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EMERGING
TECH
RESEARCHEmerg
ingTechInd
icatorDealactivitycontinues
to
decline
asAI
&MLandbiotechnologycapture
the
lion’s
share
of
ETIcapitalQ32023ContentsIntroduction3Institutional
Research
GroupAnalysisKey
takeaways4AliJavaheri
AssociateAnalyst,EmergingTechnologyDealactivity5ali.javaheri@pbinstitutionalresearch@AreasofinvestmentETIdealsegmentspotlightsBiotechnology612131620242831343639DataMatthewNacionalesDataAnalystAI&MLPublishingHealthtech&wellnessFintechReportdesignedby
JoeySchafferPublishedonNovember22,
2023ClimatetechEnterpriseSaaSOthernotableactivityVenture
activitysummaryEmergingtechindicatorinvestorrankingNote:DatafrompriorquartershasbeenrevisedfromthepreviousETIreportto
reflectthelatestfundingdataavailable.Q32023
Emerging
Tech
IndicatorCONFIDENTIAL.
NOT
FOR
REDISTRIBUTION.
PG
2IntroductionCompaniesthat
went
onto
exit
asashareof
all
companiesthaETIfundingorangel,seed,andearly-stageVC
fundingTheEmerging
Tech
Indicator
(ETI)
provides
a
quarterlyreview
of
angel,seed,andearly-stageinvestment
activity
involving
a
limited
subset
of
the
world’s
mostsuccessful
VC
firmsthat
accountfor
roughly
10%
of
total
VC
investment.
Theanalysis
provides
a
uniqueperspectiveinto
the
typesoftechnologies
that
top
investors
view
asthe
mostpromising
while
also
tracking
how
aggressively
theseinvestors
aremakingcapital
allocation
decisions.40%20%110%2016201720182019202020212Companiesthatreceivedangel,seed,andearly-stageVC
fundingthatwentonCompaniesthatreceivedETI
fundingthatwentonto
exitInthethirdquarterof
2023,we
tracked124
angel,seed,andearly-stageVC
dealsthatinvolvedthetop15VC
firms(relative
to
5,230
totalangel,seed,andearly-stageVC
deals).
Thesefirmsaredeterminedeachquarterbasedonthesuccessof
theirinvestmentsovertimeintermsof
exitsandvaluations.1As
showninthechartsontheright,ETI
startupsidentifiedviaourtop-15
methodologySource:PitchBook
•
Geography:Global
•
*As
ofOctober25,2023have
stronglyoutperformedthebroaderVC
industry,exhibitinghigherexitratesandhighervaluations.ThisreportreviewstheproductsandtechnologiesbeingdevelopedbyETI
startups.Companiesthat
achieved
unicornstatus
asashareof
all
compreceivedETIfundingorangel,seed,andearly-stageVC
fundin15%10%3Disclaimer:
Data
fromthe
ETIreportrepresentsa
snapshot
of
venture
activity
at
a
certainpointin
time.Historical
datasets
arecontinuously
beingadjusted
to
incorporate
new
informationaswe
collect
it,
complicating
efforts
to
compare
the
current
ETIdataset
with
previouslypublishedreports.5%00%2016201720182019202020212Companiesthatreceivedangel,seed,andearly-stageVC
fundingthatachievedunicCompaniesthatreceivedETI
fundingthatachievedunicornstatus1:EmergingTechIndicatorrankingmethodology
can
be
foundhere.Source:PitchBook
•
Geography:Global
•
*As
ofOctober25,2023Q32023
Emerging
Tech
IndicatorCONFIDENTIAL.
NOT
FOR
REDISTRIBUTION.
