United States Venture Capital Review - FIRST HALF 2021 - Refinitiv
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United States Venture Capital Review FIRST HALF 2021 An LSEG Company
United States Venture Capital
First Half 2021 | United States Venture Capital Review
United States Venture Capital Deals Intelligence Venture Capital Investment Activity in U.S. Companies
$140 3,500
UNITED STATES VC INVESTMENT REACHES $123.2 BILLION
United States venture capital investments reached a record high of $123.2 billion from 3,100 deals in the
first half, an explosive rate of growth. For the second quarter in a row, this set an all-time high in terms of $120 3,000
disbursements in any quarter in United States history. Indeed, of the top six quarters ever recorded in
terms of dollars invested, five have occurred since Q1 2020, while of the top 25 states all of them $100 2,500
received more capital invested in the first half of 2021 than in the same period last year. The average
venture capital round size in the first half also reached $40 million for the first time in history.
$80 2,000
While the 1,585 venture capital deals recorded in the second quarter was not itself an all-time high, it did
represent the most deals completed since any quarter in 2000, when 2,202 deals were completed in Q2
$60 1,500
2000, and round sizes were only $13.0 million on average.
$40 1,000
SEVEN VENTURE INVESTMENTS OVER $1 BILLION COMPLETED
While four venture-stage investments $1 billion or greater, totaling $8.4 billion, were completed in all of
$20 500
2020, in the first half of 2021 alone there were seven such investments recorded totaling $13.7 billion.
They included Robinhood Markets, Rivian Automotive, Waymo, Cruise Automation, GoBrands,
Databricks, and Epic Games. Among top investors in United States companies in the first half, those $0 0
completing more than 50 rounds apiece included Andreessen Horowitz, Tiger Global, Y Combinator, 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Sequoia Capital, Insight Venture Partners, General Catalyst Partners, and Accel Partners. Q1 Q2 Q3 Q4 # of H1 Deals
In the first half, information technology companies secured $86.2 billion, while life sciences companies
completed rounds totaling $21.9 billion, while other traditional sector companies accounted for the
balance. Venture Capital Deal Volumes by Sector - H1 2021
100%
UNITED STATES VENTURE CAPITAL FUNDRAISING REACHES NEW HIGH 90%
Venture capital fundraising in the United States in the first half also set new historical records, with $64.2
billion raised in 472 funds. This left Q1 2021 and Q2 2021 as the two strongest quarters of fundraising 80%
activity on record, edging out the third best quarter for VC fundraising, Q2 2000. A total of 236 funds
closed in each quarter, thus tying Q1 and Q2 2021 as the two best quarters in fundraising history in 70%
terms of the number of fund closings. 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. Thirteen funds held closings of $1 60%
billion or greater in the first half of 2021.
50%
40%
UNITED STATES VENTURE CAPITAL-BACKED EXITS STAY STRONG
United States venture backed exits totaled $78.1 billion in the first half, in 442 deals. While 2021 may not
30%
yet have seen a record-breaking quarter, it did nonetheless represent the most exits ever completed in a
first half, and Q2 exit values grew 2% from the quarter prior. The quarter saw five exits over $7 billion, as 20%
reverse takeovers became a more prevalent exit technique.
