Global blockchain funding declined 29% quarter-over-quarter to $6.5B in Q2 2022, the first decline in two years, driven by a drop in US funding. Mega-round funding (deals over $100M) fell 54% from last quarter's record. The number of new blockchain unicorns also halved compared to Q1 2022. Despite the declines, over half (57%) of total funding went to Web3 startups focused on areas like NFTs, gaming, and infrastructure.
Transcript: #StandardsGoals for 2024: What’s new for BISAC - Tech Forum 2024
State of Blockchain Global Q2 2022
1. State of
Blockchain
Global | Q2 2022
Global data and analysis on dealmaking, funding,
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State of Blockchain
Blockchain
Web3
NFTs, Gaming, &
Metaverse
DeFi
Infrastructure &
Development
Exchanges & Wallets
Institutional Crypto &
Custody
Blockchain
7. Our Most Popular
Research on
Blockchain
7
Analyzing Coinbase’s growth
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State of Blockchain Spotlight:
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benefit from blockchain tech
The Blockchain 50: The top
blockchain companies of 2022
3 ways blockchain is building
the future of the internet
Banking is only the beginning:
65 big industries blockchain
could transform
Primer: Digital asset custody
solutions
What are stablecoins?
State of Blockchain
9. What you need to know about
blockchain and crypto in Q2'22
-29%
Drop in global
blockchain funding.
Blockchain venture funding
fell to $6.5B, the first
quarter-over-quarter (QoQ)
drop in 2 years.
Investors scaled back
crypto investments due to
macroeconomic pressures
and concerns about crypto
valuations and
stablecoins.
The US drove the global
blockchain funding decline,
falling 42% QoQ.
9
-54%
Decline in mega-
round dollars.
Blockchain funding from
$100M+ mega-rounds fell
to $2.6B, less than half of
last quarter’s record total.
The number of mega-
rounds (16) was also down
QoQ, suggesting that
investors were more
cautious due to the crypto
winter and recent price
volatility.
-50%
Unicorn births
halved.
Blockchain unicorn births
dropped from a record
high (16) last quarter to
just 8 in Q2’22, another
indicator of crypto jitters.
The most valuable unicorn
birth was Seychelles-based
crypto exchange KuCoin,
with a $10B valuation,
while half of the new
unicorns were Web3
startups.
57%
Of funding went to
Web3 startups.
Web3 accounted for over
half of blockchain funding
for the second straight
quarter, reaching $3.7B.
Funding shifted away from
centralized crypto
exchanges and wallets
toward non-fungible
tokens (NFTs), gaming,
decentralized finance
(DeFi), and DApp
infrastructure and
development.
159
Deals to NFTs,
gaming, metaverse.
Despite a QoQ fall in deals
to the NFTs, gaming, &
metaverse category, it still
attracted 150+ deals for
the third consecutive
quarter.
However, the category’s
future may face a tougher
road ahead. NFT sales
volumes are down, and
Web3 metaverses face
fierce competition from big
tech companies.
State of Blockchain
10. What you need to know about
blockchain and crypto in Q2'22
$1.4B
Record blockchain
funding in Europe.
Europe was the only global
region with growth in
blockchain venture funding
and deals. It tied with Asia
in Q2’22 at $1.4B but was
behind the $3.4B that went
to US-based companies.
Six of the top 10 biggest
deals in Europe went into
Web3 (e.g., NEAR Protocol,
Msquared), and 3 went to
institutional crypto and
custody (e.g., Elwood
Technologies, Coinhouse).
10
52%
Deal growth in
infrastructure and
development.
The category was one of
the only blockchain spaces
with deal growth in Q2’22,
reaching a new high of 47
deals.
The biggest Q2’22 deal
was a $350M Series C to
NEAR Protocol, a Layer 1
blockchain for
decentralized applications.
49
M&A exits, on pace
for a record year.
Blockchain M&A exits were
40+ for the fifth quarter in
a row.
As several prominent
crypto lenders filed for
bankruptcy, giants like
Binance and FTX sought to
acquire companies hurt by
the crypto crash at a
discount.
Other companies, such as
Bolt, Robinhood, and eBay,
also acquired a crypto or
NFT company in Q2’22.
23
Deals by #1
investor, Animoca
Brands.
Animoca Brands was the
most active blockchain
investor for the third
straight quarter, despite a
fall in its deals QoQ.
The 10 most active
investors (including a16z
and Coinbase) collectively
participated in 24% fewer
deals in Q2’22.
Animoca Brands’
investments focused on
NFTs, gaming, and
metaverse.
28%
Silicon Valley share
of US funding.
Silicon Valley was the #1
US location for blockchain
funding in Q2’22, at
$937M. It surpassed New
York ($678M), which held
the crown for the previous
8 quarters. Los Angeles
took the #3 spot with
$492M.
The biggest Silicon Valley
deals went to FalconX
($150M), an institutional
crypto trading platform,
and Magic Eden ($130M),
an NFT marketplace.
State of Blockchain
11. Global blockchain funding down QoQ, first decline in 2 years
11
$0.7B $1.1B $1.5B $1.4B $0.6B $0.7B $1.0B $0.8B $0.8B $0.5B $0.8B $1.0B $3.7B $5.5B $7.2B $8.9B
$0.0B
$1.0B
$2.0B
$3.0B
$4.0B
$5.0B
$6.0B
$7.0B
$8.0B
$9.0B
$10.0B
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
$9.2B
Q1’22
$6.5B
Q2’22
29%
decrease
State of Blockchain | Global Trends | Investment Trends
16. $5.9B
$3.4B
Q1 2022 Q2 2022
US
$1.4B $1.4B
Q1 2022 Q2 2022
Asia
$1.0B
$1.4B
Q1 2022 Q2 2022
Europe
16
40%
-42%
0%
Europe’s blockchain funding hits a record, the only region with growth QoQ
State of Blockchain | Geographic Trends | Europe Trends
17. Infrastructure & development deals hit a record high in Q2’22
17
11
12 12
8
18
31
24
27
0
5
10
15
20
25
30
35
40
45
50
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
State of Blockchain | Collection Spotlights | Infrastructure & Development
31
deals
Q1’22
47
deals
Q2’22
52%
growth
18. 20
28
19
25
23
15
16
23
24
19
15
27
36
43
44
46
54
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
18
Blockchain M&A exits reach 49 in Q2’22, on pace for a record year
40
5
consecutive
40+ quarters
49
M&A exits
State of Blockchain | Global Trends | Exit Trends
19. Animoca Brands is the top blockchain investor for the third straight quarter
19
Investor Company Count Investor Group Country
1 Animoca Brands 23 Corp Hong Kong
2 Andreessen Horowitz 22 VC United States
3 Coinbase Ventures 17 CVC United States
4 Pantera Capital 13 VC United States
5 Dragonfly Capital 10 VC United States
5 Jump Crypto 10 Corp United States
5 Sandeep Nailwal 10 Angel India
5 Shima Capital 10 VC United States
5 Tiger Global Management 10 Asset/Investment Management United States
10 Balaji Srinivasan 9 Angel N/A
10 Hypersphere Ventures 9 VC United States
State of Blockchain | Global Trends | Investors
20. Silicon Valley is the #1 US location for Q2’22 blockchain funding
20
Silicon Valley
$937M 28%
New York
$678M | 20%
Los Angeles
$492M | 15%
Boston
$489M | 15%
State of Blockchain | Geographic Trends | US Trends
Miami
$141M | 4%
Las Vegas
$108M | 3%
All Other Metros
$438M | 9%
Chicago
$91M | 3%
21. Contents
Global Trends 22
Investment Trends 23
Unicorns, Valuations, & Multiples 50
Exit Trends 58
Investors 64
Collection Spotlights 72
Web3 73
NFTs, Gaming, & Metaverse 84
DeFi 95
Infrastructure & Development 106
Exchanges & Wallets 117
Institutional Crypto & Custody 128
Geographic Trends 139
US 140
Silicon Valley 148
New York 152
Los Angeles 156
Asia 160
Singapore 168
India 172
Europe 175
United Kingdom 184
France 188
21
State of Blockchain
24. Projected Funding
$31.5B
$4.7B $3.2B $3.1B $25.2B
Funding
$15.7B
0
5000
10000
15000
20000
25000
30000
35000
907 890
677
1,312
Deals
921
Projected Deals
1,842
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2018 2019 2020 2021 2022
YTD
Global funding and deals are on pace for a record year
