42.6M$29.8M$22.4M$24.5M$5

84、0.7M20212022202320242025YTDAverage Deal Size$14.9M$14.4M$9.5M$11.5M$20.0M20212022202320242025YTDMedian Deal SizeAnnual percent of deals by deal stage56State of CVC|Sector Spotlights|Digital Health50%57%54%53%Early-stage,48%38%31%33%32%Mid-stage,32%9%7%9%11%Late-stage,14%Other,6%20212022202320242025Y

85、TDDigital Health:Top equity deals in Q12557State of CVC|Sector Spotlights|Digital HealthCompanyRound AmountRoundDateRound ValuationCVC InvestorsCountrySectorIndustrySubindustry%of Total Funding1Isomorphic Laboratories$600MSeries A2025-03-31N/A Google VenturesUnited KingdomInternetInternet Software&S

86、ervicesHealthcare29.6%2Innovaccer$275MSeries F2025-01-09$3.5B M12,Danaher VenturesUnited States InternetInternet Software&ServicesHealthcare13.6%3Abridge$250MSeries D2025-02-17$2.8BCapitalG,CVS Health Ventures,NVenturesUnited States InternetInternet Software&ServicesHealthcare12.3%4Hippocratic AI$14

87、1MSeries B2025-01-09$1.6B NVenturesUnited States InternetInternet Software&ServicesHealthcare7.0%5Saluda Medical$100MSeries G2025-01-10N/A Action Potential Venture CapitalUnited States HealthcareMedical Devices&EquipmentTherapeutic Devices4.9%6MicroTransponder$65MSeries F2025-03-12N/A Action Potenti

88、al Venture CapitalUnited States HealthcareMedical Devices&EquipmentTherapeutic Devices3.2%7Vori Health$53MSeries B2025-03-11N/A Intermountain VenturesUnited States InternetInternet Software&ServicesHealthcare2.6%8Quibim$50MSeries A2025-01-28N/A GoHub VenturesSpainInternetInternet Software&ServicesHe

89、althcare2.5%9SafelyYou$43MSeries C2025-01-28N/AQualcomm Ventures,Samsung NEXTUnited States InternetInternet Software&ServicesMonitoring&Security2.1%10Nobi$37MSeries B2025-01-27N/A Angelini VenturesBelgiumConsumer Products&ServicesConsumer ElectronicsN/A1.8%Digital Health:Top investors by company cou

90、nt in Q12558State of CVC|Sector Spotlights|Digital HealthInvestorCompany Count Investor GroupCountry1Google Ventures3CVCUnited States2The Blue Venture Fund2CVCUnited States2Action Potential Venture Capital2CVCUnited States2McKesson Ventures2CVCUnited States2Intermountain Ventures2CVCUnited States2CV

91、S Health Ventures2CVCUnited States2MultiCare Capital Partners2CVCUnited States2MassMutual Ventures2CVCUnited States2NVentures2CVCUnited States2Angelini Ventures2CVCItaly2UPMC Enterprises2CVCUnited States2Mizuho Capital2CVCJapanGeographic Trends59US Trends60Quarterly funding&deals61State of CVC|Geogr

92、aphic Trends|US Trends$21.2B$26.1B$28.8B$27.4B$22.9B$14.3B$10.7B$8.2B$8.5B$7.7B$8.3B$6.4B$9.9B$10.5B$11.7B$18.0BFunding$13.1B435495542508557437425384351367350280323328302323Deals2690100200300400500600700$0.0B$5.0B$10.0B$15.0B$20.0B$25.0B$30.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Ann

93、ual percent of deals by deal stage62State of CVC|Geographic Trends|US Trends49%60%63%60%Early-stage,59%34%27%23%28%Mid-stage,25%12%8%7%7%Late-stage,9%5%6%7%5%Other,7%20212022202320242025YTDUS:Top equity deals in Q12563State of CVC|Geographic Trends|US TrendsCompanyRound AmountRoundDateRound Valuatio

94、nCVC InvestorsSectorIndustrySubindustry%of Total Funding1Anthropic$3.5BSeries E2025-03-03$61.5B Cisco Investments,Salesforce VenturesInternetInternet Software&ServicesApplication&Data Integration26.8%2NinjaOne$500MSeries C2025-02-24$5.0B CapitalGInternetInternet Software&ServicesMonitoring&Security3

