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1、State of CVCGlobal|Q2 2024Global data and analysis on CVC-backed deals and funding to private market companiesState of CVC2 2Make smartertech decisions.Our platform will help you discover,understand,and manage your response to emerging tech.Make confident tech decisions that drive growth,improve ope

2、rations,and beat the competition with CB Insights.IIIITry our platform free!Sign up for a free trialState of CVC3 3“Steal”our data.Download the underlying data in this report.If you create any analysis or visualizations with this data,send it our way and you could be featured in the CBI newsletter.u

3、s on social LinkedIn X(Twitter)InstagramIIIIDownload the raw dataSign up for a free trialContentsGlobal Trends6Investment Trends7Sector Spotlights29Fintech30Retail Tech38Digital Health46Geographic Trends54US55Silicon Valley60New York64Los Angeles68Boston72Canada76Asia81China86India90Singapore94Japan

4、98Europe102United Kingdom107Germany111France115LatAm1194State of CVCTLDR$15.6BCVC-backed funding in Q124.Global CVC-backed funding climbed to$15.6B in Q224.Over half($8.4B)of this funding came from$100M+mega-rounds.Meanwhile,global deal declined by 12%QoQ to 782.This drop was particularly pronounced

5、 in Asia,which saw a 24%drop in deals QoQ.See the data 5-57%Decline in CVC-backed funding to digital health.Digital health CVC-backed funding fell 57%QoQ to 0.6B,the lowest level since Q417.Retail tech and fintech also saw decreases,falling 52%and 8%QoQ,respectively.Companies not explicitly focused

6、on AI face challenges raising funds in the weakened venture market.See the data 27%Increase in average deal size vs.2023.Average CVC-backed deal size YTD is$26.6M,up 27%from$20.9M in 2023.The increase is due in part to billion-dollar deals to startups like Scale($1B Series F,backed by the CVC arms o

7、f Intel,AMD,Cisco,and ServiceNow)and Wiz($1B Series E,backed by Salesforce Ventures).See the data 58%US commands majority of late-stage deals.The US took home 58%of late-stage deals from CVCs in Q224,more than all other regions.The US has seen continued (albeit slowing)economic growth,alongside low

8、unemployment,easing inflation,and federal investments in technologies like semiconductors and climate tech.See the data$0.2BCVC-backed funding in China.CVC-backed funding in China slipped to$0.2B,a 60%QoQ decrease.Deal volume also fell 24%QoQ to 59,its lowest level since 2015.Chinas tech market has

9、faced significant challenges,including rising macroeconomic concerns,escalating geopolitical tensions,and a strict regulatory environment.See the data Your rundown onCVC in Q224State of CVCGlobal Trends6Investment Trends7Annual equity funding&deals8State of CVC|Global Trends|Investment Trends$70.9B$

10、178.9B$105.4B$55.3BFunding$31.0B3,6445,2045,2693,669Deals1,67001,0002,0003,0004,0005,000$0.0B$20.0B$40.0B$60.0B$80.0B$100.0B$120.0B$140.0B$160.0B$180.0B$200.0B20202021202220232024YTDQuarterly equity funding&deals9State of CVC|Global Trends|Investment Trends$13.9B$17.3B$19.1B$20.6B$33.0B$48.2B$51.5B$

11、46.2B$43.1B$28.2B$19.1B$14.9B$14.4B$14.9B$14.2B$11.8B$15.4BFunding$15.6B8688949079751,0481,2771,4511,4281,6001,3341,2061,1299541,004862849888Deals78202004006008001,0001,2001,4001,6001,800$0.0B$10.0B$20.0B$30.0B$40.0B$50.0B$60.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q22020202120222023202410State of CVC|G

12、lobal Trends|Investment TrendsUS$9.7B279 DealsAsia$1.7B272 DealsEurope$3.0B174 DealsLatAm$0.2B16 DealsCanada$0.8B15 DealsOceania$0.3B11 DealsAfrica$7M5 DealsAll Other Regions$58M10 DealsFunding&deals by global region in Q224Percent of quarterly deals by global region11State of CVC|Global Trends|Inve

13、stment Trends37%38%37%34%41%38%37%35%34%32%33%33%36%36%38%31%34%US,36%38%39%41%40%35%38%43%42%39%42%40%39%35%34%38%41%40%Asia,35%19%18%17%19%18%18%14%16%19%19%21%20%22%22%19%21%19%Europe,22%LatAm,2%Canada,2%All Other Regions,2%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q220202021202220232024Annual average&me

14、dian deal size12State of CVC|Global Trends|Investment Trends$27.5M$45.6M$27.2M$20.9M$26.6M202020222024YTDAverage Deal Size$10.0M$13.0M$10.0M$8.0M$8.0M202020222024YTDMedian Deal SizeAnnual median deal size by global region13State of CVC|Global Trends|Investment Trends$17.0M$13.0M$15.0M202020222024YTD

15、US$5.4M$5.0M$4.3M202020222024YTDAsia$8.3M$7.5M$8.0M202020222024YTDEurope$5.1M$3.7M$3.0M202020222024YTDLatAm$6.1M$10.9M$7.7M202020222024YTDCanada$3.0M$4.3M$10.0M202020222024YTDAll Other RegionsQuarterly funding&deals from mega-rounds(deals worth$100m+)14State of CVC|Global Trends|Investment Trends$5.

16、6B$7.1B$8.8B$10.1B$19.9B$31.2B$34.0B$29.5B$23.9B$12.8B$7.5B$3.8B$5.2B$5.2B$5.6B$4.2B$7.3BFunding$8.4B32414456921231391251167842283029332536Deals36020406080100120140160180$0.0B$5.0B$10.0B$15.0B$20.0B$25.0B$30.0B$35.0B$40.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q22020202120222023202415State of CVC|Global

17、Trends|Investment TrendsUS$6.0B23 DealsEurope$1.0B5 DealsCanada$0.7B2 DealsAsia$0.6B4 DealsOceania$0.1B1 DealLatAm$0.1B1 DealMega-round funding&deals by global region in Q224Quarterly mega-round deals by global region16State of CVC|Global Trends|Investment Trends18231625US,235332Asia,42459Europe,51L

18、atAm,1311Canada,211All Other Regions,1Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q220202021202220232024Quarterly mega-rounds as percent of funding17State of CVC|Global Trends|Investment Trends40%41%46%49%60%65%66%64%55%45%39%25%36%35%39%36%48%Mega-rounds,54%60%59%54%51%40%35%34%36%45%55%61%75%64%65%61%64%52%

19、Non-mega-rounds,46%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q220202021202220232024Global:Top equity deals in Q22418State of CVC|Global Trends|Investment TrendsCompanyRound AmountRoundDateRound ValuationCVC InvestorsCountrySectorIndustrySubindustry%of Total Funding1Scale$1.0BSeries F2024-05-21$13.8BIntel Ca

20、pital,AMD Ventures,Cisco Investments,ServiceNow VenturesUnited StatesInternetInternet Software&ServicesApplication&Data Integration6.4%1Wiz$1.0BSeries E2024-05-07$12.0B Salesforce VenturesUnited StatesInternetInternet Software&ServicesMonitoring&Security6.4%3AlphaSense$650MSeries F2024-06-11$4.0B Ca

21、pitalGUnited StatesInternetInternet Software&ServicesBusiness Intelligence,Analytics&Performance Mgmt4.2%4Mistral AI$502MSeries B2024-06-11$6.2BSamsung Ventures,Cisco Investments,Salesforce Ventures,Bertelsmann Investments,NVenturesFranceInternetInternet Software&ServicesApplication&Data Integration

22、3.2%5Cohere$450MSeries D2024-04-06$5.0B Cisco Investments,Salesforce VenturesCanadaInternetInternet Software&ServicesApplication&Data Integration2.9%6EnerVenue$308MSeries B2024-06-07N/A Aramco VenturesUnited StatesEnergy&UtilitiesEnergy StorageN/A2.0%7Cyera$300MSeries C2024-04-09$1.4B AT&T VenturesU

23、nited StatesInternetInternet Software&ServicesMonitoring&Security1.9%8Vercel$250MSeries E2024-05-16$3.3B Google VenturesUnited StatesInternetInternet Software&ServicesApplication&Data Integration1.6%9Metsera$240MSeries A2024-04-18$473M Google VenturesUnited StatesHealthcareAlternative MedicineN/A1.5

24、%10Monad$225MSeries A2024-04-09$3.0B Coinbase Ventures,Wintermute VenturesUnited StatesInternetInternet Software&ServicesAsset&Financial Management&Trading1.4%Annual percent of deals by deal stage19State of CVC|Global Trends|Investment Trends55%57%64%64%Early-stage,66%29%29%25%23%Mid-stage,23%9%9%5%

25、6%Late-stage,5%7%6%6%8%Other,6%20202021202220232024YTDRegional deal share by deal stage in Q22420State of CVC|Global Trends|Investment Trends32%42%58%33%38%29%28%30%22%25%9%30%5%Early-stageMid-stageLate-stageOtherUSAsiaEuropeLatAmCanadaAll Other RegionsAnnual median funding by deal stage21State of C

