CB Insights - Venture Trends Q2 2021

Venture Capital Report
Data Book Q2'2021

Accompaning file to the report
Download the report here
Insights Charts
1 Q2'21 shatters previous record for unicorn births, up 491% YoY
2 Global funding to startups rises to an eye-popping new record
3 Driven by $70B quarter high, funding to US startups smashes the previous half-year record
4 Median valuations for US Series A deals reach a massive new high
5 Silicon Valley hit by wall of money, 2nd consecutive $20B+ quarter
6 Fintech sweeps past the $30B mark in funding raised — 1 of every 5 venture dollars in Q2 went into fintech
7 $100M+ mega-rounds nearly triple compared to Q2'20
8 China cools as funding drops for a 2nd quarter from all-time high
9 Tiger Global easily the most active investor globally in Q2’21
10 Global exits blow way past pandemic lows to reach new high
Global Trends Charts

11 Global: Annual deals & dollars
12 Global: Quarterly deals & dollars
13 Global: Annual funding by region
14 Global: Annual deal activity by region
15 Global: Annual average deal size by stage
Global Mega Deal Charts

16 Global: Quarterly mega-round (>$100M) deals by region
17 Global: Quarterly % share of mega-round (>$100M) dollars
18 Global: Quarterly % share of mega-round (>$100M) deals
Global Trends League Tables

19 Global: Top 10 deals in Q2'21
Unicorns Charts
20 Global: Quarterly unicorn births
21 Global: Quarterly new unicorn births by region
22 US: Quarterly new unicorn births
Unicorns League Tables

23 Global: Top 10 most valuable unicorns in Q2'21
24 US: Top 10 most valuable unicorns
Exit Trends Charts

25 Global: Annual # of exits (M&A/IPO)
26 Global: Quarterly # of exits (M&A/IPO)
27 Global: Quarterly # of exits (M&A/IPO) by region
28 US: Annual # of exits (M&A/IPO)
29 US: Quarterly # of exits (M&A/IPO)
30 Canada: Quarterly # of exits (M&A/IPO)
31 Europe: Quarterly # of exits (M&A/IPO)
32 Asia: Quarterly # of exits (M&A/IPO)
33 LatAm: Quarterly # of exits (M&A/IPO)
Exit Trends League Tables

34 Global: Top 10 largest exits in Q2'21
35 US: Top 10 largest exits in Q2'21
Sector Spotlight Charts

36 Global: Quarterly fintech deals & dollars
37 Global: Quarterly e-commerce deals & dollars
38 Global: Quarterly digital health deals & dollars
39 Global: Quarterly cybersecurity deals & dollars
40 Global: Quarterly AI deals & dollars
Sector Spotlights League Tables

41 Global: Top 5 fintech deals in Q2'21
42 Global: Top 5 e-commerce deals in Q2'21
43 Global: Top 5 digital health deals in Q2'21
44 Global: Top 5 cybersecurity deals in Q2'21
45 Global: Top 5 AI deals in Q2'21
US Trends Charts
46 US: Annual deals & dollars
47 US: Quarterly deals & dollars
48 US: Quarterly % share of deals with CVC participation
49 US: Quarterly % share of foreign investor participation
US Trends League Tables

50 US: Top 10 deals in Q2'21
Valuations Charts
51 US: Annual median valuation per round
52 US: Annual average valuation per round
Metro West Charts

53 Silicon Valley: Quarterly deals & dollars
54 Silicon Valley: Quarterly deal share by stage
55 LA: Quarterly deals & dollars
56 LA: Quarterly deal share by stage
57 Seattle: Quarterly deals & dollars
58 Seattle: Quarterly deal share by stage
Metro West League Tables

59 Silicon Valley: Top 5 deals in Q2'21
60 LA: Top 5 deals in Q2'21
61 Seattle: Top 5 deals in Q2'21
Metro Mid Charts

62 Denver: Quarterly deals & dollars
63 Denver: Quarterly deal share by stage
64 Chicago: Quarterly deals & dollars
65 Chicago: Quarterly deal share by stage
66 Dallas: Quarterly deals & dollars
67 Dallas: Quarterly deal share by stage
68 Austin: Quarterly deals & dollars
69 Austin: Quarterly deal share by stage
Metro Mid League Tables

70 Denver: Top 5 deals in Q2'21
71 Chicago: Top 5 deals in Q2'21
72 Dallas: Top 5 deals in Q2'21
73 Austin: Top 5 deals in Q2'21
Metro East Charts

74 NY: Quarterly deals & dollars
75 NY: Quarterly deal share by stage
76 Boston: Quarterly deals & dollars
77 Boston: Quarterly deal share by stage
78 DC: Quarterly deals & dollars
79 DC: Quarterly deal share by stage
80 Miami: Quarterly deals & dollars
81 Miami: Quarterly deal share by stage
82 Atlanta: Quarterly deals & dollars
83 Atlanta: Quarterly deal share by stage
84 Philadelphia: Quarterly deals & dollars
85 Philadelphia: Quarterly deal share by stage
86 Raleigh: Quarterly deals & dollars
87 Raleigh: Quarterly deal share by stage
Metro East League Tables
88 New York: Top 5 deals in Q2'21
89 Boston: Top 5 deals in Q2'21
90 DC: Top 5 deals in Q2'21
91 Miami: Top 5 deals in Q2'21
92 Atlanta: Top 5 deals in Q2'21
93 Philadelphia: Top 5 deals in Q2'21
94 Raleigh: Top 5 deals in Q2'21
Canada Charts
95 Canada: Annual deals & dollars
96 Canada: Quarterly deals & dollars
97 Canada: Quarterly deal share by stage
Canada Metro Charts

98 Toronto: Quarterly deals & dollars
99 Toronto: Quarterly deal share by stage
100 Vancouver: Quarterly deals & dollars
101 Vancouver: Quarterly deal share by stage
Canada League Tables

102 Canada: Top 5 deals in Q2'21
103 Toronto: Top 5 deals in Q2'21
104 Vancouver: Top 5 deals in Q2'21
Asia Charts
105 Asia: Annual deals & dollars
106 Asia: Quarterly deals & dollars
107 Asia: Quarterly deal share by stage
Asia Country Charts

108 China: Quarterly deals & dollars
109 China: Quarterly deal share by stage
110 India: Quarterly deals & dollars
111 India: Quarterly deal share by stage
Asia League Tables

112 Asia: Top 5 deals in Q2'21
113 China: Top 5 deals in Q2'21
114 India: Top 5 deals in Q2'21
Europe Charts
115 Europe: Annual deals & dollars
116 Europe: Quarterly deals & dollars
117 Europe: Quarterly deal share by stage
Europe Country Charts
118 UK: Quarterly deals & dollars
119 UK: Quarterly deal share by stage
120 Germany: Quarterly deals & dollars
121 Germany: Quarterly deal share by stage
123 France: Quarterly deals & dollars
124 France: Quarterly deal share by stage
Europe League Tables

125 Europe: Top 5 deals in Q2'21
126 United Kingdom: Top 5 deals in Q2'21
127 Germany: Top 5 deals in Q2'21
128 France: Top 5 deals in Q2'21
LatAm Charts
129 LatAm: Annual deals & dollars
130 LatAm: Quarterly deals & dollars
131 LatAm: Quarterly deal share stage
LatAm Country Charts

132 Mexico: Quarterly deals & dollars
133 Mexico: Quarterly deal share by stage
134 Brazil: Quarterly deals & dollars
135 Brazil: Quarterly deal share by stage
LatAm League Tables

136 LatAm: Top 5 deals in Q2'21
137 Mexico: Top 5 deals in Q2'21
138 Brazil: Top 5 deals in Q2'21
Top Investors League Tables

139 Global: Top 10 investors in Q2'21
140 US: Top 10 investors in Q2'21
141 Canada: Top 5 investors in Q2'21
142 Asia: Top 5 investors in Q2'21
143 Europe: Top 5 investors in Q2'21
144 LatAm: Top 5 investors in Q2'21
Methodology
If you have questions about the definitions or methodological principles used, or if you feel that your firm has been underr
What is included: What is exclude

Equity financings into private companies. Fundings must be to VC-backed companies, which No contingent f
are defined as companies that have received funding at any point from: venture capital firms, certain mileston
corporate venture arms, growth equity, or super angel investors. The exception is companies
No business de
What is included: What is exclude
Equity financings into private companies. Fundings must be to VC-backed companies, which No contingent f
are defined as companies that have received funding at any point from: venture capital firms, certain mileston
corporate venture arms, growth equity, or super angel investors. The exception is companies
No business de
that are in the Healthcare or Technology sectors as defined by CB Insights, and for those
never. If a comp
companies, equity financings from Private Equity and other investment firms are included
equity financing
even if those companies are not backed by investors meeting the definition of VC.
Technology and Healthcare sectors include but are not limited to the following industries No buyouts, con
from the proprietary CB Insights taxonomy: Internet Software, Computer Hardware, Drug commonly emp
Discovery, Drug Manufacturing, Medical Devices & Equipment. are excluded fo
Fundings of private companies only. Funding rounds raised by public companies of any kind No private place
on any exchange (including Pink Sheets) are excluded from our numbers, even if they Public Equities)
received investment from a venture firm. No debt/loans o
Only includes the investment made in the quarter for tranched investments. If a company issued to emerg
does a second closing of its Series B round for $5M and previously had closed $2M in a financing, is not
prior quarter, only the $5M is reflected. $1M in debt, on
Round numbers reflect what has closed, not what is intended. If a company indicates the No non-equity g
closing of $5M out of a desired raise of $15M, our numbers reflect only the amount which agencies, or pub
has closed. No fundings to
Only verifiable fundings are included. Fundings are verified via (1) various federal and state entity and meet
regulatory filings; (2) direct confirmation with firm or investor; (3) press release; or (4) Accelerators, in
credible media sources. excluded from r
Equity fundings to joint ventures and spinoffs/spinouts are included, given that they meet Rankings for top
the VC-backed criteria unique compan
For valuation slides, data is as of June 28th, 2021. Valuation data includes only fundings to
VC-backed companies.
Unicorn data includes private companies valued at $1B or more in the private markets
globally, per the same 4 sources listed above and relied on for funding events, which include
valuations disclosed in credible media sources. The list is maintained publicly and updated
in real time at https://www.cbinsights.com/research-unicorn-companies.
Geography notes: Israel funding figures are classified in Asia; Caribbean region figures
included in Latin America, or “LatAm”; Funding to Australia and Africa is included in global
figures but not spotlighted in this report.
Rounds to private companies that may be majority- or minority-owned subsidiaries of other
private companies.
Valuation data includes estimates to calibrate median and average valuations based on
current and previous quarter disclosed valuations gathered from the aforementioned four
sources. The estimating method will control for the over-sampling of large rounds that are
reported quickly versus a comparative lag in valuations obtained from other sources.
Exits include IPO, SPACs, M&A and other liquidity events; only first exits are counted.
Headquarters are determined by publicly available sources including company-owned
websites and profiles, legal filings, and press releases.
All figures in the report are in USD.
US financing trends follow the combined statistical area (CSA) methodology. Silicon Valley
refers to the San Jose-San Francisco-Oakland CSA.
went into fintech
your firm has been underrepresented, please reach out to [email protected].
What is excluded:
No contingent funding. If a company receives a commitment for $20M subject to hitting
certain milestones but first gets $8M, only the $8M is included in our data.
No business development/R&D arrangements, whether transferable into equity now, later, or
What is excluded:
No contingent funding. If a company receives a commitment for $20M subject to hitting
certain milestones but first gets $8M, only the $8M is included in our data.
No business development/R&D arrangements, whether transferable into equity now, later, or
never. If a company signs a $300M R&D partnership with a larger corporation, this is not
equity financing nor is it from venture capital firms. As a result, it is not included.
No buyouts, consolidations, or recapitalizations. All three of these transaction types are
commonly employed by private equity firms and are tracked by CB Insights. However, they
are excluded for the purposes of this report.
No private placements. These investments, also known as PIPEs (Private Investment in
Public Equities), are not included even if made by a venture capital firm.
No debt/loans of any kind (except convertible notes). Venture debt or any kind of debt/loan
issued to emerging, startup companies, even if included as an additional part of an equity
financing, is not included. If a company receives $3M with $2M from venture investors and
$1M in debt, only the $2M is included in these statistics.
No non-equity government funding. Grants or loans by the federal government, state
agencies, or public-private partnerships to emerging, startup companies are not included.
No fundings to subsidiaries of a larger parent corporation unless that subsidiary is a private
entity and meets other criteria for inclusion.
Accelerators, incubators, business-plan competitions, economic-development entities are
excluded from rankings of most active investors, even if making equity financings.
Rankings for top investors are calculated according to “company count,” or the number of
unique companies an investor funds in a quarter, and so excludes follow on deals.
Q2'21 shatters previous record for unicorn births, up 491%
145
125
105
85
65
51
46 44
45
37 38
34
29 3
26
25 23
20
14 13 13
10
5
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2 Q3 Q4
Unicorn births 14 13 10 13 23 20 29
Global funding to startups rises to an eye-popping new recor

$160.0B
$140.0B
$120.0B
$100.0B
$80.0B
$78.8B
$68.7B $70B $68.0B $69.2B

$65.3B $63.1B
$62.7B $62.0B
$60.0B $57.3B $57.9B
$43.3B
$40.5B $40.0B
$40.0B $37.0B
$20.0B
$.0B
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2 Q3 Q4
Funding ($B) $37.0B $40.5B $40.0B $43.3B $62.7B $57.3B $62.0B
Driven by $70B quarter high, funding to US startups smashe
$140.0B
$120.0B
$100.0B
$120.0B
$100.0B
$80.0B $78.7B
$67.7B
$60
$60.0B
$54.8B
$49.9B $49.2B
$40.0B $36.5B $38.1B
$20.0B
$.0B
H1 H2 H1 H2 H1 H2 H1 H
2016 2017 2018 2019
2016 2017 2018 2019

H1 H2 H1 H2 H1 H2 H1
Funding $36.5B $38.1B $49.9B $49.2B $54.8B $78.7B $67.7B
Median valuations for US Series A deals reach a massive new

45
40 $39M
$37M
35
$30M
30
$26M
$25M
25
20
30
$26M
$25M
25
20
15
10
2015 2016 2017 2018 2019
2015 2016 2017 2018 2019 2020 2021 YTD

Median valuations $25M $26M $30M $37M $39M $33M $42M
Silicon Valley hit by wall of money, 2nd consecutive $20B+ q
$25.0B
$20.0B
$15.0B
$13.5B SV
$10.0B
$5.0B
$.0B
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2019 2020
$5.0B
$.0B
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2019 2020
2019 2020
Q1 Q2 Q3 Q4 Q1 Q2 Q3
SV dollars $12.7B $13.7B $13.0B $10.2B $13.3B $12.3B $13.5B
NYC dollars $6.3B $5.0B $4.9B $4.6B $3.7B $3.9B $5.0B
Boston dollars $3.3B $2.6B $2.1B $2.2B $4.3B $3.9B $3.8B
LA dollars $2.6B $2.4B $2.9B $1.9B $3.0B $1.3B $4.2B
Fintech sweeps past the $30B mark in funding raised — 1 of
$40.0B
$35.0B
$30.0B
$25.0B
$20.0B
$15.0B
$12.5B
$11.8B
$1
$9.6B $9.7B $9.7B $10.0B
$10.0B $8.6B $8.8B
$7.4B
$6.6B
$5.5B $5.4B
$4.8B
$5.0B
$3.5B
$.0B
2016 2017 2018 2019
$.0B
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2 Q3 Q4
Dollars $5.5B $5.4B $3.5B $4.8B $7.4B $8.6B $6.6B
$100M+ mega-rounds nearly triple compared to Q2'20
400
350
300
250
200
150 143 141

131 132 131
124
111
94 97 98 94
100
79
63 67
60
50
0
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2 Q3 Q4
Deal Value ($B) 63 60 67 79 94 97 98
China cools as funding drops for a 2nd quarter from all-time
$24.5B
$22.6B
$20.0B
$18.9B
$17.7B
$16.8B
$15.2B
$14.6B
$13.8B
$11.7B $11.9B $11.5B

$11.2B
$10.4B $10.5B $10.4B
$.0B
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2 Q3 Q4
Deal Value ($B) $11.7B $10.4B $10.5B $11.2B $17.7B $14.6B $22.6B
Tiger Global easily the most active investor globally in Q2’21

Tiger Global Management
Andreesen Horowitz
Sequoia
Accel
Softbank Group 53
0 10 20 30 40 50
Softbank Group Accel Sequoia Andreesen Horowitz

Companies 53 60 62 64
Global exits blow way past pandemic lows to reach new high
3,000
2,500
2,000
106 1
146
160 154 128 118
2,500
2,000
106 1
146
160 154 128 118
200 115
131 160
1,500 171
133 175
114
1,000
1,810 1,881 1,
1,696 1,656 1,695 1,714
1,521 1,522 1,585
1,437 1,489
1,149 1,221 1,210

500
0
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2 Q3 Q4
IPO 114 133 175 131 171 160 200
M&A 1,149 1,221 1,210 1,521 1,437 1,489 1,522
rths, up 491% YoY
136
113
47
44
37 38 37
31
21 23
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019 2020

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
26 34 51 46 37 44 38 31 21 23
pping new record

$156.2B
$136.2B
$100.4B
$80.4B
68.0B $69.2B
$65.3B $63.1B
$61.1B$60.7B
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019 2020

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
$57.9B $68.7B $70.0B $78.8B $68.0B $69.2B $65.3B $63.1B $61.1B $60.7B
tartups smashes the previous half-year record
$138.9B
$86B
$86B
8.7B
$67.7B
$60.7B $63.2B
H2 H1 H2 H1 H2 H1
2019 2020 2021
2020 2021
H2 H1 H2 H1
$60.7B $63.2B $86.0B $138.9B
h a massive new high
$42M
$39M
$33M
2019 2020 2021 YTD
ecutive $20B+ quarter
$23.7B SV
$13.5B SV
$11.2B NY
$7.8B Boston
$6.0B LA
Q2 Q3 Q4 Q1 Q2
2020 2021
Q2 Q3 Q4 Q1 Q2
2020 2021
2021
Q4 Q1 Q2
$13.9B $25.2B $23.7B
$6.3B $11.2B $11.2B
$3.6B $7.8B $7.8B
$3.1B $3.6B $6.0B
g raised — 1 of every 5 venture dollars in Q2 went into fintech
$33.7B
$25.0B
$12.5B $12.5B $12.8B

$11.8B
$11.0B $11.6B $11.7B
B $10.0B
0
4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
0
4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019 2020

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
$8.8B $9.6B $9.7B $9.7B $11.8B $10.0B $12.5B $11.0B $12.5B $11.6B
to Q2'20
390
367
236
182
141
132 131 132
118
111
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019 2020

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
94 124 143 131 132 141 131 111 118 132
er from all-time high
$27.7B
$26.5B
$22.8B
$18.8B
$13.8B
$11.9B $11.5B
$11.2B
$10.4B
$9.5B
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019 2020

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
$16.8B $24.5B $18.9B $15.2B $11.9B $11.5B $10.4B $13.8B $9.5B $11.2B
lobally in Q2’21
81
64
62
60
53
40 50 60 70 80
Andreesen Horowitz Tiger Global Management

64 81
reach new high
223 280 IPO
232
106 159
118 224
128
223 280 IPO
232
106 159
118 224
128
98
118 2,613
2,589 M&A
2,256
0 1,881 1,843
1,695 1,714 1,700
1,593
1,269
4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019 2020

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
115 160 154 146 106 128 118 159 98 118
1,585 1,696 1,656 1,810 1,881 1,695 1,714 1,843 1,593 1,269
2021
Q3 Q4 Q1 Q2
37 47 113 136
2021
Q3 Q4 Q1 Q2
$80.4B $100.4B $136.2B $156.2B
ntech
2021
Q3 Q4 Q1 Q2
$11.7B $12.8B $25.0B $33.7B
2021
Q3 Q4 Q1 Q2
182 236 367 390
2021
Q3 Q4 Q1 Q2
$18.8B $27.7B $26.5B $22.8B
2021
Q3 Q4 Q1 Q2
224 232 223 280
1,700 2,256 2,589 2,613
s
Global: Annual deals & dollars
$28,350B
$27,300B 26,084
$26,250B
$25,200B
$24,150B
$23,100B 22,123
$22,050B
20,677
$21,000B
$19,950B $225.3B
$18,900B
$17,850B 16,952
$16,800B
$15,750B $173.4B
$14,700B 13,620
$13,650B $157.8B
$12,600B 11,411
$11,550B
$10,500B $119.2B
9,556
$9,450B
$8,400B
$7,350B
$6,300B $64.5B $63.0B $65.1B
$5,250B
$4,200B
$3,150B
$2,100B
$1,050B
$0B
2011 2012 2013 2014 2015 2016 2017
2011 2012 2013 2014 2015

Deal Count 9556 11411 13620 16952 20677
Deal Value ($ B) $64.5B $63.0B $65.1B $119.2B $173.4B
Global: Quarterly deals & dollars

$210,000B
7,722 7,622
$180,000B
7,107
6,701 6,744
6,502 6,615
$210,000B
7,722 7,622
$180,000B
7,107
6,615 6,701 6,744
6,502
$150,000B 6,266
5,601
5,304 5,389
$120,000B
$90,000B
$78.8B
$68.7B $70.0B
$62.7B $62.0B
$57.3B $57.9B
$60,000B
$40.5B $40.0B $43.3B
$37.0B
$30,000B
$0B
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2016 2017 2018
2016 2017
Q2 Q3 Q4 Q1 Q2
Deal Count 5304 5601 5389 6502 6266
Global: Annual funding by region

160
140 $133.4B
$1
120
$107.8B
$99.1B
100
$91.4B
$86.8B
80 $74.6B
120
$107.8B
$99.1B
100
$91.4B
$86.8B
80 $74.6B
$68.7B
$64.1B
$59.3B
60
$41.6B $42.3B
40 $37.7B
$31.1B
$25.8B $26.6B
$17.6B $18.6B
20 $14.0B $13.5B $13.1B
$11.8B
$9.1B $8.4B
$6.4B
$1.2B
$1.0B
0
2011 2012 2013 2014 2015 2016 2017 2018
2011 2012 2013 2014 2015

United States $41.6B $37.7B $42.3B $68.7B $86.8B
Asia $14.0B $9.1B $11.8B $31.1B $64.1B
Europe $6.4B $13.5B $8.4B $13.1B $17.6B
LatAm & Caribbean $1.0B $1.3B $1.0B $1.2B $2.1B
Canada $1.2B $.9B $1.2B $1.6B $1.9B
Global: Annual deal activity by region