24
State of Blockchain | Global Trends | Investment Trends
25. Global funding and deals decline QoQ for the first time in 2 years
25
State of Blockchain | Global Trends | Investment Trends
$0.7B $1.1B $1.5B $1.4B $0.6B $0.7B $1.0B $0.8B $0.8B $0.5B $0.8B $1.0B $3.7B $5.5B $7.2B $8.9B $9.2B
Funding
$6.5B
201
269
222 215
230
213
265
182 173
141
171
192
255
320 327
410
486
Deals
435
0
100
200
300
400
500
600
700
800
900
$0.0B
$1.0B
$2.0B
$3.0B
$4.0B
$5.0B
$6.0B
$7.0B
$8.0B
$9.0B
$10.0B
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
26. The US leads Q2’22 funding and deals
26
State of Blockchain | Global Trends | Investment Trends
US
$3.4B
178 Deals
Asia
$1.4B
113 Deals
Europe
$1.4B
106 Deals
LatAm &
Caribbean
$47M
14 Deals
Canada
$69M
12 Deals
Africa
$0.2B
7 Deals
Australia
$34M
5 Deals
27. Europe is the only region to see quarterly funding gains
27
State of Blockchain | Global Trends | Investment Trends
$3.4B
Q1 Q3 Q1
2021 2022
US
$1.4B
Q1 Q3 Q1
2021 2022
Asia
$1.4B
Q1 Q3 Q1
2021 2022
Europe
$0.4B
Q1 Q3 Q1
2021 2022
All Other Regions
28. The US leads global deal share in Q2’22, followed by Asia and Europe
28
State of Blockchain | Global Trends | Investment Trends
43%
34%
29%
36% 38%
31%
25%
30% 32% 34% 35% 34%
38% 39%
49%
40%
43% US, 41%
29% 46%
50% 40% 36%
37% 52%
46%
34% 33% 36% 33% 22%
30%
22%
28%
29%
Asia, 26%
19%
14% 15%
19%
19%
25%
17% 18%
25% 23%
24%
24%
27%
22% 17%
19%
19%
Europe, 24%
9% 6% 5% 5% 7% 7% 7% 7% 8% 9%
6% 8%
13%
9%
12% 13%
9% All Other Regions, 9%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
30. Average deal size in 2022 is at 86% of 2021’s level
30
State of Blockchain | Global Trends | Investment Trends
$9M
$6M
$7M
$22M
Average Size
$19M
$2M $2M
$3M
$4M
Median Size
$5M
2018 2019 2020 2021 2022
YTD
31. Median deal size in 2022 so far hits record levels in all regions except Asia
31
State of Blockchain | Global Trends | Investment Trends
$6M
2018 2020 2022
YTD
US
$3M
2018 2020 2022
YTD
Asia
$4M
2018 2020 2022
YTD
Europe
$18M
2018 2020 2022
YTD
All Other Regions
35. The US leads in mega-round funding and deals in Q2’22
35
State of Blockchain | Global Trends | Investment Trends
US
$1.4B
8 Deals
Asia
$0.6B
5 Deals
Europe
$0.5B
2 Deals
Africa
$0.2B
1 Deal
36. Asia is the only region to see mega-round deals rise in Q2’22
36
State of Blockchain | Global Trends | Investment Trends
8
10
12
19
US, 8
2 2
3
Asia, 5
1
2
1
3
Europe, 2
3
6
2 2
All Other Regions, 1
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
37. Mega-rounds account for just 4% of global deals in Q2’22
37
State of Blockchain | Global Trends | Investment Trends
4% 4% 6% 4% 6% Mega-rounds, 4%
100% 99% 98% 99% 100% 100% 100% 99% 99% 100% 99% 99% 96% 96% 94% 96% 94% Non-mega-rounds, 96%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
39. Global: Top equity deals in Q2'22
39
State of Blockchain | Global Trends | Investment Trends
Company Round Amount
Round
Date
Round Valuation Select Investors Country
% of Total
Funding
1 Circle $400M Venture Capital
2022-04-12
N/A
Fidelity Investments, Marshall Wace Asset
Management, BlackRock, Fin Capital
United States 6.1%
2 NEAR Protocol $350M Series C
2022-04-06
N/A
Tiger Global Management, Dragonfly Capital, FTX
Ventures, Republic Capital, Hashed
Switzerland 5.4%
3 Lightspark $175M Series A
2022-05-12
N/A
Andreessen Horowitz, Paradigm, Coatue Management,
Felix Capital, Matrix Partners
United States 2.7%
4 Chainalysis $170M Series F
2022-05-11
$8.6B GIC United States 2.6%
5 MSquared $150M Series A
2022-04-07
$1.0B
Andreessen Horowitz, SoftBank Group, CMT Digital,
Ethereal Ventures, Mirana Ventures
United Kingdom 2.3%
5 KuCoin $150M Series A
2022-05-10
$10.0B
Jump Crypto, IDG Capital, Matrix Partners China, Circle
Ventures
Seychelles 2.3%
5 Sky Mavis $150M Series C
2022-04-06
N/A
Binance, Andreessen Horowitz, Animoca Brands,
Paradigm, Dialectic
Vietnam 2.3%
5 FalconX $150M Series D
2022-06-22
$8.0B
B Capital Group, GIC, Tiger Global Management, Adams
Street Partners, Thoma Bravo
United States 2.3%
5 Genies $150M Series C
2022-04-12
$1.0B
Silver Lake, New Enterprise Associates, Bond,
Tamarack Global
United States 2.3%
10 CoinDCX $135M Series D
2022-04-19
$2.2B
Pantera Capital, Steadview Capital, B Capital Group,
Coinbase Ventures, Polychain Capital
India 2.1%
40. Early-stage deals continue to dominate in 2022 YTD
40
State of Blockchain | Global Trends | Investment Trends
77% 79% 77% 80% Early-stage, 81%
6%
8% Mid-stage, 9%
9% 7% 6%
5% Late-stage, 5%
11% 11% 11%
6% Other, 6%
2018 2019 2020 2021 2022
YTD
41. Asia overtakes the US in late-stage deal share in Q2’22
41
State of Blockchain | Global Trends | Investment Trends
38%
50%
37%
80%
26%
26%
42%
15%
26%
21%
16%
5%
10%
2%
5%
Early-stage
Mid-stage
Late-stage
Other
US Asia Europe All Other Regions
42. Median deal size falls for mid- and late-stage deals in 2022 YTD
42
State of Blockchain | Global Trends | Investment Trends
$2M
$4M $4M
2018 2020 2022
YTD
Early-stage
$15M
$50M
$42M
2018 2020 2022
YTD
Mid-stage
$3M
$52M
$12M
2018 2020 2022
YTD
Late-stage
43. Median months between rounds drops for early- and mid-stages
43
State of Blockchain | Global Trends | Investment Trends
7
13
11
2018 2020 2022
YTD
Seed/Angel to Series A
9
16
11
2018 2020 2022
YTD
Series A to B
44. Global: Top seed/angel deals in Q2'22
44
State of Blockchain | Global Trends | Investment Trends
Company Round Amount
Round
Date
Select Investors Country
1 ByteTrade $40M Seed VC
2022-06-02
SIG Asia Investments Singapore
2 Fractal Wagimi $35M Seed VC
2022-04-01
Multicoin Capital, Paradigm, Andreessen Horowitz, Animoca
Brands, Coinbase Ventures
United States
3 Iskra $34M Seed VC
2022-04-07
Krust, Fast Ventures, Kakao Ventures, Liberty Investment,
METABORA
Singapore
4 MeetAmi Innovations $29M Seed
2022-04-07
Private International Consulting Canada
5 Co:Create $25M Seed VC
2022-05-10
Andreessen Horowitz, Autograph, Not Boring Capital,
Vaynerfund, Amy Wu
United States
5 Entropy $25M Seed VC
2022-06-08
Andreessen Horowitz, Coinbase Ventures, Dragonfly Capital,
Ethereal Ventures, Inflection Capital
United States
7 Mara $23M Seed VC
2022-05-11
Alameda Research, Coinbase Ventures, Day One Ventures,
Distributed Global, Huobi Ventures
Kenya
8 JAN3 $21M Seed VC
2022-04-07
El Zonte Capital, Alistair Milne, Chun Wang China
8 Live Bash $21M Seed
2022-04-20
N/A United States
10 Context $20M Seed VC
2022-04-14
Sam Altman, Variant Fund United States
45. Global: Top Series A deals in Q2'22
45
State of Blockchain | Global Trends | Investment Trends
Company Round Amount
Round
Date
Select Investors Country
1 Lightspark $175M Series A
2022-05-12
Andreessen Horowitz, Paradigm, Coatue Management, Felix Capital, Matrix
Partners
United States
2 MSquared $150M Series A
2022-04-07
Andreessen Horowitz, SoftBank Group, CMT Digital, Ethereal Ventures, Mirana
Ventures
United Kingdom
2 KuCoin $150M Series A
2022-05-10
Jump Crypto, IDG Capital, Matrix Partners China, Circle Ventures Seychelles
4 Rario $120M Series A
2022-04-21
Dream Capital, Alpha Wave Global, Animoca Brands, Kingsway Capital Partners,
Presight Capital
Singapore
5 Elwood Technologies $70M Series A
2022-05-16
Dawn Capital, Goldman Sachs, BlockFi Ventures, Chimera Investments,
CommerzVentures
United Kingdom
6 ADDX $58M Series A
2022-05-24
Hamilton Lane Advisors, Krungsri Finnovate, Stock Exchange of Thailand, UOB Singapore
7 Flipside Crypto $50M Series A
2022-04-21
Republic Capital, Galaxy Digital, True Ventures, Blockchain Coinvestors,
Commerce Ventures
United States
8 N3TWORK Studios $46M Series A
2022-05-18
Griffin Gaming Partners, Kleiner Perkins Caufield & Byers, N3twork, Floodgate,
Galaxy Interactive
United States
9 Boba $45M Series A
2022-04-05