26、VC|Global Trends|Investment Trends$4.8M$5.8M$5.6M$5.2M$5.8M202020222024YTDEarly-stage$23.0M$33.1M$29.0M$22.0M$23.9M202020222024YTDMid-stage$55.0M$103.0M$90.0M$46.6M$50.0M202020222024YTDLate-stageGlobal:Top seed/angel deals in Q22422State of CVC|Global Trends|Investment TrendsCompanyRound AmountRound

27、DateCVC InvestorsCountrySectorIndustrySubindustry1EvolutionaryScale$102MSeed VC2024-06-25NVenturesUnited StatesInternetInternet Software&ServicesHealthcare2Daydream$50MSeed VC2024-06-20Google VenturesUnited StatesInternetE-CommerceApparel&Accessories3Lyskraft$26MSeed VC2024-04-26Prosus VenturesIndia

28、InternetE-CommerceMarketplace4MegaLabs$20MSeed VC2024-06-27Figment CapitalUnited StatesInternetInternet Software&ServicesAsset&Financial Management&Trading5Orange$19MSeed VC2024-05-06Mitsubishi UFJ Capital,SBI Investment,Mizuho Capital,GFR FundJapanInternetInternet Software&ServicesContent Managemen

29、t5Turing$19MSeed VC2024-04-23Mizuho Capital,KDDI Open Innovation Fund,NTT DoCoMo Ventures,MIRAI Innovation FundJapanSoftware(non-internet/mobile)Science&EngineeringN/A7Tacalyx$15MSeed VC2024-06-11Boehringer Ingelheim Venture FundGermanyHealthcarePharmaceuticals/DrugsN/A8Archetype$13MSeed VC2024-04-0

30、5Hitachi Ventures,Amazon Industrial Innovation FundUnited StatesBusiness Products&ServicesAdvertising,Marketing&PRN/A8Archetype AI$13MSeed VC2024-04-05Hitachi Ventures,Amazon Industrial Innovation FundUnited StatesInternetInternet Software&ServicesApplication&Data Integration8illumex$13MSeed VC2024-

31、06-25Samsung Ventures,Amdocs VenturesIsraelInternetInternet Software&ServicesData&Document ManagementGlobal:Top Series A deals in Q22423State of CVC|Global Trends|Investment TrendsCompanyRound AmountRoundDateCVC InvestorsCountrySectorIndustrySubindustry1Metsera$240MSeries A2024-04-18Google VenturesU

32、nited States HealthcareAlternative MedicineN/A2Monad$225MSeries A2024-04-09Coinbase Ventures,Wintermute VenturesUnited States InternetInternet Software&ServicesAsset&Financial Management&Trading3Rivos$150MSeries A2024-04-16Intel Capital,Dell Technologies CapitalUnited States ElectronicsChips&Semicon

33、ductorsSemiconductors:Memory,Networking&Sensor Chips4Zentry$140MSeries A2024-04-23Coinbase VenturesThailandInternetInternet Software&ServicesGaming5Amber Therapeutics$100MSeries A2024-06-10Intuitive VenturesUnited KingdomHealthcareMedical Devices&EquipmentTherapeutic Devices5Enlaza Therapeutics$100M

34、Series A2024-04-30Amgen Ventures,Alexandria Venture Investments,Regeneron VenturesUnited States HealthcareBiotechnologyN/A5Syre$100MSeries A2024-05-23Norrsken VCSwedenIndustrialsManufacturingTextile Manufacturing8InduPro$85MSeries A2024-06-13MRL VenturesUnited States HealthcareBiotechnologyN/A9Exsil

35、io Therapeutics$82MSeries A2024-04-16Novartis Venture FundsUnited States HealthcareBiotechnologyN/A10Delphia Therapeutics$67MSeries A2024-05-02Google Ventures,Alexandria Venture InvestmentsUnited States HealthcareBiotechnologyN/AGlobal:Top Series B deals in Q22424State of CVC|Global Trends|Investmen

36、t TrendsCompanyRound AmountRoundDateCVC InvestorsCountrySectorIndustrySubindustry1Mistral AI$502MSeries B2024-06-11Samsung Ventures,Cisco Investments,Salesforce Ventures,Bertelsmann Investments,NVenturesFranceInternetInternet Software&ServicesApplication&Data Integration2EnerVenue$308MSeries B2024-0

37、6-07Aramco VenturesUnited StatesEnergy&UtilitiesEnergy StorageN/A3Waabi$200MSeries B2024-06-18Volvo Group Venture Capital,Scania Growth Capital,INGKA Investments,NVenturesCanadaSoftware(non-internet/mobile)Science&EngineeringN/A4Santa Ana Bio$125MSeries B2024-06-13Google Ventures,Access Biotechnolog

38、yUnited StatesHealthcareDrug DevelopmentN/A5Hysata$111MSeries B2024-05-08BP Alternative Energy Ventures,Vestas Ventures,Twin Towers VenturesAustraliaEnergy&UtilitiesRenewablesHydrogen/Fuel Cell6Apex$95MSeries B2024-06-11Toyota VenturesUnited StatesIndustrialsAerospace&DefenseCommercial Aircraft Manu

39、facturing7Magnus Metal$74MSeries B2024-04-18Caterpillar Ventures,Discount CapitalIsraelIndustrialsManufacturingMetal Fabrication8FINBOURNE Technology$70MSeries B2024-06-17AXA Venture PartnersUnited KingdomInternetInternet Software&ServicesAsset&Financial Management&Trading9Colendi$65MSeries B2024-05

40、-22Citi Ventures,FinbergUnited KingdomMobile&TelecommunicationsMobile Software&ServicesAccounting&Finance10Perplexity$63MSeries B2024-04-23NVenturesUnited StatesInternetInternet Software&ServicesInformation Providers&PortalsGlobal:Top Series C deals in Q22425State of CVC|Global Trends|Investment Tre

41、ndsCompanyRound AmountRoundDateCVC InvestorsCountrySectorIndustrySubindustry1Cyera$300MSeries C2024-04-09AT&T VenturesUnited StatesInternetInternet Software&ServicesMonitoring&Security2Bluejay Therapeutics$182MSeries C2024-05-09Arkin BioventuresUnited StatesHealthcareDrug DevelopmentN/A3Lycia Therap

42、eutics$107MSeries C2024-05-13Alexandria Venture InvestmentsUnited StatesHealthcareBiotechnologyN/A4Bright Machines$106MSeries C2024-06-25M12,NVenturesUnited StatesSoftware(non-internet/mobile)Manufacturing,Warehousing&Industrial SoftwareN/A5Atlan$105MSeries C2024-05-08Salesforce VenturesSingaporeInt

43、ernetInternet Software&ServicesData&Document Management6Cognigy$100MSeries C2024-06-11DTCPGermanyInternetInternet Software&ServicesCustomer Relationship Management7Bright Peak Therapeutics$90MSeries C2024-06-11Johnson&Johnson Innovation,Alexandria Venture Investments,KB InvestmentSwitzerlandHealthca

44、reBiotechnologyN/A8Endogenex$88MSeries C2024-06-24Intuitive Ventures,Orlando Health VenturesUnited StatesHealthcareDrug DiscoveryN/A9Aardvark Therapeutics$85MSeries C2024-05-09LG Technology VenturesUnited StatesHealthcareDrug DevelopmentN/A10Frore Systems$80MSeries C2024-05-29Qualcomm Ventures,Prosp

45、erity7 VenturesUnited StatesElectronicsChips&SemiconductorsSemiconductors:ComponentsGlobal:Top Series D deals in Q22426State of CVC|Global Trends|Investment TrendsCompanyRound AmountRoundDateRound ValuationCVC InvestorsCountrySectorIndustrySubindustry1Cohere$450MSeries D2024-04-06$5.0B Cisco Investm

46、ents,Salesforce VenturesCanadaInternetInternet Software&ServicesApplication&Data Integration2Sigma Computing$200MSeries D2024-05-16$1.5B Snowflake VenturesUnited StatesInternetInternet Software&ServicesBusiness Intelligence,Analytics&Performance Mgmt3Ascend Money$195MSeries D2024-06-26N/A Krungsri F

47、innovateThailandInternetE-CommerceE-Commerce Enablement4Transcarent$126MSeries D2024-05-02$2.2BMerck Global Health Innovation Fund,Leaps by BayerUnited StatesInternetInternet Software&ServicesHealthcare5Platform Science$125MSeries D2024-04-09N/A Prologis Ventures,Ryder VenturesUnited StatesInternetI

48、nternet Software&ServicesSupply Chain&Logistics6Osteal Therapeutics$50MSeries D2024-06-05$264M Johnson&Johnson InnovationUnited StatesHealthcareDrug DevelopmentN/A7Wayspring$45MSeries D2024-04-19N/ACVS Health Ventures,The Blue Venture Fund,ValtruisUnited StatesInternetInternet Software&ServicesHealt

