State of

Venture
Global | Q1 2023
Global data and analysis on dealmaking, funding, and
exits by private market venture companies
State of Venture

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State of Venture

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State of Venture

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State of Venture

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5
TLDR
State of Venture

Your rundown on
venture in Q1’23

$58.6B $32.5B -47% 13

Q1'23 venture funding. US venture funding in Drop in IPOs. Fewest in New unicorns in Q1’23.
13% drop QoQ. Q1'23. Down only 1% almost a decade. Lowest birth count since
Global venture funding and deals QoQ. Q1’23 only saw 86 IPOs, a 47% Q1’17.
continued to slide in Q1'23. US venture funding remained fall QoQ and the lowest total Q1'23 saw the birth of only
Funding reached $58.6B in stable at $32.5B in Q1’23, since Q4'13. Asia accounted for 13 unicorns globally, a 32% drop
Q1'23, down 13% quarter-over- dropping by only 1% QoQ. 65% of the global total with 56 QoQ and the lowest quarterly
quarter (QoQ). This quarterly However, Stripe’s enormous public exits. level since Q1'17. Four of the 13
total drops funding to pre- $6.5B round accounted for 20% M&A deals, in contrast, unicorns are core AI developers.
pandemic levels. of the quarter’s funding haul. increased slightly to 2,146. While unicorn births saw sharp
There were 7,024 deals in Q1’23, In contrast, LatAm, Asia, and Europe saw the most M&A drops in most major regions in
a 12% decline from the previous Europe saw more significant activity in Q1’23 with 40% of Q1'23, new unicorns in the US
quarter and the lowest tally since drops in funding in Q1'23, falling these deals, while the held steady QoQ at 8.
Q2'20. 54%, 27%, and 12%, respectively. US accounted for 38%.
See the data →
See the data → See the data → See the data →

6
TLDR
State of Venture

Your rundown on
venture in Q1’23

-45% 4% $21.9B 8%
Drop in median deal size Increase in top investor Funding from $100M+ Late-stage deal share in
for late-stage rounds vs. deal activity in Q1'23. mega-rounds in Q1'23. 2023 so far. Lowest in
2022. Following a 14% drop in deal A 6-year low. over a decade.
The median size of late-stage activity in Q4'22, the top 10 most Mega-rounds in Q1’23 Investors' appetite for late-stage
deals dropped to $15M so far active investors backed 265 represented $21.9B across 90 deals (Series D+) continues to be
this year — even below the companies in Q1’23, a 4% deals, a QoQ funding drop of 8% diminished, accounting for
median size of mid-stage deals. increase QoQ. and the lowest total since Q1'17. just 8% of Q1'23 deals. If that
At $17M, median mid-stage deal Among top investors, SOSV and The number of mega-rounds trend holds through the rest of
size saw a 36% decline a16z maintained their #1 and #3 dropped across all regions in 2023, it will mark the lowest
compared to 2022. In contrast, ranks, investing in 42 and 36 Q1’23. With 48 $100M+ deals, annual level in over a decade.
early-stage rounds were more companies, respectively. the US accounted for 53% of Early-stage rounds, in contrast,
stable — median deal size only Bpifrance replaced Gaingels as global mega-round activity. accounted for 67% of all deals in
fell by 8% for this category. the second-most active investor, the quarter.
See the data →
backing 39 companies.
See the data → See the data →
See the data →

7
Investment Trends
8
State of Venture | Global Trends | Investment Trends

Venture funding reaches just $58.6B in Q1'23

38,606 37,842

29,517 28,757

Funding
$58.6B Deals
7,024
$259.8B $298.6B $643.9B $418.0B

2019 2020 2021 2022 2023

YTD

9
State of Venture | Global Trends | Investment Trends

Q1'23 funding drops 13% QoQ, hits a 3-year low

11,081
10,503
10,260
9,684
9,086 9,091
8,757

7,793 7,986
7,568 7,356 7,494 7,427
7,099 6,891
6,646 Deals
7,024
Funding
$58.6B

$69.1B $66.4B $65.9B $58.3B $61.3B $59.8B $81.9B $95.7B $140.7B $155.8B $166.3B $181.0B $151.0B $118.2B $81.7B $67.1B

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2019 2020 2021 2022 2023

10
State of Venture | Global Trends | Investment Trends

US-based companies raise $32.5B in Q1’23, accounting for 55% of funding

Canada
$1.3B
153 Deals
Asia

Europe
$12.5B
$10.4B 2,399 Deals
1,608 Deals
US

$32.5B
2,532 Deals

Africa
$0.7B
86 Deals

LatAm &
Caribbean
$0.6B
157 Deals
Australia
$0.7B
89 Deals

11
State of Venture | Global Trends | Investment Trends

US and Asia lead Q1’23 deal share

Australia, 1%
Africa, 1%
Canada, 2%
19% 19% 21% 17% 21% 20%
LatAm & Caribbean, 2%
22% 21% 21% 21% 22% 21% 22% 19% 19% 22% Europe, 23%