Hypersphere Ventures, 10X Capital, Alphanonce, Crypto.com Capital, DeFi
Technologies
United States
10 BlockApps $41M Series A
2022-04-19
Liberty City Ventures, Bloccelerate, ConsenSys Mesh, Fitz Gate Ventures, Arab
Angel Fund
United States
46. Global: Top Series B deals in Q2'22
46
State of Blockchain | Global Trends | Investment Trends
Company Round Amount
Round
Date
Select Investors Country
1 Magic Eden $130M Series B
2022-06-21
Electric Capital, Greylock Partners, Lightspeed Venture Partners, Sequoia
Capital, Paradigm
United States
2 Pintu $113M Series B
2022-06-07
Lightspeed Venture Partners, Intudo Ventures, Pantera Capital, Northstar
Group
Indonesia
3 Talos $105M Series B
2022-05-10
General Atlantic, Andreessen Horowitz, Castle Island Ventures, Fidelity
Investments, PayPal Ventures
United States
4 Prime Trust $100M Series B
2022-06-22
Commerce Ventures, Kraken Ventures, Mercato Partners, Seven Peaks
Ventures, University Growth Fund
United States
5 Babel Finance $80M Series B
2022-05-25
10T Fund, BAI Capital, Dragonfly Capital, Jeneration Capital, Circle Ventures Hong Kong
6 bloXroute Labs $70M Series B
2022-04-12
SoftBank Group United States
6 0x $70M Series B
2022-04-26
Greylock Partners, Jump Capital, OpenSea, Pantera Capital, Jared Leto United States
6 Lightning Labs $70M Series B
2022-04-05
Baillie Gifford & Co., Valor Equity Partners, Vlad Tenev, Brevan Howard,
Goldcrest Capital
United States
9 CertiK $60M Series B
2022-04-22
SoftBank Group, Tiger Global Management United States
10 Kaiko $53M Series B
2022-06-28
Eight Roads Ventures, Alven Capital, Anthemis, Point Nine Capital,
Underscore.VC
France
47. Global: Top Series C deals in Q2'22
47
State of Blockchain | Global Trends | Investment Trends
Company Round Amount
Round
Date
Select Investors Country
1 NEAR Protocol $350M Series C
2022-04-06
Tiger Global Management, Dragonfly Capital, FTX Ventures, Republic
Capital, Hashed
Switzerland
2 Genies $150M Series C
2022-04-12
Silver Lake, New Enterprise Associates, Bond, Tamarack Global United States
2 Sky Mavis $150M Series C
2022-04-06
Binance, Andreessen Horowitz, Animoca Brands, Paradigm, Dialectic Vietnam
4 InfStones $66M Series C
2022-06-01
GGV Capital, SoftBank Group, A&T Capital, INCE Capital, SNZ Holding United States
5 Polysign $53M Series C
2022-04-13
Cowen, Brevan Howard, GSR Ventures, Soros Fund Management United States
6 Zora $50M Series C
2022-05-05
Haun Ventures, Coinbase Ventures, Kindred Ventures United States
7 Coin Metrics $35M Series C
2022-04-06
Acrew Capital, BNY Mellon, Avon Ventures, Goldman Sachs, Highland
Capital Partners
United States
8 Coins.ph $30M Series C
2022-05-19
Ribbit Capital Philippines
9 NEAR Protocol $5M Series C
2022-05-10
Newtribe Capital Switzerland
48. Global: Top Series D+ deals in Q2'22
48
State of Blockchain | Global Trends | Investment Trends
Company Round Amount
Round
Date
Round Valuation Select Investors Country
1 Chainalysis $170M Series F
2022-05-11
$8.6B GIC United States
2 FalconX $150M Series D
2022-06-22
$8.0B B Capital Group, GIC, Tiger Global Management, Adams Street Partners, Thoma Bravo United States
3 CoinDCX $135M Series D
2022-04-19
$2.2B Pantera Capital, Steadview Capital, B Capital Group, Coinbase Ventures, Polychain Capital India
4 StarkWare $100M Series D
2022-05-24
$8.0B Coatue Management, Greenoaks Capital Management, Tiger Global Management Israel
49. Global: Top companies that raised funding by Mosaic score in Q2'22
49
State of Blockchain | Global Trends | Investment Trends
Company Mosaic Score Round Amount
Round
Date
Round Valuation Select Investors Country
1 KuCoin 950 $150M
Series A
2022-05-10
$10.0B
Jump Crypto, IDG Capital, Matrix Partners China, Circle
Ventures
Seychelles
2 Circle 940 $400M
Venture Capital
2022-04-12
N/A
Fidelity Investments, Marshall Wace Asset Management,
BlackRock, Fin Capital
United States
2 Prime Trust 940 $100M
Series B
2022-06-22
N/A
Commerce Ventures, Kraken Ventures, Mercato Partners,
Seven Peaks Ventures, University Growth Fund
United States
4 CertiK 930 $60M
Series B
2022-04-22
N/A SoftBank Group, Tiger Global Management United States
4 CoinDCX 930 $135M
Series D
2022-04-19
$2.2B
Pantera Capital, Steadview Capital, B Capital Group,
Coinbase Ventures, Polychain Capital
India
6 InfStones 900 $66M
Series C
2022-06-01
N/A
GGV Capital, SoftBank Group, A&T Capital, INCE Capital,
SNZ Holding
United States
6 Babel Finance 900 $80M
Series B
2022-05-25
$2.0B
10T Fund, BAI Capital, Dragonfly Capital, Jeneration
Capital, Circle Ventures
Hong Kong
8 ADDX 890 $58M
Series A
2022-05-24
N/A
Hamilton Lane Advisors, Krungsri Finnovate, Stock
Exchange of Thailand, UOB
Singapore
9 StarkWare 880 $100M
Series D
2022-05-24
$8.0B
Coatue Management, Greenoaks Capital Management,
Tiger Global Management
Israel
9 Sky Mavis 880 $150M
Series C
2022-04-06
N/A
Binance, Andreessen Horowitz, Animoca Brands,
Paradigm, Dialectic
Vietnam
51. Unicorn births decrease in Q2’22, total herd reaches 71
51
State of Blockchain | Global Trends | Unicorns, Valuations, & Multiples
9
13 14
16
New Unicorns, 8
22
34
48
63
Total Unicorns, 71
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
52. The US accounts for 65% of total unicorns
52
State of Blockchain | Global Trends | Unicorns, Valuations, & Multiples
US
46
5 New
Asia
11
2 New
Africa
1
1 New
LatAm &
Caribbean
3
0 New
Europe
6
0 New
Canada
3
0 New
Australia
1
0 New
53. US unicorn births plummet 64% in Q2’22
53
State of Blockchain | Global Trends | Unicorns, Valuations, & Multiples
4
7
10
14
US, 5
3
2
3
Asia, 2
1 1 1 Europe, 0
1
3
1 1
All Other Regions, 1
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
54. The US leads in total unicorns, followed by Asia at a distant second
54
State of Blockchain | Global Trends | Unicorns, Valuations, & Multiples
11
17
27
41
US, 46
5
7
10 9 Asia, 11
4
5
5
6
Europe, 6
2
5
6
7 All Other Regions, 8
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
55. Time from first funding to unicorn status ticks up in 2022 YTD
55
State of Blockchain | Global Trends | Unicorns, Valuations, & Multiples
39
Average Months, 40
36
Median Months, 38
2018 2019 2020 2021 2022
YTD
56. Global: Top unicorn births in Q2'22
56
State of Blockchain | Global Trends | Unicorns, Valuations, & Multiples
Company Latest Valuation Country
1 KuCoin $10.0B Seychelles
2 Babel Finance $2.0B Hong Kong
3 Magic Eden $1.6B United States
4 Boba $1.5B United States
5 Talos $1.3B United States
6 0x $1.1B United States
7 Genies $1.0B United States
7 Opn $1.0B Japan
57. Global: Top unicorns by valuation in Q2'22
57
State of Blockchain | Global Trends | Unicorns, Valuations, & Multiples
Company Latest Valuation Country
1 FTX $32.0B Bahamas
2 Ripple $15.0B United States
3 Blockchain.com $14.0B United Kingdom
4 OpenSea $13.3B United States
5 Bitmain Technologies $12.0B China
6 Alchemy $10.2B United States
7 KuCoin $10.0B Seychelles
7 Digital Currency Group $10.0B United States
9 Chainalysis $8.6B United States
10 Fireblocks $8.0B United States
10 FalconX $8.0B United States
10 StarkWare $8.0B Israel
59. Global M&A exits are on pace for a record year, IPOs and SPACs slow
59
State of Blockchain | Global Trends | Exit Trends
18
IPO, 7
169
M&A, 103
3
SPAC, 0
2018 2019 2020 2021 2022
YTD
62. Global: Top M&A exits in Q2'22
62
State of Blockchain | Global Trends | Exit Trends
Company Exit Valuation Acquirer Country
1 Wyre $1.5B Bolt United States
2 REVA $50M UK Earl International Auction United States
3 Coinberry $31M WonderFi Canada
4 BITOM $11M VNSMART Australia
5 OpenLocker $5M Descrypto United States
63. Global: Top IPOs in Q2'22
63
State of Blockchain | Global Trends | Exit Trends
Company Exit Valuation Country
1 NFT Technologies $17M Canada
2 Applied Blockchain N/A United States
