pg. 1
Global: Q2 2021
State Of
Venture Report
Global data and analysis on dealmaking,
funding, and exits in private-market companies.
pg. 2
Q2 2021 State Of Venture Report
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pg. 3
Q2 2021 State Of Venture Report
Valuations &
Deal Terms
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pg. 4
Q2 2021 State Of Venture Report
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pg. 5
Q2 2021 State Of Venture Report
TL;DR — What you need to know about venture in Q2'21
136
Q2'21 saw the birth of
136 new unicorns globally —
nearly 6x the 23 unicorns
born a year ago in Q2'20,
and already higher than the
128 unicorns born in all
of 2020.
Companies entered the
unicorn club at an average
valuation of $1.6B in the
first 6 months of 2021, up
33% from $1.2B in 2016.
$156B
Global funding to
startups smashed new
records. Funding was up
157% compared to Q2’20.
This marks the biggest
quarter for dollars raised
in the last decade.
$70B
The new global high
was driven by a record
quarter for funding in the
US, with $70.4B raised in
the country in Q2'21.
This puts 2021’s half-year
total for US funding at
$138.9B raised, compared
to 2020’s year-end total
of $149.3B.
93%
Silicon Valley, including San
Francisco, is still by far the
largest tech hub and is up
93% YoY in funding despite
a slip from Q1’21’s peak
of $23.7B.
By comparison, New
York raised $11.2B,
Boston $7.8B, and
LA $6.0B.
New unicorns.
Record high.
Record
financing.
Raised
in the US.
$42M
US valuations across
the board saw an increase,
most notably at the Series
A stage.
In Q1’21, the median
Series A valuation climbed
to $42M as capital
competed aggressively
for the best deals. In
2021’s first 6 months,
Series A valuations grew
27% vs. 2020.
US Series A
valuations climb.
Silicon Valley jump
in funding.
pg. 6
Q2 2021 State Of Venture Report
TL;DR — What you need to know about venture in Q2'21
22%
Global fintech funding
reached a new high of
$33.7B in Q2'21, up 191%
YoY. Fintech companies
represented 22% of total
global funding this quarter.
390
Compared to Q2’20,
the number of $100M+
mega-rounds nearly tripled,
hitting an all-time high
of 390.
This is the second
quarter to surpass the
300 mark, with the
previous record held by
Q1’21’s 367 mega-rounds.
18%
Funding to China-based
companies has been
on a decline, with an 18%
drop from Q4'20's peak
of $27.7B. Deals also fell
by 5% over the same
time period.
2,893
The number of global
exits (IPOs and M&As)
increased 109% YoY,
reaching an all-time high
of 2,893.
Global IPOs peaked in
Q2'21, up from the
previous high of 2,812
in Q1’21. Didi Chuxing's
IPO at a valuation of $73B
was the largest exit of
the quarter.
$1 out of every $5
goes to fintech.
Deals > $100M.
Record high.
China drop
in dollars.
M&A/IPO exits
up 109% YoY.
81
Tiger Global was the most
active investor globally in
Q2'21. Tiger increased its
global investments by 8x
YoY, hitting a record-high
of 81 (or 1.3 deals per
business day, excluding
follow-on investments).
Andreessen Horowitz
and Sequoia Capital
China round out the top
3 investors of the quarter.
Tiger does
1.3 deals/day.
pg. 7
Q2 2021 State Of Venture Report
This report also covers:
102
106
110
114
118
122
Dallas
Austin
Miami
Atlanta
Philadelphia
Raleigh
pg. 126
133
137
Canada Trends
Toronto
Vancouver
pg. 141
148
152
Asia Trends
China
India
pg. 18
35
41
Global Trends
Exit Trends
Sector Spotlights
pg. 52
65
70
74
78
82
86
90
94
98
United States Trends
Exit Trends
Silicon Valley
New York
Los Angeles
Boston
Seattle
Denver
DC
Chicago
pg. 156
163
167
171
Europe Trends
United Kingdom
Germany
France
pg. 175
182
186
Latin America Trends
Mexico
Brazil
pg. 190 Report Methodology
pg. 8
Q2 2021 State Of Venture Report
14
13
10
13
23
20
29
26
34
51
46
37
44
38
31
21
23
37
47
113
135
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2016
2017
2018
2019
2020
2021
Q2'21 shatters previous record for unicorn births, up 491% YoY
23 unicorns
Q2 2020
136 unicorns
Q2 2021
491%
increase YoY
pg. 9
Q2 2021 State Of Venture Report
$37.0B
$40.5B $40.0B $43.3B
$62.7B
$57.3B
$62.0B
$57.9B
$68.7B $70.0B
$78.8B
$68.0B $69.2B $65.3B $63.1B $61.1B
$80.4B
$100.4B
$136.2B
$156.2B
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2016
2017
2018
2019
2020
2021
Global funding to startups rises to an eye-popping new record
$60.7B
Q2 2020
Q2 2021
157%
increase YoY
pg. 10
Q2 2021 State Of Venture Report
$36.5B
$38.1B
$49.9B
$49.2B
$54.8B
$78.7B
$67.7B
$60.7B
$63.2B
$86.0B
$138.9B
H1
H2
H1
H2
H1
H2
H1
H2
H1
H2
H1
2016
2017
2018
2019
2020
2021
Driven by $70B quarter high, funding to US startups smashes the
previous half-year record
$86.0B
H2 2020
(prior record)
$138.9B
H1 2021
62%
increase
pg. 11
Q2 2021 State Of Venture Report
$25M
$26M
$30M
$37M
$39M
$33M
$42M
2015
2016
2017
2018
2019
2020
2021
Median valuations for US Series A deals reach a massive new high
*Post-money. 2021 is forecasted based on current trends due to filings lag.
$42M
2021 YTD
27%
increase
YTD
$33M
2020
pg. 12
Q2 2021 State Of Venture Report
$11.2B NY
$7.8B Boston
$6.0B LA
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2019
2020
2021
Silicon Valley hit by wall of money, 2nd consecutive $20B+ quarter
$12.3B
Silicon Valley
Q2 2020
$23.7B
Silicon Valley
Q2 2021
93%
increase
pg. 13
Q2 2021 State Of Venture Report
$5.5B $5.4B
$3.5B
$4.8B
$7.4B
$8.6B
$6.6B
$8.8B $9.6B
$9.7B $9.7B
$11.8B
$10.0B
$12.5B
$11.0B
$12.5B
$11.6B $11.7B
$12.8B
$25.0B
$33.7B
-50
50
150
250
350
450
550
650
750
850
950
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2016
2017
2018
2019
2020
2021
Fintech sweeps past the $30B mark in funding raised — 1 of every 5
venture dollars in Q2 went into fintech
$11.6B
Q2 2020
$33.7B
Q2 2021
191%
increase YoY
pg. 14
Q2 2021 State Of Venture Report
63
60
67
79
94
97
98
94
124
143
131
132
141
131
111
118
132
182
236
367
390
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2016
2017
2018
2019
2020
2021
$100M+ mega-rounds nearly triple compared to Q2'20
