2021 年第三季度全球风险投资报告-263正式版

StateOfVentureGLOBAL|Q32021Globaldataandanalysisondealmaking,funding,andexitsinprivate-marketcompaniesWhatisCBInsights?CBInsightshelpstheworld’sleadingcompaniesmakesmartertechnologydecisionswithdata,notopinion.OurTechnologyInsightsPlatformprovidescompanieswithcomprehensivedata,expertinsights,andworkmanagementtoolsthatenablethemtodiscover,understand,andmaketechnologydecisions.SIGNUPFORAFREETRIAL2WithCBInsights,Microsoftcanquicklyidentifydisruptivetechnologiesandpinpointtherightmarketopportunities.Thisenablesustocreatedigital-firstofferingsthatempowerourcustomers.MoranHavivStrategicInnovation,MicrosoftPlaidAssessandcomparecompaniesValuations&DealTermsCompareprivatecompaniesandpricedealswithspeedandscale.4Digdeeper.CBInsightsclientscanfindandtrackcompaniesusingouranalyst-curatedExpertCollections.FintechDigitalHealthIn-StoreRetailTech5WEBINARBehindtheScenesoftheStateofVCOctober26th,2pmETChrisBendtsenSeniorIntelligenceAnalyst,FintechREGISTERHERE6UpcomingEventsDecember8-9,2021GlobalOnlineExperienceREGISTERHERE7ContentsExecutiveSummary9USTrendsSiliconValleyNewYorkLosAngelesBoston126135139143147151155159163167171175179183187CanadaTrendsToronto191200204GlobalTrendsInvestmentTrendsUnicorns&ValuationsExitTrends2122576778VancouverAsiaTrendsChina208217221SeattleInvestorsIndiaDenverDCSectorSpotlightsFintech86EuropeTrendsUnitedKingdomGermany225234238242ChicagoDallas87RetailTechHealthcare100113AustinFranceMiamiLatAmTrendsMexico246255259AtlantaPhiladelphiaRaleighBrazilStateOfVenture8WhatyouneedtoknowaboutventureinQ3’21848

