CB-Insights Fintech-Report-Q3- 2021

Q3'21 fintech funding in Canada falls 11% short of last quarter's record,
deals slip slightly

$1,200M $1,041M 40
$1,000M 33
Funding
$800M $92935M
$600M
$400M 34 De30als
$200M 33
27
$0M 26 25

23 24 20 20
20 $598M
21 22 15
20
19 18 16 19 19 10
16 17
15 15 16 15 19 5

10 10 11 $361M 0
$339M Q3

$172M $154M $240M $173M $196M $202M
$109M $107M $85M $77M
$126M $130M $131M $45M $23M $34M

$48M $52M $89M $77M

$37M $25M

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2015 2016 2017 2018 2019 2020 2021

State Of Fintech | Canada Trends 201

Early-stage deal share continues to dominate activity in 2021 YTD

12% 17% 14% 11% 10% Other, 7%
7% 26% Late-stage, 11%
10% 11% 12%
10% 13% Mid-stage, 15%
16%

11% 15% 7%

11% 4%

68% 59% 63% 62% 67% 63% Early-stage, 67%

2015 2016 2017 2018 2019 2020 2021
YTD

State Of Fintech | Canada Trends 202

Canada: Top 10 equity deals in Q3'21

Company Round Amount Round Latest Valuation Select Investors % of Total Funding
Date
1 Clearco
2 Blockstream $215M Series C $2.0B SoftBank Group, Intuit, Bow Ventures, 23.2%
3 PayFacto 2021-07-08 Park West Asset Management
4 1Password
5 Freshbooks $210M Series B $3.2B Baillie Gifford & Co., Bitfinex 22.6%
2021-08-24
State Of Fintech | Canada Trends
$120M Private equity N/A Flexpoint Ford, BMO Capital Partners 12.9%
2021-08-05 10.8%

$100M Series B $2.0B Accel,Sound Ventures, Slack Fund, Skip 8.7%
2021-07-08 Capital
203
$81M Series E Accomplice, J.P. Morgan Chase & Co.,
2021-08-10 $1.0B Bank of Montreal, Manulife Financial,

Barclays Bank

Canada: Top 10 equity deals in Q3'21

Company Round Amount Round Latest Valuation Select Investors % of Total Funding
Date
6 Neo Financial
7 Figment $51M Series B Valar Ventures, Altos Ventures, Inovia 5.5%
8 dTrade 2021-09-15 N/A Capital, Thomvest Ventures, 5.4%
9 Nuula 2.5%
9 Irwin $50M Series B Greenoaks Capital Management
2021-08-16
State Of Fintech | Canada Trends Liberty City Ventures, Galaxy Digital,
$23M Series A $500M Bonfire Ventures, Declaration Partners,
2021-09-14
Anchorage Digital

Polychain Capital, CMS Holding,
N/A Alameda Research, DeFiance Capital,

Hypersphere Ventures

$20M Series C $17M Edison Partners 2.2%
2021-09-09

$20M Series A N/A K1 Capital 2.2%
2021-09-08

204

M&As continue to drive the majority of fintech exits in Canada

31 M&A, 26
29

27

16 16 16

4 1 3 2 11 2 IPO, 2
2019
0 0 0 0 0 SPAC, 0
2015 2016 2017 2018 2020
2021
YTD

State Of Fintech | Canada Trends 205

Canada M&A fintech exits flat at 8 transactions in Q3'21

13

10

9 99 9

77 7 8
6 66
6 M&A, 8
44
6 5
5
4
4 3
3
3
2 2

11 1 11 1 1 1 11 IPO, 0

1 0 SPAC, 0
0000000000000000
000000000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2015 2016 2017 2018 2019 2020 2021

State Of Fintech | Canada Trends 206

Asia Trends

REGIONAL TRENDS: Q3 2021

207

Asia fintech funding up 51% compared to last year's 12-month total

$35.0B 582 734 1,014 936 877 Deals 1,200
$30.0B $12.0B $10.9B $28.6B $12.7B $10.5B 881 1,000
$25.0B 2017 2019 2020 800
$20.0B 2016 2018 Funding 600
$15.0B $15.8B 400
$10.0B
471 200
$5.0B $7.8B
$0.0B 0
2015
2021 208
YTD

