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Emerging Tech Indicator

Q4 2021

Emerging Tech Indicator

February 24, 2022

This report was reuploaded on March 1, 2022 to fix an error in a chart on page 10. 

Emerging tech investment surges in Q4 as VCs look to crypto

Our Q4 2021 Emerging Tech Indicator tracks early- and seed-stage deals from 15 top VC firms, following the flow of capital across 30 market segments to spotlight the technologies driving early growth opportunities.

The latest installment of the report details the dramatic numbers from Q4, which recorded $10.2 billion invested, up more than $3 billion over Q3. 

Key takeaways
  • Web3 & DeFi topped deal value for the second consecutive quarter, doubling its Q3 value to reach $2.4 billion in Q4.
  • Large rounds surged, with 26 rounds of $100 million or more—nearly double Q3’s record of 14 and well above the historical quarterly average of four.
  • Several major deals centered on the integration of blockchain economics with gaming environments, including Q4’s largest round: a $725 million Series B for Forte.

Table of contents
Introduction 3
Key takeaways 4
Deal activity 5
Areas of investment 6
ETI segment spotlights 11
Web3 & DeFi 12
Fintech 14
Foodtech 16
Enterprise SaaS 18
Health & wellness tech 20
Other notable activity 22
Venture activity summary 24
Emerging tech indicator investor ranking 27