Investments in Africa, Asia, CEE, TRENDS Latin America and the Middle East IN GLOBAL EMPEA’s 2021 report on global venture investment traces venture capital (VC) flows across Africa, Asia, CEE, Latin America and the Middle East. This year’s report includes new breakouts on cross-border TECH co-investment to measure the scope of global collaboration during a time of record venture investment in global markets.

ollowing a blockbuster 2019, 2020 was a record year for VC investment across our markets, with USD67b F invested across 2,570 deals. 2020 was also an overall record year for seed, early-stage and late stage investments, with investment activity picking up momentum in Q1 2021.

No. of Deals Capital Invested (USDm) 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020

Africa 28 46 63 108 159 111 163 232 817 486

India 298 315 398 458 482 2,332 5,765 6,053 9,822 7,510

China 489 570 899 630 862 15,547 29,722 41,646 20,438 48,241

Southeast 158 167 222 281 1,083 2,161 5,251 3,520 Asia 289 5,406

Latin 197 249 463 433 500 1,141 1,976 4,093 America 488 4,844

CEE 55 71 48 53 114 124 193 614 1,087 1,131

Middle East 33 27 25 56 52 663 102 75 203 245

Note: Green numbers indicate a record value for the geography. Source: EMPEA. Data as of 31 December 2020.

Note: Green highlights contain a record high value for the geography.

EMPEA members can download the accompanying EMPEA Data Pack for 2020 fundraising and disclosed fund closes; exit totals and highlighted exits; all disclosed investments, sortable by stage, sector and HQ; stage analysis for the major markets; sector breakouts and fastest growing sectors; and more. E-Commerce logistics Fintech Proptech TECH VERTICALS 2

E-Commerce logistics Fintech Proptech

Edtech Healthtech Super Apps Games enture investment in edtech, healthtech, biotech and logistics — themes that accelerated during the pandemic V — reached record levels by both deal count and dollars invested in 2020. Fintech and enterprise investment dominated across regions, with fintech capturing over 15% of all VC deals in 2020. The Media & software Entertainment Edtech Healthtech Super Apps Gamespandemic shift to online learning and shopping accelerated deals in edtech and Enterprise Software & IT Services Digital Security Foodtech E-Commerce logistics Fintech E-CommerceProptech platforms & marketplaces. E-Commerce logistics Fintech Proptech OutsizedOutsized rounds rounds drove drove concentrations concentrations of capital of capital into intokey verticalskey verticals in 2020: in 2020: Media & Transportation/Mobility Travel CRM/Sales cleantech Entertainment Enterprise Software & IT Services Digital Security Foodtech Africa: Fintech India: Edtech Latin America: Fintech Middle East: Food/

(Flutterwave, Chipper (Byju’s, Unacademy) Edtech(Neon, Healthtech Nubank)Super Apps Games grocery delivery, Biotechnology Edtech Healthtech Super Apps Games Cash) restaurantsHRtech & cloud E-Commerce logistics Fintech Proptech E-Commerce logistics Fintech Proptech Transportation/Mobility Travel CRM/Sales cleantech Southeast Asia: Fintech CEE: Enterprise kitchens (Kitopi); China: Biotech (Kredivo, SYNQA); software (UiPath, fintech (Tabby.ai); Media & Media & logistics (Fetchr, (MGI Tech, XtalPi) logistics (Ninja Van, Entertainment Legium.io) Entertainment Enterprise Software & IT Services Digital Security Foodtech Enterprise Software & IT Services Digital Security Foodtech logistics Biotechnology E-Commerce Fintech Flash ExpressProptech ) TruKKer, Lyve) HRtech

E-Commerce logistics VC FintechInvestment Proptechin Top Technology Verticals by Geography, 2020 or Edtech Healthtech Super Apps Games Edtech Healthtech Super Apps Games VC Investment in Top TechnologyTransportation/Mobility Verticals2020 Travel DistributionCRM/Sales by Geography, of cleantechVC Investment 2020 in Key Tech Verticals Transportation/Mobility Travel CRM/Sales cleantech DISTRIBUTION OF VC DEALS (% of total)

Edtech Healthtech Super Apps Games Biotechnology Southeast Latin Middle Media & HRtechAfrica China India Media & CEE Edtech Healthtech Super Apps Games EntertainmentAsia America Biotechnology East Entertainment Enterprise Software & IT Services Digital Security Foodtech Enterprise Software & IT Services Digital Security Foodtech HRtech Agtech % %

Biotech, Medical Devices, & Diagnostics Media & Media &2% Entertainment Entertainment Enterprise Software & IT Services EnterpriseDigital Software Security & IT Services DigitalFoodtech Security Foodtech E-Commerce Platforms Transportation/Mobility Travel CRM/Sales cleantech Transportation/Mobility% Travel %CRM/Sales 10% cleantech % % 1% & Marketplaces Edtech % 11% % % % Transportation/Mobility Travel CRM/Sales cleantech Transportation/MobilityEnterpriseBiotechnology Software Travel &CRM/Sales IT Services cleantech 1% 1% 1% 1%Biotechnology 2% % 10% HRtech HRtech

Fintech 20% Biotechnology% 1% 2% 2% 1% 1% HRtech

Food/Grocery Delivery, Biotechnology 10% Restaurants,HRtech & Cloud Kitchens Healthtech 10% % % % Logistics % % 12% Media/Games/Entertainment % % % 12%

DISTRIBUTION OF CAPITAL INVESTED (% of total) Southeast Latin Middle Africa China India Asia America CEE East Agtech 1%

Biotech, Medical Devices, & Diagnostics % 2%

E-Commerce Platforms 10% 10% % 10% 1% & Marketplaces Edtech 1% 2% % Enterprise Software & IT Services % % 1% % 1% %

Fintech 2% 1% 22% 0% % 21%

Food/Grocery Delivery, 12% 2% Restaurants, & Cloud Kitchens Healthtech 1% % Logistics 11% % 22% 20% Media/Games/Entertainment % % %

Note: Values represent proportion of total deal activity in a given geography (region/country) that accrued to the specified vertical. Values under 5 are not displayed. Source: EMPEA. Data as of 31 December 2020. AFRICA VC 2020 3

nvestment activity hit a record high of 159 transactions, indicating a growing appetite among investors for Iearly-stage deals. Venture investment in dollar terms dipped to USD486m in the absence of big ticket deals, although several large transactions were announced in Q1 2021.

