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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Download our scorecard to quickly compare the below vendors. To read the interview transcripts for each solution, reserve your Yardstiq subscription here.

• Outreach
• Salesloft
• Groove
• Gong
• Chorus
• Clari

Other vendors in this space mentioned by buyers include:

• Apollo.io
• InsightSquared
• PersistIQ
• Salesforce

Scorecard produced in partnership with Pavilion — a global community for GTM leaders, CEOs, and their teams.

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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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The post The State of Venture in 5 charts: Funding and deals continue their slide in Q1’23 to pre-pandemic levels appeared first on CB Insights Research.

Download the scorecard to quickly compare the below vendors. To read the interview transcripts for each solution, reserve your Yardstiq subscription here.

• Apollo.io
• Clearbit
• Cognism
• LinkedIn Sales Navigator
• Lusha
• Seamless.AI
• ZoomInfo

Other sales intelligence platforms mentioned by buyers include:

• Outreach
• RevenueBase
• RocketReach
• SalesIntel
• UserGems

Scorecard produced in partnership with Pavilion — a global community for GTM leaders, CEOs, and their teams.

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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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Many of this year’s winners focus on boosting the efficiency of retail operations across channels. To this end, AI is being deployed by winners across categories, to automate everything from inventory forecasting and management to counterfeit tracking. Additionally, platforms that integrate tech stacks — whether in stores or for digital selling — are gaining traction in developed as well as emerging markets. 

Other companies in this year’s winning cohort help retailers create more engaging shopping experiences, via tools like chat commerce, shoppable video, and NFTs. Sustainable shopping solutions for both consumers and retailers make a notable appearance as well.

Using the CB Insights platform, our research team picked these 100 private market vendors from a pool of over 7K companies, including applicants and nominees. 

The list includes early- and mid-stage startups driving innovation across store tech, e-commerce, loyalty & rewards, supply chain & logistics, and digital engagement. They were chosen based on factors including funding, proprietary Mosaic scores, market potential, business relationships, investor profile, news sentiment analysis, competitive landscape, team strength, and tech novelty. The research team also reviewed hundreds of Analyst Briefings submitted by applicants.

Clients can access the entire Retail Tech 100 list and interactive Collection here. (If you don’t have a CB Insights login, create one here.)

Companies are categorized by their primary focus area and client base. Categories in the market map are not mutually exclusive. Please click to enlarge.

Want to be considered for future rankings? Fill out this initial application form (it’ll take no more than a few minutes). If selected, you’ll be asked to complete our Analyst Briefing Survey so that our analysts can better understand your products, customers, and market traction.

RETAIL TECH 100 COHORT HIGHLIGHTS

Overall funding & valuation trends: The cohort has raised nearly $5B across more than 250 equity deals since 2019 (as of 3/2/23). In 2022 alone, companies on the list raised more than $3.1B across 106 deals. This year’s list features 3 unicorns: self-checkout company Mashgin, delivery management platform Veho, and omnichannel operations and loyalty tool Swiftly. 

Funding leaders: Cart.com, which makes end-to-end e-commerce technology, is the most well-funded company on the list, with $323M in total equity funding. Delivery management unicorn Veho comes in second with $299M in funding. New unicorn Swiftly rounds out the top 3 with $216M in total equity funding.

Global reach: This year’s winners come from 20 different countries. Fifty-six of the selected companies (56%) are headquartered in the US. The United Kingdom comes in second with 6 (6%) and China and Australia are tied for third with 5 companies (5%) each. 

Notably, 12 companies on the list (12%) represent emerging market economies. Local companies in these markets are increasingly looking to deploy tech to make fragmented and informal retail processes more efficient and trackable.

Some of the companies in these geographies — like Majoo (Indonesia) and Dot (India) — offer omnichannel retail operations platforms that help retailers digitize operations across in-store and online channels. Other solutions — such as Khazenly (Egypt) — are focused on delivery management.

Top investors: Insight Partners is the top investor in this year’s list. It has invested in 8 of this year’s winners since 2019, including 3D digital content producer and manager nfinite, food traceability solution iFoodDS, and delivery management platform Shipium. Tiger Global is close behind with 7 companies, followed by Accel with 5.

Digital content and engagement rules: The biggest category for this year’s list is digital shopper engagement, which has 16 companies (16%). The companies in this category allow retailers to connect with shoppers across platforms and channels, with a focus on personalization and loyalty. 

For instance, Charles and Postscript both make chat commerce platforms that enable marketing and checkout via text. Meanwhile, Arianee, METAV.RS, and Novel help brands develop NFTs and use Web3 tools to boost loyalty and authenticate their products. 