12000
10965
10517 10433
10175
9919
10000 9690
8358
8018
8000
7324
6631
6322
5951 5865 5910
6000
4441
4000
3480 3459
6631
6322
5951 5865 5910
6000
4441
4000
3480 3459
2697
2466
2017 2038
2000
1495
1373 1538
230
83
0
2011 2012 2013 2014 2015 2016 2017 2018
2011 2012 2013 2014 2015

United States 6322 7324 8358 9919 10175
Asia 1373 1538 2038 3480 5951
Europe 1495 2017 2466 2697 3459
LatAm & Caribbean 230 282 360 412 474
Canada 83 135 206 198 262
Global: Annual average deal size by stage

140
120
100
$81M
80 $76M
60 $58M
$49M
$45M
40 $35M
$30M $29M
$26M $27M
$25M
$24M $24M $25M
$20M
20 $17M $17M
$15M $15M
$13M $12M $13M $14M
$11M
$7M $8M
$6M $6M
$49M
$45M
40 $35M
$30M $29M
$26M $27M
$25M
$24M $24M $25M
$20M
20 $17M $17M
$15M $15M
$13M $12M $13M $14M
$11M
$7M $8M
$5M $6M $6M
$4M $4M $4M
0
2011 2012 2013 2014 2015 2016 2017 2018
2011 2012 2013 2014 2015

Early-stage $5M $4M $4M $4M $7M
Mid-stage $13M $12M $13M $20M $24M
Late-stage $30M $24M $26M $45M $58M
Other $11M $25M $14M $15M $17M
29,195
$350.0B
27,960
26,084 25,801
$302.6B
$292.4B $300.0B
$275.5B
22,123 $265.5B
$250.0B
$225.3B
$200.0B
15,227 deals
$157.8B
$150.0B
$100.0B
$50.0B
$.0B
2016 2017 2018 2019 2020 2021 YTD
2016 2017 2018 2019 2020 2021 YTD

22123 26084 29195 27960 25801 15227
$157.8B $225.3B $275.5B $265.5B $302.6B $292.4B
9000
7,722 7,622 7,751 deals8000

7,476
7,107 7,095 7,038 7,151
6,744 6,793 6,817 7000
6,676 $156.2B
9000
7,722 7,622 7,751 deals8000

7,476
7,107 7,095 7,038 7,151
6,744 6,793 6,817 7000
6,676 $156.2B
6,136 6,055
$136.2B 6000
5000
$100.4B
4000
$78.8B $80.4B
$68.7B $70.0B $68.0B $69.2B $65.3B
$63.1B $61.1B $60.7B 3000
$57.9B
2000
1000
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
6615 6701 7107 7722 7622 6744 7095 7038
$57.3B $62.0B $57.9B $68.7B $70.0B $78.8B $68.0B $69.2B
$149.3B
$138.9B - US
$133.4B
$128.4B
$107.8B
$103.2B
$99.1B
$91.4B
$86.3B $84.5B Asia
$107.8B
$103.2B
$99.1B
$91.4B
$86.3B $84.5B Asia
$50.8B Europe
$38.3B $39.1B
$25.8B $26.6B
$9.3B Canada
$6.3B LatAm
2017 2018 2019 2020 2021 YTD
2016 2017 2018 2019 2020 2021 YTD

$74.6B $99.1B $133.4B $128.4B $149.3B $138.9B
$59.3B $91.4B $107.8B $86.3B $103.2B $84.5B
$18.6B $25.8B $26.6B $38.3B $39.1B $50.8B
$1.0B $3.8B $2.3B $5.3B $5.3B $9.3B
$2.2B $2.7B $3.4B $4.3B $2.9B $6.3B
10965
10517 10603
10433
0 9734
9250
8463
8018
5910 6050
5865 5731
5,531 US
5,007 Asia
1
3,470 Europe
1
5910 6050
5865 5731
5,531 US
5,007 Asia
1
3,470 Europe
414 Canada
393 LatAm
6 2017 2018 2019 2020 2021 YTD
2016 2017 2018 2019 2020 2021 YTD

9690 10517 10965 10603 9734 5531
6631 8018 10433 9250 8463 5007
4441 5865 5910 6050 5731 3470
572 575 720 716 617 414
291 500 532 606 524 393
$132M Late-stage
$104M
$81M
$79M
$76M
$51M Mid-stage
M
$35M $36M
$31M
$27M $28M $27M Other
$25M
$20M
$17M
15M
$12M Early-stage
$8M $7M $8M
$6M
$51M Mid-stage
M
$35M $36M
$31M
$27M $28M $27M Other
$25M
$20M
$17M
15M
$12M Early-stage
$8M $7M $8M
$6M
2017 2018 2019 2020 2021 YTD
2016 2017 2018 2019 2020 2021 YTD

$6M $6M $8M $7M $8M $12M
$29M $27M $35M $31M $36M $51M
$49M $81M $76M $79M $104M $132M
$15M $17M $25M $20M $28M $27M
9000
ls8000
B 7000
9000
ls8000
B 7000
6000
5000
4000
3000
2000
1000
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
7151 6676 6136 6055 6793 6817 7476 7751
$65.3B $63.1B $61.1B $60.7B $80.4B $100.4B $136.2B $156.2B
Global: Quarterly mega-round (>$100M) deals by region
250
200
150
100
72
66 65 65
61
57
50 64 51
50 45 57 57 44 46 45
42 41 42
39
43
36 36 36 38
33
26
25 28
23 20 20
16
9 11 12 10 10 9 10 12 12
7 5 6
0
0
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
United States 23 26 20 28 42
Asia 33 25 36 36 36
Europe 7 5 9 11 12
Canada 0 1 0 0 1
LatAm 0 2 0 3 2
Global: Quarterly % share of mega-round (>$100M) deals
99% 99% 99% 99% 98% 99% 99% 99% 98% 98% 98% 98% 98% 98% 98% 98
1% 1% 1% 1% 2% 1% 1% 1% 2% 2% 2% 2% 2% 2% 2% 2%
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
% Mega-rounds 1% 1% 1% 1% 2%
% Non-mega-rounds 99% 99% 99% 99% 98%
Global: Quarterly % share of mega-round (>$100M) dollar

42% 41%
51% 49% 49% 48%
52% 53% 53%
57% 57% 57% 57% 55% 54%
60%
58% 59%
49% 51% 51% 52%
48% 47% 47%
43% 43% 43% 43% 45% 46%
40%
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
% Mega-rounds 40% 43% 43% 43% 58%
% Non-mega-rounds 60% 57% 57% 57% 42%
deals by region
200
204 US
109
105
97
89 92 Asia
72 74
69 68
65 65 62 Europe
51 48
44 46 45
43 43
31
24
20 18
12 12
16 16 15
15 Canada
LatAm
9
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
38 41 39 57 64 61 65 72
50 45 42 57 66 57 51 44
6 10 10 9 10 7 12 20
2 1 1 1 0 3 0 1
0 0 2 0 2 2 2 4
(>$100M) deals
8% 98% 98% 98% 98% 98% 97% 97%95% Non-mega-rounds

95%
2% 2% 2% 2% 2% 2% 3% 3% 5%
5% Mega-rounds
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
1% 1% 1% 2% 2% 2% 2% 2%
99% 99% 99% 98% 98% 98% 98% 98%
(>$100M) dollars
37%
44%42% Non-mega-rounds
8% 48%
52% 53% 53%
54%
58%
63%
56% 58% Mega-rounds
2% 52%
48% 47% 47%
46%
42%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
49% 51% 43% 45% 51% 59% 52% 48%
51% 49% 57% 55% 49% 41% 48% 52%
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
65 45 69 74 89 109 200 204
46 43 31 43 68 97 105 92
12 16 16 9 18 24 48 62
3 3 0 1 1 0 6 15
4 3 2 3 6 5 4 15
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2% 2% 2% 2% 3% 3% 5% 5%
98% 98% 98% 98% 97% 97% 95% 95%
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
47% 46% 47% 42% 52% 56% 63% 58%
53% 54% 53% 58% 48% 44% 37% 42%
Global: Top 10 deals in Q2'21
Round
Company Round Name
Amount
Orange Heart Optimal

1 $3,000M Convertible Note
Technology
2 Northvolt $2,750M Unattributed VC - II
3 C6 Bank $2,021M Corporate Minority
4 J&T Express $1,800M Private Equity
5 Epic Games $1,000M Private Equity - III
5 Celonis $1,000M Series D
7 Trade Republic $900M Series C
8 Caris Life Sciences $830M Private Equity - II
9 Swiggy $800M Series J
9 Mollie $800M Series C

Select Investors Country
Didi Chuxing China
Andra AP-fonden, Arbejdsmarkedets Tillaegspension, Baillie Gifford & Co.,

Sweden
Daniel Ek, Stena, AP3, AMF Pensionsforsakring
J.P. Morgan Chase & Co. Brazil
Sequoia Capital China, Hillhouse Capital Management, Boyu Capital Indonesia
AllianceBernstein, Sony, Franklin Templeton, Fidelity Investments, GIC,

United States
Altimeter Capital, Luxor Capital Group
Franklin Templeton, Splunk Ventures, Durable Capital Partners, Arena

Germany
Holdings Management, T. Rowe Price
Founders Fund, Sequoia Capital, Accel, Technology Crossover Ventures,

Germany
Creandum, Thrive Capital, Project A Ventures
OrbiMed Advisors, Highland Capital Management, Fidelity Investments, CPP

United States
Investments, Silver Lake, Millennium Management, ClearBridge Investments
Accel, Carmignac, Falcon Edge Capital, Prosus Ventures, Amansa Capital,

India
Think Capital, Goldman Sachs
General Atlantic, Technology Crossover Ventures, Alkeon Capital

Netherlands
Management, HMI Capital, EQT, Blackstone
Continent Sector Industry Subindustry
Asia Internet E-commerce Marketplace
Electrical Product Power Generation &

Europe Electronics
Distribution Storage
Mobile &
Mobile Software & Accounting &
South America Telecommunication
Services Finance
s
Automotive & Transportation Freight forwarding &

Asia
Transportation Services courier services
Software (non-
North America Gaming N/A
internet/mobile)
Business Intelligence,
Software (non-
Europe Analytics & Performance N/A
internet/mobile) Mgmt Software
Mobile & Asset & Financial

Mobile Software &
Europe Telecommunication Management &
Services
s Trading
North America Healthcare Biotechnology N/A
Asia Internet E-commerce Food & Grocery
Internet Software &

Europe Internet Payments
Services
Global: Quarterly unicorn births
160
140
120
100
80
60
51
46 44
40 37 38
34
29 31
26
23
20
20
14 13 13
10
0
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2 Q3 Q4
Unicorn births 14 13 10 13 23 20 29
Global: Quarterly new unicorn births by region

80
70
60
50
40
30
20
10
9
5
0
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2 Q3 Q4
US 5 5 5 5 12 7 12
Canada 0 0 0 0 0 0 0
Asia 9 7 3 7 8 10 14
Europe 0 1 1 1 3 2 3
LatAm 0 0 0 0 0 0 0
US: Quarterly new unicorn births
80
70
60
80
70
60
50
40
30
27
24
21 21
20
17 18
12 12 11 10
10
7
5 5 5 5
0
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2 Q3 Q4
Unicorn births 5 5 5 5 12 7 12
136
113
47
44
37 38 37
31
21 23
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019 2020

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
26 34 51 46 37 44 38 31 21 23
on
76 United States
33 Asia
17 Europe
7 Canada
2 LatAm & Carib
4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019 2020

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
11 10 21 27 17 24 21 18 15 13
0 0 0 0 0 0 0 2 0 1
10 19 24 14 12 15 9 6 3 6
3 5 4 4 7 4 7 3 2 3
1 0 2 1 0 1 1 2 1 0
76
72
76
72
29
24
21
18 19
17
15
13
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019 2020

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
11 10 21 27 17 24 21 18 15 13
2021
Q3 Q4 Q1 Q2
37 47 113 136
2021
Q3 Q4 Q1 Q2
19 29 72 76
0 0 3 7
9 11 24 33
7 3 13 17
2 3 1 2
2021
Q3 Q4 Q1 Q2
19 29 72 76
Global: Top 10 most valuable unicorns in Q2'21
Current
Company Country
Valuation
1 Bytedance $140.0B China
2 Stripe $95.0B United States
3 SpaceX $74.0B United States
4 Klarna $45.6B Sweden
5 Instacart $39.0B United States
6 Nubank $30.0B Brazil
7 Epic Games $28.7B United States
8 Databricks $28.0B United States
8 Rivian $27.6B United States
10 BYJU's $16.5B India

US: Top 10 most valuable unicorns
Current
Company City
Valuation
1 Stripe $95.0B San Francisco
2 SpaceX $74.0B Hawthorne
3 Instacart $39.0B San Francisco
4 Epic Games $28.7B Cary
5 Databricks $28.0B San Francisco
6 Rivian $27.6B Plymouth
7 Chime $14.5B San Francisco
8 Plaid Technologies $13.5B San Francisco
8 Fanatics $12.8B Jacksonville
10 Biosplice Therapeutics $12.0B San Diego

n Q2'21
Mobile & Mobile Software &

Asia Social
Telecommunications Services
Internet Software &

North America Internet Payments
Services
Aerospace &
North America Industrial N/A
Defense
Internet Software &

Services
Mobile &
North America Mobile Commerce Food & Grocery
Telecommunications
Mobile & Mobile Software & Accounting &

South America
Telecommunications Services Finance
Software (non-
North America Gaming N/A
internet/mobile)
Internet Software & Data & Document

North America Internet
Services Management
Automotive & Automobile

North America N/A
Transportation Manufacturing
Internet Software & Education &

Asia Internet
Services Training
State Sector Industry Subindustry
Internet Software &

California Internet Payments
Services
Aerospace &
California Industrial N/A
Defense
Mobile &
California Telecommunication Mobile Commerce Food & Grocery
s
Software (non-
North Carolina Gaming N/A
internet/mobile)

California Internet
Services Management
Automotive & Automobile

Michigan N/A
Transportation Manufacturing
Mobile &
Mobile Software & Accounting &
California Telecommunication
Services Finance
s
Internet Software & Accounting &

California Internet
Services Finance
Apparel &
Florida Internet E-commerce
Accessories
California Healthcare Biotechnology N/A

Global: Annual # of exits (M&A/IPO)
575
662
501 529
454
6,747
187 5,969
224
210
4,907 4,764
3,997
2,900 2,729
2,528
2011 2012 2013 2014 2015 2016 2017 2018
2011 2012 2013 2014 2015

IPO 210 187 224 454 501
M&A 2,528 2,900 2,729 3,997 4,907
Global: Quarterly # of exits (M&A/IPO)

106 159
146
160 154 128 118
200 115
131 160
171
133 175
114
1,810 1,881 1,843

1,696 1,656 1,695 1,714
1,521 1,489 1,522 1,585
1,437
1,149 1,221 1,210
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
IPO 114 133 175 131 171
M&A 1,149 1,221 1,210 1,521 1,437
Global: Quarterly # of exits (M&A/IPO) by region
70 68
98 86
47 56 59
82 77 75
29 43 47 246 248
67 40 44 74 96 244 210
64 49
262 323
238 262 208
34 235
16
44 57
13
59 615 646
220 236 602
618
70 68
98 86
47 56 59
82 77 75
29 43 47 246 248
67 40 44 74 96 244 210
64 49
262 323
238 262 208
34 235
16
44 57
13
59 615 646
220 236 602
177 618
472 501 494 496
523 486
332 416 386
798 796 785 791 863 870 824

702 748 774
639 614 631
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
US 639 614 631 798 702
Canada 59 44 57 67 64
Europe 332 416 386 472 523
Asia 177 220 236 238 235
LatAm 13 16 34 29 40
US: Annual # of exits (M&A/IPO)
141
112
118
87
176
78
121
65
3,098
2,910
2,714
2,485
2,361
1,860
1,609 1,694
121
65
3,098
2,910
2,714
2,485
2,361
1,860
1,609 1,694
2011 2012 2013 2014 2015 2016 2017 2018
2011 2012 2013 2014 2015

IPO 65 78 121 176 118
M&A 1,609 1,860 1,694 2,361 2,714
US: Quarterly # of exits (M&A/IPO)
35 33
30
20 49 32
24 39
39 43
24
29
26 24
23
828 837 817

778 772 752 775 790
724 735 742
673
613 591 607
2016 2017 2018 2019
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
IPO 26 23 24 20 29
M&A 613 591 607 778 673
Canada: Quarterly # of exits (M&A/IPO)
10
12
9
8 5
6 3 2
10
3
7
5
6 88
2 84
74 77 75
71 72 71
64 64
59 57
52
42 43
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
IPO 0 2 5 3 7
M&A 59 42 52 64 57
Europe: Quarterly # of exits (M&A/IPO)
16 14
49 32 16
11
46 20
22 37 24
27
18
27
21 630 618
569 583 585
535
445 477 464 464 470 476
398
359
311
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
IPO 21 18 27 27 46
M&A 311 398 359 445 477
Asia: Quarterly # of exits (M&A/IPO)
82
46 107
49 63 69
101 110
77
83
113 49 52
85
56
241
195 202
183 182 177
161 152 161 152 159 158
135
121 123
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
IPO 56 85 113 77 83
M&A 121 135 123 161 152
LatAm: Quarterly # of exits (M&A/IPO)

2
1
2 4
1 4
3 1
1
1 69 68
61 62
1 55 56
43 46 43
39 41
33
1 28
12 16
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
IPO 1 0 1 1 1
M&A 12 16 33 28 39
511
575 672
662
503 IPO
7,132
6,747 6,819
5,969
5,203 M&A
2017 2018 2019 2020 2021 YTD
2016 2017 2018 2019 2020 2021 YTD

529 662 575 511 672 503
4,764 5,969 6,747 7,132 6,819 5,203
223 280 IPO
232
223 280 IPO
232
106 159
118 224
128
98
118 2,613 M&A

2,589
2,256
1,881 1,843
1,695 1,714 1,700
1,593
1,269
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
160 200 115 160 154 146 106 128
1,489 1,522 1,585 1,696 1,656 1,810 1,881 1,695
y region
83 110 LatAm
135 110 Canada
116
331 334 Asia
131
298
70 68 63
98 86 73 82
59 61 87
248 75 80 910 982 Europe
246 284 51
210 251 82 319
195 843
54
57
615 646 632
602 179
546
298
70 68 63
98 86 73 82
59 61 87
248 75 80 910 982 Europe
246 284 51
210 251 82 319
195 843
54
57
615 646 632
602 179
546 603
518
487
1,199 1,171 US
999
863 870 824 822 847 779 762
567
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
748 774 796 785 791 863 870 824
49 74 96 82 77 98 86 75
486 501 494 618 496 615 646 602
262 262 208 244 323 246 248 210
44 43 47 47 56 70 68 59
144
141
183
112
154 IPO
3,221
3,098
2,910 2,933
2,320 M&A
3,221
3,098
2,910 2,933
2,320 M&A
2017 2018 2019 2020 2021 YTD
2016 2017 2018 2019 2020 2021 YTD

87 112 141 144 183 154
2,485 2,910 3,098 3,221 2,933 2,320
66
88 IPO
73
33
30
49 32
23
54
33 1,133
1,083 M&A
926
837 817
775 790 756
708
534
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
24 39 24 43 39 35 33 49
724 735 772 742 752 828 837 775
7
11
8 IPO
5
9
5 6
3 2
128
120
5
102 M&A
82
77 75 76
72 71
52
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
6 10 12 8 6 10 9 3
43 64 84 74 71 88 77 72
57 IPO
35
37
16 14
16 23
11
9
16
925 M&A
875
806
630 618
585 580
535 509
471
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
22 37 24 49 20 32 16 16
464 464 470 569 476 583 630 585
111 117 IPO
136
106
46 107
69
52
53
60
220 217 M&A

202 192
182 177 183
158
142
119
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
101 110 49 49 82 63 46 52
161 152 159 195 241 183 202 158
4 IPO
1
2
1
4 116
1 108 M&A
2
80 83
68
61 62
56 53
49
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
3 1 1 4 2 2 0 4
41 43 46 43 55 69 68 56
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
118 159 98 118 224 232 223 280
1,714 1,843 1,593 1,269 1,700 2,256 2,589 2,613
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
822 847 779 567 762 999 1,199 1,171
80 73 82 57 87 131 135 110
546 632 518 487 603 843 910 982
251 284 195 179 319 298 331 334
61 63 51 54 82 116 83 110
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
32 30 23 33 54 73 66 88
790 817 756 534 708 926 1,133 1,083
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
5 2 6 5 5 11 7 8
75 71 76 52 82 120 128 102
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
11 14 9 16 23 37 35 57
535 618 509 471 580 806 875 925
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
69 107 53 60 136 106 111 117
182 177 142 119 183 192 220 217
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
0 1 2 1 2 0 1 4
61 62 49 53 80 116 83 108
Global: Top 10 largest exits in Q2'21
Company Exit Valuation Exit Type
1 Didi Chuxing $73.0B IPO
2 Coinbase $65.3B IPO
3 UiPath $29.1B IPO
4 AppLovin $28.6B IPO
5 Tokopedia $18.0B Merger
6 Manbang Group $16.8B IPO
7 Marqeta $14.3B IPO
8 Bright HealthCare $13.4B IPO
9 Oatly $10.1B IPO
10 SentinelOne $8.9B IPO

US: Top 10 largest exits in Q2'21
Company Exit Valuation Exit Type
1 Coinbase $65.3B IPO
2 UiPath $29.1B IPO
3 AppLovin $28.6B IPO
4 Marqeta $14.3B IPO
5 Bright HealthCare $13.4B IPO
6 SentinelOne $8.9B IPO
7 SoFi $8.7B Reverse Merger
8 Procore $8.6B IPO
9 TuSimple $8.5B IPO
10 Kindred at Home $8.1B Acquired

Country Continent Sector Industry
Mobile &
China Asia Mobile Commerce
Telecommunications
Internet Software &

United States North America Internet
Services
Scientific,
Software (non-
United States North America Engineering
internet/mobile)
Software

United States North America
Indonesia Asia Internet E-commerce
Internet Software &

China Asia Internet
Services
United States North America Internet E-commerce
United States North America Healthcare Healthcare Plans
Non-alcoholic
Sweden Europe Food & Beverages
beverages
Computer Hardware
United States North America IT Services
& Services
Country Continent Sector Industry
Internet Software &

San Francisco California Internet
Services
Scientific,
Software (non-
New York New York Engineering
internet/mobile)
Software

Palo Alto California
Oakland California Internet E-commerce
Minneapolis Minnesota Healthcare Healthcare Plans
Computer Hardware
Mountain View California IT Services
& Services
San Francisco California Internet E-commerce
Internet Software &