State Of Fintech | Asia Trends

Asia fintech deals reach record in Q3'21, funding hits 13-quarter high

$20.0B Deals 350
$18.0B
$16.0B $18.2B 307
$14.0B 278 279
$12.0B 279 294 300
$10.0B 280

$8.0B 241 243 245 250
$6.0B 216 220 200
$4.0B 194
$2.0B 206 209 207 216
196

169

158 163
146 146
134 150
123 115 132
Funding
99 $6.1B $5.6B $5.9B 100

$4.5B $4.1B $4.3B $4.3B 50
$3.9B
$3.5B $3.6B $3.3B $3.6B
$2.6B $3.0B $3.0B
$2.8B $2.4B $2.3B
$2.1B $2.2B
$1.2B $1.6B
$1.2B $1.1B $1.2B $1.0B

$0.0B 0

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2015 2016 2017 2018 2019 2020 2021

State Of Fintech | Asia Trends 209

Early-stage deal share bounces back in 2021 8% Other, 3%
13% Late-stage, 14%
3% 3% 4% 6% 5% Mid-stage, 17%
7% 8% 17%
Early-stage, 66%
12% 12% 11%
18% 17%

16% 18% 17%

72% 71% 68% 64% 67% 62%

2015 2016 2017 2018 2019 2020 2021
YTD

State Of Fintech | Asia Trends 210

Asia: Top 10 equity deals in Q3'21

Company Round Amount Round Latest Valuation Select Investors Country % of Total
Date Funding
1 FTX 15.2%
2 BharatPe $900M Series B $18.0B Paradigm, Sequoia Capital, Thoma Hong Kong 6.2%
3 Pine Labs 2021-07-20 Bravo, SoftBank, Ribbit Capital 5.3%
4 NIUM 3.4%
4 Digit Insurance Tiger Management Corp, Insight 3.4%

$370M Series E $2.9B Partners, Sequoia Capital, Ribbit India 211
2021-07-30 Capital, Dragoneer Investment

Group

$315M Venture Capital $3.0B Fidelity Investments, BlackRock, India
2021-07-06 Neuberger Berman, Ishana Capital

$200M Series D Riverwood Capital, Global Founders
2021-07-13 $1.0B Capital, Atinum Investment, Beacon Singapore

Venture Capital, Visa Ventures

$200M Series E $3.5B TVS Capital, Sequoia Capital India, India
2021-07-02 Faering Capital

State Of Fintech | Asia Trends

Asia: Top 10 equity deals in Q3'21

Company Round Amount Round Latest Valuation Select Investors Country % of Total
Date Funding
6 eSign 3.1%
IDG Capital, Sequoia Capital
2.6%
$186M Series E $77M China, Fortune Capital, Guohai China
2021-09-13 Innovative CCI Capital, Grand Flight 2.5%
2.5%
Investment 2.5%

7 ekuaibao $154M Series D SoftBank China China 212
2021-08-23 Venture Capital, Tiger Global
$16M Management, Sequoia Capital
China, Mandra Capital, Future
Capital Discovery Fund

8 Ascend Money $150M Series C $1.5B Charoen Pokphand Group, Ant Thailand
8 Xendit 2021-09-27 Group, Bow Wave Capital
10 M-DAQ
$150M Series C $1.0B Tiger Global Management, Accel, Indonesia
State Of Fintech | Asia Trends 2021-09-14 Amasia, Goat Capital

$147M Series D $368M Affinity Equity Partners Singapore
2021-08-13

IPOs and M&As outpace 2020 totals

72 63 M&A, 64

34 50 17 52 11
29 0 1
15 9 2020
5 9 0 2018 0 IPO, 12

0 0 2017 2019 SPAC, 0
2015 2016
2021
YTD

State Of Fintech | Asia Trends 213

M&A exits stay elevated in Q3'21, IPOs at the highest level since Q3'18

26

22 22 M&A, 22
20
19

16 17 14
14 15 15

13 13 11 14

12 10 9
88 10 10
9 9

6 56 6

4 3 4 44 44 4 IPO, 5
3 3
2 22 222
11 1 111 1 11
SPAC, 0
00000000000000000000000
00
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Q1 Q2 Q3
2015 2016 2017 2018 2019 2020
2021

