State of CVC

Global | Q1 2022
Global data and analysis on CVC-backed deals
and funding to private market companies
State of CVC

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State of CVC

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State of CVC

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State of CVC

What you need to know about CVC

in Q1’22

1,317 -24% 101 30% 4

CVC-backed deals. Decline in the CVC-backed mega- Increase in digital Consecutive $1.6B+
All-time high. average CVC- rounds. health deals with quarters for CVC-
The number of deals with backed deal size. Mega-rounds with CVC CVC participation. backed funding to
CVC participation rose for Average and median CVC- participation fell by roughly Despite an 8% decline India.
an eighth consecutive backed deal sizes shrank 20% QoQ but are still QoQ, digital health deals
quarter, setting a quarterly higher than the same India had its strongest Q1
for the first time since remained elevated at 108 in history, with CVC-backed
record of 1,317. 2019. The average deal period last year. – up 30% YoY. The funding funding reaching $1.9B in
Despite this increase in size fell by 24% YoY to Mega-rounds also associated with these Q1’22.
deals, CVC-backed funding $35M, while the median accounted for their deals rose 13% over the
declined 19% QoQ but deal size declined by 13%. smallest share of CVC- same period. Driving this surge were 4
remained elevated backed deals (8%) and mega-rounds with CVC
Contributing to the fall in Especially active in Q1’22 participation, including a
compared to Q1’21. average deal size was a funding (51%) since 2020. were the venture arms of $700M Series K for food
decline in the deal share of The US saw the sharpest healthcare provider Optum delivery startup Swiggy.
mid- and late-stage deals. YoY decline in mega- and pharmaceutical giant
rounds (-15%), while Merck, which each
Europe saw them tick up invested in 6 digital health
by 64%. companies. 6
State of CVC

What you need to know about CVC

in Q1’22

232 31% 37 -64% $6.5B

CVC-backed fintech Increase in retail Companies Decline in CVC- CVC-backed
deals. All-time high. tech deals with CVC invested in by backed funding to funding to Europe.
Rising by more than 30% participation YoY. Coinbase Ventures. China. In Q1’22, Europe attracted
YoY, CVC-backed fintech Rebounding QoQ, CVC- Coinbase Ventures was CVC-backed funding to 230 CVC-backed deals
deals and dollars each had backed retail tech deals the most active CVC China-based companies worth $6.5B. This activity
their strongest start to a hit 139 — the third highest investor in Q1’22, fell to its lowest level since represented the highest
year ever — though funding quarterly total in the past leading Google Ventures Q2’20 — a decline and second-highest
slid compared to Q4’21. 5 years. (34) and Salesforce of 64% QoQ. quarterly figures for deals
Funding to US-based Ventures (25). and dollars, respectively, in
CVC-backed retail tech Deals with CVC participation at least 5 years.
companies fell 19% QoQ. The prolific
funding fared less well, remained up YoY but fell
In Europe, meanwhile, investor backed 20 The UK led the continent
funding was up 11% over sliding for a third more than a quarter from higher, with CVC-backed
consecutive quarter to fintech companies, Q4’21.
the same period. focusing mainly on funding up 42% YoY,
$4.7B. Driving this decline While the country saw 6 reaching an all-time high
was a drop in late-stage blockchain and crypto
startups. It is on track to mega-rounds in Q1’22, late- of $2.4B.
retail tech deal share. stage rounds accounted for
exceed its 2021 company
count of 92. just 4% of CVC deals — a
7
5-year low.
 State of CVC | Global Trends | Investment Trends

Q1’22 deals with CVC participation set an all-time quarterly high of 1,317

1,400
1,268
1,293
1,317
deals
1,164 Q1 2022
1,200

961
37%
1,000 since Q1’21
866 881
834
779
800

600

400

200

0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2020 2021 2022

8
State of CVC | Global Trends | Investment Trends

The average CVC-backed deal size drops 24% in 2022 so far

$47M
2021

24%
decrease

$35M
2022 YTD

2018 2019 2020 2021 2022

YTD

9
 State of CVC | Global Trends | Investment Trends

CVC-backed mega-rounds fall by a fifth to 101 in Q1’22, remain elevated

5
consecutive
140 quarters with
122
126 125
20% 90+ mega-rounds
120 QoQ

101
98
100
90

80

58
60

44
39
40 33

20

0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2020 2021 2022

10
 State of CVC | Sector Spotlights | Digital Health

CVC-backed digital health deals are up 30% YoY

124
119 118
120
106
108
97
deals
100 Q1 2022
85
82

80

30%
60
increase YoY

40
83
deals
20 Q1 2021

0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2020 2021 2022

11
 State of CVC | Geographic Trends | India

CVC-backed funding to India stays elevated

4
$3.0B
$3.0B
consecutive
$1.6B+ quarters
$2.5B

$2.2B

$2.0B $1.9B
$1.8B

$1.6B — previous record

$1.5B

$1.0B

$0.5B

$0.3B $0.4B $1.0B $1.6B $0.7B $0.3B $1.0B $0.4B $0.6B $0.2B $0.5B $0.9B $0.3B
$0.0B
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021 2022

12
 State of CVC | Sector Spotlights | Fintech

Fintech deals with CVC participation soar 34% to an all-time high of 232

250
232
deals
198 201 Q1 2022
200 192

150 34%
119
125 increase YoY
118
114

100
173
deals
Q1 2021
50

0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2020 2021 2022

13
 State of CVC | Sector Spotlights | Retail Tech

CVC-backed retail deals increase by 31% YoY

159
160
145
139
140
125
deals
Q1 2022
117
120
104 103

100 94

80
31%
increase YoY
60

106
40
deals
Q1 2021
20

0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2020 2021 2022

14
State of CVC | Global Trends | Investors

Coinbase becomes the most active CVC investor in Q1’22

Q4 2021 Q1 2022

Investor Company Count Country Investor Company Count Country

1 Coinbase Ventures 37 United States

2 spots
1 Google Ventures 27 United States
QoQ

2 Google Ventures 34 United States

1 KB Investment 27 South Korea

3 Salesforce Ventures 25 United States

3 Coinbase Ventures 22 United States 4 Mitsubishi UFJ Capital 18 Japan

5 Alameda Research Ventures 16 Hong Kong

3 Salesforce Ventures 22 United States

5 KB Investment 16 South Korea

5 Mitsubishi UFJ Capital 18 Japan

5 Kakao Ventures 16 South Korea

15
 State of CVC | Geographic Trends | China

CVC-backed funding to China-based companies continues its fall from

Q3’21’s peak, down 64% QoQ
$9.0B

$8.0B

$7.0B

$6.0B

$5.3B
$5.0B Q4 2021

$4.0B

$3.0B
64%
decrease
$2.0B

$1.0B
$1.9B
$1.5B $4.1B $2.3B $1.9B $1.8B $2.2B $0.9B $1.4B $1.4B $1.9B $2.4B $3.8B $3.9B $2.9B $7.8B
$0.0B Q1 2022
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021 2022

16
 State of CVC | Geographic Trends | Europe Trends

CVC-backed funding to Europe increases 38% YoY, reaching $6.5B

$10. 0B

$9.0B

$8.0B

$7.0B
$6.5B
Q1 2022
$6.0B

$5.0B

$4.0B
38%
$3.0B increase YoY
$2.0B

$4.7B
$1.0B
Q1 2021
$1.3B $1.2B $1.3B $1.6B $2.8B $1.3B $2.0B $1.4B $1.3B $2.2B $2.0B $2.9B $8.8B $3.5B $5.7B
$0.0B
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021 2022

17
State of CVC

Contents

Global Trends 19 Asia 110

Investment Trends 20 China 116
India 120
Investors 46
Israel 124
Singapore 128
Sector Spotlights 49
Japan 132
Fintech 50
Europe 136
Retail Tech 59 United Kingdom 142
Digital Health 68 Germany 146
France 150
Geographic Trends 77
LatAm & Caribbean 154
US 78 Brazil 160
Silicon Valley 84
Africa 164
New York 88
Los Angeles 92
Australia 170
Boston 96
Austin 100
Canada 104

18
Global Trends
19
Investment Trends
20
 State of CVC | Global Trends | Investment Trends

CVCs participate in 1,317 deals worth $37B in Q1’22

$180.0B
7,000

$160.0B

6,000
$140.0B

4,686 5,000
$120.0B

$100.0B 4,000
3,412 3,360
3,207
$80. 0B
3,000

$60. 0B
Funding 2,000
$40. 0B
$37.0B

1,000
$20. 0B Deals
1,317
$57.5B $58.3B $68.8B $172.2B
$0.0B 0
2018 2019 2020 2021 2022
YTD

21
 State of CVC | Global Trends | Investment Trends

Q1’22 CVC-backed deals set an all-time quarterly high of 1,317

$50. 0B 2,000

$45. 0B 1,800

Funding
$40. 0B 1,600
$37.0B
$35. 0B 1,400
1,268 1,293 Deals
1,164 1,317
$30. 0B 1,200

961
$25. 0B 889 881 1,000
866 853 850 866
824 826 820 834
779
$20. 0B 691 800

$15. 0B 600

$10. 0B 400

$5.0B 200

$11.8B $14.9B $14.3B $16.4B $14.8B $16.4B $13.4B $13.7B $13.9B $16.3B $17.8B $20.8B $34.8B $43.8B $47.8B $45.8B
$0.0B 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021 2022

22
State of CVC | Global Trends | Investment Trends

US leads in CVC-backed dollars, Asia sees the most deals in Q1’22

Canada
$931M
31 Deals Asia
Europe
$8,765M
US $6,496M 525 Deals
230 Deals

$19,682M
450 Deals

Africa
$341M
26 Deals

LatAm &
Caribbean
$455M
41 Deals
Australia
$324M
14 Deals

23
State of CVC | Global Trends | Investment Trends

CVC-backed funding falls by more than 20% QoQ in both the US and Asia

US Asia Europe LatAm & Caribbean

$19.7B $6.5B
$8.8B
$0.5B

Q1 Q3 Q1 Q1 Q3 Q1 Q1 Q3 Q1 Q1 Q3 Q1
2021 2022 2021 2022 2021 2022 2021 2022

Canada Australia Africa

$0.9B
$0.3B
$0.3B

Q1 Q3 Q1 Q1 Q3 Q1 Q1 Q3 Q1
2021 2022 2021 2022 2021 2022

24
State of CVC | Global Trends | Investment Trends

Asia’s deal share of CVC-backed rounds falls to 40%, Europe’s ticks up

Africa, 2%
6%
Australia, 1%
Canada, 2%
16% 17% 15%
17%
15% 15%
16% 19% 16% 18% 17% 18% 17% 18% 13% 14% LatAm & Caribbean, 3%
Europe, 17%

41% 43% 34%

39% 44% 37% 43% 41% 40% 43%
39% 42% 40% 39% 45%
46% Asia, 40%

43%
38% 37% 38% 39% 38% 37% 37% 37% 37%
35% 35% 35%
32%
36% 34% US, 34%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021 2022

25
State of CVC | Global Trends | Investment Trends

The average CVC-backed deal size decreases by a quarter

$47M

Average Size
$35M

$27M
$25M
$23M

Median Size
$15M
$13M
$10M
$9M
$8M

2018 2019 2020 2021 2022

YTD

26
State of CVC | Global Trends | Investment Trends

Median CVC-backed deal size falls 16% YoY in Asia, rises modestly in the US

US Asia Europe
$11M
$25M
$8M

2018 2020 2022 2018 2020 2022 2018 2020 2022

YTD YTD YTD

LatAm & Caribbean Canada

$13M

$5M

2018 2020 2022 2018 2020 2022

YTD YTD

27
 State of CVC | Global Trends | Investment Trends

Mega-rounds with CVC participation surpass 100 in Q1’22

$100.0B
600

$80. 0B 471 500

400
$60. 0B

300

$40. 0B

174 200
Funding
122
$19.0B
$20. 0B 94
100
Deals
$23.1B $24.0B $28.8B $107.5B 101
$0.0B 0
2018 2019 2020 2021 2022
YTD

28
 State of CVC | Global Trends | Investment Trends

CVC-backed mega-round funding declines 35% QoQ

$35. 0B 200

180
$30. 0B
160

$25. 0B 140
126 125
122
Funding
120
$20. 0B $19.0B
98 Deals
100
101
$15. 0B
80

58
$10. 0B 60
44
38 39
32 33 40
28 26 26
25
$5.0B 19 22
20

$4.4B $6.1B $5.1B $7.4B $6.0B $8.0B $4.7B $5.3B $5.5B $6.0B $7.3B $9.9B $20.9B $26.9B $30.5B $29.2B
$0.0B 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021 2022

29
State of CVC | Global Trends | Investment Trends

The US leads all regions in CVC-backed mega-rounds with 60 in Q1’22

Canada
$0.5B
3 Deals Asia
Europe
$3.5B
US $3.4B 18 Deals
18 Deals

$11.2B
60 Deals

LatAm &
Caribbean
$0.1B
1 Deal
Australia
$0.2B
1 Deal

30
State of CVC | Global Trends | Investment Trends

CVC-backed mega-rounds in the US fall 18% QoQ, rise in Europe

72 73
71
67

US, 60

37

32

23

13
21 Europe, 18
11 8 13 Asia, 18
5 4 Canada, 3
1 4
4 1 Australia, 1
4 1
1 2
1 1
LatAm & Caribbean, 1
1
Africa, 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021 2022

31
State of CVC | Global Trends | Investment Trends

CVC-backed mega-rounds in Q1’22 account for 8% of CVC deals, the

lowest deal share since 2020

90% 90% 90%

97% 97% 97% 97% 97% 96% 97% 96% 96% 95% 95% 93%
90% Non-mega-rounds, 92%

10% 10%
5% 7%
10% 10% Mega-rounds, 8%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021 2022