PG
3Key
t
a
keaways•
Dealactivitycontinuesto
decline:
InQ3
2023,ETI
dealactivitydecreasedto
$3.0billionover124
deals,downfrom$3.4
billionacross143dealsinthepriorquarter,continuingabroaddeclinesinceearly2022.ComparedwithQ12022’speak,thisisa73.2%
dropindealcountanda56.3%
dropindealvalue.ETI
dealsconstituted10.7%of
allangel,seed,andearly-stageVC
fundingforthequarter,consistentwithlastquarterandalignedwiththehistorical10.4%average.•
Thenumberoflargedealshasnormalized:
InQ3,onlysixETI
dealswereworthmorethan$100million,whichisadecreasefromtheeightdealsrecordedlastquarterbutstillconsistentwiththehistoricalaverageof
six.However,
thisisstillconsistentwiththehistoricalaverageof
five.AmongthesetopdealswasAIdefenseplatformHelsing’s
SeriesBfundingof
$225.9million.Genesis
Therapeutics
wasclosebehind,raisingaSeriesBroundof
$224.0millioninthebiotechsector,followedby
ROME
Therapeutics
at$149.0
million.•
AI&MLandbiotechcontinueto
dominate:
AI&MLrepresentedthelargestareaof
investment,accountingfor$641.7millionacross16deals.Thiswasfollowedby
biotechnologywith$580.0millionacrosssixdeals,healthtech&wellnesswith$248.4millionacross13deals,fintechwith$237.3
millionacross17
deals,andinfosecwith$153.0millionacrosssixdeals.•
Mediandealsizesremainrelativelyconsistent:
Despitearecentmarketcorrection,medianETIdealsizeshave
shownasteadyincreaseinrecentyearsacrossangel,seed,andearly-stageVC,reflectingVC
industrygrowthandrisingvaluations.InQ3
2023,themediandealsize
forangelandseedwas$5.4million,whilethemedianforearly-stagedealsrecoveredto
approximately$27.8
million,indicatingsomevolatilityinthisdatapoint.Q32023
Emerging
Tech
IndicatorCONFIDENTIAL.
NOT
FOR
REDISTRIBUTION.
PG
4Deal
activ
it
yQ3
2023sawcontinueddeclinesinETI
dealactivity,with$3.0billionacross124
dealscomparedwith$3.4
billionacross143dealsthepreviousquarter.ThisisconsistentwithadecliningtrendinETIdealactivityby
quarterETI
activitysinceitspeakinQ12022,when$11.2
billionwasinvestedacross284deals.
Infact,Q322023ETI
activitybearsmoreresemblanceto
thepre-COVID-19era,asQ42019saw$3.2
billioninvestedacross144
deals.InQ3,we
recordedsixETI
dealsof
$100millionormore,flatwiththehistoricalaverage.17
dealsof
$50millionormorewerecompletedthisquarter,comparedwith26
duringthesameperiodlastyear.
Thetopthreedealsincludeda$225.9millionSeriesBforAIdefenseplatformHelsing
andtwobiotechdeals:a$224.0millionSeriesBforGenesis
Therapeuticsanda$149.0
milliondealforROME
Therapeutics.ETI
dealactivityrepresented10.7%of
totalangel,seed,andearly-stageVC
fundinginthequarter—consistentwithlastquarterandstillnearthe10.4%historical
average.$12$10$8$6InQ3,we
recorded124
ETI
dealsacross25
differenttechnologysegments.Artificialintelligence&machinelearning(AI&ML)representedthelargestareaof
investment,accountingfor$641.7millionacross16deals.Thiswasfollowedby
biotechnologywith$580.0millionacrosssixdeals,healthtech&wellnesswith$248.4millionacross13deals,fintechwith$237.3
millionacross17deals,andinformationsecurity(infosec)with$153.0millionacrosssixdeals.$4$2$0Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4201820192020Dealvalue($B)202120222DealcountSource:PitchBook
•
Geography:Global
•
*As
ofOctober25,2023CONFIDENTIAL.
NOT
FOR
REDISTRIBUTION.
PG
52:
See
ourQ3
2023
PitchBook-NVCA
Venture
Monitor
foranoverviewofactivityacrosstheentireVCmarket.Q32023
Emerging
Tech
IndicatorA
reas
ofinvestmentTrailing
12-month
(TTM)ETIdealvalue($M)
by
segment*InQ3,AI&ML,
biotechnology,andhealthtech&wellnessweretheleadingsegmentsforETI
investment.Onacumulativefour-quarterbasis,thesesegmentscontinueto
dominateETI
capital.$3,000$2,500$2,000$1,500$1,000$500Indicates
verticals
currently
covered
by
our
Emerging
Techno$0Source:PitchBook
•
Geography:Global
•
*As
ofOctober25,2023Q32023
Emerging
Tech
IndicatorCONFIDENTIAL.
NOT
FOR
REDISTRIBUTION.
