Using CB Insights data, we dug into the retail tech and innovation landscape in Q1’23, including:

1. The continued decline in retail tech funding in Q1’23, to its lowest level since Q2’16
2. Early-stage deal strength in retail, and where the money is going
3. A steady quarter for exits, with 9 IPOs and a slight uptick in M&A activity
   
4. The handful of mega-rounds that buoyed food & meal delivery funding
5. The 11% quarter-over-quarter increase in US funding
   

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Using CB Insights data, we highlight some of the key takeaways from our Q1’23 State of CVC Report, including:

1. Global CVC-backed funding reaches a 5-year low, deals fall 44% year-over-year (YoY) from record high.
2. Average deal size falls to $21.1M in 2023 YTD, lowest since 2016.
3. Median early-stage CVC-backed deal size ticks up to record high.
4. $100M+ mega-round funding sees QoQ increase for the first time since Q3’21.
5. The US sees the majority of late-stage CVC-backed deals in Q1’23.

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But hiring for the skills needed to tap into this opportunity can be difficult — 99% of supply chain leaders have said they need more in-house digital talent, according to a McKinsey survey. Microsoft wants to bridge this gap — and, in doing so, place itself at the center of companies’ supply chain operations. 

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Using CB Insights data, we highlight some of the key takeaways from our Q1’23 State of Fintech report, including:

1. Global fintech funding grows 55% QoQ in Q1’23; $6.5B is raised by Stripe alone. 
2. Early-stage deal share reaches 72%, a new high.
3. Unicorn births fall to 1 for the first time since 2016. 
4. Fintech M&A exits rebound, increasing 15% QoQ. 
5. Banking funding and deals hit lowest levels since Q2’17. 

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Deal activity slowed down as well. Q1’23 saw 86 deals, a 36% drop compared to the previous quarter.

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Deal volume was relatively resilient in the quarter, falling just 3% QoQ — from 2,616 deals to 2,532 deals. This still marks the lowest level since Q2’20.

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This marked a fifth consecutive quarter of decline for funding and the fourth straight quarterly drop for deals.

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Deals also dropped by 28% QoQ, falling from 218 to 157. 

Other Q1’23 highlights across the LatAm venture ecosystem include:

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Using CB Insights data, we dug into the latest trends in the world of venture capital, including:

1. Global venture funding continues to slide in Q1’23, despite Stripe’s $6.5B deal
2. Every major region sees a double-digit drop in funding in Q1’23, except for the US
3. The unicorn birth rate is at its lowest level in 6 years, with just 13 unicorns emerging in Q1’23
4. The median deal size for late-stage rounds falls sharply, dipping below the median mid-stage deal size
5. Quarterly IPOs fall by 47%, hitting their lowest level in almost a decade

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This annual funding drop aligned with broader VC funding activity, but AI’s quarterly performance bucked the overall trend in Q4’22. While AI funding increased 15% quarter-over-quarter (QoQ) to reach $9.3B in Q4’22, venture funding as a whole saw a 19% fall over the same period.

Other 2022 highlights across the AI ecosystem include:

• In 2022, the total AI unicorn herd reached 166 with 34 new unicorn births. This is just less than half the number born in 2021. In Q4’22, 5 AI unicorns emerged — quickening the pace QoQ but at a slower rate than in 2021. Additions in Q4’22 included Stability AI, a generative AI company that raised a $101M seed round.
• The number of mega-rounds in 2022 plummeted from 2021’s record high to just 115, a 39% drop. These deals represented $21.8B in funding, down 47% year-over-year (YoY). The top AI round was a $1.5B Series E to defense tech startup Anduril.
• AI exits fell across the board in 2022, with the number of M&A deals, IPOs, and SPACs all tumbling. M&A exits held up best, only falling by 17% YoY to 259 deals. IPOs nosedived by 57% to 19. SPACs plunged by 50% to 8.
• Europe bucked the broader trend for AI investment activity. In 2022, AI deals increased by 6% to 616 — a record level for the region. Funding also held up relatively well, falling by 9% to $6.2B. The UK drove a great deal of this activity, accounting for 48% of Europe’s AI funding and 32% of its deals in 2022.