MOBILE PAYMENTS • Visa invested in Helios-backed Interswitch at reported Over a decade after M-Pesa revolutionized mobile USD1b valuation. payments across the continent, the theme continues to dominate tech investment activity in Africa, from fintech DIGITAL INFRASTRUCTURE startups to digital infrastructure. • Actis acquired stake in Nigeria-based data center • Airtel Africa’s mobile money services subsidiary AMC Rack Centre. raised USD200m from The Rise Fund and USD100m • African Infrastructure Investment Mangers acquired from MasterCard at a reported ~USD2.65b valuation. stake in Ghana-based data center Ngoya Etix DC. • Ethos-backed, South Africa-listed MTN Group recently • Meridiam invested USD48m in Africa-focused data valued its mobile money arm at ~USD5b and is center developer Raxio Group for a facility in the DRC. reportedly considering listing the unit. • Safaricom and Vodacom acquired Vodafone’s stake CROSS-BORDER in M-Pesa, bringing Africa’s largest mobile money • Global investors participated in 77% of deals, with service under full African ownership for the first time. Africa-based VCs as co-investors in over half. • US payments giant Stripe acquired Nigeria-based • Corporate-backed Japanese investors launched payments startup Paystack for a reported USD200m+, dedicated African vehicles. Kepple Africa Ventures, facilitating an exit for Beenext and Ingressive Capital. backed by accounting/back office services provider Kepple, was the most active investor in 2020 and closed its second seed fund, focused on West Africa, in Investor Participation in VC Deals (%) late 2020. Samurai Incubate closed its second Africa- 2019 2020 focused fund at USD19m in 2021; investors included Toyota Tsusho Corporation. E-Commerce logistics Fintech Proptech Local 42% 52% (HQ in Africa) • China-based investors pulled back after participating in three of the largest VC investments in 2019 and did not Global E-Commerce logistics Fintech Proptech 77% 77% participate in disclosed rounds over USD10m in 2020. (HQ outside Africa)

US 37% 39% 2020 MOST ACTIVE VCS 2020 RECORDS Edtech Healthtech Super Apps Games Japan 26% 30% Kepple Africa Ventures, Seed investment Edtech Healthtech Super Apps NovastarGames Ventures, 500 (USD40m) & deals (66) E-Commerce logistics Fintech Proptech UAE 5% 9% Early-stage deals (73)

Media & Entertainment France 8% 9% Enterprise Software & IT Services Digital Security Foodtech E-Commerce Medialogistics & Fintech Proptech Entertainment 2020 TOP SECTORS Enterprise Software & IT Services Digital Security Foodtech UK 6% 7% Fintech USD120m 32 deals

Edtech HealthtechE-Commerce logisticsSuper Apps Fintech GamesHealthtechProptech China 6% 5% USD104m 20 deals Transportation/Mobility Travel CRM/Sales cleantech Transportation/Mobility Travel CRM/Sales cleantech & Biotech

Note: ‘Local’ indicates investors based within the named Edtech Healthtech Super Apps Games geography (country or region). ‘Global’ indicates investors based Agtech USD81m 12 deals outside of the market. Biotechnology Source: EMPEA. Data as of 31 December 2020. Media & Biotechnology HRtech Entertainment Enterprise Software & IT Services Digital Security Foodtech Logistics USD55m 11 deals HRtech Edtech Healthtech Super Apps Games Media & Entertainment Enterprise Software & IT Services Digital Security Foodtech E-Commerce logistics Fintech Proptech Cleantech USD23m 15 deals

Media & Entertainment Transportation/MobilityEnterprise Travel Software & IT ServicesCRM/SalesDigital Security cleantechFoodtech Transportation/Mobility Travel CRM/Sales cleantech

Edtech Healthtech Super Apps Games

Transportation/Mobility Travel CRM/Sales cleantechBiotechnology Biotechnology HRtech HRtech

Media & Entertainment Enterprise Software & IT Services Digital Security Foodtech Biotechnology HRtech

Transportation/Mobility Travel CRM/Sales cleantech

Biotechnology HRtech AFRICA VC 2020 4

VC 2020 Top Investments Value Investors Company HQ Sector Round (USDm)

Vostok New Ventures, Silicon Badia, Saudi Technology Ventures, Vezeeta Egypt Healthtech 40 Series D Gulf Capital, Endeavor Global, CE-Ventures, BECO Capital

Y Combinator, Visa, Greycroft, Green Visor Capital, FIS Ventures, FinTech Collective, eVentures Africa, Endeavor Global, CRE Venture Flutterwave US & Nigeria Fintech 35 Series B Capital, 9Yards Capital, 4DX Ventures

Chipper Ribbit Capital, Bezos Expeditions US & Kenya Fintech 30 Series B Cash

Novastar Ventures, FMO, Mirova, AXA Investment Managers Komaza Kenya Agtech 29

VestedWorld, Toyota Tsusho Corporation, SUNU Capital, Kepple Africa Ventures, Enza Capital Management, Atlantica Ventures, Sendy Kenya Logistics 20 Series B Asia Africa Investment & Consulting

Source: EMPEA VC Data.

Q1 2021 Key Transactions

Value Investors Company HQ Sector Round (USDm)

Avenir, Tiger Global, DST Global, Early Capital Berrywood, Green Visor Capital, Greycroft, Insight Ventures, Salesforce Ventures, Flutterwave US & Nigeria Fintech 170 Series C Worldpay FIS, 9yards Capital

Apis Partners, JG Summit Holdings Tyme Bank South Africa Fintech 110 Series B

Intel Capital, TPG, EchoVC, GGV Capital, DCVC, Rethink Food, Gro Kenya Agtech 85 Series B Schusterman Family Investments Intelligence

Denmark’s IFU, STOA, Proparco, Morgan Stanley Investment Daystar Nigeria Cleantech 38 Series B Management Power

Valar Ventures, Target Global Kuda Nigeria Fintech 25 Series A

Kepple Africa Ventures, Future Africa, Nama Ventures, Aidi CRM/ Ventures, Remapped Ventures, RallyCap Ventures, Assembly Termii Nigeria 1.4 Seed Sales Investors, Acuity Ventures, Kairos Angels

Source: Announced VC, tech & growth transactions tracked by EMPEA Research. INDIA VC 2020 5

E-Commerce logistics Fintech Proptech

enture investment in India reached USD7.5b across a record 482 deals. It was also a record year Vfor seed investment.