132 deals
Q2 2020
390 deals
Q2 2021
195%
increase YoY
pg. 15
Q2 2021 State Of Venture Report
$11.7B
$10.4B $10.5B
$11.2B
$17.7B
$14.6B
$22.6B
$16.8B
$24.5B
$18.9B
$15.2B
$11.9B $11.5B
$10.4B
$13.8B
$9.5B
$11.2B
$18.8B
$27.7B
$26.5B
$22.8B
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2016
2017
2018
2019
2020
2021
China cools as funding drops for a 2nd quarter from all-time high
18%
decline
$22.8B
Q2 2021
$27.7B
Q4 2020
pg. 16
Q2 2021 State Of Venture Report
53
60
62
64
81
Softbank Group
Accel
Sequoia
Andreesen Horowitz
Tiger Global Management
Tiger Global easily the most active investor globally in Q2’21
Sequoia Capital China
21%
35%
fewer investments
than top ranked Tiger Global
fewer investments
than top ranked Tiger Global
pg. 17
Q2 2021 State Of Venture Report
1149
1221
1210
1521
1437
1489
1522
1585
1696
1656
1810
1881
1695
1714
1843
1593
1,269
1700
2256
2589
2,613
M&A
114
133
175
131
171
160
200
115
160
154
146
106
128
118
159
98
118
224
232
223
280
IPO
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2016
2017
2018
2019
2020
2021
Global exits blow way past pandemic lows to reach new high
1,387 Exits
Q2 2020
109%
increase YoY
2,893 Exits
Q2 2021
pg. 18
Global Trends
Q2 2021
Q2 2021 State Of Venture Report
pg. 19
Q2 2021 State Of Venture Report
United States
$70.4B
2,718 deals
Asia
$42.4B
2,577 deals
Europe
$30.6B
1,821 deals
LatAm
$7.2B
218 deals
Canada
$4.1B
111 deals
Global regional comparison Q2'21
pg. 20
Q2 2021 State Of Venture Report
Global funding already close to last year's 12-month total
YTD
$64.5B
$63.0B
$65.1B
$119.2B
$173.4B
$157.8B
$225.3B
$275.5B
$265.5B
$302.6B
$292.4B
9,556
11,411
13,620
16,952
20,677
22,123
26,084
29,195
27,960
25,801
15,227 deals
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
pg. 21
Q2 2021 State Of Venture Report
$37.0B $40.5B $40.0B
$43.3B
$62.7B
$57.3B
$62.0B $57.9B
$68.7B $70.0B
$78.8B
$68.0B $69.2B $65.3B $63.1B $61.1B $60.7B
$80.4B
$100.4B
$136.2B
$156.2B
5,304
5,601 5,389
6,502
6,266
6,615 6,701
7,107
7,722 7,622
6,744
7,095 7,038 7,151
6,676
6,136 6,055
6,793 6,817
7,476
7,751 deals
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2016
2017
2018
2019
2020
2021
Global deals and dollars reach new highs in Q2'21
pg. 22
Q2 2021 State Of Venture Report
US leads in global funding, followed by Asia in H1'21
$41.6B
$37.7B
$42.3B
$68.7B
$86.8B
$74.6B
$99.1B
$133.4B
$128.4B
$149.3B
$138.9B US
$14.0B
$9.1B
$11.8B
$31.1B
$64.1B
$59.3B
$91.4B
$107.8B
$86.3B
$103.2B
$84.5B Asia
$6.4B
$13.5B
$8.4B
$13.1B
$17.6B
$18.6B
$25.8B
$26.6B
$38.3B
$39.1B
$50.8B Europe
$1.0B
$9.3B LatAm
$1.2B
$6.3B Canada
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
YTD
pg. 23
Q2 2021 State Of Venture Report
US leads in deals in first 6 months of 2021, followed by Asia
6,322
7,324
8,358
9,919
10,175
9,690
10,517
10,965
10,603
9,734
5,531 US
1,373
1,538
2,038
3,480
5,951
6,631
8,018
10,433
9,250
8,463
5,007 Asia
1,495
2,017
2,466
2,697
3,459
4,441
5,865
5,910
6,050
5,731
3,470 Europe
230
414 LatAm
83
393 Canada
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
YTD
pg. 24
Q2 2021 State Of Venture Report
23
26
20
28
42
38
41
39
57
64
61
65
72
65
45
69
74
89
109
200
204 US
33
25
36
36
36
50
45
42
57
66
57
51
44
46
43
31
43
68
97
105
92 Asia
7
5
9
11
12
6
10
10
9
10
12
20
12
16
16
9
18
24
48
62 Europe
15 Canada
15 LatAm
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2016
2017
2018
2019
2020
2021
US mega-rounds see slight increase in Q2'21, Asia dips
pg. 25
Q2 2021 State Of Venture Report
$100M+ global mega-rounds make up a small share of total deals
1%
1%
1%
1%
2%
1%
1%
1%
2%
2%
2%
2%
2%
2%
2%
2%
2%
3%
3%
5%
5% Mega-rounds
99%
99%
99%
99%
98%
99%
99%
99%
98%
98%
98%
98%
98%
98%
98%
98%
98%
97%
97%
95%
95% Non-
mega-rounds
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2016
2017
2018
2019
2020
2021
pg. 26
Q2 2021 State Of Venture Report
40%
43%
43%
43%
58%
49%
51%
43%
45%
51%
59%
52%
48%
47%
46%
47%
42%
52%
56%
63%
58% Mega-
rounds
60%
57%
57%
57%
42%
51%
49%
57%
55%
49%
41%
48%
52%
53%
54%
53%
58%
48%
44%
37%
42% Non-
mega-rounds
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2016
2017
2018
2019
2020
2021
Mega-rounds account for ~60% of total dollars invested globally
pg. 27
Q2 2021 State Of Venture Report
$5M
$4M
$4M
$4M
$7M
$6M
$6M
$8M
$7M
$8M
$12M
Early-
stage
$13M
$12M
$13M
$20M
$24M
$29M
$27M
$35M
$31M
$36M
$51M
Mid-stage
$30M
$24M
$26M
$45M
$58M
$49M
$81M
$76M
$79M
$104M
$132M Late-stage
$11M
$25M
$14M
$15M
$17M
$15M
$17M
$25M
$20M
$28M
$27M Other
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
Average global late-stage deal size reaches $132M in H1'21
YTD
pg. 28
Q2 2021 State Of Venture Report
Investor
Company
Count
Investor Type Country
Continent
5
Bpifrance
53
Diversified
Financial
Services
France
Europe
7
Insight Partners
52
Venture
Capital
United States
North
America
8
General Catalyst
47
Venture
Capital
United States
North
America
9
Tencent Holdings
46
Corporation
China
Asia
10
Global Founders
Capital
44
Venture
Capital
Germany
Europe
Investor
Company
Count
Investor Type Country
Continent
1
Tiger Global
Management
81
Asset/Invest
ment
Management
United States
North
America
2
Andreessen Horowitz
64
Venture
Capital
United States
North
America
3
Sequoia Capital China
62
Venture
Capital
China
Asia
4
Accel
60
Venture
Capital
United States
North
America
5
SoftBank Group
53
Holding
Company
Japan
Asia
Global: Top 10 investors in Q2'21
pg. 29
Q2 2021 State Of Venture Report
Company
Round
Amount
Round Name Select Investors
Country
Continent
Sector
Industry
Subindustry
1
Orange Heart Optimal
Technology
$3,000M
Convertible
Note
Didi Chuxing
China
Asia
Internet
E-commerce
Marketplace
2
Northvolt
$2,750M
Unattributed
VC - II
Andra AP-fonden, Arbejdsmarkedets
Tillaegspension, Baillie Gifford & Co., Daniel Ek,
Stena, AP3, AMF Pensionsforsakring
Sweden
Europe
Electronics
Electrical
Product
Distribution
Power
Generation &
Storage
3
C6 Bank
$2,021M
Corporate
Minority
J.P. Morgan Chase & Co.