95、.8%3Lambda$480MSeries D2025-02-19$2.5B In-Q-Tel,NVenturesComputer Hardware&ServicesIT ServicesIT Solutions&Software Development3.7%4Apptronik$403MSeries A2025-02-12N/A Google Ventures,Japan Post Capital,Ryder VenturesIndustrialsMachinery&EquipmentRobotics3.1%5Eikon Therapeutics$351MSeries D2025-02-2

96、6$1.9B Alexandria Venture InvestmentsHealthcareDrug DiscoveryN/A2.7%6Together AI$305MSeries B2025-02-20$3.3BProsperity7 Ventures,SK Telecom Ventures,Salesforce Ventures,SE VenturesInternetInternet Software&ServicesBusiness Intelligence,Analytics&Performance Mgmt2.3%7Harvey$300MSeries D2025-02-12$3.0

97、BGoogle Ventures,REV Venture Partners,OpenAI Startup FundInternetInternet Software&ServicesLegal2.3%8Innovaccer$275MSeries F2025-01-09$3.5B M12,Danaher VenturesInternetInternet Software&ServicesHealthcare2.1%9Whatnot$265MSeries E2025-01-08$5.0B CapitalGMobile&TelecommunicationsMobile CommerceMarketp

98、lace2.0%10Abridge$250MSeries D2025-02-17$2.8B CapitalG,CVS Health Ventures,NVenturesInternetInternet Software&ServicesHealthcare1.9%10Celestial AI$250MSeries C2025-03-11$2.5B AMD VenturesInternetInternet Software&ServicesNetworking&Connectivity1.9%US:Top investors by company count in Q12564State of

99、CVC|Geographic Trends|US TrendsInvestorCompany Count Investor GroupCountry1Google Ventures17CVCUnited States2In-Q-Tel11CVCUnited States3Intel Capital10CVCUnited States4Coinbase Ventures9CVCUnited States5NVentures7CVCUnited States5Samsung NEXT7CVCUnited States7Bloomberg Beta6CVCUnited States7M126CVCU

100、nited StatesSilicon Valley65Quarterly funding&deals66State of CVC|Geographic Trends|Silicon Valley$7.0B$8.9B$10.8B$11.3B$10.1B$5.2B$3.8B$2.5B$2.6B$2.7B$3.7B$2.1B$4.5B$4.1B$4.6B$10.4BFunding$7.5B130167175171188142129111109109124881211049497Deals97050100150200$0.0B$2.0B$4.0B$6.0B$8.0B$10.0B$12.0BQ1Q2Q

101、3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Annual percent of deals by deal stage67State of CVC|Geographic Trends|Silicon Valley44%54%61%55%Early-stage,61%34%31%24%34%Mid-stage,25%17%11%8%8%Late-stage,10%6%Other,4%20212022202320242025YTDSilicon Valley:Top equity deals in Q12568State of CVC|Geog

102、raphic Trends|Silicon ValleyCompanyRound AmountRoundDateRound ValuationCVC InvestorsSectorIndustrySubindustry%of Total Funding1Anthropic$3.5BSeries E2025-03-03$61.5B Cisco Investments,Salesforce VenturesInternetInternet Software&ServicesApplication&Data Integration46.6%2Lambda$480MSeries D2025-02-19

103、$2.5B In-Q-Tel,NVenturesComputer Hardware&ServicesIT ServicesIT Solutions&Software Development6.4%3Eikon Therapeutics$351MSeries D2025-02-26$1.9B Alexandria Venture InvestmentsHealthcareDrug DiscoveryN/A4.7%4Together AI$305MSeries B2025-02-20$3.3BProsperity7 Ventures,SK Telecom Ventures,Salesforce V

104、entures,SE VenturesInternetInternet Software&ServicesBusiness Intelligence,Analytics&Performance Mgmt4.1%5Harvey$300MSeries D2025-02-12$3.0BGoogle Ventures,REV Venture Partners,OpenAI Startup FundInternetInternet Software&ServicesLegal4.0%New York69Quarterly funding&deals70State of CVC|Geographic Tr

105、ends|New York$2.9B$5.2B$5.6B$4.1B$3.1B$1.6B$1.4B$1.3B$1.4B$1.4B$0.5B$0.4B$1.6B$3.1B$1.3B$1.5BFunding$0.9B70779177876573745264393748554945Deals390102030405060708090100$0.0B$1.0B$2.0B$3.0B$4.0B$5.0B$6.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Annual percent of deals by deal stage71State