EDTECH 2020 MOST ACTIVE VCS 2020 RECORDS • Covid-19 and growing smartphone penetration set the Edtech Healthtech Super Apps Games Seed investment stage for record investment in e-learning platforms, Sequoia Capital, Matrix (USD233m) & deals digital tools for educators, school operating systems Partners, Accel Partners, (122) and online upskilling academies. E-Commerce Venturelogistics CatalystsFintech Proptech • Byju’s raised over USD1b in fresh funding and Media & Entertainment Enterprise Software & IT Services Digital Security Foodtech acquired WhiteHat Jr for USD300m in 2020, 2020 TOP SECTORS facilitating an exit for Nexus Venture Partners, Omidyar Network and Owl Ventures. In Q1 2021, Byju’s raised Edtech USD1.9b 54 deals at least USD460m in an ongoing Series F and acquired Aakash Educational Services Edtech Healthtech Super Apps Games Blackstone-backed for Transportation/MobilityFintech Travel CRM/Sales USD1.2b cleantech 85 deals ~USD1b.

E-Commerce logistics Fintech Food/GroceryProptech Delivery, Restaurants Media &USD883m 17 deals Entertainment DIGITAL NATIONALISM Enterprise Software & IT Services Digital Security& Cloud FoodtechKitchens Biotechnology • Regulators impeded big-ticket tech investmentE-Commerce fromlogistics Fintech Proptech HRtech E-Commerce China and approved Reliance Industries’ bid for USD757m 51 deals Indian retailer Future Group over objections from E-Commerce Media/Games/logistics Fintech Proptech EdtechTransportation/Mobility Healthtech TravelSuper Apps CRM/Sales Games cleantech USD572m 28 deals Future Group shareholder Amazon. It goes to India’s Entertainment

Supreme Court next. Edtech Healthtech Super Apps Games

Media & Biotechnology • A border skirmishEntertainment with China led to a ban of 200+ Enterprise Software & IT Services Digital Security HRtech Foodtech Media & Chinese-madeEntertainment apps from TikTok to WeChat, rapidly Enterprise Software & IT Services Digital Security Foodtech Edtech Healthtech Super Apps Games Investor Participation in VC Deals (%) opening market opportunities for local players. 2019 2020 Tencent paused its India investments.

Transportation/Mobility Travel CRM/Sales cleantech Transportation/Mobility Travel CRM/Sales cleantech• In a remarkable move of cooperation over competition Media & Entertainment Local (HQ in India) 72% 76% Enterprisein India’s Software & IT Services fast growingDigital Security mobileFoodtech market, Reliance Industries subsidiary Jio Platforms raised an epic Biotechnology Biotechnology HRtech USD20b+ in 2020 from Facebook, Google, Intel, Global (HQ outside India) 59% 67% HRtech Qualcomm, Silver Lake, KKR, Vista Equity Partners, Transportation/MobilityPIF, Mubadala, Travel GeneralCRM/Sales Atlantic, cleantech TPG, L Catterton and US 42% 52% others.

Biotechnology HRtech Singapore 11% 12% CROSS-BORDER • Global investors increased participation in Indian VC in 2020, although China-based investment dipped slightly. Japan 5% 6% • US-headquartered firms Sequoia Capital and Accel Partners were among the most active investors after China 7% 5% closing new India-dedicated vehicles. • China- and US-based investors participated together in UK 2% 5% 4% of Indian VC deals in 2019 and 2020.

Note: ‘Local’ indicates investors based within the named geography (country or region). ‘Global’ indicates investors based outside of the market. Source: EMPEA. Data as of 31 December 2020. INDIA VC 2020 6

VC 2020 Top Investments

Value Investors Company Sector Round (USDm)

General Atlantic, Tiger Global, BOND, DST Global, Silver Lake, Owl Ventures, BlackRock, Over 5 Byju's Edtech 1000+ Sands Capital Ventures, Alkeon Capital Management tranches

Tiger Global, Kora Management, Fidelity International, D1 Capital Partners, Steadview Food/Grocery Series J Capital, Mirae Asset Global Investments, Luxor Capital Group, Bow Wave, Baillie Gifford, Zomato Delivery, Restaurants 608 (three Temasek & Cloud Kitchens tranches) Dream Media/Games/ TPG, Tiger Global, Footpath Ventures, ChrysCapital Sports 225 Series E Entertainment (Dream11)

Unbound, Moore Strategic Ventures, Exor, DST Global Cars24 E-Commerce 200 Series E

CRM/ Tiger Global, Steadview Capital, Advent International Zenoti 160 Series D Sales

*Source: EMPEA VC Data. Q1 2021 Key Transactions

Value Investors Company Sector Round (USDm)

MC Global Edtech Investment Holdings, B Capital, Baron Global Advantage Fund, Arison Series F Byju's Edtech 460 Holdings, TCDS India, TIGA India, Silver Lake, Owl Ventures, T. Rowe Price (ongoing)

TCV, D1 Capital Partners, Falcon Edge, ChrysCapital, Tiger Global, TPG, Steadview Capital, Dream Media/Games/ Sports 400 Secondary Footpath Ventures (Dream11) Entertainment

Octahedron Capital, Moonstone Capital, Lightspeed, DST Global, GGV Capital, Altimeter Udaan E-Commerce 280 Series D+ Capital, Tencent

Food/Grocery Kora Management, Fidelity, Tiger Global, Bow Wave, Dragoneer Zomato Delivery, Restaurants 250 & Cloud Kitchens

Media/Games/ Google, Mithril Capital Glance 145 Entertainment

Sorenson Capital Partners, Cisco, Chiratae Ventures, March Capital Partners, Serena Enterprise Uniphore 140 Series D Capital, Sanabil Investments, National Grid Partners, Iron Pillar Fund, Sistema Software

Lightspeed, Greenoaks Capital, Sequoia Capital, Kae Capital Zetwerk E-Commerce 120 Series D

Coatue, Ribbit Capital, Insight Partners, Steadview Capital, Sequoia Capital, Beenext, Amplo BharatPe Fintech 108 Series D

Verse Media/Games/ Series Qatar Investment Authority, Glade Brook Capital Partners, Sofina, Canaan Valley Capital Innovation 100 (Daily Hunt, Josh) Entertainment H+

Tiger Global, Foundamental, Accel Partners, Nexus Venture Partners, Evolvence Capital, Infra.Market E-Commerce 100 Series C Sistema

Composite Capital, Moore Strategic Ventures, Base Partners, RTP Global, SIG, Go-Ventures, Mobile Media/Games/ Premier 95 Series D Telstra Ventures, Founders Circle, Play Ventures League Entertainment

Source: Announced VC, tech & growth transactions tracked by EMPEA Research. CHINA VC 2020 7

investment in China reached USD48.2b, topping 2018’s high of USD41.6b. Dominant themes from 2019 spilled VCover into 2020 and Q1 2021, led by AV and semiconductors/chips, biotech, edtech and games. China’s government highlighted domestic supply chains for biotech and semiconductors/chips as key development goals and promoted incentives for domestic EV/AV development.