$158B

409

$72B

95%Totalunicorns.127addedinQ3.Intotalfunding.Up105%vs.lastyear.Deals>$100M.Recordhigh.RaisedintheUS.~½theworld’sventuredollars.Asiafundingjumps.China&Indiaroaring.Q3’21sawtheglobalThenumberof$100M+mega-roundsreachedanall-timehighforthe5thstraightquarter,clocking409.Mega-roundsarejust4%oftheglobaldealcount,but58%oftotalfundingdollars.unicornherdreach848.Thisis311morethanthistimelastyear.InQ3’21,127newunicornswereborn—the2ndhighestbirthrateeverafterQ2’21’s140.Globalventurefundingreached$158.2Bthisquarter–a105%increaseYoYcomparedtoQ3’20’s$77B.UScompaniesraised$72.3BinQ3’21,makingup46%ofglobaldollars—themostofanyregion.Fundinggrew90%YoY,whilealsotoppinglastquarter’s$70.3B.Asiafundingdollarsrose95%YoYtoreacharecordof$50.2B.Asia’sshareofglobalequityfundingrosefrom26%inQ2’21to32%inQ3’21—theonlymajorregiontoseesharegrowthQoQ.Thelast2quartersarethe#1and#2quartersintermsoftotalventureHalfofthenewunicornscamefromtheUS,with69.Asiasaw30andEurope15.Q3’21mega-rounddollarstotaled$91.3B—overdoublethatofayearagoand7%higherthanlastquarter’srecord$85.2B.ThetotalnumberofUSdealswas3,210—thecountry’shighestquarterlydealactivityonrecord.fundinginthelastdecade.Chinafundinggrew26%QoQtoreach$25.5B.Indiafundingjumped68%QoQandanastounding195%YoYto$9.9B.StateOfVenture9WhatyouneedtoknowaboutventureinQ3’21continued$1.1B13%$97B1in31.5Late-stagevaluationsdouble.IncreaseinexitsYTDvs.full-year2020.$1outof$5YTDgoestohealthcare.33%ofnewunicornsareinfintech.SequoiaCapitalChina’sdeals/day.Themedianvaluationforlate-stagedealsin2021YTDisnowatunicornstatus,reaching$1.1B.HealthcarefundingYTDhasreached$97.1B—morethananyotherindustryand22%oftotaldollarsraisedthisyear.SequoiaCapitalChinaisthenew#1investorformostdealsinQ3’21at96.That’s1.5dealsperbusinessday.Thetotalnumberofexits(M&A,IPOs,andSPACs)hashit8,457in2021sofar,up13%from2020’s7,494.Fintechclaimsthemostunicornsamongsectorsat200andsaw42additionsinQ3’21–33%oftotalunicornbirths.Thisismorethan2x2020’smedianvaluationof$523M(110%growth).Early-andmid-stagemediandealvaluationsarealsoupfortheyear.HealthcarefundinginQ3’21wasdownQoQ,butstillreached$30.5B,morethananyquarterpriortothisyear.IttookthecrownfromTigerGlobalManagement,Q2’21’swinner,whichwasaclosesecondat86dealsthisquarter.InQ3’21,M&AexitsbrokeQ2’21’srecordleveltoreach2,598,whileIPOsdeclinedby20%QoQ.TotalfintechfundinginQ3’21hasgrown161%YoYtoreach$31B.Theyearlysumsofarof$91.5Bisalreadyalmostdouble2020’sfull-yeartotal,andthere’sstillaquartertogo.StateOfVenture10Theglobalunicornherdreaches848inQ3’21,with127additions848unicornsQ3202158%increaseYoYQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q32015201620172018201920202021StateOfVenture|GlobalTrends|Unicorns&Valuations11Globalventurefundingclimbstonewrecord$180.0B$160.0B$140.0B$120.0B$100.0B$80.0B$60.0B$40.0B$20.0B$.0B$158.2BQ32021105%increaseYoYQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q32015201620172018201920202021StateOfVenture|GlobalTrends|InvestmentTrends12$100M+globalmega-roundsjumptonewhigh,morethan2xYoY45040035030025020015010050409mega-roundsQ32021136%increaseYoY0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q32015201620172018201920202021StateOfVenture|GlobalTrends|InvestmentTrends13USfundingtostartupstrendsupinQ3’21$80.0B$70.0B$60.0B$50.0B$40.0B$30.0B$20.0B$10.0B$.0B$72.3BQ3202190%increaseYoYQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q32015201620172018201920202021StateOfVenture|USTrends14Asiafundingblowspastpreviousrecord,up95%YoY$60.0B$50.0B$40.0B$30.0B$20.0B$10.0B$.0B$50.2BQ3202195%increaseYoYQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q32015201620172018201920202021StateOfVenture|AsiaTrends15Late-stagemedianvaluationsdoubletoreachunicornstatusin2021YTD$1,100M2021YTD110%increase2015201720192021YTDStateOfVenture|GlobalTrends|Unicorns&Valuations16DrivenbyrecordM&As,globalexitsareup13%in2021sofar8,4572021YTD13%increase2015201620172018201920202021YTDStateOfVenture|GlobalTrends|ExitTrends17Healthcarefundingexplodes,nearing$100Bin2021sofar$97.1B2021YTD$120.0B$100.0B$80.0B$60.0B$40.0B$20.0B$.0B22%increase2015201620172018201920202021YTDStateOfVenture|SectorSpotlights|Healthcare18Fintechreaches200unicorns,with42addedinQ3’21200fintechunicornsQ3202194%increaseYoYQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q32015201620172018201920202021StateOfVenture|SectorSpotlights|Fintech19SequoiaCapitalChinaisthemostactiveinvestorinQ3’21PercentofTotalQuarterDealsCompanyCompanyCountInvestorGroupCountry1SequoiaCapitalChina96VCChina1.0%0.9%0.8%0.8%0.8%0.6%0.6%0.6%0.5%0.5%0.5%TigerGlobalManagement286Asset/InvestmentManagementUnitedStatesJapanSoftBankGroupSOSV379Other475VCUnitedStatesUnitedStatesChinaInsightPartnersTencentHoldingsAccel573VC660Other756VCUnitedStatesUnitedStatesGermanyAndreessenHorowitzGlobalFoundersCapitalHillhouseCapitalManagementSequoiaCapital853VC951VC101048Asset/InvestmentManagement48VCChinaUnitedStatesStateOfVenture|GlobalTrends|Investors20GlobalTrendsQ3202121InvestmentTrendsGLOBAL:Q3202122Globalfundingblowspastlastyear’s12-monthtotal$500.0B$450.0B$400.0B$350.0B$300.0B$250.0B$200.0B$150.0B$100.0B$50.0B35,00030,00025,00020,00015,00010,0005,0000Funding$437.7B29,28428,051Deals24,95126,12426,14322,12920,682$286.0B$284.2B$257.2B$209.7B$169.8B$153.5B$.0B2015201620172018201920202021YTDStateOfVenture|GlobalTrends|InvestmentTrends23Globaldealsanddollarsreachall-timehighsinQ3’21Deals9,363$180.0B$160.0B$140.0B$120.0B$100.0B$80.0B$60.0B$40.0B$20.0B$.0B10,000$151.0B9,000Funding7,741$158.2B7,6487,5978,0007,0006,0005,0004,0003,0002,0001,00007,1357,1417,1617,0397,9916,7606,9546,8386,7166,7106,6316,506$128.5B6,2716,2566,0955,8435,3925,5975,3705,2975,202$40.6BQ45,1454,965$89.8B$82.0B$79.0B$77.0B$64.5B$56.5B$68.5B$68.1B$59.6B$64.2B$55.7B$56.5B$60.4B$57.8B$56.3B$39.0B$47.7B$37.5B$44.5B$41.2B$38.5B$38.6B$37.1BQ1Q2Q3Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q32015201620172018201920202021StateOfVenture|GlobalTrends|InvestmentTrends24GlobalregionalcomparisonQ3’21Canada$2.9B212DealsAsia$50.2BEurope$24.2B3815Deals1590DealsUS$72.3B3210DealsAllOtherRegionsLatAm$5.3B$3.2B281Deals255DealsStateOfVenture|GlobalTrends|InvestmentTrends25USleadsinglobalfundinginQ3’21,followedbyAsiaandEuropeUSAsiaEuropeLatAmCanadaAllOtherRegions$72.3B$70.3B$67.8B$50.2B$41.4B$38.1B$39.9B$35.5B$33.4B$32.1B$24.2B$31.4B$27.8B$25.7B$19.7B$17.3B$15.1B$5.3B$11.8B$10.1B$8.2$B8.3B$2.9B$7.3B$3.2B$4.1B$2.2B$1.9$B1.5$B2.1B$1.3B$.7B$.9B$.9B$1.5B$.8B$1.2$B1.2B$.6B$.4B$.8B$.5BQ12020Q3Q12021Q3Q12020Q3Q12021Q3Q12020Q3Q12021Q3Q12020Q3Q12021Q3Q12020Q3Q12021Q3Q12020Q3Q12021Q3StateOfVenture|GlobalTrends|InvestmentTrends26Asia’sdealshareovertakestheUS’inQ3’212%1%2%2%2%2%3%2%2%2%2%2%2%2%2%2%3%3%3%2%3%3%3%3%2%3%AllOtherRegions,3%2%3%2%12%3%3%12%3%12%2%12%2%3%2%2%2%2%3%2%2%2%3%3%2%2%2%2%3%3%3%3%2%2%3%1%1%1%1%3%2%2%3%2%3%Canada,2%LatAm,3%Europe,17%2%2%2%3%15%