Carpinteria California Internet
Services
Scientific,
Software (non-
San Diego California Engineering
internet/mobile)
Software
Medical Facilities &

Atlanta Georgia Healthcare
Services
Subindustry
Travel (mobile)
Payments
N/A
Advertising, Sales &

Marketing
Marketplace
Supply Chain &

Logistics
E-commerce
enablement
N/A
N/A
Data Storage &

Security
Subindustry
Payments
N/A
Advertising, Sales &

Marketing
E-commerce
enablement
N/A
Data Storage &

Security
Marketplace
Collaboration &
Project
Management
N/A
Home Healthcare
Global: Quarterly fintech deals & dollars
$33,750B
$32,400B
$31,050B 901
873 875
$29,700B 857 848
$28,350B 810
792
$27,000B 7
$25,650B 713
710
$24,300B 684 686
$22,950B
$21,600B
$20,250B
$18,900B 541 534 537
$17,550B
$16,200B
$14,850B
$13,500B $12.5B
$11.8B
$12,150B $1
$10,800B $9.6B $9.7B $9.7B $10.0B
$9,450B $8.6B $8.8B
$8,100B $7.4B
$6.6B
$6,750B $5.5B $5.4B
$5,400B $4.8B
$4,050B $3.5B
$2,700B
$1,350B
$0B
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Deal Count 541 534 537 710 684
Deal Value ($B) $5.5B $5.4B $3.5B $4.8B $7.4B
Global: Quarterly e-commerce deals & dollars

$16,200B
$15,525B
$14,850B 392
$14,175B
364
$13,500B
345 343 3
$12,825B 336 335 337
$12,150B 318
$16,200B
$15,525B
$14,850B 392
$14,175B
364
$13,500B
345 343 3
$12,825B 336 335 337
$12,150B 318
$11,475B 294
$10,800B 281 275
$10,125B 266
253
$9,450B
238
$8,775B
$8,100B
$7,425B $7.1B
$6
$6,750B $6.3B
$6,075B $5.8B $5.9B $5.9B
$5.5B $5.6B
$5.1B $5.3B
$5,400B
$4,725B $4.5B
$4,050B $3.6B
$3,375B $2.7B $2.9B
$2,700B $2.1B
$2,025B
$1,350B
$675B
$0B
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Deal Count 266 253 238 294 318
Global: Quarterly digital health deals & dollars

$13,800B
$13,200B
$12,600B
591
$12,000B
$11,400B 550
521 524 528 522 5
$10,800B 514
$10,200B
$9,600B 460 458 458 456
$9,000B 426
410
$8,400B 387
$7,800B $7.4B
$7,200B
$6,600B $6.2B
$10,800B 514 521 524 522
$10,200B
$9,600B 460 458 458 456
$9,000B 426
410
$8,400B 387
$7,800B $7.4B
$7,200B
$6,600B $6.2B
$6,000B
$5,400B $5.2B $5
$4,800B $4.2B
$4.0B $4.0B $4.1B
$4,200B $3.8B $3.7B
$3,600B $3.3B $3.2B
$3,000B $2.5B $2.5B $2.3B
$2,400B
$1,800B
$1,200B
$600B
$0B
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Deal Count 387 410 426 460 458
Global: Quarterly cybersecurity deals & dollars

$6,600B
$6,300B 222
$6,000B
206
$5,700B 2
$5,400B 190 188
$5,100B 178 177 178
172 171 173
$4,800B 166
$4,500B 157
$4,200B
141
$3,900B
$3,600B
$3.3B
$3,300B 114
$3,000B $2.9B
$2,700B $2.5B
$2,400B $2.3B $2.3B
$2,100B $1.9B $2
$1.8B
$1,800B $1.5B $1.5B
$1,500B $1.3B
$1.2B
$1.2B $1.1B
$1,200B
$3,000B $2.9B
$2,700B $2.5B
$2,400B $2.3B $2.3B
$2,100B $1.9B $2
$1.8B
$1,800B $1.5B $1.5B
$1,500B $1.3B
$1.2B
$1.2B $1.1B
$1,200B
$900B
$.5B
$600B
$300B
$0B
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Deal Count 141 157 114 172 171
Deal Value ($B) $1.2B $1.3B $.5B $1.1B $1.8B
Global: Quarterly AI deals & dollars

$15,600B
$15,000B
$14,400B 714
$13,800B
$13,200B
638
$12,600B 619 613
$12,000B
577
$11,400B 559
$10,800B 542
$10,200B 506 500
490
$9,600B $9.1B
$9,000B 426 $8.5B
$8,400B $7.8B
$7,800B
$7,200B 349 $6.8B
$6.5B $6
$6,600B 303 314 $6.0B $6.1B
$6,000B
$5,400B $5.1B
$4.6B
$4,800B
$4.0B
$4,200B
$3,600B
$3,000B $2.8B
$2.4B
$2,400B $1.8B $1.9B
$1,800B
$1,200B
$600B
$0B
2016 2017 2018 2019
$2,400B $1.8B $1.9B
$1,800B
$1,200B
$600B
$0B
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Deal Count 303 314 349 490 426
$33.7B
1000
901
875 900
836
0 815 deals
792
767 775 800
729 $25.0B
700
641 651
600
500
$12.5B $12.5B $12.8B 400

$11.8B $11.6B $11.7B
$11.0B
7B $10.0B
300
200
100
0
4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
713 686 857 848 873 810 901 792
$8.6B $6.6B $8.8B $9.6B $9.7B $9.7B $11.8B $10.0B
lars
$16.3B
450
401 deals
400
364 362
346 $12.9B
343 337 337 350
$16.3B
450
401 deals
400
364 362
346 $12.9B
343 337 337 350
309
298
300
1 275
250
$7.7B
$6.8B 200
$6.6B
9B
$5.6B
$5.3B 150
$4.5B
$3.5B 100
$2.9B
50
0
4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
336 345 335 392 364 281 275 343
$6.3B $7.1B $5.1B $5.8B $5.9B $5.9B $5.3B $4.5B
ollars
$14.0B
700
612
625 deals
600
569
550 546
528 522 531 522 $10.7B
519
500
6 $9.2B
$8.2B
400
522 519 522
500
6 $9.2B
$8.2B
400
$5.8B 300
$5.6B
$5.2B $5.1B
$4.1B $4.2B
7B 200
100
0
4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
514 458 521 591 524 456 528 550
$3.2B $4.0B $4.0B $6.2B $7.4B $3.7B $4.1B $5.2B
ollars
$6.7B 250
222
$5.8B214 deals
202
200
188
7 178 179
175
167
162
140 150
$3.7B
$3.3B
$2.6B $2.6B 100

$2.5B
3B $2.3B $2.3B
$2.0B
50
$2.6B $2.6B 100
$2.5B
3B $2.3B $2.3B
$2.0B
50
0
4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
173 166 190 206 178 177 188 222
$1.9B $1.5B $1.2B $2.9B $1.5B $2.3B $2.5B $3.3B
$15.5B $15.4B
800
714
700
638
613 619 616
600 598
600
549 $10.7B
527
00
500
$9.1B
5B
$7.8B $7.7B 390 deals 400
$6.8B
$6.4B $6.2B
$6.1B
300
200
100
0
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
100
0
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
542 506 559 619 577 500 613 638
$6.0B $5.1B $4.0B $6.8B $6.5B $8.5B $6.1B $7.8B
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
875 767 775 641 651 729 836 815
$12.5B $11.0B $12.5B $11.6B $11.7B $12.8B $25.0B $33.7B
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
337 346 309 298 337 364 362 401
$5.6B $6.8B $2.9B $3.5B $6.6B $7.7B $12.9B $16.3B
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
522 531 519 546 612 522 569 625
$4.2B $5.1B $5.8B $5.6B $8.2B $9.2B $10.7B $14.0B
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
178 202 140 162 179 175 167 214
$2.3B $2.0B $2.6B $2.6B $2.3B $3.7B $5.8B $6.7B
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
714 600 549 527 598 619 616 390
$9.1B $6.4B $6.2B $6.8B $7.7B $10.7B $15.5B $15.4B
Global: Top 5 fintech deals in Q2'21
Round
Company Round Name
Amount
4 Nubank $750M Series G - II
5 wefox $650M Series C
Global: Top 5 e-commerce deals in Q2'21
Round
Company Round Name
Amount

Technology

3 Perch $775M Series A
4 Klarna $639M Unattributed - II
5 Xingyun Group $600M Series C - II
Global: Top 5 digital health deals in Q2'21
Round
Company Round Name
Amount
1 CMR Surgical $600M Series D
2 Noom $540M Series F
Series D,
3 Exscientia $525M
Convertible Note
4 KRY $312M Series D
4 AllyAlign Health $300M Unattributed VC
4 Capsule $300M Series D

Global: Top 5 cybersecurity deals in Q2'21
Round
Company Round Name
Amount
1 Transmit Security $543M Series A
2 Trulioo $394M Series D
3 Block.one $300M Series A
3 Forter $300M Series F
5 Acronis $250M Private Equity
Global: Top 5 AI deals in Q2'21
Round
Company Round Name
Amount
1 SambaNova Systems $676M Series D
2 Trax $640M Series E

3 Horizon Robotics $600M Series C - IV
4 Anduril $450M Series D
5 Scale AI $325M Series E

J.P. Morgan Chase & Co. Brazil

Germany

Netherlands
CPP Investments, Sands Capital, MSA Capital, Sunley House Capital

Management, Verde Asset Management, Absoluto Partners, Berkshire Brazil
Hathaway
Horizons Ventures, Seedcamp, Jupiter Asset Management, Mountain

Germany
Partners, LGT Group Stiftung, Victory Park Capital, EDBI
Didi Chuxing China

Netherlands
Spark Capital, Victory Park Capital, SoftBank Group United States
WestCap Group, Adit Ventures, Honeycomb Asset Management, SoftBank

Sweden
Group
Boston Capital Ventures, Skywalker Ventures, UOB Venture Management,

China
Matrix Partners China, Yunfeng Capital, HighLight Capital, Keywise Capital
GE Healthcare, Lightrock, Ally Bridge Group, Cambridge Innovation Capital,

United Kingdom
RPMI Railpen, Watrium, Chimera
Sequoia Capital, RRE Ventures, Novo Holdings, Temasek, Samsung Ventures,

United States
Silver Lake, Oak HC/FT Partners
SoftBank Group, Novo Holdings, Farallon Capital Management, Casdin

United Kingdom
Capital, GT Healthcare Capital Partners, Mubadala Investment Company
Accel, Index Ventures, Creandum, Fidelity Investments, CPP Investments,

Sweden
Project A Ventures, Ontario Teachers' Pension Plan
New Enterprise Associates, Heritage Group, Oak HC/FT Partners, Town Hall
United States
Ventures, Ziegler
Baillie Gifford & Co., Durable Capital Partners, Whale Rock Capital
United States
Management, T. Rowe Price
Insight Partners, General Atlantic, Vintage Investment Partners, Geodesic

Israel
Capital, CyberStarts, Artisanal Ventures, SYN Ventures
Technology Crossover Ventures, Blumberg Capital, Citi Ventures, American

Canada
Express Ventures, Mouro Capital
Founders Fund, Thiel Capital, Richard Li, Louis Bacon, Galaxy Digital, Alan
Cayman Islands
Howard, Christian Angermayer
Bessemer Venture Partners, Sequoia Capital, Scale Venture Partners, Tiger

Global Management, Adage Capital Management, March Capital Partners, United States
Salesforce Ventures
CVC Capital Partners Switzerland
Walden International, Google Ventures, Intel Capital, GIC, Temasek Holdings,

United States
BlackRock, SoftBank Group
Warburg Pincus, Sony Innovation Fund, OMERS, BlackRock, SoftBank Group Singapore
Legend Capital, BOE Technology Group, ZWC Partners, HuangPu River
China
Capital, CICC Jiacheng Investment, Will Semiconductor, Zhongyuan Capital
Founders Fund, Lux Capital, General Catalyst, Valor Equity Partners,

United States
Andreessen Horowitz, Elad Gil, 8VC
Founders Fund, Tiger Global Management, Index Ventures, Y Combinator,

Wellington Management, Greenoaks Capital Management, Dragoneer United States
Investment Group

South America
Asset & Financial

Europe Management &
Trading
Internet Software &

Services

South America

Europe
Asia Internet E-commerce Marketplace
Internet Software &

Services
North America Internet E-commerce N/A
Internet Software &

Services
Asia Internet E-commerce B2B Commerce
Medical Devices &

Europe Healthcare Surgical Devices
Equipment

North America Health & Wellness
Europe Healthcare Drug Discovery N/A

Europe Healthcare
Internet Software &

North America Internet Healthcare
Services
Mobile &
North America Mobile Commerce Pharmacies
Telecommunications
Software (non-
Asia Security Software N/A
internet/mobile)
Internet Software & Monitoring &

Services Security

Services Security

Services Security
Computer
Data Storage &
Europe Hardware & IT Services
Security
Services
Software (non-
North America Analytics & Performance N/A
Internet Software &

Asia Internet Retail & Inventory
Services
Internet Software & Scientific,
Asia Internet
Services Engineering
Aerospace &
North America Industrial N/A
Defense
Internet Software &

North America Internet Testing
Services
US: Annual deals & dollars
10,96
$10,800B 10,517
$10,350B 10,175
9,919
$9,900B 9,690
$9,450B $133.
$9,000B
$8,550B 8,358
$8,100B
$7,650B 7,324
$7,200B $99.1B
$6,750B 6,322
$6,300B $86.8B
$5,850B
$5,400B $74.6B
$4,950B $68.7B
$4,500B
$4,050B
$3,600B
$3,150B $41.6B $42.3B
$37.7B
$2,700B
$2,250B
$1,800B
$1,350B
$900B
$450B
$0B
2011 2012 2013 2014 2015 2016 2017 201
2011 2012 2013 2014 2015

Deal Count 6322 7324 8358 9919 10175
US: Quarterly deals & dollars

$70,000B
$67,200B
$64,400B
$61,600B 2,893
$58,800B 2,791 2,773 2,794
2,707 2,734 2,690
$56,000B 2,662
2,602
$53,200B 2,546 2,547
2,402 2,442
$50,400B 2,
$47,600B
2,181 $43.8B
$44,800B
$67,200B
$64,400B
$61,600B 2,893
$58,800B 2,791 2,773 2,794
2,707 2,734 2,690
$56,000B 2,662
2,602
$53,200B 2,546 2,547
2,402 2,442
$50,400B 2,
$47,600B
2,181 $43.8B
$44,800B
$42,000B
$39,200B
$36,400B $34.9B
$33.8B $33.8B $33.0B
$33,600B
$30,800B $29.7B
$28.4B $2
$28,000B $25.1B $24.1B
$26.3B
$25,200B
$22,400B $20.7B $20.2B
$19,600B $17.3B $17.4B
$16,800B
$14,000B
$11,200B
$8,400B
$5,600B
$2,800B
$0B
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Deal Count 2402 2442 2181 2662 2602
US: Quarterly % share of deals with CVC participation
84% 83% 84% 84% 83% 83% 83% 81% 81% 81% 83% 82% 83
84% 85% 84%
84% 83% 84% 84% 83% 83% 83% 81% 81% 81% 83% 82% 83
84% 85% 84%
16% 17% 16% 16% 17% 17% 17% 19% 19% 19% 17% 18% 17
16% 15% 16%
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
CVC Participation 16% 17% 16% 15% 16%
Other 84% 83% 84% 85% 84%
US: Quarterly % share of foreign investor participation
8% 9% 11% 10%
14% 12% 12% 12% 14% 14% 14%
16% 16% 15% 15%
21%
16% 16% 13%
13% 17% 18%
12% 20% 19% 16%
14% 14% 18% 18%
22%
17%
32% 30% 34% 23%

28% 26%
33% 27% 35% 26% 24%
31% 18% 15%
34% 30%
12% 14%
12% 12% 13% 13% 16%
14% 7% 11% 15%
15%
9%
9% 13% 15%
33% 35% 34%

30% 32% 32% 31% 31% 32%
27% 28% 29% 28% 29%
24% 23%
12% 14%
12% 12% 13% 13% 16%
14% 7% 11% 15%
15%
9%
9% 13% 15%
33% 35% 34%

30% 32% 32% 31% 31% 32%
27% 28% 29% 28% 29%
24% 23%
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
United Kingdom 33% 27% 30% 32% 28%
Canada 12% 9% 14% 7% 15%
China 28% 34% 32% 33% 27%
Japan 13% 14% 16% 17% 14%
Israel 14% 16% 8% 12% 16%
10,965 $160.0B
10,517 10,603
$149.3B
0 9,734 $138.9B
$140.0B
$133.4B
$128.4B
$120.0B
$99.1B
$100.0B
5,531 deals
6B $80.0B
$60.0B
$40.0B
$20.0B
$.0B
6 2017 2018 2019 2020 2021 YTD
2016 2017 2018 2019 2020 2021 YTD

9690 10517 10965 10603 9734 5531
$74.6B $99.1B $133.4B $128.4B $149.3B $138.9B
$70.4B
$68.5B 3500
3000
2,773 2,794 2,816
2,690 2,715 deals
47 2,498 2,505
2,469
2500
2,346 $47.0B
2,262
.8B
3000
2,773 2,794 2,816
2,690 2,715 deals
47 2,498 2,505
2,469
2500
2,346 $47.0B
2,262
.8B
$39.0B 2000
$33.8B $33.8B $33.0B

$32.3B
$31.0B
$27.7B 1500
1000
500
0
4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2707 2546 2734 2893 2791 2547 2690 2773
$25.1B $24.1B $26.3B $28.4B $34.9B $43.8B $33.8B $33.8B
participation
81% 81% 81% 78%76% Other

83% 82% 83% 82% 81%
81% 81% 81% 78%76% Other
83% 82% 83% 82% 81%
24% CVC participation

22%
19% 19% 17% 18% 17% 19% 18% 19%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
16% 16% 17% 17% 17% 19% 19% 19%
84% 84% 83% 83% 83% 81% 81% 81%
participation
10% 11%
14% 13% 14%
% 14% 17%14% Israel
21%
12%
18% 11%
16% 15%
% 12%15% Japan
22%
17%
27% 27%
20% 18% Canada
19%
26% 23%
%
18% 15%
15% 13% 16%18% China

12% 14% 13%
% 13% 16%
35% 36% 35% 36% 36%

% 32% 34% 34% United Kingdom
29%
15% 13% 16%18% China
12% 14% 13%
% 13% 16%
35% 36% 35% 36% 36%

% 32% 34% 34% United Kingdom
29%
1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
24% 32% 31% 23% 29% 28% 31% 32%
13% 12% 11% 15% 9% 15% 13% 13%
30% 30% 34% 35% 31% 26% 24% 18%
18% 16% 13% 12% 20% 19% 18% 22%
15% 9% 11% 15% 12% 12% 14% 14%
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2794 2346 2469 2262 2498 2505 2816 2715
$33.0B $27.7B $32.3B $31.0B $39.0B $47.0B $68.5B $70.4B
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
17% 18% 17% 19% 18% 19% 22% 24%
83% 82% 83% 81% 82% 81% 78% 76%
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
29% 35% 34% 36% 35% 36% 36% 34%
16% 12% 14% 15% 13% 13% 16% 18%
26% 15% 23% 20% 27% 27% 19% 18%
18% 17% 16% 15% 11% 12% 12% 15%
10% 21% 14% 13% 14% 11% 17% 14%
US: Top 10 deals in Q2'21
Round
Company Round Name
Amount
5 Relativity Space $650M Series E
6 Kajabi $550M Private Equity
8 Better.com $500M Series E
10 Circle $440M Series F

Select Investors City

Cary

Irving
Spark Capital, Victory Park Capital, SoftBank Group Boston

Palo Alto
Mark Cuban, Tiger Global Management, Fidelity Investments, Jared Leto,

Inglewood
Spencer Rascoff, Brad Buss, Coatue Management
Meritech Capital Partners, Tiger Global Management, TPG Capital, Tidemark,

Irvine
Owl Rock Capital Partners

New York
SoftBank Group New York

Irvine
Fidelity Investments, Valor Capital Group, Breyer Capital, Digital Currency

Boston
Group, Atlas Merchant Capital, Willett Advisors, Pillar
Software (non-
North Carolina Gaming N/A
internet/mobile)
Texas Healthcare Biotechnology N/A
Massachusetts Internet E-commerce N/A
Software (non-
California Analytics & Performance N/A
Aerospace &
Defense

California Internet Services Training

New York Health & Wellness

New York Internet
Services Finance
Aerospace &
Defense

Massachusetts Internet
Services Finance
US: Annual median valuation per round
$10000M
$1000M
$298M
$158M
$105M
$100M
$64M
$25M
$9M
$10M
$1M
2015 2016 2017 2018 2019
2015 2016 2017 2018 2019 2020 2021 YTD

Seed / Angel $9M $9M $10M $10M $12M $10M $12M
Series A $25M $26M $30M $37M $39M $33M $42M
Series B $64M $59M $71M $84M $100M $100M $124M
Series C $105M $115M $128M $168M $171M $230M $258M
Series D $158M $155M $218M $273M $272M $424M $485M
Series E+ $298M $229M $342M $415M $760M $1200M $1544M
US: Annual average valuation per round

$10000M
$10000M
$2,035M
$1000M
$306M
$192M
$116M
$100M
$37M
$13M
$10M
2015 2016 2017 2018 2019
2015 2016 2017 2018 2019 2020 2021

Seed / Angel $13M $13M $13M $15M $19M $15M $20M
Series A $37M $41M $50M $71M $71M $53M $77M
Series B $116M $90M $104M $126M $182M $167M $219M
Series C $192M $187M $205M $280M $287M $467M $530M
Series D $306M $347M $473M $515M $606M $692M $803M
Series E+ $2035M $1255M $2042M $2127M $2299M $3225M $3912M
$1,544M Series E+
$1,200M
$424M
$485M Series D
$230M $258M Series C
$124M Series B
$100M
$42M Series A
$33M
$12M Seed / Angel

$10M
8 2019 2020 2021 YTD
$3,912M Series E+
$3,225M
$3,912M Series E+
$3,225M
$803M Series D
$692M
$530M Series C
$467M
$219M Series B
$167M
$77M Series A
$53M
$20M Seed / Angel