PG
6AREAS
OF
INVESTMENTQ3
2023
ETIdealvalue($M)
by
segment*$700$600$500$400$300$200$100$0Indicatesverticalscurrentlycoveredby
ourEmergingTechnoSource:PitchBook
•
Geography:Global
•
*As
ofOctober25,2023CONFIDENTIAL.
NOT
FOR
REDISTRIBUTION.
PG
7Q32023
Emerging
Tech
IndicatorAREAS
OF
INVESTMENTQ3
2023
ETIdealcountby
segmentndicatesverticalscurrentlycoveredby
ourEmergingTechno6420Source:PitchBook
•
Geography:Global
•
*As
ofOctober25,2023CONFIDENTIAL.
NOT
FOR
REDISTRIBUTION.
PG
8Q32023
Emerging
Tech
IndicatorAREAS
OF
INVESTMENTTTMETIdealcountby
segment*8070605040302010Indicatesverticalscurrentlycoveredby
ourEmergingTechno0Source:PitchBook
•
Geography:Global
•
*As
ofOctober25,2023CONFIDENTIAL.
NOT
FOR
REDISTRIBUTION.
PG
9Q32023
Emerging
Tech
IndicatorAREAS
OF
INVESTMENTTo
pETIsegmentsby
dealvalue($M)*Top
ETIsegmentsby
dealcount*BiotechHealthtech&wellnessFintechWeb3
&DeFiWeb3
&DeFiWeb3
&DeFiFintechWeb3
&Web3
&DeFiDeFiWeb3
&DeFiWeb3
&DeFiWeb3
&DeFiAI&MLBiotech$1,166.6BiotechBiotechBiotech$768.1Biotech
AI&MLBiotech$1,118.8
$2,286.6
$1,585.0
$4,064.5
$1,645.6
$895.2$549.4Q4$629.0Q2$641.7Q32944Q2412631333115162717Q1Q2Q3Q4Q1Q2Q3Q1Q1Q3Q4Q1Q2Q3Q4Q1202120222023*202120222023*Source:PitchBook
•
Geography:Global
•
*As
ofOctober25,2023Source:PitchBook
•
Geography:Global
•
*As
ofOctober25,2023CONFIDENTIAL.
NOT
FOR
REDISTRIBUTION.
PG
10Q32023
Emerging
Tech
IndicatorAREAS
OF
INVESTMENTHigh-valuedealshave
generallyfluctuatedinrecentquarters,andthisfluctuationcontinuedinQ3
despiteaslightuptickinQ2.Sixdealsover$100millionwererecordedinQ3,adecreasefromeightinthepreviousquarter—andinlinewiththehistoricalaverageof
six.Thenumberof
dealsover$50millionrosefrom16inQ2
to
17
inQ3,abovethehistoricalaverageof
15.Quarterly
ETIdealcountfordealsexceeding
$50million
and$100million50454035302520151050Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q320152016201720182019202020212022Dealsexceeding$50millionDealsexceeding$100millionSource:PitchBook
•
Geography:Global
•
*As
ofOctober25,2023CONFIDENTIAL.
NOT
FOR
REDISTRIBUTION.
PG
11Q32023
Emerging
Tech
IndicatorETI
deal
seg
ment
spotlig
htsBiotechnolog
yBiotechnologyisaconsistentlyhigh-performingsectorintheETI,
andQ3
wasnoexception,withtwoof
thequarter’stopthreedealsfallingwithinthesegment.InQ3,sixbiotechnologydealscaptured$580.0millionof
ETI
capital.Genesis
Therapeutics
closedaSeriesBroundat$224.0millionto
advanceitscomputationalplatform,whichisfocusedonthediscoveryofsmall-moleculedrugs.ROME
Therapeutics,acompanydevelopingnoveltherapiesaimedatcancerandautoimmunediseases,alsocompletedaSeriesBround,butwithadealsize
of
$149.0million.Meanwhile,Inceptive
Nucleics
secured$100.0millioninaSeriesAroundto
supportitsRNAmodelingwork,whichaimsto
pushtheboundariesof
advancedmedicinedevelopment.Allof
thesecompaniesalsoutilize
AI&MLindrugdiscovery,underscoringthegrowingcross-sectoralapplicationsof
AI,includingtheautomationof
numerousaspectsof
thedrugdevelopment
pipeline.BiotechnologyETIdealactivity$4,500$4,000$3,500$3,000$2,500$2,000$1,500$1,000$500$0Q3Q4Q1Q2Q3Q4Q1Q2202120222023*Dealvalue($M)DealcountSource:PitchBook
•
Geography:Global
•
*As
ofOctober25,2023CONFIDENTIAL.