State Of Fintech | Asia Trends 214

Asia: Top 10 investors in Q3'21 by company count

Company Company Count Investor Group Country
12 VC India
1 Sequoia Capital India 8 CVC China
2 Tencent Holdings 6 VC China
3 MSA Capital 6 VC China
3 Sequoia Capital China 6 Asset/investment management Singapore
3 DeFiance Capital 5 VC China
6 Kenetic Capital 5 VC Hong Kong
6 DST Global 5 VC Hong Kong
6 IOSG 5 VC China
6 Fenbushi Capital
215
State Of Fintech | Asia Trends

Asia: Top 10 investors in Q3'21 by company count

Company Company Count Investor Group Country
4 Asset/investment management India
10 3one4 Capital Partners 4 VC Singapore
10 Insignia Ventures Partners 4 VC India
10 Elevation Capital 4 VC Singapore
10 1982 Ventures 4 VC China
10 Sino Global Capital 4 VC Singapore
10 BEENEXT

State Of Fintech | Asia Trends 216

Europe Trends

REGIONAL TRENDS: Q3 2021

217

Europe fintech funding nearly doubles last year's 12-month total

$25.0B 832 850 Deals 900
812
794 Fundin8g00
$20.0B 721 $20.2B
$15.0B $5.2B
$10.0B $6.2B 2018 700
2017
600

511

500

393 $10.2B 400

$8.9B

300

$5.0B 200
$0.0B
$2.5B $2.3B 100
2015 2016
0

2019 2020 2021
YTD

State Of Fintech | Europe Trends 218

Europe fintech deals and dollars both slide in Q3'21

$10.0B 350

$9.0B $8.7B 300
$8.0B 291
$7.0B
$6.0B 282
$5.0B
$4.0B 251 Deals
$3.0B 239250
$2.0B 220 224 236 Funding
$1.0B 208 $5.5B200
$0.0B 206 208 $5.9B
150
194 191 185 187 202
100
189
50
154 167 175

134

136 131

115 110
104
$2.8B $2.9B $2.8B $2.5B $2.6B $2.3B
88 86 $2.2B $2.2B

$1.4B $1.3B $1.2B $1.3B $1.4B $1.6B

$0.9B $1.0B $1.0B $1.0B

$0.5B $0.5B $0.6B $0.5B $0.4B $0.4B

0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2015 2016 2017 2018 2019 2020 2021

State Of Fintech | Europe Trends 219

Mid-stage deal share reaches new high in 2021 so far Other, 7%
Late-stage, 12%
6% 6% 10% 11% 7% 9% Mid-stage, 14%
12% 11% 12% 13% 14% 13%
9% 9% Early-stage, 66%

9% 9% 11% 13%

73% 75% 68% 67% 68% 65%

2015 2016 2017 2018 2019 2020 2021
YTD

State Of Fintech | Europe Trends 220

Europe: Top 10 equity deals in Q3'21

Company Round Amount Round Latest Valuation Select Investors Country % of Total
Date Funding
1 Revolut 14.7%
2 Rapyd $800M Series E $33.0B Tiger Global Management, United Kingdom 5.5%
3 ZEPZ 2021-07-15 SoftBank Group, Schroders 5.4%
4 Bitpanda 4.8%
5 Lunar $300M Series E Target Global, Spark Capital, United Kingdom 4.6%
2021-08-03 $8.8B Fidelity Ventures, General
221
Catalyst, BlackRock

Farallon Capital Management,

$292M Series E $5.0B Accel, Technology United Kingdom
2021-08-23 Crossover Ventures, LeapFrog

Investments

$263M Series C Valar Ventures, Jump Austria
2021-08-17 $4.1B Capital, REDO Ventures,