$15M
18 2019 2020 2021

Silicon Valley: Quarterly deals & dollars
$26.0B
$25,350B
$24,375B 727
711 703
$23,400B 687
$22,425B 661 670
644 648
$21,450B 622 622
$20,475B 601 610 610
$19,500B
$18,525B 547
$17,550B
$16,575B $16.0B
$15,600B $15.0B
$14,625B $13.7B
$13,650B $12.7B $13.0B
$12,675B
$11.5B
$11,700B $10.6B
$10,725B $1
$9,750B $9.1B
$8,775B
$7.6B $7.5B $7.3B
$7,800B
$6,825B $6.2B
$5,850B
$4,875B $4.5B
$3,900B
$2,925B
$1,950B
$975B
$0B
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Deal Count 601 661 547 711 644
Silicon Valley: Quarterly deal share by stage
12% 10% 12% 9% 12% 11% 11% 10% 9% 9% 11% 10

14% 13% 14% 16%
5% 8% 8%
9% 10% 8% 9
8% 5% 8% 10% 9% 10% 11%
8%
9%
18% 16%
17% 13% 17% 18%
10% 12% 9% 11% 11% 10% 9% 9% 11% 10
12% 14% 13% 14% 12%
16%
5% 8% 8%
9% 10% 8% 9
8% 5% 8% 10% 9% 10% 11%
8%
9%
18% 16%
13% 18%
17% 17%
21% 20% 19% 23% 21% 24
19% 19% 19%
22%
67% 64% 67% 67% 64% 65%

59% 60% 59% 59% 60% 59% 57% 60% 58
54%
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Early-stage 59% 67% 64% 67% 60%
Mid-stage 21% 18% 17% 13% 19%
Late-stage 8% 5% 5% 8% 10%
Other 12% 10% 14% 13% 12%
LA: Quarterly deals & dollars

$6,000B
$5,700B
219 218
$5,400B 215 212
209 210
204
$5,100B 197
193
$4,800B
183
$4,500B 175
169
$4,200B
$3,900B
143
$3,600B
$3,300B 130
204
$5,100B 197
193
$4,800B
183
$4,500B 175
169
$4,200B
$3,900B
143
$3,600B
$3,300B 130
$3,000B $2.9B
$2.6B $2.6B
$2,700B
$2.3B $2.4B
$2,400B $2.3B
$2.2B
$2,100B $1.8B $1.9B $
$1.7B
$1,800B
$1,500B $1.4B
$1.3B $1.2B
$1,200B $1.1B
$900B
$600B
$300B
$0B
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Deal Count 193 143 130 169 197
LA: Quarterly deal share by stage
22% 22% 22% 21% 23% 20% 22%

25% 26% 24%
27% 28% 29% 28
34% 31%
7% 6%
6% 8% 6%
9% 7% 8%
6% 8% 9%
8% 11% 8% 13% 8
14% 11% 10% 15%
7% 14% 11%
15% 11% 11%
14% 11
9% 10% 14%
11%
64%
58% 59% 60%
56% 56% 55% 57% 56%
54% 53
50% 51% 51% 49%
14%
9% 10% 14%
11%
64%
58% 59% 60%
56% 56% 55% 57% 56%
54% 53
50% 51% 51% 49% 47%
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Early-stage 50% 64% 54% 56% 56%
Mid-stage 9% 8% 15% 14% 11%
Late-stage 7% 6% 9% 8% 6%
Other 34% 22% 22% 22% 27%
Seattle: Quarterly deals & dollars

$1,650B
$1,575B
$1,500B
102
$1,425B
97
$1,350B
$1,275B 90 90
84 $1178M 84
$1,200B 83 82
$1,125B 80 79
73 $
$1,050B
$975B 67 66
$900B 63
$812M
$825B $786M
$755M
$750B $712M $724M
$675B
$596M
$600B $545M
$525B
$450B $424M $408M
$398M
$371M $370M
$375B $342M
$300B
$225B
$150B
$75B
$0B
$525B
$450B $424M $408M
$398M
$371M $370M
$375B $342M
$300B
$225B
$150B
$75B
$0B
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Deal Count 63 73 83 84 80
Deal Value ($ B) $342M $398M $424M $371M $596M
Seattle: Quarterly deal share by stage
16%
19% 20% 19% 20%
25% 23% 24% 25% 24% 23
27%
32% 31% 31%
37%
8%
6% 5% 8%
4% 7%
5% 8% 6% 7
6% 8% 11%
7% 12% 10%
3% 4% 18%
7% 17% 12
16% 13% 4% 10% 19%
14% 11% 9%
14% 6%
68% 68% 66% 63%

56% 55% 57% 55% 58
54% 52% 54% 54% 54% 51%
48%
2016 2017 2018 2019
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Early-stage 54% 52% 54% 68% 56%
Mid-stage 16% 14% 11% 6% 13%
Late-stage 5% 3% 4% 4% 8%
Other 25% 32% 31% 23% 24%
.0B
$25.2B 800
711
$23.7B
687 700
648
628 638 deals
622
10 604
580 600
549
527
500
$13.7B $13.9B
$13.3B $13.5B
$12.7B $13.0B
$12.3B 400
$10.2B
300
200
100
0
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
670 610 727 703 622 610 622 648
$7.3B $9.1B $11.5B $10.6B $15.0B $26.0B $12.7B $13.7B
ge
10% 9% 9% 11% 10% 12% 13% 11%9% Other

15%
9% 10% 8% 9%
8%
9% 12% Late-stage
9% 13%
11%
17% 18%
10% 9% 9% 11% 10% 12% 13% 11%9% Other
15%
9% 10% 8% 9%
8%
9% 12% Late-stage
9% 13%
11%
18%
17%
23% 21% 24% 18%
22% 19%
21% 27% Mid stage
64% 65%
60% 60%
57% 58% 57% 58%
54% 51% Early-stage
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
67% 59% 59% 60% 59% 54% 64% 57%
16% 19% 20% 19% 19% 22% 17% 23%
8% 8% 9% 10% 11% 9% 9% 10%
9% 14% 12% 11% 11% 16% 10% 9%
$6.0B 250
12 216 deals
210 207 208
195 195 200
183
175 175
$4.2B
160
$3.6B
150
$3.1B
$3.0B
195 195 200
183
175 175
$4.2B
160
$3.6B
150
$3.1B
$2.9B $3.0B
$2.6B
3B $2.4B
100
$1.9B
$1.3B
50
0
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
204 209 219 215 218 212 183 175
$1.7B $1.4B $2.3B $2.2B $1.9B $2.3B $2.6B $2.4B
23% 20% 22% 22% 21%18% Other

28% 26%
31% 30%
6%
6%
10% Late-stage
7%
6%
8%
7%
13% 8% 11%
12%
11% 10% 15% 11% 14% Mid-stage
13%
11%
11% 12%
60% 60% 61%

57% 56% 54%
57% Early-stage
53%
11% 12%
60% 60% 61%

57% 56% 54%
57% Early-stage
53%
47% 47%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
55% 51% 51% 58% 59% 49% 57% 47%
11% 10% 14% 14% 11% 14% 11% 11%
8% 11% 9% 7% 7% 8% 8% 10%
25% 28% 26% 21% 24% 29% 23% 31%
120
$1574M
$1519M
102
100
90 $1235M
$1177M 85 deals
79 80 79
80
$1026M 74
$991M
69 68
66
62
60
$755M
$712M $724M
45M
40
$454M
20
0
$454M
20
0
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
90 82 67 97 84 66 102 79
$786M $408M $370M $1178M $812M $545M $712M $755M
16%
19% 20% 20%
24% 23% 24% 22%
26% 27% Other
8%
8% 7%
7% 11% 6%
6% 7%
11% 6% 4% Late-stage
10%
17% 12%
15% 19%
19% 15% 18% 18% Mid-stage
66% 63%
55% 58%
51% 53% 54% 51% 53%
52% Early-stage
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
48% 54% 55% 54% 57% 68% 66% 51%
14% 6% 10% 9% 18% 8% 11% 19%
7% 4% 7% 12% 6% 5% 8% 6%
31% 37% 27% 25% 19% 20% 16% 24%
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
687 527 604 549 628 580 711 638
$13.0B $10.2B $13.3B $12.3B $13.5B $13.9B $25.2B $23.7B
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
65% 60% 58% 54% 60% 57% 58% 51%
18% 21% 24% 21% 18% 22% 19% 27%
8% 8% 9% 11% 9% 9% 13% 12%
9% 11% 10% 15% 12% 13% 11% 9%
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
210 175 195 160 207 208 195 216
$2.9B $1.9B $3.0B $1.3B $4.2B $3.1B $3.6B $6.0B
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
60% 56% 53% 54% 60% 47% 61% 57%
13% 15% 11% 13% 12% 12% 11% 14%
6% 6% 8% 7% 6% 11% 7% 10%
20% 22% 28% 26% 22% 30% 21% 18%
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
90 69 74 62 80 68 79 85
$724M $1026M $454M $1235M $1177M $991M $1519M $1574M
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
63% 55% 58% 53% 54% 51% 53% 52%
10% 17% 12% 15% 15% 18% 19% 18%
8% 7% 7% 6% 11% 7% 6% 4%
19% 20% 23% 26% 20% 24% 22% 27%
Silicon Valley: Top 5 deals in Q2'21
Round
Company Round Name
Amount
2 Plaid Technologies $425M Series D
2 Brex $425M Series D
Corporate Minority -
4 Stripe $350M
II
5 Scale AI $325M Series E
LA: Top 5 deals in Q2'21
Round
Company Round Name
Amount
1 Relativity Space $650M Series E
2 Kajabi $550M Private Equity

4 SpaceX $310M Series K - IV
5 Age of Learning $300M Private Equity
Seattle: Top 5 deals in Q2'21
Round
Company Round Name
Amount
1 Umoja Biopharma $210M Series B
2 Outreach $200M Series G
3 Flyhomes $150M Series C
4 Stackline $130M Series B
5 Icosavax $100M Series B


Palo Alto
New Enterprise Associates, Kleiner Perkins Caufield & Byers, Spark Capital,
San Francisco
Index Ventures, Andreessen Horowitz, Silver Lake, Thrive Capital
Lone Pine Capital, Tiger Global Management, Y Combinator, Technology

San Francisco
Crossover Ventures, Madrone Capital Partners, DST Global, GIC
Shopify San Francisco
Founders Fund, Tiger Global Management, Index Ventures, Y Combinator,

Wellington Management, Greenoaks Capital Management, Dragoneer San Francisco
Investment Group
Mark Cuban, Tiger Global Management, Fidelity Investments, Jared Leto,

Inglewood
Spencer Rascoff, Brad Buss, Coatue Management
Meritech Capital Partners, Tiger Global Management, TPG Capital, Tidemark,

Irvine
Owl Rock Capital Partners
Irvine
Charter Life Sciences, Gigafund, Future Ventures Hawthorne
Qatar Investment Authority, Madrone Capital Partners, TPG Capital Glendale
MPM Capital, Qiming Venture Partners, Temasek, Data Collective, Casdin

Seattle
Capital, Emerson Collective, Cormorant Asset Management
Mayfield Fund, Sequoia Capital, Lone Pine Capital, Trinity Ventures, Tiger
Seattle
Global Management, DFJ Growth Fund, Vista Equity Partners
Norwest Venture Partners, Battery Ventures, Andreessen Horowitz, Balyasny

Seattle
Asset Management, Camber Creek, Spencer Rascoff, Fifth Wall Ventures
TA Associates Seattle
Adams Street Partners, +ND Capital, Qiming Venture Partners, Perceptive

Advisors, RA Capital Management, Viking Global Investors, Omega Fund Seattle
Management
Sector Industry Subindustry
Software (non-
Analytics & Performance N/A

Internet
Services Finance
Internet Software &

Internet Payments
Services
Internet Software &

Internet Payments
Services
Internet Software &

Internet Testing
Services
Aerospace &
Industrial N/A
Defense

Internet
Services Training
Aerospace &
Industrial N/A
Defense
Aerospace &
Industrial N/A
Defense

Internet
Services Training
Pharmaceuticals /
Healthcare N/A
Drugs
Internet Software &
Internet Analytics & Performance
Services Mgmt
Internet Software &

Internet Real Estate
Services
Internet Software & Application & Data

Internet
Services Integration
Healthcare Biotechnology N/A

Denver: Quarterly deals & dollars
$1,350B
$1,275B
$1,200B 102
99
$1,125B 96
$1,050B 91 91
87
$975B 81 81
83
$888M
$900B 76 77 76
74
$825B
65
$750B $6
$675B
$600B $556M $544M
$534M
$525B
$450B $400M $414M
$377M
$375B $350M
$288M $294M
$300B $261M
$229M
$225B $169M $177M
$150B
$75B
$0B
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Deal Count 74 76 65 102 91
Denver: Quarterly deal share by stage
16% 18% 15%

20% 23%
25% 25% 25% 24%
29% 29%
32% 32%
35% 35% 7%
8% 4%
6% 45
16% 18% 15%
20%
25% 25% 25% 23% 24%
29% 29%
32% 32%
35% 35% 7%
8% 4%
6% 45
14% 9% 12%
9% 9% 11% 3% 14%
10% 14% 18%
8% 5%
4% 9%
9% 6% 14%
12% 8%
7% 3% 12%
10% 7% 12%
4
12
64% 66%
57% 57% 60% 58% 59%
54% 55% 57% 54%
52% 51% 52% 50%
39
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Early-stage 54% 57% 57% 55% 52%
Mid-stage 7% 9% 3% 12% 10%
Late-stage 4% 9% 8% 9% 10%
Other 35% 25% 32% 25% 29%
Chicago: Quarterly deals & dollars

$2,100B
84 85
$1,950B 81 80
77
$1,800B 73
71 72
$1,650B 67
65 66
64
$1,500B 60
$1,350B 56
$1,200B
72 73
71
$1,650B 67
65 66
64
$1,500B 60
$1,350B 56
$1,200B
$1,050B
$916M
$900B
$751M $728M
$750B
$583M $610M $563M $568M
$600B $531M
$502M
$436M $463M
$424M
$450B
$347M $3
$300B $252M
$150B
$0B
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Deal Count 65 64 56 66 81
Chicago: Quarterly deal share by stage
20% 20% 21% 22% 23

27% 27% 26% 27%
30% 31% 30%
34% 33% 35% 33%
8% 11% 7% 4%
7
4%
9% 9% 3%
15% 9% 8% 13% 16%
3% 17% 12% 11% 13
10% 8%
6% 7% 14%
12% 19%
3%
14%
11% 13%
15%
12%
61% 58% 58% 58%

57% 55% 57% 55% 57
52%
12% 19%
3%
14%
11% 13%
15%
12%
61% 58% 58% 58%

57% 55% 57% 55% 57
52%
48% 46% 48%
45%
42% 41%
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Early-stage 57% 55% 57% 55% 48%
Mid-stage 6% 17% 7% 3% 14%
Late-stage 3% 8% 9% 15% 9%
Other 34% 20% 27% 27% 30%
Dallas: Quarterly deals & dollars

$1,200B
$1,125B
$1,050B
48
$975B 46
45
$900B
$825B 40
39 39
38
$750B 36
35 35
33 33
$675B
$600B 29 $586M
28
$525B
$450B $406M
$375B
$315M
$300B $277M
$225B $178M $184M

$158M $169M
$144M $137M $1
$150B $122M
$76M $90M
$63M
$75B
$0B
$375B
$315M
$300B $277M
$225B $178M $184M

$158M $169M
$144M $137M $1
$150B $122M
$76M $90M
$63M
$75B
$0B
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Deal Count 36 48 35 33 29
Dallas: Quarterly deal share by stage
34% 34% 36% 33% 34

40% 38%
42% 42%
46% 48%
50% 51% 50% 53%
63%
3%
11% 7
6%
10%
21% 18% 10
14%
15% 18% 11%
15% 8% 4%
8% 0% 8%
3% 15% 8%
3% 9%
6% 2% 11% 3%
5%
6% 11%
11%
57%
5% 49
46% 44% 44%
39% 41%
36% 38% 38% 37%
34% 35%
30% 29%
21%
2016 2017 2018 2019
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Early-stage 36% 38% 57% 39% 41%
Mid-stage 6% 2% 6% 3% 3%
Late-stage 8% 15% 3% 15% 21%
Other 50% 46% 34% 42% 34%
Austin: Quarterly deals & dollars

$1,875B
$1,800B
$1,725B 81
$1,650B 75
$1,575B 73 73
71
$1,500B
$1,425B 67 66 65
$1,350B 61
$1,275B 58 59
$1,200B
$1,125B 52
$1,050B 49
$975B 45
$900B $847M
$825B
$750B
$675B $619M $594M
$600B $571M
$525B $456M
$450B $366M $383M
$359M $336M $3
$375B
$300B $270M $274M
$214M
$225B $171M
$142M
$150B
$75B
$0B
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Deal Count 58 45 52 49 71
Austin: Quarterly deal share by stage
15% 18%
22% 22% 21% 21%
27% 27% 24% 26% 25
29% 30% 27%
31% 34%
1%
12%
5%
7% 7%
13% 5% 7
6% 8% 11% 10% 22%
7% 7% 12%
4% 10% 15% 3%
16% 6% 16% 17% 18
12% 12% 17%
18%
20%
3% 12%
63% 64%
59% 60% 60% 59%
55% 52%
51% 49% 51% 48% 51
44% 46% 45%
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Early-stage 55% 44% 63% 59% 46%
Mid-stage 16% 20% 4% 6% 18%
Late-stage 7% 7% 6% 8% 11%
Other 22% 29% 27% 27% 24%
120
$1216M
99
100
91
87 $999M
$972M
3 $927M 81
$888M
80
75 deals
66 67 67
$688M 62 62
60
$544M
40
7M
$350M $336M
$311M
20
0
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
77 81 81 76 96 83 87 99
$229M $261M $400M $414M $556M $377M $350M $544M
15%
23% 24% 23% 23%
29% 28% 27% Other
34%
7%
45% 2%
15%
23% 24% 23% 23%
29% 28% 27% Other
7% 34%
45% 2%
9% 12% 11%
3% 14% 11%
9% 9% Late-stage
9% 6%
14%
12% 21%
4% 19% 19% Mid-stage
15%
12%
66% 65%
59%
54%
50%
45% 44% 45% Early-stage
45%
39%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
51% 52% 60% 57% 58% 64% 59% 54%
12% 7% 14% 8% 18% 14% 9% 14%
5% 6% 6% 11% 8% 4% 3% 9%
32% 35% 20% 25% 16% 18% 29% 23%
90
$1955M
80
77 78 80
76
72 73
68 70
65 deals
63
61
$1330M 60
54
$1083M$1057M 50
72 73
68 70
65 deals
63
61
$1330M 60
54
$1083M$1057M 50
40
30
10M
$563M $568M
$500M
$463M
$401M 20
$321M
10
0
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
71 67 84 60 85 72 77 73
$751M $531M $424M $728M $583M $610M $563M $568M
22% 23% 24%22% Other

31% 30% 29%
33% 33% 36%
4%
7%
14% Late-stage
3% 7%
16% 18%
11% 13% 6%
14% 8%
19% 10%
15% Mid-stage
13% 17%
11% 15%
12%
58% 57%
53%
49% Early-stage
19% 15% Mid-stage
13% 17%
11% 15%
12%
58% 57%
53%
45%
48% 46%
49% Early-stage
41% 44% 42%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
61% 58% 58% 42% 52% 46% 58% 41%
8% 13% 12% 15% 12% 11% 16% 12%
11% 7% 4% 10% 9% 8% 4% 14%
20% 21% 26% 33% 27% 35% 22% 33%
60
$1093M
50
46
45 45
43
42
41
40
9 40
38
$740M
31 31 deals
$586M 30
$498M
$445M
20
$331M
$277M
$240M
10
2M $137M $138M
0
$331M
$277M
$240M
10
2M $137M $138M
0
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
28 38 35 33 39 39 46 45
$90M $169M $144M $184M $63M $122M $586M $277M
24%23% Other
33% 34%
42% 42% 45%
50% 53%
56% 13% Late-stage
13%
11% 7%
3% 13% Mid-stage
10% 16%
18% 11% 10% 12%

4%
8% 2%
9%
5%
5% 14%
11%
49% 52% Early-stage

44% 45% 47%
37% 35% 37%
29% 29%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
46% 21% 34% 30% 38% 44% 37% 29%
0% 5% 11% 6% 3% 8% 9% 11%
18% 11% 14% 15% 8% 10% 4% 18%
36% 63% 40% 48% 51% 38% 50% 42%
90
$1784M
80
75
73 73
70
70
65 64
9 60 deals
57 58 60
55
50
$847M
40
$722M
$594M $577M 30
$496M
$383M $403M
$344M 20
$341M
4M
10
0
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
67 61 73 81 66 59 75 65
$336M $270M $619M $456M $571M $274M $847M $383M
21% 21%
18% 20% 18% Other
26% 25% 26% 25% 26%
1%
5%
4% 8% Late-stage
13% 5% 7% 7%
10% 22% 11% 7%
14%
17% Mid-stage
17% 11%
18% 16%
17%
11%
64% 65%
59% 57% Early-stage
56%
52% 51% 52% 50%
48%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
51% 49% 60% 60% 45% 51% 48% 52%
12% 3% 12% 10% 12% 12% 17% 17%
7% 16% 12% 7% 15% 3% 13% 5%
30% 31% 15% 22% 27% 34% 21% 26%
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
91 66 67 62 67 81 62 75
$888M $688M $336M $927M $311M $999M $972M $1216M
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
66% 50% 39% 65% 45% 44% 45% 45%
12% 12% 12% 11% 15% 19% 21% 19%
7% 14% 4% 2% 6% 9% 11% 9%
15% 24% 45% 23% 34% 28% 23% 27%
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
80 63 61 54 68 76 78 65
$463M $321M $500M $401M $1083M $1057M $1330M $1955M
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
45% 48% 57% 44% 53% 46% 42% 49%
13% 19% 13% 17% 10% 11% 15% 15%
11% 3% 7% 6% 7% 8% 18% 14%
31% 30% 23% 33% 29% 36% 24% 22%
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
40 45 41 31 43 42 38 31
$137M $138M $740M $240M $498M $445M $331M $1093M
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
35% 44% 49% 45% 37% 29% 47% 52%
5% 11% 10% 10% 5% 14% 16% 13%
8% 11% 7% 3% 2% 12% 13% 13%
53% 33% 34% 42% 56% 45% 24% 23%
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
73 73 57 58 55 64 70 60
$594M $341M $496M $344M $403M $722M $577M $1784M
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
64% 59% 51% 52% 65% 50% 56% 57%
10% 22% 18% 16% 11% 11% 11% 17%
5% 1% 7% 7% 4% 14% 7% 8%
21% 18% 25% 26% 20% 25% 26% 18%
Denver: Top 5 deals in Q2'21
Round
Company Round Name
Amount
1 Guild Education $150M Series E
2 Solid Power $130M Series B
3 Crusoe Energy Systems $128M Series B
4 Automox $110M Series C
5 Inscripta $100M Series E - II
5 Velocity Global $100M Private Equity
Chicago: Top 5 deals in Q2'21
Round
Company Round Name
Amount
1 ActiveCampaign $240M Series C

