Venture Capital Investment Activity in U.S. Companies

Venture Capital Deal Volumes by Sector - First Nine Months 2021

UNITED STATES VC INVESTMENT REACHES $196.5 BILLION

United States venture capital investments reached a record high of $196.5 billion from 5,198 deals in the first nine

months of 2021, an explosive rate of growth. For the third quarter in a row, this set an all-time high in terms of

disbursements in any quarter in United States history. Indeed, of the top eight quarters ever recorded in terms of

dollars invested, seven have occurred since Q1 2020, while of the top 25 states, 23 of them received more capital

invested in the first nine months of 2021 than in the same period last year. The average venture capital round size in

the first nine months also reached $40 million for the first time in history, having never exceeded $30 million in any full

year prior.

While the 1,765 venture capital deals recorded in the third quarter was not itself an all-time high, it did represent the

second most deals completed since any quarter in 2000, when 2,202 deals were completed in Q2 2000, and round

sizes were only $13.0 million on average.

ELEVEN VENTURE INVESTMENTS OVER $1 BILLION COMPLETED

While five venture-stage investments $1 billion or greater, totaling $15.6 billion, were completed in all of 2020, in the

first nine months of 2021 alone there were eleven such investments recorded totaling $20.4 billion. They included

Robinhood Markets, Rivian Automotive, Waymo, Cruise Automation, Databricks, Articulate Global, GoBrands, Chime

Financial, and Epic Games. Among top investors in United States companies in the first three quarters, those

completing more than 90 rounds apiece included Andreessen Horowitz, Tiger Global, Insight Venture Partners,

General Catalyst Partners, Sequoia Capital, and Y Combinator.

From January to September, information technology companies secured $133.2 billion, while life sciences companies

completed rounds totaling $34.0 billion, and other traditional sector companies accounted for the balance.

UNITED STATES VENTURE CAPITAL FUNDRAISING REACHES NEW HIGH

Venture capital fundraising in the United States in the first nine months also set new historical records, with $91.5

billion raised in 740 funds. Though Q3 saw only $25.2 billion in funds raised, and while this was only the fourth

strongest quarter on record, all four of those top four quarters occurred in the last twelve months. Before this year, the

last quarter in which more than 200 United States venture funds held a closing was in the fourth quarter of 2000.

UNITED STATES VENTURE CAPITAL-BACKED EXITS STAY STRONG

United States venture backed exits totaled $302 billion from January to September in 784 deals, while Q3 saw $173.8

billion in 305 deals, both all-time highs, with Q3 exit values growing 133% from the quarter prior, and 223% over Q1.

The first nine months saw three exits over $10 billion, including Ginkgo BioWorks, Atieva, and Aurora Operations as

reverse takeovers became a more prevalent exit technique.

United States Venture CapitalFirst Nine Months 2021 | United States Venture Capital Review

United States Venture Capital Deals Intelligence

0

1,000

2,000

3,000

4,000

5,000

6,000

$0

$50

$100

$150

$200

$250

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Q1 Q2 Q3 Q4 # of First 9 Months Deals

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2012 2013 2014 2015 2016 2017 2018 2019 2020 First 9Months