106、of CVC|Geographic Trends|New York49%64%66%60%Early-stage,74%33%23%18%28%Mid-stage,18%14%7%9%6%Late-stage,5%6%7%5%Other,3%20212022202320242025YTDNew York:Top equity deals in Q12572State of CVC|Geographic Trends|New YorkCompanyRound AmountRoundDateRound ValuationCVC InvestorsSectorIndustrySubindustry%

107、of Total Funding1ElevenLabs$180MSeries C2025-01-24$3.3B Salesforce VenturesInternetInternet Software&ServicesContent Management19.8%2Reflection AI$105MSeries A2025-03-07$555M NVenturesInternetInternet Software&ServicesBusiness Intelligence,Analytics&Performance Mgmt11.6%3Augury$75MSeries F2025-02-19

108、N/A Qualcomm Ventures,Munich Re Ventures,SE VenturesInternetInternet Software&ServicesBusiness Intelligence,Analytics&Performance Mgmt8.3%3Normunity$75MSeries B2025-01-13N/APfizer Venture Investments,Taiho Ventures,Sanofi Ventures,Regeneron VenturesHealthcareBiotechnologyN/A8.3%5Graphite$52MSeries B

109、2025-03-18N/A Shopify VenturesInternetInternet Software&ServicesApplication&Data Integration5.7%Boston73Quarterly funding&deals74State of CVC|Geographic Trends|Boston$3.3B$3.1B$2.6B$4.4B$1.8B$1.9B$1.3B$1.7B$1.1B$1.1B$2.0B$1.5B$0.5B$0.3B$1.4B$1.0BFunding$0.7B51524443453935562833333415142229Deals17010

110、2030405060$0.0B$0.5B$1.0B$1.5B$2.0B$2.5B$3.0B$3.5B$4.0B$4.5B$5.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Annual percent of deals by deal stage75State of CVC|Geographic Trends|Boston44%51%54%55%Early-stage,47%41%37%34%34%Mid-stage,35%12%9%8%8%Late-stage,6%Other,12%20212022202320242025YT

111、DBoston:Top equity deals in Q12576State of CVC|Geographic Trends|BostonCompanyRound AmountRoundDateRound ValuationCVC InvestorsSectorIndustrySubindustry%of Total Funding1QuEra Computing$230MSeries B2025-02-11$1.0B Sabanci VenturesComputer Hardware&ServicesSupercomputersN/A31.8%2Abcuro$200MSeries C20

112、25-02-12N/ASanofi Ventures,Mass General Brigham VenturesHealthcareBiotechnologyN/A27.7%3Atalanta Therapeutics$97MSeries B2025-01-28N/A Sanofi Ventures,Novartis Venture FundsHealthcareBiotechnologyN/A13.4%4VEIR$75MSeries B2025-01-28N/AMunich Re Ventures,M12,National Grid PartnersEnergy&UtilitiesElect

113、ricTransmission&Distribution10.4%5Via$28MSeries B2025-02-24N/A BMW i Ventures,MassMutual VenturesInternetInternet Software&ServicesMonitoring&Security3.9%Asia Trends77Quarterly funding&deals78State of CVC|Geographic Trends|Asia Trends$5.3B$8.4B$14.3B$10.2B$8.7B$7.3B$4.4B$2.7B$2.7B$2.9B$2.8B$2.3B$2.0

114、B$2.2B$1.5B$1.4BFunding$1.6B398500636622658602489451352351334350378308307287Deals2730100200300400500600700800$0.0B$2.0B$4.0B$6.0B$8.0B$10.0B$12.0B$14.0B$16.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Annual percent of deals by deal stage79State of CVC|Geographic Trends|Asia Trends62%64%6

115、2%67%Early-stage,68%26%25%25%22%Mid-stage,21%5%5%Late-stage,4%6%7%8%6%Other,7%20212022202320242025YTDAsia:Top equity deals in Q12580State of CVC|Geographic Trends|Asia TrendsCompanyRound AmountRoundDateRound ValuationCVC InvestorsCountrySectorIndustrySubindustry%of Total Funding1Fourier$109MSeries E

116、2025-01-07N/A Prosperity7 VenturesChinaHealthcareMedical Devices&EquipmentDevice Design&Manufacturing7.0%2Spirit AI$73MSeed VC2025-03-31N/A Prosperity7 Ventures,China Merchants VentureChinaIndustrialsMachinery&EquipmentRobotics4.7%2Wrtn Technologies$73MSeries B2025-03-30N/A Woori Venture PartnersSou