33% 35% 32% 37% 42%

35% 38% 35% 38% 35% 39% 38% 39% Asia, 34%
37% 41% 37%

39% 38% 39%

37% 34% 36% 36% 35% 37% 34% 34% 33% 34% 31% 34% 33% US, 36%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2019 2020 2021 2022 2023

12
State of Venture | Global Trends | Investment Trends

VCs are the most active investors in Q1'23

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

21% 22% 21% 21% 21% 20% 19%

20% 18% 17%
16% 18% 18% 20% Other, 20%
17% 19%

32% 33% 32% 34% 32% 33% 32% 33% 32% 32% 31% 31% 30% 30% 29% 30% VC, 29%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2019 2020 2021 2022 2023

13
State of Venture | Global Trends | Investment Trends

YTD average global deal size is $12.3M, down 25% from 2022’s average

Average Deal Size Median Deal Size

$24.2M

$16.3M
$15.5M
$13.5M
$12.3M

$4.0M
$2.3M $2.8M $3.4M $3.0M

2019 2021 2023 2019 2021 2023

YTD YTD

14
State of Venture | Global Trends | Investment Trends

Median deal size falls in the US, but edges up in Asia and Europe

US Asia Europe LatAm & Canada Africa Australia

Caribbean

$4.2M $4.0M
$3.8M
$3.5M
$3.1M $3.0M $3.2M
$3.0M $3.0M
$2.8M $2.7M
$2.6M

$2.0M
$1.7M
$1.3M $1.4M
$1.2M $1.0M $1.2M
$0.8M

$0.2M

2019 2021 2023 2019 2021 2023 2019 2021 2023 2019 2021 2023 2019 2021 2023 2019 2021 2023 2019 2021 2023
YTD YTD YTD YTD YTD YTD YTD

15
State of Venture | Global Trends | Investment Trends

Median deal size declines across all investor categories in 2023 so far

Angel Asset/Investment CVC Corp Private Equity VC

Management

$23.0M

$15.8M $16.0M
$14.5M
$13.3M
$11.0M
$9.2M $9.1M $9.9M $7.8M $8.3M
$7.8M $7.5M
$6.7M $6.9M
$3.4M
$2.2M $3.0M

2019 2021 2023 2019 2021 2023 2019 2021 2023 2019 2021 2023 2019 2021 2023 2019 2021 2023
YTD YTD YTD YTD YTD YTD

16
State of Venture | Global Trends | Investment Trends

Quarterly funding from $100M+ mega-rounds drops to $21.9B, a 6-year low

422 428

382 378
365

270

221

176
152
135
128 129
118 126 127 Funding
104 $21.9B
Deals
90

$35.0B $29.2B $30.0B $22.8B $27.3B $23.2B $42.7B $49.5B $86.1B $87.7B $96.0B $106.2B $78.2B $55.3B $33.4B $23.8B

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2019 2020 2021 2022 2023

17
State of Venture | Global Trends | Investment Trends

US leads in global mega-round funding and deals in Q1’23

Canada
$0.4B
3 Deals
Asia
$3.9B
Europe 22 Deals
$2.3B
16 Deals
US

$15.2B
48 Deals

Africa
$0.3B
1 Deal

18
State of Venture | Global Trends | Investment Trends

Mega-rounds sink globally in Q1'23

197

133

87
US, 48
75 67 Asia, 22
69 67 33
55 17 Europe, 16
54
12 7 3 Canada, 3
7 5 3 Africa, 1
5 2 23 3
1 1 1 Australia, 0
LatAm & Caribbean, 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2019 2020 2021 2022 2023

19
State of Venture | Global Trends | Investment Trends

Mega-rounds account for 37% of total funding in Q1’23

39% 41%
44% 42%
49% 48% 48% 48%
56% 55% 55% 53%
61% 59%
61% 64% Non-mega-rounds, 63%

61% 59%
56% 58%
51% 52% 52% 52%
44% 45% 45% 47%
39% 41%
39% 36% Mega-rounds, 37%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2019 2020 2021 2022 2023

20
State of Venture | Global Trends | Investment Trends

Global: Top equity deals in Q1’23

Round Round Round Industry % of Total
Company Select Investors Country Sector
Amount Date Valuation Subindustry Funding
Series I Andreessen Horowitz, General Catalyst, Baillie Internet Software & Services
1 Stripe $6.5B 2023-03-15
$50.0B
Gifford & Co., Founders Fund, Goldman Sachs
United States Internet
Payments
11.1%

Series J E-Commerce
2 Lenskart $500M 2023-03-16
$4.5B Abu Dhabi Investment Authority India Internet
Apparel & Accessories
0.9%

