CBInsights Global Fintech Q1 2017 Report

22 FINTECH UNICORNS GLOBALLY VALUED AT $77B: Q1’17 saw the second most highly valued fintech unicorn in the US, SoFi, raise $500M at a $4.5B valuation. China Rapid Finance, valued at $1B, filed for IPO on the last day of Q1’17
About Techcelerate Ventures

Tech Investment and Growth Advisory for Series A in the UK, operating in £150k to £5m investment market, working with #SaaS #FinTech #HealthTech #MarketPlaces and #PropTech companies.
VC back FINTECH FINTECH back FINTECH company deal www cbinsights FINTECH deal
About Techcelerate Ventures

Tech Investment and Growth Advisory for Series A in the UK, operating in £150k to £5m investment market, working with #SaaS #FinTech #HealthTech #MarketPlaces and #PropTech companies.
VC back FINTECH FINTECH back FINTECH company deal www cbinsights FINTECH deal
<p>THE GLOBAL FINTECH REPORT: Q1'17
A comprehensive, data-driven look at global financial technology 
investment trends, top deals, active investors, and corporate activity.
The technology market 
intelligence platform.
CB Insights software lets you predict, discuss, and 
communicate emerging technology trends using data 
in ways that are beyond human cognition.
www.cbinsights.com
2
www.cbinsights.com
3
See what other customers have to say at http://www.cbinsights.com/customer-love
A FEW OF OUR HAPPY CUSTOMERS
The most publicly reference-able customers of anyone in the industry
Pat Grady
Sequoia Capital, Partner 
"Think of the fundamental value chain of venture 
capital  If we play the clock forward, the finding 
and assessing of investments will be almost entirely 
done by technology, not human beings. And the 
company that is today positioned to be the market 
leader in that evolution is CB Insights."
www.cbinsights.com
4
From the NY Times to Bloomberg, CB Insights data is used by hundreds of 
leading media outlets every week
"ACCORDING TO CB INSIGHTS"
CB INSIGHTS NEWS MENTIONS PER YEAR 
62
9
16
211
490
1200
2200
2010
2011
2012
2013
2014
2015
2016
5
www.cbinsights.com
JUNE 26-28 | NEW YORK CITY, NY
Join CB Insights for an exclusive gathering of the world's 
largest financial institutions, most highly-valued fintech 
startups, and top venture investors.
www.cbinsights.com
6
TABLE OF CONTENTS
# SECTION
7 Summary
9 Global Trends
27 North America
39 Europe
51 Asia
WHAT THIS REPORT COVERS
www.cbinsights.com
7
While fintech covers a diverse array of companies, business models, and technologies, companies generally fall into several key verticals, including: 
Lending tech: Lending companies on the list include primarily peer-to-peer lending platforms as well as underwriter and lending platforms using machine 
learning technologies and algorithms to assess creditworthiness. 
Payments/billing tech: Payments and billing tech companies span from solutions to facilitate payments processing to payment card developers to 
subscription billing software tools. 
Personal finance/wealth management: Tech companies that help individuals manage their personal bills, accounts and/or credit, as well as manage their 
personal assets and investments. 
Money transfer/remittance: Money transfer companies include primarily peer-to-peer platforms to transfer money between individuals across countries. 
Blockchain/bitcoin: Companies here span key software or technology firms in the distributed ledger space, ranging from bitcoin wallets to security 
providers to sidechains. 
Institutional/capital markets tech: Companies either providing tools to financial institutions such as banks, hedge funds, mutual funds, or other institutional 
investors. These range from alternative trading systems to financial modeling and analysis software. 
Equity crowdfunding: Platforms that allow a collection of individuals to provide monetary contributions for projects or companies provisioned in the form 
of equity. 
Insurance tech: Companies creating new underwriting, claims, distribution and brokerage platforms, enhanced customer experience offerings, and 
software-as-a-service to help insurers deal with legacy IT issues. 
SUMMARY OF FINDINGS
www.cbinsights.com
8
VC-BACKED FINTECH COMPANIES RAISE $2.7B ACROSS 226 DEALS IN 
Q1'17: Investment dollars to VC-backed fintech companies in 
2017 is on pace to drop 18% from 2016, at the current run rate. 
Global fintech deal activity could surpass 2016's all-time high if 
the rest of the year sustains Q1'17's deal pace.
22 FINTECH UNICORNS GLOBALLY VALUED AT $77B: Q1'17 saw the 
second most highly valued fintech unicorn in the US, SoFi, raise 
$500M at a $4.5B valuation. China Rapid Finance, valued at $1B, filed 
for IPO on the last day of Q1'17.
FINTECH MEGA-ROUNDS RISE SLIGHTLY IN Q1'17: There were seven 
$50M+ financings to VC-backed fintech companies in Q1'17, 
compared to 14 in the same quarter last year.
EUROPE ENDS MEGA-ROUND DROUGHT: In 2016, no European VC-
backed fintech company raised a financing round of $50M+. In the 
first quarter of 2017, two companies, Atom and Funding Circle, raised 
$100M+ each.
EUROPE FINTECH INVESTMENT SPIKES IN Q1'17: Europe saw a 
burst of fintech investment in the first three months of 2017, 
putting total funding dollars on pace to surpass $2.6B at the 
current run rate. Europe fintech deal activity is on pace to top 
2016's total by 57% if the current pace persists.
VC FUNDING TO EARLY-STAGE EUROPEAN FINTECHS GROWS 261%: 
European VC-backed early-stage fintech companies raised 
$195M across 50 deals in Q1 2017, a 72% quarterly deal jump. 
The surge in early-stage fintech funding was led by $10M+ 
rounds to companies including solarisBank, ottonova, 
ShapeShift, and Advanon.
US FINTECH IS ON PACE TO SEE DEALS, DOLLARS DROP IN 2017: If 
the pace of investment in Q1'17 continues, funding to VC-backed 
fintech funding would drop 20% from 2016's dollar total. US 
fintech deal activity is on pace to fall below 2013 levels at the 
current run rate.
Note: Report focuses on all equity rounds to VC-backed fintech companies. This 
report does not cover companies funded solely by angels, private equity firms or 
any debt, secondary or line of credit transactions. All data is sourced from CB 
Insights. Page 62 details the rules and definitions we use. 