2 Cryptyde N/A United States
2 FRNT N/A Canada
65. Global: Top investors by company count in Q2'22
65
State of Blockchain | Global Trends | Investors
Investor Company Count Investor Group Country
1 Animoca Brands 23 Corp Hong Kong
2 Andreessen Horowitz 22 VC United States
3 Coinbase Ventures 17 CVC United States
4 Pantera Capital 13 VC United States
5 Dragonfly Capital 10 VC United States
5 Jump Crypto 10 Corp United States
5 Sandeep Nailwal 10 Angel India
5 Shima Capital 10 VC United States
5 Tiger Global Management 10 Asset/Investment Management United States
10 Balaji Srinivasan 9 Angel N/A
10 Hypersphere Ventures 9 VC United States
66. Global: Top investors YTD by median Mosaic score of companies in 2022
66
State of Blockchain | Global Trends | Investors
Investor Median Mosaic Score Country Median Money Score Median Momentum Score Median Market Score Median Management Score
1 Coatue Management 880 United States 960 820 880 630
2 B Capital Group 870 United States 940 825 880 690
3 Ribbit Capital 830 United States 880 825 830 550
4 SoftBank Group 820 Japan 970 840 810 660
5 Liberty City Ventures 805 United States 925 700 880 515
6 Kingsway Capital Partners 790 United Kingdom 900 700 880 590
7 Lightspeed Venture Partners 785 United States 955 670 830 675
8 Paradigm 780 United States 925 670 880 530
8 Sequoia Capital 780 United States 960 600 770 450
8 Sequoia Capital China 780 China 850 670 830 520
67. Global: Top VCs by company count in Q2'22
67
State of Blockchain | Global Trends | Investors
Investor Company Count Country
1 Andreessen Horowitz 22 United States
2 Pantera Capital 13 United States
3 Dragonfly Capital 10 United States
3 Shima Capital 10 United States
5 Hypersphere Ventures 9 United States
6 Paradigm 8 United States
6 Soma Capital 8 United States
8 Framework Ventures 7 United States
8 IOSG 7 Hong Kong
10 Cadenza Ventures 6 United States
10 Infinity Ventures Crypto 6 Japan
68. Global: Top VCs YTD by median Mosaic score of companies in 2022
68
State of Blockchain | Global Trends | Investors
Investor Median Mosaic Score Country Median Money Score Median Momentum Score Median Market Score Median Management Score
1 B Capital Group 870 United States 940 825 880 690
2 Ribbit Capital 830 United States 880 825 830 550
3 Liberty City Ventures 805 United States 925 700 880 515
4 Lightspeed Venture Partners 785 United States 955 670 830 675
5 Paradigm 780 United States 925 670 880 530
5 Sequoia Capital 780 United States 960 600 770 450
5 Sequoia Capital China 780 China 850 670 830 520
8 Accel 740 United States 800 735 830 440
8 Andreessen Horowitz 740 United States 900 670 790 575
8 Variant Fund 740 United States 880 670 880 625
69. Global: Top CVCs by company count in Q2'22
69
State of Blockchain | Global Trends | Investors
Investor Company Count Country
1 Coinbase Ventures 17 United States
2 Circle Ventures 7 United States
2 FTX Ventures 7 Bahamas
4 Ethereal Ventures 5 United States
5 ConsenSys Mesh 4 United States
5 KuCoin Ventures 4 China
5 Samsung NEXT 4 United States
8 Huobi Ventures 3 Seychelles
8 KB Investment 3 South Korea
8 OKX Blockdream Ventures 3 Malta
8 Republic Capital 3 United States
70. Global: Top CVCs YTD by median Mosaic score of companies in 2022
70
State of Blockchain | Global Trends | Investors
Investor Median Mosaic Score Country Median Management Score Median Money Score Median Momentum Score Median Market Score
1 Coinbase Ventures 735 United States 575 850 650 830
2 FTX Ventures 730 Bahamas 595 885 670 800
3 Alameda Research Ventures 715 Hong Kong 470 775 615 880
4 KB Investment 695 South Korea 760 830 455 750
5 gumi Cryptos 690 Japan 470 720 615 790
6 Samsung NEXT 685 United States 510 715 650 690
7 Ethereal Ventures 680 United States 450 770 585 880
8 Binance Labs 670 United States 535 670 610 790
8 Circle Ventures 670 United States 470 755 610 880
10 Republic Capital 650 United States 525 725 640 855
71. Global: Top investor pairs YTD by number of shared companies in 2022
71
State of Blockchain | Global Trends | Investors
Investor 1 Investor 2 2022 Shared Portfolio Companies Investor 1 Country Investor 2 Country
1 Coinbase Ventures Pantera Capital 11 United States United States
2 Andreessen Horowitz Coinbase Ventures 7 United States United States
3 Andreessen Horowitz Paradigm 6 United States United States
3 Andreessen Horowitz Animoca Brands 6 United States Hong Kong
3 Animoca Brands Dapper Labs 6 Hong Kong Canada
3 DeFiance Capital Three Arrows Capital 6 Virgin Islands (British) Singapore
3 Mechanism Capital Delphi Digital 6 United States United States
76. US funding sinks, Europe is the only region with growth QoQ
76
State of Blockchain | Collection Spotlights | Web3
$1.9B
Q1 Q3 Q1
2021 2022
US
$0.8B
Q1 Q3 Q1
2021 2022
Asia
$0.9B
Q1 Q3 Q1
2021 2022
Europe
$0.1B
Q1 Q3 Q1
2021 2022
All Other Regions
80. Web3: Top equity deals in Q2'22
80
State of Blockchain | Collection Spotlights | Web3
Company Round Amount
Round
Date
Round Valuation Select Investors Country
% of Total
Funding
1 Circle $400M Venture Capital
2022-04-12
N/A
Fidelity Investments, Marshall Wace Asset
Management, BlackRock, Fin Capital
United States 10.8%
2 NEAR Protocol $350M Series C
2022-04-06
N/A
Tiger Global Management, Dragonfly Capital, FTX
Ventures, Republic Capital, Hashed
Switzerland 9.5%
3 Sky Mavis $150M Series C
2022-04-06
N/A
Binance, Andreessen Horowitz, Animoca Brands,
Paradigm, Dialectic
Vietnam 4.1%
3 Genies $150M Series C
2022-04-12
$1.0B
Silver Lake, New Enterprise Associates, Bond,
Tamarack Global
United States 4.1%
3 MSquared $150M Series A
2022-04-07
$1.0B
Andreessen Horowitz, SoftBank Group, CMT Digital,
Ethereal Ventures, Mirana Ventures
United Kingdom 4.1%
6 Magic Eden $130M Series B
2022-06-21
$1.6B
Electric Capital, Greylock Partners, Lightspeed Venture
Partners, Sequoia Capital, Paradigm
United States 3.5%
7 Rario $120M Series A
2022-04-21
N/A
Dream Capital, Alpha Wave Global, Animoca Brands,
Kingsway Capital Partners, Presight Capital
Singapore 3.2%
8 StarkWare $100M Series D
2022-05-24
$8.0B
Coatue Management, Greenoaks Capital Management,
Tiger Global Management
Israel 2.7%
9 bloXroute Labs $70M Series B
2022-04-12
$382M SoftBank Group United States 1.9%
9 0x $70M Series B
2022-04-26
$1.1B
Greylock Partners, Jump Capital, OpenSea, Pantera
Capital, Jared Leto
United States 1.9%
81. New Web3 unicorns falls by half in Q2’22, total herd reaches 33
81
State of Blockchain | Collection Spotlights | Web3
2
5
9
10
New Unicorns, 5
4
9
18
28
Total Unicorns, 33
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
82. Web3 M&A exits in 2022 YTD are already close to 2021’s total
82
State of Blockchain | Collection Spotlights | Web3
3
IPO, 2
43
M&A, 38
2018 2019 2020 2021 2022
YTD
89. Average deal size in 2022 so far is at 79% of 2021’s level
89
State of Blockchain | Collection Spotlights | NFTs, Gaming, & Metaverse
$4M $4M
$6M
$19M
Average Size
$15M
$1M $2M $2M
$4M
Median Size
$4M
2018 2019 2020 2021 2022
YTD
91. NFTs, Gaming, & Metaverse: Top equity deals in Q2'22
91
State of Blockchain | Collection Spotlights | NFTs, Gaming, & Metaverse
Company Round Amount
Round
Date
Round Valuation Select Investors Country
% of Total
Funding
1 Sky Mavis $150M Series C
2022-04-06
N/A
Binance, Andreessen Horowitz, Animoca Brands,
Paradigm, Dialectic
Vietnam 7.9%
1 Genies $150M Series C
2022-04-12
$1.0B
Silver Lake, New Enterprise Associates, Bond,
Tamarack Global
United States 7.9%
1 MSquared $150M Series A
2022-04-07
$1.0B
Andreessen Horowitz, SoftBank Group, CMT
Digital, Ethereal Ventures, Mirana Ventures
United Kingdom 7.9%
4 Magic Eden $130M Series B
2022-06-21
$1.6B
Electric Capital, Greylock Partners, Lightspeed
Venture Partners, Sequoia Capital, Paradigm
United States 6.8%