32
State of CVC | Global Trends | Investment Trends

Mega-rounds’ share of CVC-backed funding falls to 51% in Q1’22

38% 36% 36%

40%
51% 52% Non-mega-rounds, 49%
55%
59% 59% 61% 60% 59%
63% 64% 65% 63%

62% 64% 64%

60%
49% 48%
Mega-rounds, 51%
45%
41% 41% 39% 40% 41%
37% 36% 35% 37%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021 2022

33
State of CVC | Global Trends | Investment Trends

Global: Top CVC-backed deals in Q1'22

Round Round Round Industry % of Total
Company Select Investors Country Sector
Amount Date Valuation Subindustry Funding

Series K Mobile & Mobile Commerce

1 Swiggy $700M 2022-01-24
$10.7B Prosus Ventures India
Telecommunications Food & Grocery
1.9%

Series D Mobile & Mobile Software & Services

2 Qonto $552M 2022-01-11
$5.0B EXOR Seeds France
Telecommunications Accounting & Finance
1.5%

Series E United Internet Software & Services

3 Fireblocks $550M 2022-01-27
$8.0B SCB 10X, CapitalG
States
Internet
Accounting & Finance
1.5%

Series D United Software (non- Asset & Finance Management & Trading Software
4 ConsenSys $450M 2022-03-11
$7.0B UTA Ventures
States internet/mobile) N/A
1.2%

Seed VC United Internet Software & Services

4 Yuga Labs $450M 2022-03-22
$4.0B FTX Ventures
States
Internet
Asset & Finance Management & Trading
1.2%

Series D Hong Medical Facilities & Services

6 Hong Kong Asia Medical Group $400M 2022-02-10
N/A Country Garden Venture Capital
Kong
Healthcare
Specialized Healthcare Services
1.1%

Series C United Internet Software & Services

6 Miro $400M 2022-01-05
$17.5B Salesforce Ventures
States
Internet
Collaboration & Project Management
1.1%

Series D United Real Estate

6 Veev $400M 2022-02-24
$1.0B JLL Spark
States
Finance
Residential Real Estate Development
1.1%

Series E United Internet Software & Services

9 Bolt $355M 2022-01-14
$11.0B CE Innovation Capital
States
Internet
Payments
1.0%

Series D GS Growth, Dell Technologies Machinery & Equipment

10 Exotec $335M 2022-01-17
$2.0B
Capital
France Industrials
Robotics
0.9%

34
State of CVC | Global Trends | Investment Trends

Early-stage deal share ticks up to 58%

6%
8% 7% 7% Other, 8%
9%
8% 8% 8% Late-stage, 6%

29% 29% 31% 32%

Mid-stage, 28%

55% 56% 54% 54%

Early-stage, 58%

2018 2019 2020 2021 2022

YTD

35
State of CVC | Global Trends | Investment Trends

The US accounts for more than half of late-stage CVC-backed deals in Q1’22

US Asia Europe LatAm & Caribbean Canada Australia Africa

Early-stage 30% 41% 18%

Mid-stage 37% 42% 16%

Late-stage 58% 28% 11%

Other 34% 37% 21%

36
State of CVC | Global Trends | Investment Trends

CVC-backed mid- and late-stage deal size both up more than 10% YoY

Early-stage Mid-stage Late-stage

$119M

$100M

$44M
$40M
$35M

$20M

$4M $6M $6M

2018 2020 2022 2018 2020 2022 2018 2020 2022

YTD YTD YTD

37
State of CVC | Global Trends | Investment Trends

Median months between mid-stage rounds falls to 15 for CVC-backed

companies

Seed/Angel to Series A to B Series B to C Series C to D Series D to E+

Series A

21

19
18 18 18 18
17
17
16 16 15 15
15 14
12

2018 2020 2022 2018 2020 2022 2018 2020 2022 2018 2020 2022 2018 2020 2022
YTD YTD YTD YTD YTD

38
State of CVC | Global Trends | Investment Trends

Global: Top CVC-backed seed/angel deals in Q1'22

Round Round Industry
Company Select Investors Country Sector
Amount Date Subindustry

Seed VC Internet Software & Services

1 Yuga Labs $450M 2022-03-22
FTX Ventures United States Internet
Asset & Finance Management & Trading

Seed VC Internet Software & Services

2 The Graph $205M 2022-02-17
gumi Cryptos United States Internet
Web Development

Seed VC Chips & Semiconductors

3 Clounix $63M 2022-02-25
Longfor Capital China Electronics
Semiconductors: Memory, Networking & Sensor Chips

Seed VC Software (non- Healthcare Software

4 Avaneer Health $50M 2022-01-13
Aetna Ventures United States
internet/mobile) N/A

Seed VC Air
5 Destinus $29M 2022-02-09
Cathexis Ventures Switzerland Automotive & Transportation
N/A

Seed VC United Mobile & Mobile Software & Services

6 Logically $24M 2022-03-16
XTX Ventures, Amazon Alexa Fund
Kingdom Telecommunications Content Management

Seed VC Alameda Research Ventures, Internet Software & Services

7 Astar Network $22M 2022-01-28 Crypto.com Capital
Singapore Internet
Asset & Finance Management & Trading

Seed VC Medical Devices & Equipment

8 Neo $21M 2022-02-17
Swisscom Ventures Switzerland Healthcare
Surgical Devices

Seed VC Boehringer Ingelheim Venture Fund, Drug Discovery

9 ArrePath $20M 2022-03-03 Viva BioInnovator
United States Healthcare
N/A

Seed VC Software (non- Healthcare Software

10 Zephyr AI $19M 2022-03-30
Lerner Group Investments United States
internet/mobile) N/A

39
State of CVC | Global Trends | Investment Trends

Global: Top CVC-backed Series A deals in Q1'22

Round Round Industry
Company Select Investors Country Sector
Amount Date Subindustry

Series A Internet Software & Services

1 Aptos $200M 2022-03-15
Coinbase Ventures, FTX Ventures United States Internet
Data Storage

Series A United Insurance

2 Accelerant $190M 2022-01-12
MS&AD Ventures
Kingdom
Finance
N/A

Series A Leaps by Bayer, Alexandria Venture Biotechnology

3 Affini-T Therapeutics $175M 2022-03-22 Investments
United States Healthcare
N/A

Series A FTX Ventures, Coinbase Ventures, Internet Software & Services

4 LayerZero Labs $135M 2022-03-30 PayPal Ventures
United States Internet
Web Development

Series A Chips & Semiconductors

5 Axera $126M 2022-01-17
Longzhu Capital China Electronics
Semiconductors: Design & Packaging Services

Series A Biotechnology
6 Seismic Therapeutics $101M 2022-02-09
Boxer Capital, Google Ventures United States Healthcare
N/A

Series A Coinbase Ventures, Kraken Internet Software & Services

7 CoinTracker $100M 2022-01-27 Ventures, Intuit Ventures
United States Internet
Accounting & Finance

Series A Chips & Semiconductors

7 Cygnus $100M 2022-02-28
Golden China Fund, Wofo Capital China Electronics
Semiconductors: Communications Chips

Series A Software (non- Application & Data Integration Software

9 Voltron Data $88M 2022-02-17
Google Ventures United States
internet/mobile) N/A

Series A Drug Development

10 AmbAgon Theraputics $85M 2022-01-06
MRL Ventures, AbbVie Ventures Netherlands Healthcare
N/A

40
State of CVC | Global Trends | Investment Trends

Global: Top CVC-backed Series B deals in Q1'22

Round Round Industry
Company Select Investors Country Sector
Amount Date Subindustry

Series B Mobile & Mobile Software & Services

1 Aleo $200M 2022-02-07
Sea Capital, Samsung NEXT United States
Telecommunications Application Development

Series B Internet Software & Services

1 Amber Group $200M 2022-02-21
Coinbase Ventures Hong Kong Internet
Asset & Finance Management & Trading

Series B United Software (non- Science & Engineering Software

1 Wayve $200M 2022-01-17
XTX Ventures
Kingdom internet/mobile) N/A

Series B United Mobile & Mobile Commerce

1 Zapp $200M 2022-01-28
Burda Principal Investments
Kingdom Telecommunications Food & Grocery

Series B Software (non- Science & Engineering Software

5 KoBold Metals $193M 2022-02-10
Equinor Ventures United States
internet/mobile) N/A

Series B Biotechnology
6 Metagenomi $175M 2022-01-25
Leaps by Bayer United States Healthcare
N/A

Series B Internet Software & Services

7 NEAR Protocol $150M 2022-01-13
Alameda Research Ventures Switzerland Internet
Asset & Finance Management & Trading

Series B Internet Software & Services

7 Wayflyer $150M 2022-02-01
Prosus Ventures Ireland Internet
Accounting & Finance

Series B Biotechnology
9 Leyden Labs $140M 2022-01-25
Google Ventures Netherlands Healthcare
N/A

Series B Consulting & Outsourcing

10 Bluepha $136M 2022-01-10
Country Garden Venture Capital China Business Products & Services
Research, Engineering & Technical

41
State of CVC | Global Trends | Investment Trends

Global: Top CVC-backed Series C deals in Q1'22

Round Round Industry
Company Select Investors Country Sector
Amount Date Subindustry

Series C Internet Software & Services

1 Miro $400M 2022-01-05
Salesforce Ventures United States Internet
Collaboration & Project Management

Series C Internet Software & Services

2 Astronomer $213M 2022-03-23
Salesforce Ventures United States Internet
Business Intelligence, Analytics & Performance Mgmt

Series C United Internet Software & Services

3 Genesis Global $200M 2022-02-16
Salesforce Ventures, Google Ventures
Kingdom
Internet
Accounting & Finance

Series C Prosus Ventures, Alameda Research Internet Software & Services

3 Immutable $200M 2022-03-07 Ventures, Liberty Global Ventures
Australia Internet
Gaming

Series C Internet Software & Services

3 Transcarent $200M 2022-01-11
Merck Global Health Innovation Fund United States Internet
Healthcare

Series C Biotechnology
6 Maze Therapeutics $190M 2022-01-10
NS Investment United States Healthcare
N/A

Series C ABN AMRO Ventures, Fidelity United Internet Software & Services
6 PrimaryBid $190M 2022-02-20 International Strategic Ventures Kingdom
Internet
Asset & Finance Management & Trading

Series C Biotechnology
8 LifeMine Therapeutics $175M 2022-03-23
Google Ventures, MRL Ventures United States Healthcare
N/A

Series C Internet Software & Services

9 Deepki $167M 2022-03-30
Statkraft Ventures France Internet
Environment

Series C E-commerce
10 Funding Societies $144M 2022-02-16
Rapyd Ventures Singapore Internet
Marketplace

42
State of CVC | Global Trends | Investment Trends

Global: Top CVC-backed Series D deals in Q1'22

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

Series D Mobile & Mobile Software & Services

1 Qonto $552M 2022-01-11
$5.0B EXOR Seeds France
Telecommunications Accounting & Finance

Series D United Software (non- Asset & Finance Management & Trading Software
2 ConsenSys $450M 2022-03-11
$7.0B UTA Ventures
States internet/mobile) N/A

Series D Hong Medical Facilities & Services

3 Hong Kong Asia Medical Group $400M 2022-02-10
N/A Country Garden Venture Capital
Kong
Healthcare
Specialized Healthcare Services

Series D United Real Estate

3 Veev $400M 2022-02-24
$1.0B JLL Spark
States
Finance
Residential Real Estate Development

Series D GS Growth, Dell Technologies Machinery & Equipment

5 Exotec $335M 2022-01-17
$2.0B
Capital
France Industrials
Robotics

Series D Internet Software & Services

6 Paper $270M 2022-02-15
N/A Salesforce Ventures Canada Internet
Education & Training

BMW i Ventures, Robert Bosch

Series D United Chips & Semiconductors
7 CelLink $250M 2022-02-16
$885M Venture Capital, 3M Ventures,
States
Electronics
Semiconductors: Integrated Circuits
Standard Investments

Series D United Internet Software & Services

7 Flutterwave $250M 2022-02-16
$3.0B Salesforce Ventures
States
Internet
Payments

Series D United Internet Software & Services

7 Starburst $250M 2022-02-09
$3.4B Salesforce Ventures
States
Internet
Business Intelligence, Analytics & Performance Mgmt

Series D Illumina Ventures, Alexandria United Biotechnology

10 Kallyope $236M 2022-02-15
$1.2B
Venture Investments States
Healthcare
N/A

43
State of CVC | Global Trends | Investment Trends

Global: Top CVC-backed Series E+ deals in Q1'22

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

Series K Mobile & Mobile Commerce

1 Swiggy $700M 2022-01-24
$10.7B Prosus Ventures India
Telecommunications Food & Grocery

Series E United Internet Software & Services

2 Fireblocks $550M 2022-01-27
$8.0B SCB 10X, CapitalG
States
Internet
Accounting & Finance

Series E United Internet Software & Services

3 Bolt $355M 2022-01-14
$11.0B CE Innovation Capital
States
Internet
Payments

Series E Optum Ventures, The Blue Venture United Medical Facilities & Services
4 Somatus $325M 2022-02-23
$2.5B
Fund States
Healthcare
Home Healthcare

Series E Internet Software & Services

5 ElasticRun $300M 2022-02-07
$1.5B Prosus Ventures India Internet
Supply Chain & Logistics

Series E United Disease Diagnosis

6 Freenome $290M 2022-01-11
$2.6B Roche Venture Fund
States
Healthcare
N/A

Series F United Internet Software & Services

7 Highspot $248M 2022-01-13
$3.5B Salesforce Ventures
States
Internet
Customer Relationship Management

Series E Citi Ventures, SVB Capital, JLL Spark, United E-commerce

8 Roofstock $240M 2022-03-10
$1.9B
Masco Ventures States
Internet
Marketplace

Series F Mobile & Mobile Software & Services

8 dunzo $240M 2022-01-06
$775M Reliance Retail Ventures India
Telecommunications Conferencing & Communication