In Q1 2017, global VC-backed fintech startups 
raised
$2.7 BILLION
across
226 DEALS
www.cbinsights.com
9
VC-BACKED FINTECH 
FUNDING ON PACE TO 
DROP FROM 2016 TOTAL
Investment dollars to VC-
backed fintech 
companies in 2017 is on 
pace to drop 18% from 
2016, at the current run 
rate. 
Global fintech deal 
activity could surpass 
2016's high if the rest of 
the year sustains Q1'17's 
deal pace.
www.cbinsights.com
10
$2.5 
$3.1 
$7.9 
$14.7 
$13.1 
$2.7 
450
573
740
878
889
226
0
100
200
300
400
500
600
700
800
900
1000
 $-
 $2.0
 $4.0
 $6.0
 $8.0
 $10.0
 $12.0
 $14.0
 $16.0
2012
2013
2014
2015
2016
2017
ANNUAL GLOBAL FINANCING TREND TO VC-BACKED 
FINTECH COMPANIES
2012 - 2017 YTD (Q1'17)
Amount ($B)
Deals
GLOBAL VC-BACKED 
FINTECH DOLLARS RISE  
IN Q1'17 AFTER 3-
QUARTER DECLINE
Funding to global VC-
backed fintech 
companies rose 33% on 
a quarterly basis, but was 
down 47% compared to 
the same quarter last 
year.
Global fintech deal 
activity rose 12% from 
Q4'16 to top 225 deals 
over the three-month 
period.
www.cbinsights.com
11
$669 $582 $728 $560 $593 $610 $898 $1,015 $1,631 $1,734 $1,379 $3,113 $2,444 $5,240 $5,062 $1,974 $4,898 $3,707 $2,506 $2,037 $2,705 106
112
102
130
119
130
163 161 163
178
190
209 204
236
228
210
256
233
198 202
226
0
50
100
150
200
250
300
 $-
 $1,000
 $2,000
 $3,000
 $4,000
 $5,000
 $6,000
QUARTERLY GLOBAL FINANCING TRENDS TO VC-BACKED 
FINTECH COMPANIES
Q1'12 - Q1'17
Amount ($M)
Deals
FINTECH SERIES A DEAL 
SHARE MATCHES FIVE-
QUARTER LOW
Global fintech Series A 
deal share fell from 25% 
in Q4'16 to 20% in Q1'17.
Seed deal share 
rebounded from Q4'16's 
low to hit 34% in Q1'17.
www.cbinsights.com
12
45%
33%
34%
31%
34%
20%
24%
23%
25%
20%
14%
13%
14%
13%
15%
6%
11%
8%
6%
7%
4%
3%
4%
6%
3%
2%
1%
1%
3%
11%
15%
16%
18%
18%
Q1'16
Q2'16
Q3'16
Q4'16
Q1'17
QUARTERLY GLOBAL FINTECH DEAL SHARE BY STAGE
Q1'16 - Q1'17
Seed / Angel
Series A Series B Series C Series D Series E+ Other
EARLY-STAGE FINTECH 
DEALS AND DOLLARS 
GROW IN Q1'17
After global early-stage 
fintech funding fell to a 7-
quarter low in Q4'16, 
seed and Series A 
investment rebounded 
slightly in Q1'17 to hit 
$431M.
Early-stage fintech deals 
rose 5% on a quarterly 
basis.
www.cbinsights.com
13
$156 $184 $163 $146 $204 $177 $280 $340 $529 $579 $358 $518 $380 $542 $434 $438 $544 $606 $487 $409 $431 65
69 68
82 79
86
108 111 105
118 120
131
121
139 136
128
164
133
113 113
122
0
20
40
60
80
100
120
140
160
180
 $-
 $100
 $200
 $300
 $400
 $500
 $600
 $700
QUARTERLY GLOBAL EARLY-STAGE FINANCING TRENDS 
TO VC-BACKED FINTECH COMPANIES
Seed - Series A, Q1'12 - Q1'17
Amount ($M)
Deals
MEDIAN EARLY-STAGE 
FINTECH DEAL SIZE FALLS 
IN Q1'17
Median early-stage (Seed 
 Series A) deal size 
among VC-backed 
fintech companies in 
Q1'17 fell after rising to 
$2.7M in Q4'16. Median 
early-stage deal size in 
Q1'17 did however top 
the $2.2M median in the 
same quarter last year.
www.cbinsights.com
14
$2.2 
$2.5 
$2.6 
$2.7 
$2.5 
Q1'16
Q2'16
Q3'16
Q4'16
Q1'17
GLOBAL EARLY-STAGE FINTECH DEAL SIZE
Q1'16 - Q1'17
Median Early-Stage Deal Size ($M)
GLOBAL MEDIAN LATE-
STAGE DEAL SIZE SEES 
LITTLE MOVEMENT IN 
Q1'17
The median late-stage 
fintech deal size in Q1'17 
stood at $20.5M, just 
slightly higher than 
Q4'16's median.
www.cbinsights.com
15
$20.0 
$30.0 
$23.0 
$20.3 
$20.5 
Q1'16
Q2'16
Q3'16
Q4'16
Q1'17
GLOBAL LATE-STAGE FINTECH DEAL SIZE
Q1'16 - Q1'17
Median Late-Stage Deal Size ($M)
EUROPE SEES FINTECH 
DEAL SPIKE IN Q1'17
Europe saw deal activity 
to VC-backed fintech 
companies rise a notable 
74% on a quarterly basis 
in Q1'17.
North America saw deals 
to VC-backed fintech 
startups drop 12% 
compared to Q4'16 and 
33% from the same 
quarter last year.
www.cbinsights.com
16
146
115
107
111
98
49
53
42
38
42
53
52
39
42
73
Q1'16
Q2'16
Q3'16
Q4'16
Q1'17
FINTECH DEAL COUNT BY CONTINENT
Q1'16 - Q1'17
North America
Asia
Europe
EUROPE FINTECH 
FUNDING RISES TO 5-
QUARTER HIGH
Amid upcoming EU 
legislation that could 
open the door for fintech 
companies to challenge 
incumbent banks, Europe 
saw funding to VC-
backed fintech 
companies jump 222% 
on a quarterly basis.