Download the full State of AI 2022 Report to dig into all these trends and more.

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But as the year progressed, the crypto winter coupled with macroeconomic pressures caused 3 straight quarters of declines in funding and deals.

Below, take a look at a few highlights from our 162-page, data-driven State of Blockchain 2022 Report. For deeper insights and all the private market data, download the full report.

2022 highlights across the blockchain ecosystem include:

• Blockchain venture funding grew 4% year-over-year (YoY) to reach $26.8B in 2022 thanks to a strong H1. ​
• The average deal size to blockchain startups fell 24% YoY to $16.2M in 2022, driven by a sharp drop in $100M+ mega-rounds throughout the year.
• The blockchain unicorn count stalled out at 79 at the end of 2022, with just 2 new unicorns in Q4’22.
• Web3 startups accounted for 56% of blockchain venture funding in 2022, up from 39% last year.
• Blockchain infrastructure & development had a record year for funding ($7.8B) and deals (235) in 2022, signaling investor confidence in blockchain’s future irrespective of cryptocurrency volatility.
• Venture funding to crypto exchanges & wallets fell 48% YoY in 2022, revealing a clear shift in investor sentiment away from centralized exchanges.

Download our 2022 State of Blockchain Report to dive into all these trends and more.

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However, investment activity has continued to slow. Q4’22 funding only reached $1B​ — the lowest quarterly total since Q2’18 — and deals were down 28% QoQ at just 106.

Below, check out a handful of highlights from our 96-page, data-driven State of Insurtech 2022 Report. For deeper insights, all the trends to watch, and a ton of private market data, download the full report.

Other 2022 highlights across insurtech include:

• M&A activity surged to reach a new high amid falling insurtech valuations. European insurtechs led the way, representing 50% of all M&A exits.
• $100M+ mega-rounds — which were a significant driver of 2021 insurtech funding — fell sharply in 2022.
• Average and median deal sizes were down 42% and 31%, respectively, compared to 2021’s totals.
• Early-stage deals made up 65% of all insurtech deals, the highest share since 2018.
• In Q4’22, Europe (28%) reclaimed its second-place spot for regional insurtech deal share from Asia (18%). The US led with 46% of all deals.

Download the full State of Insurtech 2022 Report to dig into all these trends and more.

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The count of deals with CVC participation remained nearly flat YoY, driven in part by a record-high 1,494 CVC deals in Q1’22.

Other 2022 highlights across the global CVC ecosystem include:

• With investors focusing more on smaller deals, early-stage CVC deal share jumped 7 percentage points YoY to 62%, a 5-year high.
• $100M+ mega-round funding with participation from CVCs plummeted YoY, from $108.7B in 2021 to $43.3B in 2022. This drop made up 87% of the total decline across all CVC-backed funding in 2022.

• The US saw a 46% YoY drop in CVC-backed funding, from $94.3B in 2021 to $51.3B in 2022. However, the country remained the global leader in CVC-backed funding.
• Europe saw 903 deals with CVC participation in 2022 — a 5-year high for the continent.
• CVC-backed fintech deal count declined just 2% YoY, the smallest drop among all sectors analyzed.

Download the full State of CVC 2022 Report to dig into all these trends and more.

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US-based companies accounted for 68% of total digital health funding in 2022. The top equity deals for Q4’22 went to US-based DispatchHealth, Komodo Health, and Neumora — all of which raised mega-rounds ($100M+).

Below, check out a handful of highlights from our 149-page, data-driven State of Digital Health 2022 Report. For deeper insights, all the record figures, and a ton of market data, download the full report.