LISTINGS CROSS-BORDER Increased regulatory scrutiny put Ant Group’s joint • Chinese VC is a highly competitive landscape HKEX/Shanghai listing and dozens of other domestic tech dominated by local players, who participated in 92% of E-Commerce logistics Fintech Proptech listings on pause. Even so, Shanghai’s STAR Market was VC investments in 2020. the most popular listing destination for private capital- • Qiming Venturelogistics Partners and Sequoia Capital were two backed Chinese companies in 2020, with major listings in E-Commerce Fintech Proptech of the most active investors, after closing USD1.2b and Hong Kong and New York as well. USD2.8b respectively. • er SMIC Chipmak raised USD6.6b on the STAR Market. • Despite geopolitical headwinds, global investor • On the HKEX, social app KuaishouEdtech raised Healthtech ~USD5.4b;Super Apps Gamesparticipation in Chinese VC stepped up in 2020. JD.com raised ~USD4b in a secondary listing; and

biotech Antengene raised ~USD360m. E-Commerce logistics Fintech Proptech 2020Edtech MOST HealthtechACTIVE VCS Super Apps2020 RECORDSGames • In New York, EV/AV makers Xpeng Motors & Li Auto Media & SequoiaEntertainment Capital, Matrix Late stage investment raised USD1.5b & USD1.1b,Enterprise Software respectively. & IT Services Digital Security Foodtech Partners, CPE, GL Ventures, (USD36.4b) Qiming Venture Partners, & deals (266) IDG Capital, 5Y Capital Media & Investor Participation in VC Deals (%) Entertainment Edtech HealthtechEnterprise Software & ITSuper Services Apps Digital GamesSecurity Foodtech Transportation/Mobility Travel CRM/Sales cleantech 2019 2020 E-Commerce logistics Fintech2020 TOP ProptechSECTORS

Biotech USD11.8b 232 deals Local (HQ in China) 91% 92% Media & Entertainment Enterprise Software & IT Services DigitalBiotechnology Security Foodtech Transportation/Mobility Travel CRM/Sales cleantech HRtech Edtech USD7b 35 deals Global (HQ outside China) 37% 42% E-Commerce logistics Fintech Proptech Edtech Healthtech E-CommerceSuper Apps Games USD4.8b 52 deals Transportation/Mobility Travel CRM/Sales cleantech US 30% 33% Biotechnology E-Commerce Media/Games/logisticsHRtech Fintech Proptech USD3.4b 17 deals Entertainment Biotechnology Media & Singapore 4% Edtech Healthtech6% Super Apps Games Entertainment Enterprise Software HRtech& IT Services Digital Security Foodtech Auto/EV/AV USD3.3b 20 deals South Korea 2% 3% Media & Computer Hardware/ Entertainment USD2.3b 58 deals Enterprise Software & IT Services Digital Security Foodtech EdtechChips/Semiconductors Healthtech Super Apps Games Transportation/Mobility Travel CRM/Sales cleantech Japan 0% 2%

Transportation/Mobility Travel CRM/Sales cleantech Media & Entertainment Germany 1% 2% Enterprise Software & IT Services Digital Security FoodtechBiotechnology HRtech

Note: ‘Local’ indicates investors based within the named Biotechnology HRtech geography (country or region). ‘Global’ indicates investors based outside of the market. Transportation/Mobility Travel CRM/Sales cleantech Source: EMPEA. Data as of 31 December 2020.

Biotechnology HRtech CHINA VC 2020 8

VC 2020 Top Investments

Value Investors Company Sector Round (USDm)

Media/Games/ Tencent, Temasek, Boyu Capital Kuaishou 3,000 Series F Entertainment

Xiang He Capital, Tiger Global, Tiantu Capital, SoftBank, Sequoia Capital, Qatar Investment Zuoyebang Edtech 2,350 Series E Authority, FountainVest Partners, Alibaba

Trustbridge Partners, Tencent, Temasek, Ocean Link, IDG Capital, Hillhouse Capital, Yuanfudao Edtech 2,200 Series G Greenwoods Investment, GIC, DST Global, DCP Capital, Danhe Capital, CPE, Boyu Capital SoftBank, Sequoia Capital, Permira, Fidelity International, Hillhouse Capital, GGV Capital, Manbang Late Lightspeed, Yunfeng Capital, Xiang He Capital, Baillie Gifford, All-Stars Investment, China Logistics 1,700 Group Stage Merchants Capital Management, Tencent Chehaoduo SoftBank, Sequoia Capital E-Commerce 1,700 Series D Group

Automotive/ Late Yingke Private Equity , SIG Asia Investments, SAIC Capital, Baidu Capital WM Motor 1,469 EV/AV Stage IDG Capital, CPE, China Renaissance, Shanghai International Group, Huatai Zijin Investment, Ti Capital, Co-Stone Venture Capital, Dingfeng Asset Management, GTJA Innovation Late MGI Tech Biotech 1,000 Investment, Goldstone Investment, Shenzhen Green Pine Capital Partners, Sailing Capital Stage International Transportation/ Didi Bike Late SoftBank, Legend Capital, Didi Chuxing Mobility 1,000 (Qingju) Stage

Source: EMPEA VC Data.

Q1 2021 Key Transactions

Value Investors Company Sector Round (USDm) Food/Grocery Sequoia Capital, FountainVest Partners, KKR, Tencent, Temasek, Primavera Capital Group, Xingsheng Delivery, Growth 2,000 China Evergrande Group Youxuan Restaurants & Stage Cloud Kitchens Food/Grocery Alibaba, DST Global, D.E. Shaw & Co., Anatole Investment, Jeneration Capital, Dragoneer, Delivery, Nice Tuan 750 Late Stage CDH Investments, GGV Capital, Kunlun Capital, Franchise Capital, Cygnus Equity Restaurants & Cloud Kitchens Baillie Gifford, Yunfeng Capital, CPE, BYD Auto, Great Wall Motors, Changjiang Automobile Horizon Chips/ Series C2, Electronic, Dongfeng Asset, Sunny Optical Technology, Changzhou Xingyu Car Light, 750 Robotics Semiconductors C3 CMC-SDIC Capital, Shougang Fund Boyu Capital, Primavera Capital Group, Hopu Investments, Sequoia Capital, Goldman Sachs, CPE, Jinyi Capital, FountainVest Partners, China-UAE Fund, Mubadala, CDB Capital, China 4Paradigm AI/ML 700 Series D Reform Holdings, JIC Technology Investment, CSC Financial, Haitong Securities SAIC Motor, Toyota, Robert Bosch, Yunfeng Capital, Temasek, Mercedes-Benz, GGV Capital, Automotive/ Momenta 500 Series C Shunwei Capital, Tencent, Cathay Capital EV/AV Clover GL Ventures, Temasek, Oceanpine Capital, OrbiMed, Delos Capital Biopharma- Biotech 230 Series C ceuticals FountainVest Partners, ClearVue Partners, Quanta Computer, Phi Zoyi Capital, Millenium Automotive/ Late Technology Value Partners, Sequoia Capital, SAIC Capital, Full Truck Alliance, CPE, Guotai Plus.ai 420 EV/AV Stage Junan International Regor Lilly Asia Ventures, Loyal Valley Capital, Lanting Capital, TF Capital, Vertex Ventures China Therapeutics Biotech 90 Series B