49、h&Wellness8Eko Health$41MSeries D2024-06-05$261M LG Technology Ventures,NTT Venture CapitalUnited StatesHealthcareMedical Devices&EquipmentOther Medical Devices9Variantyx$36MSeries D2024-04-26$105M Bosch VenturesUnited StatesHealthcareDisease DiagnosisN/A10Snappy App$25MSeries D2024-04-15$200M Hears

50、t VenturesUnited StatesInternetE-CommerceOther RetailGlobal:Top Series E+deals in Q22427State of CVC|Global Trends|Investment TrendsCompanyRound AmountRoundDateRound ValuationCVC InvestorsCountrySectorIndustrySubindustry1Scale$1.0BSeries F2024-05-21$13.8BIntel Capital,AMD Ventures,Cisco Investments,

51、ServiceNow VenturesUnited StatesInternetInternet Software&ServicesApplication&Data Integration1Wiz$1.0BSeries E2024-05-07$12.0B Salesforce VenturesUnited StatesInternetInternet Software&ServicesMonitoring&Security3AlphaSense$650MSeries F2024-06-11$4.0B CapitalGUnited StatesInternetInternet Software&

52、ServicesBusiness Intelligence,Analytics&Performance Mgmt4Vercel$250MSeries E2024-05-16$3.3B Google VenturesUnited StatesInternetInternet Software&ServicesApplication&Data Integration5Monzo$190MSeries I2024-04-28$5.2B CapitalGUnited KingdomMobile&TelecommunicationsMobile Software&ServicesAccounting&F

53、inance6Corelight$150MSeries E2024-04-30$900M Cisco Investments,CrowdStrike Falcon FundUnited StatesInternetInternet Software&ServicesNetworking&Connectivity7Blaize$106MSeries E2024-04-29N/A Franklin Venture PartnersUnited StatesInternetInternet Software&ServicesApplication&Data Integration8Clip$100M

54、Series E2024-06-18$2.0B American Express VenturesMexicoMobile&TelecommunicationsMobile Software&ServicesPayments8Weka$100MSeries E2024-05-15$1.6BQualcomm Ventures,Micron Ventures,Hitachi Ventures,NVenturesUnited StatesInternetInternet Software&ServicesData&Document Management10Cabify$21MSeries F2024

55、-06-14N/A Rakuten CapitalSpainInternetInternet Software&ServicesTravelGlobal:Top CVCs by company count in Q22428State of CVC|Global Trends|Investment TrendsInvestorCompany Count Country1OKX Ventures24Virgin Islands(British)2Google Ventures23United States3Mitsubishi UFJ Capital20Japan4Mizuho Capital1

56、7Japan5Coinbase Ventures16United States6SMBC Venture Capital15Japan7NVentures10United States8Salesforce Ventures9United States9Bankless Ventures8United States9M128United StatesSector Spotlights29Fintech30Quarterly equity funding&deals31State of CVC|Sector Spotlights|Fintech$2.2B$3.5B$3.5B$3.2B$6.2B$

57、10.4B$11.2B$9.9B$10.9B$6.0B$3.0B$2.4B$2.2B$2.3B$1.6B$1.5B$2.4BFunding$2.2B136125124140192229258240301226212166154153133121171Deals126050100150200250300350$0.0B$2.0B$4.0B$6.0B$8.0B$10.0B$12.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q22020202120222023202432State of CVC|Sector Spotlights|FintechUS$1.0B45 Dea

58、lsEurope$0.6B32 DealsAsia$0.4B31 DealsLatAm$0.1B8 DealsOceania$33M1 DealAfrica$5M2 DealsAll Other Regions$37M7 DealsFunding&deals by global region in Q224Quarterly deals by global region33State of CVC|Sector Spotlights|Fintech47%42%47%36%49%47%46%40%39%41%36%41%47%42%53%39%43%US,36%25%35%27%29%18%29

59、%26%33%29%24%25%22%20%22%20%25%26%Asia,25%20%16%19%20%21%14%17%14%19%20%26%24%25%26%15%24%20%Europe,25%5%5%5%7%5%7%LatAm,6%7%5%5%5%5%All Other Regions,2%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q220202021202220232024Annual average&median deal size34State of CVC|Sector Spotlights|Fintech$30.3M$49.3M$29.3M$1

60、7.0M$22.1M202020222024YTDAverage Deal Size$10.6M$15.0M$9.8M$7.0M$8.0M202020222024YTDMedian Deal SizeAnnual percent of deals by deal stage35State of CVC|Sector Spotlights|Fintech53%57%71%69%Early-stage,74%33%29%20%20%Mid-stage,16%10%10%5%6%Late-stage,5%Other,4%20202021202220232024YTDFintech:Top equit

61、y deals in Q22436State of CVC|Sector Spotlights|FintechCompanyRound AmountRoundDateRound ValuationCVC InvestorsCountrySectorIndustrySubindustry%of Total Funding1AlphaSense$650MSeries F2024-06-11$4.0B CapitalGUnited StatesInternetInternet Software&ServicesBusiness Intelligence,Analytics&Performance M

62、gmt29.6%2Ascend Money$195MSeries D2024-06-26N/A Krungsri FinnovateThailandInternetE-CommerceE-Commerce Enablement8.9%3Monzo$190MSeries I2024-04-28$5.2B CapitalGUnited KingdomMobile&TelecommunicationsMobile Software&ServicesAccounting&Finance8.6%4Clip$100MSeries E2024-06-18$2.0BAmerican Express Ventu

63、resMexicoMobile&TelecommunicationsMobile Software&ServicesPayments4.5%5FINBOURNE Technology$70MSeries B2024-06-17N/A AXA Venture PartnersUnited KingdomInternetInternet Software&ServicesAsset&Financial Management&Trading3.2%6Colendi$65MSeries B2024-05-22$700M Citi Ventures,FinbergUnited KingdomMobile

64、&TelecommunicationsMobile Software&ServicesAccounting&Finance3.0%7Arbol$60MSeries B2024-04-30$279M Opera Tech VenturesUnited StatesInternetInternet Software&ServicesBusiness Intelligence,Analytics&Performance Mgmt2.7%8Chapter$50MSeries C2024-05-14$451M Maverick VenturesUnited StatesInternetInternet

65、Software&ServicesInformation Providers&Portals2.3%8PolyAI$50MSeries C2024-05-15N/A NVenturesUnited KingdomInternetInternet Software&ServicesCustomer Relationship Management2.3%10Synspective$44MSeries C2024-06-19N/A Mizuho CapitalJapanInternetInternet Software&ServicesBusiness Intelligence,Analytics&

66、Performance Mgmt2.0%Fintech:Top investors by company count in Q22437State of CVC|Sector Spotlights|FintechInvestorCompany Count Investor GroupCountry1OKX Ventures11CVCVirgin Islands(British)2Coinbase Ventures5CVCUnited States3KuCoin Ventures3CVCSeychelles3Citi Ventures3CVCUnited States3Bankless Vent

67、ures3CVCUnited States3Wintermute Ventures3CVCUnited Kingdom3Maverick Ventures3CVCUnited States3Kraken Ventures3CVCUnited States3GM Ventures3CVCUnited StatesRetail Tech38Quarterly equity funding&deals39State of CVC|Sector Spotlights|Retail Tech$1.5B$2.5B$1.8B$3.5B$6.6B$9.8B$10.0B$6.0B$7.6B$3.8B$2.1B$

68、1.8B$1.5B$1.0B$1.3B$0.6B$2.1BFunding$1.0B1121121081341161751741531771401291268188776566Deals49020406080100120140160180$0.0B$2.0B$4.0B$6.0B$8.0B$10.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q22020202120222023202440State of CVC|Sector Spotlights|Retail TechAsia$0.3B22 DealsUS$0.3B9 DealsCanada$0.2B2 DealsLa

69、tAm$0.1B3 DealsEurope$34M12 DealsAfrica$0.0M1 DealFunding&deals by global region in Q224Quarterly deals by global region41State of CVC|Sector Spotlights|Retail Tech26%19%24%30%30%30%30%29%25%24%25%31%26%31%26%26%23%US,18%46%50%53%38%48%47%51%44%44%46%48%44%44%43%52%51%56%Asia,45%21%22%15%21%12%16%10

70、%14%18%21%18%17%21%19%16%17%15%Europe,24%5%5%5%LatAm,6%Canada,4%5%6%7%5%All Other Regions,2%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q220202021202220232024Annual average&median deal size42State of CVC|Sector Spotlights|Retail Tech$28.8M$65.5M$31.9M$19.0M$36.9M202020222024YTDAverage Deal Size$9.0M$15.8M$9.0