Automation is driving efficiency: Automation solutions reach across categories on this year’s list as retailers and brands look for tools to make their operations faster and smarter. 

Alloy, for instance, makes a platform to connect e-commerce teams’ apps and automate tasks. Several other companies build supply chain integration platforms that aggregate tools and use AI to optimize decision-making. Meanwhile, Vue.ai, Lily AI, and Pixyle use AI to automate product tagging and broader catalog management online, which can ultimately boost the accuracy of shoppers’ searches and drive more buying. 

Early-stage innovation: More than half of the winners in this year’s cohort are early-stage companies (seed/angel or Series A). These companies are developing innovative solutions to promote more specialized and personalized shopping experiences.

For example, EQL’s e-commerce platform is specialized for “hype commerce,” or limited-time drops for hot products. EON creates digital IDs (or digital twins) to make apparel traceable. And Nibble Technology uses AI and chat commerce to inject negotiation into e-commerce shopping.

What we didn’t find: Despite retailers’ acute challenges in a few areas — namely loss prevention and employee empowerment — our research turned up fewer-than-expected earlier-stage companies solving these problems in new ways. 

However, a few tools still stood out in these areas. For example, Spot’s AI-powered video intelligence system helps retailers track everything from shoplifting to employee issues. Meanwhile, SparkPlug’s platform helps retailers reward employees in a tough labor market through the gamification of tasks.

THE RETAIL TECH 100 CLASS OF 2022: WHERE ARE THEY NOW?

The 2022 Retail Tech 100 winners have accomplished a great deal since March 2022. Together, they have seen:

• Over $2.5B in equity funding across 25+ deals (as of 3/2/23)
• 10 mega-rounds (deals worth $100M+), including a $300M round to cross-border payments company Xendit
• 2 exits: 1 merger and 1 acquisition
• 1 new entrant to the $1B+ unicorn club

If you want to learn more about the Retail Tech 100 Class of 2022, check out the full list of previous winners.

The post Retail Tech 100: The most promising retail tech startups of 2023 appeared first on CB Insights Research.

Clients can download our scorecard to quickly compare the below vendors. To read the interview transcripts for each solution, reserve your Yardstiq subscription here.

• Feedzai
• Forter
• SEON Technologies
• Sift
• Signifyd

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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.

The post State of Blockchain 2022 Report appeared first on CB Insights Research.

Among several shared characteristics, these companies thrive by understanding, building, and strengthening their business moats — the key competitive advantages that set them apart.

Companies can build moats by strengthening their brands, achieving economies of scale, or even lobbying for special status from the government. In return, they can receive customer loyalty, pricing power, and legal protections that make it difficult for other companies to compete with them.

Today, the most durable moats are being built on advantages like network effects, data, and repeat engagement within a product ecosystem.

Google, for example, started its moat by developing a better algorithm for indexing and searching the internet. The company has since strengthened that moat by putting that advantage to work in transportation, shopping, and most importantly, advertising.

In this report, we look into 29 business moat examples and dive into how they work.

Table of contents

• Network Effects
  • Marketplace: The virtuous circle that made Amazon a trillion-dollar business
  • Marketplace: How OpenTable created a monopoly by giving restaurants a ‘single-player mode’
  • Marketplace: How Uber dominated ride-sharing by owning supply and demand
  • Marketplace: How Airbnb‘s massive network of hosts and guests makes it hard to ignore
  • Marketplace: How PayPal built a $100M business by serving both online sellers and buyers
  • Data: How Google used its search expertise to build a wide data moat
  • Platform: The OS that made Apple a trillion-dollar company
  • Platform: How Facebook’s control of the social graph made it hyper-durable
  • Platform: How treating EVs as a two-sided platform helps Tesla maintain a wide moat
• Cost Moats
  • Switching cost: How IBM used the psychology of fear to own back-end technology for decades
  • Switching cost: Why ADP is still America’s biggest payroll services provider
  • Switching cost: How Slack retains users by being an “enterprise social network”
  • Sunk cost: The business model that made Gillette a $57B company
  • Cost advantage: Why no satellite radio provider can undercut SiriusXM
  • Cost advantage: Why GEICO going D2C made it Warren Buffett’s favorite stock
  • Cost advantage: How Amazon Web Services built an impenetrable economy of scale
  • Cost advantage: How Walmart has kept prices low by taking power away from individual stores
• Cultural Moats
  • Brand: How Patagonia grew by understanding its customer identity
  • Brand: Why consistency has been key to Coca-Cola’s success
  • Brand: How Starbucks changed Americans’ relationship with their coffee
  • Tradition: How Marmite became condiment king in the UK
  • Tradition: How Harley-Davidson built a culture that withstood wars, recessions, and negative press
• Resource Moats
  • IP: How Pfizer turned Lipitor into the best-selling drug in the world
  • IP: The universe of characters that made Disney a $300B company
  • IP: How Qualcomm uses 130,000 patents to generate billions in revenue
  • Knowledge: How Intel uses rapid development to maintain dominance in its market
  • Knowledge: How Canon turned its technical expertise into a compounding benefit
  • Regulatory: How the Kingsbury Commitment gave AT&T a 71-year monopoly
  • Regulatory: How years of regulatory and compliance efforts are paying off for Coinbase