Source: Announced VC, tech & growth transactions tracked by EMPEA Research. SOUTHEAST ASIA VC 2020 9

arly-stage investment activity hit a record high, while total venture investment dipped to USD3.5b from Ea 2019 high of USD5.4b.

SUPER APPS E-Commerce 2020logistics MOST ACTIVEFintech VCS Proptech 2020 RECORDS Super apps Grab and Gojek raised a collective ~USD3.5b Sequoia Capital, East Early-stage in 2019 and ~USD2.3b in disclosed private capital Ventures, 500, Insignia investment (USD1.6b) financing in 2020. In Q1 2021, Grab announced a Ventures, AC Ventures, & deals (158) Wavemaker Partners, Beenext landmark SPAC deal with Altimeter Capital for an expected ~USD40b listing in New York and a ~USD4b attached PIPE deal, as well as a USD2b term loan facility. Edtech Healthtech 2020Super Apps TOP SECTORSGames

• Grab Financial raised an additional USD300m in Q1 Fintech USD770m 70 deals 2021, and Gojek is set to merge with Tokopedia at an Media & estimated ~USD30-40b valuation. E-Commerce logistics Fintech Proptech Entertainment Enterprise Software & IT Services Digital LogisticsSecurity Foodtech USD768m 19 deals

E-Commerce logistics Fintech Proptech LOGISTICS Travel USD265m 6 deals Fueled by accelerating E-Commerce adoption during Transportation/Mobility Travel CRM/Sales cleantech the pandemic, VC investment in logistics jumped to Proptech USD257m 10 deals USD768m in 2020 (from USD116m in 2019), Edtechwith Healthtech Super Apps Games Ninja VanE-CommerceFlash Expresslogistics Fintech Proptech USD100m+ rounds for , and Edtech Healthtech Super Apps Games E-Commerce USD286mBiotechnology 34 deals Waresix in 2020, as well as early-stage rounds for Kargo HRtech Technologies Shipper E-Commerce logistics Fintech Proptech (USD31m) and (USD20m) in Media & Entertainment Enterprise Software & IT Services Digital Security Foodtech Indonesia. Media & Entertainment Enterprise Software & IT ServicesFOODTECHDigital Security Foodtech

Edtech Healthtech Super Apps • StarGames tups developing alternative sources of protein raised rounds in 2020 and Q1 2021: Shiok Meats, Investor Participation in VC DealsTransportation/Mobility (%) Travel CRM/Sales cleantech Transportation/Mobility TravelTurtleTreeCRM/Sales Labs cleantech and Growthwell, followed by Next 2019 2020 Edtech Healthtech Super Apps Games Gen Foods, Green Butcher and SG Protein. Media & Entertainment Enterprise Software & IT Services Digital Security Foodtech Biotechnology Local (HQ in Southeast • Singapore became the Biotechnologyfirst country to approve lab- 74% 75% HRtech HRtech Asia) grown meat for human consumption.Media & Entertainment Enterprise Software & IT Services Digital Security Foodtech Global (HQ outside South- 66% 74% east Asia) Transportation/Mobility Travel CRM/Sales cleantechCROSS-BORDER • Global investor participation ticked up in 2020 as Transportation/Mobility Travel CRM/Sales cleantech US 37% 50% regional players Sea, Grab, Gojek and Tokopedia Biotechnology HRtech showcased the scale of Southeast Asian tech. In Amazon Facebook Twitter China 13% 15% tandem, , , Biotechnology and others invested in HRtechtheir Singapore presence, doubling down in the region. Japan 12% 13%

South Korea 10% 11%

India 4% 3%

Note: ‘Local’ indicates investors based within the named geography (country or region). ‘Global’ indicates investors based outside of the market. Source: EMPEA. Data as of 31 December 2020. SOUTHEAST ASIA VC 2020 10

VC 2020 Top Investments

Value Investors Company HQ Sector Round (USDm)

Oman State General Reserve Fund, Monk's Hill Ventures, InVent, Grab, Golden Gate Ventures, GeoPost, Carmenta, Brunei Investment Agency, B Ninja Van Singapore Logistics 279 Series D Capital

Qatar Investment Authority, East Ventures Traveloka Indonesia Travel 250

Property TPG, KKR Singapore Proptech 220 Guru

PTT Oil and Retail Business, Krungsri Finnovate, Gaorong Capital, eWTP Flash Thailand Logistics 200 Series D Ecosystem Fund Management, Durbell, Cloud Angel Fund Express

Super Series H STIC Investments Grab Singapore 200 Apps (ongoing)

Source: EMPEA VC Data. Q1 2021 Key Transactions

Value Investors Company HQ Sector Round (USDm)

SoftBank, Tencent, CPE, Sequoia Capital, Shunwei Capital, Vertex Enterprise PatSnap Singapore 300 Series E Ventures Software

Grab Hanwha Asset Management, Arbor Ventures, Flourish Ventures, K3 Financial Singapore Super Apps 300 Ventures, GGV Capital Group

Bow Wave GCash Philippines Fintech 175 Growth

Falcon House Partners, Kejora Capital, DEG, MDI Ventures, Indies Capital, SiCepat Indonesia Logistics 170 Series B Pavilion Capital, Trihill Capital, Daiwa Securities

Warburg Pincus, Goodwater Capital, Affirma Capital, Kora Management, MoMo Vietnam Fintech 100 Growth Tybourne Capital, Macquarie Capital

Series A Ribbit Capital, Horizons Ventures, Alpha JWC, SoftBank Ventures Asia, Ajaib Indonesia Fintech 90 (two Insignia Ventures, Y Combinator, ICONIQ Capital, Bangkok Bank tranches)

Accel Partners, Y Combinator Xendit Indonesia Fintech 65 Series B

General Atlantic KGBio Indonesia Biotech 55 Growth

Development Bank of Japan, JIC Venture Growth Investments, Juroku Bank, Mobile Internet Capital, Singapore Exchange, Tokai Tokyo Financial iStox Singapore Blockchain 50 Series A Holdings, Hanwha Asset Management

Temasek, K3 Ventures, EDB New Ventures, NX Food, FEBE Ventures, Blue Next Gen Singapore Foodtech 10 Seed Horizon Ventures Foods

Source: Announced VC, tech & growth transactions tracked by EMPEA Research. LATIN AMERICA VC 2020 11

enture investment in Latin America topped USD4b for a second consecutive year with a record V488 transactions, record seed and early-stage investments in a number of major markets, and strong dealmaking activity spilling into Q1 2021.