After a dip in Q4'16, Asia 
VC-backed fintech 
funding rose 89% in 
Q1'17.
www.cbinsights.com
17
$1.8 
$1.7 
$1.0 
$1.3 
$1.2 
$2.7 
$1.6 
$1.3 
$0.4 
$0.8 
$0.3 
$0.4 
$0.2 
$0.2 
$0.7 
Q1'16
Q2'16
Q3'16
Q4'16
Q1'17
FINTECH INVESTMENT ($B) BY CONTINENT
Q1'16 - Q1'17
North America
Asia
Europe
500 STARTUPS AND NEA
ARE MOST ACTIVE 
GLOBAL FINTECH 
INVESTORS
500 Startups, New 
Enterprise Associates, 
and Index Ventures were 
the most active VCs in 
global fintech companies 
over the last five 
quarters. Ribbit Capital, 
the financial services-
focused venture firm, 
ranked fourth over the 
period.
www.cbinsights.com
18
MOST ACTIVE VC INVESTORS IN GLOBAL FINTECH 
COMPANIES
Q1'16  Q1'17
Rank
Investor
Rank
Investor
1
500 Startups
12
Bessemer Venture Partners
2
New Enterprise Associates
12
GV
3
Index Ventures
12
Nyca Partners
4
Ribbit Capital
12
Andreessen Horowitz
5
Union Square Ventures
12
Thrive Capital
5
Khosla Ventures
17
Santander InnoVentures
7
QED Investors
17
Valar Ventures
7
Bain Capital Ventures
17
Anthemis Group
7
General Catalyst
17
Founders Fund
7
SBI Investment
17
Spark Capital
11
SpeedInvest
CORPORATES 
PARTICIPATE IN 1 OF 
EVERY 3 FINTECH DEALS 
IN Q1'17
As more financial 
services incumbents 
continue to launch 
venture arms, strategic 
participation in 1/3rd of 
all global VC-backed 
fintech deals in Q1'17 vs. 
22% in the same quarter 
last year.
www.cbinsights.com
19
22%
30%
29%
30%
33%
78%
70%
71%
70%
67%
Q1'16
Q2'16
Q3'16
Q4'16
Q1'17
CVC PARTICIPATION IN GLOBAL DEALS TO VC-BACKED 
FINTECH COMPANIES
Q1'16 - Q1'17
Corp / CVC Participation
Other Investors
EUROPE ENDS FINTECH 
MEGA-ROUND DROUGHT
After seeing no $50M+ 
financings to VC-backed 
fintech companies in 
2016, Europe saw two 
fintech companies notch 
$100M+ deals in Q1'17.
www.cbinsights.com
20
9
7
5
3
2
4
4
4
2
3
0
0
0
0
2
1
0
0
1
0
Q1'16
Q2'16
Q3'16
Q4'16
Q1'17
$50M+ FINANCINGS TO VC-BACKED FINTECH 
COMPANIES
North America, Asia, Europe, South America, Q1'16 - Q1'17
North America
Asia
Europe
South America
22 FINTECH UNICORNS 
GLOBALLY VALUED AT 
$77B IN AGGREGATE
In Q1'17, SoFi raised 
$500M at a $4.5B 
valuation, while China 
Rapid Finance filed for a 
$100M IPO in the US.
China is also home to the 
financial affiliates of 
Alibaba and JD.com, last 
valued at $60B and 
$7.3B, respectively.
www.cbinsights.com
21
$18.5
$9.2
$8.0
$5.9
$4.5
$3.6 $3.5
$2.7 $2.4 $2.3 $2.3 $2.0 $1.9 $1.8 $1.6
$1.1 $1.0 $1.0 $1.0 $1.0 $1.0 $1.0
GLOBAL VENTURE-BACKED FINTECH UNICORNS BY 
VALUATION
$ Billion
Asia
North America
Europe
DEALS TO VC-BACKED 
INSURANCE TECH 
STARTUPS DROP IN Q1'17
Funding to venture 
capital-backed insurance 
tech companies fell 25% 
on a quarterly basis in 
Q1'17, while deal activity 
dropped 30%.
www.cbinsights.com
22
$770 
$387 
$220 
$257 
$194 
38
22
24
33
23
0
5
10
15
20
25
30
35
40
 $-
 $100
 $200
 $300
 $400
 $500
 $600
 $700
 $800
 $900
Q1'16
Q2'16
Q3'16
Q4'16
Q1'17
QUARTERLY FINANCING TREND TO VC-BACKED 
INSURANCE TECH COMPANIES
Q1'16 - Q1'17 
Amount ($M)
Deals
FUNDING TO VC-BACKED 
BLOCKCHAIN AND 
BITCOIN COMPANIES 
REBOUNDS
Investment to VC-backed 
bitcoin and blockchain 
startups rebounded in 
Q1'17 to $113M after 
dropping to $77M in 
Q4'16. The largest deals 
over the three-month 
period included BitFury's
$30M Series C and 
Veem's $24M Series B.
www.cbinsights.com
23
$153 
$121 
$131 
$77 
$113 
24
18
16
19
23
0
5
10
15
20
25
30
 $-
 $20
 $40
 $60
 $80
 $100
 $120
 $140
 $160
 $180
Q1'16
Q2'16
Q3'16
Q4'16
Q1'17
QUARTERLY FINANCING TREND TO VC-BACKED 
BLOCKCHAIN/BITCOIN COMPANIES
Q1'16 - Q1'17
Amount ($M)
Deals
PAYMENTS TECH 
FUNDING FALLS TO 5-
QUARTER LOW
Investment dollars to VC-
backed payments tech 
companies (online and 
mobile payments,  point 
of sales systems) fell 
39% on a quarterly basis, 
while deals rose for the 
second consecutive 
quarter.
www.cbinsights.com
24
$311 
$445 
$442 
$495 
$304 
38
50
42
44
50
0
10
20
30
40
50
60
 $-
 $100
 $200
 $300
 $400
 $500
 $600
Q1'16
Q2'16
Q3'16
Q4'16
Q1'17
QUARTERLY FINANCING TREND TO VC-BACKED 
PAYMENTS TECH COMPANIES
Q1'16 - Q1'17
Amount ($M)
Deals
MAJOR BANKS CONTINUE 
TO INVEST IN FINTECH
STARTUPS
Santander, Goldman 
Sachs, and Citi or their 
venture arms have 
participated in the 
highest number of deals 
to venture-backed fintech 
companies over the last 
five quarters.