Series F United Internet Software & Services

10 Lyra Health $235M 2022-01-19
$5.9B Salesforce Ventures
States
Internet
Healthcare

44
State of CVC | Global Trends | Investment Trends

Global: Top companies that raised funding by Mosaic score in Q1'22

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

Series D Internet Software & Services

1 Flutterwave 970 $250M
2022-02-16
$3.0B Salesforce Ventures United States Internet
Payments

Series A Coinbase Ventures, Kraken Internet Software & Services

2 CoinTracker 940 $100M
2022-01-27
$1.3B
Ventures, Intuit Ventures
United States Internet
Accounting & Finance

Series E Internet Software & Services

2 Fireblocks 940 $550M
2022-01-27
$8.0B SCB 10X, CapitalG United States Internet
Accounting & Finance

Prosus Ventures, Alameda

Series C Internet Software & Services
2 Immutable 940 $200M
2022-03-07
$2.5B Research Ventures, Liberty Global Australia Internet
Gaming
Ventures

Series B United Arab Mobile & Mobile Software & Services

2 Tabby 940 $54M
2022-03-07
N/A STV
Emirates Telecommunications Payments

Series B Internet Software & Services

6 Amber Group 930 $200M
2022-02-21
$3.0B Coinbase Ventures Hong Kong Internet
Asset & Finance Management & Trading

Series D Software (non- Asset & Finance Management & Trading Software
6 ConsenSys 930 $450M
2022-03-11
$7.0B UTA Ventures United States
internet/mobile) N/A

Series C Internet Software & Services

6 Modern Treasury 930 $50M
2022-03-30
$2.0B SVB Capital, Salesforce Ventures United States Internet
Payments

Series B Internet Software & Services

6 NEAR Protocol 930 $150M
2022-01-13
N/A Alameda Research Ventures Switzerland Internet
Asset & Finance Management & Trading

Series D Mobile & Mobile Software & Services

6 Qonto 930 $552M
2022-01-11
$5.0B EXOR Seeds France
Telecommunications Accounting & Finance

Series D Internet Software & Services

6 RapidAPI 930 $150M
2022-03-23
$1.0B M12 United States Internet
Application & Data Integration

45
Investors
46
State of CVC | Global Trends | Investors

Global: Top CVCs by company count in Q1'22

Investor Company Count Country

1 Coinbase Ventures 37 United States

2 Google Ventures 34 United States

3 Salesforce Ventures 25 United States

4 Mitsubishi UFJ Capital 18 Japan

5 Alameda Research Ventures 16 Hong Kong

5 KB Investment 16 South Korea

5 Kakao Ventures 16 South Korea

8 SMBC Venture Capital 15 Japan

9 Hana Ventures 12 South Korea

9 Prosus Ventures 12 Netherlands

47
State of CVC | Global Trends | Investors

Global: Top CVCs YTD by median Mosaic score of companies in 2022

Investor Median Mosaic Score Country Median Management Score Median Money Score Median Momentum Score Median Market Score

1 Salesforce Ventures 830 United States 650 940 775 780

2 Prosus Ventures 820 Netherlands 485 960 835 840

2 SVB Capital 820 United States 720 960 730 840

4 Google Ventures 785 United States 615 940 675 840

5 Citi Ventures 780 United States 590 955 610 730

6 Intel Capital 770 United States 505 900 820 670

7 AXA Venture Partners 760 France 540 910 720 730

7 Optum Ventures 760 United States 590 930 640 850

7 Swisscom Ventures 760 Switzerland 470 930 750 700

10 Alameda Research Ventures 750 Hong Kong 465 760 680 900

48
Sector Spotlights
49
Fintech
50
 State of CVC | Sector Spotlights | Fintech

CVCs participate in 232 fintech deals worth $7.8B in Q1’22

1,200
$35. 0B

$30. 0B 1,000

$25. 0B 764
800

$20. 0B
551 600

464 476
$15. 0B

400
Funding
$10. 0B
$7.8B
200
$5.0B Deals
232
$12.0B $13.0B $11.1B $34.3B
$0.0B 0
2018 2019 2020 2021 2022
YTD

51
 State of CVC | Sector Spotlights | Fintech

CVC-backed fintech deals up by 21% QoQ

$12. 0B 400

350
$10. 0B

Funding 300

$8.0B
$7.8B
250
Deals
198 201
192
232
$6.0B 200
173
151
139
130 131 150
123 125
$4.0B 117 117 118 119 114
107

100

$2.0B
50

$3.3B $2.5B $2.2B $3.9B $2.7B $3.8B $3.0B $3.5B $2.0B $3.5B $2.7B $3.0B $5.6B $10.1B $9.3B $9.4B
$0.0B 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021 2022

52
State of CVC | Sector Spotlights | Fintech

Fintech funding with CVC participation up more than 3x YoY in Asia and
Europe

US Asia Europe LatAm & Caribbean

$1,501M $2,042M
$3.9B

$59M

Q1 Q3 Q1 Q3 Q1 Q1 Q3 Q1 Q3 Q1 Q1 Q3 Q1 Q3 Q1 Q1 Q3 Q1 Q3 Q1
2020 2021 2022 2020 2021 2022 2020 2021 2022 2020 2021 2022

Canada Africa Australia

$154M $177M
$12M

Q1 Q3 Q1 Q3 Q1 Q1 Q3 Q1 Q3 Q1 Q1 Q3 Q1 Q3 Q1
2020 2021 2022 2020 2021 2022 2020 2021 2022

53
State of CVC | Sector Spotlights | Fintech

Asia’s CVC-backed fintech deal share ticks up 13 percentage points YoY

Australia, 1%
6% Africa, 4%
5%
6%
Canada, 3%
15% 21% 17%
18% LatAm & Caribbean, 6%
15% 21% 18% 18% 13%
21% 27% 18% 17%
22%
16% 24% Europe, 19%

27% 32%
33% 28%
27% 38% 33% 20% 31% 30% 38%
37% 35%
29% 28%
35% Asia, 33%

49% 46% 46%

44% 44% 45% 42% 42%
39% 40% 40%
35% 36% 38% 38% 38% US, 36%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021 2022

54
State of CVC | Sector Spotlights | Fintech

The median CVC-backed fintech deal size declines by a third to $11M in

Q1’22

$53M

Average Size
$38M
$33M
$30M
$29M

$17M
Median Size
$12M $12M $12M $11M

2018 2019 2020 2021 2022

YTD

55
State of CVC | Sector Spotlights | Fintech

Early-stage fintech deal share jumps 5 percentage points

6% Other, 6%
11% 9% 11% Late-stage, 6%
10%

Mid-stage, 28%
30% 33% 32%
35%

Early-stage, 59%
54% 53% 54%
51%

2018 2019 2020 2021 2022

YTD

56
State of CVC | Sector Spotlights | Fintech

Fintech: Top CVC-backed deals in Q1'22

Round Round Round Industry % of Total
Company Select Investors Country Sector
Amount Date Valuation Subindustry Funding

Series D Mobile & Mobile Software & Services

1 Qonto $552M 2022-01-11
$5.0B EXOR Seeds France
Telecommunications Accounting & Finance
7.1%

Series E Internet Software & Services

2 Fireblocks $550M 2022-01-27
$8.0B SCB 10X, CapitalG United States Internet
Accounting & Finance
7.0%

Series D Software (non- Asset & Financial Management & Trading Software
3 ConsenSys $450M 2022-03-11
$7.0B UTA Ventures United States
internet/mobile) N/A
5.8%

Series E Internet Software & Services

4 Bolt $355M 2022-01-14
$11.0B CE Innovation Capital United States Internet
Payments
4.5%

Series D Internet Software & Services

5 Flutterwave $250M 2022-02-16
$3.0B Salesforce Ventures United States Internet
Payments
3.2%

Series E SVB Capital, JLL Spark, Citi E-commerce

6 Roofstock $240M 2022-03-10
$1.9B
Ventures, Masco Ventures
United States Internet
Marketplace
3.1%

Series B Internet Software & Services

7 Amber Group $200M 2022-02-21
$3.0B Coinbase Ventures Hong Kong Internet
Asset & Financial Management & Trading
2.6%

Series C Salesforce Ventures, Google United Internet Software & Services

7 Genesis Global $200M 2022-02-16
N/A
Ventures Kingdom
Internet
Accounting & Finance
2.6%

Series A United Insurance

9 Accelerant $190M 2022-01-12
$2.2B MS&AD Ventures
Kingdom
Financial
N/A
2.4%

Series C Fidelity International Strategic United Internet Software & Services

9 PrimaryBid $190M 2022-02-20
N/A
Ventures, ABN AMRO Ventures Kingdom
Internet
Asset & Financial Management & Trading
2.4%

57
State of CVC | Sector Spotlights | Fintech

Fintech: Top CVCs by company count in Q1'22

Investor Company Count Investor Group Country

1 Coinbase Ventures 20 CVC United States

2 Alameda Research Ventures 8 CVC Hong Kong

2 Portage Ventures 8 CVC Canada

4 Saison Capital 6 CVC Singapore

4 Salesforce Ventures 6 CVC United States

6 MassMutual Ventures 5 CVC United States

6 OKEx Blockdream Ventures 5 CVC Malta

6 SVB Capital 5 CVC United States

9 American Express Ventures 4 CVC United States

9 Circle Ventures 4 CVC United States

9 Google Ventures 4 CVC United States

9 Kraken Ventures 4 CVC United States

58
Retail Tech
59
 State of CVC | Sector Spotlights | Retail Tech

CVCs participate in 139 retail tech deals worth $4.7B in Q1’22

900
$25. 0B

800

$20. 0B 700

600
535

$15. 0B
500
427 428 418

400

$10. 0B
300

Funding
$4.7B 200
$5.0B

100
Deals
$14.5B $8.6B $7.9B $25.1B 139
$0.0B 0
2018 2019 2020 2021 2022
YTD

60
 State of CVC | Sector Spotlights | Retail Tech

CVC-backed retail tech deals increase by 31% YoY

$12. 0B

$10. 0B 200

159
$8.0B Deals
145
137 139 150
126 124 125
117
$6.0B 109
104 103 106 Funding
98 97 94 $4.7B 100
86
78
$4.0B

50
$2.0B

$2.5B $4.4B $3.3B $4.3B $2.6B $2.1B $2.1B $1.9B $1.3B $2.0B $1.0B $3.6B $3.9B $9.6B $6.0B $5.6B
$0.0B 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021 2022

61
State of CVC | Sector Spotlights | Retail Tech

CVC-backed retail tech funding to Asia dips QoQ, still up 58% YoY

US Asia Europe LatAm & Caribbean

$1.3B
$2.0B $1,072M $288M

Q1 Q3 Q1 Q3 Q1 Q1 Q3 Q1 Q3 Q1 Q1 Q3 Q1 Q3 Q1 Q1 Q3 Q1 Q3 Q1
2020 2021 2022 2020 2021 2022 2020 2021 2022 2020 2021 2022

Canada Africa Australia

$37M

$43M
$1M

Q1 Q3 Q1 Q3 Q1 Q1 Q3 Q1 Q3 Q1 Q1 Q3 Q1 Q3 Q1
2020 2021 2022 2020 2021 2022 2020 2021 2022

62
State of CVC | Sector Spotlights | Retail Tech

Asia’s CVC-backed retail tech deal share ticks down in Q1’22

6% 7%
Australia, 3%
6%
12% 11% Africa, 4%
8% 17% 20%
13% 14% 23% 21% 14% 14% 18% 10% Canada, 1%
26% 20% 16% LatAm & Caribbean, 6%
18% Europe, 18%

46%

47% 55% 46% 52%

49% 45%
52% 54% 53% 40%
36% 46% 47% 49%
Asia, 43%
47%

40%
31% 31% 29% 31% 31% 30%
28% 28%
21%
26% 27%
23% 26% 24% 25% US, 25%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021 2022

63
State of CVC | Sector Spotlights | Retail Tech

Median CVC-backed retail tech deal size falls 37% YoY to $10M in Q1’22

$58M

$46M
Average Size
$40M

$27M
$26M

$16M Median Size

$10M $9M
$10M
$8M

2018 2019 2020 2021 2022

YTD

64
State of CVC | Sector Spotlights | Retail Tech

Late-stage CVC-backed retail tech deal share on track for a 5-year low

6% Other, 7%
8%
9% 11% 13% Late-stage, 6%

30% 36% Mid-stage, 31%

33%
35%

52%
56% 54% Early-stage, 56%
49%

2018 2019 2020 2021 2022

YTD

65
State of CVC | Sector Spotlights | Retail Tech

Retail Tech: Top CVC-backed deals in Q1'22

Round Round Round Industry % of Total
Company Select Investors Country Sector
Amount Date Valuation Subindustry Funding

Series K Mobile & Mobile Commerce

1 Swiggy $700M 2022-01-24
$10.7B Prosus Ventures India
Telecommunications Food & Grocery
14.9%

Series E Internet Software & Services

2 Bolt $355M 2022-01-14
$11.0B CE Innovation Capital United States Internet
Payments
7.5%

Series D Machinery & Equipment

3 Exotec $335M 2022-01-17
$2.0B GS Growth, Dell Technologies Capital France Industrial
Robotics
7.1%

Series E Internet Software & Services

4 ElasticRun $300M 2022-02-07
$1.5B Prosus Ventures India Internet
Supply Chain & Logistics
6.4%

Series B United Mobile & Mobile Commerce

5 Zapp $200M 2022-01-28
N/A Burda Principal Investments
Kingdom Telecommunications Food & Grocery
4.2%

Series F E-commerce
6 LivSpace $180M 2022-02-08
$1.2B INGKA Investments India Internet
Home Furnishings & Improvement
3.8%