5 Rario $120M Series A
2022-04-21
N/A
Dream Capital, Alpha Wave Global, Animoca
Brands, Kingsway Capital Partners, Presight
Capital
Singapore 6.3%
6 Ekta $60M Private Equity
2022-06-17
N/A Global Emerging Markets Indonesia 3.2%
7 Zora $50M Series C
2022-05-05
$600M
Haun Ventures, Coinbase Ventures, Kindred
Ventures
United States 2.6%
8 N3TWORK Studios $46M Series A
2022-05-18
N/A
Griffin Gaming Partners, Kleiner Perkins Caufield
& Byers, N3twork, Floodgate, Galaxy Interactive
United States 2.4%
9 Irreverent Labs $40M Series A
2022-05-06
N/A
Andreessen Horowitz, Capitoria, Infinity Ventures
Crypto, Solana Labs
United States 2.1%
10 Jadu AR $36M Series A
2022-05-17
$184M
Bain Capital Crypto, The Venture Reality Fund,
Com2uS, LG Technology Ventures, Permit
Ventures
United States 1.9%
92. 3 unicorn births in Q2’22 bring the total herd to 15
92
State of Blockchain | Collection Spotlights | NFTs, Gaming, & Metaverse
1
2
4 4
New Unicorns, 3
2
4
8
12
Total Unicorns, 15
Q1 Q2 Q3 Q4 Q1 Q2
2021 2022
93. M&A exits and IPOs in 2022 so far already exceed 2021’s year-end totals
93
State of Blockchain | Collection Spotlights | NFTs, Gaming, & Metaverse
IPO, 2
24
M&A, 27
2018 2019 2020 2021 2022
YTD
94. M&A exits hit new quarterly record
94
State of Blockchain | Collection Spotlights | NFTs, Gaming, & Metaverse
IPO, 2
5
6
12
13 M&A, 14
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
98. DeFi funding drops QoQ across the US, Asia, and Europe
98
State of Blockchain | Collection Spotlights | DeFi
$668M
Q1 Q3 Q1
2021 2022
US
$190M
Q1 Q3 Q1
2021 2022
Asia
$189M
Q1 Q3 Q1
2021 2022
Europe
$25M
Q1 Q3 Q1
2021 2022
All Other Regions
100. Average and median deal sizes both exceed 2021’s totals in 2022 YTD
100
State of Blockchain | Collection Spotlights | DeFi
$13M
$7M
$4M
$15M
Average Size
$27M
$4M $3M
$2M
$4M
Median Size
$7M
2018 2019 2020 2021 2022
YTD
102. DeFi: Top equity deals in Q2'22
102
State of Blockchain | Collection Spotlights | DeFi
Company Round Amount
Round
Date
Round Valuation Select Investors Country
% of Total
Funding
1 Circle $400M Venture Capital
2022-04-12
N/A
Fidelity Investments, Marshall Wace Asset
Management, BlackRock, Fin Capital
United States 37.3%
2 StarkWare $100M Series D
2022-05-24
$8.0B
Coatue Management, Greenoaks Capital
Management, Tiger Global Management
Israel 9.3%
3 bloXroute Labs $70M Series B
2022-04-12
$382M SoftBank Group United States 6.5%
3 0x $70M Series B
2022-04-26
$1.1B
Greylock Partners, Jump Capital, OpenSea,
Pantera Capital, Jared Leto
United States 6.5%
5 Boba $45M Series A
2022-04-05
$1.5B
Hypersphere Ventures, 10X Capital,
Alphanonce, Crypto.com Capital, DeFi
Technologies
United States 4.2%
6 Argent $40M Series B
2022-04-28
N/A
Fabric Ventures, Metaplanet, Index Ventures,
Creandum, Paradigm
United Kingdom 3.7%
6 Moralis Web3 Technology $40M Series A
2022-05-11
$215M
EQT Ventures, Coinbase Ventures, Dispersion
Capital, Fabric Ventures
Sweden 3.7%
8 Zenith Chain $35M Series A
2022-04-09
N/A GEM Digital Lithuania 3.3%
9 Euler $32M Series B
2022-06-07
N/A
Haun Ventures, FTX Ventures, Jump Crypto,
Uniswap Labs Ventures, Variant Fund
United Kingdom 3.0%
10 SingularityDAO $25M Undisclosed
2022-05-19
N/A LDA Capital United Arab Emirates 2.3%
104. M&A exits at 41% of 2021’s total, no IPOs so far in 2022
104
State of Blockchain | Collection Spotlights | DeFi
3
IPO, 0
17
M&A, 7
2018 2019 2020 2021 2022
YTD
109. Asia and Europe see strong quarterly growth in funding, US funding falls
109
State of Blockchain | Collection Spotlights | Infrastructure & Development
$799M
Q1 Q3 Q1
2021 2022
US
$266M
Q1 Q3 Q1
2021 2022
Asia
$565M
Q1 Q3 Q1
2021 2022
Europe
$24M
Q1 Q3 Q1
2021 2022
All Other Regions
111. Average and median deal sizes exceed 2021’s levels in 2022 YTD
111
State of Blockchain | Collection Spotlights | Infrastructure & Development
$18M $18M
$8M
$43M
Average Size
$65M
$4M $4M
$5M
$12M
Median Size
$26M
2018 2019 2020 2021 2022
YTD
113. Infrastructure & Development: Top equity deals in Q2'22
113
State of Blockchain | Collection Spotlights | Infrastructure & Development
Company Round Amount
Round
Date
Round Valuation Select Investors Country
% of Total
Funding
1 NEAR Protocol $350M Series C
2022-04-06
N/A
Tiger Global Management, Dragonfly Capital, FTX
Ventures, Republic Capital, Hashed
Switzerland 21.2%
2 Lightspark $175M Series A
2022-05-12
N/A
Andreessen Horowitz, Paradigm, Coatue Management,
Felix Capital, Matrix Partners
United States 10.6%
3 Talos $105M Series B
2022-05-10
$1.3B
General Atlantic, Andreessen Horowitz, Castle Island
Ventures, Fidelity Investments, PayPal Ventures
United States 6.3%
4 StarkWare $100M Series D
2022-05-24
$8.0B
Coatue Management, Greenoaks Capital Management,
Tiger Global Management
Israel 6.0%
4 Prime Trust $100M Series B
2022-06-22
N/A
Commerce Ventures, Kraken Ventures, Mercato Partners,
Seven Peaks Ventures, University Growth Fund
United States 6.0%
6 bloXroute Labs $70M Series B
2022-04-12
$382M SoftBank Group United States 4.2%
6 Lightning Labs $70M Series B
2022-04-05
$551M
Baillie Gifford & Co., Valor Equity Partners, Vlad Tenev,
Brevan Howard, Goldcrest Capital
United States 4.2%
8 InfStones $66M Series C
2022-06-01
N/A
GGV Capital, SoftBank Group, A&T Capital, INCE Capital,
SNZ Holding
United States 4.0%
9 Ekta $60M Private Equity
2022-06-17
N/A Global Emerging Markets Indonesia 3.6%
10 Boba $45M Series A
2022-04-05
$1.5B
Hypersphere Ventures, 10X Capital, Alphanonce,
Crypto.com Capital, DeFi Technologies
United States 2.7%
114. 3 new unicorns in Q2’22 brings the total count to 19
114
State of Blockchain | Collection Spotlights | Infrastructure & Development
1
4
5 5
New Unicorns, 3
2
6
11
16
Total Unicorns, 19
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
115. M&A exits are on pace for a record year in 2022
115
State of Blockchain | Collection Spotlights | Infrastructure & Development
IPO, 0
16
M&A, 11
2018 2019 2020 2021 2022
YTD
120. US funding plummets, Asia is the only region to see QoQ growth
120
State of Blockchain | Collection Spotlights | Exchanges & Wallets
$98M
Q1 Q3 Q1
2021 2022
US
$302M
Q1 Q3 Q1
2021 2022
Asia
$139M
Q1 Q3 Q1
2021 2022
Europe
$184M
Q1 Q3 Q1
2021 2022
All Other Regions
124. Exchanges & Wallets: Top equity deals in Q2'22
124
State of Blockchain | Collection Spotlights | Exchanges & Wallets
Company Round Amount
Round
Date
Round Valuation Select Investors Country % of Total Funding
1 KuCoin $150M Series A
2022-05-10
$10.0B
Jump Crypto, IDG Capital, Matrix Partners China, Circle
Ventures
Seychelles 20.8%
2 CoinDCX $135M Series D
2022-04-19
$2.2B
Pantera Capital, Steadview Capital, B Capital Group,
Coinbase Ventures, Polychain Capital
India 18.7%
3 Pintu $113M Series B
2022-06-07
N/A
Lightspeed Venture Partners, Intudo Ventures, Pantera
Capital, Northstar Group
Indonesia 15.6%
4 0x $70M Series B
2022-04-26
$1.1B
Greylock Partners, Jump Capital, OpenSea, Pantera
Capital, Jared Leto
United States 9.7%
5 Coinhouse $43M Series B
2022-06-07
N/A
ConsenSys, Corporate Finance Partners, Expon Capital,
RAISE Ventures, True Global Ventures
France 5.9%
6 Argent $40M Series B
2022-04-28
N/A
Fabric Ventures, Metaplanet, Index Ventures, Creandum,
Paradigm
United Kingdom 5.5%
7 Coins.ph $30M Series C
2022-05-19
N/A Ribbit Capital Philippines 4.2%
8 Streami $24M Series B
2022-05-20
N/A
Digital Currency Group, KB Investment, Strong Ventures,
Z Venture Capital
South Korea 3.3%
9 Mara $23M Seed VC
2022-05-11
N/A
Alameda Research, Coinbase Ventures, Day One
Ventures, Distributed Global, Huobi Ventures
Kenya 3.2%
10 Fasset $22M Series A
2022-04-15
N/A
Fatima Gobi Ventures, Liberty City Ventures, MyAsiaVC,
Soma Capital
United Kingdom 3.0%
125. Unicorn herd count inches up to reach 21 in Q2’22
125