Brazil
South
America
Mobile &
Telecommu
nications
Mobile
Software &
Services
Accounting &
Finance
4
J&T Express
$1,800M
Private
Equity
Sequoia Capital China, Hillhouse Capital
Management, Boyu Capital
Indonesia
Asia
Automotive &
Transportation
Transportation
Services
Freight
forwarding &
courier
services
5
Epic Games
$1,000M
Private
Equity - III
AllianceBernstein, Sony, Franklin Templeton,
Fidelity Investments, GIC, Altimeter Capital,
Luxor Capital Group
United
States
North
America
Software (non-
internet/mobile)
Gaming
N/A
Global: Top 10 deals in Q2'21
pg. 30
Q2 2021 State Of Venture Report
Company
Round
Amount
Round Name Select Investors
Country
Continent
Sector
Industry
Subindustry
5
Celonis
$1,000M
Series D
Franklin Templeton, Splunk Ventures, Durable
Capital Partners, Arena Holdings Management,
T. Rowe Price
Germany
Europe
Software (non-
internet/mobile)
Business
Intelligence,
Analytics &
Performance
Mgmt Software
N/A
7
Trade Republic
$900M
Series C
Founders Fund, Sequoia Capital, Accel,
Technology Crossover Ventures, Creandum,
Thrive Capital, Project A Ventures
Germany
Europe
Mobile &
Telecommu
nications
Mobile
Software &
Services
Asset &
Financial
Management &
Trading
8
Caris Life Sciences
$830M
Private
Equity - II
OrbiMed Advisors, Highland Capital
Management, Fidelity Investments, CPP
Investments, Silver Lake, Millennium
Management, ClearBridge Investments
United
States
North
America
Healthcare
Biotechnology
N/A
9
Swiggy
$800M
Series J
Accel, Carmignac, Falcon Edge Capital, Prosus
Ventures, Amansa Capital, Think Capital,
Goldman Sachs
India
Asia
Internet
E-commerce
Food &
Grocery
9
Mollie
$800M
Series C
General Atlantic, Technology Crossover
Ventures, Alkeon Capital Management, HMI
Capital, EQT, Blackstone
Netherlands
Europe
Internet
Internet
Software &
Services
Payments
Global: Top 10 deals in Q2'21
pg. 31
Q2 2021 State Of Venture Report
Global unicorn births set new record in Q2’21
14
13
10
13
23
20
29
26
34
51
46
37
44
38
31
21
23
37
47
113
136
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2016
2017
2018
2019
2020
2021
pg. 32
Q2 2021 State Of Venture Report
US leads in unicorn births in Q2'21
5
76 United States
7 Canada
9
33 Asia
17 Europe
2 LatAm & Carib
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2016
2017
2018
2019
2020
2021
pg. 33
Q2 2021 State Of Venture Report
Company
Current
Valuation
Country
Continent
Sector
Industry
Subindustry
1
Bytedance
$140.0B
China
Asia
Mobile & Telecommunications
Mobile Software &
Services
Social
2
Stripe
$95.0B
United States
North America
Internet
Internet Software &
Services
Payments
3
SpaceX
$74.0B
United States
North America
Industrial
Aerospace & Defense
N/A
4
Klarna
$45.6B
Sweden
Europe
Internet
Internet Software &
Services
Payments
5
Instacart
$39.0B
United States
North America
Mobile & Telecommunications
Mobile Commerce
Food & Grocery
Global: Top 10 most valuable unicorns in Q2'21
pg. 34
Q2 2021 State Of Venture Report
Company
Current
Valuation
Country
Continent
Sector
Industry
Subindustry
6
Nubank
$30.0B
Brazil
South America
Mobile & Telecommunications
Mobile Software &
Services
Accounting &
Finance
7
Epic Games
$28.7B
United States
North America
Software (non-internet/mobile)
Gaming
N/A
8
Databricks
$28.0B
United States
North America
Internet
Internet Software &
Services
Data & Document
Management
8
Rivian
$27.6B
United States
North America
Automotive & Transportation
Automobile Manufacturing N/A
10
BYJU's
$16.5B
India
Asia
Internet
Internet Software & Services
Education & Training
Global: Top 10 most valuable unicorns in Q2'21
pg. 35
Exit Trends
Global: Q2 2021
Q2 2021 State Of Venture Report
pg. 36
Q2 2021 State Of Venture Report
Global exits in H1'21 already 76% of 2020's full-year total
2,528
2,900
2,729
3,997
4,907
4,764
5,969
6,747
7,132
6,819
5,203 M&A
210
187
224
454
501
529
662
575
511
672
503 IPO
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
YTD
pg. 37
Q2 2021 State Of Venture Report
Global IPOs set a new quarterly record, up 26% from Q1'21
1,149
1,221
1,210
1,521
1,437
1,489
1,522
1,585
1,696
1,656
1,810
1,881
1,695
1,714
1,843
1,593
1,269
1,700
2,256
2,589
2,613 M&A
114
133
175
131
171
160
200
115
160
154
146
106
128
118
159
98
118
224
232
223
280 IPO
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2016
2017
2018
2019
2020
2021
pg. 38
Q2 2021 State Of Venture Report
639
614
631
798
702
748
774
796
785
791
863
870
824
822
847
779
567
762
999
1,199
1,171 US
332
416
386
472
523
486
501
494
618
496
615
646
602
546
632
518
487
603
843
910
982 Europe
177
220
236
238
235
262
262
208
244
323
246
248
210
251
284
195
179
319
298
331
334 Asia
59
44
57
67
64
49
74
96
82
77
98
86
75
80
73
82
57
87
131
135
110 Canada
13
16
34
29
40
44
43
47
47
56
70
68
59
61
63
51
54
82
116
83
110 LatAm
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2016
2017
2018
2019
2020
2021
US leads in totals exits (M&As and IPOs), followed by Europe in Q2'21
pg. 39
Q2 2021 State Of Venture Report
Company
Exit
Valuation
Exit Type
Country
Continent
Sector
Industry
Subindustry
1
Didi Chuxing
$73.0B
IPO
China
Asia
Mobile &
Telecommunications
Mobile Commerce
Travel (mobile)
2
Coinbase
$65.3B
IPO
United States
North
America
Internet
Internet Software &
Services
Payments
3
UiPath
$29.1B
IPO
United States
North
America
Software (non-
internet/mobile)
Scientific, Engineering
Software
N/A
4
AppLovin
$28.6B
IPO
United States
North
America
Mobile &
Telecommunications
Mobile Software &
Services
Advertising, Sales &
Marketing
5
Tokopedia
$18.0B
Merger
Indonesia
Asia
Internet
E-commerce
Marketplace
Global: Top 10 largest exits in Q2’21
pg. 40
Q2 2021 State Of Venture Report
Company
Exit
Valuation
Exit Type
Country
Continent
Sector
Industry
Subindustry
6
Manbang Group
$16.8B
IPO
China
Asia
Internet
Internet Software &
Services
Supply Chain & Logistics
7
Marqeta
$14.3B
IPO
United States
North
America
Internet
E-commerce
E-commerce enablement
8
Bright HealthCare
$13.4B
IPO
United States
North
America
Healthcare
Healthcare Plans
N/A
9
Oatly
$10.1B
IPO
Sweden
Europe
Food & Beverages
Non-alcoholic beverages
N/A
10
SentinelOne
$8.9B
IPO
United States
North
America
Computer Hardware &
Services
IT Services
Data Storage & Security
Global: Top 10 largest exits in Q2’21
pg. 41
Sector Spotlights
Global Trends: Q2 2021
Q2 2021 State Of Venture Report
pg. 42
Q2 2021 State Of Venture Report
$5.5B $5.4B
$3.5B
$4.8B
$7.4B
$8.6B
$6.6B
$8.8B
$9.6B $9.7B $9.7B
$11.8B
$10.0B
$12.5B
$11.0B
$12.5B
$11.6B $11.7B
$12.8B
$25.0B
$33.7B
541
534
537
710
684
713
686
857
848
873
810
901
792
875
767
775
641
651
729
836
815 deals
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2016
2017
2018
2019
2020
2021
Fintech funding sets a new quarterly record of $33.7B
pg. 43
Q2 2021 State Of Venture Report
Global: Top 5 fintech deals in Q2'21
Company
Round
Amount
Round Name Select Investors
Country
Continent
Sector
Industry
Subindustry
1
C6 Bank
$2,021M
Corporate
Minority
J.P. Morgan Chase & Co.