117、th KoreaInternetInternet Software&ServicesBusiness Intelligence,Analytics&Performance Mgmt4.7%4Cornerstone Robotics$68MSeries C2025-01-13N/A Longzhu CapitalChinaHealthcareMedical Devices&EquipmentSurgical Devices4.4%5SpotDraft$54MSeries B2025-02-12N/A Prosus VenturesIndiaInternetInternet Software&Se

118、rvicesLegal3.5%6ArkEdge Space$52MSeries B2025-02-04N/AMizuho Capital,SMBC Venture Capital,Shizuoka Capital,for Startups Capital,Hulic Startup,Mirai Sozo CapitalJapanIndustrialsAerospace&DefenseN/A3.3%7Geniemode$50MSeries C2025-02-24N/A Info Edge VenturesIndiaInternetInternet Software&ServicesSupply

119、Chain&Logistics3.2%8Reco$40MSeries C2025-03-31N/A INGKA InvestmentsSouth KoreaInternetInternet Software&ServicesEnvironment2.5%8RedotPay$40MSeries A2025-03-14N/A Galaxy VenturesHong KongInternetInternet Software&ServicesAsset&Financial Management&Trading2.6%8Scimplify$40MSeries B2025-03-12$150M Bert

120、elsmann India InvestmentsIndiaIndustrialsBasic MaterialsSpecialty Chemicals2.6%Asia:Top investors by company count in Q12581State of CVC|Geographic Trends|Asia TrendsInvestorCompany Count Investor GroupCountry1Mitsubishi UFJ Capital15CVCJapan1SMBC Venture Capital15CVCJapan3Mizuho Capital11CVCJapan4D

121、G Daiwa Ventures6CVCJapan4Delight Ventures6CVCJapan4Samsung Ventures6CVCSouth Korea4WAED Ventures6CVCSaudi ArabiaChina82Quarterly funding&deals83State of CVC|Geographic Trends|China$3.3B$2.8B$7.3B$5.1B$2.0B$2.3B$2.4B$0.8B$1.3B$1.6B$1.2B$0.3B$0.5B$0.2B$0.4B$0.3BFunding$0.3B140165257185196153159163121

122、89868782595351Deals58050100150200250$0.0B$1.0B$2.0B$3.0B$4.0B$5.0B$6.0B$7.0B$8.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Annual percent of deals by deal stage84State of CVC|Geographic Trends|China56%61%54%63%Early-stage,78%31%31%31%27%Mid-stage,16%6%8%Late-stage,3%7%7%7%Other,3%2021202

123、2202320242025YTDChina:Top equity deals in Q12585State of CVC|Geographic Trends|ChinaCompanyRound AmountRoundDateRound ValuationCVC InvestorsSectorIndustrySubindustry%of Total Funding1Fourier$109MSeries E2025-01-07N/A Prosperity7 VenturesHealthcareMedical Devices&EquipmentDevice Design&Manufacturing3

124、5.9%2Spirit AI$73MSeed VC2025-03-31N/AProsperity7 Ventures,China Merchants VentureIndustrialsMachinery&EquipmentRobotics23.9%3Cornerstone Robotics$68MSeries C2025-01-13N/A Longzhu CapitalHealthcareMedical Devices&EquipmentSurgical Devices22.4%4Enlogics$21MSeries A2025-03-01N/A InnoPinnacle FundHealt

125、hcareBiotechnologyN/A6.8%5Accropeutics$12MSeries B2025-03-14N/A Hefei Hi-Tech InvestmentHealthcareDrug DevelopmentN/A3.9%6EASPEED$8MSeries B2025-01-17N/A Hefei Hi-Tech InvestmentElectronicsElectronic Test,Measurement&MonitoringN/A2.6%7Eyoubot$7MSeries A2025-03-06N/A TCL CapitalIndustrialsMachinery&E

126、quipmentRobotics2.3%7VelaVigo$7MSeries A2025-01-02N/A Legend StarHealthcareDrug DevelopmentN/A2.3%India86Quarterly funding&deals87State of CVC|Geographic Trends|India$0.3B$1.8B$2.5B$2.2B$1.5B$1.4B$0.3B$0.4B$0.1B$0.3B$0.3B$0.3B$0.3B$0.3B$0.2B$0.2BFunding$0.2B20275856324731261625202434201622Deals19010

127、203040506070$0.0B$0.5B$1.0B$1.5B$2.0B$2.5B$3.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Annual percent of deals by deal stage88State of CVC|Geographic Trends|India57%56%62%68%Early-stage,68%24%28%25%18%Mid-stage,26%16%11%6%11%Late-stage,5%5%7%Other,0%20212022202320242025YTDIndia:Top equ