2 Project44 $202M Series E
3 ShipBob $200M Series E
3 Clearcover $200M Series D
5 G2 $157M Series D
Dallas: Top 5 deals in Q2'21
Round
Company Round Name
Amount
2 AEG Vision $115M Unattributed - III
3 Alto $45M Series B
4 The Citizenry $20M Series B
5 ANSR Consulting $15M Series B

Austin: Top 5 deals in Q2'21
Round
Company Round Name
Amount
1 Workrise $300M Series E
1 Arrive Logistics $300M Private Equity
3 The Zebra $150M Series D
4 Homeward $136M Series B - II
5 Brinqa $110M Unattributed VC

Bessemer Venture Partners, Redpoint Ventures, General Catalyst, Harrison

Denver
Metal, Cowboy Ventures, ICONIQ Capital, Emerson Collective
Volta Energy Technologies, Ford Motor Company, BMW Group Louisville
Founders Fund, Bain Capital Ventures, Valor Equity Partners, Winklevoss

Denver
Capital, KCK, EXOR, JB Straubel
Insight Partners, TechOperators, Koch Disruptive Technologies, Blackstone Boulder
Fidelity Investments, Foresite Capital, D1 Capital Partners, Durable Capital

Boulder
Partners, JS Capital, T. Rowe Price, Morgan Stanley
FFL Partners Denver
Tiger Global Management, Susquehanna Growth Equity, Dragoneer

Chicago
Investment Group, Silversmith Capital Partners
Insight Partners, Emergence Capital Partners, Chicago Ventures, Sapphire
Chicago
Ventures, Lineage Logistics, Sozo Ventures, 8VC
Menlo Ventures, Bain Capital Ventures, Hyde Park Angels, Hyde Park Venture
Chicago
Partners, Silicon Valley Bank, SoftBank Group
Cox Enterprises, OMERS Ventures, American Family Ventures, Eldridge Chicago
Accel, Emergence Capital Partners, Auren Hoffman, Permira, Thomas

Chicago
Lehrman, Institutional Venture Partners, Salesforce Ventures

Irving
Austin Ventures Dallas
Franklin Templeton, Tuesday Capital, Goff Capital, Green Park & Golf
Dallas
Ventures, Alumni Ventures Group, Senterra, Hope Ventures
Next World Evergreen Dallas
Sistema, Evolvence India Dallas

Founders Fund, Andreessen Horowitz, Franklin Templeton, 137 Ventures,

Austin
Baillie Gifford & Co., Bedrock Capital, Moore Strategic Ventures
Temasek, British Columbia Investment Management Corporation, Baupost

Austin
Group, ATL Partners
Accel, Weatherford Capital Management, Hedosophia Austin
Norwest Venture Partners, Adams Street Partners, Javelin, Breyer Capital,

Austin
LiveOak Venture Partners, Blackstone
Insight Partners Austin

Internet Software & HR & Workforce

Internet
Services Management

Electronics
Energy & Utilities N/A N/A
Internet Software & Content

Internet
Services Management
HR & Workforce
Software (non-
Management N/A
internet/mobile)
Software
Customer
Internet Software &
Internet Relationship
Services
Management
Internet Software & Supply Chain &
Internet
Services Logistics

Internet
Services Logistics

Payments
Internet Software & Information

Internet
Services Providers & Portals
Medical Facilities & Specialized

Healthcare
Services Healthcare Services
Mobile &
Mobile Commerce Travel (mobile)
Telecommunications
E-commerce
Internet E-commerce
enablement
Business Products Consulting & Management &

& Services Outsourcing Strategy Consulting
Collaboration &
Software (non-
Project Management N/A
internet/mobile)
Software
Automotive & Transportation Freight Forwarding

Transportation Services & Courier Services
Comparison
Internet E-commerce
Shopping
Internet Software &

Internet Real Estate
Services

Internet
Services Security
NY: Quarterly deals & dollars
$11,250B
$10,800B
$10,350B
$9,900B
414
$9,450B 402
$9,000B 385 391
375 371
$8,550B 356 360 364
$8,100B 346 340
335
$7,650B 317 316
$7,200B
$6,750B $6.5B
$6.2B $6.3B
$6,300B
$5,850B $5.5B
$5,400B $5.0B $4.9B
$4,950B $
$4,500B
$4,050B
$3.4B $3.5B $3.4B $3.4B
$3,600B
$3,150B $3.0B $2.9B
$2,700B $2.3B
$2,250B $2.1B
$1,800B
$1,350B
$900B
$450B
$0B
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Deal Count 317 335 316 356 360
NY: Quarterly deal share by stage
19% 17% 18% 17% 18% 17% 17% 18% 16% 18%
19% 22% 21% 19
24% 22%
5% 6% 8% 7% 8% 6%
7% 8% 8% 10% 10% 7
19% 17% 18% 17% 18% 17% 17% 18% 16% 18%
19% 22% 21% 22% 19
24%
5% 6% 8% 7% 8% 6%
7% 8% 8% 10% 10% 7
9% 10% 6%
8% 12% 11%
11% 12% 12% 12% 14% 16%
19% 12% 16
13% 15%
10% 12% 11%
64% 65% 63% 63% 65%

62% 62% 61% 59% 60%
57% 58% 58% 58% 57% 58
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Early-stage 57% 64% 58% 65% 63%
Mid-stage 19% 11% 10% 12% 12%
Late-stage 5% 7% 8% 6% 8%
Other 19% 19% 24% 17% 18%
Boston: Quarterly deals & dollars

$7,875B
$7,500B
$7,125B
$6,750B 204
199 197 198 200
$6,375B 196
192 192
$6,000B 181 183
$5,625B 168 165
164 163
$5,250B
$4,875B
$4,500B
$4,125B
$6,750B 204
199 197 198 200
$6,375B 196
192 192
$6,000B 181 183
$5,625B 168 165
164 163
$5,250B
$4,875B
$4,500B
$4,125B
$3,750B $3.6B
$3.3B
$3,375B $3.1B
$2.9B
$3,000B $2.7B $2.7B
$2.8B
$2.6B
$2,625B
$2.2B $2.1B $
$2,250B $2.1B
$1.9B
$1,875B $1.7B
$1.5B
$1,500B
$1,125B
$750B
$375B
$0B
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Deal Count 164 168 165 199 196
Boston: Quarterly deal share by stage
20% 19% 18% 20% 18%

24% 21% 24% 24% 24% 23% 23% 22% 23%
24% 25
11% 11% 10%

10% 11% 13% 7%
9% 8% 6% 8% 10% 11%
10% 12% 8
14% 19% 19%

15% 19% 20% 22% 16% 22% 15%
17%
18% 17% 22% 20% 20
55% 52% 53% 53%

50% 51% 50% 52% 50% 52%
18% 17% 22% 20% 20
55% 52% 53% 53%

50% 51% 50% 52% 50% 52%
48% 48% 47% 47% 47
44%
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Early-stage 50% 55% 52% 48% 51%
Mid-stage 17% 14% 15% 18% 19%
Late-stage 9% 10% 8% 10% 11%
Other 24% 21% 24% 24% 20%
DC: Quarterly deals & dollars

$4,500B
$4,275B
$4,050B 103 102
$3,825B
$3,600B
89 89 88 88
$3,375B 86 87
$3,150B 82 82
77 78
$2,925B 76
$2,700B
$2,475B
$2,250B 56
$2,025B
$1,800B
$1,575B
$1,350B
$1,125B $964M $920M
$900B $779M
$601M $606M $597M $657M
$675B $552M $553M $4
$469M $501M
$450B $361M
$236M $250M
$225B
$0B
$1,350B
$1,125B $964M $920M
$900B $779M
$601M $606M $597M $657M
$675B $552M $553M $4
$469M $501M
$450B $361M
$236M $250M
$225B
$0B
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Deal Count 76 86 87 103 82
DC: Quarterly deal share by stage
18% 20%
25% 24% 25% 22
28% 29% 28% 27% 27%
30% 30% 30%
34% 33%
11% 5%
7% 5% 10
11% 12% 5%
6% 8%
12% 7% 7%
9% 9% 9%
5% 6% 11%
14% 15
11% 13% 21%
8% 9% 6% 13% 14% 7%
9% 13%
63% 64%
55% 57%
53% 53% 52% 53% 55% 55% 53
51% 51% 51% 49%
48%
2016 2017 2018 2019
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Early-stage 53% 51% 63% 53% 52%
Mid-stage 8% 9% 7% 11% 9%
Late-stage 5% 12% 11% 11% 6%
Other 34% 28% 18% 25% 33%
Miami: Quarterly deals & dollars

$1,350B
$1,275B 46
$1,200B
41
$1,125B 40
39
$1,050B 37
$975B 34
33
$900B 32
31 31
$825B
28
$750B 27
26
$675B
$584M $574M
$600B 20
$524M
$525B $498M
$476M
$450B $416M
$375B $322M
$300B
$225B $173M
$125M $130M $1
$150B $100M
$86M $68M
$62M
$75B
$0B
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Deal Count 34 37 28 31 26
Miami: Quarterly deal share by stage
21%
29% 28%
34% 33% 35
38% 36% 39%
41% 39%
44% 43% 45% 3%
50% 48%
12%
13%
16% 5
15%
19% 8%
6% 11% 7% 12
23% 20%
0% 23% 4% 10% 20%
16%
11% 6% 3% 10% 15%
11%
5% 7% 5% 7%
3%
12% 64%
50% 53%
48% 49
41% 42%
38% 39% 39% 36% 35% 35% 34% 33%
27%
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Early-stage 50% 38% 39% 39% 27%
Mid-stage 0% 11% 11% 16% 12%
Late-stage 6% 11% 7% 16% 23%
Other 44% 41% 43% 29% 38%
Atlanta: Quarterly deals & dollars
$2,100B
$1,950B
59
$1,800B
54
$1,650B
48 49
$1,500B 47
44 45
43
$1,350B
38 37 37
$1,200B
35 35
$1,050B
$900B 27
$788M
$750B
$600B
$455M
$450B $380M $413M $387M
$344M
$289M $305M
$300B $221M
$167M $168M $155M $193M
$1
$150B $84M
$0B
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Deal Count 27 47 35 38 54
Atlanta: Quarterly deal share by stage
21% 19%
26% 25%
31% 31% 29% 30% 29% 28%
34% 33% 34
38%
43%
48% 6% 9%
7%
21% 19%
26% 25%
31% 31% 29% 30% 29% 28%
34% 33% 34
38%
43%
48% 6% 9%
7% 3%
6%
6%
19% 11% 14% 11% 9%
11% 6% 7
13% 22% 17% 20% 4%
11%
9% 8% 9
17%
13% 19% 11% 8%
5%
19%
9%
66%
59% 58% 59%
11% 56%
49% 51% 48% 50
39% 42% 41% 42%
37%
31%
22%
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Early-stage 22% 66% 31% 39% 37%
Mid-stage 11% 6% 9% 13% 19%
Late-stage 19% 6% 17% 13% 19%
Other 48% 21% 43% 34% 26%
Philadelphia: Quarterly deals & dollars

$1,950B
$1,800B
$1,650B
$1,500B
55 $1333M
$1,350B 52 53
50
$1,200B 48
45 46
$1,050B
39 38 39
37 36
$1,500B
55 $1333M
$1,350B 52 53
50
$1,200B 48
45 46
$1,050B
39 38 39
37 36
$900B
33
30
$750B
$600B
$444M
$450B $378M $373M $364M
$330M $335M $3
$300B $257M
$211M $220M $207M
$173M
$150B $120M $124M
$0B
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Deal Count 39 38 33 37 48
Philadelphia: Quarterly deal share by stage
24% 21% 23%

24%
29% 29% 30% 28% 28%
32%
36%
41% 40% 39% 39
42%
10% 9%
11% 11% 3%
8% 8%
10% 6% 10% 8% 6%
17% 4%
5% 6% 11% 4% 2% 4
8% 6% 10% 6% 11% 17%
10% 16%
8% 18
9%
11%
62% 61% 63%
58% 58% 59%
52% 54% 52%
50%
44% 47%
44% 41%
10% 16%
8% 18
9%
11%
62% 61% 63%
58% 58% 59%
52% 54% 52%
50%
44% 47%
44% 41% 39
31%
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Early-stage 44% 58% 52% 54% 44%
Mid-stage 8% 5% 6% 11% 10%
Late-stage 8% 8% 6% 11% 17%
Other 41% 29% 36% 24% 29%
Raleigh: Quarterly deals & dollars

$1,950B
45
$1,800B
40
$1,650B
$1,500B 36
34 $1404M
$1,350B 32
31 31
30 30 30
29
$1,200B 28
$1,050B 25
24
$900B
$750B
$587M
$600B
$470M $447M
$450B $3
$296M
$300B $217M $213M $227M
$140M $138M
$150B $77M $82M $106M
$47M
$0B
$470M $447M
$450B $3
$296M
$300B $217M $213M $227M
$140M $138M
$150B $77M $82M $106M
$47M
$0B
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Deal Count 24 30 25 28 29
Raleigh: Quarterly deal share by stage
20%
24% 26%
32% 30
35% 33% 35% 33%
38% 38%
43% 43%
56% 53% 15%

59%
18% 13% 5
7% 7%
8% 8
20% 16% 15%
13% 11% 10% 10%
7% 8%
13% 15%
8% 11%
0% 8%
6% 16%
21% 16%
7% 3%
60% 57
6%
52% 50% 50% 50%
42% 43% 44%
40% 40%
34% 36%
32%
29%
25%
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Early-stage 42% 43% 40% 29% 34%
Mid-stage 8% 0% 8% 21% 7%
Late-stage 13% 13% 20% 7% 0%
Other 38% 43% 32% 43% 59%
$11.2B $11.2B
500
433 deals 450

414
402
391 400
371
354
40 339 341 350
332
313
$6.3B 300
$6.3B
250
$5.0B $4.9B $5.0B
$4.6B
200
$3.7B $3.9B
150
9B
100
50
0
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
375 346 364 414 385 340 391 402
$6.2B $3.4B $3.0B $3.4B $6.5B $2.9B $6.3B $5.0B
16% 18%
22%19% Other
21% 19% 19% 20% 19%
22%
8% 6% 7% 6%
7% 9% 9% Late-stage
16% 18%
21% 22% 19% 19% 20% 19% 22%19% Other
8% 6% 7% 6%
6% 7% 9% 9% Late-stage
10%
12%
11%
16% 16%
15% 16% 15%
11% 16%
21% Mid-stage
15%
65%
60% 58% 57% 58% 59% 57% 56%
50% Early-stage
51%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
63% 58% 62% 62% 61% 59% 60% 58%
12% 12% 12% 14% 12% 13% 16% 11%
8% 9% 8% 7% 10% 10% 8% 10%
17% 22% 18% 17% 17% 18% 16% 21%
$7.8B $7.8B 250
222 deals
209
204
196
92 192 200
183 183
177 174
161
150
$4.3B
$3.9B
204
196
92 192 200
183 183
177 174
161
150
$4.3B
$3.9B
$3.8B
$3.6B
$3.3B
1B
100
$2.6B
$2.1B $2.2B
50
0
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
181 163 197 198 200 192 192 204
$2.1B $2.7B $2.9B $3.6B $2.8B $3.1B $3.3B $2.6B
18% 16% 16%18% Other

20% 22% 23% 25% 23% 24%
11% 11%
10% 11% Late-stage
13% 7%
11% 8% 12% 9%
19% 19% 24%

15% 21% Mid-stage
27%
20% 20% 19%
23%
53% 53% 52%

49% 50% Early-stage
20% 20% 19%
23%
53% 53% 52%

47% 47% 49% 48% 50% Early-stage
46%
43%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
50% 48% 52% 47% 50% 44% 53% 53%
20% 22% 16% 17% 22% 22% 15% 19%
6% 11% 8% 12% 11% 10% 13% 10%
24% 19% 24% 23% 18% 23% 20% 18%
$4407M 120
100
88 88
85 86
82 deals
78 80
76
72 73
6 56 60
$1720M
$1337M 40
9M $838M
20
$553M $491M $495M
$469M $501M $445M
0
$1337M
9M $838M
20
$553M $491M $495M
$469M $501M $445M
0
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
77 82 89 102 89 56 78 88
$250M $601M $606M $597M $657M $779M $469M $501M
18% Other
25% 22% 22%
27% 27% 27%
30% 32% 30%
12% Late-stage
5% 10% 8%
5%
8%
9% 5% 11% 15%
14% 14% 15% Mid-stage
21% 15%
14% 7%
18%
16%
20%
51%
55% 55% 53% 55% 55% Early-stage
49%
45% 43%
38%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
55% 57% 51% 64% 53% 48% 51% 55%
6% 11% 13% 12% 13% 13% 14% 7%
9% 7% 7% 5% 6% 9% 8% 9%
30% 24% 29% 20% 28% 30% 27% 30%
50
$1241M
43
44 deals 45
42
41
40
37
36 36
33 33 35
1
30
$711M
25
20
$524M $524M
$498M 20
15
$322M
10
$177M $160M
0M $138M
5
$68M
0
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
32 27 39 46 40 31 20 41
$62M $584M $574M $100M $125M $130M $524M $498M
21%
26%
35% 35%
39%
3%
50% 48% 50% Other
56% 56%
12%
14%
5%
8%
12% 8%
20% 17%
10% 7% Late-stage
15%
6%
5% 7%
11% 7% Mid-stage
3%
64% 11%
6%
49% 49%
43%
35% 34% 33% 36% Early-stage
28% 28%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
41% 48% 36% 35% 53% 42% 35% 34%
6% 4% 5% 7% 8% 3% 5% 7%
19% 15% 23% 20% 13% 10% 10% 20%
34% 33% 36% 39% 28% 45% 50% 39%
70
$2067M
57 60
51
50
44 45 44 44
43 42 42 deals
40
7
32
$948M $953M
30
$666M
20
5M
$387M $366M
$344M
$305M
10
$192M
$135M
0
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
59 37 35 48 49 37 44 43
$788M $413M $84M $193M $289M $455M $305M $344M
19% 19% 18%

25% 25%
29% 28% 29% Other
34% 33%
9% 10%
7% 19%
19% 19% 18%
25% 25%
29% 28% 29% Other
34% 33%
9% 10%
7% 19%
3% 11%
11% 10%
14% 9% 6% 12% Late-stage
7%
20% 4% 11%
16%
9%
18%
21% Mid-stage
59% 62%
58% 56%
50% 53%
48% 48%
43%
38% Early-stage
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
42% 41% 49% 42% 59% 51% 48% 58%
5% 11% 9% 8% 6% 8% 20% 14%
22% 11% 11% 17% 6% 11% 7% 9%
31% 38% 31% 33% 29% 30% 25% 19%
80
$1848M
68 deals 70
$1561M
58 60
$1333M
2 53
50
46 45
40
36 35 35 36
58 60
$1333M
2 53
50
46 45
40
36 35 35 36
28 30
$629M
$508M
20
4M $349M
$330M $335M $321M
10
$139M
0
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
30 55 45 50 39 52 46 53
$220M $378M $444M $373M $207M $364M $330M $335M
18% Other
23% 23%
28% 28% 31%
33% 31%
39% 39%
13% Late-stage
9% 9%
3%
8%
8% 6% 6% 7%
4% 11%
11% 17% 10%
20%
18%
9%
61% 63%
57% 57% Early-stage
53% 52%
47%
41% 40%
20%
18%
9%
61% 63%
57% 57% Early-stage
53% 52%
47%
41% 39% 40%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
50% 62% 31% 58% 59% 52% 41% 47%
10% 4% 11% 4% 10% 6% 9% 17%
10% 11% 16% 6% 10% 2% 11% 8%
30% 24% 42% 32% 21% 40% 39% 28%
50
$1921M
45
40
40
37 37 deals
36
04M
33 35
32
1
30 30 $1199M
30
24 25
20
20
15
$470M $447M
$365M $378M 10
$226M
$155M $175M 5
$47M
0
4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
$470M $447M
$365M $378M 10
$226M
$155M $175M 5
$47M
0
4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
45 36 34 32 31 31 30 40
$138M $106M $296M $587M $227M $1404M $470M $447M
17%
20%
30% 27%
33% 33% 31% 31%32% Other
35%
17%
15%
5%
7% 7% 4% 18% 8%
8% Late-stage
8% 13%
8%
15%
10% 11%
11% Mid-stage
8%
60% 63%
57% 56% 55%
50% 50% 50% 50%
49% Early-stage
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
40% 36% 44% 25% 52% 32% 50% 50%
11% 3% 15% 6% 10% 16% 10% 8%
11% 6% 18% 16% 13% 16% 7% 8%
38% 56% 24% 53% 26% 35% 33% 35%
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
371 339 354 313 332 341 414 433
$4.9B $4.6B $3.7B $3.9B $5.0B $6.3B $11.2B $11.2B
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
65% 57% 58% 59% 57% 56% 51% 50%
11% 15% 16% 16% 15% 16% 15% 21%
6% 6% 7% 6% 7% 9% 12% 9%
18% 22% 19% 19% 20% 19% 22% 19%
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
183 161 196 177 183 174 209 222
$2.1B $2.2B $4.3B $3.9B $3.8B $3.6B $7.8B $7.8B
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
52% 47% 47% 43% 49% 48% 46% 50%
19% 20% 20% 23% 24% 19% 27% 21%
7% 11% 8% 12% 11% 9% 11% 11%
22% 23% 25% 23% 16% 24% 16% 18%
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
88 85 72 73 76 56 86 82
$553M $491M $495M $838M $445M $4407M $1720M $1337M
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
55% 49% 53% 45% 55% 43% 38% 55%
14% 21% 15% 18% 14% 16% 20% 15%
5% 5% 10% 5% 8% 11% 15% 12%
27% 25% 22% 32% 22% 30% 27% 18%
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
33 33 43 36 36 37 42 44
$68M $138M $177M $524M $160M $1241M $322M $711M
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
64% 33% 49% 28% 28% 49% 43% 36%
12% 3% 12% 6% 11% 8% 17% 7%
3% 15% 5% 11% 6% 8% 14% 7%
21% 48% 35% 56% 56% 35% 26% 50%
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
45 32 44 44 42 51 57 42
$387M $135M $666M $192M $366M $948M $2067M $953M
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
56% 59% 50% 48% 62% 43% 53% 38%
4% 9% 9% 16% 10% 18% 11% 21%
11% 3% 7% 11% 10% 6% 19% 12%
29% 28% 34% 25% 19% 33% 18% 29%
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
36 35 28 35 45 36 58 68
$1333M $321M $139M $349M $508M $629M $1848M $1561M
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
61% 63% 39% 57% 40% 53% 52% 57%
8% 6% 18% 11% 20% 11% 10% 12%
3% 9% 4% 9% 7% 6% 7% 13%
28% 23% 39% 23% 33% 31% 31% 18%
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
30 20 37 32 24 33 36 37
$47M $365M $155M $175M $1921M $226M $378M $1199M
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
60% 50% 57% 56% 63% 55% 50% 49%
0% 15% 8% 13% 4% 18% 11% 11%
7% 15% 5% 0% 17% 0% 8% 8%
33% 20% 30% 31% 17% 27% 31% 32%
New York: Top 5 deals in Q2'21
Round
Company Round Name
Amount
2 Better.com $500M Series E
3 Capsule $300M Series D
3 Paxos $300M Series D
3 Bowery Farming $300M Series C
3 Forter $300M Series F
Boston: Top 5 deals in Q2'21
Round
Company Round Name
Amount