Brazil
South
America
Mobile &
Telecommu
nications
Mobile
Software &
Services
Accounting &
Finance
2
Trade Republic
$900M
Series C
Founders Fund, Sequoia Capital, Accel,
Technology Crossover Ventures, Creandum,
Thrive Capital, Project A Ventures
Germany
Europe
Mobile &
Telecommu
nications
Mobile
Software &
Services
Asset &
Financial
Management &
Trading
3
Mollie
$800M
Series C
General Atlantic, Technology Crossover
Ventures, Alkeon Capital Management, HMI
Capital, EQT, Blackstone
Netherlands
Europe
Internet
Internet
Software &
Services
Payments
4
Nubank
$750M
Series G - II
CPP Investments, Sands Capital, MSA Capital,
Sunley House Capital Management, Verde
Asset Management, Absoluto Partners,
Berkshire Hathaway
Brazil
South
America
Mobile &
Telecommu
nications
Mobile
Software &
Services
Accounting &
Finance
5
wefox
$650M
Series C
Horizons Ventures, Seedcamp, Jupiter Asset
Management, Mountain Partners, LGT Group
Stiftung, Victory Park Capital, EDBI
Germany
Europe
Mobile &
Telecommu
nications
Mobile
Software &
Services
Accounting &
Finance
pg. 44
Q2 2021 State Of Venture Report
$2.1B
$2.7B $2.9B
$5.5B
$3.6B
$6.3B
$7.1B
$5.1B
$5.8B $5.9B $5.9B
$5.3B
$4.5B
$5.6B
$6.8B
$2.9B
$3.5B
$6.6B
$7.7B
$12.9B
$16.3B
266
253
238
294
318
336
345
335
392
364
281
275
343
337
346
309
298
337
364
362
401 deals
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2016
2017
2018
2019
2020
2021
E-commerce companies raise $16B, up 23% QoQ
pg. 45
Q2 2021 State Of Venture Report
Global: Top 5 e-commerce deals in Q2'21
Company
Round
Amount
Round Name Select Investors
Country
Continent
Sector
Industry
Subindustry
1
Orange Heart Optimal
Technology
$3,000M
Convertible
Note
Didi Chuxing
China
Asia
Internet
E-commerce
Marketplace
2
Mollie
$800M
Series C
General Atlantic, Technology Crossover
Ventures, Alkeon Capital Management, HMI
Capital, EQT, Blackstone
Netherlands
Europe
Internet
Internet
Software &
Services
Payments
3
Perch
$775M
Series A
Spark Capital, Victory Park Capital, SoftBank
Group
United
States
North
America
Internet
E-commerce
N/A
4
Klarna
$639M
Unattributed -
II
WestCap Group, Adit Ventures, Honeycomb
Asset Management, SoftBank Group
Sweden
Europe
Internet
Internet
Software &
Services
Payments
5
Xingyun Group
$600M
Series C - II
Boston Capital Ventures, Skywalker Ventures, UOB
Venture Management, Matrix Partners China,
Yunfeng Capital, HighLight Capital, Keywise Capital
China
Asia
Internet
E-commerce
B2B
Commerce
pg. 46
Q2 2021 State Of Venture Report
$2.5B $2.5B $2.3B
$3.3B
$3.8B
$3.2B
$4.0B $4.0B
$6.2B
$7.4B
$3.7B
$4.1B
$5.2B
$4.2B
$5.1B
$5.8B $5.6B
$8.2B
$9.2B
$10.7B
$14.0B
387
410
426
460
458
514
458
521
591
524
456
528
550
522
531
519
546
612
522
569
625 deals
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2016
2017
2018
2019
2020
2021
Digital health funding more than doubled in Q2'21 YoY
pg. 47
Q2 2021 State Of Venture Report
Company
Round
Amount
Round Name Select Investors
Country
Continent
Sector
Industry
Subindustry
1
CMR Surgical
$600M
Series D
GE Healthcare, Lightrock, Ally Bridge Group,
Cambridge Innovation Capital, RPMI Railpen,
Watrium, Chimera
United
Kingdom
Europe
Healthcare
Medical
Devices &
Equipment
Surgical
Devices
2
Noom
$540M
Series F
Sequoia Capital, RRE Ventures, Novo Holdings,
Temasek, Samsung Ventures, Silver Lake, Oak
HC/FT Partners
United
States
North
America
Mobile &
Telecommu
nications
Mobile
Software &
Services
Health &
Wellness
3
Exscientia
$525M
Series D,
Convertible
Note
SoftBank Group, Novo Holdings, Farallon
Capital Management, Casdin Capital, GT
Healthcare Capital Partners, Mubadala
Investment Company
United
Kingdom
Europe
Healthcare
Drug
Discovery
N/A
4
KRY
$312M
Series D
Accel, Index Ventures, Creandum, Fidelity
Investments, CPP Investments, Project A
Ventures, Ontario Teachers' Pension Plan
Sweden
Europe
Mobile &
Telecommu
nications
Mobile
Software &
Services
Healthcare
4
AllyAlign Health
$300M
Unattributed
VC
New Enterprise Associates, Heritage Group,
Oak HC/FT Partners, Town Hall Ventures,
Ziegler
United
States
North
America
Internet
Internet
Software &
Services
Healthcare
4
Capsule
$300M
Series D
Baillie Gifford & Co., Durable Capital Partners,
Whale Rock Capital Management, T. Rowe
Price
United
States
North
America
Mobile &
Telecommu
nications
Mobile
Commerce
Pharmacies
Global: Top 5 digital health deals in Q2'21
pg. 48
Q2 2021 State Of Venture Report
$1.2B
$1.3B
$.5B
$1.1B
$1.8B $1.9B
$1.5B
$1.2B
$2.9B
$1.5B
$2.3B
$2.5B
$3.3B
$2.3B
$2.0B
$2.6B $2.6B
$2.3B
$3.7B
$5.8B
$6.7B
141
157
114
172
171
173
166
190
206
178
177
188
222
178
202
140
162
179
175
167
214 deals
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2016
2017
2018
2019
2020
2021
Funding to cybersecurity companies soars to nearly $13B in H1'21
pg. 49
Q2 2021 State Of Venture Report
Global: Top 5 cybersecurity deals in Q2'21
Company
Round
Amount
Round Name Select Investors
Country
Continent
Sector
Industry
Subindustry
1
Transmit Security
$543M
Series A
Insight Partners, General Atlantic, Vintage
Investment Partners, Geodesic Capital,
CyberStarts, Artisanal Ventures, SYN Ventures
Israel
Asia
Software (non-
internet/mobile)
Security
Software
N/A
2
Trulioo
$394M
Series D
Technology Crossover Ventures, Blumberg
Capital, Citi Ventures, American Express
Ventures, Mouro Capital
Canada
North
America
Internet
Internet
Software &
Services
Monitoring &
Security
3
Block.one
$300M
Series A
Founders Fund, Thiel Capital, Richard Li, Louis
Bacon, Galaxy Digital, Alan Howard, Christian
Angermayer
Cayman
Islands
North
America
Internet
Internet
Software &
Services
Monitoring &
Security
3
Forter
$300M
Series F
Bessemer Venture Partners, Sequoia Capital,
Scale Venture Partners, Tiger Global
Management, Adage Capital Management,
March Capital Partners, Salesforce Ventures
United
States
North
America
Internet
Internet
Software &
Services
Monitoring &
Security
5
Acronis
$250M
Private
Equity
CVC Capital Partners
Switzerland Europe
Computer
Hardware &
Services
IT Services
Data Storage &
Security
pg. 50
Q2 2021 State Of Venture Report
$2.4B
$1.8B $1.9B
$2.8B
$4.6B
$6.0B
$5.1B
$4.0B
$6.8B
$6.5B
$8.5B
$6.1B
$7.8B
$9.1B
$6.4B $6.2B
$6.8B
$7.7B
$10.7B
$15.5B $15.4B
303
314
349
490
426
542
506
559
619
577
500
613
638
714
600
549
527
598
619
616
390 deals
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2016
2017
2018
2019
2020
2021
AI funding hits nearly $31B in H1'21 — a new half-year record
pg. 51
Q2 2021 State Of Venture Report
Global: Top 5 AI deals in Q2'21
Company
Round
Amount
Round Name Select Investors
Country
Continent
Sector
Industry
Subindustry
1
SambaNova Systems
$676M
Series D
Walden International, Google Ventures, Intel
Capital, GIC, Temasek Holdings, BlackRock,
SoftBank Group
United
States
North
America
Software (non-
internet/mobile)
Business
Intelligence,
Analytics &
Performance
Mgmt Software
N/A
2
Trax
$640M
Series E
Warburg Pincus, Sony Innovation Fund,
OMERS, BlackRock, SoftBank Group
Singapore
Asia
Internet
Internet
Software &
Services
Retail &
Inventory
3
Horizon Robotics
$600M
Series C - IV
Legend Capital, BOE Technology Group, ZWC
Partners, HuangPu River Capital, CICC
Jiacheng Investment, Will Semiconductor,
Zhongyuan Capital
China
Asia
Internet
Internet
Software &
Services
Scientific,
Engineering
4
Anduril
$450M
Series D