www.cbinsights.com
25
9
8
8
6
5
3
3
3
2
2
2
1
1
1
1
1
MAJOR BANK INVESTMENTS TO VC-BACKED FINTECH 
COMPANIES
Q1'16 - Q1'17
INSURERS CONTINUE TO 
PILE INTO STRATEGIC 
TECH INVESTING
Q1'17 marked the sixth 
quarter in a row with 
more than 20 private 
tech investments by 
(re)insurers or their 
strategic venture units.
www.cbinsights.com
26
0
5
10
15
20
25
30
PRIVATE TECH INVESTMENTS BY (RE)INSURERS
Q1'12 - Q1'17
OUTSIDE OF CORE 
MARKETS, LARGEST 
DEALS CENTER IN BRAZIL 
AND AUSTRALIA
Of the 10 largest deals 
outside of Asia, Europe, 
and North America over 
the last five quarters, 8 
took place in Australia or 
Brazil.
www.cbinsights.com
27
NOTABLE FINTECH DEALS OUTSIDE CORE MARKETS
Q1'16  Q1'17
Company
Round
Country
Select investors
$80M
(Series D // Q4'16)
Brazil
Founders Fund, Kaszek Ventures, Sequoia 
Capital, Tiger Global 
$52M
(Series C // Q1'16)
Brazil
Founders Fund, Kaszek Ventures, Sequoia 
Capital, Tiger Global 
$30M*
(Venture // Q1'16)
Australia
Undisclosed investors
$19.4M
(Series B // Q1'17)
Brazil
IFC, Kaszek Ventures, Naspers, QED Investors, 
Quona Capital, Redpoint e.ventures
$19.3M
(Series C // Q1'17)
Australia
AirTree Ventures
$19M
(Series C // Q2'16)
Australia
Australian Capital Equity, Consolidated Press 
Holdings, News Corp Australia
$17.3M
(Series C // Q2'16)
Brazil
IFC, Kaszek Ventures, QED Investors, Ribbit Capital
$15M
(Series B // Q3'16)
South Africa
IFC, Omidyar Network, Accion, 4Di Capital, Lundin 
Foundation
$10M
(Series A // Q2'16)
Australia
Cultivation Capital, Reinventure, Rampersand, 
Carsales
$9M
(Series D // Q4'16)
New Zealand
Jasmine Social Investments, Movac, Square Peg 
Capital
*Includes both debt and equity
In Q1 2017, US VC-backed fintech startups raised
$1.1 BILLION
across
90 DEALS
www.cbinsights.com
28
US FINTECH IS ON PACE 
TO SEE DEALS, DOLLARS 
DROP IN Q1'17
If the pace of investment 
in Q1'17 continues, 
funding to VC-backed 
fintech companies would 
drop 20% from 2016's 
dollar total. 
US fintech deal activity is 
on pace to fall below 
2013 levels at the current 
run rate.
www.cbinsights.com
29
$1.7 
$2.3 
$5.3 
$7.8 
$5.5 
$1.1 
286
371
429
467
439
90
0
50
100
150
200
250
300
350
400
450
500
 $-
 $1.0
 $2.0
 $3.0
 $4.0
 $5.0
 $6.0
 $7.0
 $8.0
 $9.0
2012
2013
2014
2015
2016
2017
US ANNUAL GLOBAL FINANCING TREND TO VC-BACKED 
FINTECH COMPANIES
2012 - 2017 YTD (Q1'17)
Amount ($B)
Deals
US FINTECH DEALS 
REMAIN BELOW 100 FOR 3 
STRAIGHT QUARTERS
US fintech deal activity 
dropped 9% on a 
quarterly basis, while 
funding fell 8%.
www.cbinsights.com
30
$1.8 
$1.6 
$0.9 
$1.2 
$1.1 
137
106
97
99
90
0
20
40
60
80
100
120
140
160
 $-
 $0.2
 $0.4
 $0.6
 $0.8
 $1.0
 $1.2
 $1.4
 $1.6
 $1.8
 $2.0
Q1'16
Q2'16
Q3'16
Q4'16
Q1'17
US QUARTERLY FINANCING TRENDS TO VC-BACKED 
FINTECH COMPANIES
Q1'16 - Q1'17
Amount ($B)
Deals
US FINTECH SERIES A 
DEAL SHARE FALLS TO 5-
QUARTER LOW
Series A deal share fell 
below 20% after taking 
over 1/4th of all deals to 
VC-backed fintech 
companies in Q4'16.
Seed deal share in US 
fintech did not see a 
notable drop or rise from 
Q4'16.
www.cbinsights.com
31
42%
26%
36%
23%
24%
22%
23%
21%
26%
19%
13%
9%
10%
15%
16%
5%
12%
9%
3%
6%
4%
6%
4%
6%
4%
2%
3%
1%
1%
4%
12%
21%
19%
25%
27%
Q1'16
Q2'16
Q3'16
Q4'16
Q1'17
US QUARTERLY GLOBAL FINTECH DEAL SHARE BY STAGE
Q1'16 - Q1'17
Seed / Angel
Series A Series B Series C Series D Series E+ Other
US EARLY-STAGE FINTECH 
DEALS, DOLLARS 
REBOUND IN Q1'17
www.cbinsights.com
32
$544 
$606 
$487 
$407 
$431 
163
133
113
112
122
0
20
40
60
80
100
120
140
160
180
 $-
 $100
 $200
 $300
 $400
 $500
 $600
 $700
Q1'16
Q2'16
Q3'16
Q4'16
Q1'17
US GLOBAL EARLY-STAGE FINANCING TREND TO VC-
BACKED FINTECH COMPANIES
Seed - Series A, Q1'16 - Q1'17
Amount ($M)
Deals
US seed and Series A 
funding to VC-backed 
fintech companies rose 
6% on a quarterly basis in 
Q1'17. 
After dropping for three 
consecutive quarters, 
early-stage deals in 
Q1'17 increased 9% the 
prior three months.