10%
0%
2012 2013 2014 2015 2016 2017 2018 2019 2020 H1 2021
Information Technology Life Sciences Non-High-Tech
An LSEG CompanyInvestments
First Half 2021 | United States Venture Capital Review
Top Venture Capital Deals in U.S. Companies Top Venture Capital Deals by U.S. Firms Investing in Non-U.S. Companies
Deal Value Deal Value
Company Name Deal Date (US$mil) Sector State Company Name Deal Date (US$mil) Sector Nation
Robinhood Markets Inc 1-Feb $3,400 Investment Software California Northvolt AB 20-May $2,739.9 Batteries Sweden
Rivian Automotive LLC 18-Jan $2,650 Electric Vehicles California Celonis SE 2-Jun $1,000.0 Enterprise Software Germany
Waymo LLC 16-Jun $2,500 Self-Driving Vehicles California Klarna Bank AB 1-Mar $1,000.0 Payment Solutions Sweden
Cruise Automation Inc 19-Jan $2,000 Self-Driving Vehicles Michigan Trade Republic Bank GmbH 20-May $904.0 Mobile Broker Germany
GoBrands Inc 23-Mar $1,150 Delivery Service Pennsylvania Yisheng Biopharma Co Ltd 24-Feb $839.2 Vaccine Development China
Databricks Inc 1-Feb $1,000 Data Engineering California Bundl Technologies Pvt Ltd 5-Apr $800.0 Food Delivery India
Epic Games Inc 13-Apr $1,000 Video Games North Carolina Mollie BV 22-Jun $793.9 Payment Solutions Netherlands
Space Exploration
23-Feb $850 Spacecraft California Beijng Shihui Technology Co Ltd 9-Mar $755.4 Food Logistics China
Technologies Corp
Whele LLC 11-May $775 E-Commerce Massachusetts Nu Pagamentos SA 8-Jun $750.0 Payment Solutions Brazil
Shanghai Yibaimi Network Technology Co
Thrasio LLC 11-Feb $759 E-Commerce Massachusetts 6-Apr $700.0 Food Delivery China
Ltd
Shenzhen Qianhai 4Paradigm Data
UiPath Inc 2-Feb $750 Automation Platforms New York 22-Jan $700.0 Data Modeling China
Technology Co Ltd
SambaNova Systems Inc 13-Apr $676 Machine Learning California FlixMobility GmbH 28-May $650.0 Bus Operations Germany
Venture Capital Investments by State
01/01/2021 - 6/30/2021 01/01/2020 - 06/30/2020 YoY % YoY %
State Value ($mil) # of Deals Value ($mil) # of Deals Chg. ($) Chg. (#) Deal Size Composition of Investments, H1 2021
California $62,686.9 1,342 $31,893.8 1,035 97% ▲ 30% ▲
New York $18,298.7 517 $6,393.6 336 186% ▲ 54% ▲
Massachusetts $14,482.9 275 $6,017.2 228 141% ▲ 21% ▲ 10% 9%
Texas $3,195.7 141 $1,556.7 112 105% ▲ 26% ▲
Washington $2,728.7 116 $1,744.0 85 56% ▲ 36% ▲ 4% 11%
Colorado $2,662.4 96 $560.0 58 375% ▲ 66% ▲
Michigan $2,621.8 25 $149.3 16 1656% ▲ 56% ▲
Pennsylvania $2,504.2 76 $687.4 61 264% ▲ 25% ▲ 7%
≥ $1 bil
Illinois $2,472.2 75 $782.3 67 216% ▲ 12% ▲
New Jersey $1,871.0 35 $957.7 34 95% ▲ 3% ▲ $500mil > $1 bil
North Carolina $1,770.1 51 $588.1 40 201% ▲ 28% ▲ 36%
Georgia $1,550.2 42 $668.2 39 132%
$100 mil > $500 mil
▲ 8% ▲
Florida $1,145.4 66 $738.7 39 55% ▲ 69% ▲ $10 mil > $100 mil
Utah $1,107.3 40 $474.4 34 133% ▲ 18% ▲
Maryland $1,041.2 39 $526.0 40 98% ▲ -3% ▼
Under $10 mil
39%
Virginia $995.3 54 $531.3 45 87% ▲ 20% ▲ Undisclosed 42%
Connecticut $826.7 49 $348.9 46 137% ▲ 7% ▲
Ohio $722.0 29 $297.3 41 143% ▲ -29% ▼
42%
Oregon $574.2 33 $231.4 23 148% ▲ 43% ▲
Delaware $479.8 28 $14.9 13 3121% ▲ 115% ▲
Vermont $435.1 6 $23.6 6 1744% ▲ 0% -
Wisconsin $428.9 13 $36.3 14 1081% ▲ -7% ▼