2 Circle $440M Series F
3 Adagio Therapeutics $336M Series C
4 Klaviyo $320M Series D
5 DataRobot $250M Series G
DC: Top 5 deals in Q2'21
Round
Company Round Name
Amount
1 Cava Group $190M Series F
2 Arcellx $115M Series C
3 MeetingPlay $75M Growth Equity
4 Valenza Biotech $70M Series A
5 Morning Consult $60M Series B
5 Notal Vision $60M Series D

Miami: Top 5 deals in Q2'21
Round
Company Round Name
Amount
1 Pipe $250M Series A - II
2 PayCargo $125M Series B
3 Redzone Software $68M Unattributed
4 Papa $60M Series C
5 Heru $30M Series A
Atlanta: Top 5 deals in Q2'21
Round
Company Round Name
Amount
1 Greenlight $260M Series D

2 OneTrust $210M Series C - II
3 Antios Therapeutics $96M Series B
4 Florence Healthcare $80M Series C
5 Popmenu $65M Series C
Philadelphia: Top 5 deals in Q2'21
Round
Company Round Name
Amount
1 G2 Bio Companies $200M Unattributed
1 Misfits Market $200M Series C
1 NiKang Therapeutics $200M Series C
4 dbt Labs $150M Series C
5 Phenom People $100M Series D
5 HealthVerity $100M Series D

Raleigh: Top 5 deals in Q2'21
Round
Company Round Name
Amount
2 Istari Oncology $43M Unattributed - III
3 Aceragen $35M Series A
4 JupiterOne $30M Series B
5 Baebies $28M Series B - IV


New York
SoftBank Group New York
Baillie Gifford & Co., Durable Capital Partners, Whale Rock Capital
New York
Management, T. Rowe Price
Liberty City Ventures, Mithril Capital Management, Oak HC/FT Partners,

Senator Investment Group, Declaration Partners, PayPal Ventures, WestCap New York
Group
Google Ventures, General Catalyst, GGV Capital, Temasek, Fidelity

New York
Investments, Groupe Artemis, Justin Timberlake
Bessemer Venture Partners, Sequoia Capital, Scale Venture Partners, Tiger

Global Management, Adage Capital Management, March Capital Partners, New York
Salesforce Ventures
Spark Capital, Victory Park Capital, SoftBank Group Boston

Fidelity Investments, Valor Capital Group, Breyer Capital, Digital Currency
Boston
Group, Atlas Merchant Capital, Willett Advisors, Pillar
Google Ventures, OrbiMed Advisors, Redmile Group, Fidelity Investments,

Waltham
Polaris Partners, RA Capital Management, PremjiInvest
Accel, Lone Pine Capital, Glynn Capital Management, Summit Partners,

Boston
ClearBridge Investments, Sands Capital, Whale Rock Capital Management
New Enterprise Associates, Tiger Global Management, Silver Lake, Altimeter

Boston
Capital, T. Rowe Price, BlackRock
Invus Group, SWaN & Legend Ventures, Mousse Partners, Revolution Growth,
Washington
Declaration Partners, Lighthouse Partners, Equilibra Partners
New Enterprise Associates, Novo Ventures, Quan Capital, Solasta Ventures Gaithersburg
Sunstone Partners Frederick
Fidelity Investments, Pierre Fabre, Surveyor Capital, Opaleye Management,

Bethesda
Ikarian Capital, Janus Henderson Investors
Susquehanna Growth Equity, Advance Venture Partners, Lupa Systems Washington
Ganot Capital, Soleus Capital Management Manassas

next47, Marc Benioff, SBI Investment, Greenspring Associates, Guy Oseary,

Miami
Sound Ventures, Republic
Insight Partners Coral Gables
Undisclosed Investors Miami Beach
Tiger Global Management Miami
Krillion Ventures, D1 Capital Partners, Maurice Ferre, Frederic Moll, SoftBank

Miami
Group
Andreessen Horowitz, Wellington Management, TTV Capital, Goodwater

Atlanta
Capital, Owl Ventures, LionTree Partners, Canapi Ventures
Franklin Templeton, SoftBank Group Atlanta
Domain Associates, Aisling Capital, Lumira Ventures, Adage Capital

Atlanta
Management, Granite Point Capital, Pontifax, RA Capital Management
Insight Partners, Fulcrum Equity Partners, Bee Partners, Flashpoint Venture

Atlanta
Capital
Felicis Ventures, Tiger Global Management, Salesforce Ventures, Base10

Atlanta
Partners, Bedrock Capital
Temasek Philadelphia
Accel, Valor Equity Partners, Greenoaks Capital Management, Sound

Pennsauken
Ventures, Third Kind Venture Capital, D1 Capital Partners
HBM Healthcare Investments, Invus Group, Wellington Management, Pavilion

Wilmington
Capital, Perceptive Advisors, RA Capital Management, Matrix Partners China
Sequoia Capital, Andreessen Horowitz, Altimeter Capital, Amplify Partners Philadelphia
OMERS Private Equity, Dragoneer Investment Group, B Capital Group,

Ambler
GoldenArc Capital
Greycroft, Flare Capital Partners, Foresite Capital, Durable Capital Partners Philadelphia

Cary
Undisclosed Investors Durham
NovaQuest Capital Management Raleigh
Bain Capital Ventures, Sapphire Ventures Morrisville
Undisclosed Investors Durham


Health & Wellness

Internet
Services Finance
Mobile &
Mobile Commerce Pharmacies
Telecommunications
Asset & Financial

Internet Software &
Internet Management &
Services
Trading
Software (non- Green/Environment

N/A
internet/mobile) al Software

Internet
Services Security
Internet E-commerce N/A

Internet
Services Finance
Internet Software & Advertising, Sales &

Internet
Services Marketing
Internet Software &

Internet Testing
Services
Leisure Restaurants Casual Dining
Collaboration &
Project
Management
Healthcare Drug Development N/A

Internet
Services Management
Medical Devices &

Healthcare Patient Monitoring
Equipment

Internet
Services Finance
Internet Software &

Internet Payments
Services
Manufacturing,
Software (non-
Warehousing & N/A
internet/mobile)
Industrial Software

Health & Wellness
Imaging &
Medical Devices &
Healthcare Diagnostic
Equipment
Equipment
Payments (non-
Financial Issuer
internet/mobile)
Internet Software &
Internet Compliance
Services

Internet
Services Management
Internet Software & Advertising, Sales &

Internet
Services Marketing
Internet E-commerce Food & Grocery
Internet Software & Database

Internet
Services Management

Internet
Services Management
Internet Software &

Internet Healthcare
Services
Software (non-
Gaming N/A
internet/mobile)

Internet
Services Security

Canada: Annual deals & dollars
$825B
$750B 720
$675B
$600B 572 575
$525B
474
$450B
412
$3.4
$375B 360
$2.7B
$300B 282
$2.2B
230 $1.9B
$225B
$1.6B
$1.2B $1.2B
$150B
$.9B
$75B
$0B
2011 2012 2013 2014 2015 2016 2017 201
2011 2012 2013 2014 2015

Deal Count 230 282 360 412 474
Deal Value ($ B) $1.2B $.9B $1.2B $1.6B $1.9B
Canada: Quarterly deals & dollars

$4,050B
$3,825B
212
$3,600B
$3,375B 192
187
$3,150B 180 180
$2,925B 167 169
1
$2,700B 152
148 145
$3,825B
212
$3,600B
$3,375B 192
187
$3,150B 180 180
$2,925B 167 169
1
$2,700B 152
148 145
$2,475B 141
137
$2,250B 128 126
$2,025B
$1,800B
$1,575B
$1,321M
$1,350B $1,2
$1,125B $1,053M
$978M $988M $972M
$900B $834M $775M
$630M $690M $666M
$675B $624M
$480M $500M
$420M
$450B
$225B
$0B
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Deal Count 128 148 141 137 126
Deal Value ($ B) $.6B $.4B $.7B $.5B $.6B
Canada: Quarterly deal share by stage
16% 16% 18% 15%

19% 19% 21% 20% 22% 21% 20% 22
24% 22% 23%
29%
5% 5% 6%
5% 9% 7%
7% 10% 4% 8% 6% 8% 4
11% 10% 9% 8%
10% 7% 8% 10% 7% 5% 8
12% 7% 13%
10% 10% 9%
7%
8%
72% 71%
66% 67% 67% 66% 66% 68% 66
12% 7% 13%
10% 10% 9%
7%
8%
72% 71%
66% 67% 67% 66% 66% 68% 66
63% 61%
59% 59% 59% 59%
52%
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Early-stage 66% 72% 67% 67% 66%
Mid-stage 10% 7% 11% 7% 8%
Late-stage 5% 5% 5% 9% 7%
Other 19% 16% 16% 18% 19%
$7.0B
$6.3B
720 716
$6.0B
617
575 $5.0B
$4.3B
$4.0B
414 deals
$3.4B
$2.9B
$2.7B $3.0B
B
$2.0B
$1.0B
$.0B
6 2017 2018 2019 2020 2021 YTD
2016 2017 2018 2019 2020 2021 YTD

572 575 720 716 617 414
$2.2B $2.7B $3.4B $4.3B $2.9B $6.3B
$4,119M 250
217 deals
197
192 200
180 180
164 166
159 161
2
150
217 deals
197
192 200
180 180
164 166
159 161
2
150
131 $2,185M
100
$1,321M
$1,211M
8M $972M
$840M $896M
$775M $759M 50
$452M
0
4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
167 145 212 187 169 152 192 180
$1.0B $.7B $1.1B $.8B $.5B $1.0B $.8B $1.0B
15% 17% Other

21% 20% 22% 22%
23% 23% 24%
26%
6%
8% 6% 8% 4% 12% Late-stage
5%
8% 12%
5% 8% 6% 12%
13% 10%
9% 6%
14% Mid-stage
11% 9%
71%
68% 66%
13%
9% 6%
14% Mid-stage
11% 9%
71%
68% 66%
61% 59% 62% 62%
55% 56% Early-stage
55%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
59% 52% 59% 63% 66% 59% 71% 61%
10% 8% 7% 7% 7% 10% 8% 13%
10% 12% 10% 10% 4% 9% 6% 6%
21% 29% 24% 20% 22% 22% 15% 21%
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
180 164 159 166 161 131 197 217
$1.3B $1.2B $.8B $.8B $.9B $.5B $2.2B $4.1B
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
59% 68% 66% 62% 55% 62% 55% 56%
9% 5% 8% 10% 11% 6% 9% 14%
8% 8% 4% 5% 12% 6% 12% 12%
23% 20% 22% 23% 22% 26% 24% 17%
Toronto: Quarterly deals & dollars
$750B
73
71
$675B
$600B
58
54 55
$525B
52
49 49
47 47
$450B
$4
42
39
$375B $344M
34
$286M 31 $289M $288M $290M
$300B
$259M
$246M
$223M
$225B
$177M
$150B $123M $128M $118M

$94M
$68M
$75B
$0B
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Deal Count 42 34 47 54 49
Deal Value ($M) $68M $223M $123M $177M $94M
Toronto: Quarterly deal share by stage

5%
13% 13% 13% 11%
16% 16% 16% 16% 16% 17
10% 20% 19%
25% 24%
29% 6% 6% 7%
5% 11% 4% 3
8% 9% 6%
15% 13% 7% 7
11% 7% 8% 0%
5%
13% 13% 13% 11%
16% 16% 16% 16% 16% 17
10% 20% 19%
25% 24%
29% 6% 6% 7%
5% 11% 4% 3
8% 9% 6%
15% 13% 7% 0% 7
13% 11% 7% 8% 11%
4% 4% 5%
11% 2%
6% 14% 4% 10%
10%
12%
76%
70% 71% 69% 71% 69% 71% 72
68% 67% 69%
66% 64%
62% 61%
53%
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Early-stage 53% 68% 70% 71% 69%
Mid-stage 12% 13% 11% 4% 15%
Late-stage 6% 6% 6% 8% 10%
Other 29% 13% 13% 16% 5%
Vancouver: Quarterly deals & dollars

$1,125B
$1,050B 36
35
$975B
32
$900B
$825B
$750B 25
24 24
$675B 23
$975B
32
$900B
$825B
$750B 25
24 24
$675B 23
21 21
$600B 20 20 20
19
$525B
16
$450B
$375B
$300B
$225B $197M $202M
$149M $1
$150B $127M
$95M $93M $93M
$73M $76M $63M
$75B $31M $38M $50M $44M
$0B
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Deal Count 21 21 16 23 19
Deal Value ($ M) $73M $31M $76M $95M $38M
Vancouver: Quarterly deal share by stage
13% 11%
15% 15%
21%
24% 25% 3% 25%
29% 29% 30
9% 32% 34% 33% 5% 33%
44% 14% 15%
5% 9% 8%
15%
10%
10% 8% 5
5%
9% 8% 17%
31% 10% 20%
17% 15
4% 8% 17%
4% 13%
11%
71% 70% 71%

63% 65%
62%
9% 17%
31% 10% 20%
17% 15
4% 8% 17%
4% 13%
11%
71% 70% 71%

63% 65%
62%
54% 55%
48% 50% 50% 50
44% 44% 46%
39%
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Early-stage 62% 71% 44% 70% 63%
Mid-stage 10% 5% 31% 9% 5%
Late-stage 0% 0% 0% 9% 0%
Other 29% 24% 25% 13% 32%
80
71 $673M
70
62 deals
59 58 60
55
2
49 49 50
47 50
$408M
$374M
38 40
$344M
0M
$259M 30
$246M $236M
$199M
20
$141M
$111M
10
0
4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
39 58 31 73 47 52 49 71
$128M $286M $118M $289M $288M $290M $246M $344M
11% 12%
16%
19% 17% 15% Other
20% 21% 19%
24%
7% 4%
4% 3% 4%
6% 7%
11% Late-stage
0% 7% 8% 4%
11%
11% 12%
16% 17% 15% Other
19% 20% 21% 19%
24%
7% 4%
4% 3% 4%
6% 11% Late-stage
7% 0% 7% 8% 4%
11% 11%
5% 4%
10% 12% Mid-stage
10% 8%
80%
76%
71% 72% 71%
69%
61%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
62% 61% 71% 66% 67% 69% 76% 69%
14% 10% 7% 11% 4% 2% 6% 11%
9% 13% 5% 11% 4% 8% 7% 4%
16% 16% 16% 13% 25% 20% 11% 16%
40
38
$1015M
35
31 deals
30
24 25
35
31 deals
30
24 25
0 20 20 20 20
19 19 20
18 $501M
15
10
$215M
$197M $202M $187M
$149M $158M
5
3M $53M
$44M
0
4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
25 32 36 24 35 20 20 24
$50M $149M $127M $93M $93M $63M $44M $197M
15% 15%
19% Other
29% 30%
5% 33% 34%
37%
40%
15%
15%
58%
5%
23% Late-stage
8%
8%
20% 5%
17% 15% 3%
17%
11% 15%
23% Mid-stage
11%
5%
15% 0%
65%
5% 8%
20%
17% 15% 3%
17%
11% 15%
23% Mid-stage
11%
5%
15% 0%
65%
55%
50% 50%
46% 47%
30%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
48% 44% 50% 54% 71% 55% 65% 46%
4% 13% 8% 17% 14% 10% 15% 17%
4% 9% 8% 8% 3% 10% 5% 8%
44% 34% 33% 21% 11% 25% 15% 29%
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
55 59 38 58 49 50 47 62
$259M $408M $374M $236M $111M $199M $141M $673M
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
64% 71% 72% 80% 62% 71% 61% 62%
10% 5% 7% 4% 10% 4% 8% 12%
7% 0% 3% 4% 8% 4% 11% 11%
19% 24% 17% 12% 20% 21% 19% 15%
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
20 18 20 19 20 19 38 31
$202M $149M $158M $187M $215M $53M $501M $1015M
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
50% 39% 50% 47% 30% 37% 55% 35%
20% 11% 15% 11% 15% 0% 3% 23%
15% 17% 5% 5% 15% 5% 8% 23%
15% 33% 30% 37% 40% 58% 34% 19%
Canada: Top 5 deals in Q2'21
Round
Company Round Name
Amount
2 ApplyBoard $300M Series D
3 Vena Solutions $242M Series C
4 TensTorrent $200M Series B
4 Loopio $200M Private Equity
Toronto: Top 5 deals in Q2'21
Round
Company Round Name
Amount
1 Vena Solutions $242M Series C
2 TensTorrent $200M Series B

2 Loopio $200M Private Equity
4 Ada Support $130M Series C
5 Clearco $100M Series C
Vancouver: Top 5 deals in Q2'21
Round
Company Round Name
Amount
2 Visier $125M Series E
3 Tasktop $100M Series D
4 Dooly $80M Series B
4 Virogin Biotech $80M Series D


Vancouver
Index Ventures, Fidelity Investments, Blue Cloud Ventures, Garage Capital,

Kitchener
BDC Capital, Ontario Teachers' Pension Plan, Harmonic Growth Partners
Vista Equity Partners Toronto
Fidelity Investments, Moore Capital Management, Eclipse Ventures Toronto
Undisclosed Investors, Sumeru Equity Partners Toronto
Select Investors Province
Vista Equity Partners Ontario
Fidelity Investments, Moore Capital Management, Eclipse Ventures Ontario

Sumeru Equity Partners Ontario
Bessemer Venture Partners, Spark Capital, Accel, FirstMark Capital, Tiger

Ontario
Global Management, Version One Ventures, Burst Capital
Founders Circle Capital, Oak HC/FT Partners Ontario
Select Investors Province

British Columbia
Foundation Capital, Adams Street Partners, Summit Partners, Sorenson

British Columbia
Capital, Goldman Sachs Asset Management
Yaletown Venture Partners, Elsewhere Partners, Sumeru Equity Partners British Columbia
Spark Capital, Tiger Global Management, BOLDstart Ventures, BoxGroup,

British Columbia
Lachy Groom, Addition, GreenSpring Ventures
Fortune United Partners, Forebright Capital Management, GP Capital, China

British Columbia
Structural Reform Fund, Young Label

British Columbia Internet
Services Security
Internet Software & Information

Ontario Internet
Services Providers & Portals

Ontario Internet
Services Finance
Chips & Semiconductors:

Ontario Electronics
Semiconductors Integrated Circuits
Collaboration &
Software (non- Project
Ontario N/A
internet/mobile) Management
Software

Internet
Services Finance
Chips & Semiconductors:

Electronics
Semiconductors Integrated Circuits
Collaboration &
Software (non- Project
N/A
internet/mobile) Management
Software
Customer
Internet Software &
Services
Management

Internet
Services Finance

Internet
Services Security

Internet
Services Management
Computer IT Solutions &

Hardware & IT Services Software
Services Development
Customer
Internet Software &
Services
Management

Asia: Annual deals & dollars
10,43
$10,350B
$9,900B $107.
$9,450B
$9,000B
$8,550B
$91.4B
8,018
$8,100B
$7,650B
$7,200B
6,631
$6,750B
$6,300B 5,951
$5,850B $64.1B
$5,400B $59.3B
$4,950B
$4,500B
$4,050B
3,480
$3,600B
$3,150B $31.1B
$2,700B
$2,250B 2,038
$1,800B 1,373 1,538
$14.0B
$1,350B $11.8B
$9.1B
$900B
$450B
$0B
2011 2012 2013 2014 2015 2016 2017 201
2011 2012 2013 2014 2015

Deal Count 1373 1538 2038 3480 5951
Asia: Quarterly deals & dollars

$42,500B
$40,800B
$39,100B
$37,400B 2,956
$35,700B 2,835
$34,000B $32.0B
$32,300B
$30,600B 2,395 2,
$28,900B $27.8B 2,326 2,316 2,316
$27,200B $26.7B $26.3B 2,181
2,074
$24.9B
$39,100B
$37,400B 2,956
$35,700B 2,835
$34,000B $32.0B
$32,300B
$30,600B 2,395 2,
$28,900B $27.8B 2,326 2,316 2,316
$27,200B $26.7B $26.3B 2,181
2,074
$24.9B
$25,500B 2,215
$23,800B 1,868 1,861
$22.6B $22.9B $2
$22.4B
$22,100B $21.5B
1,646
$20,400B 1,552 1,608 $19.1B
$18,700B
$17,000B $16.1B
$14.8B $14.8B
$15,300B $14.1B
$13,600B
$11,900B
$10,200B
$8,500B
$6,800B
$5,100B
$3,400B
$1,700B
$0B
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Deal Count 1552 1608 1646 1868 1861
Asia: Quarterly deal share by stage
7% 9% 9% 11% 11% 12% 13% 11% 13% 12% 13% 13% 12% 12% 1
16%
6%
7% 7% 5
6% 6% 7% 6% 5% 5% 6% 5%
6% 6% 6%
14% 5%
13% 14% 13% 13% 15% 15% 15% 16% 1
14% 15% 16% 15% 15%
14%
73% 71% 69% 70% 70% 67% 68% 68% 67% 67% 6
66% 66% 66%
73% 71% 69% 70% 70% 67% 68% 68% 67% 67% 6
66% 66% 65% 66% 65%
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Early-stage 73% 71% 69% 70% 70%
Mid-stage 14% 13% 14% 13% 13%
Late-stage 6% 7% 7% 6% 6%
Other 7% 9% 9% 11% 11%
10,433 $120.0B
$107.8B
9,250 $103.2B
8,463 $100.0B
$91.4B
8,018
$86.3B
$84.5B
1 $80.0B
3B
5,007 deals $60.0B
$40.0B
$20.0B
$.0B
6 2017 2018 2019 2020 2021 YTD
2016 2017 2018 2019 2020 2021 YTD