State of Blockchain | Collection Spotlights | Exchanges & Wallets
4
5
4
2
New Unicorns, 2
10
14
18
19
Total Unicorns, 21
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
126. M&A exits near 2021’s total in 2022 YTD
126
State of Blockchain | Collection Spotlights | Exchanges & Wallets
3
IPO, 0
26
M&A, 23
1 SPAC, 0
2018 2019 2020 2021 2022
YTD
131. Funding down in the US, Asia, and Europe, but all other regions see growth
131
State of Blockchain | Collection Spotlights | Institutional Crypto & Custody
$508M
Q1 Q3 Q1
2021 2022
US
$91M
Q1 Q3 Q1
2021 2022
Asia
$221M
Q1 Q3 Q1
2021 2022
Europe
$34M
Q1 Q3 Q1
2021 2022
All Other Regions
132. Europe overtakes the US to lead global deal share in Q2’22
132
State of Blockchain | Collection Spotlights | Institutional Crypto & Custody
70%
33%
63%
50%
54%
63%
40%
50%
42%
60%
20%
91%
48%
35%
46%
62%
42%
US, 36%
22%
13%
7%
31%
25%
50%
20%
25%
20%
19%
25%
31%
31%
21%
Asia, 18%
30%
33%
25%
43%
15% 13% 10%
20%
33%
40%
60%
9%
29%
35%
8%
8%
37%
Europe, 39%
11% 10%
5% 5%
15%
All Other Regions, 7%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
133. Average and median deal sizes are both over half of 2021’s totals
133
State of Blockchain | Collection Spotlights | Institutional Crypto & Custody
$22M
$7M
$37M
$92M
Average Size
$51M
$8M
$4M
$19M
$31M
Median Size
$17M
2018 2019 2020 2021 2022
YTD
135. Institutional Crypto & Custody: Top equity deals in Q2'22
135
State of Blockchain | Collection Spotlights | Institutional Crypto & Custody
Company Round Amount
Round
Date
Round Valuation Select Investors Country
% of Total
Funding
1 FalconX $150M Series D
2022-06-22
$8.0B
B Capital Group, GIC, Tiger Global Management, Adams Street
Partners, Thoma Bravo
United States 17.6%
2 Talos $105M Series B
2022-05-10
$1.3B
General Atlantic, Andreessen Horowitz, Castle Island Ventures,
Fidelity Investments, PayPal Ventures
United States 12.3%
3 Prime Trust $100M Series B
2022-06-22
N/A
Commerce Ventures, Kraken Ventures, Mercato Partners, Seven
Peaks Ventures, University Growth Fund
United States 11.7%
4 Babel Finance $80M Series B
2022-05-25
$2.0B
10T Fund, BAI Capital, Dragonfly Capital, Jeneration Capital, Circle
Ventures
Hong Kong 9.4%
5 Elwood Technologies $70M Series A
2022-05-16
$500M
Dawn Capital, Goldman Sachs, BlockFi Ventures, Chimera
Investments, CommerzVentures
United Kingdom 8.2%
6 Kaiko $53M Series B
2022-06-28
N/A
Eight Roads Ventures, Alven Capital, Anthemis, Point Nine Capital,
Underscore.VC
France 6.2%
6 Polysign $53M Series C
2022-04-13
N/A Cowen, Brevan Howard, GSR Ventures, Soros Fund Management United States 6.2%
8 Coinhouse $43M Series B
2022-06-07
N/A
ConsenSys, Corporate Finance Partners, Expon Capital, RAISE
Ventures, True Global Ventures
France 5.0%
9 Amberdata $30M Series B
2022-05-04
$330M
Knollwood Investment Advisory, Aspenwood Ventures, Citigroup,
Franklin Templeton, Rovida Kruptos Assets
United States 3.5%
10 MeetAmi Innovations $29M Seed
2022-04-07
N/A Private International Consulting Canada 3.4%
136. 2 unicorn births in Q2’22 bring the total herd to 14
136
State of Blockchain | Collection Spotlights | Institutional Crypto & Custody
4
2
3
1 New Unicorns, 2
6
8
11
12
Total Unicorns, 14
Q1 Q2 Q3 Q4 Q1 Q2
2021 2022
137. M&A exits are on pace for a record year, no IPOs or SPACs in 2022 so far
137
State of Blockchain | Collection Spotlights | Institutional Crypto & Custody
1
IPO, 0
10
M&A, 6
2
SPAC, 0
2018 2019 2020 2021 2022
YTD
143. Early-stage deal share continues to lead in 2022 YTD
143
State of Blockchain | Geographic Trends | US Trends
75% 75%
71%
77% Early-stage, 75%
5%
9%
9% Mid-stage, 11%
6% 5% 5%
5% Late-stage, 4%
15% 15% 15%
9% Other, 10%
2018 2019 2020 2021 2022
YTD
144. US: Top equity deals in Q2'22
144
State of Blockchain | Geographic Trends | US Trends
Company Round Amount
Round
Date
Round Valuation Select Investors Country
% of Total
Funding
1 Circle $400M Venture Capital
2022-04-12
N/A
Fidelity Investments, Marshall Wace Asset Management,
BlackRock, Fin Capital
United States 11.9%
2 Lightspark $175M Series A
2022-05-12
N/A
Andreessen Horowitz, Paradigm, Coatue Management,
Felix Capital, Matrix Partners
United States 5.2%
3 Chainalysis $170M Series F
2022-05-11
$8.6B GIC United States 5.0%
4 Genies $150M Series C
2022-04-12
$1.0B
Silver Lake, New Enterprise Associates, Bond, Tamarack
Global
United States 4.4%
4 FalconX $150M Series D
2022-06-22
$8.0B
B Capital Group, GIC, Tiger Global Management, Adams
Street Partners, Thoma Bravo
United States 4.4%
6 Magic Eden $130M Series B
2022-06-21
$1.6B
Electric Capital, Greylock Partners, Lightspeed Venture
Partners, Sequoia Capital, Paradigm
United States 3.9%
7 Talos $105M Series B
2022-05-10
$1.3B
General Atlantic, Andreessen Horowitz, Castle Island
Ventures, Fidelity Investments, PayPal Ventures
United States 3.1%
8 Prime Trust $100M Series B
2022-06-22
N/A
Commerce Ventures, Kraken Ventures, Mercato
Partners, Seven Peaks Ventures, University Growth Fund
United States 3.0%
9 0x $70M Series B
2022-04-26
$1.1B
Greylock Partners, Jump Capital, OpenSea, Pantera
Capital, Jared Leto
United States 2.1%
9 Lightning Labs $70M Series B
2022-04-05
$551M
Baillie Gifford & Co., Valor Equity Partners, Vlad Tenev,
Brevan Howard, Goldcrest Capital
United States 2.1%
9 bloXroute Labs $70M Series B
2022-04-12
$382M SoftBank Group United States 2.1%
145. At 62% of 2021’s total, M&A exits are on pace for a record year
145
State of Blockchain | Geographic Trends | US Trends
6
IPO, 3
58
M&A, 36
1
SPAC, 0
2018 2019 2020 2021 2022
YTD
146. US M&A exits fall 36% from last quarter’s record high
146
State of Blockchain | Geographic Trends | US Trends
3
2
1 IPO, 2
8
17
18
22
M&A, 14
1
SPAC, 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
147. US: Top investors by company count in Q2'22
147
State of Blockchain | Geographic Trends | US Trends
Investor Company Count Investor Group Country
1 Andreessen Horowitz 22 VC United States
2 Coinbase Ventures 17 CVC United States
3 Pantera Capital 13 VC United States
4 Dragonfly Capital 10 VC United States
4 Jump Crypto 10 Corp United States
4 Shima Capital 10 VC United States
4 Tiger Global Management 10 Asset/Investment Management United States
8 Hypersphere Ventures 9 VC United States
9 Paradigm 8 VC United States
9 Soma Capital 8 VC United States
150. Early-stage deal share ticks down 2 percentage points in 2022 YTD
150
State of Blockchain | Geographic Trends | Silicon Valley
82% 83%
73% 77% Early-stage, 75%
5%
10%
11%
17%
Mid-stage, 14%
5%
6%
Late-stage, 3%
7% 7% 9% Other, 8%
2018 2019 2020 2021 2022
YTD
151. Silicon Valley: Top equity deals in Q2'22
151
State of Blockchain | Geographic Trends | Silicon Valley
Company Round Amount
Round
Date
Round Valuation Select Investors % of Total Funding
1 FalconX $150M Series D
2022-06-22
$8.0B
B Capital Group, GIC, Tiger Global Management, Adams Street
Partners, Thoma Bravo
16.0%
2 Magic Eden $130M Series B
2022-06-21
$1.6B
Electric Capital, Greylock Partners, Lightspeed Venture Partners,
Sequoia Capital, Paradigm
13.9%
3 Lightning Labs $70M Series B
2022-04-05
$551M
Baillie Gifford & Co., Valor Equity Partners, Vlad Tenev, Brevan
Howard, Goldcrest Capital
7.5%
3 0x $70M Series B
2022-04-26
$1.1B
Greylock Partners, Jump Capital, OpenSea, Pantera Capital, Jared
Leto
7.5%
5 InfStones $66M Series C
2022-06-01
N/A
GGV Capital, SoftBank Group, A&T Capital, INCE Capital, SNZ
Holding
7.0%
154. Early-stage deal share inches up 2 percentage points in 2022 YTD
154
State of Blockchain | Geographic Trends | New York
73% 75%
63% 61% Early-stage, 63%
6%
7%
18%
12%
Mid-stage, 12%
6%
7%
10%
12%
Late-stage, 11%
14% 12%
8%
16% Other, 13%
2018 2019 2020 2021 2022
YTD
155. New York: Top equity deals in Q2'22
155