71、M$10.0M$6.5M202020222024YTDMedian Deal SizeAnnual percent of deals by deal stage43State of CVC|Sector Spotlights|Retail Tech56%51%62%58%Early-stage,61%33%33%27%29%Mid-stage,26%8%13%6%8%Late-stage,10%Other,3%20202021202220232024YTDRetail Tech:Top equity deals in Q22444State of CVC|Sector Spotlights|R

72、etail TechCompanyRound AmountRoundDateRound ValuationCVC InvestorsCountrySectorIndustrySubindustry%of Total Funding1Waabi$200MSeries B2024-06-18N/AVolvo Group Venture Capital,Scania Growth Capital,INGKA Investments,NVenturesCanadaSoftware(non-internet/mobile)Science&EngineeringN/A20.3%2Ascend Money$

73、195MSeries D2024-06-26N/A Krungsri FinnovateThailandInternetE-CommerceE-Commerce Enablement19.8%3Platform Science$125MSeries D2024-04-09N/A Prologis Ventures,Ryder VenturesUnited StatesInternetInternet Software&ServicesSupply Chain&Logistics12.7%4Clip$100MSeries E2024-06-18$2.0B American Express Ven

74、turesMexicoMobile&TelecommunicationsMobile Software&ServicesPayments10.1%5Daydream$50MSeed VC2024-06-20N/A Google VenturesUnited StatesInternetE-CommerceApparel&Accessories5.1%6GrayMatter Robotics$45MSeries B2024-06-20N/A NGP Capital,3M VenturesUnited StatesIndustrialsMachinery&EquipmentRobotics4.6%

75、7Relay$35MSeries B2024-06-10N/A Wind River VenturesUnited StatesInternetInternet Software&ServicesConferencing&Communication3.6%8SingleInterface$30MGrowth Equity2024-04-04N/A PayPal VenturesIndiaInternetInternet Software&ServicesAdvertising,Sales&Marketing3.0%8Tenderd$30MSeries A2024-06-11N/A WAED V

76、enturesUnited Arab EmiratesInternetInternet Software&ServicesBusiness Intelligence,Analytics&Performance Mgmt3.0%10Lyskraft$26MSeed VC2024-04-26N/A Prosus VenturesIndiaInternetE-CommerceMarketplace2.6%Retail Tech:Top investors by company count in Q22445State of CVC|Sector Spotlights|Retail TechInves

77、torCompany Count Investor GroupCountry1Scania Growth Capital2CVCSweden1SMBC Venture Capital2CVCJapan1Prologis Ventures2CVCUnited StatesDigital Health46Quarterly equity funding&deals47State of CVC|Sector Spotlights|Digital Health$1.5B$2.1B$2.5B$2.3B$3.2B$5.0B$3.1B$4.4B$4.0B$1.8B$1.1B$1.0B$1.4B$1.2B$1

78、.0B$1.0B$1.4BFunding$0.6B88957774841031171081238164526961455357Deals31020406080100120$0.0B$1.0B$2.0B$3.0B$4.0B$5.0B$6.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q22020202120222023202448State of CVC|Sector Spotlights|Digital HealthUS$0.6B20 DealsEurope$29M6 DealsAsia$11M5 DealsFunding&deals by global region

79、 in Q224Quarterly deals by global region49State of CVC|Sector Spotlights|Digital Health53%51%66%54%60%58%47%58%48%44%44%50%41%51%51%49%53%US,65%30%27%16%32%29%22%31%27%30%35%31%35%30%20%31%19%21%Asia,16%10%15%14%5%8%17%15%10%13%16%22%13%20%26%16%23%21%Europe,19%LatAm,0%6%Canada,0%5%All Other Regions

80、,0%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q220202021202220232024Annual average&median deal size50State of CVC|Sector Spotlights|Digital Health$29.6M$44.8M$30.1M$22.0M$26.2M202020222024YTDAverage Deal Size$13.3M$15.7M$14.4M$9.9M$11.7M202020222024YTDMedian Deal SizeAnnual percent of deals by deal stage51St

81、ate of CVC|Sector Spotlights|Digital Health46%48%56%54%Early-stage,50%41%39%31%34%Mid-stage,31%10%10%8%8%Late-stage,14%Other,6%20202021202220232024YTDDigital Health:Top equity deals in Q22452State of CVC|Sector Spotlights|Digital HealthCompanyRound AmountRoundDateRound ValuationCVC InvestorsCountryS

82、ectorIndustrySubindustry%of Total Funding1Transcarent$126MSeries D2024-05-02$2.2BMerck Global Health Innovation Fund,Leaps by BayerUnited StatesInternetInternet Software&ServicesHealthcare20.0%2Lumeris$100MGrowth Equity2024-04-10N/A The Blue Venture FundUnited StatesInternetInternet Software&Service

83、sHealthcare15.8%3Midi$60MSeries B2024-04-24$281M Google Ventures,SemperVirensUnited StatesInternetInternet Software&ServicesHealth&Wellness9.5%4Enveda Biosciences$55MSeries B2024-06-13N/A M12United StatesHealthcareDrug DiscoveryN/A8.7%5Wayspring$45MSeries D2024-04-19N/ACVS Health Ventures,The Blue V

84、enture Fund,ValtruisUnited StatesInternetInternet Software&ServicesHealth&Wellness7.1%6Eko Health$41MSeries D2024-06-05$261M LG Technology Ventures,NTT Venture CapitalUnited StatesHealthcareMedical Devices&EquipmentOther Medical Devices6.5%7Atropos Health$33MSeries B2024-05-23$250MValtruis,Presidio

85、Ventures,Merck Global Health Innovation Fund,McKesson VenturesUnited StatesSoftware(non-internet/mobile)Healthcare SoftwareN/A5.2%8Humata Health$25MSeries A2024-06-20N/A The Blue Venture Fund,Optum VenturesUnited StatesInternetInternet Software&ServicesCollaboration&Project Management4.0%9Plenful$17

86、MSeries A2024-05-30N/A Danaher VenturesUnited StatesInternetInternet Software&ServicesBusiness Intelligence,Analytics&Performance Mgmt2.7%10Livara Health$15MSeries B2024-05-02$42M Providence VenturesUnited StatesHealthcareMedical Facilities&ServicesSpecialized Healthcare Services2.4%Digital Health:T

87、op investors by company count in Q22453State of CVC|Sector Spotlights|Digital HealthInvestorCompany Count Investor GroupCountry1The Blue Venture Fund3CVCUnited States1Merck Global Health Innovation Fund3CVCUnited States3MassMutual Ventures2CVCUnited States3XTX Ventures2CVCUnited Kingdom3CVS Health V

88、entures2CVCUnited States3Valtruis2CVCUnited StatesGeographic Trends54US Trends55Quarterly funding&deals56State of CVC|Geographic Trends|US Trends$9.4B$11.0B$11.5B$11.4B$21.5B$26.7B$27.2B$27.0B$23.3B$14.1B$10.6B$8.1B$8.7B$7.5B$8.6B$6.2B$9.7BFunding$9.7B320339339333429489532497549422392377347357330265

89、304Deals2790100200300400500600$0.0B$5.0B$10.0B$15.0B$20.0B$25.0B$30.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q220202021202220232024Annual percent of deals by deal stage57State of CVC|Geographic Trends|US Trends49%48%59%62%Early-stage,60%35%34%27%24%Mid-stage,28%12%13%8%7%Late-stage,7%5%6%6%Other,5%202020

90、21202220232024YTDUS:Top equity deals in Q22458State of CVC|Geographic Trends|US TrendsCompanyRound AmountRoundDateRound ValuationCVC InvestorsCountrySectorIndustrySubindustry%of Total Funding1Scale$1.0BSeries F2024-05-21$13.8BIntel Capital,AMD Ventures,Cisco Investments,ServiceNow VenturesUnited Sta

91、tesInternetInternet Software&ServicesApplication&Data Integration10.3%1Wiz$1.0BSeries E2024-05-07$12.0B Salesforce VenturesUnited StatesInternetInternet Software&ServicesMonitoring&Security10.3%3AlphaSense$650MSeries F2024-06-11$4.0B CapitalGUnited StatesInternetInternet Software&ServicesBusiness In

92、telligence,Analytics&Performance Mgmt6.7%4EnerVenue$308MSeries B2024-06-07N/A Aramco VenturesUnited StatesEnergy&UtilitiesEnergy StorageN/A3.2%5Cyera$300MSeries C2024-04-09$1.4B AT&T VenturesUnited StatesInternetInternet Software&ServicesMonitoring&Security3.1%6Vercel$250MSeries E2024-05-16$3.3B Goo

93、gle VenturesUnited StatesInternetInternet Software&ServicesApplication&Data Integration2.6%7Metsera$240MSeries A2024-04-18$473M Google VenturesUnited StatesHealthcareAlternative MedicineN/A2.5%8Monad$225MSeries A2024-04-09$3.0B Coinbase Ventures,Wintermute VenturesUnited StatesInternetInternet Softw

94、are&ServicesAsset&Financial Management&Trading2.3%9BridgeBio Oncology Therapeutics$200MPrivate Equity2024-05-02N/A Google VenturesUnited StatesHealthcareBiotechnologyN/A2.1%9Sigma Computing$200MSeries D2024-05-16$1.5B Snowflake VenturesUnited StatesInternetInternet Software&ServicesBusiness Intellig

95、ence,Analytics&Performance Mgmt2.1%US:Top investors by company count in Q22459State of CVC|Geographic Trends|US TrendsInvestorCompany Count Investor GroupCountry1Google Ventures23CVCUnited States2Coinbase Ventures16CVCUnited States3NVentures10CVCUnited States4Salesforce Ventures9CVCUnited States5Ban

96、kless Ventures8CVCUnited States5M128CVCUnited States7Snowflake Ventures7CVCUnited States8Cisco Investments6CVCUnited States8Citi Ventures6CVCUnited States8In-Q-Tel6CVCUnited StatesSilicon Valley60Quarterly funding&deals61State of CVC|Geographic Trends|Silicon Valley$4.3B$4.5B$5.7B$3.6B$7.2B$9.5B$10.