Sony Innovation Fund, NGP Capital,

Series D Mobile & Mobile Software & Services
7 Scandit $150M 2022-02-09
$1.0B Swisscom Ventures, Google Ventures, Switzerland
Telecommunications Point of Sale
3.2%
Forestay Capital

Series B Mobile & Mobile Commerce

8 Tul $127M 2022-01-11
$800M Gerdau Next Ventures Colombia
Telecommunications Other Retail
2.7%

Series C E-commerce
9 Swappie $124M 2022-02-15
N/A Telia Ventures, Reaktor Ventures Finland Internet
Electronics & Appliances
2.6%

Series C Astra Digital Internasional, Syngenta E-commerce

10 SayurBox $120M 2022-03-21
N/A
Group Ventures
Indonesia Internet
Food & Grocery
2.5%

66
State of CVC | Sector Spotlights | Retail Tech

Retail Tech: Top CVCs by company count in Q1'22

Investor Company Count Investor Group Country

1 Flexport Ventures 5 CVC United States

2 Prosus Ventures 4 CVC Netherlands

3 Hana Ventures 3 CVC South Korea

3 Info Edge Ventures 3 CVC India

3 Khwarizmi Ventures 3 CVC Saudi Arabia

3 STV 3 CVC Saudi Arabia

3 Vision Ventures 3 CVC Saudi Arabia

67
Digital Health
68
 State of CVC | Sector Spotlights | Digital Health

Digital health companies attract $3.8B from CVC-backed rounds in Q1’22

$18. 0B

600
$16. 0B

$14. 0B 500
444

$12. 0B
370 400

$10. 0B 323
302
300
$8.0B

$6.0B
Funding 200

$3.8B
$4.0B

100
$2.0B Deals
$6.6B $6.2B $9.9B $16.7B
108
$0.0B 0
2018 2019 2020 2021 2022
YTD

69
 State of CVC | Sector Spotlights | Digital Health

CVC-backed digital health deals are up 30% YoY in Q1’22

$6.0B 200

180

$5.0B
160

Funding
140
$4.0B 124 $3.8B
119 118
120
106 Deals
96 97
$3.0B 91 108
100
85 83
82 82
77
73 72 80
66 68
$2.0B
60

40
$1.0B

20

$1.4B $2.2B $1.6B $1.4B $1.1B $2.2B $1.5B $1.4B $2.0B $2.3B $3.3B $2.2B $3.4B $5.1B $3.5B $4.7B
$0.0B 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021 2022

70
State of CVC | Sector Spotlights | Digital Health

CVC-backed digital health funding to the US remains elevated, up 17% YoY

US Asia Europe LatAm & Caribbean

$21M
$3.1B

$331M
$78M

Q1 Q3 Q1 Q3 Q1 Q1 Q3 Q1 Q3 Q1 Q1 Q3 Q1 Q3 Q1 Q1 Q3 Q1 Q3 Q1
2020 2021 2022 2020 2021 2022 2020 2021 2022 2020 2021 2022

Canada Africa Australia

$0.0B
$163M

$43M

Q1 Q3 Q1 Q3 Q1 Q1 Q3 Q1 Q3 Q1 Q1 Q3 Q1 Q3 Q1
2020 2021 2022 2020 2021 2022 2020 2021 2022

71
State of CVC | Sector Spotlights | Digital Health

The US accounts for roughly half of CVC-backed digital health deals in

Q1’22
Australia, 1%
6%
Africa, 2%
10%
12% 13%
9% 7% 9% 11% 19%
13% Canada, 6%
14% 7%
18% 16%
15%
LatAm & Caribbean, 4%
Europe, 12%
32%
35% 29%
30% 32% 30% 27%
32% 30%
36% 25% 30% 29%
46%
33%
33%
Asia, 27%

62% 59%
56% 55% 55% 55% 57% 54%
53% 53%
47% 45%
50% 50% US, 49%
41% 44%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021 2022

72
State of CVC | Sector Spotlights | Digital Health

The average CVC-backed digital health deal size ticks down in 2022 so far

$44M Average Size

$42M

$31M
$28M

$24M

Median Size
$16M $16M
$14M
$11M
$10M

2018 2019 2020 2021 2022

YTD

73
State of CVC | Sector Spotlights | Digital Health

Mid-stage CVC-backed digital heath deal share on track for a 5-year low

Other, 6%
9% 11% 10% 10%
Late-stage, 12%

35%
37% 39% 40% Mid-stage, 33%

50% 48% 47% 46% Early-stage, 49%

2018 2019 2020 2021 2022

YTD

74
State of CVC | Sector Spotlights | Digital Health

Digital Health: Top CVC-backed deals in Q1'22

Round Round Round Industry % of Total
Company Select Investors Country Sector
Amount Date Valuation Subindustry Funding

Series E United Medical Facilities & Services

1 Somatus $325M 2022-02-23
$2.5B Optum Ventures, The Blue Venture Fund
States
Healthcare
Home Healthcare
8.6%

Series E United Disease Diagnosis

2 Freenome $290M 2022-01-11
$2.6B Roche Venture Fund
States
Healthcare
N/A
7.7%

Series G United Internet Software & Services

3 Lyra Health $235M 2022-01-19
$5.9B Salesforce Ventures
States
Internet
Healthcare
6.2%

Series I United Internet Software & Services

4 DNAnexus $200M 2022-03-08
$600M Google Ventures
States
Internet
Healthcare
5.3%

Series C United Internet Software & Services

4 Transcarent $200M 2022-01-11
$1.6B Merck Global Health Innovation Fund
States
Internet
Healthcare
5.3%

Johnson & Johnson Innovation, Novo

Series E United Internet Software & Services
6 Verana Health $150M 2022-01-14
N/A Growth, Merck Global Health Innovation
States
Internet
Healthcare
4.0%
Fund, Google Ventures

Series D United Internet Software & Services

7 Labelbox $110M 2022-01-06
$950M Databricks Ventures
States
Internet
Data & Document Management
2.9%

Series D Kaiser Permanente Ventures, Mayo Clinic United Internet Software & Services
7 Medically Home $110M 2022-01-10
N/A
Ventures States
Internet
Healthcare
2.9%

Series C United Internet Software & Services

9 Brightline $105M 2022-03-29
$705M Optum Ventures, Google Ventures
States
Internet
Healthcare
2.8%

Series B United Medical Facilities & Services

9 ConcertoCare $105M 2022-02-03
N/A Wells Fargo Strategic Capital
States
Healthcare
Home Healthcare
2.8%

75
State of CVC | Sector Spotlights | Digital Health

Digital Health: Top CVCs by company count in Q1'22

Investor Company Count Investor Group Country

1 Merck Global Health Innovation Fund 6 CVC United States

1 Optum Ventures 6 CVC United States

3 Google Ventures 5 CVC United States

4 Hikma Ventures 4 CVC United Kingdom

4 McKesson Ventures 4 CVC United States

4 SemperVirens 4 CVC United States

CVC
7 Amgen Ventures 3 United States

7 Kaiser Permanente Ventures 3 CVC United States

7 Kakao Ventures 3 CVC South Korea

7 Smilegate Investment 3 CVC South Korea

7 Leaps by Bayer 3 CVC Germany

76
Geographic Trends
77
US Trends
78
 State of CVC | Geographic Trends | US Trends

The US attracts nearly $20B from 450 CVC-backed deals in Q1’22

2,500
$90. 0B

$80. 0B
2,000
$70. 0B 1,745

$60. 0B
1,500
1,238 1,251
$50. 0B
1,164

$40. 0B
1,000

$30. 0B
Funding
$19.7B
$20. 0B 500

$10. 0B Deals
450
$29.1B $32.2B $40.4B $94.2B
$0.0B 0
2018 2019 2020 2021 2022
YTD

79
 State of CVC | Geographic Trends | US Trends

CVC-backed deals to the US rise 8% YoY while funding falls 12%

$25. 0B 600

Funding
455
$19.7B 500
$20. 0B
434 441 Deals
415
450
400
351
$15. 0B 324 323
319 315
301 309
290 290 295
265 271 300

$10. 0B

200

$5.0B
100

$6.2B $7.8B $7.7B $7.5B $7.5B $10.1B $7.1B $7.5B $9.1B $9.5B $10.8B $10.9B $22.4B $22.3B $24.1B $25.4B
$0.0B 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021 2022

80
State of CVC | Geographic Trends | US Trends

Early-stage CVC-backed deal share in the US increases by 6 percentage

points in Q1’22

7% 6% 6% Other, 8%
12% 11% 13%
13% Late-stage, 11%

34% 36%
37%
Mid-stage, 30%
34%

48% 47%
Early-stage, 51%
46% 45%

2018 2019 2020 2021 2022

YTD

81
State of CVC | Geographic Trends | US Trends

US: Top CVC-backed deals in Q1'22

Round Round Round Industry % of Total
Company Select Investors Country Sector
Amount Date Valuation Subindustry Funding

Series E United Internet Software & Services

1 Fireblocks $550M 2022-01-27
$8.0B SCB 10X, CapitalG
States
Internet
Accounting & Finance
2.8%

Series D United Software (non- Asset & Finance Management & Trading Software
2 ConsenSys $450M 2022-03-11
$7.0B UTA Ventures
States internet/mobile) N/A
2.3%

Seed VC United Internet Software & Services

2 Yuga Labs $450M 2022-03-22
$4.0B FTX Ventures
States
Internet
Asset & Finance Management & Trading
2.3%

Series C United Internet Software & Services

4 Miro $400M 2022-01-05
$17.5B Salesforce Ventures
States
Internet
Collaboration & Project Management
2.0%

Series D United Real Estate

4 Veev $400M 2022-02-24
$1.0B JLL Spark
States
Finance
Residential Real Estate Development
2.0%

Series E United Internet Software & Services

6 Bolt $355M 2022-01-14
$11.0B CE Innovation Capital
States
Internet
Payments
1.8%

Series E Optum Ventures, The Blue Venture United Medical Facilities & Services
7 Somatus $325M 2022-02-23
$2.5B
Fund States
Healthcare
Home Healthcare
1.7%

Series E United Disease Diagnosis

8 Freenome $290M 2022-01-11
$2.6B Roche Venture Fund
States
Healthcare
N/A
1.5%

BMW i Ventures, Robert Bosch

Series D United Chips & Semiconductors
9 CelLink $250M 2022-02-16
$885M Venture Capital, 3M Ventures,
States
Electronics
Semiconductors: Integrated Circuits
1.3%
Standard Investments

Series D United Internet Software & Services

9 Flutterwave $250M 2022-02-16
$3.0B Salesforce Ventures
States
Internet
Payments
1.3%

Series D United Internet Software & Services

9 Starburst $250M 2022-02-09
$3.4B Salesforce Ventures
States
Internet
Business Intelligence, Analytics & Performance Mgmt
1.3%

82
State of CVC | Geographic Trends | US Trends

US: Top CVCs by company count in Q1'22

Investor Company Count Investor Group Country

1 Coinbase Ventures 37 CVC United States

2 Google Ventures 34 CVC United States

3 Salesforce Ventures 25 CVC United States

4 Samsung NEXT 11 CVC United States

5 M12 10 CVC United States

5 Intel Capital 10 CVC United States

5 MassMutual Ventures 10 CVC United States

8 Optum Ventures 9 CVC United States

8 Alexandria Venture Investments 9 CVC United States

10 Dell Technologies Capital 8 CVC United States

10 Qualcomm Ventures 8 CVC United States

10 HubSpot Ventures 8 CVC United States

83
Silicon Valley
84
 State of CVC | Geographic Trends | Silicon Valley

CVC-backed deals to Silicon Valley jump by 28% YoY

$12. 0B

Funding
$10. 0B $9.6B 200

159
Deals
$8.0B
154
150 170
142 150
133 133
121 121
$6.0B 109 111
102 104 102 105
100 99
100

$4.0B

50
$2.0B

$3.1B $4.2B $3.3B $3.4B $3.8B $5.2B $3.1B $3.5B $4.6B $3.5B $5.1B $3.7B $7.7B $8.3B $8.3B $11.3B
$0.0B 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021 2022

85
State of CVC | Geographic Trends | Silicon Valley

Late-stage share of Silicon Valley deals with CVC participation dips 4

percentage points in Q1’22

5% Other, 4%

16%
14%
16% 18% Late-stage, 14%

38%
40% 37%
38%
Mid-stage, 41%

41% 42% 43% 41% Early-stage, 41%

2018 2019 2020 2021 2022

YTD

86
State of CVC | Geographic Trends | Silicon Valley

Silicon Valley: Top CVC-backed deals in Q1'22

Round Industry % of Total

Company Round Amount Round Valuation Select Investors Sector
Date Subindustry Funding

Series C Internet Software & Services

1 Miro $400M 2022-01-05
$17.5B Salesforce Ventures Internet
Collaboration & Project Management
4.2%

Series D Real Estate

1 Veev $400M 2022-02-24
$1.0B JLL Spark Finance
Residential Real Estate Development
4.2%

Series E Internet Software & Services

3 Bolt $355M 2022-01-14
$11.0B CE Innovation Capital Internet
Payments
3.7%

Series E Disease Diagnosis

4 Freenome $290M 2022-01-11
$2.6B Roche Venture Fund Healthcare
N/A
3.0%

BMW i Ventures, Robert Bosch Venture

Series D Chips & Semiconductors
5 CelLink $250M 2022-02-16
$885M Capital, 3M Ventures, Standard Electronics
Semiconductors: Integrated Circuits
2.6%
Investments