Series E Internet Software & Services

2 Rippling $500M 2023-03-17
$11.3B Greenoaks Capital Management United States Internet
HR & Workforce Management
0.9%

Convertible Note Morgan Stanley, CPP Investments, Goldman Internet Software & Services
4 Netskope $401M 2023-01-05
N/A
Sachs Asset Management, Ontario Teachers'
United States Internet
Monitoring & Security
0.7%

Corporate Minority Core AI

5 Anthropic $400M 2023-02-03
$4.0B Google United States Enterprise Tech
N/A
0.7%

Series C CVS Health, Norwest Venture Partners, Frist Software (non- Healthcare Software
6 Monogram Health $375M 2023-01-09
N/A
Cressey Ventures, SCAN Health Plan, TPG Capital
United States
internet/mobile) N/A
0.6%

Private Equity Investment Firms & Funds

6 WHP Global $375M 2023-03-08
$1.6B Ares EIF Group United States Finance
N/A
0.6%

Series B General Catalyst, Spark Capital, Greylock Partners, Core AI

8 Adept $350M 2023-03-14
$1.0B
Addition, A.Capital
United States Enterprise Tech
N/A
0.6%

Series B Core AI
9 Anthropic $300M 2023-03-09
$4.4B Spark Capital United States Enterprise Tech
N/A
0.5%

Fifth Wall Ventures, Franklin Venture Partners,

Series B Energy Storage
9 Our Next Energy $300M 2023-02-01
$1.2B Coatue Management, AI Capital, Riverstone United States Energy & Utilities
N/A
0.5%
Holdings
Private Equity Ares Management, Pantheon, Lorient Capital, Mobile & Mobile Software & Services
9 ShiftKey $300M 2023-01-11
$2.0B
Clearlake Capital Group, Health Velocity Capital
United States
Telecommunications Healthcare
0.5%

Series D Lightspeed Venture Partners, Index Ventures, Internet Software & Services
9 Wiz $300M 2023-02-27
$10.0B
Greenoaks Capital Management
United States Internet
Monitoring & Security
0.5%

21
State of Venture | Global Trends | Investment Trends

2 out of every 3 deals in Q1’23 are early-stage rounds

12% 10% 11% Other, 12%

13%

12%
11% 9% Late-stage, 8%
11%

14% 12% Mid-stage, 13%

12% 13%

65% 63% 65% 68% Early-stage, 67%

2019 2020 2021 2022 2023

YTD

22
 State of Venture | Global Trends | Investment Trends

Asia leads early- and mid-stage deal share in Q1'23

US Asia Europe LatAm & Caribbean Canada Africa Australia

Early-stage 33% 36% 24%

Mid-stage 29% 50% 16%

Late-stage 32% 32% 30%

Other 64% 9% 19%

23
State of Venture | Global Trends | Investment Trends

Median late-stage deal size plummets to $15M

Early-stage Mid-stage Late-stage

$50.0M

$30.0M
$26.5M $26.5M $27.3M

$20.0M
$17.0M $17.0M
$15.0M $15.0M

$1.5M $1.8M $2.4M $2.4M $2.2M

2019 2021 2023 2019 2021 2023 2019 2021 2023

YTD YTD YTD

24
State of Venture | Global Trends | Investment Trends

Global: Top seed/angel deals in Q1’23

Round Round Industry
Company Select Investors Country Sector
Amount Date Subindustry

Seed Medical Facilities & Services

1 Foundation Healthcare $110M 2023-03-09
SeaTown Holdings International Singapore Healthcare
Hospitals

Seed VC Breyer Capital, Coatue Management, Johnson & Johnson Internet Software & Services
2 Artera $90M 2023-03-21 Innovation, Koch Disruptive Technologies, TIME Ventures
United States Internet
Healthcare

Seed VC RA Capital Management, Astellas Venture Management, Biotechnology

3 Avilar $75M 2023-02-16 Medical Excellence Capital, Sanofi Ventures
United States Healthcare
N/A

Seed VC E-Commerce
4 Liduoduo Blind Box $57M 2023-01-26
FOXZZ INVESTMENT China Internet
Other Retail

Seed AMS Capital, Eiffel Investment Group, Antoine Huard, Energy & Renewables
5 Verso Energy $54M 2023-01-13 Crescendix
France
Utilities Hydrogen/Fuel Cell

Seed VC GGV Capital, Lightspeed Venture Partners, Cerca Group, Dell Internet Software & Services
6 Descope $53M 2023-02-15 Technologies Capital, J Ventures
United States Internet
Monitoring & Security