97、7B$11.5B$10.7B$5.1B$3.8B$2.4B$2.6B$2.5B$3.8B$1.9B$4.4BFunding$4.3B10411713310313317217617018814012510410510312380109Deals93020406080100120140160180200$0.0B$2.0B$4.0B$6.0B$8.0B$10.0B$12.0B$14.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q220202021202220232024Annual percent of deals by deal stage62State of CVC

98、|Geographic Trends|Silicon Valley44%43%52%60%Early-stage,53%36%35%32%26%Mid-stage,35%16%18%11%8%Late-stage,8%5%6%Other,3%20202021202220232024YTDSilicon Valley:Top equity deals in Q22463State of CVC|Geographic Trends|Silicon ValleyCompanyRound AmountRoundDateRound ValuationCVC InvestorsSectorIndustry

99、Subindustry%of Total Funding1Scale$1.0BSeries F2024-05-21$13.8BIntel Capital,AMD Ventures,Cisco Investments,ServiceNow VenturesInternetInternet Software&ServicesApplication&Data Integration23.5%2EnerVenue$308MSeries B2024-06-07N/A Aramco VenturesEnergy&UtilitiesEnergy StorageN/A7.2%3Vercel$250MSerie

100、s E2024-05-16$3.3B Google VenturesInternetInternet Software&ServicesApplication&Data Integration5.9%4BridgeBio Oncology Therapeutics$200MPrivate Equity2024-05-02N/A Google VenturesHealthcareBiotechnologyN/A4.7%4Sigma Computing$200MSeries D2024-05-16$1.5B Snowflake VenturesInternetInternet Software&S

101、ervicesBusiness Intelligence,Analytics&Performance Mgmt4.7%New York64Quarterly funding&deals65State of CVC|Geographic Trends|New York$1.4B$1.7B$1.3B$2.1B$3.0B$5.3B$4.3B$3.8B$3.1B$1.4B$1.5B$1.2B$1.5B$1.5B$0.6B$0.4B$1.5BFunding$2.9B5345475371788574885865714763393744Deals41020406080100$0.0B$1.0B$2.0B$3

102、.0B$4.0B$5.0B$6.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q220202021202220232024Annual percent of deals by deal stage66State of CVC|Geographic Trends|New York51%48%65%67%Early-stage,65%38%34%22%18%Mid-stage,24%9%14%7%9%Late-stage,8%6%5%Other,4%20202021202220232024YTDNew York:Top equity deals in Q22467Stat

103、e of CVC|Geographic Trends|New YorkCompanyRound AmountRoundDateRound ValuationCVC InvestorsSectorIndustrySubindustry%of Total Funding1Wiz$1.0BSeries E2024-05-07$12.0B Salesforce VenturesInternetInternet Software&ServicesMonitoring&Security34.9%2AlphaSense$650MSeries F2024-06-11$4.0B CapitalGInternet

104、Internet Software&ServicesBusiness Intelligence,Analytics&Performance Mgmt22.7%3Cyera$300MSeries C2024-04-09$1.4B AT&T VenturesInternetInternet Software&ServicesMonitoring&Security10.5%4Metsera$240MSeries A2024-04-18$473M Google VenturesHealthcareAlternative MedicineN/A8.4%5Monad$225MSeries A2024-04

105、-09$3.0B Coinbase Ventures,Wintermute VenturesInternetInternet Software&ServicesAsset&Financial Management&Trading7.9%Los Angeles68Quarterly funding&deals69State of CVC|Geographic Trends|Los Angeles$0.2B$0.2B$0.9B$0.4B$2.9B$1.1B$3.7B$1.4B$0.7B$0.5B$1.3B$0.3B$0.4B$0.3B$0.4B$0.1B$0.4BFunding$0.3B24152

106、92219343736362237212818221817Deals17051015202530354045$0.0B$0.5B$1.0B$1.5B$2.0B$2.5B$3.0B$3.5B$4.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q220202021202220232024Annual percent of deals by deal stage70State of CVC|Geographic Trends|Los Angeles63%59%71%72%Early-stage,71%27%31%20%17%Mid-stage,21%6%6%6%Late-s

107、tage,6%6%Other,3%20202021202220232024YTDLos Angeles:Top equity deals in Q22471State of CVC|Geographic Trends|Los AngelesCompanyRound AmountRoundDateRound ValuationCVC InvestorsSectorIndustrySubindustry%of Total Funding1Apex$95MSeries B2024-06-11N/A Toyota VenturesIndustrialsAerospace&DefenseCommerci

108、al Aircraft Manufacturing32.1%2GrayMatter Robotics$45MSeries B2024-06-20N/A NGP Capital,3M VenturesIndustrialsMachinery&EquipmentRobotics15.2%3ImmPACT Bio$29MSeries B2024-04-01N/A Novartis Venture FundsHealthcareBiotechnologyN/A9.7%4Kinetic Automation$21MSeries B2024-06-20N/ALiberty Mutual Strategic

109、 Ventures,Allstate Strategic VenturesIndustrialsMachinery&EquipmentRobotics7.1%5Sift$18MSeries A2024-06-25N/A Google VenturesInternetInternet Software&ServicesApplication&Data Integration5.9%Boston72Quarterly funding&deals73State of CVC|Geographic Trends|Boston$1.0B$1.7B$1.0B$1.1B$3.1B$3.2B$2.2B$3.4

110、B$1.9B$2.0B$1.3B$1.7B$1.2B$1.2B$2.1B$1.5B$0.5BFunding$0.3B3440302948514442444236562833323414Deals150102030405060$0.0B$0.5B$1.0B$1.5B$2.0B$2.5B$3.0B$3.5B$4.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q220202021202220232024Annual percent of deals by deal stage74State of CVC|Geographic Trends|Boston44%44%51%53

111、%Early-stage,52%38%43%37%35%Mid-stage,38%14%10%9%6%Late-stage,7%6%Other,3%20202021202220232024YTDBoston:Top equity deals in Q22475State of CVC|Geographic Trends|BostonCompanyRound AmountRoundDateRound Valuation CVC InvestorsSectorIndustrySubindustry%of Total Funding1Exsilio Therapeutics$82MSeries A2

112、024-04-16N/A Novartis Venture FundsHealthcareBiotechnologyN/A23.6%2Delphia Therapeutics$67MSeries A2024-05-02$91M Google Ventures,Alexandria Venture InvestmentsHealthcareBiotechnologyN/A19.3%3Cerevance$47MSeries B2024-04-25N/A Google VenturesHealthcareBiotechnologyN/A13.5%4Variantyx$36MSeries D2024-

113、04-26$105M Bosch VenturesHealthcareDisease DiagnosisN/A10.4%5Ledgebrook$24MSeries A2024-04-16N/A American Family VenturesFinanceInsuranceOther Insurance6.9%5Qlaris Bio$24MSeries B2024-04-22$68M Mayo Clinic VenturesHealthcareBiotechnologyN/A6.9%Canada Trends76Quarterly funding&deals77State of CVC|Geo

114、graphic Trends|Canada Trends$0.1B$0.2B$0.1B$0.1B$0.5B$0.9B$1.3B$0.7B$1.7B$0.4B$0.3B$0.5B$0.2B$0.9B$0.3B$0.3B$0.2BFunding$0.8B1617151525273528372915292328132017Deals15051015202530354045$0.0B$0.2B$0.4B$0.6B$0.8B$1.0B$1.2B$1.4B$1.6B$1.8BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q220202021202220232024Annual per

115、cent of deals by deal stage78State of CVC|Geographic Trends|Canada Trends67%58%72%63%Early-stage,75%16%27%15%21%Mid-stage,16%10%6%8%Late-stage,6%13%5%7%7%Other,3%20202021202220232024YTDCanada:Top equity deals in Q22479State of CVC|Geographic Trends|Canada TrendsCompanyRound AmountRoundDateRound Valu