Series D Internet Software & Services

5 Flutterwave $250M 2022-02-16
$3.0B Salesforce Ventures Internet
Payments
2.6%

87
New York
88
 State of CVC | Geographic Trends | New York

CVC-backed deals tick up 6% YoY in Q1'22

120
$4.5B

$4.0B
100

$3.5B Funding
$3.1B
80
$3.0B 71
73 73 Deals
68
75
$2.5B
56 60
53 52
48
$2.0B 44
42 42 43
41
39 38
$1.5B 40
32

$1.0B
20

$0.5B

$1.0B $0.9B $0.9B $0.8B $0.8B $1.9B $0.9B $1.1B $1.3B $1.2B $1.1B $2.1B $3.1B $4.5B $4.0B $3.3B
$0.0B 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021 2022

89
State of CVC | Geographic Trends | New York

More than half of CVC-backed deals in 2022 YTD are early-stage

6% 6% Other, 8%
10% 9% 8%
15%
Late-stage, 13%

31% 35%
34% Mid-stage, 23%
37%

54% 52%
Early-stage, 56%
51%
44%

2018 2019 2020 2021 2022

YTD

90
State of CVC | Geographic Trends | New York

New York: Top CVC-backed deals in Q1'22

Round Round Industry % of Total

Company Round Valuation Select Investors Sector
Amount Date Subindustry Funding

Series E Internet Software & Services

1 Fireblocks $550M 2022-01-27
$8.0B SCB 10X, CapitalG Internet
Accounting & Finance
17.6%

Series D Asset & Finance Management & Trading Software

2 ConsenSys $450M 2022-03-11
$7.0B UTA Ventures Software (non-internet/mobile)
N/A
14.4%

Series D Illumina Ventures, Alexandria Venture Biotechnology

3 Kallyope $236M 2022-02-15
$1.2B
Investments
Healthcare
N/A
7.6%

Series E Mobile Software & Services

4 Fever Labs $227M 2022-01-26
$1.0B GS Growth Mobile & Telecommunications
Social
7.3%

Series B Toyota Ventures, Goodyear Ventures, Mobile Commerce

5 Revel Transit $126M 2022-02-23
N/A
Shell Ventures
Mobile & Telecommunications
Travel (mobile)
4.0%

91
Los Angeles
92
 State of CVC | Geographic Trends | Los Angeles

CVC-backed quarterly funding plummets to lowest level since Q4'20

$4,000M 50

45
$3,500M

40
$3,000M

32 35
Deals
$2,500M
27
28 27 30
26
25
$2,000M 22 22 22 25
20
19
17 20
$1,500M 16 16 16

12 12 15
$1,000M Funding
$670M 10

$500M
5
$154M $128M $176M $180M
$106M
$633M $433M $292M $319M $274M $916M $222M $2,925M $769M $3,482M $1,184M
$0M 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021 2022

93
State of CVC | Geographic Trends | Los Angeles

Late-stage CVC-backed deal share comes in at 11% in Q1'22

12% 12%
Other, 7%
7%

5% 5% Late-stage, 11%

29%
35%
28% 27% Mid-stage, 26%

62%
55% 56% 54% Early-stage, 56%

2018 2019 2020 2021 2022

YTD

94
State of CVC | Geographic Trends | Los Angeles

Los Angeles: Top CVC-backed deals in Q1'22

Round Round Round Industry % of Total

Company Select Investors Sector
Amount Date Valuation Subindustry Funding

Series B Biotechnology
1 ImmPACT Bio $111M 2022-01-20
$231M Novartis Venture Funds Healthcare
N/A
16.6%

Series C Internet Software & Services

2 Placer.ai $100M 2022-01-12
$1.0B MMC Technology Ventures Internet
Business Intelligence, Analytics & Performance Mgmt
14.9%

Series C Non-Alcoholic Beverages

3 Liquid Death $75M 2022-01-04
$524M Live Nation Labs Food & Beverages
N/A
11.2%

Series A XTX Ventures, Alexandria Venture Biotechnology

4 Terray Therapeutics $60M 2022-02-15
$233M
Investments
Healthcare
N/A
9.0%

Series D Software (non- Science & Engineering Software

5 Syntiant $55M 2022-03-28
N/A Applied Ventures
internet/mobile) N/A
8.2%

95
Boston
96
 State of CVC | Geographic Trends | Boston

CVC-backed deals and dollars fall by 5% and 47% QoQ, respectively, in Q1'22

$4.0B 90

$3.5B 80

70
$3.0B

60
$2.5B
49 50
50
$2.0B 41 Funding
39 40
36
38 $1.7B 40
34 33 33 Deals
31
$1.5B 29
27
30 36
25 30

20
$1.0B
20

$0.5B 10

$1.1B $0.9B $1.1B $1.2B $1.2B $0.7B $0.8B $0.8B $1.1B $1.8B $1.2B $1.2B $3.5B $2.9B $2.5B $3.2B
$0.0B 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021 2022

97
State of CVC | Geographic Trends | Boston

Half of CVC-backed deals in 2022 YTD are mid- or late-stage

Other, 6%
12% 11%
12% 14% Late-stage, 11%

32%
44% 44% 47% Mid-stage, 39%

50%
40% 41%
Early-stage, 44%
39%

2018 2019 2020 2021 2022

YTD

98
State of CVC | Geographic Trends | Boston

Boston: Top CVC-backed deals in Q1'22

Round Round Round Industry % of Total

Company Select Investors Sector
Amount Date Valuation Subindustry Funding

Series D Internet Software & Services

1 Starburst $250M 2022-02-09
$3.4B Salesforce Ventures Internet
Business Intelligence, Analytics & Performance Mgmt
14.9%

Series A Leaps by Bayer, Alexandria Venture Biotechnology

2 Affini-T Therapeutics $175M 2022-03-22
N/A
Investments
Healthcare
N/A
10.4%

Series C Biotechnology
2 LifeMine Therapeutics $175M 2022-03-23
N/A Google Ventures, MRL Ventures Healthcare
N/A
10.4%

Series D Kaiser Permanente Ventures, Mayo Internet Software & Services

4 Medically Home $110M 2022-01-10
N/A
Clinic Ventures
Internet
Healthcare
6.5%

Series D Biotechnology
4 Scipher Medicine $110M 2022-02-24
$515M Hitachi Ventures, Optum Ventures Healthcare
N/A
6.5%

99
Austin
100
 State of CVC | Geographic Trends | Austin

CVC-backed funding and deals rebound QoQ in Q1’22

$800M

$700M
20

$600M
16

$500M 15
13 Funding
$404M
$400M
10
Deals
1011
$300M 8
7 7 7 7
6
$200M 5 5 5 5
4 4 5
3
$100M

$22M $28M
$104M $107M $68M $200M $71M $125M $61M $132M $209M $101M $81M $317M $712M $118M
$0M 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021 2022

101
State of CVC | Geographic Trends | Austin

Early-stage companies capture 45% of CVC-backed deals in Q1'22

6%
9%
8% 6%
Other, 27%
38%
30%
38% 39% Late-stage, 9%

Mid-stage, 18%

57% 59%
50% 50%
Early-stage, 45%

2018 2019 2020 2021 2022

YTD

102
State of CVC | Geographic Trends | Austin

Austin: Top CVC-backed deals in Q1'22

Round Round Round Industry % of Total

Company Select Investors Sector
Amount Date Valuation Subindustry Funding

B. Riley Venture Capital,

Series D Internet Software & Services
1 SparkCognition $123M 2022-01-25
$1.4B Doha Venture Capital, AEI Internet
Business Intelligence, Analytics & Performance Mgmt
30.4%
HorizonX

Series C E-Commerce
2 Cart.com $117M 2022-03-03
N/A Visa Ventures, Citi Ventures Internet
E-Commerce Enablement
28.9%

Series B Aerospace & Defense

3 CesiumAstro $60M 2022-03-02
N/A Airbus Ventures Industrials
N/A
14.8%

Series A Biotechnology
4 Triumvira Immunologics $45M 2022-03-17
N/A Leaps by Bayer Healthcare
N/A
11.1%

Series A Internet Software & Services

5 Tomo $40M 2022-03-21
$640M SVB Capital Internet
Real Estate
9.9%

Series A Mobile & Mobile Software & Services

6 First Dollar $14M 2022-01-27
$46M The Blue Venture Fund
Telecommunications Accounting & Finance
3.5%

Seed VC Alameda Research Internet Software & Services

7 Friktion Labs $6M 2022-01-14
N/A
Ventures
Internet
Asset & Finance Management & Trading
1.4%

103
Canada Trends
104
 State of CVC | Geographic Trends | Canada Trends

CVCs participate in 31 deals worth a collective $931M in Q1’22

$3,500M 180

160
$3,000M

140

$2,500M
120
108

$2,000M
100

70 80
$1,500M 68
62
Funding
60
$1,000M
$931M
40

$500M
Deals 20
31
$923M $1,412M $598M $3,275M
$0M 0
2018 2019 2020 2021 2022
YTD

105
 State of CVC | Geographic Trends | Canada Trends

CVC-backed funding up 57% YoY in Q1'22

$1,400M 50

45
$1,200M
40
Funding
$1,000M 33 $931M 35
Deals
$800M 26
31
30
25
24
22 25

$600M 19
18 18 18 20
16 16 16
15 15
14
13 15
$400M

10
$200M
5

$241M $74M $198M $410M $235M $306M $328M $543M $140M $202M $146M $110M $594M $983M $1,150M $549M
$0M 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021 2022

106
State of CVC | Geographic Trends | Canada Trends

Early-stage companies see 65% of CVC-backed deals in Q1’22

6%
10%
11% 12% Other, 13%
9%
6%
Late-stage, 10%
19%

27% 32% 28% Mid-stage, 13%

68%
Early-stage, 65%
56% 56%
53%

2018 2019 2020 2021 2022

YTD

107
State of CVC | Geographic Trends | Canada Trends

Canada: Top CVC-backed deals in Q1'22

Round Round Round Industry % of Total
Company Select Investors Country Sector
Amount Date Valuation Subindustry Funding

Series D Internet Software & Services

1 Paper $270M 2022-02-15
N/A Salesforce Ventures Canada Internet
Education & Training
29.0%

Series C Google Ventures, Alexandria Venture Biotechnology

2 Ventus Therapeutics $140M 2022-02-09
N/A
Investments
Canada Healthcare
N/A
15.0%

Series D Chips & Semiconductors

3 LeddarTech $116M 2022-02-04
N/A Desjardins Capital Canada Electronics
Semiconductors: Sensors
12.5%

Series C Mobile & Mobile Software & Services

4 League $95M 2022-02-01
N/A Workday Ventures Canada
Telecommunications Healthcare
10.2%

Series A Severstal Ventures, ConocoPhillips Renewables

5 Ekona Power $62M 2022-02-02
N/A
Technology Ventures
Canada Energy & Utilities
Hydrogen/Fuel Cell
6.7%

Series A Biotechnology
6 Gandeeva Therapeutics $40M 2022-01-31
N/A Leaps by Bayer, Amgen Ventures Canada Healthcare
N/A
4.3%

Series B Internet Software & Services

7 Boosted.ai $35M 2022-01-13
N/A Portage Ventures Canada Internet
Asset & Finance Management & Trading
3.8%

Series A Mobile & Mobile Software & Services

8 RouteThis $20M 2022-02-22
N/A Intel Capital Canada
Telecommunications Networking & Connectivity
2.1%

Series B Non-Alcoholic Beverages

9 Partake Brewing $17M 2022-03-07
N/A CircleUp Growth Partners Canada Food & Beverages
N/A
1.8%

Series A E-Commerce
10 TickSmith $16M 2022-01-27
N/A CME Ventures, Databricks Ventures Canada Internet
E-Commerce Enablement
1.7%

Venture Capital Mobile & Mobile Software & Services

10 Clarius Mobile Health $16M 2022-03-10
N/A Pender Ventures Canada
Telecommunications Healthcare
1.7%

108
State of CVC | Geographic Trends | Canada Trends

Canada: Top CVCs by company count in Q1'22

Investor Company Count Investor Group Country

1 Portage Ventures 9 CVC Canada

2 Desjardins Capital 4 CVC Canada

3 Figment Capital 3 CVC Canada

4 Globalive 2 CVC Canada

5 Torstar Interactive Media 1 CVC Canada

5 Clio Ventures 1 CVC Canada

5 Conexus Venture Capital 1 CVC Canada

5 Tendermint Ventures 1 CVC Canada

5 Harvest Venture Partners 1 CVC Canada

5 TELUS Pollinator Fund for Good 1 CVC Canada

5 TELUS Ventures 1 CVC Canada

5 Pender Ventures 1 CVC Canada

5 Hazelview Ventures 1 CVC Canada

109
Asia Trends
110
 State of CVC | Geographic Trends | Asia Trends

Asia-based companies pull in $8.8B in CVC-backed funding in Q1’22

$50. 0B

$45. 0B 2,500

$40. 0B

1,906 2,000
$35. 0B

$30. 0B
1,424
1,377 1,500
1,318
$25. 0B

$20. 0B
1,000
$15. 0B
Funding Deals
$8.8B 525
$10. 0B
500

$5.0B

$20.9B $15.9B $18.4B $45.1B

$0.0B 0
2018 2019 2020 2021 2022
YTD

111
 State of CVC | Geographic Trends | Asia Trends

CVC-backed deals down 10% QoQ but up 61% YoY in Q1'22

$16. 0B 1,000

900
$14. 0B

800
$12. 0B
700

$10. 0B 581 Funding

547 $8.8B 600
Deals
$8.0B 451 525
500

387
360 370 371
341 349 340 354 400
$6.0B 327 335 327
317
268 300
$4.0B
200

$2.0B
100

$4.0B $5.8B $4.9B $6.3B $4.1B $4.3B $3.8B $3.6B $3.4B $4.0B $4.5B $6.6B $6.3B $10.8B $15.5B $12.5B
$0.0B 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021 2022