Leadblock Partners

$249M Series D Heartland, Tencent Holdings, Denmark
2021-07-12 $1.0B Kinnevik, Fuel Ventures, IDC

Ventures

State Of Fintech | Europe Trends

Europe: Top 10 equity deals in Q3'21

Company Round Amount Round Latest Valuation Select Investors Country % of Total
Date Funding
6 Solarisbank 4.1%
7 Younited Credit Series D Decisive, Vulcan Capital, HV 3.1%
8 Form3 2021-07-13 2.9%
$224M $1.7B Capital, Yabeo Capital, Germany
2.9%
Pathway Capital Management
2.8%
$170M Series G $217M Goldman Sachs, Eurazeo, France
2021-07-08 Bpifrance, AG2R La Mondiale 222

Goldman Sachs

$160M Series C $78M Asset Management, Draper United Kingdom
2021-09-16 Esprit, MasterCard, Lloyds Ireland

Banking Group, 83North

9 Scalapay $155M Series A Tiger Global Management,
2021-09-09 Ithaca Investment, Woodson
$700M Capital Management,
Fasanara Capital, Baleen
Capital

10 Pleo $150M Series C Thrive Capital, Seedcamp, Denmark
2021-07-06 $1.7B Creandum, Stripes Group,

Bain Capital

State Of Fintech | Europe Trends

M&As dominate fintech exits in Europe, up 22% from 2020's year-end total

M&A, 222

182

83 90 145 164 171

4 7 6 16 6 61 IPO, 9
0 0 0 2020 SPAC, 0
0 0
2015 2016 2017 2018 2019 2021
YTD

State Of Fintech | Europe Trends 223

Europe fintech M&A activity remains elevated, IPO activity cools

79 M&A, 75
68

58

51 52

47 47 38
41 44 42 39 34
34
37 31
34 33

27 24
19 22 21 21 18 21

1 21222113134543 211 4226 IPO, 1
SPAC, 0

00000000000000000000000000

Q11 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2015 2016 2017 2018 2019 2020 2021

State Of Fintech | Europe Trends 224

Europe: Top 10 investors in Q3'21 by company count

Company Company Count Investor Group Country
21 VC Germany
1 Global Founders Capital 7 VC United Kingdom
2 Anthemis 7 VC Germany
2 Picus Capital 7 VC Austria
2 Speedinvest 7 VC United Kingdom
2 Index Ventures 6 VC France
6 Partech Partners
225
State Of Fintech | Europe Trends

Europe: Top 10 investors in Q3'21 by company count

Company Company Count Investor Group Country
5 VC Sweden
7 Creandum 5 VC United Kingdom
7 LocalGlobe 5 VC United Kingdom
7 Force Over Mass Capital 4 VC United Kingdom
10 Seedcamp 4 VC United Kingdom
10 Entree Capital 4 VC United Kingdom
10 Greyhound Capital 4 VC Slovakia (Slovak Republic)
10 Zee Prime Capital
226
State Of Fintech | Europe Trends

LatAm Trends

REGIONAL TRENDS: Q3 2021

227

LatAm fintech funding hits $9.8B this year, up 211% from full-year 2020

$12,000M 250

Deals Funding
207 $9,762M

$10,000M 200

173 169

$8,000M

133 150

$6,000M 110 $829M
2018
$424M 100
2017
$4,000M 39 65 $1,681M $3,138M 50
$2,000M 2019 2020
$138M $322M 0
$0M 2015 2016

2021
YTD

State Of Fintech | LatAm Trends 228

Quarterly LatAm fintech funding more than halves in Q3'21, but deals
remain elevated

$7,000M 76 80
$6,000M $6,013M
$5,000M Deals
$4,000M 7370
$3,000M
$2,000M 58
$1,000M
60
$0M
51 49 51

50

43 40
41
40 38 40
36 36
31 32 32 Funding
$2,579M
24 19 22
30

7 16 4 15 19 16 15 $69M $108M $37M $1,170M 20
$7M 12 $17M $80M $122M $19M $101M $870M $969M $897M 10
$211M $349M $125M $183M $172M $146M $509M $550M $476M $402M 0
$101M $14M