Angel Internet Software & Services

7 Light Year Beyond Technology $50M 2023-02-13
Wang Xing China Internet
Science & Engineering

Seed Standard Chartered, UBS, BNP Paribas, Banco Bilbao Vizcaya United Internet Software & Services
8 Carbonplace $45M 2023-02-08 Argentaria, Canadian Imperial Bank of Commerce Kingdom
Internet
Environment

Seed VC Internet Software & Services

9 PLAI Labs $32M 2023-01-19
Andreessen Horowitz United States Internet
Gaming

Seed VC Biotechnology
10 Aldena Therapeutics $30M 2023-03-16
Medicxi Ventures United States Healthcare
N/A

Seed E-Commerce
10 Qile APP $30M 2023-02-15
ACCELCSINVESTMENT China Internet
N/A

Seed VC Internet Software & Services

10 Zevok $30M 2023-02-20
Undisclosed Investors China Internet
Social

25
State of Venture | Global Trends | Investment Trends

Global: Top Series A deals in Q1’23

Round Round Industry
Company Select Investors Country Sector
Amount Date Subindustry

Series A RTW Investments, Third Rock Ventures, Xontogeny, Ally Biotechnology

1 CARGO Therapeutics $200M 2023-03-01 Bridge Group, Cormorant Asset Management
United States Healthcare
N/A

Series A Andreessen Horowitz, A.Capital, SV Angel, Elad Gil, Nat Core AI

2 Character.AI $150M 2023-03-03 Friedman
United States Enterprise Tech
N/A

Series A Internet Software & Services

3 DeepWay $117M 2023-03-28
SoftBank China Venture Capital, Weiqiao Pioneering China Internet
Supply Chain & Logistics

Hillhouse Capital Management, China Structural Reform

Series A Biotechnology
4 Immorna $100M 2023-02-27
Fund, TigerYeah Capital, Xiamen C&D, Yuexiu Industrial China Healthcare
N/A
Investment Fund

Series A ARCH Venture Partners, ClavystBio, EcoR1 Capital, Biotechnology

4 Paratus Sciences $100M 2023-02-27 Leaps by Bayer, Polaris Partners
United States Healthcare
N/A

Series A Third Rock Ventures, ARCH Venture Partners, Johnson Biotechnology

4 Rapport Therapeutics $100M 2023-03-07 & Johnson Innovation
United States Healthcare
N/A

Series A Mobile Software & Services

4 TOKHIT $100M 2023-02-09
Undisclosed Investors Romania Mobile & Telecommunications
Social

Series A Novartis Venture Funds, Sofinnova Partners, Gimv, Biotechnology

8 Mediar Therapeutics $85M 2023-03-15 Mass General Brigham Ventures, Mission BioCapital
United States Healthcare
N/A

Series A Martin Ventures, Heritage Group, Memorial Hermann Internet Software & Services
9 Wellvana $84M 2023-03-10 Health System, Valtruis
United States Internet
Healthcare

Goldman Sachs Asset Management, TVS Capital,

Series A Internet Software & Services
10 InsuranceDekho $74M 2023-02-14
Investcorp, Avatar Ventures Corp., LeapFrog India Internet
Accounting & Finance
Investments

26
State of Venture | Global Trends | Investment Trends

Global: Top Series B deals in Q1’23

Round Round Industry
Company Select Investors Country Sector
Amount Date Subindustry

Series B General Catalyst, Spark Capital, Greylock Partners, Addition, Core AI

1 Adept $350M 2023-03-14 A.Capital
United States Enterprise Tech
N/A

Series B Core AI
2 Anthropic $300M 2023-03-09
Spark Capital United States Enterprise Tech
N/A

Series B Fifth Wall Ventures, Franklin Venture Partners, Coatue Management, Energy Storage
2 Our Next Energy $300M 2023-02-01 AI Capital, Riverstone Holdings
United States Energy & Utilities
N/A

Series B CNBM New Materials Fund, Hefei Industry Investment Group, Puhua Renewables
4 Huasun $295M 2023-01-19 Capital, Dayone Capital, Hidden Hill Capital
China Energy & Utilities
Solar

Series B Mobile Software & Services

5 ShiftMed $200M 2023-02-06
Panoramic Ventures, Blue Heron Capital, Audacious Capital United States Mobile & Telecommunications
HR & Workforce Management

Haitong-Fortis Private Equity Fund Management, Yueke Xintai, China

Series B Chips & Semiconductors
6 TYSiC $177M 2023-02-07
Merchants Capital, Fine Yuan Science Technology, Nanchang China Electronics
Semiconductors
Industrial Holdings Group

Series B CPP Investments, Andreessen Horowitz, Horizons Ventures, Pillar, Biotechnology

7 Asimov $175M 2023-01-05 Casdin Capital
United States Healthcare
N/A

Series B US Innovative Technology Fund, Animal Capital, Animoca Brands, Biotechnology