Founders Fund, Lux Capital, General Catalyst,
Valor Equity Partners, Andreessen Horowitz,
Elad Gil, 8VC
United
States
North
America
Industrial
Aerospace &
Defense
N/A
5
Scale AI
$325M
Series E
Founders Fund, Tiger Global Management,
Index Ventures, Y Combinator, Wellington
Management, Greenoaks Capital Management,
Dragoneer Investment Group
United
States
North
America
Internet
Internet
Software &
Services
Testing
pg. 52
United States Trends
Q2 2021
Q2 2021 State Of Venture Report
pg. 53
Q2 2021 State Of Venture Report
$41.6B
$37.7B
$42.3B
$68.7B
$86.8B
$74.6B
$99.1B
$133.4B
$128.4B
$149.3B
$138.9B
6,322
7,324
8,358
9,919
10,175
9,690
10,517
10,965
10,603
9,734
5,531 deals
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
US funding already close to 2020's full-year total
YTD
pg. 54
Q2 2021 State Of Venture Report
$17.3B
$20.7B
$17.4B
$20.2B
$29.7B
$25.1B $24.1B
$26.3B
$28.4B
$34.9B
$43.8B
$33.8B $33.8B $33.0B
$27.7B
$32.3B $31.0B
$39.0B
$47.0B
$68.5B
$70.4B
2,402 2,442
2,181
2,662 2,602
2,707
2,546
2,734
2,893
2,791
2,547
2,690
2,773 2,794
2,346 2,469
2,262
2,498 2,505
2,816
2,715 deals
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2016
2017
2018
2019
2020
2021
US funding reaches new high in Q2'21, despite dip in deals
pg. 55
Q2 2021 State Of Venture Report
Share of US deals with CVC participation sets new quarterly record
16%
17%
16%
15%
16%
16%
16%
17%
17%
17%
19%
19%
19%
17%
18%
17%
19%
18%
19%
22%
24% CVC
participation
84%
83%
84%
85%
84%
84%
84%
83%
83%
83%
81%
81%
81%
83%
82%
83%
81%
82%
81%
78%
76% Other
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2016
2017
2018
2019
2020
2021
pg. 56
Q2 2021 State Of Venture Report
UK leads foreign investor participation in deals to US companies
33%
27%
30%
32%
28%
24%
32%
31%
23%
29%
28%
31%
32%
29%
35%
34%
36%
35%
36%
36%
34% United Kingdom
12%
9%
14%
7%
15%
13%
12%
11%
15%
9%
15%
13%
13%
16%
12%
14%
15%
13%
13%
16%
18% China
28%
34%
32%
33%
27%
30%
30%
34%
35%
31%
26%
24%
18%
26%
15%
23%
20%
27%
27%
19%
18% Canada
13%
14%
16%
17%
14%
18%
16%
13%
12%
20%
19%
18%
22%
18%
17%
16%
15%
11%
12%
12%
15% Japan
14%
16%
8%
12%
16%
15%
9%
11%
15%
12%
12%
14%
14%
10%
21%
14%
13%
14%
11%
17%
14% Israel
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2016
2017
2018
2019
2020
2021
pg. 57
Q2 2021 State Of Venture Report
Investor
Company
Count
Investor Type Country
Continent
6
Accel
29
Venture
Capital
United States
North
America
6
SoftBank Group
29
Holding
Company
Japan
Asia
8
Google Ventures
28
Corporate
Venture
United States
North
America
9
Coatue Management
25
Hedge Fund
United States
North
America
10
Khosla Ventures
24
Venture
Capital
United States
North
America
Investor
Company
Count
Investor Type Country
Continent
1
Andreessen Horowitz
56
Venture
Capital
United States
North
America
2
Tiger Global
Management
44
Asset/Invest
ment
Management
United States
North
America
3
General Catalyst
36
Venture
Capital
United States
North
America
4
Sequoia Capital
33
Venture
Capital
United States
North
America
5
Insight Partners
30
Venture
Capital
United States
North
America
Top 10 investors in US-based companies Q2'21
Note: Incubators/accelerators and angel investors are omitted
pg. 58
Q2 2021 State Of Venture Report
Company
Round
Amount
Round Name Select Investors
City
State
Sector
Industry
Subindustry
1
Epic Games
$1,000M
Private
Equity - III
AllianceBernstein, Sony, Franklin Templeton,
Fidelity Investments, GIC, Altimeter Capital,
Luxor Capital Group
Cary
North
Carolina
Software (non-
internet/mobile)
Gaming
N/A
2
Caris Life Sciences
$830M
Private
Equity - II
OrbiMed Advisors, Highland Capital
Management, Fidelity Investments, CPP
Investments, Silver Lake, Millennium
Management, ClearBridge Investments
Irving
Texas
Healthcare
Biotechnology N/A
3
Perch
$775M
Series A
Spark Capital, Victory Park Capital, SoftBank
Group
Boston
Massachusetts
Internet
E-commerce
N/A
4
SambaNova Systems
$676M
Series D
Walden International, Google Ventures, Intel
Capital, GIC, Temasek Holdings, BlackRock,
SoftBank Group
Palo Alto
California
Software (non-
internet/mobile)
Business
Intelligence,
Analytics &
Performance
Mgmt Software
N/A
5
Relativity Space
$650M
Series E
Mark Cuban, Tiger Global Management, Fidelity
Investments, Jared Leto, Spencer Rascoff,
Brad Buss, Coatue Management
Inglewood
California
Industrial
Aerospace &
Defense
N/A
US: Top 10 deals for Q2'21
pg. 59
Q2 2021 State Of Venture Report
Company
Round
Amount
Round Name Select Investors
City
State
Sector
Industry
Subindustry
6
Kajabi
$550M
Private
Equity
Meritech Capital Partners, Tiger Global
Management, TPG Capital, Tidemark, Owl Rock
Capital Partners
Irvine
California
Internet
Internet
Software &
Services
Education &
Training
7
Noom
$540M
Series F
Sequoia Capital, RRE Ventures, Novo Holdings,
Temasek, Samsung Ventures, Silver Lake, Oak
HC/FT Partners
New York
New York
Mobile &
Telecommu
nications
Mobile
Software &
Services
Health &
Wellness
8
Better.com
$500M
Series E
SoftBank Group
New York
New York
Internet
Internet
Software &
Services
Accounting &
Finance
9
Anduril
$450M
Series D
Founders Fund, Lux Capital, General Catalyst,
Valor Equity Partners, Andreessen Horowitz,
Elad Gil, 8VC
Irvine
California
Industrial
Aerospace &
Defense
N/A
10
Circle
$440M
Series F
Fidelity Investments, Valor Capital Group,
Breyer Capital, Digital Currency Group, Atlas
Merchant Capital, Willett Advisors, Pillar
Boston
Massachusetts
Internet
Internet
Software &
Services
Accounting &
Finance
US: Top 10 deals for Q2'21
pg. 60
Q2 2021 State Of Venture Report
US unicorn births hit new record in Q2’21
5
5
5
5
12
7
12
11
10
21
27
17
24
21
18
15
13
19
29
72
76
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2016
2017
2018
2019
2020
2021
pg. 61
Q2 2021 State Of Venture Report
Company
Current
Valuation
City
State
Sector
Industry
Subindustry
1
Stripe
$95B
San Francisco
California
Internet
Internet Software &
Services
Payments
2
SpaceX
$74B
Hawthorne
California
Industrial
Aerospace & Defense
N/A
3
Instacart
$39B
San Francisco
California
Mobile & Telecommunications
Mobile Commerce
Food & Grocery
4
Epic Games
$29B
Cary
North Carolina
Software (non-internet/mobile)
Gaming
N/A
5
Databricks
$28B
San Francisco
California
Internet
Internet Software &
Services
Data & Document
Management
US: Top 10 most valuable unicorns
pg. 62
Q2 2021 State Of Venture Report
Company
Current
Valuation
City
State
Sector
Industry
Subindustry
6
Rivian
$28B
Plymouth
Michigan
Automotive & Transportation
Automobile Manufacturing N/A
7
Chime
$15B
San Francisco
California
Mobile & Telecommunications
Mobile Software &
Services
Accounting &
Finance
8
Plaid Technologies
$14B
San Francisco
California
Internet
Internet Software &
Services
Accounting &
Finance
8
Fanatics
$13B
Jacksonville
Florida
Internet
E-commerce
Apparel &
Accessories
10
Biosplice Therapeutics
$12B
San Diego
California
Healthcare
Biotechnology
N/A
US: Top 10 most valuable unicorns
pg. 63
Q2 2021 State Of Venture Report
$9M
$10M
$12M Seed / Angel
$25M
$33M
$42M Series A
$64M
$100M
$124M Series B
$105M
$230M
$258M Series C
$158M
$424M
$485M Series D
$298M
$1,200M
$1,544M Series E+
2015
2016
2017
2018
2019
2020
2021
US median valuation per round by year
*Post-money. 2021 is forecasted based on current trends due to filings lag.