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2015 2016 2017 2018 2019 2020 2021

State Of Fintech | LatAm Trends 229

Early-stage deal share continues to dominate, strong growth at mid-stage

13% 6% 14% 11% 7% 11% Other, 6%
5% Late-stage, 12%

10% 9% 13% Mid-stage, 14%

8% 15% 14%

8% 7% 4% 13% 8%

80% Early-stage, 68%
69% 71% 70% 67% 67%

2015 2016 2017 2018 2019 2020 2021
YTD

State Of Fintech | LatAm Trends 230

LatAm: Top 10 equity deals in Q3'21

Company Round Amount Round Latest Valuation Select Investors Country % of Total
Date Funding
1 Kavak 27.1%
$700M Series E General Catalyst, Founders
2021-09-22 $8.7B Fund, Tiger Global Management, Mexico 13.6%

SEA Ventures, SoftBank Group 7.8%
4.8%
SoftBank Latin America 4.7%

2 Uala $350M Series D $2.5B Fund, Tencent Holdings, Argentina 231
2021-08-13 Monashees+, Soros Fund

Management, Ribbit Capital

3 Mercado Bitcoin $200M Series B N/A SoftBank Group Brazil
4 CloudWalk 2021-07-01
5 Unico
$124M Series C N/A Valor Capital Group Brazil
2021-09-08

$120M Series C $1.0B General Atlantic, Big Bets, Brazil
2021-08-03 SoftBank

State Of Fintech | LatAm Trends

LatAm: Top 10 equity deals in Q3'21

Company Round Amount Round Latest Valuation Select Investors Country % of Total
Date Funding
5 QuintoAndar 4.7%
7 Cora $120M Series E $5.1B Greenoaks Capital Brazil 4.5%
8 Omie 2021-08-18 Management, Tencent Holdings 4.3%
9 Konfio 4.3%
10 ADDI Series B Greenoaks Capital 2.9%
2021-08-24
$116M N/A Management, Tiger Global Brazil 232

Management, Tencent Holdings

$111M Series C SoftBank Group, Riverwood Brazil
2021-08-03 N/A Capital, Endeavor, VELT Mexico
Colombia
Partners, Dynamo Capital

Tarsadia Capital, International

$110M Series E $1.3B Finance Corporation, QED
2021-09-29 Investors, SoftBank Group,

Kaszek Ventures

Greycroft, Union Square

$75M Series B N/A Ventures, Foundation Capital,
2021-09-08 GGV Capital, Andreessen

Horowitz

State Of Fintech | LatAm Trends

M&As dominate record levels of LatAm fintech exits, 3 IPOs so far in 2021

M&A, 53

39
26

8 8 18 20 0 0 IPO, 3
2 2019 2020
0 2016 0 2 2021
2015 2017 2018 YTD

State Of Fintech | LatAm Trends 233

LatAm quarterly fintech M&A exits remain elevated

21

M&A, 20

18

12
11

88 8

5 6 76
5 6
4
1 5
11
4

33

2 2 1 2 21 1 2
1
IPO, 1
00000 0 00000 0 000000000
Q3
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2015 2016 2017 2018 2019 2020 2021

State Of Fintech | LatAm Trends 234

LatAm: Top 10 investors in Q3'21 by company count

Company Company Count Investor Group Country
8 VC Brazil
1 Monashees+ 7 VC Argentina
2 Kaszek Ventures 2 CVC Cayman Islands
3 Block.one 2 Asset/investment management Bermuda
3 VEF 1 Asset/investment management Virgin Islands (British)
5 DACM 1 VC Mexico
5 Ignia Fund 1 Private equity Brazil
5 DNA Capital 1 VC Brazil
5 Shift Capital 1 VC Brazil
5 Redpoint e.ventures 1 VC Argentina
5 Draper Cygnus 1 VC Mexico
5 ALL Venture Partners 1 VC Brazil
5 Vox Capital
235
State Of Fintech | LatAm Trends