US EARLY-STAGE FINTECH 
DEAL SIZE FALLS FROM 
Q4'16 HIGH
Median early-stage 
fintech deal size fell back 
20% on a quarterly basis 
in Q1'17 after rising to 
$4M in Q4'16.
www.cbinsights.com
33
$2.5 
$3.5 
$2.2 
$4.0 
$3.2 
Q1'16
Q2'16
Q3'16
Q4'16
Q1'17
US EARLY-STAGE FINTECH DEAL SIZE
Q1'16 - Q1'17
Median Early-Stage Deal Size ($M)
LATE-STAGE US FINTECH 
DEAL SIZE FALLS 
SLIGHTLY IN Q4'16
Median late-stage fintech 
deal size stood at 
$25.5M in Q1'17, 
compared to $26.5M in 
Q4'16.
www.cbinsights.com
34
$25.0 
$30.0 
$21.9 
$26.5 
$25.5 
Q1'16
Q2'16
Q3'16
Q4'16
Q1'17
US LATE-STAGE FINTECH DEAL SIZE
Q1'16 - Q1'17
Median Late-Stage Deal Size ($M)
SOFI'S MEGA-ROUND 
TOPS LARGEST US 
FINTECH DEALS OF Q1'17
The top 10 US VC-
backed fintech deals in 
Q1'17 raised $750M in 
aggregate funding, two-
thirds of which came 
from SoFi's $500M 
financing led by Silver 
Lake.
www.cbinsights.com
35
TOP 10 US FINTECH DEALS
Q1'17
Company
Round
State
Round Investors
$500M
(Series F)
California
Silver Lake, GPI Capital, Softbank Group 
$50M
(Series D)
New York
Altimeter Capital, Scale Venture Partners, 
Sequoia Capital, Four Rivers Group, Matrix 
Partners, Greenspring Associates
$32.5M
(Series D)
California
Rakuten, Third Point, Khosla Ventures, First 
Round Capital
$30M
(Series B)
California
IVP, Ribbit Capital, Female Founders Fund, Data 
Collective, Collaborative Fund, Lowercase Capital
$27.6M
(Series D)
New York
Thiel Capital
$24M
(Series B)
California
NAB Ventures, SBI Investment, GV, Kleiner
Perkins, Silicon Valley Bank
$23.5M
(Series E)
New York
BlueCross Blue Shield Venture Partners, Andrew 
Prozes
$22M
(Series A)
California
Matrix Partners, Ribbit Capital, March Capital 
Partners, Felicis Ventures
$20.5M
(Series G)
California
True Ventures
$20M
(Series B)
Utah
Pelion Venture Partners, NEA, EPIC Ventures, Deep 
Fork Capital
CORPORATE 
PARTICIPATION IN US 
FINTECH STAYS RANGE-
BOUND
Corporates participated 
in close to 1/4th of all 
deals to US VC-backed 
fintech companies in 
Q1'17.
www.cbinsights.com
36
21%
30%
25%
26%
24%
79%
70%
75%
74%
76%
Q1'16
Q2'16
Q3'16
Q4'16
Q1'17
CVC PARTICIPATION IN US DEALS TO VC-BACKED 
FINTECH COMPANIES
Q1'16 - Q1'17
Corp / CVC Participation
Other Investors
NEA, KHOSLA ARE MOST 
ACTIVE US FINTECH 
INVESTORS
New Enterprise 
Associates was the most 
active VC investor in US-
based fintech companies 
over the last five quarters 
followed by Khosla 
Ventures. General 
Catalyst, Union Square 
Ventures, and Bain 
Capital Ventures tied for 
third.
www.cbinsights.com
37
MOST ACTIVE VC INVESTORS IN US FINTECH COMPANIES
Q1'16    Q1'17
Rank
Investor
Rank
Investor
1
New Enterprise Associates
9
Founders Fund
2
Khosla Ventures
9
Thrive Capital
3
General Catalyst Partners
9
SV Angel
3
Bain Capital Ventures
9
Citi Ventures
3
Union Square Ventures
9
Bessemer Venture Partners
6
Nyca Partners
9
Comcast Ventures
7
Andreessen Horowitz
9
Spark Capital
7
GV
CALIFORNIA FINTECH 
FUNDING JUMPS, AS 
DEALS DROP
In Q1'17, funding to VC-
backed fintech 
companies in California 
grew 39% on a quarterly 
basis behind SoFi's
$500M financing led by 
Silver Lake.
But fintech deals in the 
state fell for the second 
consecutive quarter, and 
declined 28% from the 
same quarter last year.
www.cbinsights.com
38
$596 
$752 
$515 
$509 
$710 
54
41
51
42
39
0
10
20
30
40
50
60
 $-
 $100
 $200
 $300
 $400
 $500
 $600
 $700
 $800
Q1'16
Q2'16
Q3'16
Q4'16
Q1'17
CALIFORNIA QUARTERLY FINANCING TREND TO VC-
BACKED FINTECH COMPANIES
Q1'16 - Q1'17
Amount ($M)
Deals
NEW YORK FINTECH 
DEALS RISE FOR SECOND 
STRAIGHT QUARTER
Fintech funding to VC-
backed New York 
companies fell 35% on a 
quarterly basis. 
New York fintech deal 
activity rose 26% from 
Q4'16, but registered 33% 
below the same quarter 
last year, which included 
large financings to Oscar 
and Betterment.
www.cbinsights.com
39
$868 
$238 
$153 
$390 
$253 
36
30
15
19
24
0
5
10
15
20
25
30
35
40
 $-
 $100
 $200
 $300
 $400
 $500
 $600
 $700
 $800
 $900
 $1,000
Q1'16
Q2'16
Q3'16
Q4'16
Q1'17
NEW YORK QUARTERLY FINANCING TREND TO VC-
BACKED FINTECH COMPANIES
Q1'16 - Q1'17
Amount ($M)
Deals
In Q1 2017, European VC-backed fintech startups 
raised
$667 MILLION
across
73 DEALS
www.cbinsights.com
40
EUROPE FINTECH 
INVESTMENT IS ON TRACK 
FOR A RECORD YEAR
Europe saw a burst of 
fintech investment in the 
first three months of 2017, 
putting total funding 
dollars on pace to surpass 
$2.6B at the current run 
rate. 