128、ity deals in Q12589State of CVC|Geographic Trends|IndiaCompanyRound AmountRoundDateRound Valuation CVC InvestorsSectorIndustrySubindustry%of Total Funding1SpotDraft$54MSeries B2025-02-12N/A Prosus VenturesInternetInternet Software&ServicesLegal22.2%2Geniemode$50MSeries C2025-02-24N/A Info Edge Ventu

129、resInternetInternet Software&ServicesSupply Chain&Logistics20.6%3Scimplify$40MSeries B2025-03-12$150M Bertelsmann India InvestmentsIndustrialsBasic MaterialsSpecialty Chemicals16.5%4Captain Fresh$29MSeries C2025-01-31N/A Prosus VenturesInternetInternet Software&ServicesSupply Chain&Logistics11.9%5At

130、i Motors$20MSeries B2025-01-03N/A NGP CapitalIndustrialsMachinery&EquipmentRobotics8.2%Japan90Quarterly funding&deals91State of CVC|Geographic Trends|Japan$331M$631M$928M$589M$758M$838M$543M$410M$365M$429M$514M$459M$351M$579M$391M$381MFunding$405M8412099140154171149127111122109120124123139124Deals11

131、3020406080100120140160180$0.0B$0.1B$0.2B$0.3B$0.4B$0.5B$0.6B$0.7B$0.8B$0.9B$1.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Annual percent of deals by deal stage92State of CVC|Geographic Trends|Japan58%58%59%64%Early-stage,59%26%23%26%23%Mid-stage,25%6%5%Late-stage,5%12%14%9%8%Other,11%202

132、12022202320242025YTDJapan:Top equity deals in Q12593State of CVC|Geographic Trends|JapanCompanyRound AmountRoundDateRound ValuationCVC InvestorsSectorIndustrySubindustry%of Total Funding1ArkEdge Space$52MSeries B2025-02-04N/AMizuho Capital,SMBC Venture Capital,Shizuoka Capital,for Startups Capital,H

133、ulic Startup,Mirai Sozo CapitalIndustrialsAerospace&DefenseN/A12.7%2hacomono$30MSeries D2025-01-22N/A 31VENTURES,GMO Venture PartnersInternetInternet Software&ServicesCustomer Relationship Management7.3%3GOOPASS$28MSeries C2025-01-31N/A Yokohama Capital,TSUNEISHI Capital PartnersInternetE-CommerceEl

134、ectronics&Appliances6.9%4CADDi$27MSeries C2025-03-27N/A SMBC Venture CapitalIndustrialsManufacturingIndustrial Equipment&Component Manufacturing6.6%5Clear$16MSeries C2025-03-03N/A Money Forward Venture Partners,SMBC Venture CapitalInternetE-CommerceFood&Grocery4.0%5SALOWIN$16MSeries D2025-02-14N/AMi

135、tsubishi UFJ Capital,Mizuho Capital,Gogin Capital,Colopl Next,Money Forward Venture Partners,Sumisho Venture PartnersConsumer Products&ServicesPersonalSalon Services4.0%Europe Trends94Quarterly funding&deals95State of CVC|Geographic Trends|Europe Trends$5.1B$11.7B$5.1B$6.9B$8.6B$5.6B$3.1B$3.2B$2.8B$

136、3.1B$2.2B$2.3B$3.3B$3.2B$2.3B$3.7BFunding$3.5B206238198241320263262229222230168179183192166188Deals145050100150200250300350$0.0B$2.0B$4.0B$6.0B$8.0B$10.0B$12.0B$14.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Annual percent of deals by deal stage96State of CVC|Geographic Trends|Europe Tre

137、nds62%66%68%67%Early-stage,69%24%21%18%22%Mid-stage,20%6%Late-stage,3%7%9%9%8%Other,8%20212022202320242025YTDEurope:Top equity deals in Q12597State of CVC|Geographic Trends|Europe TrendsCompanyRound AmountRoundDateRound ValuationCVC InvestorsCountrySectorIndustrySubindustry%of Total Funding1Isomorph

138、ic Laboratories$600MSeries A2025-03-31N/A Google VenturesUnited KingdomInternetInternet Software&ServicesHealthcare17.3%2Amboss$259MSeries C2025-03-25N/A Burda Principal InvestmentsGermanyInternetInternet Software&ServicesInformation Providers&Portals7.5%3Synthesia$180MSeries D2025-01-14$2.1BGoogle