D. of Columbia $400.0 22 $241.6 10 66% ▲ 120% ▲ Outer Ring: # Deals
Missouri $373.7 18 $142.7 24 162% ▲ -25% ▼ Inner Ring: $ Proceeds
Tennessee $336.9 20 $96.0 13 251% ▲ 54% ▲
An LSEG CompanyInvestments First Half 2021 | United States Venture Capital Review Top Investors in San Francisco Bay Area Companies Top Investors in New York City Area Companies Firm Name Rank # of Deals Estimated Investment (US$mil) Firm Name Rank # of Deals Estimated Investment (US$mil) Andreessen Horowitz LLC 1 46 $1,307.2 Gaingels LLC 1 22 $104.2 Y Combinator Inc 2 41 $334.1 Andreessen Horowitz LLC 2 21 $232.2 Tiger Global 3 40 $1,316.4 Connecticut Innovations Inc 3 20 $9.6 Sequoia Capital Operations LLC 4 36 $1,107.0 Tiger Global 4 17 $504.3 Accel Partners & Co Inc 5 30 $369.8 Deer Management Co LLC 5 15 $199.6 Insight Venture Partners LLC 6 26 $680.4 Greycroft Partners LLC 6 15 $153.5 Coatue Management L L C 7 25 $803.5 General Catalyst Partners LLC 7 14 $146.7 General Catalyst Partners LLC 8 24 $389.5 Box Group LLC 8 12 $104.5 Lightspeed Management Company LLC 9 23 $297.9 High Peaks Venture Partners, LLC 9 12 $58.4 Menlo Ventures 10 22 $277.0 Google Ventures 10 11 $169.6 Kleiner Perkins Caufield & Byers LLC 11 21 $192.1 Coatue Management L L C 11 10 $248.1 Index Ventures (UK) LLP 12 20 $689.9 Insight Venture Partners LLC 12 10 $171.3 TOTAL 964 $47,716.9 TOTAL 566 $20,516.4 Top Investors in U.S. Seed & Early Stage Companies Top U.S. Investors in Non-U.S. Companies Firm Name Rank # of Deals Estimated Investment (US$mil) Firm Name Rank # of Deals Estimated Investment (US$mil) Y Combinator Inc 1 47 $185.5 Sequoia Capital Operations LLC 1 109 $1,525.3 Andreessen Horowitz LLC 2 46 $537.6 Tiger Global 2 56 $1,541.9 Ra Capital Management LP 3 33 $371.3 Accel Partners & Co Inc 3 49 $758.4 General Catalyst Partners LLC 4 31 $233.5 GGV Capital 4 47 $690.9 Google Ventures 5 28 $343.6 Insight Venture Partners LLC 5 38 $867.3 Logos Capital Management LLC 6 24 $240.2 Y Combinator Inc 6 31 $132.3 Lightspeed Management Company LLC 7 24 $106.9 Coatue Management L L C 7 26 $622.5 Henderson Global Investors Ltd 8 23 $233.7 Lightspeed Management Company LLC 8 23 $388.1 Alexandria Venture Investments 9 22 $202.4 FJ Labs LLC 9 23 $107.8 Gaingels LLC 10 22 $52.5 Bluerun Ventures LP 10 23 $53.6 Sequoia Capital Operations LLC 11 21 $138.9 OrbiMed Advisors LLC 11 19 $581.1 Accel Partners & Co Inc 12 21 $136.1 Better Capital+Labs 12 19 $11.5 TOTAL 1,825 $39,967.6 TOTAL 1,501 $34,500.4 Top Investors in U.S. Business & Financial Software Companies Top Investors in U.S. Life Sciences Companies Firm Name Rank # of Deals Estimated Investment (US$mil) Firm Name Rank # of Deals Estimated Investment (US$mil) Tiger Global 1 19 $444.1 Ra Capital Management LP 1 38 $414.1 Accel Partners & Co Inc 2 13 $132.3 Henderson Global Investors Ltd 2 27 $265.8 Andreessen Horowitz LLC 3 12 $554.4 Logos Capital Management LLC 3 25 $248.2 Insight Venture Partners LLC 4 12 $183.6 Alexandria Venture Investments 4 25 $203.9 Deer Management Co LLC 5 11 $135.2 Casdin Capital LLC 5 23 $291.5 Y Combinator Inc 6 11 $72.9 OrbiMed Advisors LLC 6 22 $282.4 Sequoia Capital Operations LLC 7 10 $572.8 Perceptive Advisors LLC 7 19 $239.9 Index Ventures (UK) LLP 8 9 $503.5 Google Ventures 8 18 $276.1 General Catalyst Partners LLC 9 9 $54.6 Deerfield Management Company LP 9 17 $275.3 Salesforce Ventures LLC 10 9 $129.0 Samsara BioCapital LP 10 16 $153.2 Lightspeed Management Company LLC 11 8 $57.7 Invus Group LLC 11 16 $142.9 Bain Capital Venture Partners LLC 12 8 $48.3 Northpond Ventures LLC 12 16 $122.7 TOTAL 339 $14,713.0 TOTAL 579 $21,855.7 An LSEG Company