Europe fintech deal 
activity is on pace to top 
2016's total by 57% if the 
current pace persists.
www.cbinsights.com
41
$0.3 
$0.3 
$1.2 
$1.7 
$1.1 
$0.7 
79
83
125
170
186
73
0
20
40
60
80
100
120
140
160
180
200
 $-
 $0.2
 $0.4
 $0.6
 $0.8
 $1.0
 $1.2
 $1.4
 $1.6
 $1.8
2012
2013
2014
2015
2016
2017
EUROPE ANNUAL GLOBAL FINANCING TREND TO VC-
BACKED FINTECH COMPANIES
2012 - 2017 YTD (Q1'17)
Amount ($B)
Deals
EUROPEAN FINTECH 
DEALS, FUNDING LEAP 
AHEAD IN Q1'17
European VC-backed 
fintech companies raised 
$667M across 73 deals 
in Q1'17.
Compared to the same 
quarter last year, Europe 
fintech funding in Q1'17 
rose 121%, while deals 
jumped 38%.
www.cbinsights.com
42
$0.3 
$0.4 
$0.2 
$0.2 
$0.7 
53
52
39
42
73
0
10
20
30
40
50
60
70
80
 $-
 $0.1
 $0.2
 $0.3
 $0.4
 $0.5
 $0.6
 $0.7
 $0.8
Q1'16
Q2'16
Q3'16
Q4'16
Q1'17
EUROPE QUARTERLY FINANCING TRENDS TO VC-BACKED 
FINTECH COMPANIES
Q1'16 - Q1'17
Amount ($B)
Deals
EARLY-STAGE TAKES 
OVER 2/3RDS OF EUROPE
FINTECH DEALS FOR 
THIRD STRAIGHT 
QUARTER
In Q1'17, seed deal share 
stayed at 45%+ for the 
third consecutive quarter.
After rising to 14% in 
Q4'16, Series B deal 
share fell to just 5% of all 
fintech deals in Europe in 
Q1'17.
www.cbinsights.com
43
47%
37%
49%
45%
45%
17%
25%
23%
24%
23%
11%
13%
10%
14%
5%
9%
10%
5%
7%
8%
4%
2%
5%
2%
1%
4%
11%
13%
8%
7%
12%
Q1'16
Q2'16
Q3'16
Q4'16
Q1'17
EUROPE QUARTERLY GLOBAL FINTECH DEAL SHARE BY 
STAGE
Q1'16 - Q1'17
Seed / Angel
Series A Series B Series C Series D Series E+ Other
VC FUNDING TO EARLY-
STAGE EUROPEAN 
FINTECHS GROWS 261%
European VC-backed 
early-stage fintech 
companies raised $195M 
across 50 deals in Q1 
2017, a 72% quarterly 
deal jump.
The surge in early-stage 
fintech funding was led 
by $10M+ rounds to 
companies including 
solarisBank, ottonova, 
Advanon, and 
ShapeShfit.
www.cbinsights.com
44
$85 
$108 
$119 
$54 
$195 
33
32
28
29
50
0
10
20
30
40
50
60
 $-
 $50
 $100
 $150
 $200
 $250
Q1'16
Q2'16
Q3'16
Q4'16
Q1'17
EUROPE GLOBAL EARLY-STAGE FINANCING TREND TO 
VC-BACKED FINTECH COMPANIES
Seed - Series A, Q1'16 - Q1'17
Amount ($M)
Deals
MEDIAN EUROPEAN 
EARLY-STAGE DEAL SIZE 
RISES AFTER TWO 
QUARTER DROP
Early-stage median 
fintech deal size in 
Europe rose to $2.5M 
after falling for two 
consecutive quarters 
from $3.4M in Q2'16.
www.cbinsights.com
45
$2.4 
$3.4 
$3.0 
$2.2 
$2.5 
Q1'16
Q2'16
Q3'16
Q4'16
Q1'17
EUROPEAN EARLY-STAGE FINTECH DEAL SIZE
Q1'16 - Q1'17
Median Early-Stage Deal Size ($M)
OVERALL MEDIAN DEAL 
SIZE RISES TO $4.6M IN 
Q1'17
Overall European median 
fintech deal size rose 
53% on a quarterly basis 
as Europe saw 10 $20M+ 
deals over the three-
month period.
www.cbinsights.com
46
$3.0 
$5.1 
$4.4 
$3.0 
$4.6 
Q1'16
Q2'16
Q3'16
Q4'16
Q1'17
EUROPEAN OVERALL FINTECH DEAL SIZE
Q1'16 - Q1'17
Median Overall Deal Size ($M)
EUROPE NOTCHES FIRST 
$100M+ VC-BACKED 
FINTECH DEALS
The top 10 deals in Q1'17 
to European venture-
backed fintech startups 
raised more than $405M 
in total funding.
www.cbinsights.com
47
TOP 10 EUROPEAN FINTECH DEALS 
Q1'17
Company
Round
Country
Round Investors
$102M
(Series C)
United Kingdom
BBVA, Toscafund Asset Management, 
Woodford Investment Management
$100M
(Series F)
United Kingdom
Accel, Baillie Gifford & Co., DST, Index Ventures, 
Ribbit Capital, Temasek, Union Square Ventures
$32M
(Series C)
Germany
Thrive Capital, Ribbit Capital, Index Ventures
$30M
(Series C)
Netherlands
China Credit Limited Holdings
$28M
(Series A)
Germany
Arvato Financial Solutions, FinLeap, SBI 
Investment, Yabeo Capital
$25M
(Series D)
United Kingdom
Rakuten Ventures, GV, Anthemis Group, Notion 
Capital, Sapphire Ventures
$24.5M
(Series B)
United Kingdom
Thrive Capital, Orange Digital Ventures, Passion 
Capital
$22.9M
(Series B)
Poland
Capitec Bank
$21.2M
(Series C-II)
Germany
Rakuten Ventures, Allianz Ventures, Rheingau
Ventures, Route 66 Ventures
$20M
(Private Equity)
United Kingdom Target Global, Viola Private Equity, 
CVC DEAL ACTIVITY IN 
EUROPEAN FINTECH 
CLIMBS TO 5-QUARTER 
HIGH
In Q1'16, investments to 
VC-backed fintech 
companies in Europe 
involving strategic 
investors stood at 17%.