139、Ventures,PSP Growth,Atlassian VenturesUnited KingdomInternetInternet Software&ServicesVideo5.2%4Quantum Machines$170MSeries C2025-02-25$700M Intel CapitalIsraelComputer Hardware&ServicesSupercomputersN/A4.9%5Ori$140MVenture Capital2025-02-14N/A WAED VenturesUnited KingdomInternetInternet Software&Se

140、rvicesApplication&Data Integration4.0%6NEURA Robotics$123MSeries B2025-01-15N/ADelta Electronics Capital,Volvo Cars Tech FundGermanyIndustrialsMachinery&EquipmentRobotics3.6%7Alice&Bob$104MSeries B2025-01-28$400MAVP,Bpifrance Digital Venture,Sopra Steria VenturesFranceComputer Hardware&ServicesCompu

141、ter Networking EquipmentN/A3.0%8Qvantum$97MSeries C2025-01-07N/A SEB GreentechSwedenIndustrialsConstructionPlumbing&HVAC2.8%9RhyGaze$86MSeries A2025-01-10N/AGoogle Ventures,Novartis Venture FundsSwitzerlandHealthcareMedical Devices&EquipmentImaging&Diagnostic Equipment2.5%10Luminance$75MSeries C2025

142、-02-18N/AForestay Capital,National Grid PartnersUnited KingdomInternetInternet Software&ServicesLegal2.2%Europe:Top investors by company count in Q12598State of CVC|Geographic Trends|Europe TrendsInvestorCompany Count Investor GroupCountry1Prosus Ventures8CVCNetherlands2Wayra5CVCSpain3Bright Pixel C

143、apital4CVCPortugal3Innvierte4CVCSpain3Norrsken VC4CVCSwedenUnited Kingdom99Quarterly funding&deals100State of CVC|Geographic Trends|United Kingdom$1.4B$1.9B$2.8B$1.6B$3.5B$1.7B$0.7B$0.8B$0.8B$1.1B$0.4B$0.8B$1.1B$1.0B$0.8B$0.8BFunding$1.3B64666261918385555477464249555346Deals36020406080100120$0.0B$0.

144、5B$1.0B$1.5B$2.0B$2.5B$3.0B$3.5B$4.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Annual percent of deals by deal stage101State of CVC|Geographic Trends|United Kingdom60%66%63%67%Early-stage,61%26%21%20%22%Mid-stage,22%6%5%Late-stage,6%8%9%12%6%Other,11%20212022202320242025YTDUnited Kingdom

145、:Top equity deals in Q125102State of CVC|Geographic Trends|United KingdomCompanyRound AmountRoundDateRound ValuationCVC InvestorsSectorIndustrySubindustry%of Total Funding1Isomorphic Laboratories$600MSeries A2025-03-31N/A Google VenturesInternetInternet Software&ServicesHealthcare44.6%2Synthesia$180

146、MSeries D2025-01-14$2.1B Google Ventures,PSP Growth,Atlassian VenturesInternetInternet Software&ServicesVideo13.4%3Ori$140MVenture Capital2025-02-14N/A WAED VenturesInternetInternet Software&ServicesApplication&Data Integration10.4%4Luminance$75MSeries C2025-02-18N/A Forestay Capital,National Grid P

147、artnersInternetInternet Software&ServicesLegal5.6%5Relay$35MSeries A2025-02-27N/A Prologis VenturesInternetInternet Software&ServicesSupply Chain&Logistics2.6%Germany103Quarterly funding&deals104State of CVC|Geographic Trends|Germany$0.3B$1.7B$0.5B$2.3B$0.5B$0.8B$0.3B$0.6B$0.5B$0.7B$0.3B$0.3B$0.5B$0

148、.4B$0.5B$0.4BFunding$0.5B24282636372727273537282525192727Deals170510152025303540$0.0B$0.5B$1.0B$1.5B$2.0B$2.5BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Annual percent of deals by deal stage105State of CVC|Geographic Trends|Germany64%72%78%70%Early-stage,71%22%19%15%17%Mid-stage,29%8%5%La

149、te-stage,0%6%9%Other,0%20212022202320242025YTDGermany:Top equity deals in Q125106State of CVC|Geographic Trends|GermanyCompanyRound AmountRoundDateRound ValuationCVC InvestorsSectorIndustrySubindustry%of Total Funding1Amboss$259MSeries C2025-03-25N/A Burda Principal InvestmentsInternetInternet Softw