YTD
pg. 64
Q2 2021 State Of Venture Report
$13M
$15M
$20M Seed / Angel
$37M
$53M
$77M Series A
$116M
$167M
$219M Series B
$192M
$467M
$530M Series C
$306M
$692M
$803M Series D
$2,035M
$3,225M
$3,912M Series E+
2015
2016
2017
2018
2019
2020
2021
US average valuation per round by year
YTD
*Post-money. 2021 is forecasted based on current trends due to filings lag.
pg. 65
Exit Trends
US: Q2 2021
Q2 2021 State Of Venture Report
pg. 66
Q2 2021 State Of Venture Report
US exits in 2021 already catching up with 2020's full-year total
1,609
1,860
1,694
2,361
2,714
2,485
2,910
3,098
3,221
2,933
2,320 M&A
65
78
121
176
118
87
112
141
144
183
154 IPO
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
YTD
pg. 67
Q2 2021 State Of Venture Report
US IPOs reach quarterly high, up 167% YoY
613
591
607
778
673
724
735
772
742
752
828
837
775
790
817
756
534
708
926
1,133
1,083 M&A
26
23
24
20
29
24
39
24
43
39
35
33
49
32
30
23
33
54
73
66
88 IPO
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2016
2017
2018
2019
2020
2021
pg. 68
Q2 2021 State Of Venture Report
Company
Exit
Valuation
Exit Type
City
State
Sector
Industry
Subindustry
1
Coinbase
$65.3B
IPO
San Francisco
California
Internet
Internet Software &
Services
Payments
2
UiPath
$29.1B
IPO
New York
New York
Software (non-
internet/mobile)
Scientific, Engineering
Software
N/A
3
AppLovin
$28.6B
IPO
Palo Alto
California
Mobile &
Telecommunications
Mobile Software &
Services
Advertising, Sales &
Marketing
4
Marqeta
$14.3B
IPO
Oakland
California
Internet
E-commerce
E-commerce enablement
5
Bright HealthCare
$13.4B
IPO
Minneapolis
Minnesota
Healthcare
Healthcare Plans
N/A
US: Top 10 largest exits in Q2’21
pg. 69
Q2 2021 State Of Venture Report
Company
Exit
Valuation
Exit Type
City
State
Sector
Industry
Subindustry
6
SentinelOne
$8.9B
IPO
Mountain View California
Computer Hardware &
Services
IT Services
Data Storage & Security
7
SoFi
$8.7B
Reverse
Merger
San Francisco
California
Internet
E-commerce
Marketplace
8
Procore
$8.6B
IPO
Carpinteria
California
Internet
Internet Software &
Services
Collaboration & Project
Management
9
TuSimple
$8.5B
IPO
San Diego
California
Software (non-
internet/mobile)
Scientific, Engineering
Software
N/A
10
Kindred at Home
$8.1B
Acquired
Atlanta
Georgia
Healthcare
Medical Facilities &
Services
Home Healthcare
US: Top 10 largest exits in Q2’21
pg. 70
Silicon Valley
United States Trends: Q2 2021
Q2 2021 State Of Venture Report
pg. 71
Q2 2021 State Of Venture Report
Silicon Valley funding drops from peak in Q1'21
$6.2B
$7.6B
$4.5B
$7.5B
$16.0B
$7.3B
$9.1B
$11.5B
$10.6B
$15.0B
$26.0B
$12.7B
$13.7B
$13.0B
$10.2B
$13.3B
$12.3B
$13.5B $13.9B
$25.2B
$23.7B
601
661
547
711
644
670
610
727
703
622
610
622
648
687
527
604
549
628
580
711
638 deals
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2016
2017
2018
2019
2020
2021
pg. 72
Q2 2021 State Of Venture Report
Silicon Valley early-stage rounds lose deal share in Q2'21
59%
67%
64%
67%
60%
67%
59%
59%
60%
59%
54%
64%
57%
65%
60%
58%
54%
60%
57%
58%
51% Early-stage
21%
18%
17%
13%
19%
16%
19%
20%
19%
19%
22%
17%
23%
18%
21%
24%
21%
18%
22%
19%
27% Mid-stage
8%
5%
5%
8%
10%
8%
8%
9%
10%
11%
9%
9%
10%
8%
8%
9%
11%
9%
9%
13%
12% Late-stage
12%
10%
14%
13%
12%
9%
14%
12%
11%
11%
16%
10%
9%
9%
11%
10%
15%
12%
13%
11%
9% Other
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2016
2017
2018
2019
2020
2021
pg. 73
Q2 2021 State Of Venture Report
Silicon Valley: Top 5 deals in Q2'21
Company
Round
Amount
Round Name Select Investors
City
Sector
Industry
Subindustry
1
SambaNova Systems
$676M
Series D
Walden International, Google Ventures, Intel
Capital, GIC, Temasek Holdings, BlackRock,
SoftBank Group
Palo Alto
Software (non-
internet/mobile)
Business Intelligence,
Analytics &
Performance Mgmt
Software
N/A
2
Plaid Technologies
$425M
Series D
New Enterprise Associates, Kleiner Perkins
Caufield & Byers, Spark Capital, Index Ventures,
Andreessen Horowitz, Silver Lake, Thrive Capital
San Francisco
Internet
Internet Software &
Services
Accounting &
Finance
2
Brex
$425M
Series D
Lone Pine Capital, Tiger Global Management, Y
Combinator, Technology Crossover Ventures,
Madrone Capital Partners, DST Global, GIC
San Francisco
Internet
Internet Software &
Services
Payments
4
Stripe
$350M
Corporate
Minority - II
Shopify
San Francisco
Internet
Internet Software &
Services
Payments
5
Scale AI
$325M
Series E
Founders Fund, Tiger Global Management, Index
Ventures, Y Combinator, Wellington Management,
Greenoaks Capital Management, Dragoneer
Investment Group
San Francisco
Internet
Internet Software &
Services
Testing
pg. 74
New York
United States Trends: Q2 2021
Q2 2021 State Of Venture Report
pg. 75
Q2 2021 State Of Venture Report
$2.1B
$3.4B
$5.5B
$2.3B
$3.5B
$6.2B
$3.4B
$3.0B
$3.4B
$6.5B
$2.9B
$6.3B
$5.0B $4.9B
$4.6B
$3.7B $3.9B
$5.0B
$6.3B
$11.2B $11.2B
317
335
316
356
360
375
346
364
414
385
340
391
402
371
339
354
313
332
341
414
433 deals
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2016
2017
2018
2019
2020
2021
NY funding stays elevated in Q2'21
pg. 76
Q2 2021 State Of Venture Report
NY mid-stage deal share hits new high, early-stage continues to drop
57%
64%
58%
65%
63%
63%
58%
62%
62%
61%
59%
60%
58%
65%
57%
58%
59%
57%
56%
51%
50% Early-stage
19%
11%
10%
12%
12%
12%
12%
12%
14%
12%
13%
16%
11%
11%
15%
16%
16%
15%
16%
15%
21% Mid-stage
5%
7%
8%
6%
8%
8%
9%
8%
7%
10%
10%
8%
10%
6%
6%
7%
6%
7%
9%
12%
9% Late-stage
19%
19%
24%
17%
18%
17%
22%
18%
17%
17%
18%
16%
21%
18%
22%
19%
19%
20%
19%
22%
19% Other
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2016
2017
2018
2019
2020
2021
pg. 77
Q2 2021 State Of Venture Report
Company
Round
Amount
Round Name Select Investors
City
Sector
Industry
Subindustry
1
Noom
$540M
Series F
Sequoia Capital, RRE Ventures, Novo Holdings,
Temasek, Samsung Ventures, Silver Lake, Oak
HC/FT Partners
New York
Mobile &
Telecommun
ications
Mobile Software &
Services
Health &
Wellness
2
Better.com
$500M
Series E
SoftBank Group
New York
Internet
Internet Software &
Services
Accounting &
Finance
3
Capsule
$300M
Series D
Baillie Gifford & Co., Durable Capital Partners,
Whale Rock Capital Management, T. Rowe Price
New York
Mobile &
Telecommun
ications
Mobile Commerce
Pharmacies
3
Paxos
$300M
Series D
Liberty City Ventures, Mithril Capital Management,
Oak HC/FT Partners, Senator Investment Group,
Declaration Partners, PayPal Ventures, WestCap
Group
New York
Internet
Internet Software &
Services
Asset &
Financial
Management &
Trading
3
Bowery Farming
$300M
Series C
Google Ventures, General Catalyst, GGV Capital,
Temasek, Fidelity Investments, Groupe Artemis,
Justin Timberlake
New York
Software (non-
internet/mobile)
Green/Environmental
Software
N/A
3
Forter
$300M
Series F
Bessemer Venture Partners, Sequoia Capital,
Scale Venture Partners, Tiger Global
Management, Adage Capital Management, March
Capital Partners, Salesforce Ventures
New York
Internet
Internet Software &
Services
Monitoring &
Security
NY: Top 5 deals in Q2'21
pg. 78
Los Angeles
United States Trends: Q2 2021
Q2 2021 State Of Venture Report
pg. 79
Q2 2021 State Of Venture Report
LA funding soars to $6B, a quarterly record
$2.6B
$1.3B
$1.1B
$1.8B
$1.2B
$1.7B
$1.4B
$2.3B $2.2B
$1.9B
$2.3B
$2.6B
$2.4B
$2.9B
$1.9B
$3.0B
$1.3B
$4.2B
$3.1B
$3.6B
$6.0B
193
143
130
169
197
204
209
219
215
218
212
183
175
210
175
195
160
207
208
195
216 deals
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2016
2017
2018
2019
2020
2021
pg. 80
Q2 2021 State Of Venture Report
LA mid-stage deal share continues to climb
50%
64%
54%
56%
56%
55%
51%
51%
58%
59%
49%
57%
47%
60%
56%
53%
54%
60%
47%
61%
57% Early-stage