16%17%18%

17%18%20%21%19%22%

24%22%

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

22%22%22%

22%22%22%23%23%28%27%30%30%

32%29%29%32%31%

29%

30%37%

39%Asia,41%33%

33%34%36%30%35%35%

33%

31%34%

33%32%34%51%50%49%47%45%

45%43%40%

41%

41%

41%38%

38%

37%38%

39%

39%40%37%38%37%

37%37%37%US,34%35%35%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q32015201620172018201920202021StateOfVenture|GlobalTrends|InvestmentTrends27VCleadsinvestordealshareinQ3’21Other,19%19%21%24%10%24%24%25%25%24%25%

24%

24%

24%

24%

23%

23%

23%

23%25%26%25%26%

25%

26%26%

25%25%8%5%7%Incubator/Accelerator,6%PrivateEquity,8%5%6%5%7%8%7%8%6%6%6%6%9%5%8%6%7%6%7%6%6%6%7%9%6%9%9%8%5%7%

11%6%7%5%10%6%6%6%7%

10%5%6%6%8%6%10%5%10%4%6%7%6%6%7%6%5%7%10%10%Angel,9%5%5%9%5%6%8%7%8%6%8%7%8%7%8%6%8%5%10%4%8%5%9%4%9%5%10%4%10%5%8%5%10%4%10%4%10%4%9%4%6%Asset/InvestmentManagement,10%6%8%16%17%17%17%12%

13%

13%14%34%15%16%16%13%34%14%15%16%17%17%17%16%16%

16%CorpandCVC,16%15%

15%13%14%15%36%

35%

35%34%34%

33%

34%34%33%34%34%

33%

33%33%VC,31%32%32%32%

32%32%32%32%32%32%31%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q32015201620172018201920202021StateOfVenture|GlobalTrends|InvestmentTrends28Averageglobaldealsizereaches$25M$25M$16M$15M$14M$11M$11M$9M$4M$3M$2M$2M$2M$2M$2M2015201620172018201920202021YTDAverageDealMedianDealStateOfVenture|GlobalTrends|InvestmentTrends29Mediandealsizeupinallregionsin2021sofar,AsialeadsUSAsiaEuropeLatAmCanadaAllOtherRegions$6M$5M$4M$4M$3M$3M$3M$3M$3M$3M$3M$2M$2M$2M$2M$2M$2M$1M$2M$2M$2M$2M$2M$2M$2M$1M$1M$1M$1M$1M$1M$1M$1M$1M$1M$1M$1M$1M$0M$1M$1M$0M2015201720192021YTD2015201720192021YTD2015201720192021YTD2015201720192021YTD2015201720192021YTD2015201720192021YTDStateOfVenture|GlobalTrends|InvestmentTrends30Mediandealsizeupforallinvestorcategoriesin2021sofar,PEleadsAngelAsset/InvestmentManagementCorpandCVCPrivateEquityVCOther$35M$32M$24M$23M$21M$17M$15M$16M$15M$14M$14M$13M$12M$12M$12M$11M$9M$10M$8M$8M$9M$8M$8M$8M$8M$6M$5M$4M$4M$6M$3M$2M$2M$2M$2M$2M$2M$3M$2M$2M$1M$1M2015201720192021YTD2015201720192021YTD2015201720192021YTD2015201720192021YTD2015201720192021YTD2015201720192021YTDStateOfVenture|GlobalTrends|InvestmentTrends31$100M+mega-roundsaccountforrecord$253BinfundingsofarthisyearDeals1,132$300.0B$250.0B$200.0B$150.0B$100.0B$50.0B$.0B1,2001,0008006004002000Funding$252.7B624$144.6B472$131.2B$115.9B486$95.4B336$70.1B287$57.5B2282015201620172018201920202021YTDStateOfVenture|GlobalTrends|InvestmentTrends32Q3’21mega-rounddollarsoverdoublecomparedtoQ3’20Funding$91.3B$100.0B$90.0B$80.0B$70.0B$60.0B$50.0B$40.0B$30.0B$20.0B$10.0B$.0B$85.2B$76.2BDeals409377$44.5B