112
State of CVC | Geographic Trends | Asia Trends

More than half of CVC-backed deals are early-stage in Q1'22

6% 6% 6% Other, 8%
5% 6%
7% 6% Late-stage, 5%

29% 29%
31% 31% Mid-stage, 29%

60% 60%
55% 57% Early-stage, 58%

2018 2019 2020 2021 2022

YTD

113
State of CVC | Geographic Trends | Asia Trends

Asia: Top CVC-backed deals in Q1'22

Round Round Round Industry % of Total
Company Select Investors Country Sector
Amount Date Valuation Subindustry Funding

Series K Mobile & Mobile Commerce

1 Swiggy $700M 2022-01-24
$10.7B Prosus Ventures India
Telecommunications Food & Grocery
8.0%

Series D Medical Facilities & Services

2 Hong Kong Asia Medical Group $400M 2022-02-10
N/A Country Garden Venture Capital Hong Kong Healthcare
Specialized Healthcare Services
4.6%

Series E Internet Software & Services

3 ElasticRun $300M 2022-02-07
$1.5B Prosus Ventures India Internet
Supply Chain & Logistics
3.4%

Series F Mobile & Mobile Software & Services

4 dunzo $240M 2022-01-06
$775M Reliance Retail Ventures India
Telecommunications Conferencing & Communication
2.7%

Internet Software & Services

Series B
5 Amber Group $200M 2022-02-21
$3.0B Coinbase Ventures Hong Kong Internet Asset & Finance Management & 2.3%
Trading

Corporate Minority Natural Gas Utilities

6 IPM Beer Tuvia $188M 2022-02-10
$549M Keystone Fund Israel Energy & Utilities
N/A
2.1%

Series F E-Commerce
7 LivSpace $180M 2022-02-08
$1.2B INGKA Investments India Internet
Home Furnishings & Improvement
2.1%

Series C E-Commerce
8 Funding Societies $144M 2022-02-16
N/A Rapyd Ventures Singapore Internet
Marketplace
1.6%

Internet Software & Services

Series C
9 Fenbeitong $140M 2022-02-17
N/A Prosperity7 Ventures China Internet Billing, Expense Management and 1.6%
Procurement

Series B Business Products & Consulting & Outsourcing

10 Bluepha $136M 2022-01-10
N/A Country Garden Venture Capital China
Services Research, Engineering & Technical
1.6%

114
State of CVC | Geographic Trends | Asia Trends

Asia: Top CVCs by company count in Q1'22

Investor Company Count Investor Group Country

1 Mitsubishi UFJ Capital 18 CVC Japan

2 Alameda Research Ventures 16 CVC Hong Kong

2 KB Investment 16 CVC South Korea

2 Kakao Ventures 16 CVC South Korea

5 SMBC Venture Capital 15 CVC Japan

6 Hana Ventures 12 CVC South Korea

7 Smilegate Investment 11 CVC South Korea

7 Sony Innovation Fund 11 CVC Japan

9 Country Garden Venture Capital 10 CVC China

9 POSCO Capital 10 CVC South Korea

115
China
116
 State of CVC | Geographic Trends | China

CVC-backed funding falls by 64% QoQ in Q1'22

$9.0B

300
$8.0B

$7.0B 250
225

$6.0B
200

$5.0B 167

138
Deals
150
$4.0B 128 130 122
122
112 108
101 105
100
$3.0B 94 92
85 Funding 100
70 68 $1.9B
$2.0B

50
$1.0B

$1.5B $4.1B $2.3B $1.9B $1.8B $2.2B $0.9B $1.4B $1.4B $1.9B $2.4B $3.8B $3.9B $2.9B $7.8B $5.3B
$0.0B 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021 2022

117
State of CVC | Geographic Trends | China

Mid-stage companies see 35% of CVC-backed deals in Q1'22

7% 7%
11% 8% Other, 6%
Late-stage, 4%
10% 7%
9%

29%
Mid-stage, 35%
27%
34%
33%

60%
57%
51%
Early-stage, 55%
47%

2018 2019 2020 2021 2022

YTD

118
State of CVC | Geographic Trends | China

China: Top equity deals in Q1'22

Round Round Round Industry % of Total

Company Select Investors Sector
Amount Date Valuation Subindustry Funding

Series C Internet Software & Services

1 Fenbeitong $140M 2022-02-17
N/A Prosperity7 Ventures Internet
Billing, Expense Management and Procurement
7.4%

Series B Business Products & Consulting & Outsourcing

2 Bluepha $136M 2022-01-10
N/A Country Garden Venture Capital
Services Research, Engineering & Technical
7.2%

Series A Chips & Semiconductors

3 Axera $126M 2022-01-17
N/A Longzhu Capital Electronics
Semiconductors: Design & Packaging Services
6.6%

Series A Chips & Semiconductors

4 Cygnus $100M 2022-02-28
N/A Golden China Fund, Wofo Capital Electronics
Semiconductors: Communications Chips
5.3%

Series B Disease Diagnosis

4 Virtuedx $100M 2022-01-06
N/A Lilly Asia Ventures Healthcare
N/A
5.3%

Series C Biotechnology
4 ZhenGe Biotech $100M 2022-01-11
$839M GT Capital Healthcare
N/A
5.3%

119
India
120
 State of CVC | Geographic Trends | India

CVC-backed funding drops 11% QoQ in Q1'22

$3,500M 90

80
$3,000M

70

$2,500M
56 60
54 Funding
$2,000M
$1,938M
50

40
$1,500M
33
29
Deals
25 26 26 27 33
30
23 22
$1,000M 21
19
17 17 20
15
11
$500M
10

$294M $429M $1,043M $1,620M $692M $261M $991M $357M $579M $234M $482M $874M $288M $1,812M $3,003M $2,184M
$0M 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021 2022

121
State of CVC | Geographic Trends | India

Early-stage CVC-backed deal share comes in at 58% in 2022 YTD

Other, 0%
5%
9% 9%
Late-stage, 15%
9% 18%
14% 23%

Mid-stage, 27%
24%
41% 32%
29%

55% Early-stage, 58%

45% 43%
41%

2018 2019 2020 2021 2022

YTD

122
State of CVC | Geographic Trends | India

India: Top CVC-backed deals in Q1'22

Round Round Industry % of Total

Company Round Valuation Select Investors Sector
Amount Date Subindustry Funding

Series K Mobile Commerce

1 Swiggy $700M 2022-01-24
$10.7B Prosus Ventures Mobile & Telecommunications
Food & Grocery
36.1%

Series E Internet Software & Services

2 ElasticRun $300M 2022-02-07
$1.5B Prosus Ventures Internet
Supply Chain & Logistics
15.5%

Series F Mobile Software & Services

3 dunzo $240M 2022-01-06
$775M Reliance Retail Ventures Mobile & Telecommunications
Conferencing & Communication
12.4%

Series F E-Commerce
4 LivSpace $180M 2022-02-08
$1.2B INGKA Investments Internet
Home Furnishings & Improvement
9.3%

Series D Salesforce Ventures, JG Digital Equity Internet Software & Services

5 Darwinbox $72M 2022-01-25
$1.0B
Ventures, SCB 10X
Internet
HR & Workforce Management
3.7%

123
Israel
124
 State of CVC | Geographic Trends | Israel

CVC-backed funding up 24% YoY in Q1'22

$1,800M 60

$1,600M
50
$1,400M

39
$1,200M 40
34 Funding
$1,000M 31 $924M
30
26
25
26 26 Deals
$800M 24 24
22 22
23 27
20
$600M 17 20
14
13
$400M
10
$200M

$166M $167M $354M $555M $411M $423M $336M $261M $382M $725M $456M $535M $745M $1,511M $1,011M $1,782M
$0M 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021 2022

125
State of CVC | Geographic Trends | Israel

Nearly half of CVC-backed deals in 2022 YTD are mid-stage

Other, 0%
7%
6% 8%
Late-stage, 11%
12%

39% 36%
41%
Mid-stage, 48%
48%

52% 53%
47%
38% Early-stage, 41%

2018 2019 2020 2021 2022

YTD

126
State of CVC | Geographic Trends | Israel

Israel: Top CVC-backed deals in Q1'22

Round Round Round Industry % of Total

Company Select Investors Sector
Amount Date Valuation Subindustry Funding

Corporate Minority Natural Gas Utilities

1 IPM Beer Tuvia $188M 2022-02-10
$549M Keystone Fund Energy & Utilities
N/A
20.4%

Series D ION Crossover Partners, Intel Internet Software & Services

2 WSC Sports Technologies $100M 2022-02-15
N/A
Capital
Internet
Sports
10.8%

Series B Renewables
3 H2Pro $75M 2022-01-26
N/A WIND Ventures Energy & Utilities
Hydrogen/Fuel Cell
8.1%

Series C Cisco Investments, M12, Software (non- Security Software

4 Hunters $68M 2022-01-25
N/A
Snowflake Ventures internet/mobile) N/A
7.4%

Series C Google Ventures, Dell Internet Software & Services

5 Pecan AI $66M 2022-02-02
N/A
Technologies Capital
Internet
Application & Data Integration
7.1%

127
Singapore
128
 State of CVC | Geographic Trends | Singapore

CVC-backed deals and dollars both up YoY in Q1'22

$1,600M 60

$1,400M
50

$1,200M 42

Deals 40
$1,000M 35 35
31

$800M 30

$600M
Funding
19
$479M 20
16
15
$400M 13
12 12 12 12
11
10
9
8 10
$200M 4
$71M
$15M $358M $90M $1,050M $362M $365M $187M $80M $197M $110M $135M $127M $1,450M $601M $449M
$0M 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021 2022

129
State of CVC | Geographic Trends | Singapore

Early-stage companies account for vast majority of CVC-backed deals in Q1'22

6% Other, 9%
8% 13%
6% Late-stage, 0%
16%
Mid-stage, 20%
19%
26%
35%

76%
69% Early-stage, 71%
63%
54%

2018 2019 2020 2021 2022

YTD

130
State of CVC | Geographic Trends | Singapore

Singapore: Top CVC-backed deals in Q1'22

Round Round Round Industry % of Total

Company Select Investors Sector
Amount Date Valuation Subindustry Funding

Series C E-Commerce
1 Funding Societies $144M 2022-02-16
N/A Rapyd Ventures Internet
Marketplace
30.1%

Series B Momentum Venture Capital, Mobile & Mobile Commerce

2 Beam $93M 2022-02-25
N/A
Hana Ventures Telecommunications Travel (mobile)
19.4%

Series B HSBC Venture Capital, SC Software (non- Security Software

3 Silent Eight $40M 2022-03-10
N/A
Ventures internet/mobile) N/A
8.4%

Seed VC Alameda Research Ventures, Internet Software & Services

4 Astar Network $22M 2022-01-28
N/A
Crypto.com Capital
Internet
Asset & Finance Management & Trading
4.6%

Series A E-Commerce
5 Mighty Jaxx $20M 2022-03-07
$200M KB Investment Internet
Toys & Games
4.2%

131
Japan
132
 State of CVC | Geographic Trends | Japan

CVC-backed deal count hits new quarterly high in Q1'22

$900M 200

$800M 180

160
$700M Funding
$616M 140
$600M 122 120
Deals
115 115 117
109 110 110 128
120
106 104
$500M 100 100 103

100
$400M 78
74
80
67
$300M
60

$200M
40

$100M 20

$372M $385M $547M $419M $266M $444M $765M $654M $451M $373M $390M $350M $268M $598M $788M $542M
$0M 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021 2022

133
State of CVC | Geographic Trends | Japan

Early-stage companies capture 53% of CVC-backed deals in Q1'22

7% 5%
12%
6%
5% Other, 17%

Late-stage, 5%
30%
27% 33%
28%
Mid-stage, 24%

61% 62%
57% 55% Early-stage, 53%

2018 2019 2020 2021 2022

YTD

134
State of CVC | Geographic Trends | Japan

Japan: Top CVC-backed deals in Q1'22

Round Industry % of Total

Company Round Amount Round Valuation Select Investors Sector
Date Subindustry Funding

Series B Machinery & Equipment

1 Terra Drone $66M 2022-03-23
N/A SBI Investment Industrials
Robotics
10.8%

Series D Mobile Software & Services

2 Kyash $41M 2022-03-17
N/A AG Capital, SMBC Venture Capital Mobile & Telecommunications
Payments
6.7%

Series C Recycling
3 Jeplan $31M 2022-02-01
N/A SMBC Venture Capital, Hibishin Capital Environmental Services & Equipment
N/A
5.0%

Series E Hakuhodo DY Ventures, Sony Innovation E-Commerce

4 Yoriso $27M 2022-01-12
N/A
Fund, Sumisei Innovation Fund
Internet
Marketplace
4.4%

Series B Mitsui Sumitomo Insurance Venture Meat, Fish, Seafood & Alternative Proteins
5 DAIZ $26M 2022-02-01
N/A
Capital, SuMi Trust Innovation Fund
Food & Beverages
N/A
4.2%

135
Europe Trends
136
 State of CVC | Geographic Trends | Europe Trends

CVC-backed funding to Europe-based companies hits $6.5B in Q1'22

$25. 0B

1,000

$20. 0B

800
730

$15. 0B
590
565 600
499

$10. 0B
Funding 400

$6.5B

$5.0B
200
Deals
230
$5.4B $7.5B $8.4B $22.7B
$0.0B 0
2018 2019 2020 2021 2022
YTD

137
 State of CVC | Geographic Trends | Europe Trends

CVC-backed deals and dollars increase nearly 40% YoY in Q1'22

$10. 0B 400

$9.0B
350

$8.0B
Funding 300
$7.0B $6.5B
250
$6.0B Deals
211
230
$5.0B 187 200
170 166 166
153 156
$4.0B 138 142
131 136 131 150
128 129
117 123
$3.0B
100
$2.0B