EXITS Strategic sales and listings ticked up during the pandemic, providing exits for a range of investors: B3 listings for Enjoei and Méliuz Zygo Technology sale to PagSeguro RD sale to TOTVS Gesto Saúde sale to Dasa Auth0 sale to Okta Kavak secondary sale to SoftBank & General Atlantic Cornershop sale to Uber Grupo ZAP sale to OLX Brasil iClinic sale to Afya Sirena sale to Zenvia

CROSS-BORDER View LAVCA’s 2021 Review of Tech Investment in Latin • Collaborative investing between local and global fund America for fundraising and exit highlights, top & highlighted deals, managers accelerated in 2020. Investors on tickets over sector and stage analysis in the key markets, most active investors & USD50m in 2020 included Accel Partners, Andreessen more at lavca.org/vc/vc-data/. Horowitz, Dragoneer, DST Global, General Atlantic, GGV, Ribbit Capital, Sequoia Capital, SoftBank, Tiger Global, T. Rowe Price & Vulcan Capital, as well as PE players Advent International, L Catterton & Silver Lake. 2020 MOST ACTIVE VCS 2020 RECORDS • The SoftBank Latin America Fund comprised the bulk of Canary, DOMO Invest, Seed investment participation from Japan. Y Combinator, KASZEK, (USD235m) monashees Early-stage investment Investor Participation in VC Deals (%) (USD1.6b) & deals (207) 2019 2020 2020 TOP SECTORS Local 80% 83% (HQ in Latin America) Fintech USD1.6b 127 deals E-Commerce logistics Fintech Proptech Global 41% E-Commerce39% logistics Fintech Proptech (HQ outside Latin America) E-Commerce USD507m 49 deals

logistics US 36% 36% E-Commerce Fintech Proptech Super Apps USD300m 1 deal

Japan 3% Edtech2% Healthtech Super Apps Games Edtech Healthtech Super Apps ProptechGames USD257m 30 deals

E-Commerce logistics Fintech Proptech Germany 3% 2% EdtechLogistics Healthtech Super AppsUSD154mGames 21 deals Media & Entertainment Enterprise Software & IT Services Digital Security Foodtech Media & Entertainment Enterprise Software & IT Services Digital Security logisticsFoodtech Spain 1% 2% E-Commerce Fintech Proptech Media & Entertainment Enterprise Software & IT Services Digital Security Foodtech

UK 1%Edtech Healthtech 1% Super Apps Games Transportation/MobilityTransportation/Mobility Travel Travel CRM/SalesCRM/Sales cleantech Note: ‘Local’ indicates investors based within the named Transportation/Mobility Travel CRM/Sales cleantech geography (country or region). ‘Global’ indicates investors Edtech Healthtech Super Apps Games based outside of the market. Media & BiotechnologyBiotechnology Source: EMPEA. Data as of 31 December 2020.HRtech Entertainment Enterprise Software & IT Services Digital Security HRtech Foodtech Biotechnology HRtech Media & Entertainment Enterprise Software & IT Services Digital Security Foodtech

Transportation/Mobility Travel CRM/Sales cleantech

Transportation/Mobility Travel CRM/Sales cleantech

Biotechnology HRtech

Biotechnology HRtech LATIN AMERICA VC 2020 12

VC 2020 Top Investments

Value Investors Company HQ Sector Round (USDm)

Vulcan Capital, Propel Venture Partners, PayPal Ventures, monashees, General Neon Brazil Fintech 300 Series C Atlantic, Flourish Ventures, Endeavor Global, BlackRock Pagamentos

Sequoia Capital, Ribbit Capital, KASZEK, Dragoneer Nubank Brazil Fintech 300 Late Stage

Super T. Rowe Price Rappi Colombia 300 Late Stage Apps

Wellington Management, Vostok Emerging Finance, Tarsadia Capital, SoftBank, LGT Lightstone, KASZEK, e.ventures, Amadeus Capital Partners, Advent Creditas Brazil Fintech 225 Series E International

Vulcan Capital, Valor Capital Group, Thrive Capital, QED Investors, monashees, Loft Brazil Proptech 175 Series C Jaguar Ventures, Fifth Wall Ventures, Andreessen Horowitz

SoftBank, DST Global, Greenoaks Capital, General Atlantic, KASZEK, Undis- Late Kavak Mexico E-Commerce QED Investors closed Stage

Source: EMPEA VC Data.

Q1 2021 Key Transactions

Value Investors Company HQ Sector Round (USDm)

D1 Capital Partners, Advent International, DST Global, Silver Lake Waterman, Soros, Tarsadia Capital, Tiger Global, Caffeinated Capital, monashees, Loft Brazil Proptech 425 Series D QED Investors, Andreessen Horowitz, Vulcan Capital, Altimeter Capital, CPP Investments, Fifth Wall Ventures, Zigg Capital

GIC, Whale Rock, Invesco, Tencent, Dragoneer, Ribbit Capital, Sequoia Capital Nubank Brazil Fintech 400 Series G

CapSur Capital, monashees, SoftBank, GGV, Microsoft, Sunley House Capital Late Loggi Brazil Logistics 205 Management Stage

SoftBank, Dynamo Capital, VELT Partners, Brasil Capital, Lakewood Investment Madeira Brazil E-Commerce 190 Series E Management, monashees, Flybridge Capital Madeira

Tiendanube Accel Partners, ThornTree Capital Partners, KASZEK, Qualcomm Ventures Argentina E-Commerce 90 Series D (Nuvemshop)

General Atlantic, Mountain Nazca, Foundation Capital Jüsto Mexico E-Commerce 65 Series A