116、ationCVC InvestorsSectorIndustrySubindustry%of Total Funding1Cohere$450MSeries D2024-04-06$5.0B Cisco Investments,Salesforce VenturesInternetInternet Software&ServicesApplication&Data Integration59.3%2Waabi$200MSeries B2024-06-18N/AVolvo Group Venture Capital,Scania Growth Capital,INGKA Investments,

117、NVenturesSoftware(non-internet/mobile)Science&EngineeringN/A26.4%3e-Zinc$31MSeries A2024-06-27N/A Toyota Ventures,Eni NextEnergy&UtilitiesEnergy StorageN/A4.0%4Maxa$21MSeries A2024-05-29N/A NAventures,Snowflake VenturesSoftware(non-internet/mobile)Business Intelligence,Analytics&Performance Mgmt Sof

118、twareN/A2.8%5Qohash$13MSeries B2024-04-24N/A Desjardins CapitalInternetInternet Software&ServicesMonitoring&Security1.7%6SmartD$10MSeries A2024-04-11N/A SE VenturesIndustrialsManufacturingIndustrial Equipment&Component Manufacturing1.4%7Nfinite Nanotech$7MSeed VC2024-05-14N/A Republic Capital,Suzano

119、 VenturesBusiness Products&ServicesPackagingN/A0.9%7Raven$7MSeries A2024-06-28N/A TELUS Global VenturesAutomotive&TransportationTransportation ServicesN/A1.0%9Ability Biologics$6MSeed VC2024-06-18N/A Alexandria Venture InvestmentsHealthcareBiotechnologyN/A0.8%9TrojAI$6MSeed VC2024-04-03N/A Alteryx V

120、enturesInternetInternet Software&ServicesMonitoring&Security0.8%Canada:Top investors by company count in Q22480State of CVC|Geographic Trends|Canada TrendsInvestorCompany Count Investor Group1TELUS Global Ventures4CVC2Desjardins Capital2CVC3Globalive1CVC3Intact Ventures1CVC3TELUS Pollinator Fund for

121、 Good1CVC3Thomson Reuters Ventures1CVCAsia Trends81Quarterly funding&deals82State of CVC|Geographic Trends|Asia Trends$2.6B$3.1B$5.1B$5.5B$5.1B$8.8B$14.3B$9.9B$8.4B$7.0B$4.3B$2.7B$2.7B$3.0B$2.7B$2.3B$1.9BFunding$1.7B332345371390363485618598620566479439333341324345359Deals2720100200300400500600700800

122、$0.0B$2.0B$4.0B$6.0B$8.0B$10.0B$12.0B$14.0B$16.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q220202021202220232024Annual percent of deals by deal stage83State of CVC|Geographic Trends|Asia Trends58%62%64%61%Early-stage,68%28%27%26%26%Mid-stage,21%7%5%6%Late-stage,4%7%6%6%8%Other,6%20202021202220232024YTDAsia

123、:Top equity deals in Q22484State of CVC|Geographic Trends|Asia TrendsCompanyRound AmountRoundDateRound ValuationCVC InvestorsCountrySectorIndustrySubindustry%of Total Funding1Ascend Money$195MSeries D2024-06-26N/A Krungsri FinnovateThailandInternetE-CommerceE-Commerce Enablement11.2%2Zentry$140MSeri

124、es A2024-04-23N/A Coinbase VenturesThailandInternetInternet Software&ServicesGaming8.1%3TaiDoc Health$127MVenture Capital2024-05-08N/AMitsui Sumitomo Insurance Venture CapitalChinaInternetInternet Software&ServicesHealthcare7.3%4Atlan$105MSeries C2024-05-08$750M Salesforce VenturesSingaporeInternetI

125、nternet Software&ServicesData&Document Management6.0%5Arnatar Therapeutics$50MSeries A2024-04-08N/A Legend StarChinaHealthcareDrug DevelopmentN/A2.9%6Battery Smart$45MSeries B2024-05-16$350M Panasonic Living Visionary FundIndiaElectronicsElectrical Product DistributionPower Generation&Storage2.6%6Up

126、stage$45MSeries B2024-04-16N/A Hana VenturesSouth KoreaInternetInternet Software&ServicesScience&Engineering2.6%6k-ID$45MSeries A2024-06-25N/A Okta VenturesSingaporeInternetInternet Software&ServicesGaming2.6%9MetisX$44MSeries A2024-05-13N/A SBI InvestmentSouth KoreaElectronicsChips&SemiconductorsSe

127、miconductors:Memory,Networking&Sensor Chips2.5%9Synspective$44MSeries C2024-06-19N/A Mizuho CapitalJapanInternetInternet Software&ServicesBusiness Intelligence,Analytics&Performance Mgmt2.5%Asia:Top investors by company count in Q22485State of CVC|Geographic Trends|Asia TrendsInvestorCompany Count I

128、nvestor GroupCountry1Mitsubishi UFJ Capital20CVCJapan2Mizuho Capital17CVCJapan3SMBC Venture Capital15CVCJapan4DG Daiwa Ventures7CVCJapan4KB Investment7CVCSouth Korea6BNK Venture Capital6CVCSouth Korea6SBI Investment6CVCJapan6Sony Innovation Fund6CVCJapan9Hana Ventures5CVCSouth Korea9Kakao Ventures5C

129、VCSouth Korea9Lenovo Capital and Incubator Group5CVCChina9Samsung Ventures5CVCSouth Korea9UOB Venture Management5CVCSingaporeChina86Quarterly funding&deals87State of CVC|Geographic Trends|China$1.0B$1.8B$3.4B$3.0B$3.3B$2.5B$7.3B$5.0B$2.0B$2.2B$2.3B$0.8B$1.2B$1.6B$1.2B$0.4B$0.5BFunding$0.2B7410412217

130、413616425318319215115716612088868878Deals59050100150200250$0.0B$1.0B$2.0B$3.0B$4.0B$5.0B$6.0B$7.0B$8.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q220202021202220232024Annual percent of deals by deal stage88State of CVC|Geographic Trends|China51%57%62%54%Early-stage,60%29%30%31%31%Mid-stage,30%11%6%8%Late-st

131、age,4%9%7%7%Other,7%20202021202220232024YTDChina:Top equity deals in Q22489State of CVC|Geographic Trends|ChinaCompanyRound AmountRoundDateRound ValuationCVC InvestorsSectorIndustrySubindustry%of Total Funding1TaiDoc Health$127MVenture Capital2024-05-08N/A Mitsui Sumitomo Insurance Venture CapitalIn

132、ternetInternet Software&ServicesHealthcare52.3%2Arnatar Therapeutics$50MSeries A2024-04-08N/A Legend StarHealthcareDrug DevelopmentN/A20.5%3AnDiConBio$28MSeries A2024-06-25N/A Golden China FundHealthcareDrug ManufacturingN/A11.3%3JSAB Technologies$28MSeries C2024-04-09N/A AVIC CapitalElectronicsChip

133、s&SemiconductorsSemiconductors11.4%5Healingovation$8MSeed VC2024-05-14N/A Legend StarIndustrialsMachinery&EquipmentRobotics3.4%6Routan Technology$3MVenture Capital2024-06-20N/A Hongruida InvestmentElectronicsTechnical&Scientific InstrumentationN/A1.1%India90Quarterly funding&deals91State of CVC|Geog

134、raphic Trends|India$0.5B$0.2B$0.3B$0.9B$0.3B$1.7B$2.7B$2.2B$1.6B$1.4B$0.3B$0.4B$0.2B$0.3B$0.3B$0.2B$0.3BFunding$0.2B3219252221265756304935241626222438Deals200102030405060$0.0B$0.5B$1.0B$1.5B$2.0B$2.5B$3.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q220202021202220232024Annual percent of deals by deal stage92

135、State of CVC|Geographic Trends|India46%56%58%63%Early-stage,67%28%23%27%25%Mid-stage,19%22%17%12%7%Late-stage,14%6%Other,0%20202021202220232024YTDIndia:Top equity deals in Q22493State of CVC|Geographic Trends|IndiaCompanyRound AmountRoundDateRound ValuationCVC InvestorsSectorIndustrySubindustry%of T

136、otal Funding1Battery Smart$45MSeries B2024-05-16$350M Panasonic Living Visionary FundElectronicsElectrical Product DistributionPower Generation&Storage28.1%2SingleInterface$30MGrowth Equity2024-04-04N/A PayPal VenturesInternetInternet Software&ServicesAdvertising,Sales&Marketing18.7%3Lyskraft$26MSee

137、d VC2024-04-26N/A Prosus VenturesInternetE-CommerceMarketplace16.2%4Neysa Networks$20MSeries A2024-04-09N/A NTT Venture CapitalInternetInternet Software&ServicesNetworking&Connectivity12.5%5LetsTransport$9MSeries E2024-04-24N/A Bertelsmann India Investments,CAC CAPITAL InternetInternet Software&Serv

138、icesSupply Chain&Logistics5.3%Singapore94Quarterly funding&deals95State of CVC|Geographic Trends|Singapore$0.1B$0.2B$0.2B$0.1B$0.1B$1.3B$1.1B$0.5B$1.0B$0.5B$0.2B$0.2B$0.5B$0.2B$0.2B$0.3B$0.2BFunding$0.3B1117121316314152473126181928201831Deals230102030405060$0.0B$0.2B$0.4B$0.6B$0.8B$1.0B$1.2B$1.4B$1.