State of Blockchain | Geographic Trends | New York
Company Round Amount
Round
Date
Round Valuation Select Investors % of Total Funding
1 Chainalysis $170M Series F
2022-05-11
$8.6B GIC 25.1%
2 Talos $105M Series B
2022-05-10
$1.3B
General Atlantic, Andreessen Horowitz, Castle Island Ventures,
Fidelity Investments, PayPal Ventures
15.5%
3 CertiK $60M Series B
2022-04-22
N/A SoftBank Group, Tiger Global Management 8.9%
4 Solidus Labs $45M Series B
2022-05-12
N/A
Liberty City Ventures, Avon Ventures, Evolution Equity Partners,
Declaration Partners, Hanaco Ventures
6.6%
5 BlockApps $41M Series A
2022-04-19
N/A
Liberty City Ventures, Bloccelerate, ConsenSys Mesh, Fitz Gate
Ventures, Arab Angel Fund
6.1%
158. Early-stage deal share continues to dominate in 2022 YTD
158
State of Blockchain | Geographic Trends | Los Angeles
88%
73%
64%
85% Early-stage, 84%
10%
Mid-stage, 11%
9%
Late-stage, 0%
12%
18%
36%
Other, 5%
2018 2019 2020 2021 2022
YTD
159. Los Angeles: Top equity deals in Q2'22
159
State of Blockchain | Geographic Trends | Los Angeles
Company Round Amount
Round
Date
Round Valuation Select Investors % of Total Funding
1 Lightspark $175M Series A
2022-05-12
N/A
Andreessen Horowitz, Paradigm, Coatue Management, Felix Capital,
Matrix Partners
35.6%
2 Genies $150M Series C
2022-04-12
$1.0B Silver Lake, New Enterprise Associates, Bond, Tamarack Global 30.5%
3 Jadu AR $36M Series A
2022-05-17
$184M
Bain Capital Crypto, The Venture Reality Fund, Com2uS, LG
Technology Ventures, Permit Ventures
7.3%
4 Calaxy $26M Series A
2022-06-07
N/A Animoca Brands, HBAR Foundation, Polygon 5.3%
5 TipTop $23M Series A
2022-05-12
N/A
Andreessen Horowitz, Andy McLoughlin, Cyan Banister, Dan Romero,
Gokul Rajaram
4.7%
163. Early-stage deals continues to dominate in 2022 YTD
163
State of Blockchain | Geographic Trends | Asia Trends
81% 82% 79% 80% Early-stage, 83%
10% Mid-stage, 8%
8% 5% 8%
6%
Late-stage, 5%
8% 11% 9% Other, 3%
2018 2019 2020 2021 2022
YTD
164. Asia: Top equity deals in Q2'22
164
State of Blockchain | Geographic Trends | Asia Trends
Company Round Amount
Round
Date
Round Valuation Select Investors Country
% of Total
Funding
1 Sky Mavis $150M Series C
2022-04-06
N/A
Binance, Andreessen Horowitz, Animoca Brands,
Paradigm, Dialectic
Vietnam 11.0%
2 CoinDCX $135M Series D
2022-04-19
$2.2B
Pantera Capital, Steadview Capital, B Capital Group,
Coinbase Ventures, Polychain Capital
India 9.9%
3 Rario $120M Series A
2022-04-21
N/A
Dream Capital, Alpha Wave Global, Animoca Brands,
Kingsway Capital Partners, Presight Capital
Singapore 8.8%
4 Pintu $113M Series B
2022-06-07
N/A
Lightspeed Venture Partners, Intudo Ventures, Pantera
Capital, Northstar Group
Indonesia 8.3%
5 StarkWare $100M Series D
2022-05-24
$8.0B
Coatue Management, Greenoaks Capital Management,
Tiger Global Management
Israel 7.3%
6 Babel Finance $80M Series B
2022-05-25
$2.0B
10T Fund, BAI Capital, Dragonfly Capital, Jeneration
Capital, Circle Ventures
Hong Kong 5.8%
7 Ekta $60M Private Equity
2022-06-17
N/A Global Emerging Markets Indonesia 4.4%
8 ADDX $58M Series A
2022-05-24
N/A
Hamilton Lane Advisors, Krungsri Finnovate, Stock
Exchange of Thailand, UOB
Singapore 4.2%
9 ByteTrade $40M Seed VC
2022-06-02
N/A SIG Asia Investments Singapore 2.9%
10 Iskra $34M Seed VC
2022-04-07
N/A
Krust, Fast Ventures, Kakao Ventures, Liberty Investment,
METABORA
Singapore 2.5%
165. M&A exits already match 2021’s total
165
State of Blockchain | Geographic Trends | Asia Trends
IPO, 0
30
M&A, 30
SPAC, 0
2018 2019 2020 2021 2022
YTD
166. M&A exits reach an all-time high in Q2’22, SPACs and IPOs remain at 0
166
State of Blockchain | Geographic Trends | Asia Trends
IPO, 0
14
5
8
12
M&A, 18
SPAC, 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
167. Asia: Top investors by company count in Q2'22
167
State of Blockchain | Geographic Trends | Asia Trends
Investor Company Count Investor Group Country
1 Animoca Brands 23 Corp Hong Kong
2 Sandeep Nailwal 10 Angel India
3 IOSG 7 VC Hong Kong
3 Spartan Group 7 Asset/Investment Management Singapore
3 WeMade Entertainment 7 Corp South Korea
6 Infinity Ventures Crypto 6 VC Japan
6 Polygon 6 Corp India
8 Cypher Capital 5 VC United Arab Emirates
171. Singapore: Top equity deals in Q2'22
171
State of Blockchain | Geographic Trends | Singapore
Company Round Amount
Round
Date
Round Valuation Select Investors % of Total Funding
1 Rario $120M Series A
2022-04-21
N/A
Dream Capital, Alpha Wave Global, Animoca Brands, Kingsway
Capital Partners, Presight Capital
33.1%
2 ADDX $58M Series A
2022-05-24
N/A
Hamilton Lane Advisors, Krungsri Finnovate, Stock Exchange of
Thailand, UOB
16.0%
3 ByteTrade $40M Seed VC
2022-06-02
N/A SIG Asia Investments 11.0%
4 Iskra $34M Seed VC
2022-04-07
N/A
Krust, Fast Ventures, Kakao Ventures, Liberty Investment,
METABORA
9.4%
5 NodeReal $16M Series A
2022-05-18
N/A Sky9 Capital 4.4%
174. Early-stage deals continue to dominate in 2022 YTD
174
State of Blockchain | Geographic Trends | India
100%
89% 92% 90%
Early-stage, 97%
8% 10%
Mid-stage, 0%
11% Late-stage, 3%
2018 2019 2020 2021 2022
YTD
175. India: Top equity deals in Q2'22
175
State of Blockchain | Geographic Trends | India
Company Round Amount
Round
Date
Round Valuation Select Investors
% of Total
Funding
1 CoinDCX $135M Series D
2022-04-19
$2.2B
Pantera Capital, Steadview Capital, B Capital
Group, Coinbase Ventures, Polychain Capital
74.7%
2 Ethereum Push Notification Service $10M Series A
2022-04-14
$131M
Jump Crypto, Harmony, ParaFi Capital, Sino
Global Capital, Tiger Global Management
5.6%
3 Nakad $7M Seed VC
2022-05-24
N/A Accel, Matrix Partners India 3.9%
4 MoHash $6M Seed VC
2022-06-30
N/A
Quona Capital, Sequoia Capital India, CoinSwitch
Kuber, Coinbase Ventures, Jump Crypto
3.3%
4 FanTiger $6M Seed VC
2022-05-25
N/A
IOSG, Krafton Game Union, Pravega Ventures,
Woodstock Fund, GAMA
3.0%
179. Early-stage deal share continues to lead in 2022 YTD
179
State of Blockchain | Geographic Trends | Europe Trends
74%
78% 80%
86% Early-stage, 85%
5%
Mid-stage, 8%
15%
11% 7%
Late-stage, 6%
9%
6% 9%
5%
Other, 2%
2018 2019 2020 2021 2022
YTD
180. Europe: Top equity deals in Q2'22
180
State of Blockchain | Geographic Trends | Europe Trends
Company Round Amount
Round
Date
Round Valuation Select Investors Country
% of Total
Funding
1 NEAR Protocol $350M Series C
2022-04-06
N/A
Tiger Global Management, Dragonfly Capital, FTX Ventures,
Republic Capital, Hashed
Switzerland 25.4%
2 MSquared $150M Series A
2022-04-07
$1.0B
Andreessen Horowitz, SoftBank Group, CMT Digital, Ethereal
Ventures, Mirana Ventures
United Kingdom 10.9%
3 Elwood Technologies $70M Series A
2022-05-16
$500M
Dawn Capital, Goldman Sachs, BlockFi Ventures, Chimera
Investments, CommerzVentures
United Kingdom 5.1%
4 Kaiko $53M Series B
2022-06-28
N/A
Eight Roads Ventures, Alven Capital, Anthemis, Point Nine
Capital, Underscore.VC
France 3.8%
5 Coinhouse $43M Series B
2022-06-07
N/A
ConsenSys, Corporate Finance Partners, Expon Capital, RAISE
Ventures, True Global Ventures
France 3.1%
6 Upvest $42M Series B
2022-06-16
N/A
Bessemer Venture Partners, ABN AMRO Ventures, Earlybird
Venture Capital, Maximilian Tayenthal, Notion Capital
Germany 3.0%
7 Moralis Web3 Technology $40M Series A
2022-05-11
$215M
EQT Ventures, Coinbase Ventures, Dispersion Capital, Fabric
Ventures
Sweden 2.9%
7 Argent $40M Series B
2022-04-28
N/A
Fabric Ventures, Metaplanet, Index Ventures, Creandum,
Paradigm
United Kingdom 2.9%
9 Zenith Chain $35M Series A
2022-04-09
N/A GEM Digital Lithuania 2.5%
10 Euler $32M Series B
2022-06-07
N/A
Haun Ventures, FTX Ventures, Jump Crypto, Uniswap Labs
Ventures, Variant Fund
United Kingdom 2.3%
181. M&A exits are less than half of 2021’s total in 2022 YTD
181