Source: Announced VC, tech & growth transactions tracked by EMPEA Research. CEE VC 2020 13 E-Commerce logistics Fintech Proptech

enture investment hit a record of USD1.1b and venture deal count more than doubled from 2019. Investment into Q1 2021 started off strong, with deals over USD50m flowing into logistics, Vtransportation, AV, delivery and hardware. E-Commerce logistics Fintech Proptech

GAMES E-Commerce logistics Fintech Proptech With lower development costs relative to other markets Investor Participation in VC Deals (%) and a large base Edtechof software developers, Healthtech CEE-based Super Apps 2019Games 2020 game developers attracted international acquirers. • Zynga’s June 2020 USD1.8b announced acquisition Local (HQ in CEE) 62% 75% of Turkey-based game developer Peak Games, backed by early investor Earlybird Venture Capital, kicked off Global (HQ outside CEE) 60% 58% a strong year for gaming startups in the region. Zynga Rollic Games also acquired Turkey-based in 2020. US 19% 28% Edtech• Tencent acquired HealthtechEdtech Romania-based Healthtech Green HorseSuper Apps Super Apps Games Games Media & Games, backed by 3TS, in Q1 2021. Entertainment Enterprise Software & IT Services Digital Security Foodtech UK 17% 24%

LISTINGS Netherlands 11% 8%

2020E-Commerce was a record year forlogistics exits in CEE, withFintech USD5b in Proptech Finland 8% 6% public market activity and USD7.8b in total exit value. Media & Entertainment • E-CommerEnterprisece players Software Ozon & IT (Russia) Services andDigital Allegro Security Foodtech Media & Germany 15% 5% (Poland) raised USD990m and USD2.3b respectively in Entertainment Enterprise Software & IT Services Digital Security Foodtech their Nasdaq and Warsaw Stock Exchange listings. Note: ‘Local’ indicates investors based within the named Transportation/Mobility Travel CRM/Sales cleantech Kaspi geography (country or region). ‘Global’ indicates investors based • Fintech (Kazakhstan) raised USD870m in its LSE outside of the market. listing. Source: EMPEA. Data as of 31 December 2020. • UiPath raised a USD750m Series F in February 2021, thenEdtech raisedTransportation/Mobility USD1.3b Healthtech in its NYSE Travel listing inSuper April. AppsCRM/Sales Games2020 cleantech MOST ACTIVE VCS 2020 RECORDS Change Ventures, Revo Seed investment Transportation/MobilityCROSS-BORDER Travel CRM/Sales cleantechCapital, Eleven Ventures, (USD83m)Biotechnology & deals (46) Early Game Ventures • Unlike in regions where a handful of playersHRtech Early-stage investment participated in a large number of deals, VC investment (USD313m) & deals (46) Media & Biotechnology in CEE was spread over a broad investor base. Entertainment Enterprise Software & IT Services Digital SecurityHRtech Foodtech • Startups with deep tech talent, global offerings and 2020 TOP SECTORS relatively low valuations attracted increased attention BiotechnologyRobotics USD225m 1 deals from local and global investors alike. Local investors E-Commerce logistics Fintech Proptech increased participationHRtech in seed and early-stage rounds. Legaltech USD148m 3 deals

Transportation/Mobility Travel CRM/Sales cleantech Edtech USD93m 8 deals

Edtech Healthtech Super Apps Games AI/ML USD63m 6 deals

E-Commerce logistics Fintech Proptech Biotechnology Fintech USD54mMedia & 16 deals Entertainment HRtech Enterprise Software & IT Services Digital Security Foodtech

E-Commerce logistics Fintech Media/Games/Proptech Entertainment USD45m 10 deals

Edtech Healthtech Super Apps Games Adtech & Transportation/Mobility Travel CRM/Sales cleantechUSD40m 9 deals Marketing

Media & Entertainment *CEE includes Central & Eastern Europe, Turkey,Enterprise Software Russia & IT Services & DigitalCIS Security Foodtech Biotechnology Edtech Healthtech Super Apps HRtechGames

Transportation/Mobility Travel CRM/Sales cleantech

Media & Entertainment Enterprise Software & IT Services Digital Security Foodtech Biotechnology HRtech

Transportation/Mobility Travel CRM/Sales cleantech

Biotechnology HRtech CEE VC 2020 14

VC 2020 Top Investments

Value Investors Company HQ Sector Round (USDm)

Wellington Management, Tiger Global, Tencent, Sequoia Capital, Madrona Venture Group, IVP, Dragoneer, Coatue, Alkeon Capital Management, Accel UiPath Romania Robotics 225 Series E Partners

Raised Transportation/ D1 Capital, Darsana Capital, Naya Capital Management Bolt (Taxify) Estonia 291 over two Mobility rounds

Sber Legium.io Russia Legaltech 142

Runa Capital, Prosus Ventures, Manta Ray, Learn Capital, General Catalyst Brainly Poland Edtech 80 Series D

Hyper- Bessemer Venture Partners Bulgaria AI/ML 60 Series C science

Source: EMPEA VC Data.

Q1 2021 Key Transactions

Value Investors Company HQ Sector Round (USDm)

Alkeon Capital, Coatue, Altimeter Capital, Dragoneer, IVP, Sequoia Capital, UiPath Romania Robotics 750 Series F Tiger Global, T. Rowe Price

Sequoia Capital, Tiger Global, Crankstart, Base Partners, Goodwater Series Getir Turkey Logistics 428 Capital, Esas, Fiba, Revo B&C

Food/Grocery Czech Partech, Index Ventures, Quadrille Capital, ERBD, J&T Banka, R2G, Enern Rohlik Delivery, Restaurants 230 Republic & Cloud Kitchens

Cat Rock Capital, Sprints Capital, OpenOcean, Piton Capital, VNV Global, Booksy Poland CRM/Sales 70 Series C Manta Ray, Enern

Germany’s Federal Ministry for Economic Affairs and Energy, the Free State Skeleton Estonia Hardware 61 of Saxony Technologies

Menlo Ventures, GSV Ventures, Learn Capital, Goodwater Capital, Cherubic Photomath Croatia Edtech 23 Series B Ventures

Winter Capital Partners, Russia-China Technology Investment Fund Algorithmics Russia Edtech 10 Series A

Source: Announced VC, tech & growth transactions tracked by EMPEA Research. MIDDLE EAST VC 2020 E-Commerce logistics Fintech Proptech 15

enture investment ticked up to as investors focused on fintech solutions across the USD245m Edtech Healthtech Super Apps Games Vspectrum, e-commerce and cloud kitchens.