Report Methodology Equity fundings to joint ventures and spinoffs/spinouts What is excluded:
are included, given that they meet the VC-backed criteria
If you have questions about the definitions or No contingent funding. If a company receives a commitment
methodological principles used, or if you feel that your firm Unicorn data includes private companies valued at $1B or for $20M subject to hitting certain milestones but first gets
has been underrepresented, please reach out more in the private markets globally, per the same 4 sources $8M, only the $8M is included in our data.
to [email protected]. listed above and relied on for funding events, which include
valuations disclosed in credible media sources. The list is No business development/R&D arrangements,
What is included: maintained publicly and updated in real time whether transferable into equity now, later, or never. If a
at https://www.cbinsights.com/research-unicorn-companies. company signs a $300M R&D partnership with a larger
Equity financings into private companies. Fundings must be corporation, this is not equity financing nor is it from venture
to VC-backed companies, which are defined as companies Geography notes: Israel funding figures are classified in capital firms. As a result, it is not included.
that have received funding at any point from: venture capital Asia; Caribbean region figures included in Latin America, or
firms, corporate venture arms, growth equity, or super angel “LatAm”; Funding to Australia and Africa is included in global No buyouts, consolidations, or recapitalizations. All three
investors. The exception is companies that are in the figures but not spotlighted in this report. of these transaction types are commonly employed by
Fintech or Technology sectors as defined by CB Insights, and private equity firms and are tracked by CB Insights. However,
for those companies, equity financings from Private Equity Rounds to private companies that may be majority- or they are excluded for the purposes of this report.
and other investment firms are included even if those minority-owned subsidiaries of other private companies.
companies are not backed by investors meeting the No private placements. These investments, also known as
definition of VC. Fintech and Technology sectors include but Valuation data includes estimates to calibrate median PIPEs (Private Investment in Public Equities), are not
are not limited to the following industries from the proprietary and average valuations based on current and previous included even if made by a venture capital firm.
CB Insights taxonomy: Internet Software, Mobile Software, quarter disclosed valuations gathered from
Accounting & Finance, Asset & Financial Management & the aforementioned four sources. The estimating method will No debt/loans of any kind (except convertible notes).
Trading, Payments. control for the over-sampling of large rounds that are Venture debt or any kind of debt/loan issued to emerging,
reported quickly versus a comparative lag in valuations startup companies, even if included as an additional part of
Fundings of private companies only. Funding rounds raised obtained from other sources. an equity financing, is not included. If a company receives
by public companies of any kind on any exchange (including $3M with $2M from venture investors and $1M in debt, only
Pink Sheets) are excluded from our numbers, even if they Exits include IPO, SPACs, M&A and other liquidity events; the $2M is included in these statistics.
received investment from a venture firm. only first exits are counted.
No non-equity government funding. Grants or loans by
Only includes the investment made in the quarter Headquarters are determined by publicly available the federal government, state agencies, or public-
for tranched investments. If a company does a second sources including company-owned websites and profiles, private partnerships to emerging, startup companies are not
closing of its Series B round for $5M and previously had legal filings, and press releases. included.
closed $2M in a prior quarter, only the $5M is reflected.
All figures in the report are in USD. No fundings to subsidiaries of a larger parent corporation
Round numbers reflect what has closed, not what is unless that subsidiary is a private entity and meets other
intended. If a company indicates the closing of $5M out of a US financing trends follow the combined statistical area criteria for inclusion.
desired raise of $15M, our numbers reflect only the amount (CSA) methodology. Silicon Valley refers to the San Jose-
which has closed. San Francisco-Oakland CSA. Accelerators, incubators, business-plan competitions,
economic-development entities are excluded from rankings
Only verifiable fundings are included. Fundings are verified of most active investors, even if making equity financings.
via (1) various federal and state regulatory filings; (2)
direct confirmation with firm or investor; (3) press release; or Rankings for top investors are calculated according to
(4) credible media sources. “company count,” or the number of unique companies an
investor funds in a quarter, and so excludes follow on deals.

236