NOT
FOR
REDISTRIBUTION.
PG
13Q32023
Emerging
Tech
IndicatorBIOTECHNOLOGYHighestandaverage
biotechnologyETIpre-moneyvaluationscloseddealsHighestandaverage
biotechnologyETIdealvalues($M)$3,000$2,500$2,000$1,500$1,000$500$2,500$2,000$1,500$1,000$270.0$157.3$$224.0$116.0$500$0$$0Q3Q4Q1Q2Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q4Q1202120222023*202120222023*HighestdealvalueAveragedealvalueHighestpre-moneyvaluationAveragepre-moneyvaluationSource:PitchBook
•
Geography:Global
•
*As
ofOctober25,2023Source:PitchBook
•
Geography:Global
•
*As
ofOctober25,2023CONFIDENTIAL.
NOT
FOR
REDISTRIBUTION.
PG
14Q32023
Emerging
Tech
IndicatorBIOTECHNOLOGYBiotechnologyETIdealsin
Q3
2023*CompanyFocusDeal
typeDeal
value
($M)Post-money
valuationComputationalplatformdesignedforthediscovery
of
small-molecule
drugsGenesis
TherapeuticsROME
TherapeuticsInceptive
NucleicsTisento
TherapeuticsAmberSeriesBSeriesBSeriesASeriesASeed$224.0$149.0$100.0$81.0$26.0N/A$424.0$310.0$500.0$116.0$46.0Novel
therapiesforcancerandautoimmune
diseasesRNAmodelingforadvancedmedicinedevelopmentMitochondrialdiseasetreatmentsNewgeneeditingmodalitiesforpreviously
unreachablediseasesLexStealth
pharmaceuticalsSeedN/ASource:PitchBook
•
Geography:Global
•
*As
ofOctober25,2023Q32023
Emerging
Tech
IndicatorCONFIDENTIAL.
NOT
FOR
REDISTRIBUTION.
PG
15AI
&MLTheAI&MLboomcontinues.InQ3
2023,$641.7millionwasinvestedacross16deals—adeclinefromthepreviousquarter’s$619.4
millionacross27deals.Thiselevatedactivityisundoubtedlyaresultof
impressiveadvancesingenerativeAI,butamajorityof
dealsthisquarterwererelatedtomachinelearningoperationsanddatamanagementratherthancontentcreation.
Helsing
secured$225.9millioninaSeriesBround,valuingthecompanyat$1.9billion,foritsAI-drivendefensedataintegrationplatform,signalingsignificantconfidenceinthedefensesector’sadoptionofAI.Poolside,asoftwaredevelopmentplatformforAIdeployment,raised$126.0millioninaseedround.Modular,whichfocusesonAImodeldevelopmentsoftware,raised$100.0millioninaSeriesBroundwithapost-moneyvaluationof
$600.0million,indicatingstronginvestorinterestintoolsthatdemocratizeAIdevelopment.AI&MLETIdealactivity$900$800$700$600$500$400$300$200$100$0MindsDB
attracted$46.5
millioninaseedroundto
furtheritsturnkeypredictiveanalyticstools,atestamentto
thecriticalneedforaccessibledataanalyticsindecision-making.Duckbill
closeda$33.0millionSeriesAforitsAI-andhuman-assistedmanagementservices,emphasizingthehybridapproachof
combiningAIwithhumanexpertise.Replicate,withitsPython
libraryformachinelearningversioncontrol,garnered$32.5millioninearly-stageventurecapital,highlightingthenichedemandforMLoperationstools.Finally,
Cleanlab’s
focusonAIfordata-qualityimprovementearnedit$25.0millioninaSeriesAroundatavaluationof
$100.0million.Thedealunderlineshowhigh-qualitydataisacornerstoneforeffectiveAIapplications.Q3Q4Q1Q2Q3Q4Q1Q2202120222023*Dealvalue($M)DealcountSource:PitchBook
•
Geography:Global
•
*As
ofOctober25,2023CONFIDENTIAL.