346$45.7B$43.0B$38.4B173217$34.1B$32.9B135$22.1B122$28.4B89$28.9B127$27.6B130$26.3B88$26.2B112$25.0B91$25.3B104$22.9B88$20.4B90126125$19.4B76123$16.1B61$15.7B68$15.5B55$15.0B62$14.2B60$13.5B58$13.6B53Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q32015201620172018201920202021StateOfVenture|GlobalTrends|InvestmentTrends33Global$100M+mega-roundcomparisonQ3’21Canada$1.6BEurope$12.9BAsia10Deals$31.1B54DealsUS128Deals$40.5B193DealsAllOtherRegionsLatAm$3.6B$1.6B9Deals15DealsStateOfVenture|GlobalTrends|InvestmentTrends34Asiamega-roundsseeincreaseinQ3’21,USremainsinthelead200198US,193101Asia,12890878764887369385845672964436261596049578Europe,54LatAm,15522823747334141404203938393734343323343493121212228265823234Canada,10AllOtherRegions,9199018414101414415152111111011201124909108920126676643542120103012010310331203110010Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q32015201620172018201920202021StateOfVenture|GlobalTrends|InvestmentTrends35$100M+globalmega-roundsmakeupsmallshareoftotaldeals95%95%Non-mega-rounds,96%99%99%98%99%99%99%99%99%99%99%99%99%99%98%98%98%98%98%98%98%98%98%97%97%5%5%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Mega-rounds,4%2015201620172018201920202021StateOfVenture|GlobalTrends|InvestmentTrends36Mega-roundsaccountfor~60%oftotaldollarsinvestedgloballyNon-mega-rounds,42%42%41%44%49%48%50%50%50%53%52%56%57%56%57%55%56%58%60%60%61%59%62%62%62%65%64%Mega-rounds,58%58%59%56%51%52%50%50%50%47%48%44%43%44%43%45%44%42%40%40%39%41%38%38%38%35%36%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q32015201620172018201920202021StateOfVenture|GlobalTrends|InvestmentTrends37Global:Top10equitydealsinQ3’21PercentofTotalRoundRoundAmountDateLatestValuationIndustrySubindustryCompanySelectInvestorsCountrySectorQuarterFundingElectricalProductDistributionPowerGeneration&StorageAVICLithiumBatteryUndisclosed2021-09-0612$1,858MN/AN/AChinaElectronicsInternet1.2%1.1%Corporate$1,700MMinority2021-07-09E-commerceTravel(internet)Yanolja$1.0BSoftBankGroupSouthKoreaTigerGlobalManagement,InternetSoftware&ServicesData&DocumentManagementSeriesH2021-08-31T.RowePrice,BlackRock,AndreessenHorowitz,FranklinTempletonDatabricksArticulateGopuff345$1,600M$1,500M$1,000M$38.0B$3.8BUnitedStatesUnitedStatesUnitedStatesInternetInternet1.0%0.9%0.6%InternetSoftware&ServicesEducation&TrainingSeriesA2021-07-01GeneralAtlantic,Blackstone,ICONIQGrowthBlackstone,AdageCapitalManagement,Eldridge,GuggenheimInvestments,MSDPartnersSeriesH2021-07-30Mobile&TelecommunicationsMobileCommerceMulti-Product$15.0BStateOfVenture|GlobalTrends|InvestmentTrends38Global:Top10equitydealsinQ3’21PercentofTotalRoundRoundAmountDateLatestValuationIndustrySubindustryCompanySelectInvestorsCountrySectorQuarterFundingDSTGlobal,TencentHoldings,DeliveryHero,CoatueManagement,A-StarGroupSeriesC2021-09-23Mobile&TelecommunicationsMobileCommerceFood&GroceryGorillas67$950M$900M$3.0BGermany0.6%0.6%InternetSoftware&ServicesAsset&FinancialManagement&TradingNewEnterpriseAssociates,InsightPartners,LightspeedVenturePartners,SequoiaCapital,RibbitCapitalSeriesB2021-07-20FTX$18.0BHongKongInternetMobileSoftware&ServicesPaymentsSeriesE2021-07-15TigerGlobalManagement,SoftBankGroup,SchrodersMobile&TelecommunicationsRevolutChime89$800M$750M$33.0B$25.0BUnitedKingdomUnitedStates0.5%0.5%SequoiaCapital,TigerGlobalManagement,GeneralAtlantic,SoftBankGroup,DragoneerInvestmentGroupMobileSoftware&ServicesAccounting&FinanceSeriesG2021-08-13Mobile&TelecommunicationsSequoiaCapital,GSquared,TekneCapitalManagement,D1CapitalPartners,NayaCapitalSeriesE2021-08-02Mobile&TelecommunicationsMobileCommerceTravel(mobile)Bolt10$713M$4.8BEstonia0.5%StateOfVenture|GlobalTrends|InvestmentTrends39Early-stagedealsharecontinuestodominateOther,11%13%11%12%14%13%12%12%12%12%13%14%15%11%14%Late-stage,12%10%11%12%11%Mid-stage,15%65%65%64%Early-stage,62%62%63%60%2015201620172018201920202021YTDStateOfVenture|GlobalTrends|InvestmentTrends40Asialeadsearly-,mid-,andlate-stagedealshareinQ3’21AllOtherRegionsLatAmCanada12%13%Europe18%30%19%31%37%US53%45%Asia44%41%28%Early-stageMid-stageLate-stageOtherStateOfVenture|GlobalTrends|InvestmentTrends41Globalmedianlate-stagedealsizenearlydoublesin2021YTDEarly-stageMid-stageLate-stage$50M$30M$27M$20M$17M$16M$15M$15M$15M$15M2015$15M$10M$10M$8M$2M$2M$1M$1M$1M$2M$2M2015201720192021YTD2015201720192021YTD201720192021YTDStateOfVenture|GlobalTrends|InvestmentTrends42Medianmonthsbetweenstagesdownacrossmostroundsin2021sofarSeed/AngeltoSeriesASeriesAtoBSeriesBtoCSeriesCtoDSeriesDtoE+20181818191919181718181718181718181817161617171717161616151515151414122015201720192021YTD2015201720192021YTD2015201720192021YTD2015201720192021YTD2015201720192021YTDStateOfVenture|GlobalTrends|InvestmentTrends43Global:Top10seed/angeldealsinQ3’21RoundRoundAmountDateIndustrySubindustryCompanySelectInvestorsCountrySectorSeedVC2021-08-31UnitedKingdomRenewablesOtherRenewablesnewcleo12$118M$61MClubdegliInvestitori,EXORSeeds,LiftTCSCGroup,HaiheRiverIndustryFundEnergy&UtilitiesElectronicsSeedVC2021-08-05ElectronicComponentsWirelessCommunicationsROFSMicrosystemChinaMatrixPartnersChina,SilergyCorp.,PuhuaCapital,GloryVentures,XinyuYiheManagementConsultingPartnershipConsulting&OutsourcingResearch,Engineering&TechnicalSeedVC2021-08-02BusinessProducts&ServicesGeometricalPalKaiYunMotorsDevRev244$61M$50M$50MChinaAngel2021-08-26Automotive&TransportationAutomobileManufacturingN/ADeLiu,JiangjiHuangChinaCustomerRelationshipManagementSoftwareN/ASeedVC2021-07-14Software(non-internet/mobile)Mayfield,KhoslaVenturesUnitedStatesStateOfVenture|GlobalTrends|InvestmentTrends44Global:Top10seed/angeldealsinQ3’21RoundRoundAmountDateIndustrySubindustryCompanySelectInvestorsCountrySectorQimingVenturePartners,SequoiaCapitalChina,HonyCapital,MatrixPartnersChina,IMOVenturesSeedVC2021-08-24Chips&SemiconductorsN/AHOUMO.AI6$46MChinaElectronicsManufacturing,Warehousing&IndustrialSoftwareN/ASeedVC2021-07-16Software(non-internet/mobile)Yundao