State of Blockchain | Geographic Trends | Europe Trends
6
IPO, 2
46
M&A, 18
1
SPAC, 0
2018 2019 2020 2021 2022
YTD
182. M&A exits and IPOs fall QoQ, no SPACs for the fifth straight quarter
182
State of Blockchain | Geographic Trends | Europe Trends
1
4
2
IPO, 0
13
11 11 11
M&A, 7
SPAC, 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
183. Europe: Top investors by company count in Q2'22
183
State of Blockchain | Geographic Trends | Europe Trends
Investor Company Count Investor Group Country
1 Kingsway Capital Partners 5 Asset/Investment Management United Kingdom
2 A&T Capital 4 VC Germany
2 BITKRAFT Esports Ventures 4 VC Germany
2 Brevan Howard 4 Asset/Investment Management United Kingdom
2 Kima Ventures 4 Angel France
2 Wintermute Trading 4 Corp United Kingdom
186. Early-stage deal share continues to dominate in 2022 YTD
186
State of Blockchain | Geographic Trends | United Kingdom
76% 74%
84% 85% Early-stage, 83%
10%
6%
Mid-stage, 7%
14%
14% 7%
Late-stage, 9%
10% 7%
Other, 2%
2018 2019 2020 2021 2022
YTD
187. United Kingdom: Top equity deals in Q2'22
187
State of Blockchain | Geographic Trends | United Kingdom
Company Round Amount
Round
Date
Round Valuation Select Investors
% of Total
Funding
1 MSquared $150M Series A
2022-04-07
$1.0B
Andreessen Horowitz, SoftBank Group, CMT Digital, Ethereal Ventures,
Mirana Ventures
40.0%
2 Elwood Technologies $70M Series A
2022-05-16
$500M
Dawn Capital, Goldman Sachs, BlockFi Ventures, Chimera Investments,
CommerzVentures
18.7%
3 Argent $40M Series B
2022-04-28
N/A Fabric Ventures, Metaplanet, Index Ventures, Creandum, Paradigm 10.7%
4 Euler $32M Series B
2022-06-07
N/A
Haun Ventures, FTX Ventures, Jump Crypto, Uniswap Labs Ventures,
Variant Fund
8.5%
5 Circulor $25M Series B
2022-06-28
N/A Westly Group, Volvo Cars Tech Fund, BHP Billiton, Jaguar Land Rover 6.7%
190. Early-stage deal share continues to lead in 2022 YTD
190
State of Blockchain | Geographic Trends | France
67%
62%
86% 86% Early-stage, 83%
11%
7% 10%
Mid-stage, 10%
11%
8%
5% Late-stage, 7%
11%
31%
7%
Other, 0%
2018 2019 2020 2021 2022
YTD
191. France: Top equity deals in Q2'22
191
State of Blockchain | Geographic Trends | France
Company Round Amount
Round
Date
Round Valuation Select Investors % of Total Funding
1 Kaiko $53M Series B
2022-06-28
N/A
Eight Roads Ventures, Alven Capital, Anthemis, Point Nine Capital,
Underscore.VC
24.2%
2 Coinhouse $43M Series B
2022-06-07
N/A
ConsenSys, Corporate Finance Partners, Expon Capital, RAISE Ventures,
True Global Ventures
19.6%
3 Flowdesk $30M Series A
2022-06-24
N/A Aglae Ventures, Coinbase, Eurazeo, Fabric Ventures, ISAI 13.7%
4 Arianee $21M Series A
2022-05-09
N/A Tiger Global Management, Bpifrance, Cygni, ISAI, NOIA Capital 9.6%
5 Dfns $14M Seed VC
2022-04-13
N/A
ABN AMRO Ventures, Coinbase Ventures, Semantic Ventures,
Susquehanna International Group, White Star Capital
6.2%
192. Report Methodology
The State of Blockchain covers private-market dealmaking,
funding, and exits by companies and organizations leveraging
blockchain technology. Categories include crypto, NFTs, DeFi,
and enterprise blockchain. Public and private token sales are
excluded.
You can download the underlying data found in this report here:
https://www.cbinsights.com/reports/CB-Insights_Blockchain-
Report-Q2-2022.xlsx.
If you have questions about the definitions or methodological
principles used, or if you feel that your firm has been
underrepresented, please reach out to info@cbinsights.com.
What is included:
Equity financings into private companies only. Funding rounds
raised by public companies of any kind on any exchange
(including Pink Sheets) are excluded from our numbers, even if
they received investment from a venture firm.
Only includes the investment made in the quarter for tranched
investments. If a company does a second closing of its Series B
round for $5M and previously had closed $2M in a prior quarter,
only the $5M is reflected.
Round numbers reflect what has closed, not what is intended. If
a company indicates the closing of $5M out of a desired raise of
$15M, our numbers reflect only the amount which has closed.
Only verifiable fundings are included. Fundings are verified via
(1) various federal and state regulatory filings; (2) direct
confirmation with firm or investor; (3) press release; or (4)
credible media sources.
Equity fundings to joint ventures and spinoffs/spinouts are
included.
Unicorn data includes private companies valued at $1B or more
in the private markets globally, per the same 4 sources listed
above and relied on for funding events, which include valuations
disclosed in credible media sources. The list is maintained
publicly and updated in real time at
https://www.cbinsights.com/research-unicorn-companies.
Geography notes: Israel funding figures are classified in Asia;
Caribbean region figures included in Latin America, or “LatAm”;
funding to Australia and Africa is included in global figures but
not spotlighted in this report.
Rounds to private companies that may be majority- or minority-
owned subsidiaries of other private companies.
Valuation data includes estimates to calibrate median and
average valuations based on current and previous quarter
disclosed valuations gathered from the aforementioned four
sources. The estimating method will control for the over-
sampling of large rounds that are reported quickly versus a
comparative lag in valuations obtained from other sources.
Valuation data reflects post-money valuations.
Exits include IPO, SPACs, M&A and other liquidity events; only
first exits are counted.
Headquarters are determined by publicly available sources
including company-owned websites and profiles, legal filings,
and press releases.
All figures in the report are in USD.
US financing trends follow the combined statistical area (CSA)
methodology. Silicon Valley refers to the San Jose-San
Francisco-Oakland CSA.
What is excluded:
No contingent funding. If a company receives a commitment for
$20M subject to hitting certain milestones but first gets $8M,
only the $8M is included in our data.
No business development/R&D arrangements, whether
transferable into equity now, later, or never. If a company signs a
$300M R&D partnership with a larger corporation, this is not
equity financing nor is it from venture capital firms. As a result, it
is not included.
No buyouts, consolidations, or recapitalizations. All three of
these transaction types are commonly employed by private
equity firms and are tracked by CB Insights. However, they are
excluded for the purposes of this report.
No private placements. These investments, also known as PIPEs
(Private Investment in Public Equities), are not included even if
made by a venture capital firm.
No debt/loans of any kind (except convertible notes). Venture
debt or any kind of debt/loan issued to emerging, startup
companies, even if included as an additional part of an equity
financing, is not included. If a company receives $3M with $2M
from venture investors and $1M in debt, only the $2M is included
in these statistics.
No non-equity government funding. Grants or loans by the
federal government, state agencies, or public-private
partnerships to emerging, startup companies are not included.
No fundings to subsidiaries of a larger parent corporation unless
that subsidiary is a private entity and meets other criteria for
inclusion.
Accelerators, incubators, business-plan competitions, economic-
development entities are excluded from rankings of most active
investors, even if making equity financings.
Rankings for top investors are calculated according to “company
count,” or the number of unique companies an investor funds in
a quarter, and so excludes follow-on deals.
192
State of Blockchain