139、6BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q220202021202220232024Annual percent of deals by deal stage96State of CVC|Geographic Trends|Singapore68%79%80%71%Early-stage,93%19%13%15%16%Mid-stage,6%Late-stage,0%11%8%Other,2%20202021202220232024YTDSingapore:Top equity deals in Q22497State of CVC|Geographic Tre

140、nds|SingaporeCompanyRound AmountRoundDateRound ValuationCVC InvestorsSectorIndustrySubindustry%of Total Funding1Atlan$105MSeries C2024-05-08$750M Salesforce VenturesInternetInternet Software&ServicesData&Document Management40.6%2k-ID$45MSeries A2024-06-25N/A Okta VenturesInternetInternet Software&Se

141、rvicesGaming17.4%3Aether Fuels$34MSeries A2024-06-12N/AChevron Technology Ventures,JetBlue Technology Ventures,Doral Energy-Tech Ventures,TechEnergy Ventures,Zeon VenturesEnergy&UtilitiesRenewablesOther Renewables13.1%4Kasagi Labo$12MSeed VC2024-05-16N/A Burda Principal InvestmentsLeisureEntertainme

142、ntN/A4.6%4The Seeds$12MSeed VC2024-05-09N/A UOB Venture Management,Blizzard FundInternetInternet Software&ServicesGaming4.6%Japan98Quarterly funding&deals99State of CVC|Geographic Trends|Japan$0.5B$0.4B$0.4B$0.4B$0.3B$0.6B$0.8B$0.6B$0.8B$0.8B$0.5B$0.4B$0.4B$0.4B$0.4B$0.4B$0.3BFunding$0.3B11311411287

143、7811895135147164148123105122105116118Deals107020406080100120140160180$0.0B$0.1B$0.2B$0.3B$0.4B$0.5B$0.6B$0.7B$0.8B$0.9BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q220202021202220232024Annual percent of deals by deal stage100State of CVC|Geographic Trends|Japan57%58%59%58%Early-stage,64%30%27%24%27%Mid-stage,

144、24%6%Late-stage,5%8%11%13%10%Other,7%20202021202220232024YTDJapan:Top equity deals in Q224101State of CVC|Geographic Trends|JapanCompanyRound AmountRoundDateRound ValuationCVC InvestorsSectorIndustrySubindustry%of Total Funding1Synspective$44MSeries C2024-06-19N/A Mizuho CapitalInternetInternet Soft

145、ware&ServicesBusiness Intelligence,Analytics&Performance Mgmt12.9%2Asuene$27MSeries C2024-06-14N/ASBI Investment,GMO Venture Partners,Sony Innovation Fund,Ignition Point Venture Partners,Ricoh Innovation FundInternetInternet Software&ServicesEnvironment7.8%3Brave Group$23MSeries D2024-04-23N/A 31VEN

146、TURESInternetInternet Software&ServicesWeb Development6.6%4IVRy$19MSeries C2024-05-23N/A SMBC Venture Capital,BRICKS FUND TOKYOMobile&TelecommunicationsMobile Software&ServicesConferencing&Communication5.6%4Orange$19MSeed VC2024-05-06N/AMitsubishi UFJ Capital,SBI Investment,Mizuho Capital,GFR FundIn

147、ternetInternet Software&ServicesContent Management5.5%4Turing$19MSeed VC2024-04-23N/AMizuho Capital,KDDI Open Innovation Fund,NTT DoCoMo Ventures,MIRAI Innovation FundSoftware(non-internet/mobile)Science&EngineeringN/A5.7%Europe Trends102Quarterly funding&deals103State of CVC|Geographic Trends|Europ

148、e Trends$1.7B$2.6B$2.0B$3.3B$5.2B$11.0B$5.2B$6.8B$8.4B$5.7B$3.2B$2.9B$2.6B$3.1B$2.2B$2.7B$3.3BFunding$3.0B162158158187193230199234302255254223211223160178170Deals174050100150200250300350400$0.0B$2.0B$4.0B$6.0B$8.0B$10.0B$12.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q220202021202220232024Annual percent of

149、deals by deal stage104State of CVC|Geographic Trends|Europe Trends57%61%65%68%Early-stage,68%28%25%22%19%Mid-stage,21%7%6%Late-stage,3%9%7%8%9%Other,8%20202021202220232024YTDEurope:Top equity deals in Q224105State of CVC|Geographic Trends|Europe TrendsCompanyRound AmountRoundDateRound ValuationCVC I

150、nvestorsCountrySectorIndustrySubindustry%of Total Funding1Mistral AI$502MSeries B2024-06-11$6.2BSamsung Ventures,Cisco Investments,Salesforce Ventures,Bertelsmann Investments,NVenturesFranceInternetInternet Software&ServicesApplication&Data Integration16.7%2Monzo$190MSeries I2024-04-28$5.2B CapitalG

151、United KingdomMobile&TelecommunicationsMobile Software&ServicesAccounting&Finance6.3%3Amber Therapeutics$100MSeries A2024-06-10N/A Intuitive VenturesUnited KingdomHealthcareMedical Devices&EquipmentTherapeutic Devices3.3%3Cognigy$100MSeries C2024-06-11N/A DTCPGermanyInternetInternet Software&Service

152、sCustomer Relationship Management3.3%3Syre$100MSeries A2024-05-23N/A Norrsken VCSwedenIndustrialsManufacturingTextile Manufacturing3.3%6Bright Peak Therapeutics$90MSeries C2024-06-11N/AJohnson&Johnson Innovation,Alexandria Venture Investments,KB InvestmentSwitzerlandHealthcareBiotechnologyN/A3.0%7Ma

153、gnus Metal$74MSeries B2024-04-18N/A Caterpillar Ventures,Discount CapitalIsraelIndustrialsManufacturingMetal Fabrication2.5%8FINBOURNE Technology$70MSeries B2024-06-17N/A AXA Venture PartnersUnited KingdomInternetInternet Software&ServicesAsset&Financial Management&Trading2.3%8Isar Aerospace$70MSeri

154、es C2024-06-20N/A Airbus VenturesGermanyIndustrialsAerospace&DefenseCommercial Aircraft Manufacturing2.3%10Colendi$65MSeries B2024-05-22$700M Citi Ventures,FinbergUnited KingdomMobile&TelecommunicationsMobile Software&ServicesAccounting&Finance2.2%10Zhero$65MSeries A2024-04-24N/A TotalEnergies Ventu

155、resNetherlandsEnergy&UtilitiesRenewablesBio-energy2.2%Europe:Top investors by company count in Q224106State of CVC|Geographic Trends|Europe TrendsInvestorCompany Count Investor GroupCountry1Hitachi Ventures6CVCGermany1Innvierte6CVCSpain3Porsche Ventures5CVCGermany3Wintermute Ventures5CVCUnited Kingd

156、om5Bosch Ventures4CVCGermany6CommerzVentures3CVCGermany6Helen Ventures3CVCFinland6Novartis Venture Funds3CVCSwitzerland6Scania Growth Capital3CVCSweden6XTX Ventures3CVCUnited KingdomUnited Kingdom107Quarterly funding&deals108State of CVC|Geographic Trends|United Kingdom$0.6B$0.7B$0.6B$1.1B$1.6B$1.9B

157、$2.6B$1.7B$3.3B$1.7B$0.7B$0.7B$0.8B$1.1B$0.4B$0.9B$1.0BFunding$0.9B4838385962666259897679555175454547Deals49020406080100$0.0B$0.5B$1.0B$1.5B$2.0B$2.5B$3.0B$3.5B$4.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q220202021202220232024Annual percent of deals by deal stage109State of CVC|Geographic Trends|United K

158、ingdom54%58%66%63%Early-stage,66%28%27%21%20%Mid-stage,21%8%8%5%Late-stage,6%10%8%8%12%Other,7%20202021202220232024YTDUnited Kingdom:Top equity deals in Q224110State of CVC|Geographic Trends|United KingdomCompanyRound AmountRoundDateRound ValuationCVC InvestorsSectorIndustrySubindustry%of Total Fund

159、ing1Monzo$190MSeries I2024-04-28$5.2B CapitalGMobile&TelecommunicationsMobile Software&ServicesAccounting&Finance21.7%2Amber Therapeutics$100MSeries A2024-06-10N/A Intuitive VenturesHealthcareMedical Devices&EquipmentTherapeutic Devices11.4%3FINBOURNE Technology$70MSeries B2024-06-17N/A AXA Venture