NOT
FOR
REDISTRIBUTION.
PG
16Q32023
Emerging
Tech
IndicatorAI
&
MLHighestandaverage
AI&MLETIpre-moneyvaluations
($M)
fcloseddealsHighestandaverage
AI&MLETIdealvalues($M)$350$300$250$200$150$100$50$1,800$1,600$1,400$1,200$1,000$800$600$400$200$225.9$140.0$45.8Q3$24.8Q2$0$0Q3Q4Q1Q2Q3Q4Q1Q3Q4Q1Q2Q3Q4Q1202120222023*202120222023*HighestdealvalueAveragedealvalueHighestpre-moneyvaluationAveragepre-moneyvaluationSource:PitchBook
•
Geography:Global
•
*As
ofOctober25,2023Source:PitchBook
•
Geography:Global
•
*As
ofOctober25,2023CONFIDENTIAL.
NOT
FOR
REDISTRIBUTION.
PG
17Q32023
Emerging
Tech
IndicatorAI
&
MLAI&MLETIdealsin
Q3
2023*CompanyFocusDeal
typeDeal
value
($M)Post-money
valuationAI-driven
defensedataintegrationplatformHelsingSeriesBSeed$225.9$126.0$100.0$46.5$33.0$32.5$25.0$16.5$13.1$1,847.0N/APoolsideAI
platformreinventing
softwarecreationAI
modeldevelopmentsoftwareModularSeriesBSeed$600.0$161.5N/AMindsDBDuckbillTurnkey
predictiveanalyticstoolsAI-
andhuman-assistedmanagementservicesSeriesAEarly-stageVCSeriesASeedReplicateCleanlabPythonlibraryforMLversion
controlAI
fordata-qualityimprovementAI
tools
forcreative
enhancementN/A$100.0N/AIdeogramTuMeke
ErgonomicsModyfiComputervisionforinjuryriskassessment
SeriesAAI-powered
collaborative
imageediting
Seed$43.1$7.0N/ASource:PitchBook
•
Geography:Global
•
*As
ofOctober25,2023Q32023
Emerging
Tech
IndicatorCONFIDENTIAL.
NOT
FOR
REDISTRIBUTION.
PG
18AI
&
MLAI&MLETIdealsin
Q3
2023
(continued)*CompanyFocusDeal
typeDeal
value
($M)Post-money
valuationModelcodeVeraAI
softwareforefficientengineeringSeed$5.0$3.3$3.0N/AN/A$15.5Privacy-focusedAI
governance
platformSeed$11.3AI
appdevelopmentandmonitoringplatformPortkeySeedN/AAI-basedproductivityautomationplatformknodeEarly-stageVCSeriesAN/AFoundry
TechnologiesAI-softwarerentalservers$350.0Source:PitchBook
•
Geography:Global
•
*As
ofOctober25,2023Q32023
Emerging
Tech
IndicatorCONFIDENTIAL.
NOT
FOR
REDISTRIBUTION.
PG
19Healthtech
&wellnessThehealthtech&wellnessindustryexperiencedanuptickindealactivitythisquarterwith$248.4millionacross13deals.Whilethisismuchhigherthanlastquarter,itisstillhistoricallylowrelativeto
thepasttwoyears.Thyme
Care
ledthequarterwitha$60.0millionSeriesBinvestmentforitspersonalizedoncology-care-managementplatform,demonstratingthevalueplacedontailoredpatientcareforcomplexdiseases.Sunriseraised$42.0millioninanearly-stageVC
roundforitsweightmanagementmedicalconsultationservices,indicatingthemarket’sresponseto
therisingdemandforpersonalizedhealthandwellnesssolutions.Healthtech&wellnessETIdealactivity$900$800$700$600$500$400$300$200$100$0Ronovo
Surgical,whichdevelopsdigitalsurgerysystemsdesignedforminimallyinvasivesurgery,secured$27.7
millioninearly-stageVC
funding.Thedealunderscoresthetechnologicaladvancementsinsurgicalprocedures.Highlightingtheindustry’sattentionto
women’shealthissues,Midi
obtained$25.0millioninaSeriesAroundto
developitshealthcareplatformdedicatedto
femalemidlifehealth.Lastly,
Cartwheel
raised$20.0millioninSeriesAfundingforitsschool-basedmentalhealthsupportservices,reflectingtheincreasingrecognitionof
theimportanceof
mentalhealth,particularlywithineducationalsettings.Thisrangeof
productfocuses—oncology,weightmanagement,surgicalinnovation,women’shealth,andmentalhealthsupport—illustratestheextensivescopeof
thehealthtech&wellnesssector.Itshowcasesacommitmentto
addressingawidearrayof
healthconcernsthroughspecialized,tech-enabledplatformsandservices.Q3Q4Q1Q2Q3Q4Q1Q2202120222023*Dealvalue($M)DealcountSource:PitchBook
•
Geography:Global
•
*As
ofOctober25,2023CONFIDENTIAL.