8 Colossal $150M 2023-01-31 Breyer Capital, In-Q-Tel
United States Healthcare
N/A

Series B Biotechnology
9 Aera Therapeutics $139M 2023-02-16
ARCH Venture Partners, Google Ventures, Lux Capital United States Healthcare
N/A

Series B Energy Storage

9 Amogy $139M 2023-03-22
SK Innovation, AP Ventures, Aramco Ventures, DCVC, Korea Zinc United States Energy & Utilities
N/A

27
State of Venture | Global Trends | Investment Trends

Global: Top Series C deals in Q1’23

Round Round Industry
Company Select Investors Country Sector
Amount Date Subindustry

Series C CVS Health, Norwest Venture Partners, Frist Cressey Ventures, Healthcare Software
1 Monogram Health $375M 2023-01-09 SCAN Health Plan, TPG Capital
United States Software (non-internet/mobile)
N/A

Series C Internet Software & Services

2 VSPO $265M 2023-02-16
Savvy Games Group China Internet
Sports

Series C Splunk Ventures, Springcoast Capital Partners, Vista Equity Internet Software & Services
3 deepwatch $180M 2023-02-15 Partners
United States Internet
Monitoring & Security

Aerospace & Defense

Series C Earlybird Venture Capital, HV Capital, Lakestar,
4 Isar Aerospace $165M 2023-03-28 Unternehmertum Venture Capital, Vsquared Ventures
Germany Industrials Commercial Aircraft
Manufacturing

Series C E-Commerce
5 Floward $156M 2023-02-07
Aljazira Capital, Rainwater, STV Kuwait Internet
Other Retail

Series C Renewables
6 Palmetto $150M 2023-03-06
The Rise Fund United States Energy & Utilities
Solar

Agricultural Products & Related

Series C
6 eFishery $150M 2023-03-03
Khazanah Nasional Berhad Indonesia Agriculture Activities
N/A

Series C Internet Software & Services

8 Oxbotica $140M 2023-01-11
BGF, BP Ventures, Halma, Hostplus, IP Group United Kingdom Internet
Science & Engineering

Series C ICG, Sofinnova Partners, ATEM Capital, Andera Partners, Biotechnology

9 Amolyt Pharma $138M 2023-01-06 Bpifrance
France Healthcare
N/A

Series C Kingdom Holding Company, Uni Ventures, Al Jammaz Group, Mobile Commerce
10 Nana $133M 2023-02-07 Dallah AlBaraka
Saudi Arabia Mobile & Telecommunications
Food & Grocery

28
State of Venture | Global Trends | Investment Trends

Global: Top Series D deals in Q1’23

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

Series D Lightspeed Venture Partners, Index Ventures, Greenoaks Internet Software & Services
1 Wiz $300M 2023-02-27
$10.0B
Capital Management
United States Internet
Monitoring & Security

Series D Fosun Capital, SANY Group, SK China, Sinopec Capital, China Energy Storage
2 Hebei Kuntian Energy $296M 2023-01-20
N/A
Broadband Capital
China Energy & Utilities
N/A

Anhui Provincial Investment Group Holding Co., Co-Stone

Series D Electrical Products
3 United Aircraft $292M 2023-03-13
N/A Venture Capital, Sichuan Cooperative Revitalization Fund, China Electronics
N/A
Xingtou Holdings, Zhongtian Ronghui

Series D Mizuho Bank, GMO VenturePartners, Jungle Ventures, Internet Software & Services
4 Kredivo Holdings $270M 2023-03-23
N/A
OpenSpace Ventures, Square Peg Capital
Singapore Internet
Payments

Series D Lending
5 MNT-Halan $260M 2023-02-01
$1.0B Chimera Investments Egypt Finance
Microfinance

Series D Renewables
6 Enpal $230M 2023-01-09
$2.4B The Rise Fund, Activate Capital, Westly Group Germany Energy & Utilities
Solar

Series D Owl Rock Capital Partners, Redpoint Ventures, Felicis, Ribbit Internet Software & Services
7 Juniper Square $133M 2023-02-13
N/A
Capital, Fifth Wall Ventures
United States Internet
Real Estate

Internet Software & Services

Series D BP Ventures, S&P Global, Aware Super, Vitruvian Partners,
8 Xpansiv $125M 2023-01-11
$2.0B
Atlas Merchant Capital
United States Internet Business Intelligence, Analytics
& Performance Mgmt

Series D Internet Software & Services

9 KrazyBee $120M 2023-01-06
$700M Advent International India Internet
Accounting & Finance

Series D Premji Invest, Norwest Venture Partners, Elevation Capital, Internet Software & Services
10 Mintifi $110M 2023-03-08
N/A
International Finance Corporation
India Internet
Accounting & Finance