Fundraising
First Half 2021 | United States Venture Capital Review
U.S. Venture Capital Fundraising Activity Venture Capital Fundraising, Number of Funds by Size - H1 2021
100%
$90 500
90%
$80 450
80%
400
$70
70%
350
$60
60%
300
$50
50%
250
$40
200 40%
$30
150 30%
$20
100 20%
$10 50 10%
$0 0
0%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
2012 2013 2014 2015 2016 2017 2018 2019 2020 H1 2021
Q1 Q2 Q3 Q4 # of H1 Funds Closed
Less than $30mil $30mil - $50mil $50mil - $100mil $100mil - $500mil Greater than $500mil
Venture Capital Fundraising, by Investment Stage (US$bil) Top Venture Capital Funds Raised
Latest Closing Amount Raised This Total Fund Size
Fund Name Date Year (US$mil) (US$mil) Fund Stage
$1.7 TCV XI 27-Jan $4,000 $4,000 Later Stage
$9.1
Bessemer Venture Partners XI 25-Feb $2,475 $2,475 Early Stage
Andreessen Horowitz Crypto Fund III 24-Jun $2,200 $2,200 Early Stage
Seed Thrive VII 11-Feb $2,000 $2,000 Early Stage
ARCH Venture Fund XI LP 27-Jan $1,850 $1,850 Early Stage
Early Stage
Accel Growth Fund VI 29-Jun $1,750 $1,750 Early Stage
Balanced
$18.1 Institutional Venture Partners XVII LP 12-May $1,750 $1,800 Balanced Stage
Later Stage $35.3
Sequoia Capital U.S. Growth Fund IX, L.P. 21-Jun $1,505 $1,505 Later Stage
Thrive Capital Partners VII Growth, L.P. 17-Feb $1,500 $1,500 Early Stage
GGV Capital VIII LP 28-Jan $1,464 $1,464 Later Stage
ARCH Venture Fund IX, L.P. 28-Jan $1,441 $1,850 Early Stage
Oak HC/FT Partners IV, L.P. 24-Feb $1,400 $1,400 Balanced Stage
An LSEG CompanyExits
First Half 2021 | United States Venture Capital Review
U.S. Venture Capital Exit Activity Exits by Sector, Number of Deals
$200 500
9%
$180 450 3%
$160 400
Computer Software &
$140 350
Hardware
$120 300
18% Medical / Health
45%
$100 250 Internet Specific
$80 200 Consumer Related
$60 150 Other
$40 100
$20 50
25%
$0 0
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Q1 Q2 Q3 Q4 # of H1 Exits
Time from Investment to Exit Top Announced U.S. Venture Capital-Backed Exits
Deal Value
Company Name Ann. Date ($US Mil) Sector Exit Type
5% Ginkgo BioWorks Inc 11-May $16,581.8 Organism Design Reverse Rakeover
10%
7% Atieva Inc 22-Feb $11,750.0 Electric Cars Reverse Rakeover
Wework Companies Inc 26-Mar $9,908.4 Workspace Solutions Reverse Rakeover
Under 2 Years GlobalLogic Inc 31-Mar $9,600.0 Digital Product Engineering Trade Sale
2-4 Years Blue Yonder Group Inc 23-Apr $7,100.0 Supply Chain Platform Trade Sale
5-10 Years Better Mortgage Corp 11-May $6,626.0 Home Ownership Platform Reverse Rakeover
11 -15 Years 36% Social Finance Inc 7-Jan $6,569.8 Financial Services Reverse Rakeover
CCC Intelligent Solutions Inc 3-Feb $6,542.0 Digital Data & Services Reverse Rakeover
Over 15 Years
42%
Roivant Sciences GmbH 3-May $6,304.2 Drug Discovery Reverse Rakeover