160、PartnersInternetInternet Software&ServicesAsset&Financial Management&Trading7.9%4Colendi$65MSeries B2024-05-22$700M Citi Ventures,FinbergMobile&TelecommunicationsMobile Software&ServicesAccounting&Finance7.4%5Grey Wolf Therapeutics$50MSeries B2024-05-23N/APfizer Venture InvestmentsHealthcareBiotechn

161、ologyN/A5.7%5PolyAI$50MSeries C2024-05-15N/A NVenturesInternetInternet Software&ServicesCustomer Relationship Management5.7%Germany111Quarterly funding&deals112State of CVC|Geographic Trends|Germany$0.2B$0.4B$0.3B$0.5B$0.6B$1.9B$0.6B$2.3B$0.7B$0.8B$0.3B$0.4B$0.3B$0.7B$0.3B$0.7B$0.5BFunding$0.4B21202

162、12223282633372824263436272323Deals15051015202530354045$0.0B$0.5B$1.0B$1.5B$2.0B$2.5BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q220202021202220232024Annual percent of deals by deal stage113State of CVC|Geographic Trends|Germany56%60%71%79%Early-stage,76%30%25%18%15%Mid-stage,13%8%10%6%Late-stage,3%6%Other,8%

163、20202021202220232024YTDGermany:Top equity deals in Q224114State of CVC|Geographic Trends|GermanyCompanyRound AmountRoundDateRound ValuationCVC InvestorsSectorIndustrySubindustry%of Total Funding1Cognigy$100MSeries C2024-06-11N/A DTCPInternetInternet Software&ServicesCustomer Relationship Management2

164、6.0%2Isar Aerospace$70MSeries C2024-06-20N/A Airbus VenturesIndustrialsAerospace&DefenseCommercial Aircraft Manufacturing18.1%3Cylib$60MSeries A2024-05-15N/A Porsche Ventures,Bosch VenturesEnvironmental Services&EquipmentRecyclingN/A15.5%4M0$35MSeries A2024-06-05N/AGalaxy Ventures,SCB 10X,Wintermute

165、 VenturesInternetInternet Software&ServicesPayments9.1%5Black Semiconductor$28MSeries A2024-06-12N/A Porsche Ventures,Scania Growth CapitalElectronicsChips&SemiconductorsSemiconductors:Integrated Circuits7.2%France115Quarterly funding&deals116State of CVC|Geographic Trends|France$0.2B$0.3B$0.1B$0.3B

166、$0.2B$1.2B$0.3B$0.3B$1.6B$0.7B$0.4B$0.4B$0.5B$0.3B$0.3B$0.2B$0.5BFunding$0.6B1919131212201725392920292618183117Deals220510152025303540$0.0B$0.2B$0.4B$0.6B$0.8B$1.0B$1.2B$1.4B$1.6B$1.8BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q220202021202220232024Annual percent of deals by deal stage117State of CVC|Geograp

167、hic Trends|France63%73%69%67%Early-stage,79%27%20%21%19%Mid-stage,15%5%5%Late-stage,3%5%5%9%Other,3%20202021202220232024YTDFrance:Top equity deals in Q224118State of CVC|Geographic Trends|FranceCompanyRound AmountRoundDateRound ValuationCVC InvestorsSectorIndustrySubindustry%of Total Funding1Mistral

168、 AI$502MSeries B2024-06-11$6.2BSamsung Ventures,Cisco Investments,Salesforce Ventures,Bertelsmann Investments,NVenturesInternetInternet Software&ServicesApplication&Data Integration79.5%2YesWeHack$28MSeries C2024-06-11N/A Open CNPInternetInternet Software&ServicesMonitoring&Security4.4%3Ramify$12MSe

169、ries A2024-06-18N/A Fidelity International Strategic VenturesInternetInternet Software&ServicesAsset&Financial Management&Trading1.9%4Continuity$11MSeries A2024-06-06N/A 115KInternetInternet Software&ServicesAccounting&Finance1.7%4inHEART$11MSeries A2024-05-06N/A Webit Investment NetworkHealthcareMe

170、dical Devices&EquipmentImaging&Diagnostic Equipment1.7%LatAm Trends119Quarterly funding&deals120State of CVC|Geographic Trends|LatAm Trends$40M$99M$371M$187M$515M$591M$1,064M$619M$419M$423M$114M$174M$35M$145M$191M$139M$135MFunding$158M1314132219212723372328271623162017Deals16051015202530354045$0M$20

171、0M$400M$600M$800M$1,000M$1,200MQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q220202021202220232024Annual percent of deals by deal stage121State of CVC|Geographic Trends|LatAm Trends76%67%77%83%Early-stage,76%13%18%10%8%Mid-stage,9%9%Late-stage,3%6%7%11%9%Other,12%20202021202220232024YTDLatAm:Top equity deals i

172、n Q224122State of CVC|Geographic Trends|LatAm TrendsCompanyRound AmountRoundDateRound ValuationCVC InvestorsCountrySectorIndustrySubindustry%of Total Funding1Clip$100MSeries E2024-06-18$2.0BAmerican Express VenturesMexicoMobile&TelecommunicationsMobile Software&ServicesPayments63.4%2Aligned Layer$20

173、MSeries A2024-04-25N/A GM VenturesArgentinaInternetInternet Software&ServicesAsset&Financial Management&Trading12.7%3CRMBonus$10MSeries B2024-06-27$428M Vivo VenturesBrazilInternetInternet Software&ServicesCustomer Relationship Management6.3%4Kilimo$8MSeries A2024-06-18N/A Kamay VenturesArgentinaAgr

174、icultureAgricultural Products&Related ActivitiesN/A4.8%5Reuse$5MVenture Capital2024-04-27N/ACompuSoluciones VenturesChileInternetE-CommerceElectronics&Appliances2.9%6Aligned Layer$3MSeed VC2024-04-14N/A Bankless VenturesArgentinaInternetInternet Software&ServicesAsset&Financial Management&Trading1.6

175、%6Celes$3MSeed VC2024-05-14N/AFEMSA Ventures,Wayra HispamColombiaInternetInternet Software&ServicesBusiness Intelligence,Analytics&Performance Mgmt1.9%8Data4Sales$2MSeed VC2024-04-24N/A IC VenturesUruguayInternetInternet Software&ServicesCustomer Relationship Management1.5%8El Dorado$2MSeed VC2024-0

176、5-28N/A Coinbase VenturesColombiaMobile&TelecommunicationsMobile Software&ServicesAsset&Financial Management&Trading1.3%8Movener$2MVenture Capital2024-04-26N/A SQM Lithium VenturesChileAutomotive&TransportationAutomobile ManufacturingN/A1.3%8Palenca$2MSeed VC2024-04-01N/A Experian VenturesMexicoInte

177、rnetInternet Software&ServicesHR&Workforce Management1.5%LatAm:Top investors by company count in Q224123State of CVC|Geographic Trends|LatAm TrendsInvestorCompany Count Investor GroupCountry1Suzano Ventures2CVCBrazil1TechEnergy Ventures2CVCMexico1Wayra Brasil2CVCBrazil4CompuSoluciones Ventures1CVCMe

178、xico4FEMSA Ventures1CVCMexico4Fable Investments1CVCBrazil4IC Ventures1CVCUruguay4Kamay Ventures1CVCArgentina4Krealo1CVCPeru4SQM Lithium Ventures1CVCChile4Vivo Ventures1CVCBrazilReport MethodologyA detailed look at the investment activity(deals and funding)of corporations investment arms,i.e.,CVCs.Fu

179、nding totals may include investments from non-CVC investors that participate in deals alongside CVCs.You can download the underlying data found in this report here:https:/ you have questions about the definitions or methodological principles used,or if you feel that your firm has been underrepresent

180、ed,please reach out to .What is included:Equity financings into private companies only.Funding rounds raised by public companies of any kind on any exchange(including Pink Sheets)are excluded from our numbers,even if they received investment from a venture firm.Only includes the investment made in t

181、he quarter for tranchedinvestments.If a company does a second closing of its Series B round for$5M and previously had closed$2M in a prior quarter,only the$5M is reflected.Round numbers reflect what has closed,not what is intended.If a company indicates the closing of$5M out of a desired raise of$15

182、M,our numbers reflect only the amount which has closed.Only verifiable fundings are included.Fundings are verified via(1)various federal and state regulatory filings;(2)direct confirmation with firm or investor;(3)press release;or(4)credible media sources.Equity fundings to joint ventures and spinof

183、fs/spinouts are included.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

184、time at https:/ notes:Israel funding figures are classified in Europe;funding to Oceania 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 esti

185、mates 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

186、 from other sources.Valuation data reflects post-money valuations.Exits include IPOs,SPACs,publicly announced M&A deals,and other liquidity events;only first exits are counted.Headquarters are determined by publicly available sources including company-owned websites and profiles,legal filings,and pr

187、ess 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.What is excluded:No contingent funding.If a company receives a commitment for$20M subject to hitting certain mile

188、stones 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,

189、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(Pr

190、ivate 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

191、 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 subs

192、idiaries 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.124State of CVC