6631 8018 10433 9250 8463 5007
$59.3B $91.4B $107.8B $86.3B $103.2B $84.5B
$42.1B $42.4B
3500
$38.5B
3000
2,577 deals
2,395 2,384 2,430 2500
16 2,316 2,358 2,331
$27.3B
.3B 2,181
$38.5B
3000
2,577 deals
2,395 2,384 2,430 2500
16 2,316 2,358 2,331
$27.3B
.3B 2,181
$23.3B 2000
$22.4B 1,816
$21.5B 1,932
$19.1B $18.6B $18.9B
1500
1000
500
0
4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2074 2215 2326 2835 2956 2316 2316 2181
$24.9B $27.8B $22.9B $32.0B $26.7B $26.3B $22.4B $21.5B
13% 13% 12% 12% 11% 13%10% Other

17% 17%
20%
6% 6% 7%
6% 8%
16% 16% 7%
15% 15% 15% 20% Mid-stage
19%
18%
16% 19%
66% 67% 67% 67%

16% 19%
66% 65% 67% 67% 67%

64% Early-stage
62%
60% 57% 55%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
67% 66% 68% 66% 65% 68% 66% 65%
14% 15% 15% 16% 14% 15% 15% 15%
7% 6% 6% 5% 5% 5% 6% 6%
12% 13% 11% 13% 16% 12% 13% 13%
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2395 2358 1816 1932 2384 2331 2430 2577
$19.1B $23.3B $18.6B $18.9B $27.3B $38.5B $42.1B $42.4B
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
67% 67% 67% 60% 57% 55% 62% 64%
15% 16% 16% 18% 16% 19% 19% 20%
6% 5% 5% 6% 7% 8% 7% 6%
12% 12% 11% 17% 20% 17% 13% 10%
China: Quarterly deals & dollars
$27,000B
$25,875B 1,811
$24.5B
$24,750B 1,706
$23,625B $22.6B
$22,500B
$21,375B
$20,250B
$18.9B
$19,125B 1,296 1,297
$17.7B
$18,000B 1,226 $16.8B 1,198
$16,875B 1,158
$15,750B $15.2B 1,077 1,
1,063 $14.6B 1,049
$14,625B 991 $1
$13,500B 902
843
$11.7B 863 $11.9B
$12,375B $11.2B $11.5B
$11,250B $10.4B $10.5B $10.4B
$10,125B
$9,000B
$7,875B
$6,750B
$5,625B
$4,500B
$3,375B
$2,250B
$1,125B
$0B
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Deal Count 843 863 902 991 1063
China: Quarterly deal share by stage

5% 6% 7% 7%
8% 9% 9% 10% 9%
11% 11% 13% 12% 12% 11
7% 16%
7%
8% 8% 8% 6% 5% 6%
7% 6% 7% 5% 6
4% 6%
5%
17%
18% 16% 15% 18%
18% 18% 19%
5% 6% 8% 7% 7%
11% 11% 9% 9% 10% 9% 11
13% 12% 12%
7% 16%
7% 8% 8%
8% 6% 5% 6%
7% 6% 7% 5% 6
4% 6%
5%
17%
18% 16% 15% 18%
18% 18% 19%
15% 17% 18% 17% 17%
15% 18% 21
72% 69% 69% 70%

67% 67% 66% 67% 68% 65% 65% 66%
64% 65% 63% 62
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Early-stage 72% 69% 67% 69% 70%
Mid-stage 17% 18% 18% 16% 15%
Late-stage 7% 7% 8% 8% 8%
Other 5% 6% 8% 7% 7%
India: Quarterly deals & dollars

$6,300B
$6,000B
$5,700B
$5,400B
$5,100B 311
303 3
$4,800B 295
283 278
$4,500B 271 275 $4
267 262
$4,200B
240 244
$3,900B 227 229 $3.7B
$3.5B
$3,600B 214
$5,700B
$5,400B
$5,100B 311
303 3
$4,800B 295
283 278
$4,500B 271 275 $4
267 262
$4,200B
240 244
$3,900B 227 229 $3.7B
$3.5B
$3,600B 214
$3.2B
$3,300B
$3.0B $3.0B
$3,000B
$2,700B $2.6B $2.5B
$2.4B
$2,400B $2.2B $2.3B
$2,100B $2.0B
$1,800B $1.5B
$1,500B
$1,200B
$900B $.8B $.8B
$600B
$300B
$0B
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Deal Count 267 283 262 295 227
Deal Value ($B) $.8B $1.5B $.8B $3.0B $2.6B
India: Quarterly deal share by stage
7% 7% 8% 7% 9% 7% 6
11% 12% 13% 10%
2% 15% 15% 14% 13% 14%
5% 9
9% 9% 10%
10% 8% 9%
8% 6% 8% 8% 14%
5% 8% 8% 8%
6% 14% 1
8% 10% 9% 13% 14%
6% 10% 14%
13% 14% 13%
81% 80%
75%
72% 71% 70% 71% 70% 70% 70% 7
67% 65% 65% 67%
65%
81% 80%
75%
72% 71% 70% 71% 70% 70% 70% 7
67% 65% 65% 67%
65%
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Early-stage 81% 75% 80% 72% 71%
Mid-stage 10% 6% 8% 8% 6%
Late-stage 2% 8% 5% 5% 8%
Other 7% 11% 7% 15% 15%
$27.7B
2000
$26.5B
1800
$22.8B
1600
$18.8B 1400
1,291
98 1,212 1,2001,223 deals
1,158 1200
.2B 1,077 1,095
1,049
$13.8B
1000
902
$11.9B
$11.5B $11.2B
$10.4B 800
692
$9.5B
600
400
200
0
4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
1226 1296 1297 1706 1811 1198 1158 1049
$14.6B $22.6B $16.8B $24.5B $18.9B $15.2B $11.9B $11.5B
10% 12% 12%

9% 11% 9% Other
14%
21% 22%
7%
5% 6% 6%
7%
19% 6%
10% 12% 12%
9% 11% 9% Other
14%
21% 22%
7%
5% 6% 6%
7%
19% 6%
17% 17% 11%
18% 21% 26% Mid-stage
9%
25%
21%
19% 24%
65% 65% 63% 66%

62% 60% Early-stage
53% 54%
47%
44%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
67% 66% 67% 64% 65% 68% 65% 65%
15% 17% 18% 18% 15% 18% 17% 17%
7% 6% 6% 4% 5% 5% 7% 5%
11% 11% 9% 13% 16% 9% 10% 12%
$6.3B 400
335 336 deals 350
311
303 304 302 304
292 300
$4.5B
$4.3B
244 $3.9B 250

$3.7B $3.6B
4 219
335 336 deals 350
311
303 304 302 304
292 300
$4.5B
$4.3B
244 $3.9B 250

$3.7B $3.6B
4 219
$3.2B $3.3B
200
5B
$2.3B 150
$1.6B
100
50
0
4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
229 240 271 278 275 214 244 303
$3.0B $2.4B $2.0B $2.2B $3.5B $2.5B $3.2B $2.3B
9% 7%
10%
6%
11% 9% 9% 6% Other
13% 13%
7% 8%
14% 9%
8% 10%
13% 9% Mid-stage
13% 13% 10%
14%
14% 9%
14% 13%
13%
72% 72%
75% Early-stage
73%
70% 67% 70%
65% 65%
61%
72% 72%
75% Early-stage
73%
70% 67% 70%
65% 65%
61%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
67% 70% 71% 70% 65% 70% 65% 65%
10% 10% 9% 13% 13% 14% 14% 13%
8% 6% 8% 9% 8% 9% 8% 14%
14% 13% 12% 8% 14% 7% 13% 9%
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
1077 1095 692 902 1212 1291 1200 1223
$10.4B $13.8B $9.5B $11.2B $18.8B $27.7B $26.5B $22.8B
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
63% 66% 62% 53% 47% 44% 54% 60%
18% 19% 21% 21% 19% 24% 25% 26%
6% 6% 6% 6% 9% 11% 7% 6%
12% 9% 11% 21% 25% 22% 14% 9%
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
311 304 302 219 292 304 335 336
$3.7B $4.3B $3.6B $1.6B $3.3B $3.9B $4.5B $6.3B
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
70% 67% 72% 61% 70% 72% 73% 75%
14% 14% 13% 13% 9% 13% 10% 9%
10% 9% 9% 13% 10% 7% 8% 10%
7% 10% 6% 13% 11% 9% 9% 6%
Asia: Top 5 deals in Q2'21
Round
Company Round Name
Amount

Technology
2 J&T Express $1,800M Private Equity
4 Dingdong Maicai $700M Series D
5 Trax $640M Series E
China: Top 5 deals in Q2'21
Round
Company Round Name
Amount

Technology
2 Dingdong Maicai $700M Series D

3 Horizon Robotics $600M Series C - IV
3 Xingyun Group $600M Series C - II
5 The Little Bear $399M Series C - II
India: Top 5 deals in Q2'21
Round
Company Round Name
Amount
2 ShareChat $502M Series E
3 BYJU's $350M Series G
4 Meesho $300M Series E
5 Pine Labs $285M Unattributed VC - III

Didi Chuxing Beijing
Sequoia Capital China, Hillhouse Capital Management, Boyu Capital Jakarta

Bengaluru
Tiger Global Management, General Atlantic, DST Global, Sequoia Capital

Shanghai
China, Hony Capital, CMC Capital Partners, Coatue Management
Warburg Pincus, Sony Innovation Fund, OMERS, BlackRock, SoftBank Group Singapore
Didi Chuxing Beijing
Tiger Global Management, General Atlantic, DST Global, Sequoia Capital

Shanghai
China, Hony Capital, CMC Capital Partners, Coatue Management
Legend Capital, BOE Technology Group, ZWC Partners, HuangPu River
Beijing
Capital, CICC Jiacheng Investment, Will Semiconductor, Zhongyuan Capital
Boston Capital Ventures, Skywalker Ventures, UOB Venture Management,

Shenzhen
Matrix Partners China, Yunfeng Capital, HighLight Capital, Keywise Capital
Matrix Partners China, CMC Capital Partners, Yunqi Partners, Genesis

Shanghai
Capital, Jiawei Gan, Ab Initio Capital, Cygnus Equity

Bengaluru
Lightspeed Venture Partners, Tiger Global Management, Twitter, India

Bengaluru
Quotient, Snap
Eric Yuan, ADQ, UBS Asset Management, Phoenix Rising Investment Group,
Bengaluru
Blackstone
Shunwei Capital Partners, Knollwood Investment Advisory, Venture Highway,

Bengaluru
Prosus Ventures, Facebook, SoftBank Group
Lone Pine Capital, Temasek, Ward Ferry Management, Baron Funds, Sunley
House Capital Management, Moore Strategic Ventures, Marshall Wace Asset Noida
Management
China Internet E-commerce Marketplace
Automotive & Transportation Freight forwarding

Indonesia
Transportation Services & courier services
India Internet E-commerce Food & Grocery
Mobile &
China Mobile Commerce Food & Grocery
Telecommunications
Internet Software &

Singapore Internet Retail & Inventory
Services
Internet E-commerce Marketplace
Mobile &
Mobile Commerce Food & Grocery
Telecommunications
Internet Software & Scientific,
Internet
Services Engineering
Internet E-commerce B2B Commerce
Mobile &
Mobile Commerce B2B Commerce
Telecommunications
Internet E-commerce Food & Grocery

Social

Internet
Services Training
Mobile & Mobile Commerce

Mobile Commerce
Telecommunications enablement
Internet Software &

Internet Payments
Services
Europe: Annual deals & dollars
$6,075B 5,865 5,91
$5,850B
$5,625B
$5,400B
$5,175B
$4,950B
$4,725B
4,441
$4,500B
$4,275B
$4,050B
$3,825B
$3,600B 3,459
$3,375B
$3,150B
$2,925B 2,697 $26.6
$25.8B
$2,700B 2,466
$2,475B
$2,250B 2,017
$2,025B $18.6B
$17.6B
$1,800B
$1,575B 1,495
$13.5B $13.1B
$1,350B
$1,125B $8.4B
$900B $6.4B
$675B
$450B
$225B
$0B
2011 2012 2013 2014 2015 2016 2017 201
2011 2012 2013 2014 2015

Deal Count 1495 2017 2466 2697 3459
Europe: Quarterly deals & dollars

$30,000B
$28,800B
$27,600B
$26,400B
$25,200B 1,581 1,584 1,574
1,545
$24,000B 1,496 1,496 1,475 1,
$22,800B 1,434 1,408
1,394
$21,600B 1,354
$20,400B
$19,200B 1,207
1,157
$28,800B
$27,600B
$26,400B
$25,200B 1,581 1,584 1,574
1,545
$24,000B 1,496 1,496 1,475 1,
$22,800B 1,434 1,408
1,394
$21,600B 1,354
$20,400B
$19,200B 1,207
1,157
$18,000B
$16,800B 1,058
$15,600B
$14,400B
$13,200B
$12,000B $10.6B
$10,800B $9.4B
$9.3B $9
$9,600B $8.4B
$8,400B
$6.8B $6.8B $6.9B $6.7B
$7,200B $6.1B $6.1B
$6,000B $5.2B $5.5B
$4,800B $4.4B
$3.8B
$3,600B
$2,400B
$1,200B
$0B
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Deal Count 1058 1157 1207 1581 1354
Europe: Quarterly deal share by stage
14% 11% 14% 13%

17% 15% 18% 16% 17% 1
18% 20% 20% 18% 18%
22%
7%
7% 7% 8% 8% 6
6% 5% 8% 6%
9% 8% 8% 8%
6% 5% 7% 8%
7% 9% 7% 9% 9
8% 8%
6% 6% 6% 8% 7%
6%
7%
73% 76% 73% 72% 69% 71% 69% 69% 7

67% 67% 66% 66% 67% 67%
7%
73% 76% 73% 72% 69% 71% 69% 69% 7

67% 67% 66% 66% 67% 67%
62%
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Early-stage 73% 76% 67% 73% 67%
Mid-stage 6% 6% 6% 5% 6%
Late-stage 7% 7% 9% 5% 7%
Other 14% 11% 18% 17% 20%
6,050 $60.0B
5,865 5,910
5,731
$50.8B
$50.0B
$38.3B $39.1B $40.0B
3,470 deals
$30.0B
$25.8B $26.6B
B $20.0B
$10.0B
$.0B
6 2017 2018 2019 2020 2021 YTD
2016 2017 2018 2019 2020 2021 YTD

4441 5865 5910 6050 5731 3470
$18.6B $25.8B $26.6B $38.3B $39.1B $50.8B
$30.6B
2000
1,821 deals
1800
1,649
1,584 1,574
1,523 1600
75 1,484
1,408 1,402 1,404 1,402
1400
$20.2B
1,821 deals
1800
1,649
1,584 1,574
1,523 1600
75 1,484
1,408 1,402 1,404 1,402
1400
$20.2B
1200
1000
$11.9B 800
$10.6B $11.0B
$9.3B $9.4B
$9.0B
$8.2B 600
$8.0B
1B
400
200
0
4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
1434 1496 1545 1496 1394 1475 1584 1574
$5.5B $8.4B $6.8B $6.9B $6.7B $6.1B $9.3B $10.6B
14% 16% 13%

17% 15% 17% 16% 15% 16%13% Other
8% 6% 5% 7% 8% 9%
7% 9% 9% 10% Mid-stage
8% 8% 10% 10% 9%
10%
71% 69% 69% 70% 68% 69% Early-stage

67% 67% 67%
71% 69% 69% 70% 68% 69% Early-stage
67% 67% 67% 65%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
72% 66% 69% 66% 62% 67% 71% 67%
7% 6% 6% 8% 7% 7% 7% 8%
7% 8% 8% 8% 9% 8% 8% 8%
15% 20% 18% 18% 22% 18% 14% 16%
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
1408 1484 1402 1404 1402 1523 1649 1821
$9.4B $9.0B $8.2B $8.0B $11.0B $11.9B $20.2B $30.6B
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
69% 69% 70% 68% 67% 67% 65% 69%
9% 8% 9% 10% 10% 9% 10% 10%
8% 6% 6% 5% 7% 8% 9% 8%
13% 17% 15% 17% 16% 15% 16% 13%
UK: Quarterly deals & dollars
$7,500B
$7,200B
$6,900B
$6,600B
$6,300B
$6,000B
$5,700B
$5,400B 405
396 396 392 393
$5,100B 374 3
362 365
$4,800B 354 349
$4,500B 339
$4,200B $3.9B $4.0B
$3,900B 279 280
$3,600B
$3,300B 242 $3.1B $3.2B
$3,000B $2.9B $2
$2,700B $2.5B $2.4B $2.4B
$2,400B $2.3B
$2.1B $2.1B
$2,100B
$1,800B
$1,500B $1.2B
$1.0B $1.1B
$1,200B
$900B
$600B
$300B
$0B
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Deal Count 242 279 280 396 339
UK: Quarterly deal share by stage
10% 10% 9%
14% 14% 13% 15% 16% 14% 13% 16% 1
17% 18% 17%
20%
7% 10%
6% 13%
7% 11%
8% 14% 10% 11% 8% 1
6% 13%
7% 13% 14%
10% 10% 9%
14% 14% 13% 15% 14% 13% 1
17% 16% 18% 17% 16%
20%
7% 10%
6% 13%
7% 11%
10% 11% 8% 1
8% 14% 6% 13%
7% 13% 14%
12% 12% 15% 10%
9% 8% 9% 10%
7% 1
7% 4% 10%
9%
9%
75% 75%
71%
65% 68% 67% 66% 68% 66%
65% 63% 64% 6
61% 58% 59%
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Early-stage 71% 75% 65% 75% 65%
Mid-stage 7% 8% 7% 6% 9%
Late-stage 7% 7% 14% 6% 10%
Other 14% 10% 14% 13% 15%
Germany: Quarterly deals & dollars

$5,850B
$5,625B
$5,400B
$5,175B
$4,950B 2
$4,725B 198
192 189
$4,500B 187 185
$4,275B 171
$4,050B 164 161 159
$3,825B
151 150
$3,600B 144
$3,375B 140
$5,175B
$4,950B 2
$4,725B 198
192 189
$4,500B 187 185
$4,275B 171
$4,050B 164 161 159
$3,825B
151 150
$3,600B 144
$3,375B 140
$3,150B 130
$2,925B
$2,700B
$2,475B $2.3B
$2,250B
$2,025B $1.9B
$1,800B $1.7B
$1
$1,575B
$1.3B
$1,350B $1.1B
$1.2B
$1.1B
$1,125B $.9B $.8B
$900B $.7B $.7B $.7B
$675B $.5B $.5B
$450B
$225B
$0B
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Deal Count 130 144 140 164 151
Deal Value ($B) $.5B $.5B $1.1B $.7B $1.9B
Germany: Quarterly deal share by stage
10% 11% 13% 13% 14%

18% 19% 19% 17% 16% 16% 17% 1
20% 19%
8% 26%
8% 5% 8% 9% 3%
6% 8% 7
7% 7% 5% 6% 9%
12% 8% 13% 9%
9% 10%
5% 9% 11% 9%
12% 11% 7% 15% 1
9% 11%
7%
74%
71% 69% 69% 71%
68% 67% 66% 67%
61% 64% 63% 63% 62% 62% 6
74%
71% 69% 69% 71%
68% 67% 66% 67%
61% 64% 63% 63% 62% 62% 6
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Early-stage 71% 74% 61% 64% 63%
Mid-stage 12% 7% 9% 12% 7%
Late-stage 8% 8% 9% 7% 5%
Other 10% 11% 20% 18% 26%
France: Quarterly deals & dollars

$4,050B
279
$3,825B
$3,600B
$3,375B 232
223 225
$3,150B 216 219
210 214
$2,925B 201 2
193
$2,700B 184 187
182 179
$2,475B
$2,250B
$2,025B
$1,800B
$1,575B $1.4B $1.4B
$1,350B $1.3B $1.3B
$1,125B $1.0B $1.0B $1.0B $1

$900B $.8B $.8B
$.7B $.8B $.7B
$.7B
$675B
$.4B
$450B
$1,575B $1.4B $1.4B
$1,350B $1.3B $1.3B
$1,125B $1.0B $1.0B $1.0B $1

$900B $.8B $.8B
$.7B $.8B $.7B
$.7B
$675B
$.4B
$450B
$225B
$0B
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Deal Count 184 193 182 279 201
Deal Value ($B) $.4B $1.3B $.8B $.7B $.8B
France: Quarterly deal share by stage
12% 1
14% 14% 17% 16% 17%
20% 18% 18% 19% 21%
23% 21% 24%
26% 7
6%
10% 11% 7% 8% 7%
7% 7% 8% 1
10% 6% 10% 8%
4% 3% 8% 5%
6% 4% 8% 9% 9% 10%
8%
7% 4% 8% 11%
7% 7%
71% 72% 72% 73% 7

69% 69% 67% 66%
64% 65% 63% 66%
59% 60% 61%
2016 2017 2018 2019
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Early-stage 71% 69% 64% 72% 65%
Mid-stage 4% 6% 7% 3% 4%
Late-stage 10% 11% 10% 7% 8%
Other 14% 14% 20% 18% 23%
$7.6B 600
$6.7B
483 482 deals 500
405 406
393 391 400
2 365 370
347 343
$4.0B $3.9B
300
$3.2B $3.3B
$3.1B $3.2B
$2.8B
$2.5B 200
1B
100
0
4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
354 374 396 392 349 362 393 405
$2.4B $3.9B $2.1B $2.4B $2.9B $2.1B $3.1B $4.0B
9%
14% 13% 16% 15% 16%
12% 13%10% Other
19%
13% 12% Late-stage
11% 12%
11% 8% 11% 10% 15%
7%
9%
14% 13% 16% 15% 16%
12% 13%10% Other
19%
13% 12% Late-stage
11% 11% 12%
8% 11% 10% 15%
7%
8% 9%
10%
10%
10% Mid-stage
9% 11%
10% 10%
10%
67% 66% 68% 66% 64% 65% 64% 65% 68% Early-stage
61%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
68% 63% 64% 61% 58% 59% 67% 66%
12% 7% 4% 10% 9% 9% 8% 9%
10% 13% 12% 13% 15% 14% 11% 11%
10% 17% 20% 16% 18% 17% 14% 13%
$5.8B 250
232
201 204 deals