150、are&ServicesInformation Providers&Portals47.1%2NEURA Robotics$123MSeries B2025-01-15N/A Delta Electronics Capital,Volvo Cars Tech FundIndustrialsMachinery&EquipmentRobotics22.5%3Marvel Fusion$54MSeries B2025-03-27N/A Tengelmann VenturesEnergy&UtilitiesRenewablesOther Renewables9.8%3Taktile$54MSeries

151、 B2025-02-27N/A Prosus VenturesInternetInternet Software&ServicesMonitoring&Security9.8%5C1 Green Chemicals$16MSeries A2025-03-19N/A Maersk GrowthIndustrialsBasic MaterialsChemicals3.0%France107Quarterly funding&deals108State of CVC|Geographic Trends|France$0.2B$1.8B$0.3B$0.3B$1.6B$0.7B$0.4B$0.4B$0.

152、5B$0.3B$0.4B$0.2B$0.6B$0.6B$0.1B$0.7BFunding$0.3B14211725403120312718193218221024Deals1805101520253035404550$0.0B$0.2B$0.4B$0.6B$0.8B$1.0B$1.2B$1.4B$1.6B$1.8B$2.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Annual percent of deals by deal stage109State of CVC|Geographic Trends|France73%70%

153、68%70%Early-stage,78%19%20%18%22%Mid-stage,17%5%Late-stage,6%5%9%7%Other,0%20212022202320242025YTDFrance:Top equity deals in Q125110State of CVC|Geographic Trends|FranceCompanyRound AmountRoundDateRound ValuationCVC InvestorsSectorIndustrySubindustry%of Total Funding1Alice&Bob$104MSeries B2025-01-28

154、$400M AVP,Bpifrance Digital Venture,Sopra Steria VenturesComputer Hardware&ServicesComputer Networking EquipmentN/A33.1%2GravitHy$65MSeries A2025-03-26N/A ENGIE New VenturesEnergy&UtilitiesRenewablesHydrogen/Fuel Cell20.6%3Bioptimus$41MSeries A2025-01-14N/A Hitachi VenturesInternetInternet Software&

155、ServicesHealthcare13.0%4Shippeo$30MSeries D2025-01-15N/ANGP Capital,Yamaha Motor Ventures,Bpifrance Digital VentureInternetInternet Software&ServicesSupply Chain&Logistics9.5%5Cryptio$15MSeries A2025-01-29N/A BitGo VenturesInternetInternet Software&ServicesAsset&Financial Management&Trading4.8%LatAm

156、 Trends111Quarterly funding&deals112State of CVC|Geographic Trends|LatAm Trends$515M$591M$1,566M$621M$427M$442M$119M$181M$43M$145M$191M$143M$155M$160M$111M$461MFunding$245M20213225382430281823172319231610Deals15051015202530354045$0.0B$0.2B$0.4B$0.6B$0.8B$1.0B$1.2B$1.4B$1.6B$1.8BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q

157、3Q4Q1Q2Q3Q4Q120212022202320242025Annual percent of deals by deal stage113State of CVC|Geographic Trends|LatAm Trends69%78%83%78%Early-stage,60%15%9%7%9%Mid-stage,27%9%Late-stage,7%6%11%10%10%Other,7%20212022202320242025YTDLatAm:Top equity deals in Q125114State of CVC|Geographic Trends|LatAm TrendsCo

158、mpanyRound AmountRoundDateRound ValuationCVC InvestorsCountrySectorIndustrySubindustry%of Total Funding1Uala$66MSeries E2025-03-20N/A Allianz XArgentinaMobile&TelecommunicationsMobile Software&ServicesAccounting&Finance26.9%2Buk$50MSeries B2025-01-06$850M Workday VenturesChileInternetInternet Softwa

159、re&ServicesHR&Workforce Management20.4%3Mendel$35MSeries B2025-03-27N/A PayPal VenturesMexicoMobile&TelecommunicationsMobile Software&ServicesBilling,Expense Management&Procurement14.3%4Azos$31MSeries B2025-02-19N/A Prosus VenturesBrazilFinanceInsuranceLife Insurance12.4%5Capim$27MSeries A2025-01-10

160、N/A Saison CapitalBrazilInternetInternet Software&ServicesAccounting&Finance10.9%6Grao Direto$15MSeries B2025-03-10N/A CME Ventures,SLC VenturesBrazilInternetE-CommerceMarketplace6.3%7Malga$6MSeries A2025-02-25N/A TOTVS VenturesBrazilInternetInternet Software&ServicesPayments2.3%8Advolve$5MSeed VC20