9%
8%
15%
14%
11%
11%
10%
14%
14%
11%
14%
11%
11%
13%
15%
11%
13%
12%
12%
11%
14% Mid-stage
7%
6%
9%
8%
6%
8%
11%
9%
7%
7%
8%
8%
10%
6%
6%
8%
7%
6%
11%
7%
10% Late-stage
34%
22%
22%
22%
27%
25%
28%
26%
21%
24%
29%
23%
31%
20%
22%
28%
26%
22%
30%
21%
18% Other
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2016
2017
2018
2019
2020
2021
pg. 81
Q2 2021 State Of Venture Report
LA: Top 5 deals in Q2'21
Company
Round
Amount
Round Name Select Investors
City
Sector
Industry
Subindustry
1
Relativity Space
$650M
Series E
Mark Cuban, Tiger Global Management, Fidelity
Investments, Jared Leto, Spencer Rascoff, Brad
Buss, Coatue Management
Inglewood
Industrial
Aerospace &
Defense
N/A
2
Kajabi
$550M
Private
Equity
Meritech Capital Partners, Tiger Global
Management, TPG Capital, Tidemark, Owl Rock
Capital Partners
Irvine
Internet
Internet Software &
Services
Education &
Training
3
Anduril
$450M
Series D
Founders Fund, Lux Capital, General Catalyst,
Valor Equity Partners, Andreessen Horowitz, Elad
Gil, 8VC
Irvine
Industrial
Aerospace &
Defense
N/A
4
SpaceX
$310M
Series K - IV
Charter Life Sciences, Gigafund, Future Ventures
Hawthorne
Industrial
Aerospace &
Defense
N/A
5
Age of Learning
$300M
Private
Equity
Qatar Investment Authority, Madrone Capital
Partners, TPG Capital
Glendale
Internet
Internet Software &
Services
Education &
Training
pg. 82
Boston
United States Trends: Q2 2021
Q2 2021 State Of Venture Report
pg. 83
Q2 2021 State Of Venture Report
$1.7B
$2.7B
$1.5B
$2.2B
$1.9B
$2.1B
$2.7B
$2.9B
$3.6B
$2.8B
$3.1B $3.3B
$2.6B
$2.1B $2.2B
$4.3B
$3.9B $3.8B
$3.6B
$7.8B $7.8B
164
168
165
199
196
181
163
197
198
200
192
192
204
183
161
196
177
183
174
209
222 deals
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2016
2017
2018
2019
2020
2021
Boston sees another strong quarter for funding in Q2'21
pg. 84
Q2 2021 State Of Venture Report
Boston early-stage deals make up 50% of total deal share in Q2'21
50%
55%
52%
48%
51%
50%
48%
52%
47%
50%
44%
53%
53%
52%
47%
47%
43%
49%
48%
46%
50% Early-stage
17%
14%
15%
18%
19%
20%
22%
16%
17%
22%
22%
15%
19%
19%
20%
20%
23%
24%
19%
27%
21% Mid-stage
9%
10%
8%
10%
11%
6%
11%
8%
12%
11%
10%
13%
10%
7%
11%
8%
12%
11%
9%
11%
11% Late-stage
24%
21%
24%
24%
20%
24%
19%
24%
23%
18%
23%
20%
18%
22%
23%
25%
23%
16%
24%
16%
18% Other
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2016
2017
2018
2019
2020
2021
pg. 85
Q2 2021 State Of Venture Report
Boston: Top 5 deals in Q2'21
Company
Round
Amount
Round Name Select Investors
City
Sector
Industry
Subindustry
1
Perch
$775M
Series A
Spark Capital, Victory Park Capital, SoftBank
Group
Boston
Internet
E-commerce
N/A
2
Circle
$440M
Series F
Fidelity Investments, Valor Capital Group, Breyer
Capital, Digital Currency Group, Atlas Merchant
Capital, Willett Advisors, Pillar
Boston
Internet
Internet Software &
Services
Accounting &
Finance
3
Adagio Therapeutics
$336M
Series C
Google Ventures, OrbiMed Advisors, Redmile
Group, Fidelity Investments, Polaris Partners, RA
Capital Management, PremjiInvest
Waltham
Healthcare
Biotechnology
N/A
4
Klaviyo
$320M
Series D
Accel, Lone Pine Capital, Glynn Capital
Management, Summit Partners, ClearBridge
Investments, Sands Capital, Whale Rock Capital
Management
Boston
Internet
Internet Software &
Services
Advertising,
Sales &
Marketing
5
DataRobot
$250M
Series G
New Enterprise Associates, Tiger Global
Management, Silver Lake, Altimeter Capital, T.
Rowe Price, BlackRock
Boston
Internet
Internet Software &
Services
Testing
pg. 86
Seattle
United States Trends: Q2 2021
Q2 2021 State Of Venture Report
pg. 87
Q2 2021 State Of Venture Report
Seattle sees record funding in Q2'21
$342M
$398M $424M $371M
$596M
$786M
$408M
$370M
$1,178M
$812M
$545M
$712M
$755M $724M
$1,026M
$454M
$1,235M
$1,177M
$991M
$1,519M
$1,574M
63
73
83
84
80
90
82
67
97
84
66
102
79
90
69
74
62
80
68
79
85 deals
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2016
2017
2018
2019
2020
2021
pg. 88
Q2 2021 State Of Venture Report
Seattle early-stage deal share continues to lead in Q2'21
54%
52%
54%
68%
56%
48%
54%
55%
54%
57%
68%
66%
51%
63%
55%
58%
53%
54%
51%
53%
52% Early-stage
16%
14%
11%
6%
13%
14%
6%
10%
9%
18%
8%
11%
19%
10%
17%
12%
15%
15%
18%
19%
18% Mid-stage
5%
3%
4%
4%
8%
7%
4%
7%
12%
6%
5%
8%
6%
8%
7%
7%
6%
11%
7%
6%
4% Late-stage
25%
32%
31%
23%
24%
31%
37%
27%
25%
19%
20%
16%
24%
19%
20%
23%
26%
20%
24%
22%
27% Other
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2016
2017
2018
2019
2020
2021
pg. 89
Q2 2021 State Of Venture Report
Seattle: Top 5 deals in Q2'21
Company
Round
Amount
Round Name Select Investors
City
Sector
Industry
Subindustry
1
Umoja Biopharma
$210M
Series B
MPM Capital, Qiming Venture Partners, Temasek,
Data Collective, Casdin Capital, Emerson
Collective, Cormorant Asset Management
Seattle
Healthcare
Pharmaceuticals /
Drugs
N/A
2
Outreach
$200M
Series G
Mayfield Fund, Sequoia Capital, Lone Pine
Capital, Trinity Ventures, Tiger Global
Management, DFJ Growth Fund, Vista Equity
Partners
Seattle
Internet
Internet Software &
Services
Business
Intelligence,
Analytics &
Performance
Mgmt
3
Flyhomes
$150M
Series C
Norwest Venture Partners, Battery Ventures,
Andreessen Horowitz, Balyasny Asset
Management, Camber Creek, Spencer Rascoff,
Fifth Wall Ventures
Seattle
Internet
Internet Software &
Services
Real Estate
4
Stackline
$130M
Series B
TA Associates
Seattle
Internet
Internet Software &
Services
Application &
Data
Integration
5
Icosavax
$100M
Series B
Adams Street Partners, +ND Capital, Qiming
Venture Partners, Perceptive Advisors, RA Capital
Management, Viking Global Investors, Omega
Fund Management
Seattle
Healthcare
Biotechnology
N/A
pg. 90
Denver
United States Trends: Q2 2021
Q2 2021 State Of Venture Report
pg. 91
Q2 2021 State Of Venture Report
$169M
$288M
$177M
$534M
$294M
$229M
$261M
$400M $414M
$556M
$377M
$350M
$544M
$888M
$688M
$336M
$927M
$311M
$999M
$972M
$1,216M
74
76
65
102
91
77
81
81
76
96
83
87
99
91
66
67
62
67
81
62
75 deals
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2016
2017
2018
2019
2020
2021
Denver funding sets a new record of $1.2B in Q2'21
pg. 92
Q2 2021 State Of Venture Report
Denver early-stage deal share remains steady in Q2'21
54%
57%
57%
55%
52%
51%
52%
60%
57%
58%
64%
59%
54%
66%
50%
39%
65%
45%
44%
45%
45% Early-stage
7%
9%
3%
12%
10%
12%
7%
14%
8%
18%
14%
9%
14%
12%
12%
12%
11%
15%
19%
21%
19% Mid-stage
4%
9%
8%
9%
10%
5%
6%
6%
11%
8%
4%
3%
9%
7%
14%
4%
2%
6%
9%
11%
9% Late-stage
35%
25%
32%
25%
29%
32%
35%
20%
25%
16%
18%
29%
23%
15%
24%
45%
23%
34%
28%
23%
27% Other
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2016
2017
2018
2019
2020
2021
pg. 93
Q2 2021 State Of Venture Report
Company
Round
Amount
Round Name Select Investors
City
Sector
Industry
Subindustry
1
Guild Education
$150M
Series E
Bessemer Venture Partners, Redpoint Ventures,
General Catalyst, Harrison Metal, Cowboy
Ventures, ICONIQ Capital, Emerson Collective
Denver
Internet
Internet Software &
Services
HR &
Workforce
Management
2
Solid Power
$130M
Series B
Volta Energy Technologies, Ford Motor Company,
BMW Group
Louisville
Electronics
Electrical Product
Distribution
Power
Generation &
Storage
3
Crusoe Energy
Systems
$128M
Series B
Founders Fund, Bain Capital Ventures, Valor
Equity Partners, Winklevoss Capital, KCK, EXOR,
JB Straubel
Denver
Energy &
Utilities
N/A
N/A
4
Automox
$110M
Series C
Insight Partners, TechOperators, Koch Disruptive
Technologies, Blackstone
Boulder
Internet
Internet Software &
Services
Content
Management
5
Inscripta
$100M
Series E - II
Fidelity Investments, Foresite Capital, D1 Capital
Partners, Durable Capital Partners, JS Capital, T.