198
192 200
189
5 183
170
166
157
150
201 204 deals
198
192 200
189
5 183
170
166
157
150
$2.8B
$2.3B 100
$1.7B
$1.5B $1.5B
$1.3B $1.4B
$1.2B
1B 50
$1.0B
0
4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
161 171 159 150 187 185 192 189
$.7B $.9B $1.7B $.7B $.8B $1.1B $1.2B $1.3B
5% Other
13% 11%
16% 14% 16% 15% 14% 14%
17%
11% Late-stage
7%
8% 9% 3% 6% 7%
8% 7% 11%
10% 13%
9% 17%
15% 15% 13%
69% 71% 69% 70% Early-stage

67% 66%
62% 62% 62% 62%
69% 71% 69% 70% Early-stage
67% 66%
62% 62% 62% 62%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
68% 63% 62% 69% 67% 66% 67% 69%
9% 11% 11% 13% 7% 11% 9% 10%
5% 6% 8% 5% 9% 6% 8% 8%
19% 19% 19% 13% 17% 16% 16% 13%
$4.0B 300
250
231 deals
219
0 214
205 209
199
200
187 185
163
147
150
$1.8B
$1.7B
$1.4B $1.4B $1.5B

100
$1.2B
$1.1B
$1.0B $1.0B
B
50
$1.4B $1.4B $1.5B
100
$1.2B
$1.1B
$1.0B $1.0B
B
50
0
4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
216 232 223 225 179 210 214 219
$.7B $.7B $1.0B $1.3B $1.0B $.8B $1.4B $1.4B
12% 10%
16% 17% 17% 17% 15% 16%16% Other
21%
7%
6%
8% 5% 10% 6%
8%
7% 10% 8% 10% Late-stage
8% 7%
9%
9% 10% 6%
11% 10% Mid-stage
11%
73% 73%
69% 69% 70%
66% 66% 64% 65% Early-stage
61%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
72% 69% 67% 63% 59% 60% 66% 61%
5% 4% 8% 8% 7% 7% 9% 11%
7% 6% 7% 10% 8% 9% 8% 8%
17% 21% 18% 19% 26% 24% 16% 21%
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
365 370 391 347 343 406 483 482
$3.2B $2.8B $3.2B $2.5B $3.3B $3.9B $6.7B $7.6B
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
68% 66% 64% 65% 64% 65% 61% 68%
10% 10% 10% 9% 10% 11% 10% 10%
13% 8% 11% 7% 10% 12% 15% 12%
9% 16% 15% 19% 16% 12% 13% 10%
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
198 201 166 157 170 183 232 204
$2.3B $1.5B $1.0B $1.4B $1.5B $1.7B $2.8B $5.8B
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
62% 71% 62% 62% 66% 69% 62% 70%
15% 9% 15% 17% 13% 13% 13% 14%
9% 3% 7% 6% 7% 7% 11% 11%
14% 17% 16% 15% 14% 11% 14% 5%
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
187 205 199 185 147 163 209 231
$1.0B $1.0B $1.7B $1.1B $1.2B $1.5B $1.8B $4.0B
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
73% 66% 73% 69% 64% 69% 70% 65%
8% 10% 10% 9% 11% 6% 7% 10%
6% 7% 7% 5% 8% 10% 6% 10%
12% 17% 10% 17% 17% 15% 16% 16%
Europe: Top 5 deals in Q2'21
Round
Company Round Name
Amount
1 Northvolt $2,750M Unattributed VC - II
United Kingdom: Top 5 deals in Q2'21
Round
Company Round Name
Amount
1 CMR Surgical $600M Series D
Series D,
2 Exscientia $525M
Convertible Note
3 SaltPay $500M Series C
4 Bought By Many $350M Series D
Oxford Nanopore
5 $270M Series I
Technologies
Germany: Top 5 deals in Q2'21
Round
Company Round Name
Amount
4 Redwood Software $382M Private Equity
5 Forto $240M Series D
5 Flink $240M Series A

France: Top 5 deals in Q2'21
Round
Company Round Name
Amount
1 ContentSquare $500M Series E
2 Ledger $380M Series C
3 Back Market $335M Series D
4 Alan $222M Series D
5 Shift Technology $220M Series D

Andra AP-fonden, Arbejdsmarkedets Tillaegspension, Baillie Gifford & Co.,

Stockholm
Daniel Ek, Stena, AP3, AMF Pensionsforsakring

Munich

Berlin

Amsterdam

Berlin
GE Healthcare, Lightrock, Ally Bridge Group, Cambridge Innovation Capital,

Cambridge
RPMI Railpen, Watrium, Chimera
SoftBank Group, Novo Holdings, Farallon Capital Management, Casdin

Oxford
Capital, GT Healthcare Capital Partners, Mubadala Investment Company
Tiger Global Management, Hedosophia London
Octopus Ventures, FTV Capital, CommerzVentures, Munich Re Ventures,

London
Willoughby Capital Management, EQT Partners
Temasek, Wellington Management, M&G Investments, IP Group, Nikon Oxford

Munich

Berlin

Berlin
Turn/River Capital Duesseldorf
Northzone Ventures, Citi Ventures, G Squared, Cherry Ventures, INVEN

Berlin
Capital, Unbound, SoftBank Group
Mubadala Capital, Bond, Prosus Ventures Berlin

Canaan Partners, Bpifrance, Highland Europe, BlackRock, KKR, SoftBank

Paris
Group, Eurazeo
Draper Associates, Financiere Agache, Wicklow Capital, iAngels, Digital

Paris
Currency Group, Felix Capital, Inherent Group
General Atlantic, Generation Investment Management, Daphni, Aglae

Paris
Ventures, GS Growth, Eurazeo
Index Ventures, Temasek, Ribbit Capital, Dragoneer Investment Group,

Paris
Coatue Management, EXOR
Bessemer Venture Partners, Accel, Iris Capital, Advent International, General

Paris
Catalyst, Avenir Growth Capital

Sweden Electronics
Software (non-
Germany Analytics & Performance N/A
Asset & Financial

Germany Management &
Trading
Internet Software &

Netherlands Internet Payments
Services

Germany
Medical Devices &

Healthcare Surgical Devices
Equipment
Healthcare Drug Discovery N/A

Computer Hardware & Specialty Computer Point of Sales & Retail
Services Hardware Computer Systems

Internet
Services Finance
Medical Devices &

Healthcare N/A
Equipment
Software (non-
Analytics & Performance N/A
Asset & Financial

Management &
Trading

Internet Software & Application & Data

Internet
Services Integration

Internet
Services Logistics
Mobile &
Mobile Commerce Food & Grocery
Telecommunications
Internet Software &
Internet Analytics &
Services Performance Mgmt
Computer
Computer Storage Personal Storage
Hardware &
& Peripherals Drives
Services

Internet
Services Finance

Internet
Services Finance
LatAm: Annual deals & dollars
$675B
$600B
542
$525B 505
$450B
$375B
295
$300B
267 $3.8B
$225B 207 198
$2.3B
137 $2.1B
$150B
83 $1.3B $1.2B
$1.0B $1.0B $1.0B
$75B
$0B
2011 2012 2013 2014 2015 2016 2017 2018
2011 2012 2013 2014 2015

Deal Count 83 137 207 198 267
LatAm: Quarterly deals & dollars

$225B
188
175
161
$225B
188
175
161
153 152
$150B 140 142
132
123
105
100
97
90
78
$2.6B
$75B
59
$1.8B
$1.6B
$1.0B $1.0B
$.9B
$.7B $.6B
$.5B $.5B
$.4B
$.2B $.2B $.2B $.2B
$0B
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Deal Count 59 97 78 100 175
Deal Value ($ B) $.2B $.5B $.2B $.7B $2.6B
LatAm: Quarterly deal share stage

3%
9%
8% 15% 14% 15% 16%
18% 19% 20% 19% 20% 18% 18% 18% 19% 20
5% 7%
4% 8% 8% 6% 6%
3% 3%
4% 5% 6% 6% 6% 4
7% 7%
5% 6% 7% 5%
6% 5% 5% 5% 9%
3% 1% 6% 6
8%
5% 7%
4% 8% 8% 6% 6%
3% 3%
4% 5% 6% 6% 6% 4
7% 7%
5% 6% 7% 5%
6% 5% 5% 5% 9%
3% 1% 6% 6
8%
83%
79%
71% 73% 73% 72% 71% 70% 72% 72% 71% 73%
70% 70% 70
67%
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Early-stage 83% 79% 71% 73% 73%
Mid-stage 5% 4% 6% 5% 6%
Late-stage 8% 7% 8% 8% 6%
Other 3% 9% 15% 14% 15%
$10.0B
$9.3B
614
$9.0B
542
526 $8.0B
505
$7.0B
396 deals $6.0B

$5.3B $5.3B
$5.0B
5
$3.8B $4.0B
$3.0B
$2.3B
$2.0B
0B
$1.0B
$.0B
16 2017 2018 2019 2020 2021 YTD
2016 2017 2018 2019 2020 2021 YTD

295 505 542 614 526 396
$1.0B $3.8B $2.3B $5.3B $5.3B $9.3B
$8.0B
202 $7.2B
194 deals$7.0B
188
161 162 $6.0B

$8.0B
202 $7.2B
194 deals$7.0B
188
161 162 $6.0B
142
136 $5.0B
123 125
5 $4.0B
103
$3.0B
$2.1B
$1.8B $1.8B $2.0B
$1.6B $1.6B
$1.3B
B $1.0B
$.9B $1.0B
$.7B
$.0B
4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
90 140 132 153 152 105 123 142
$.2B $.4B $.5B $.2B $.6B $1.0B $.9B $1.8B
11% Other
8% 18% 16% 17% 16%
19% 20% 20%
23%
8% Late-stage
3% 6% 5% 4%
6% 6% 4%
7% 5%
5% 3%
9%
6% 6% 8% 14% Mid-stage
8% 7%
8%
23%
8% Late-stage
3% 6% 5% 4%
6% 6% 4%
7% 5%
5% 3%
9%
6% 6% 8% 14% Mid-stage
8% 7%
8%
73% 74%
0% 70% 70% 70%
67% 65% 67% 68% Early-stage
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
72% 71% 70% 72% 72% 71% 70% 70%
7% 3% 5% 5% 1% 5% 9% 6%
3% 7% 4% 5% 7% 6% 3% 6%
18% 19% 20% 19% 20% 18% 18% 18%
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
188 161 125 103 162 136 202 194
$1.6B $1.0B $.7B $1.3B $1.8B $1.6B $2.1B $7.2B
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
73% 67% 70% 65% 67% 70% 74% 68%
5% 8% 6% 8% 7% 8% 5% 14%
6% 6% 4% 7% 3% 5% 4% 8%
16% 19% 20% 20% 23% 17% 16% 11%
Mexico: Quarterly deals & dollars
$45B
41
$40B
$35B
30
$30B 29
28
$25B
23
22 22
20
$20B $596M
17 17
16
$15B 14
13
11
$10B 9
$158M $
$5B $126M $120M
$69M $69M $51M $69M
$15M $15M $29M $19M $18M $4M $30M
$0B
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Deal Count 9 20 17 14 29
Deal Value ($ M) $15M $69M $15M $29M $126M
Mexico: Quarterly deal share by stage

5% 3% 6% 5% 5% 3%
9% 7% 9%
14% 15% 13% 12% 5%
18% 10% 7% 10%
7% 2
15% 13%
3% 9% 7% 3%
4%
7% 8% 12%
6% 4
5% 3% 6% 5% 5% 3%
9% 7% 9%
14% 13% 12% 5%
18% 10% 15% 7% 10%
7% 2
15% 13%
3% 9% 7% 3%
4%
7% 8% 12%
6% 4
10%
14% 8
15%
100%
91% 91%
87%
83% 82% 81% 82% 83%
80%
76% 76%
70% 6
64% 62%
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Early-stage 100% 70% 76% 64% 83%
Mid-stage 0% 10% 0% 14% 3%
Late-stage 0% 15% 6% 7% 10%
Other 0% 5% 18% 14% 3%
Brazil: Quarterly deals & dollars

$150B
107
100
96
88 86
107
100
96
88 86
$75B $2,366M 73 72 70
63
60
49 50
45
36
35 $995M
$832M
$612M $587M $588M
$
$374M $307M $320M $304M $248M
$153M $150M $118M $85M
$0B
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Deal Count 35 63 36 49 107
Deal Value ($ M) $153M $374M $150M $612M $2,366M
Brazil: Quarterly deal share by stage

3%
11% 12%
11% 19% 20% 20% 20% 20% 18% 19% 1
21% 23%
6% 27% 26%
29%
8%
9% 2% 4
6% 5% 4% 4% 4% 6% 9%
11% 4% 13% 6% 9
6% 6% 1%
8% 7% 6%
7% 6%
8% 11% 8%
9%
4%
81%
77%
73% 72% 73%
70% 70% 68% 7
67% 66% 65%
61%
9%
4%
81%
77%
73% 72% 73%
70% 70% 67% 68% 7
66% 65%
61% 60%
56% 58%
2016 2017 2018 2019
2016 2017
Q2 Q3 Q4 Q1 Q2
Early-stage 77% 81% 61% 73% 70%
Mid-stage 9% 2% 8% 6% 6%
Late-stage 11% 6% 11% 8% 5%
Other 3% 11% 19% 12% 20%
$1,400M
$1,307M
41
$1,200M
35
$1,000M
30
25 $800M
22
$596M
18 18 deals $600M
16
15
$400M
11
$196M$196M
$158M $161M $200M
$120M $116M
M
$30M $41M
$0M
4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
13 23 22 17 28 11 16 22
$19M $18M $4M $69M $51M $69M $30M $120M
5% 5% 3% 3%
6% 6% 6% Other
5% 6%
7% 10% 18% 6%
20% 3%
13% 27%
9% 7% 3%
22% Late-stage
4% 9%
5% 5% 3% 3%
6% 6% 6% Other
5% 6%
7% 10% 18% 6%
20% 3%
13% 27%
9% 7% 3%
22% Late-stage
4% 9%
8%
17% Mid-stage
89% 89%
81% 82% 83%
80%
73% 73%
68%
56% Early-stage
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
62% 87% 91% 76% 82% 91% 81% 82%
15% 0% 0% 12% 4% 0% 13% 9%
8% 0% 0% 0% 7% 0% 0% 5%
15% 13% 9% 12% 7% 9% 6% 5%
$5,000M
$4,601M
$4,500M
121 deals
$4,000M
107
$3,500M
96 94 94
86 $3,000M
121 deals
$4,000M
107
$3,500M
96 94 94
86 $3,000M
70 69 $2,500M
63
60
$2,000M
$1,776M
$1,500M
$1,265M
$1,129M
$995M $1,002M
M $1,000M
$587M $588M
$464M
$500M
$248M
$0M
4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
50 73 72 100 88 45 60 70
$118M $307M $320M $85M $304M $832M $248M $587M
12% Other
18% 19% 17% 19% 19% 19%
23%
4%
9% 7% 6%
13% 10%
6% 9% 14% Mid-stage
6% 5% 7%
7% 3%
6%
10%
8% 9%
68% 70% 68% 68%

62%
68% 70% 68% 68%
60% 62% 60%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
70% 56% 67% 72% 73% 58% 68% 66%
6% 4% 8% 4% 1% 9% 13% 7%
4% 11% 4% 4% 6% 7% 0% 9%
20% 29% 21% 20% 20% 27% 18% 19%
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
41 30 25 11 18 15 35 18
$596M $158M $161M $116M $41M $196M $196M $1,307M
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
80% 83% 68% 73% 89% 73% 89% 56%
7% 3% 8% 9% 6% 27% 3% 17%
7% 10% 4% 0% 0% 0% 6% 22%
5% 3% 20% 18% 6% 0% 3% 6%
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
96 86 69 63 94 94 107 121
$995M $588M $464M $1,002M $1,129M $1,265M $1,776M $4,601M
2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
65% 60% 70% 62% 60% 68% 68% 67%
6% 8% 9% 10% 9% 5% 7% 14%
6% 6% 4% 10% 3% 7% 6% 7%
23% 26% 17% 19% 29% 19% 19% 12%
LatAm: Top 5 deals in Q2'21
Round
Company Round Name
Amount
3 Kavak $485M Series D
4 EBANX $430M Private Equity
5 QuintoAndar $300M Series E
5 Block.one $300M Series A
Mexico: Top 5 deals in Q2'21
Round
Company Round Name
Amount
1 Kavak $485M Series D

2 Clip $250M Series D
2 Bitso $250M Series C
4 Konfio $125M Series E
5 Merama $60M Series A
Brazil: Top 5 deals in Q2'21
Round
Company Round Name
Amount
3 EBANX $430M Private Equity
4 QuintoAndar $300M Series E
5 CloudWalk $190M Series B

J.P. Morgan Chase & Co. Sao Paulo

Management, Verde Asset Management, Absoluto Partners, Berkshire Sao Paulo
Hathaway
Founders Fund, Bond Capital, Ribbit Capital, D1 Capital Partners Lerma de Villada
Advent International Curitiba
Maverick Capital, Kaszek Ventures, Ribbit Capital, Dragoneer Investment

Campinas
Group, Kevin Efrusy, Alta Park Capital, LTS Ventures
Founders Fund, Thiel Capital, Richard Li, Louis Bacon, Galaxy Digital, Alan
Georgetown
Howard, Christian Angermayer
Founders Fund, Bond Capital, Ribbit Capital, D1 Capital Partners Lerma de Villada
Viking Global Investors, SoftBank Group Mexico City
Tiger Global Management, QED Investors, Kaszek Ventures, Valor Capital

Mexico City
Group, Coatue Management, Pantera Capital, Paradigm
International Finance Corporation, QED Investors, Kaszek Ventures,

Mexico City
Lightrock, Tarsadia Capital, SoftBank Group, VEF
Balderton Capital, TriplePoint Capital, Monashees+, Valor Capital Group,

Mexico City
Simon Borrero, Fabien Mendez, Alessandro Bruzzi
J.P. Morgan Chase & Co. Sao Paulo

Management, Verde Asset Management, Absoluto Partners, Berkshire Sao Paulo
Hathaway
Advent International Curitiba
Maverick Capital, Kaszek Ventures, Ribbit Capital, Dragoneer Investment

Campinas
Group, Kevin Efrusy, Alta Park Capital, LTS Ventures
DST Global, Valor Capital Group, Coatue Management, The Hive, FIS Sao Paulo

Brazil

Brazil
Mexico Internet E-commerce Marketplace
Internet Software &

Brazil Internet Payments
Services
Brazil Internet E-commerce Marketplace

Cayman Islands Internet
Services Security

Payments
Asset & Financial

Internet Software &
Internet Management &
Services
Trading

Internet
Services Finance
Business Products Advertising,

N/A
& Services Marketing & PR


Internet Software &

Internet Payments
Services

Payments
Global: Top 10 investors in Q2'21
Company
Investor Investor Type
Count
Tiger Global Asset/Investment

1 81
Management Management
2 Andreessen Horowitz 64 Venture Capital
3 Sequoia Capital China 62 Venture Capital
4 Accel 60 Venture Capital
5 SoftBank Group 53 Holding Company
5 Bpifrance 53 Diversified Financial Services
7 Insight Partners 52 Venture Capital
8 General Catalyst 47 Venture Capital
9 Tencent Holdings 46 Corporation
10 Global Founders Capital 44 Venture Capital

US: Top 10 investors in Q2'21
Company
Count
1 Andreessen Horowitz 56 Venture Capital
Tiger Global Asset/Investment

2 44
3 General Catalyst 36 Venture Capital
4 Sequoia Capital 33 Venture Capital
5 Insight Partners 30 Venture Capital
6 SoftBank Group 29 Holding Company
8 Google Ventures 28 Corporate Venture
9 Coatue Management 25 Hedge Fund
10 Khosla Ventures 24 Venture Capital

Canada: Top 5 investors in Q2'21
Company
Count
1 BDC Capital 14 Venture Capital
2 Inovia Capital 7 Venture Capital
3 Panache Ventures 5 Venture Capital
3 Garage Capital 5 Venture Capital
3 Real Ventures 5 Venture Capital
3 Desjardins Capital 5 Corporate Venture
Asia: Top 5 investors in Q2'21
Company
Count
1 Sequoia Capital China 57 Venture Capital

2 Matrix Partners China 40 Venture Capital
2 Tencent Holdings 40 Corporation
Hillhouse Capital Asset/Investment

4 36
5 Qiming Venture Partners 29 Venture Capital
Europe: Top 5 investors in Q2'21
Company
Count
1 Bpifrance 50 Diversified Financial Services
2 Almi Invest 22 Venture Capital
4 High-Tech Grunderfonds 19 Venture Capital
5 Speedinvest 15 Venture Capital

LatAm: Top 5 investors in Q2'21
Company
Count
1 Kaszek Ventures 18 Venture Capital
2 Monashees+ 11 Venture Capital
3 QED Investors 8 Venture Capital
3 Valor Capital Group 8 Venture Capital
3 Canary VC 8 Venture Capital

Country Continent
China Asia
Japan Asia
France Europe
China Asia
Germany Europe
Country Continent
Japan Asia

Country Continent
Canada North America
Country Continent
China Asia
China Asia
China Asia
China Asia
China Asia
Country Continent
France Europe
Sweden Europe
Germany Europe
Austria Europe
Country Continent
Argentina South America
Brazil South America
Brazil South America

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Venture Capital Report

Data Book Q2'2021

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Global Trends Charts

Global Mega Deal Charts

Global Trends League Tables

Unicorns League Tables

Exit Trends Charts

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Sector Spotlight Charts

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US Trends League Tables

Metro West Charts

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Canada Metro Charts

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Asia Country Charts

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Europe League Tables

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Top Investors League Tables

What is included: What is exclude

Global funding to startups rises to an eye-popping new recor

$68.7B $70B $68.0B $69.2B

Driven by $70B quarter high, funding to US startups smashe

$40.0B $36.5B $38.1B

2016 2017 2018 2019

Median valuations for US Series A deals reach a massive new

2015 2016 2017 2018 2019 2020 2021 YTD

Silicon Valley hit by wall of money, 2nd consecutive $20B+ q

Fintech sweeps past the $30B mark in funding raised — 1 of

$100M+ mega-rounds nearly triple compared to Q2'20

150 143 141

$11.7B $11.9B $11.5B

Tiger Global easily the most active investor globally in Q2’21

Softbank Group Accel Sequoia Andreesen Horowitz

1,149 1,221 1,210

2018 2019 2020

pping new record

2018 2019 2020

tartups smashes the previous half-year record

h a massive new high

ecutive $20B+ quarter

g raised — 1 of every 5 venture dollars in Q2 went into fintech

$12.5B $12.5B $12.8B

2018 2019 2020

2018 2019 2020

2018 2019 2020

Andreesen Horowitz Tiger Global Management

reach new high

223 280 IPO

2018 2019 2020

2011 2012 2013 2014 2015

Global: Quarterly deals & dollars

Global: Annual funding by region