161、25-02-20N/A Prosus VenturesBrazilInternetInternet Software&ServicesCustomer Relationship Management2.0%9Glim$3MSeed VC2025-02-14N/A WayraColombiaMobile&TelecommunicationsMobile Software&ServicesAccounting&Finance1.4%9ObraBank$3MSeed VC2025-01-10N/A SRM VenturesBrazilFinanceLendingCommercial1.3%9Voa

162、Health$3MSeed VC2025-03-14$17M Prosus VenturesBrazilHealthcareMedical InformationN/A1.2%LatAm:Top investors by company count in Q125115State of CVC|Geographic Trends|LatAm TrendsInvestorCompany Count Investor GroupCountry1Galicia Ventures1CVCArgentina1SLC Ventures1CVCBrazil1SRM Ventures1CVCBrazil1Su

163、zano Ventures1CVCBrazil1TOTVS Ventures1CVCBrazil1iV Ventures1CVCBrazilReport MethodologyA detailed look at the investment activity(deals and funding)of corporations investment arms,i.e.,CVCs.Funding totals may include investments from non-CVC investors that participate in deals alongside CVCs.You ca

164、n download the underlying data found in this report here:https:/ you have questions about the definitions or methodological principles used,or if you feel that your firm has been underrepresented,please reach out to .What is included:Equity financings into private companies only.Funding rounds raise

165、d by public companies of any kind on any exchange(including Pink Sheets)are excluded from our numbers,even if they received investment from a venture firm.Only includes the investment made in the quarter for tranchedinvestments.If a company does a second closing of its Series B round for$5M and prev

166、iously had closed$2M in a prior quarter,only the$5M is reflected.Round numbers reflect what has closed,not what is intended.If a company indicates the closing of$5M out of a desired raise of$15M,our numbers reflect only the amount which has closed.Only verifiable fundings are included.Fundings are v

167、erified via(1)various federal and state regulatory filings;(2)direct confirmation with firm or investor;(3)press release;or(4)credible media sources.Equity fundings to joint ventures and spinoffs/spinouts are included.Unicorn data includes private companies valued at$1B or more in the private market

168、s globally,per the same 4 sources listed above and relied on for funding events,which include valuations disclosed in credible media sources.The list is maintained publicly and updated in real time at https:/ notes:Israel funding figures are classified in Europe;funding to Oceania and Africa is incl

169、uded in global figures but not spotlighted in this report.Rounds to private companies that may be majority-or minority-owned subsidiaries of other private companies.Valuation data includes estimates to calibrate median and average valuations based on current and previous quarter disclosed valuations

170、 gathered from the aforementioned foursources.The estimating method will control for the over-sampling of large rounds that are reported quickly versus a comparative lag in valuations obtained from other sources.Valuation data reflects post-money valuations.Exits include IPOs,SPACs,publicly announce

171、d M&A deals,and other liquidity events;only first exits are counted.Headquarters are determined by publicly available sources including company-owned websites and profiles,legal filings,and press releases.All figures in the report are in USD.US financing trends follow the combined statistical area(C

172、SA)methodology.Silicon Valley refers to the San Jose-San Francisco-Oakland CSA.What is excluded:No contingent funding.If a company receives a commitment for$20M subject to hitting certain milestones but first gets$8M,only the$8M is included in our data.No business development/R&D arrangements,whethe

173、r transferable into equity now,later,or never.If a company signs a$300M R&D partnership with a larger corporation,this is not equity financing nor is it from venture capital firms.As a result,it is not included.No buyouts,consolidations,or recapitalizations.All three of these transaction types are c

174、ommonly employed by private equity firms and are tracked by CB Insights.However,they are excluded for the purposes of this report.No private placements.These investments,also known as PIPEs(Private Investment in Public Equities),are not included even if made by a venture capital firm.No debt/loans o

175、f any kind(except convertible notes).Venture debt or any kind of debt/loan issued to emerging,startup companies,even if included as an additional part of an equity financing,is not included.If a company receives$3M with$2M from venture investors and$1M in debt,only the$2M is included in these statis

176、tics.No non-equity government funding.Grants or loans by the federal government,state agencies,or public-private partnerships to emerging,startup companies are not included.No fundings to subsidiaries of a larger parent corporation unless that subsidiary is a private entity and meets other criteria

177、for inclusion.Accelerators,incubators,business-plan competitions,economic-development entities are excluded from rankings of most active investors,even if making equity financings.Rankings for top investors are calculated according to“company count,”or the number of unique companies an investor funds in a quarter,and so excludes follow-on deals.116State of CVC