The same quarter this 
year, strategics have 
increased their 
involvement to 37% of all 
Europe fintech deals.
www.cbinsights.com
48
17%
23%
26%
36%
37%
83%
77%
74%
64%
63%
Q1'16
Q2'16
Q3'16
Q4'16
Q1'17
CVC PARTICIPATION IN EUROPE DEALS TO VC-BACKED 
FINTECH COMPANIES
Q1'16 - Q1'17
Corp / CVC Participation
Other Investors
INDEX VENTURES, 
SPEEDINVEST ARE MOST 
ACTIVE VCS IN EUROPEAN 
FINTECH COMPANIES
Over the last five 
quarters, Index Ventures 
has made new or follow-
on investments to 
European fintech 
companies including 
Bonify, Raisin, and 
Silverfin.
www.cbinsights.com
49
MOST ACTIVE VC INVESTORS IN EUROPEAN FINTECH 
COMPANIES
Q1'16  Q1'17
Rank
Investor
Rank
Investor
1
Index Ventures
7
Ribbit Capital
1
SpeedInvest
7
Octopus Ventures
3
Holtzbrinck Ventures
7
NFT Ventures
3
Global Founders Capital
7
Earlybird Venture Capital
3
Dieter von Holtzbrinck Ventures
7
German Startups Group
3
Seedcamp
7
SEED Capital
UK FINTECH FUNDING 
JUMPS ON THE BACK OF 
$100M+ DEALS 
UK VC-backed fintech
companies raised $328M 
in Q1'17, with $200M+ 
coming from a pair of 
investments to Atom 
Bank and Funding Circle. 
Fintech deal activity in 
the UK rose 57% on a 
quarterly basis. 
www.cbinsights.com
50
$121 
$124 
$78 
$121 
$328 
17
15
12
14
22
0
5
10
15
20
25
 $-
 $50
 $100
 $150
 $200
 $250
 $300
 $350
Q1'16
Q2'16
Q3'16
Q4'16
Q1'17
UK QUARTERLY FINANCING TREND TO VC-BACKED 
FINTECH COMPANIES
Q1'16 - Q1'17
Amount ($M)
Deals
GERMAN FINTECH DEALS 
REBOUND TO 5-QUARTER 
HIGH
German VC-backed 
fintech deals rose 143% 
in Q1'17 on a quarterly 
basis, while funding grew 
341% driven by 
investments to 
companies including 
Raisin and solarisBank.
www.cbinsights.com
51
$107 
$175 
$105 
$34 
$150 
15
15
11
7
17
0
2
4
6
8
10
12
14
16
18
 $-
 $20
 $40
 $60
 $80
 $100
 $120
 $140
 $160
 $180
 $200
Q1'16
Q2'16
Q3'16
Q4'16
Q1'17
GERMANY QUARTERLY FINANCING TREND TO VC-
BACKED FINTECH COMPANIES
Q1'16 - Q1'17
Amount ($M)
Deals
In Q1 2017, Asian VC-backed fintech startups 
raised
$826 MILLION
across
42 DEALS
www.cbinsights.com
52
ASIA FINTECH DEALS ON 
PACE TO DROP IN 2017
At the current run rate, 
Asia could see 8% fewer 
deals in 2017 to VC-
backed fintech 
companies than in 2016.
www.cbinsights.com
53
$0.3 
$0.3 
$1.1 
$4.8 
$5.9 
$0.8 
58
73
134
173
182
42
0
20
40
60
80
100
120
140
160
180
200
 $-
 $1.0
 $2.0
 $3.0
 $4.0
 $5.0
 $6.0
 $7.0
2012
2013
2014
2015
2016
2017
ASIA ANNUAL GLOBAL FINANCING TREND TO VC-
BACKED FINTECH COMPANIES
2012 - 2017 YTD (Q1'17)
Amount ($B)
Deals
ASIAN FINTECH FUNDING 
RISES AFTER 3-QUARTER 
DROP
VC-backed fintech 
companies in Asia saw 
funding double in Q1'17 
to $826M.
Deals rose slightly on a 
quarterly basis, but stood 
14% lower than the same 
quarter last year.
www.cbinsights.com
54
$2.7 
$1.6 
$1.3 
$0.4 
$0.8 
49
53
42
38
42
0
10
20
30
40
50
60
 $-
 $0.5
 $1.0
 $1.5
 $2.0
 $2.5
 $3.0
Q1'16
Q2'16
Q3'16
Q4'16
Q1'17
ASIA QUARTERLY FINANCING TRENDS TO VC-BACKED 
FINTECH COMPANIES
Q1'16 - Q1'17
Amount ($B)
Deals
FINTECH SERIES B DEAL 
SHARE MATCHES 5-
QUARTER HIGH IN Q1'17
Series A deal share to 
VC-backed fintech 
companies in Asia fell to 
a five-quarter low, while 
Series B deal share rose 
from 16% in Q4'16 to 
31% in the first three 
months of 2017.
www.cbinsights.com
55
45%
36%
17%
29%
31%
20%
23%
26%
21%
12%
24%
23%
31%
16%
31%
2%
9%
7%
16%
10%
2%
8%
2%
2%
2%
4%
9%
17%
11%
14%
Q1'16
Q2'16
Q3'16
Q4'16
Q1'17
ASIA QUARTERLY GLOBAL FINTECH DEAL SHARE BY 
STAGE
Q1'16 - Q1'17
Seed / Angel
Series A Series B Series C Series D Series E+ Other
ASIAN EARLY-STAGE 
FINANCING STAYS LEVEL 
IN Q1'17
Asian VC-backed early-
stage fintech companies 
saw $62M across 18 
deals in the first three 
months of 2017, with 
little deviation from 
Q4'16's total.
www.cbinsights.com
56
$51 
$118 
$111 
$66 
$62 
32
31
18
19
18
0
5
10
15
20
25
30
35
 $-
 $20
 $40
 $60
 $80
 $100
 $120
 $140
Q1'16
Q2'16
Q3'16
Q4'16
Q1'17
ASIA GLOBAL EARLY-STAGE FINANCING TREND TO VC-
BACKED FINTECH COMPANIES
Seed - Series A, Q1'16 - Q1'17
Amount ($M)
Deals
ASIAN FINTECH EARLY-
STAGE DEAL SIZE 
MATCHES 5-QUARTER 
LOW
Q1'17 saw early-stage 
median deal size drop 
57% on a quarterly basis, 
after rising for three 
consecutive quarters.