NOT
FOR
REDISTRIBUTION.
PG
20Q32023
Emerging
Tech
IndicatorHEALTHTECH
&
WELLNESSHighestandaverage
healthtech&wellnessETIpre-moneyvalforcloseddealsHighestandaverage
healthtech&wellnessETIdealvalues($M)$250$1,400$1,200$1,000$800$600$400$200$0$200$150$100$60.0$19.1Q3$25.0$10.9$50$0Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1202120222023*202120222023*HighestdealvalueAveragedealvalueHighestpre-moneyvaluationAveragepre-moneyvaluationSource:PitchBook
•
Geography:Global
•
*As
ofOctober25,2023Source:PitchBook
•
Geography:Global
•
*As
ofOctober25,2023CONFIDENTIAL.
NOT
FOR
REDISTRIBUTION.
PG
21Q32023
Emerging
Tech
IndicatorHEALTHTECH
&
WELLNESSHealthtech&wellnessETIdealsin
Q3
2023*CompanyFocusDeal
typeDeal
value
($M)Post-money
valuationPersonaloncology-care-managementplatformThyme
CareSunriseSeriesB$60.0$42.0$27.7$25.0$20.0$17.0$14.0$13.0$9.0$180.0N/AWeight
managementmedicalconsultation
servicesEarly-stageVCEarly-stageVCSeriesADigitalsurgerysystemsforminimallyinvasive
surgeryRonovo
SurgicalMidiN/AHealthcareplatformfocusedonfemalemidlife
health$75.0$60.0$80.0$58.0$65.0$25.0School-basedmentalhealthsupportservicesCartwheelBoldSeriesADigitalfitnessplatformforwellnessSeriesAEvvyAt-home
femalehealthmicrobiometestSeriesAOnlinementalhealthservicesfocusedontheyouth
marketDaybreak
HealthMedeloopMural
HealthSeriesBIntegratedhealthcaredataanalysis
platformSeedClinical
trialstechnologyforglobalstudies
Seed$8.0N/ASource:PitchBook
•
Geography:Global
•
*As
ofOctober25,2023Q32023
Emerging
Tech
IndicatorCONFIDENTIAL.
NOT
FOR
REDISTRIBUTION.
PG
22HEALTHTECH
&
WELLNESSHealthtech&wellnessETIdealsin
Q3
2023
(continued)*CompanyFocusDeal
typeDeal
value
($M)Post-money
valuatioFoldHealthFortuna
HealthClinikallyVirtualdigitalhealthintegrationplatformEarly-stageVCSeed$6.0$4.1$2.6N/AMedicaidmanagementplatformforseamlesseligibility,enrollment,andrecertification$22.1Telemedicine
platformfordermatologycareEarly-stageVCN/ASource:PitchBook
•
Geography:Global
•
*As
ofOctober25,2023Q32023
Emerging
Tech
IndicatorCONFIDENTIAL.
NOT
FOR
REDISTRIBUTION.
PG
23FintechFintechdealactivityhasbeentrendingupwardforthepastthreequarters,withthisquarterseeing$237.3
millioninvestedacross17
deals.Manyof
thedealsthisquartercamefromthewealthmanagement,financialmodeling,payments,andbankingcategories.