50
$1.0B

$1.3B $1.2B $1.3B $1.6B $2.8B $1.3B $2.0B $1.4B $1.3B $2.2B $2.0B $2.9B $4.7B $8.8B $3.5B $5.7B
$0.0B 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021 2022

138
State of CVC | Geographic Trends | Europe Trends

Mid-stage companies account for a quarter of CVC-backed deals in Q1'22

7%
12%
9% Other, 10%
16%
6%
6% Late-stage, 4%
6%
6%
24%
20% 27% Mid-stage, 25%
21%

63%
57%
63%
59% Early-stage, 61%

2018 2019 2020 2021 2022

YTD

139
State of CVC | Geographic Trends | Europe Trends

Europe: Top CVC-backed deals in Q1'22

Round Round Industry % of Total
Company Round Amount Select Investors Country Sector
Date Valuation Subindustry Funding

Series D Mobile & Mobile Software & Services

1 Qonto $552M 2022-01-11
$5.0B EXOR Seeds France
Telecommunications Accounting & Finance
8.5%

Series D GS Growth, Dell Technologies Machinery & Equipment

2 Exotec $335M 2022-01-17
$2.0B
Capital
France Industrials
Robotics
5.2%

Series C Salesforce Ventures, Google Internet Software & Services

3 Genesis Global $200M 2022-02-16
N/A
Ventures
United Kingdom Internet
Accounting & Finance
3.1%

Series B Software (non- Science & Engineering Software

3 Wayve $200M 2022-01-17
N/A XTX Ventures United Kingdom
internet/mobile) N/A
3.1%

Series B Mobile & Mobile Commerce

3 Zapp $200M 2022-01-28
N/A Burda Principal Investments United Kingdom
Telecommunications Food & Grocery
3.1%

Series A Insurance
6 Accelerant $190M 2022-01-12
$2.2B MS&AD Ventures United Kingdom Finance
N/A
2.9%

Series C ABN AMRO Ventures, Fidelity Internet Software & Services

6 PrimaryBid $190M 2022-02-20
N/A
International Strategic Ventures
United Kingdom Internet
Asset & Finance Management & Trading
2.9%

Series E Automotive & Air

8 Volocopter $170M 2022-03-04
$1.9B Honeywell Ventures Germany
Transportation N/A
2.6%

Series C Internet Software & Services

9 Deepki $167M 2022-03-30
N/A Statkraft Ventures France Internet
Environment
2.6%

Series B Internet Software & Services

10 NEAR Protocol $150M 2022-01-13
N/A Alameda Research Ventures Switzerland Internet
Asset & Finance Management & Trading
2.3%

Sony Innovation Fund, NGP Capital,

Series D Mobile & Mobile Software & Services
10 Scandit $150M 2022-02-09
$1.0B Swisscom Ventures, Google Switzerland
Telecommunications Point of Sale
2.3%
Ventures, Forestay Capital
Series B Internet Software & Services
10 Wayflyer $150M 2022-02-01
$1.6B Prosus Ventures Ireland Internet
Accounting & Finance
2.3%

140
State of CVC | Geographic Trends | Europe Trends

Europe: Top CVCs by company count in Q1'22

Investor Company Count Investor Group Country

1 Prosus Ventures 12 CVC Netherlands

2 OKEx Blockdream Ventures 11 CVC Malta

3 Shell Ventures 10 CVC Netherlands

4 Leaps by Bayer 9 CVC Germany

5 AXA Venture Partners 7 CVC France

6 Hikma Ventures 5 CVC United Kingdom

6 M Ventures 5 CVC Germany

6 XTX Ventures 5 CVC United Kingdom

6 Swisscom Ventures 5 CVC Switzerland

10 Orange Ventures 4 CVC France

10 Wayra 4 CVC Spain

10 Equinor Ventures 4 CVC Norway

10 EXOR Seeds 4 CVC Italy

141
United Kingdom
142
 State of CVC | Geographic Trends | United Kingdom

CVC-backed funding hits quarterly record high in Q1'22

$3,000M

100
Funding
$2,500M $2,381M

80
72
$2,000M Deals
62 72
60
60
$1,500M 51
48 48
43
41
39
37
34 35 34 40
$1,000M 33 33

25

20
$500M

$187M $502M $532M $560M $1,694M $430M $963M $269M $553M $707M $625M $1,078M $1,681M $2,027M $1,716M $1,779M
$0M 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021 2022

143
State of CVC | Geographic Trends | United Kingdom

More than half of CVC-backed deals are early-stage in Q1'22

11% 9% 8% Other, 8%
20%
Late-stage, 1%
7% 7%
8%

7%
27%
Mid-stage, 32%
20% 28%

25%

61% 59% Early-stage, 58%

56%
49%

2018 2019 2020 2021 2022

YTD

144
State of CVC | Geographic Trends | United Kingdom

United Kingdom: Top CVC-backed deals in Q1'22

Round Round Round Industry % of Total

Company Select Investors Sector
Amount Date Valuation Subindustry Funding

Series C Internet Software & Services

1 Genesis Global $200M 2022-02-16
N/A Salesforce Ventures, Google Ventures Internet
Accounting & Finance
8.4%

Series B Software (non- Science & Engineering Software

1 Wayve $200M 2022-01-17
N/A XTX Ventures
internet/mobile) N/A
8.4%

Series B Mobile & Mobile Commerce

1 Zapp $200M 2022-01-28
N/A Burda Principal Investments
Telecommunications Food & Grocery
8.4%

Series A Insurance
4 Accelerant $190M 2022-01-12
$2.2B MS&AD Ventures Finance
N/A
8.0%

Series C ABN AMRO Ventures, Fidelity Internet Software & Services

4 PrimaryBid $190M 2022-02-20
N/A
International Strategic Ventures
Internet
Asset & Finance Management & Trading
8.0%

145
Germany
146
 State of CVC | Geographic Trends | Germany

CVC-backed deals tick up while funding drops 76% QoQ in Q1'22

$3,000M

50

$2,500M

40

$2,000M
35 Deals
33
32
30 30
28 30
26
$1,500M 25 25
24
23
22 22 22
21
19 19
20
$1,000M
Funding
$609M
10
$500M

$147M $139M
$402M $320M $264M $406M $508M $342M $183M $379M $310M $461M $645M $2,690M $563M $2,571M
$0M 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021 2022

147
State of CVC | Geographic Trends | Germany

More than a fifth of CVC-backed deals go to mid-stage companies in Q1'22

8% 6% 6% 5% Other, 6%
6% 6%
8% 13% Late-stage, 9%

19%

32% Mid-stage, 22%

29% 26%

69%
Early-stage, 63%
55% 56% 56%

2018 2019 2020 2021 2022

YTD

148
State of CVC | Geographic Trends | Germany

Germany: Top CVC-backed deals in Q1'22

Round Round Round Industry % of Total

Company Select Investors Sector
Amount Date Valuation Subindustry Funding

Series E Air
1 Volocopter $170M 2022-03-04
$1.9B Honeywell Ventures Automotive & Transportation
N/A
27.9%

Series C Software (non- Application & Data Integration Software

2 Wandelbots $84M 2022-01-25
N/A next47, M12
internet/mobile) N/A
13.8%

Series D Mobile Software & Services

3 Zenjob $51M 2022-02-22
N/A Forestay Capital, AXA Venture Partners Mobile & Telecommunications
HR & Workforce Management
8.4%

Series B Internet Software & Services

4 InstaFreight $40M 2022-03-09
N/A Shell Ventures Internet
Supply Chain & Logistics
6.6%

Series A E-Commerce
5 Lendis $34M 2022-01-21
N/A KPN Ventures Internet
B2B Commerce
5.6%

149
France
150
 State of CVC | Geographic Trends | France

CVC-backed funding hits new quarterly high in Q1'22, up more than 6x YoY

50
Funding
$1,600M
$1,485M 45

$1,400M
40

$1,200M 35

$1,000M
Deals
30
26
29
23 25
$800M
20
19
17 17 17 20
$600M 16
15
14 14
12 12 12 15
11
$400M
7 10

$200M
5

$148M $118M $219M $166M $198M $152M $87M $165M $214M $314M $201M $276M $237M $1,399M $161M $357M
$0M 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021 2022

151
State of CVC | Geographic Trends | France

Early-stage companies secure 62% of CVC-backed deals in Q1'22

8%
Other, 3%
9%
6% Late-stage, 10%

24%
20%
29%
Mid-stage, 24%
35%

69% 69%
62% Early-stage, 62%
54%

2018 2019 2020 2021 2022

YTD

152
State of CVC | Geographic Trends | France

France: Top CVC-backed deals in Q1'22

Round Round Round Industry % of Total

Company Select Investors Sector
Amount Date Valuation Subindustry Funding

Series D Mobile & Mobile Software & Services

1 Qonto $552M 2022-01-11
$5.0B EXOR Seeds
Telecommunications Accounting & Finance
37.2%

Series D GS Growth, Dell Technologies Machinery & Equipment

2 Exotec $335M 2022-01-17
$2.0B
Capital
Industrials
Robotics
22.6%

Series C Internet Software & Services

3 Deepki $167M 2022-03-30
N/A Statkraft Ventures Internet
Environment
11.2%

Series D Computer Hardware & IT Services

4 InterCloud $114M 2022-02-15
N/A Open CNP
Services Infrastructure & Hosting
7.7%

Series C Internet Software & Services

5 Kayrros $44M 2022-03-22
N/A Opera Tech Ventures Internet
Business Intelligence, Analytics & Performance Mgmt
3.0%

153
LatAm & Caribbean
Trends
154
 State of CVC | Geographic Trends | LatAm & Caribbean Trends

CVCs back 41 deals worth a collective $455M in Q1’22

$5,000M 180

$4,500M 160

$4,000M
140

$3,500M
110 120

$3,000M 99
100
$2,500M
80
$2,000M
54 Deals 60
$1,500M
41
35
40
$1,000M
Funding
$455M 20
$500M

$912M $747M $635M $4,419M

$0M 0
2018 2019 2020 2021 2022
YTD

155
 State of CVC | Geographic Trends | LatAm & Caribbean Trends

CVC-backed funding drops while deals rebound QoQ in Q1'22

$2,500M 90

80

$2,000M
70

60

$1,500M 51
Deals 50
41
37 40
$1,000M 33

30
23 23
Funding
17
$500M 14
16 16 $455M 20
13 13 12
7 8 8 7 10
$102M
$27M $29M $61M $40M
$22M $131M $731M $397M $259M $328M $165M $520M $725M $2,106M $1,067M
$0M 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021 2022

156
State of CVC | Geographic Trends | LatAm & Caribbean Trends

Nearly 3 out of every 4 CVC-backed deals go to early-stage companies in Q1'22

7%
11%
8% Other, 10%
14% Late-stage, 0%
7%
7% 6%
6% Mid-stage, 17%
13%
24%
20%

82%
70% Early-stage, 73%
60% 61%

2018 2019 2020 2021 2022

YTD

157
State of CVC | Geographic Trends | LatAm & Caribbean Trends

LatAm & Caribbean: Top CVC-backed deals in Q1'22

Round Round Industry % of Total
Company Round Amount Select Investors Country Sector
Date Valuation Subindustry Funding
Series B Mobile & Mobile Commerce
1 Tul $127M 2022-01-11
$800M Gerdau Next Ventures Colombia
Telecommunications Other Retail
28.0%

Series C Automotive & Transportation Services

2 99 minutos $82M 2022-03-02
N/A Prosus Ventures Mexico
Transportation Logistics Services
18.0%

Series B E-Commerce
3 Laika $48M 2022-01-13
N/A DX Ventures Colombia Internet
Other Retail
10.6%

Series B Stanford Social Impact Venture Internet Software & Services

4 UBITS $25M 2022-01-13
N/A
Capital Fund
Colombia Internet
Education & Training
5.5%

Series A Mobile & Mobile Commerce

5 Cayena $18M 2022-03-07
N/A FEMSA Ventures Brazil
Telecommunications B2B Commerce
3.8%

Series B Internet Software & Services

6 a55 $16M 2022-01-14
N/A Mouro Capital Brazil Internet
Accounting & Finance
3.6%

Series A Internet Software & Services

7 Medway $15M 2022-03-10
N/A Neuron Ventures Brazil Internet
Education & Training
3.3%

Venture Capital Software (non- Manufacturing, Warehousing & Industrials Software

8 Brasil ao Cubo $14M 2022-01-28
$106M DX Ventures Brazil
internet/mobile) N/A
3.0%

Series A Business Products & Advertising, Marketing & PR

9 Adventures Partners $10M 2022-02-03
N/A Mercado Libre Fund Brazil
Services N/A
2.2%

Series A Mobile & Mobile Software & Services

9 Leal $10M 2022-03-09
N/A Rakuten Capital Colombia
Telecommunications Customer Relationship Management
2.2%

Series B Renewables
9 Sistema.Bio $10M 2022-02-08
N/A ENGIE Rassembleurs d'Energies Mexico Energy & Utilities
Bioenergy
2.2%

Venture Capital Internet Software & Services

9 SmartBrain $10M 2022-02-16
N/A inovaBra Brazil Internet
Asset & Finance Management & Trading
2.2%

Seed VC Internet Software & Services

9 Yuno $10M 2022-03-10
N/A Opera Tech Ventures Colombia Internet
Business Intelligence, Analytics & Performance Mgmt
2.2%