www.cbinsights.com
57
$1.5 
$2.0 
$3.3 
$3.5 
$1.5 
Q1'16
Q2'16
Q3'16
Q4'16
Q1'17
ASIA EARLY-STAGE FINTECH DEAL SIZE
Q1'16 - Q1'17
Median Early-Stage Deal Size ($M)
ASIA'S TOP Q1'17 DEALS 
CENTER IN CHINA
7 of the top 10 Q1'17 
deals to venture-backed 
fintech companies in 
Asia went to China-based 
companies. South Korea 
payments startup Viva 
Republica and 
Indonesian P2P lending 
platform Amartha also 
raised $30M+ financings 
in Q1'17.
www.cbinsights.com
58
TOP 10 ASIAN FINTECH DEALS
Q1'17
Company
Round
Country
Select investors
$72M
(Series B)
China
360jinrong, Addor Capital, CreditEase, Matrix 
Partners China, Youjin Capital
$68M
(Series C)
China
China International Capital Corp., Golden Brick 
Capital, GX Capital, Sinovation Ventures
$48M
(Series C)
South Korea
Goodwater Capital, Altos Ventures, Bessemer 
Venture Partners, PayPal, Partech Ventures
$33.4M
(Series C)
China
Liaison Technologies
$30M
(Series A)
Indonesia
BEENEXT, Mandiri Capital
$29M
(Series B)
China
China Renaissance Capital Investment, PAG, 
Sequoia Capital China
$16M
(Series  A)
Japan
DCM Ventures, Draper Nexus, JAFCO, Mitsui 
Sumitomo Insurance Venture Capital, Monex
Ventures, Rakuten Ventures
$14.6M
(Series B)
China
CITIC Capital Private Equity, Yonghua Capital
$14.6M
(Series B-II)
China
China Growth Capital, ChinaEquity Group, Frees 
Fund, Shunwei Capital Partners
$14.5M
(Series B)
China
Bertelsmann Asia Investments, Future Capital 
Discovery Fund, Shunwei Capital, Sinolink
CORPORATES
PARTICIPATE IN HALF OF 
ASIAN FINTECH DEALS
Corporate participation in 
Asian VC-backed fintech 
deals rebounded to 50% 
after falling to 42% in 
Q4'16.
Strategic involvement in 
Asia's Q1'17 fintech 
financing far outpaced 
the same quarter last 
year when corporates 
participated in 31% of all 
deals.
www.cbinsights.com
59
31%
40%
50%
42%
50%
69%
60%
50%
58%
50%
Q1'16
Q2'16
Q3'16
Q4'16
Q1'17
CVC PARTICIPATION IN ASIA DEALS TO VC-BACKED 
FINTECH COMPANIES
Q1'16 - Q1'17
Corp / CVC Participation
Other Investors
500 STARTUPS IS MOST 
ACTIVE VC IN ASIAN 
FINTECH STARTUPS
Over the past five 
quarters, 500 Startups 
made investments to 
fintech startups in Asia 
including BeeWise, First 
Circle, and Credit Engine.
www.cbinsights.com
60
MOST ACTIVE VC INVESTORS IN ASIAN FINTECH 
COMPANIES
Rank
Investor
Rank
Investor
1
500 Startups
5
Kalaari Capital
2
SBI Investment
5
BEENEXT
2
East Ventures
5
IDG Capital Partners
4
Sequoia Capital India
5
Source Code Capital
5
Matrix Partners China
2016
CHINA SEES $661M TO 
VC-BACKED FINTECH 
COMPANIES IN Q1'17
Deal activity to VC-
backed fintech 
companies doubled on a 
quarterly basis in Q1'17, 
while funding rose 149%.
www.cbinsights.com
61
$2.4 
$1.3 
$1.1 
$0.3 
$0.7 
15
17
14
7
14
0
2
4
6
8
10
12
14
16
18
 $-
 $0.5
 $1.0
 $1.5
 $2.0
 $2.5
 $3.0
Q1'16
Q2'16
Q3'16
Q4'16
Q1'17
CHINA QUARTERLY FINANCING TREND TO VC-BACKED 
FINTECH COMPANIES
Q1'16 - Q1'17
Amount ($B)
Deals
INDIA FINTECH FUNDING 
DROPS TO FIVE-QUARTER 
LOW
Q1'17 saw both 
investment and deal 
activity to VC-backed 
fintech companies drop 
to 5-quarter lows. 
In April, SoftBank was 
reportedly considering a 
$1B+ investment in 
Paytm owner One97 
Communications.
www.cbinsights.com
62
$73 
$157 
$127 
$35 
$15 
16
16
9
12
7
0
2
4
6
8
10
12
14
16
18
 $-
 $20
 $40
 $60
 $80
 $100
 $120
 $140
 $160
 $180
Q1'16
Q2'16
Q3'16
Q4'16
Q1'17
INDIA QUARTERLY FINANCING TREND TO VC-BACKED 
FINTECH COMPANIES
Q1'16 - Q1'17
Amount ($M)
Deals
METHODOLOGY
www.cbinsights.com
63
CB Insights encourages you to review the methodology and definitions employed to better understand the numbers presented in this report. If you have 
any questions about the definitions or methodological principles used, we encourage you to reach out to CB Insights directly. Additionally, if you feel your 
firm has been under-represented, please send an email to info@cbinsights.com and we can work together to ensure your firm's investment data is up-to-
date.
What is included:
What is excluded:
 Equity financings into emerging fintech companies. Fundings must be put into 
VC-backed companies, which are defined as companies who have received 
funding at any point from either: venture capital firms, corporate venture groups 
or super angel investors.
 Fundings of only private companies. 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 by a venture firm(s). Note: For the 
purposes of this analysis, JD.com's finance arm JD Finance and its $1B financing 
were included in the data per its investment from Sequoia Capital China, in Q1 
2016.
 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 in our results.
 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; or (3) press release.
 Previous quarterly VC reports issued by CBI have exclusively included VC-backed 
rounds. In this report, any rounds raised by VC-backed companies are included, 
with the exceptions listed.
 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 and 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 excluded even if made by a venture capital firm(s).
 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 government funding. Grants, loan or equity financings by the federal government, 
state agencies or public-private partnerships to emerging, startup companies are not 
included.
CBINSIGHTS.COM
@ cbinsights
+1(212)292-3148
</p>