Other 2022 highlights across the the digital health landscape include:

• Digital health funding in the US reached $17.7B in 2022 — down 56% YoY. Deals to US-based startups also dropped 26% from 2021, marking a new 5-year low for digital health deal activity.
• Global exits declined 55% YoY in 2022 to 323. M&A deals declined by 50% YoY to a 5-year low of 305. IPOs dropped 83% while SPACs fell 78% YoY.
• Q4’22 was the first quarter with no unicorn birth since 2018. Still, 2022 had the second-highest number of unicorn births (21) in the past 5 years.

• Mega-round ($100M+) funding plummeted by 75% in 2022, accounting for $8.1B of the total digital health funding. Mega-rounds decreased in each consecutive quarter, with only 3 in Q4’22. 
• Funding to telehealth startups reached $7.5B in 2022, marking a 57% drop YoY. Deals to the space totaled 455, a 5-year low. Q4’22 saw a 30% decline in deals QoQ. 
• Europe-based digital healthcare companies raised $3B in 2022. Despite a decline in annual deals, Q4’22 saw a 16% increase compared to Q3’22. 

Download the full State of Digital Health  2022 Report to dig into all these trends and more.

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Overall, deals fell 8% year-over-year to reached 5,048 in 2022. Africa was the only major region to see deals increase compared to 2021.

Below, check out a handful of highlights from our 178-page, data-driven State of Fintech 2022 Report. For deeper insights, all the record figures, and a ton of private market data, download the full report.

Other 2022 highlights across fintech include:

• $100M+ mega-rounds accounted for $36.5B in funding in 2022, marking a 60% drop from 2021.
• Banking funding declined 63% YoY — the sharpest drop across fintech sectors analyzed — to return to pre-Covid levels.
• US fintech funding fell 50% YoY to $32.8B. Despite the drop, 2022 was the second-highest funding year for US fintechs on record.
• Africa-based fintechs saw a record 227 deals in 2022, a 25% increase YoY.
• Insurtech M&A exits reached a new high, rising 40% in 2022 to 81 deals.
• Fintech unicorn births steadily declined throughout 2022, sinking to a low of 5 new unicorns in Q4’22 — an 87% drop compared to Q4’21.

Download the full State of Fintech 2022 Report to dig into all these trends and more.

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US-based companies accounted for just under half (48%) of all funding and 34% of all deals in 2022. Some of the country’s largest rounds in Q4’22 went to Anduril, Form Energy, and NetSPI.

Other 2022 highlights across the venture ecosystem include:

• US venture funding hit $198.4B in 2022 — down 37% from 2021, but up 31% when compared to 2020. Deals to US-based startups dropped 7% YoY to reach 12,141.
• Global IPO count dropped by 31% in 2022 to 716. M&A deals also took a hit, dropping by 8% to 10,037. SPAC deals saw the largest drop among exits types in 2022, falling by 44% from their peak in 2021 (140) to 78. ​
• Unicorn births steadily declined throughout 2022, sinking to a low of 19 new unicorns in Q4’22 — an 86% drop compared to Q4’21.

• $100M+ mega-rounds collectively accounted for $190.1B in funding in 2022, marking a 49% drop from 2021. The number of global mega-rounds dropped by 42% to 923 in 2022.​
• Digital health funding saw the sharpest YoY drop among sectors analyzed, falling by 57% to hit $25.9B across 2,122 deals in 2022. Digital health was the only sector where both funding and deals in 2022 dropped below 2020 levels.
• Fintech funding also continued to contract. Fintech companies raised $10.7B across 972 deals in Q4’22, marking an 18% drop QoQ and a 16-quarter low.
• Africa-based companies raised $991M in Q4’22 — a 164% jump QoQ. On an annual basis, Africa drew $3.1B in funding in 2022 — a new annual record for the continent.

Download the full State of Venture 2022 Report to dig into all these trends and more.

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In line with this trend, $100M+ mega-rounds accounted for their smallest share of AI funding (40%) since Q2’20.

Below, check out a handful of highlights from our 137-page, data-driven State of AI Q3’22 Report. For deeper insights, all the record figures, and a ton of private market data, download the full report.