Karat
Financial
raisedasubstantial$70.0millionSeriesBroundforitsdigitalcreditcardstailoredto
theuniqueneedsofonlinecreators,signifyingthegrowingnicheof
financialproductsforthegigandcreatoreconomy.FintechETIdealactivity$1,400$1,200$1,000$800$600$400$200$0Swan
secured$40.0millioninSeriesBfundingforitsembeddedfinanceplatformthatprovidesbankingservices.Thefundingreflectsatrendtoward
seamlessintegrationof
financialserviceswithinotherbusinessecosystems.Farther
garnered$31.0millioninSeriesBinvestmentforitsdigitalwealthmanagementservicestargetedattheultra-wealthy,indicatingthehighdemandforcustomizedfinancialadvisoryservices.Moment
captured$17.0
millioninaSeriesAroundforitsfixed-incomeinvestmentplatform,highlightingthetechnologicalinnovationininvestmentmanagement.Finally,
Carefull
raised$16.5
millioninaSeriesAroundforitsfinancialmanagementtooldesignedto
assistpeoplewithmanagingthefinancesof
agingrelatives.Thedealunderscorestheimportanceof
techsolutionsfordemographic-specificfinancialchallenges.Theseinvestmentsshowthedynamicrangeof
fintechinnovation:frompersonalizedfinancialinstrumentsforindividualcreatorsandinvestors,to
sophisticatedplatformscateringto
theaffluent,to
solutionsaddressingfamily-basedfinancialcare.Q3Q4Q1Q2Q3Q4Q1Q2202120222023*Dealvalue($M)DealcountSource:PitchBook
•
Geography:Global
•
*As
ofOctober25,2023CONFIDENTIAL.
NOT
FOR
REDISTRIBUTION.
PG
24Q32023
Emerging
Tech
IndicatorFINTECHHighestandaverage
fintechETIpre-moneyvaluations
($M)
focloseddealsHighestandaverage
fintechETIdealvalues($M)$250$1,600$1,400$1,200$1,000$800$600$400$200$0$200$150$100$50$70.0$60.0$18.3Q3$15.8Q2$0Q3Q4Q1Q2Q3Q4Q1Q3Q4Q1Q2Q3Q4Q1202120222023*202120222023*HighestdealvalueAveragedealvalueHighestpre-moneyvaluationAveragepre-moneyvaluationSource:PitchBook
•
Geography:Global
•
*As
ofOctober25,2023Source:PitchBook
•
Geography:Global
•
*As
ofOctober25,2023CONFIDENTIAL.
NOT
FOR
REDISTRIBUTION.
PG
25Q32023
Emerging
Tech
IndicatorFINTECHFintechETIdealsin
Q3
2023*CompanyFocusDeal
typeDeal
value
($M)Post-money
valuationKarat
FinancialSwanDigitalcredit
cardsforonline
creatorsSeriesBSeriesBSeriesBSeriesASeriesASeriesASeed$70.0$40.0$31.0$17.0$16.5$15.7$13.2$11.0$8.0N/AEmbeddedfinanceplatformforbankingservicesN/ADigitalwealth
managementservicesfortheultra-wealthyFarther$131.0N/AMomentCarefullFixed-income
investmentplatformFinancial
managementtool
to
helpagingfamilymembersN/AApronInvoice-reconciliation
paymentsplatformCross-border
paymentplatformN/AFelix$20.5$31.0N/AAutomated
chargebackmanagementfor
e-commerceChargeflowMazaSeedDigitalbankaimedat
immigrantswithoutsocial
securitynumbersSeedFinancial
platformfortradingtransportation-derivedassetsExponential
ExchangeSeries1$7.4$24.0Source:PitchBook
•
Geography:Global
•
*As
ofOctober25,2023Q32023
Emerging
Tech
IndicatorCONFIDENTIAL.
NOT
FOR
REDISTRIBUTION.
PG
26FINTECHFintechETIdealsin
Q3
2023
(continued)*CompanyFocusDeal
typeDeal
value
($M)Post-money
valuationMarketplace
forloan,credit
card,andremittanceoffersCrediversoCumbucaEarly-stageVCSeed$3.5$3.0$1.1N/AN/AN/AN/AN/AN/AShared-expensedigitalplatformAI-driven
financial
forecastingplatformAutomated
billing
andpaymentplatformFinancial
advice
marketplaceKintsugiSeedFuroEarly-stageVCEarly-stageVCSeedN/AN/AN/AN/AChip
ProfessionalAaritya
TechnologiesBeepPersonalized
tradingplatformPaymentplatformforsmartvending
machinesSeedN/ASource:PitchBook
•
Geography:Global
•
*As
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