Auth0 Inc 3-Mar $6,252.7 Identity Authentication Trade Sale
Kindred Healthcare LLC 27-Apr $5,700.0 Healthcare Services Trade Sale
Hippo Enterprises Inc 4-Mar $5,522.0 Insurance Technology Reverse Rakeover
An LSEG CompanyUnited States Venture Capital Criteria
First Half 2021
Contributors to this analysis are Data collected and analyzed by Refinitiv for this statistical report were drawn from a variety of sources including Refinitiv M&A databases, regulatory filings, press
releases, and proprietary reports from U.S. and non-resident venture capital firms, private equity firms, law firms, and other service providers.
provided with additional
The Refinitiv venture capital report measures cash for equity and quasi-equity investments by the professional venture capital community in emerging companies in the
packages of data. If you would
United States.
like to participate in the
The report includes the investment activity of professional venture capital firms, whether U.S.-based or not, including private independent funds, venture arms of
submission process, receive corporations, institutions, government funds, angel funds, and similar entities whose primary activity is financial investing. Where there are additional participants such as
quarterly press releases, or have angels, corporations, governments, or company officers in a qualified and verified financing round, the entire amount of the round is Included.
questions about our full league The report excludes venture debt, buyouts, recapitalizations, secondary purchases, and other forms of private equity that do not involve cash such as services-in-kind. All
table criteria please contact: current and previous years data is as of Thursday, July 29th, 2021. Data is continuously updated and is therefore subject to change. All figures are in U.S. dollars.
League Table rankings of top VC investors include only publicly-disclosed investment activity made in United States portfolio companies. Estimated investment activity is
UNITED STATES based on the actual syndicate breakdown, where available, and is split equally among disclosed investors where actual breakdowns are not available. Rankings capture
the first half of 2021. Deals are tracked by their completion date when known, and by their announcement date when their completion date is unknown.
Gavin Penny League tables include eligible seed, early stage, later stage, and expansion stages of VC investment. Refinitiv begins tracking rounds at the first investment from a
Tel: 416-687-7577 venture capital firm and tracks all subsequent equity financing rounds. Angel, incubator and similar investments are considered pre-venture financing if the company has
gavin.penny@refinitiv.com received no prior qualifying venture capital investment and are not included in the report. Deals with undisclosed dollar values are rank eligible but with no corresponding
Estimated Investment or Deal value. Non-US dollar denominated transactions are converted to the US dollar equivalent at the time of announcement of terms. Firms are
ranked by number of deals first, and estimated equity invested second.
Merissa Selts
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