29
State of Venture | Global Trends | Investment Trends

Global: Top Series E+ deals in Q1’23

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

Series I Andreessen Horowitz, General Catalyst, Baillie Gifford & Internet Software & Services
1 Stripe $6.5B 2023-03-15
$50.0B
Co., Founders Fund, Goldman Sachs
United States Internet
Payments

Series J E-Commerce
2 Lenskart $500M 2023-03-16
$4.5B Abu Dhabi Investment Authority India Internet
Apparel & Accessories

Series E Internet Software & Services

2 Rippling $500M 2023-03-17
$11.3B Greenoaks Capital Management United States Internet
HR & Workforce Management

Internet Software & Services

Series F ION Group, SoftBank, Social Leverage, Spark Capital,
4 eToro $250M 2023-03-21
$3.5B
Velvet Sea Ventures
United Kingdom Internet Asset & Financial Management &
Trading

Series E Linse Capital, Andreessen Horowitz, NTT DoCoMo Machinery & Equipment
5 Skydio $230M 2023-02-27
$2.2B
Ventures, NVIDIA GPU Ventures, UP Partners
United States Industrials
Robotics

Series F Internet Software & Services

6 Gravie $179M 2023-03-21
N/A General Atlantic, AXA Venture Partners, FirstMark Capital United States Internet
Accounting & Finance

Series F GS Growth, Eurazeo, Goodwater Capital, Vitruvian Mobile Software & Services
7 Fever $120M 2023-01-25
$2.0B
Partners, Alignment Growth
United States Mobile & Telecommunications
Social

Series H 83North, ION Crossover Partners, Janus Henderson Mobile Commerce

8 Via $110M 2023-02-13
$3.5B
Investors, Lingotto, Pitango Venture Capital
United States Mobile & Telecommunications
Travel (mobile)

Series K Augmentum Fintech, Davidson Kempner Capital E-Commerce

9 Zopa $92M 2023-02-02
N/A
Management, Silverstripe
United Kingdom Internet
Marketplace

Series E 3TS Capital Partners, Blue Heron Capital, Panoramic Internet Software & Services
10 HomeCare.co $87M 2023-01-04
N/A
Ventures
United States Internet
Healthcare

30
Unicorns
31
State of Venture | Global Trends | Unicorns

Unicorn births drop to just 13 in Q1'23, bringing total count to 1,206

1,189 1,198
1,171
Total Unicorns, 1,206
1,095

127
88
25 19
New Unicorns, 13
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2019 2020 2021 2022 2023

32
State of Venture | Global Trends | Unicorns

The US accounts for 8 of the new unicorns in Q1’23

Canada
21
0 New
Asia

Europe
322
162 2 New
1 New
US

654
8 New

Africa
7
2 New

LatAm &
Caribbean
32
0 New
Australia
8
0 New

33
State of Venture | Global Trends | Unicorns

Unicorn births dip across most regions QoQ, remain stable in the US

79

51

US, 8
20
Africa, 2
20 16 Asia, 2
16 15 Europe, 1
8
4 6 7 Australia, 0
2 4 3 3
2 1 1 1
Canada, 0
LatAm & Caribbean, 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2019 2020 2021 2022 2023

34
State of Venture | Global Trends | Unicorns

Global: Top unicorn births in Q1’23

Industry
Company Latest Valuation Country Sector
Subindustry
Core AI
1 Anthropic $4.4B United States Enterprise Tech
N/A
Mobile Software & Services
2 ShiftKey $2.0B United States Mobile & Telecommunications
Healthcare
Medical Facilities & Services
3 Kindbody $1.8B United States Healthcare
Specialized Healthcare Services
Internet Software & Services
3 Scroll $1.8B Seychelles Internet
Monitoring & Security
Renewables
5 Huasun $1.5B China Energy & Utilities
Solar
Internet Software & Services
6 Liquidity $1.4B Israel Internet
Asset & Financial Management & Trading
Energy Storage
7 Our Next Energy $1.2B United States Energy & Utilities
N/A
Biotechnology
7 Colossal $1.2B United States Healthcare
N/A
Core AI
9 Adept $1.0B United States Enterprise Tech
N/A
Television
9 Atmosphere $1.0B United States Media (Traditional)
N/A
Core AI
9 Character.AI $1.0B United States Enterprise Tech
N/A
Core AI
9 DeepL $1.0B Germany Enterprise Tech
N/A
Lending
9 MNT-Halan $1.0B Egypt Finance
Microfinance