Rowe Price, Morgan Stanley
Boulder
Healthcare
Biotechnology
N/A
5
Velocity Global
$100M
Private
Equity
FFL Partners
Denver
Software (non-
internet/mobile)
HR & Workforce
Management
Software
N/A
Denver: Top 5 deals in Q2'21
pg. 94
DC
United States Trends: Q2 2021
Q2 2021 State Of Venture Report
pg. 95
Q2 2021 State Of Venture Report
$236M
$964M
$361M
$920M
$552M
$250M
$601M $606M $597M $657M
$779M
$469M $501M $553M $491M $495M
$838M
$445M
$4,407M
$1,720M
$1,337M
76
86
87
103
82
77
82
89
102
89
56
78
88
88
85
72
73
76
56
86
82 deals
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2016
2017
2018
2019
2020
2021
DC dollars continue to fall from Q4'20 peak
pg. 96
Q2 2021 State Of Venture Report
DC sees sharp uptick in early-stage deal share, all others drop
53%
51%
63%
53%
52%
55%
57%
51%
64%
53%
48%
51%
55%
55%
49%
53%
45%
55%
43%
38%
55% Early-stage
8%
9%
7%
11%
9%
6%
11%
13%
12%
13%
13%
14%
7%
14%
21%
15%
18%
14%
16%
20%
15% Mid-stage
5%
12%
11%
11%
6%
9%
7%
7%
5%
6%
9%
8%
9%
5%
5%
10%
5%
8%
11%
15%
12% Late-stage
34%
28%
18%
25%
33%
30%
24%
29%
20%
28%
30%
27%
30%
27%
25%
22%
32%
22%
30%
27%
18% Other
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2016
2017
2018
2019
2020
2021
pg. 97
Q2 2021 State Of Venture Report
Company
Round
Amount
Round Name Select Investors
City
Sector
Industry
Subindustry
1
Cava Group
$190M
Series F
Invus Group, SWaN & Legend Ventures, Mousse
Partners, Revolution Growth, Declaration
Partners, Lighthouse Partners, Equilibra Partners
Washington
Leisure
Restaurants
Casual Dining
2
Arcellx
$115M
Series C
New Enterprise Associates, Novo Ventures, Quan
Capital, Solasta Ventures
Gaithersburg
Healthcare
Biotechnology
N/A
3
MeetingPlay
$75M
Growth
Equity
Sunstone Partners
Frederick
Mobile &
Telecommun
ications
Mobile Software &
Services
Collaboration
& Project
Management
4
Valenza Biotech
$70M
Series A
Fidelity Investments, Pierre Fabre, Surveyor
Capital, Opaleye Management, Ikarian Capital,
Janus Henderson Investors
Bethesda
Healthcare
Drug Development
N/A
5
Morning Consult
$60M
Series B
Susquehanna Growth Equity, Advance Venture
Partners, Lupa Systems
Washington
Internet
Internet Software &
Services
Data &
Document
Management
5
Notal Vision
$60M
Series D
Ganot Capital, Soleus Capital Management
Manassas
Healthcare
Medical Devices &
Equipment
Patient
Monitoring
DC: Top 5 deals in Q2'21
pg. 98
Chicago
United States Trends: Q2 2021
Q2 2021 State Of Venture Report
pg. 99
Q2 2021 State Of Venture Report
$347M
$502M
$252M
$436M
$916M
$751M
$531M
$424M
$728M
$583M $610M $563M $568M
$463M
$321M
$500M
$401M
$1,083M
$1,057M
$1,330M
$1,955M
65
64
56
66
81
71
67
84
60
85
72
77
73
80
63
61
54
68
76
78
65 deals
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2016
2017
2018
2019
2020
2021
Chicago funding peaks at nearly $2B in Q2'21
pg. 100
Q2 2021 State Of Venture Report
Chicago early-stage deal share jumps, late-stage falls from peak
57%
55%
57%
55%
48%
61%
58%
58%
42%
52%
46%
58%
41%
45%
48%
57%
44%
53%
46%
42%
49% Early-stage
6%
17%
7%
3%
14%
8%
13%
12%
15%
12%
11%
16%
12%
13%
19%
13%
17%
10%
11%
15%
15% Mid-stage
3%
8%
9%
15%
9%
11%
7%
4%
10%
9%
8%
4%
14%
11%
3%
7%
6%
7%
8%
18%
14% Late-stage
34%
20%
27%
27%
30%
20%
21%
26%
33%
27%
35%
22%
33%
31%
30%
23%
33%
29%
36%
24%
22% Other
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2016
2017
2018
2019
2020
2021
pg. 101
Q2 2021 State Of Venture Report
Chicago: Top 5 deals in Q2'21
Company
Round
Amount
Round Name Select Investors
City
Sector
Industry
Subindustry
1
ActiveCampaign
$240M
Series C
Tiger Global Management, Susquehanna Growth
Equity, Dragoneer Investment Group, Silversmith
Capital Partners
Chicago
Internet
Internet Software &
Services
Customer
Relationship
Management
2
Project44
$202M
Series E
Insight Partners, Emergence Capital Partners,
Chicago Ventures, Sapphire Ventures, Lineage
Logistics, Sozo Ventures, 8VC
Chicago
Internet
Internet Software &
Services
Supply Chain &
Logistics
3
ShipBob
$200M
Series E
Menlo Ventures, Bain Capital Ventures, Hyde Park
Angels, Hyde Park Venture Partners, Silicon
Valley Bank, SoftBank Group
Chicago
Internet
Internet Software &
Services
Supply Chain &
Logistics
3
Clearcover
$200M
Series D
Cox Enterprises, OMERS Ventures, American
Family Ventures, Eldridge
Chicago
Mobile &
Telecommun
ications
Mobile Software &
Services
Payments
5
G2
$157M
Series D
Accel, Emergence Capital Partners, Auren
Hoffman, Permira, Thomas Lehrman, Institutional
Venture Partners, Salesforce Ventures
Chicago
Internet
Internet Software &
Services
Information
Providers &
Portals