Q3’22 highlights across the AI ecosystem include:

• Mega-round funding came in at $3.3B, a 39% drop QoQ.
• Just 1 new AI unicorn was born, reflecting the broader slowdown in tech unicorn birth rate. 
• Total global AI exits saw a 52% QoQ drop, decreasing from 109 to 52 deals in Q3’22. Of the exits, 45 (87%) were M&A deals — the fewest in 6 quarters.
• Insight Partners was the top VC investor for the third quarter in a row, backing 9 AI companies. Intel Capital also participated in 9 AI ventures, making it the most active CVC in Q3’22.  
• Funding to Silicon Valley-based AI companies dropped 59% QoQ to hit $1.8B in Q3’22. 

Download our Q3’22 State of AI Report to learn more about all these trends and more.

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Funding was primarily driven by P&C insurtech startups, which grabbed $1.8B across 89 deals — representing over 75% of all insurtech funding in Q3’22.

Below, check out a handful of highlights from our 82-page, data-driven State of Insurtech Q3’22 Report. For deeper insights, all the record figures, and a ton of private market data, download the full report.

Other Q3’22 highlights across insurtech include:

• Mega-round funding came in at $1.5B, representing over 60% of all insurtech funding.
• For the first time since Q2’18, there were no new insurtech unicorn births.
• In 2022 so far, average and median deal sizes are down 35% and 29%, respectively, compared to FY 2021’s totals​.
• Asia (25%) surpassed Europe (21%) in deal share for the first time since Q4’21.
• After 4 quarters of decline, P&C insurtech saw funding grow 20% QoQ.
• Anthemis was the most active insurtech investor, backing 4 companies in Q3’22. Eos Venture Partners, Greycroft, Lerer Hippeau, and SiriusPoint were tied for second, each with 3 companies backed.

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Below, take a look at a few highlights from our 141-page, data-driven State of Blockchain Q3’22 Report. For deeper insights and all the private market data, download the full report.

Q3’22 highlights across the blockchain ecosystem include:

• Blockchain venture funding fell to $4.6B, the second quarter-over-quarter (QoQ) decline this year.
• While there were only 6 new blockchain unicorns in Q3’22, they still accounted for a quarter of total unicorn births across all industries. Common themes of the new blockchain unicorns include payments (Paystand and Zebec) and Layer-1 blockchains (5ire and Mysten Labs).
• Nearly half of global blockchain deals went to US companies, the leading region for deals for the 8th consecutive quarter.
• Web3 accounted for over half of total blockchain funding for the third straight quarter, at 63%.
• Blockchain infrastructure & development companies saw a record number of deals at 74, increasing for the fourth straight quarter.
• Funding into institutional crypto & custody fell to $0.4B, the lowest since Q4’20.

Download our Q3’22 State of Blockchain Report to dive into all these trends and more.

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Corporate venture arms invested in just 44 $100M+ mega-rounds in Q3’22, down 45% QoQ — the lowest level since Q2’20.

CVCs are increasingly shifting their efforts toward early-stage deals, which are pacing at 61% share of total deals this year — the highest level in a decade if the trend holds through the fourth quarter.

Other Q3’22 highlights across the corporate venture capital market include:

• Coinbase Ventures was the most active CVC in Q3’22, backing 26 companies, while Google Ventures (previously tied in first) slipped to 7th, investing in only 13 companies.
• CVC investment in fintech continued to slide QoQ, with declines in funding (-54%) and deals (-9%).
• CVC-backed funding to India-based startups bottomed out this quarter, falling to $281M after 5 straight $1B+ quarters.
• CVC deals to digital health startups fell 30% QoQ, marking a fourth straight quarter of decline. Funding slipped 18% to $1.4B.
• Attracting 45% of all deals, Asia led CVC deal share for the sixth straight quarter. The US remained at a recent low of 30% share for the second quarter in a row.

Download our Q3’22 State of CVC to learn about all these trends and more.

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