35
State of Venture | Global Trends | Unicorns

Global: Top unicorns by valuation in Q1’23

Industry
Company Latest Valuation Country Sector
Subindustry

Mobile Software & Services

1 ByteDance $225.0B China Mobile & Telecommunications
Video

Aerospace & Defense

2 SpaceX $137.0B United States Industrials
N/A

E-Commerce
3 SHEIN $100.0B Singapore Internet
Apparel & Accessories

Internet Software & Services

4 Stripe $50.0B United States Internet
Payments

Internet Software & Services

5 Canva $40.0B Australia Internet
Multimedia & Graphics

Mobile Software & Services

6 Revolut $33.0B United Kingdom Mobile & Telecommunications
Payments

Gaming
7 Epic Games $31.5B United States Software (non-internet/mobile)
N/A

Internet Software & Services

8 Databricks $31.0B United States Internet
Data & Document Management

E-Commerce
8 Fanatics $31.0B United States Internet
Apparel & Accessories

Mobile Software & Services

10 Chime $25.0B United States Mobile & Telecommunications
Accounting & Finance

36
Exit Trends
37
State of Venture | Global Trends | Exit Trends

M&A deals stabilize, IPOs and SPACs trend down

3,042

2,605

2,363
2,132
M&A, 2,146

177 224
161 161
24 16 29 13 IPO, 86
SPAC, 9
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2019 2020 2021 2022 2023

38
State of Venture | Global Trends | Exit Trends

Europe has largest share of global exits with 39%, followed by the US

Australia, 2%
5% 5% 5% Africa, 0%
5% Canada, 3%
LatAm & Caribbean, 4%

33% 33% 30% 32% 31% 31% 33%

35% 35% 32%
34% 33% 34% 39% 36% 39% Europe, 39%

11% 14% 12%

13% 14% 12% 14%
13% 16% 12% 12% 14% 14%
16% 13% Asia, 14%
14%

43% 46% 45% 46% 44%

42% 41% 40% 41% 42% 42% 40% 40%
36% 37% 37% US, 37%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2019 2020 2021 2022 2023

39
State of Venture | Global Trends | Exit Trends

Global: Top M&A exits in Q1’23

Round Industry
Company Acquirer Country Sector
Valuation Subindustry

Insurance
1 Blue Cross and Blue Shield of Louisiana $3.5B Elevance Health United States Finance
Health Insurance

Medical Facilities & Services

2 IVI $3.2B KKR Spain Healthcare
Specialized Healthcare Services

Technical & Scientific Instrumentation

3 Wyatt Technology $1.4B Waters United States Electronics
N/A

Manufacturing, Warehousing & Industrial Software

4 Redzone $1.0B QAD United States Software (non-internet/mobile)
N/A

Chips & Semiconductors

5 GaN Systems $830M Infineon Technologies Canada Electronics
Semiconductor Equipment

Medical Facilities & Services

6 Healthscope $800M HMC Capital Australia Healthcare
Hospitals

Pharmaceuticals / Drugs
7 Grupo SILMEX $750M DHS Ventures Mexico Healthcare
N/A

Core AI
8 InstaDeep $682M BioNTech United Kingdom Enterprise Tech
N/A

Mobile Software & Services

9 Photomath $529M Google Croatia Mobile & Telecommunications
Education & Training

N/A
10 Jinni Group $416M JINCHUAN China Business Products & Services
N/A

40
State of Venture | Global Trends | Exit Trends

Global: Top IPOs in Q1’23

Industry
Company Round Valuation Country Sector
Subindustry

Chips & Semiconductors

1 Hesai Technology $3.0B China Electronics
Semiconductors: Sensors

Electrical Products
2 Greenworks $2.7B China Electronics
N/A

Electrical Product Distribution

2 Yuneng New Energy $2.7B China Electronics
Power Generation & Storage

Pharmaceuticals / Drugs
4 Biokin Pharmaceutical $1.4B China Healthcare
N/A

Other Transportation
5 LVTONG $1.3B China Automotive & Transportation
N/A

Electronic Components
6 Honglin Electronic $1.1B China Electronics
N/A

Chips & Semiconductors

6 MotorComm $1.1B China Electronics
Semiconductors: Communications Chips

Electrical Products
6 Naruida $1.1B China Electronics
N/A

Electrical Products
6 Zenner Metering $1.1B China Electronics
N/A

Drug Development
10 Huaren Health $946M China Healthcare
N/A

41
State of Venture | Global Trends | Exit Trends

Global: Top SPACs in Q1’23

Industry
Company Round Valuation Select Investors Country Sector
Subindustry

Security Software
1 HUB Security $1.3B Mount Rainier Acquisition Israel Software (non-internet/mobile)
N/A