The post 29 business moats that helped shape the world’s most massive companies appeared first on CB Insights Research.

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.

The post State of Insurtech 2022 Report appeared first on CB Insights Research.

Below, check out a few highlights from our 21-page, data-driven Tech Valuations 2022 Report. For the complete breakdown of tech valuations and deal terms data, download the full report.

Key takeaways from the tech valuation landscape in 2022 include:

• Global late- and mid-stage median valuations were down significantly in Q4’22, registering year-over-year declines ranging from 24% to 50%.
• Seed and angel tech company valuations showed surprising resilience, coming in at 3% above Q4’21’s levels in Q4’22.
• In the US, 44% of late-stage deals in 2022 (and 50% in Q4’22) were negotiated with seniority or tiered payout structures — rising from the norm set over the previous two years.
• Global late-stage deal volume in 2022 fell 36% year-over-year, retreating to levels seen in 2019 and 2020.

The post Tech Valuations 2022 Report appeared first on CB Insights Research.

• See the best investment opportunities
• Assess potential deals more effectively
• Win the most competitive deals
• Nurture their portfolio companies

Download the presentation below to explore what CB Insights offers and how it can help today’s investors get ahead of their competition.

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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.

The post State of Digital Health 2022 Report appeared first on CB Insights Research.

Download our scorecard to quickly compare the below vendors. To read the interview transcripts for each solution, reserve your Yardstiq subscription here.

• Adyen
• dLocal
• Ebanx
• MFS Africa
• Nium
• Rapyd

Other cross-border payments vendors mentioned by buyers include:

• Airwallex
• Currencycloud
• HomeSend
• Railsr
• Stripe
• Thunes
• Wise

The post Top cross-border payments companies — and why customers chose them appeared first on CB Insights Research.

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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The space is undergoing a digital transformation driven by an explosion in healthcare data and use cases for AI. Incumbents are quickly learning that inexperienced data science teams can cause more harm than good.

In response, big tech companies are building tech to streamline drug discovery, clinical trials, manufacturing & supply chain, and remote patient monitoring & health records.

Some tech giants will likely succeed in healthcare — as partners, competitors, or both — and will play a key role in pharma’s digital transformation. In this report, we analyze the trends driving each big tech company’s pharma strategy, their current initiatives, and what it means for the industry.

Download the report to find out:

• Which pieces of the pharma value chain big tech is attacking
• How big tech’s product strategies differ across drug discovery, clinical trials, manufacturing & supply chain, and patient monitoring & health records
• How big tech companies leverage partnership deals with incumbents to expand their pharma offerings
• Which strengths and capabilities differentiate each tech giant from others in pharma

REPORT HIGHLIGHTS:

• Big tech companies are likely to double down on hardware and software, with the aim of capturing as much patient data as possible. The amount of data generated from these products is significant. Expect big tech companies to utilize their data expertise to discover and commercialize digital biomarkers.
• The number of pharma acquisitions by big tech companies dropped steeply in 2022, after a very active 2021. Deals to pharma startups with big tech participation also slid over the same period. Alphabet led big tech in unique pharma investments in 2022 by a wide margin, followed by Microsoft.
• Big tech companies will continue to offer AI expertise to pharmaceutical companies. Anticipate big tech to begin negotiating contracts with shared upside for drugs discovered as a result of their pharmaceutical partnerships.

The post The Big Tech in Pharma Report: How Amazon, Microsoft, Apple, and Alphabet are capitalizing on digital transformation appeared first on CB Insights Research.

We mined Yardstiq’s interviews with software buyers as well as vendors’ submitted Analyst Briefings and used these proprietary insights to map the cross-border payments landscape and help you quickly build your RFP vendor shortlist.

The Cross-Border Payments RFP Vendor Shortlist features RFP insights on 8 vendors including:

• Adyen
• Stripe
• Rapyd
• Nium
• Thunes
• And 3 others

The post Cross-Border Payments RFP Vendor Shortlist: Which vendors should you invite to your RFPs and vendor evaluations? appeared first on CB Insights Research.

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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