2021

Information Technology Life Sciences Non-High-Tech

An LSEG Company

$792 Netherlands

China

Brazil

$755

Germany

Antigua

China

Sector

India

Company Name

Nu Pagamentos SA

Flipkart Online Services Pvt Ltd

Revolut Ltd

Northvolt AB

2-Aug

United Kingdom

DSM Grup Danismanlik Iletisim ve Satis

Ticaret AS

Mollie BV

Germany$2,500

▼

$750

9-Jul

20-May

Data Mining

▲

▲

-9%

42%

55%

▲

30%

89%

77%

▲Delaware $587.9 43

$800

InvestmentsFirst Nine Months 2021 | United States Venture Capital Review

0%

▲▲

32%

-104%

▲

177%

▲

▲

125%

▼

▲ -2%

532% 67%

-22%

▲

29%

$156.7 29 ▲

86% ▲

33

▼-18%

▲

▲

48%

Tennessee ▲208%

275%

$620.6 34 $201.8 24

Missouri $610.8 30 $154.2 296%

Oregon $703.1 49 $377.4 37

Minnesota $643.6 39 $787.8 30

D. of Columbia $906.5 34 $326.7 22

$720.4 65

Connecticut $1,037.2 62

▲107%

$622.6 62 ▲105%

$509.2 62

Nevada $1,155.8 15 $183.0 9

Maryland $1,488.0

Virginia

51

$1,273.9 80

56

128%

-16%

$539.6 59

55

$1,578.9

$1,046.5

208%

$2,662.1

▲

29%

▲

▲

▲

17%

▲

54% ▲

-9% ▼

▲

23% 24%

▲ 40% ▲

33%

1369%

84%

▲ ▲

784 $16,845.6 509

177

▲ ▲

$9,897.7

$1,106.4

State

01/01/2021 - 9/30/2021 01/01/2020 - 09/30/2020

$1,532.6 102

54

Value ($mil) # of Deals

$1,636.4

$3,848.0

$1,444.8

143

$21,624.3

New Jersey ▲

$2,650

Value ($mil) # of Deals

Data Engineering

Deal Date

$3,400

23-Feb $850

30-Jul $1,000

$1,500

(US $mil)

$1,105

1-Jul

49

1-Feb

State

California

CaliforniaElectric Vehicles

Self-Driving Vehicles

Sector

Investment Software

Deal Value

California

Electric Vehicles California

Self-Driving Vehicles Michigan

GoBrands Inc

19-Jan $2,000

23-Jul

Delivery Service

Databricks Inc 15-Sep $1,600

$1,150

GoBrands Inc

New York

Pennsylvania

Chime Financial Inc 10-Sep

23-Mar

Articulate Global LLC

California

Educational Software

▲

$3,009.3

Waymo LLC

Video Games North Carolina

Delivery Service Pennsylvania

Epic Games Inc 13-Apr $1,000

170

California $96,758.8 2,111 $51,211.7 1,627

$2,548.8

Georgia $2,430.6 63 ▲

Robinhood Markets Inc

18-JanRivian Automotive LLC

16-Jun $2,500

Spacecraft

Cruise Automation Inc

Space Exploration

Technologies Corp

▲

▲

Illinois

354

114

31% ▲

$4,004.2

New York $29,836.3

17%

Rivian Automotive LLC

Banking Software

118%

Top Venture Capital Deals by U.S. Firms Investing in Non-U.S. Companies

Company Name

30%

Nation

Top Venture Capital Deals in U.S. Companies

Venture Capital Investments by State

83%

415

68 ▲

Michigan

Pennsylvania $3,896.4 116

12%

India

Sweden

Turkey

Massachusetts

▲

25

91%

23%

$800

▲

-15% ▼

161%

98Colorado $3,256.2 130

90

$2,843.7 35 $193.5

74 $1,064.2

North Carolina $2,236.9 69

54

51%

California

YoY %

Chg. ($)

YoY %

Chg. (#)

9-Mar

8-Jun

Bundl Technologies Pvt Ltd 5-Apr

California

Beijing Shihui Technology Co Ltd

▼ 23% ▲

▼$1,995.3

Ohio $1,663.7 50

$1,939.4 103

▲

Washington

Texas $4,676.1 222

252%

$3,133.0

Investment Software20-May

Investment Software5-Aug

Celonis SE

Trade Republic Bank GmbH

FTX Trading Ltd $891

Yisheng Biopharma Co Ltd 24-Feb

Deal Value

(US $mil)Deal Date

2-Jun

21-Jun

Florida

Utah

$3,600

$2,740

$1,500

$1,000

$904

$839

15-Jul

Deal Size Composition of Investments, First Nine Months 2021

Online Retail

Batteries

Online Retail

Biotherapeutics

Food Delivery

Payment Solutions

Payment Solutions

Online Retail

Payment Solutions

11%

6%

43%

36%

4%

9%

42%

39%

9%

≥ $1 bil

$500mil > $1 bil

$100 mil > $500 mil

$10 mil > $100 mil

Under $10 mil

Undisclosed Outer Ring: Deal Values (US$bil)

Outer Ring: # DealsInner Ring: $ Proceeds

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