Drug Development
2 Zura Bio $215M JATT Acquisition United States Healthcare
N/A

Medical Devices & Equipment

3 Orchestra BioMed $158M Health Sciences Acquisitions 2 United States Healthcare
Therapeutic Devices

42
Investors
43
State of Venture | Global Trends | Investors

Global: Top investors by company count in Q1’23

Investor Company Count Investor Group Country

1 SOSV 42 VC United States

2 Bpifrance 39 Other France

3 Andreessen Horowitz 36 VC United States

4 Gaingels 26 Angel United States

5 Sequoia Capital China 24 VC China

6 Global Brain 21 VC Japan

6 SMBC Venture Capital 21 CVC Japan

8 General Catalyst 19 VC United States

8 Google Ventures 19 CVC United States

10 Accel 18 VC United States

10 East Ventures 18 VC Indonesia

44
State of Venture | Global Trends | Investors

Global: Top VCs by company count in Q1’23

Investor Company Count Country

1 SOSV 42 United States

2 Andreessen Horowitz 36 United States

3 Sequoia Capital China 24 China

4 Global Brain 21 Japan

5 General Catalyst 19 United States

6 Accel 18 United States

6 East Ventures 18 Indonesia

8 Addor Capital 17 China

8 FJ Labs 17 United States

8 High-Tech Grunderfonds 17 Germany

8 Sequoia Capital 17 United States

45
State of Venture | Global Trends | Investors

Global: Top CVCs by company count in Q1’23

Investor Company Count Country

1 SMBC Venture Capital 21 Japan

2 Google Ventures 19 United States

3 Mitsubishi UFJ Capital 15 Japan

4 Coinbase Ventures 13 United States

5 Mizuho Capital 11 Japan

6 SBI Investment 10 Japan

6 Salesforce Ventures 10 United States

8 NTT DoCoMo Ventures 8 Japan

8 OpenAI Startup Fund 8 United States

8 Samsung Ventures 8 South Korea

8 Sony Innovation Fund 8 Japan

46
State of Venture
Report Methodology Geography notes: Israel funding figures are classified in Asia.
Rounds to private companies that may be majority- or minority-
No debt/loans of any kind (except convertible notes). Venture
debt or any kind of debt/loan issued to emerging, startup
You can download the underlying data found in this report here: owned subsidiaries of other private companies. companies, even if included as an additional part of an equity
https://www.cbinsights.com/reports/CB-Insights_Venture- Valuation data includes estimates to calibrate median and financing, is not included. If a company receives $3M with $2M
Report-Q1-2023.xlsx. average valuations based on current and previous quarter from venture investors and $1M in debt, only the $2M is included
If you have questions about the definitions or methodological disclosed valuations gathered from the aforementioned four in these statistics.
principles used, or if you feel that your firm has been sources. The estimating method will control for the over- No non-equity government funding. Grants or loans by the
underrepresented, please reach out to info@cbinsights.com. sampling of large rounds that are reported quickly versus a federal government, state agencies, or public-private
comparative lag in valuations obtained from other sources. partnerships to emerging, startup companies are not included.
Valuation data reflects post-money valuations. No fundings to subsidiaries of a larger parent corporation unless
What is included: Exits include IPOs, SPACs, publicly announced M&A deals, and that subsidiary is a private entity and meets other criteria for
Equity financings into private companies only. Funding rounds other liquidity events; only first exits are counted. inclusion.
raised by public companies of any kind on any exchange Headquarters are determined by publicly available sources Accelerators, incubators, business-plan competitions, economic-
(including Pink Sheets) are excluded from our numbers, even if including company-owned websites and profiles, legal filings, development entities are excluded from rankings of most active
they received investment from a venture firm. and press releases. investors, even if making equity financings.
Only includes the investment made in the quarter for tranched All figures in the report are in USD. Rankings for top investors are calculated according to “company
investments. If a company does a second closing of its Series B count,” or the number of unique companies an investor funds in
round for $5M and previously had closed $2M in a prior quarter, a quarter, and so excludes follow-on deals.
only the $5M is reflected. What is excluded:
Round numbers reflect what has closed, not what is intended. If No contingent funding. If a company receives a commitment for
a company indicates the closing of $5M out of a desired raise of $20M subject to hitting certain milestones but first gets $8M,
$15M, our numbers reflect only the amount which has closed. only the $8M is included in our data.
Only verifiable fundings are included. Fundings are verified via No business development/R&D arrangements, whether
(1) various federal and state regulatory filings; (2) direct transferable into equity now, later, or never. If a company signs a
confirmation with firm or investor; (3) press release; or (4) $300M R&D partnership with a larger corporation, this is not
credible media sources. equity financing nor is it from venture capital firms. As a result, it
Equity fundings to joint ventures and spinoffs/spinouts are is not included.
included. No buyouts, consolidations, or recapitalizations. All three of
Unicorn data includes private companies valued at $1B or more these transaction types are commonly employed by private
in the private markets globally, per the same 4 sources listed equity firms and are tracked by CB Insights. However, they are
above and relied on for funding events, which include valuations excluded for the purposes of this report.
disclosed in credible media sources. The list is maintained No private placements. These investments, also known as PIPEs
publicly and updated in real time at (Private Investment in Public Equities), are not included even if
https://www.cbinsights.com/research-unicorn-companies. made by a venture capital firm.

47