Zhizao68$46M$45MSequoiaCapitalChina,ChanyeCapitalChinaChinaYunfengCapital,Tigermed,TFCapital,ChinaEverbrightReinFore,BioTrackCapitalSeedVC2021-09-14BiotechnologyN/ACytoLynx

TherapeuticsHealthcareSeedVC2021-08-12Software(non-internet/mobile)HealthcareSoftwareN/AAnivive9$44M$40MVivoCapitalUnitedStatesChinaSeedVC2021-07-30IDGCapital,LillyAsiaVentures,SherpaVentureCapitalDrugDevelopmentN/ANeukio

Biotherapeutics10HealthcareStateOfVenture|GlobalTrends|InvestmentTrends45Global:Top10SeriesAdealsinQ3’21RoundDateIndustrySubindustryCompanyRoundAmount$1,500MSelectInvestorsCountrySectorSeriesA2021-07-01InternetSoftware&ServicesEducation&TrainingArticulate12GeneralAtlantic,Blackstone,ICONIQGrowthUnitedStatesInternetUnitedStatesInternetGenesisDigitalAssetsInternetSoftware&ServicesAsset&FinancialManagement&TradingSeriesA2021-09-21RibbitCapital,Stoneridge,ElectricCapital,KingswayCapitalPartners,Paradigm$431MFanaticsTradingCardsSeriesA2021-09-29E-commerceSportingGoods34$350M$200MInsightPartners,SilverLake,EndeavorUnitedStatesInternetMobile&SeriesA2021-09-07FoundersFund,SequoiaCapital,PartechPartners,SamAltman,RibbitCapitalMobileSoftware&ServicesPaymentsWaveSenegalTelecommunicationsMedicalDevices&EquipmentDeviceDesign&ManufacturingSeriesA2021-08-30ShenzhenCapitalGroup,CCBInternational,GalaxyCapital,WanhuiCapitalOrbusNeich4$200MHongKongHealthcareStateOfVenture|GlobalTrends|InvestmentTrends46Global:Top10SeriesAdealsinQ3’21RoundDateIndustrySubindustryCompanyRoundAmount$182MSelectInvestorsCountrySectorDeerTechnologyShenzhenCapitalGroup,SequoiaCapitalChina,RichLandCapital,CowinCapital,FortuneCapitalChips&SemiconductorsSemiconductors:ComponentsSeriesA2021-08-13678ChinaElectronicsSeriesA2021-07-20BaldertonCapital,TigerGlobalManagement,Greycroft,GGVCapital,Monashees+Mobile&TelecommunicationsMobileCommerceFood&GroceryJokr$170MUnitedStatesOrbiMedAdvisors,Novartis,MatrixCapitalManagement,RACapitalManagement,JDRFT1DFundSeriesA2021-08-11BiotechnologyN/AGentiBio$157MUnitedStatesHealthcareTigerGlobalManagement,IthacaInvestment,WoodsonCapitalManagement,FasanaraCapital,BaleenCapitalSeriesA2021-09-09Mobile&TelecommunicationsMobileSoftware&ServicesPaymentsScalapay99$155M$155MIrelandChinaSeriesA2021-08-03RenewablesSolarMeikeSolarAddorCapital,SinopecCapital,AstronergyEnergy&UtilitiesStateOfVenture|GlobalTrends|InvestmentTrends47Global:Top10SeriesBdealsinQ3’21RoundRoundAmountDateIndustrySubindustryCompanySelectInvestorsCountrySectorNewEnterpriseAssociates,InsightPartners,LightspeedVenturePartners,SequoiaCapital,ThomaBravoInternetSoftware&ServicesAsset&FinancialManagement&TradingSeriesB2021-07-20FTX1$900MHongKongInternetBessemerVenturePartners,Accel,Benchmark,InstitutionalVenturePartners,AtomicoSeriesB2021-09-21E-commerceMarketplaceSorare23$680M$588MFranceChinaInternetSeriesB2021-09-06SuzhouVenturesGroup,XiangchengFinancialHoldingsMobile&MobileCommerceTelecommunicationsTravel(mobile)CaoCaoMobilityHangzhouSemiconductorWaferCCBInternational,ChinaCindaAssetManagement,ChinaCapitalInvestmentGroup,OrientSecuritiesCapitalInvestment,SunicCapitalSeriesB2021-09-04Chips&SemiconductorsSemiconductors45$510M$464MChinaChinaElectronicsElectronicsGoldStoneInvestment,AddorCapital,TrinitiCapital,ZWCPartners,ChinaInternetInvestmentFundChips&SemiconductorsSemiconductors:IntegratedCircuitsSeriesB2021-07-30ESWINStateOfVenture|GlobalTrends|InvestmentTrends48Global:Top10SeriesBdealsinQ3’21RoundRoundAmountDateIndustrySubindustryCompanySelectInvestorsCountrySectorSeriesB2021-08-30FlagshipPioneering,T.RowePrice,InvusUnitedDrugDevelopmentN/ALaronde67$440M$300MHealthcareGroup,BlackRock,FidelityInvestmentsStatesAlibabaGroup,YunqiPartners,FosunRZCapital,GloryVentures,JenerationCapitalSeriesB2021-08-27InternetSoftware&ServicesScientific,EngineeringDeeproute.aiChinaInternetInceptioTechnologyEightRoadsVentures,IDGCapital,PAG,EasternBellCapital,GlobalLogisticPropertiesSeriesB2021-08-03InternetSoftware&ServicesScientific,Engineering8$270M$265M$250M$250MChinaInternetSonomaBiotherapeuticsGoogleVentures,ARCHVenturePartners,FrazierHealthcarePartners,OsageUniversityPartners,PiperSandlerSeriesB2021-08-04UnitedStatesBiotechnologyN/A9HealthcareInternetOnexFalcon,ArrowMarkPartners,ConversionVentureCapital,WinslowCapital,Breed’sHillCapitalSeriesB2021-09-20UnitedStatesInternetSoftware&ServicesN/ASmartLabsVNLIFE1010ITServicesITSolutions&SoftwareDevelopmentSeriesB2021-07-30GeneralAtlantic,GIC,SoftBankGroup,EDBI,DragoneerInvestmentGroupComputerHardware&ServicesVietnamStateOfVenture|GlobalTrends|InvestmentTrends49Global:Top10SeriesCdealsinQ3’21RoundRoundAmountDateIndustrySubindustryCompanySelectInvestorsCountrySectorSeriesC2021-09-23DSTGlobal,TencentHoldings,DeliveryHero,CoatueManagement,A-StarGroupMobile&TelecommunicationsMobileCommerceFood&GroceryGorillas12$950M$700MGermanyQimingVenturePartners,LegendCapital,HillhouseCapitalManagement,LillyAsiaVentures,BoyuCapitalSeriesC2021-08-20DrugDevelopmentN/AAbogenChinaHealthcareRedwoodMaterialsT.RowePrice,Amazon,CapricornInvestmentGroup,ValorEquityPartners,FranklinTempletonSeriesC2021-07-28EnvironmentalServices&EquipmentRecyclingN/A245$700M$415M$400MUnitedStatesSeriesC2021-07-01SoftBankGroup,NextPlayCapital,B.RileyFinancial,DogusGroup,NordstarE-commerceFood&GroceryKitopiOpayUnitedArabEmiratesInternetSequoiaCapitalCh