158
State of CVC | Geographic Trends | LatAm & Caribbean Trends

LatAm & Caribbean: Top CVCs by company count in Q1'22

Investor Company Count Investor Group Country

1 FTX Ventures 6 CVC Bahamas

2 Neuron Ventures 4 CVC Brazil

3 FEMSA Ventures 3 CVC Mexico

4 inovaBra 2 CVC Brazil

4 Gerdau Next Ventures 2 CVC Brazil

6 Kamay Ventures 1 CVC Argentina

6 Consorcio Ventures 1 CVC Chile

6 ABCDIN Venture 1 CVC Chile

6 Hypera Ventures 1 CVC Brazil

6 BMPI Venture 1 CVC Brazil

6 SdP Capital 1 CVC Brazil

6 Luxor Gaia Ventures 1 CVC Brazil

6 Randon Ventures 1 CVC Brazil

159
Brazil
160
 State of CVC | Geographic Trends | Brazil

CVC-backed funding falls 75% YoY, despite jump in deals

$900M
44
45
$800M

40
$700M

35
$600M
29
30
$500M
24
Deals 25

$400M 19
20
15
$300M 14
12 15
11
10
$200M 9 9
Funding 10
5
4
$101M
$100M 3 5
2 2 $44M
2 $18M $23M $21M
$7M $128M $690M $26M $393M $102M $326M $410M $658M $838M $525M
$4M
$0M 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021 2022

161
State of CVC | Geographic Trends | Brazil

Early-stage CVC-backed deal share dominates in Q1'22

8%
11%
Other, 11%
14% Late-stage, 0%
8%
Mid-stage, 5%
17% 8% 11%

17% 18%

25%

85% Early-stage, 84%

61% 60%
50%

2018 2019 2020 2021 2022

YTD

162
State of CVC | Geographic Trends | Brazil

Brazil: Top CVC-backed deals in Q1'22

Round Round Round Industry % of Total

Company Select Investors Sector
Amount Date Valuation Subindustry Funding

Series A Mobile & Mobile Commerce

1 Cayena $18M 2022-03-07
N/A FEMSA Ventures
Telecommunications B2B Commerce
17.4%

Series B Internet Software & Services

2 a55 $16M 2022-01-14
N/A Mouro Capital Internet
Accounting & Finance
16.2%

Series A Internet Software & Services

3 Medway $15M 2022-03-10
N/A Neuron Ventures Internet
Education & Training
14.9%

Venture Capital Software (non- Manufacturing, Warehousing & Industrials Software

4 Brasil ao Cubo $14M 2022-01-28
$106M DX Ventures
internet/mobile) N/A
13.6%

Series A Business Products & Advertising, Marketing & PR

5 Adventures Partners $10M 2022-02-03
N/A Mercado Libre Fund
Services N/A
9.9%

Venture Capital Internet Software & Services

5 SmartBrain $10M 2022-02-16
N/A inovaBra Internet
Asset & Finance Management & Trading
9.9%

163
Africa Trends
164
 State of CVC | Geographic Trends | Africa Trends

Africa sees $341M in CVC-backed funding across 26 deals in 2022 so far

$1,000M

$900M 50

$800M 41

40
$700M

$600M
Deals
30
$500M
26

21 Funding
$400M 19 $341M 20

$300M
11
$200M
10

$100M
$40M $27M
$222M $932M
$0M 0
2018 2019 2020 2021 2022
YTD

165
 State of CVC | Geographic Trends | Africa Trends

CVC-backed funding rises QoQ while deals jump to new quarterly high in Q1'22

30
Deals
$600M
26
25

$500M

19 20
$400M Funding
$341M
15
$300M

10
9 9 10
$200M
7 7
6
5
4 4 4 5
$100M 3
2
1 1 $24M 1
$9M $7M $13M $16M $8M
$75M $1M $133M $3M $7M $67M $587M $269M
$0M 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021 2022

166
State of CVC | Geographic Trends | Africa Trends

Early-stage companies account for 88% of CVC-backed deals in Q1'22

Other, 0%
5%
Late-stage, 0%
18% 5% Mid-stage, 12%
17%

21%

95%
Early-stage, 88%
82%
78%
68%

2018 2019 2020 2021 2022

YTD

167
State of CVC | Geographic Trends | Africa Trends

Africa: Top CVC-backed deals in Q1'22

Round Round Industry % of Total
Company Round Amount Select Investors Country Sector
Date Valuation Subindustry Funding

Series A Automotive & Transportation Services

1 Moove Africa $65M 2022-03-14
N/A MUFG Innovation Partners Nigeria
Transportation Taxi, Limousine & Vehicle Rental Services
19.1%

Series B E-Commerce
2 VALR $50M 2022-03-01
$240M Coinbase Ventures South Africa Internet
Marketplace
14.7%

Series C SBI Investment, Yara Growth Ventures, Software (non- Environment Software
3 Apollo Agriculture $40M 2022-02-24
N/A
Leaps by Bayer
Kenya
internet/mobile) N/A
11.7%

Series B Laerdal Million Lives Fund, Tencent Internet Software & Services
3 Reliance Health $40M 2022-02-07
N/A
Exploration
Nigeria Internet
Healthcare
11.7%

Series A Mobile & Mobile Commerce

5 Brimore $25M 2022-01-31
N/A Vision Ventures, Khwarizmi Ventures Egypt
Telecommunications Marketplace
7.3%

Series A Internet Software & Services

6 Stitch $21M 2022-01-26
N/A PayPal Ventures South Africa Internet
Accounting & Finance
6.2%

Series A Google Ventures, Akatsuki Mobile & Mobile Software & Services
7 Carry1st $20M 2022-01-05
N/A
Entertainment Technology Fund
South Africa
Telecommunications Gaming
5.9%

Series A Mobile & Mobile Software & Services

7 thndr $20M 2022-02-09
N/A Prosus Ventures Egypt
Telecommunications Asset & Finance Management & Trading
5.9%

Series A Mobile & Mobile Software & Services

9 Bamboo $15M 2022-01-31
N/A Saison Capital, Motley Fool Ventures Nigeria
Telecommunications Asset & Finance Management & Trading
4.4%

Seed VC Alameda Research Ventures, Yield Guild Republic of the Internet Software & Services
10 Jambo $8M 2022-02-21
N/A
Games Ventures, Coinbase Ventures Congo
Internet
Asset & Finance Management & Trading
2.2%

168
State of CVC | Geographic Trends | Africa Trends

Africa: Top CVCs by company count in Q1'22

Investor Company Count Investor Group Country

1 Chandaria Capital 3 CVC Kenya

1 EdVentures 3 CVC Egypt

3 CVentures 1 CVC Egypt

3 OKX Blockdream Ventures 1 CVC Seychelles

169
Australia Trends
170
 State of CVC | Geographic Trends | Australia Trends

Australia attracts $324M in CVC-backed funding across 14 deals in Q1’22

90

$1,600M
80

$1,400M
70

$1,200M 57 60

$1,000M
50

$800M 38
35 40

30
$600M 30
Funding
$400M $324M 20

$200M 10
Deals
$209M $317M $342M $1,603M 14
$0M 0
2018 2019 2020 2021 2022
YTD

171
 State of CVC | Geographic Trends | Australia Trends

CVC-backed deals and dollars both up YoY in Q1’22

$1,000M 30

$900M

25
$800M
21
$700M
20
18
$600M Deals
14
$500M 15
13

$400M 11 11 11 11 11 Funding
9
$324M
10
$300M
7 7 7
6 6 6
$200M 5
5

$100M
$29M $33M $40M
$7M $21M $20M
$54M $119M $88M $156M $245M $55M $201M $168M $869M $365M
$0M 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021 2022

172
State of CVC | Geographic Trends | Australia Trends

Mid-stage companies capture 36% of CVC-backed deals in 2022 YTD

11% 10%
5% Other, 7%
Late-stage, 0%
20% 16%
11%

23% Mid-stage, 36%

30%

77% 76%

63%
Early-stage, 57%
49%

2018 2019 2020 2021 2022

YTD

173
State of CVC | Geographic Trends | Australia Trends

Australia: Top CVC-backed deals in Q1'22

% of
Round Round Round Industry
Company Select Investors Country Sector Total
Amount Date Valuation Subindustry
Funding
Alameda Research Ventures,
Series C Internet Software & Services
1 Immutable $200M 2022-03-07
$2.5B Liberty Global Ventures, Prosus Australia Internet
Gaming
61.7%
Ventures

Series C Internet Software & Services

2 Eucalyptus $43M 2022-01-26
N/A W23 Australia Internet
Health & Wellness
13.2%

Series A Main Sequence Ventures, Machinery & Equipment

3 Emesent $23M 2022-02-18
N/A
TELUS Ventures
Australia Industrials
Robotics
7.1%

Series B MUFG Innovation Partners, Consumer Products & Travel Services (non-internet/mobile)
4 Zoomo $20M 2022-02-22
N/A
WIND Ventures
Australia
Services N/A
6.2%

Series B Internet Software & Services

5 Kepler Analytics $16M 2022-02-14
N/A Reinventure Australia Internet
Business Intelligence, Analytics & Performance Mgmt
4.8%

Seed VC Internet Software & Services

6 DataMesh Group $9M 2022-03-29
N/A NAB Ventures Australia Internet
Payments
2.8%

Seed VC Environmental Services & Recycling

7 Samsara $5M 2022-03-23
N/A Main Sequence Ventures, W23 Australia
Equipment N/A
1.4%

Seed VC New Internet Software & Services

8 MetaDojo $3M 2022-02-02
N/A OKEx Blockdream Ventures
Zealand
Internet
Asset & Finance Management & Trading
0.9%

Seed VC Internet Software & Services

8 CryptoTaxCalculator $3M 2022-03-01
N/A Coinbase Ventures Australia Internet
Accounting & Finance
0.9%

Seed VC Mobile & Mobile Commerce

10 Instant $2M 2022-02-02
N/A Reinventure Australia
Telecommunications Mobile Commerce Enablement
0.7%

174
State of CVC | Geographic Trends | Australia Trends

Australia: Top CVCs by company count in Q1'22

Investor Company Count Investor Group Country

1 W23 4 CVC Australia

2 Atlassian Ventures 3 CVC Australia

2 Main Sequence Ventures 3 CVC Australia

4 BHP Ventures 2 CVC Australia

4 NAB Ventures 2 CVC Australia

4 Reinventure 2 CVC Australia

4 Telstra Ventures 2 CVC Australia

8 Firemark Ventures 1 CVC Australia

175
State of CVC
Report Methodology Geography note: Israel funding figures are classified in Asia. equity firms and are tracked by CB Insights. However, they are
excluded for the purposes of this report.
Rounds to private companies that may be majority- or minority-
A detailed look at the investment activity, i.e., deals and funding, owned subsidiaries of other private companies. No private placements. These investments, also known as PIPEs
of corporations' investment arms, i.e., CVCs. (Private Investment in Public Equities), are not included even if
Valuation data includes estimates to calibrate median and
You can download the underlying data found in this report here: average valuations based on current and previous quarter made by a venture capital firm.
https://www.cbinsights.com/reports/CB-Insights_CVC-Report- disclosed valuations gathered from the aforementioned four No debt/loans of any kind (except convertible notes). Venture
Q1-2022.xlsx. sources. The estimating method will control for the over- debt or any kind of debt/loan issued to emerging, startup
If you have questions about the definitions or methodological sampling of large rounds that are reported quickly versus a companies, even if included as an additional part of an equity
principles used, or if you feel that your firm has been comparative lag in valuations obtained from other sources. financing, is not included. If a company receives $3M with $2M
underrepresented, please reach out to info@cbinsights.com. Valuation data reflects post-money valuations. from venture investors and $1M in debt, only the $2M is included
What is included: Exits include IPO, SPACs, M&A and other liquidity events; only in these statistics.
first exits are counted. No non-equity government funding. Grants or loans by the
Equity financings into private companies only. Funding rounds
raised by public companies of any kind on any exchange A CVC's country is categorized by the location of its federal government, state agencies, or public-private
(including Pink Sheets) are excluded from our numbers, even if headquarters. partnerships to emerging, startup companies are not included.
they received investment from a venture firm. Headquarters are determined by publicly available sources No fundings to subsidiaries of a larger parent corporation unless
Only includes the investment made in the quarter for tranched including company-owned websites and profiles, legal filings, that subsidiary is a private entity and meets other criteria for
and press releases. inclusion.
investments. If a company does a second closing of its Series B
round for $5M and previously had closed $2M in a prior quarter, All figures in the report are in USD. Accelerators, incubators, business-plan competitions, and
only the $5M is reflected. economic-development entities are excluded from rankings of
US financing trends follow the combined statistical area (CSA)
Round numbers reflect what has closed, not what is intended. If most active investors, even if making equity financings.
methodology. Silicon Valley refers to the San Jose-San
a company indicates the closing of $5M out of a desired raise of Francisco-Oakland CSA. Rankings for top investors are calculated according to “company
$15M, our numbers reflect only the amount which has closed. count,” or the number of unique companies an investor funds in
Only verifiable fundings are included. Fundings are verified via a quarter, and so excludes follow-on deals.
(1) various federal and state regulatory filings; (2) direct What is excluded:
confirmation with firm or investor; (3) press release; or (4) No contingent funding. If a company receives a commitment for
credible media sources. $20M subject to hitting certain milestones but first gets $8M,
Equity fundings to joint ventures and spinoffs/spinouts are only the $8M is included in our data.
included.
No business development/R&D arrangements, whether
Unicorn data includes private companies valued at $1B or more transferable into equity now, later, or never. If a company signs a
in the private markets globally, per the same 4 sources listed $300M R&D partnership with a larger corporation, this is not
above and relied on for funding events, which include valuations equity financing nor is it from venture capital firms. As a result, it
disclosed in credible media sources. The list is maintained is not included.
publicly and updated in real time at
No buyouts, consolidations, or recapitalizations. All three of
https://www.cbinsights.com/research-unicorn-companies. these transaction types are commonly employed by private

176