SHARIA-COMPLIANT LENDING 2020 MOST ACTIVE VCS 2020 RECORDS Media & Fintechs attracted funding to provide Sharia-compliant Entertainment 500,Enterprise Global Software & ITVentures, Services Digital Security Seed Foodtechinvestment lending services to populations underserved by traditional Wamda, Middle East (USD26m) & deals (21) banking offerings. Venture Partners Early-stage investment • In 2020, New York-based Islamic investment platform (190m) Wahed, with clients in ~130 countries, raised USD25m Transportation/Mobility Travel CRM/Sales cleantech led by Saudi Aramco’s venture capital arm. 2020 TOP SECTORS • In Q1 2021, Saudia Arabia-based Lendo raised a Food/Grocery USD7.2m Series A, UAE-based Flexxpay raised Delivery, Restaurants USD71m 5 deals & Cloud Kitchens a USD3m pre-Series A and Saudia Arabia-based Biotechnology HRtech Raqamyah raised a USD2.3m pre-Series A. Fintech USD52m 9 deals

VENTURE DEBT E-Commerce logistics Fintech LogisticsProptech USD50m 6 deals

Still a nascent strategy in the Middle East,E-Commerce venture logistics Fintech Proptech E-Commerce logistics Fintech Proptech debt emerged to provide non-dilutive capital for several E-Commerce USD41m 9 deals startups. E-Commerce Media/Games/logistics Fintech Proptech • Partners for Growth completed the first recorded Entertainment USD12m 6 deals Edtech Healthtech Super Apps Games venture debt investment in the region throughEdtech its Healthtech Super Apps Games USD10m deal for on-demand trucking aggregator Edtech Healthtech Super Apps Games TruKKer. EXITS Media & Entertainment Media & Enterprise Software & IT Services Digital Security Foodtech Entertainment • In 2021, SHUAA Partners arranged and ledEnterprise a SoftwareUSD50m & IT Services Digital SecuritySeveralEdtech Foodtechblockbuster Healthtech exits inSuper 2020-Q1 Apps 2021Games highlighted

Sharia-compliant financing package for UAE-based the growing attraction of globalMedia &strategic and retail Entertainment agtech startup Pure Harvest Smart Farms. Enterprise Software & IT ServicesinvestorsDigital Security to local startups.Foodtech Transportation/Mobility Travel CRM/Sales cleantech • Wamda, BECO Capital, Lumia Capital Mediaand & others exited Transportation/Mobility Travel CRM/Sales cleantech Entertainment EnterpriseCareem Software & IT Services (UAE)Digital through Security a USD3.1bFoodtech sale to Uber in early Investor Participation in VC Deals (%) Biotechnology HRtech Transportation/Mobility Travel2020. CRM/Sales cleantech 2019 2020 • VentureFriendsBiotechnology and Jabbar Internet exited InstaShop HRtech Transportation/Mobility(UAE) through Travel a USD360mCRM/Sales sale cleantech to DeliveryHero. Local (HQ in Middle East) 82% 94% Biotechnology • ApisHRtech will exit payments processor Tutuka (UAE) through Global (HQ outside Middle a sale to Salt Pay. 63% 58% Biotechnology East) HRtech • Lebanon-based music streaming platform Anghami, backed by Middle East Venture Partners and Samena US 48% 48% Capital, will merge with Nasdaq-listed SPAC Vistas Media Acquisition Company, which raised USD100m in Germany 4% 12% its 2020 listing.

China 9% 10% CROSS-BORDER • An increasing number of local investors are fueling Singapore 2% 8% growth in Middle East startup ecosystems. • Locally based Nuwa Capital, Silicon Badia and Propeller UK 5% 4% reached first closes for new vehicles, and 500 launched its first MENA accelerator in partnership with Sanabil Note: ‘Local’ indicates investors based within the named Investments. geography (country or region). ‘Global’ indicates investors based outside of the market. Source: EMPEA. Data as of 31 December 2020. MIDDLE EAST VC 2020 16

VC 2020 Top Investments

Value Investors Company HQ Sector Round (USDm) Food/Grocery Wilshire Lane Partners, Rise Capital, Reshape, MSA Capital, Lumia Delivery, Capital, Knollwood Investment Advisory, Global Ventures, GIC, Kitopi UAE 60 Series B Restaurants & CE-Ventures, BECO Capital Cloud Kitchens Arbor Ventures, Mubadala, Global Founders Capital, Global Ventures, Saudi Technology Ventures, JIMCO, AB Accelerator, HOF Capital, Tabby.ai UAE Fintech 23 Series A VentureSouq, RAED Ventures, Outliers Venture Capital, MSA Capital

Watar Partners, Wamda, Saudi Venture Capital Investment Company, Saudi Nana Direct E-Commerce 18 Series B Saudi Technology Ventures, Middle East Venture Partners, Impact46 Arabia

Tamer Group, CMA CGM, BECO Capital Fetchr UAE Logistics 15 Series C

Venture Partners for Growth TruKKer UAE Logistics 10 Debt

Lyve Middle East Venture Partners UAE Logistics 10 (One Click)

Source: EMPEA VC Data.

Q1 2021 Key Transactions

Value Investors Company HQ Sector Round (USDm) Food/Grocery Mohamed Yousuf Naghi Group, AlTouq Group, Derayah Ventures, B&Y Delivery, iKcon UAE 20 Series A Venture Partners, AbdulMohsin Al Houkair Holding Group, Nazer Group Restaurants & Cloud Kitchens

Target Global, Kingsway, CE Ventures, Entrée Capital, Zamil Investment Tarabut Bahrain Fintech 13 Seed Group, Global Ventures, Almoayed Technologies, Mad'a Investment Gateway

Shorooq Partners, OTF Jasoor Ventures, VentureSouq NymCard UAE Fintech 7.6 Series A

Saudi Derayah Ventures, Shorooq Partners, 500, Seedra, Impact46 Lendo Fintech 7.2 Series A Arabia

Anthemis Exponential Ventures, Knuru Capital, Wamda, Commercial Bank of Dubai, DIFC FinTech Fund, Accion Venture Lab, Greenhouse NOW Money UAE Fintech 7 Capital, Hambro Perks' Oryx Fund

Hala Saudi Wamda, Impact46 Fintech 6.5 Series A (Halalah) Arabia

Source: Announced VC, tech & growth transactions tracked by EMPEA Research. 17

METHODOLOGY

EMPEA’s venture capital (VC) investment dataset GPs in VC investments in 2020. It also identifies the includes seed, early-stage and late stage investments most active global investors in each market, based with participation by blind-pool VC funds backed by on the headquarters of the investment firm, and how institutional investors. Standalone investments by their participation shifted from 2019 to 2020. For accelerators, incubators, angel investors, corporate the purposes of this analysis, venture firms managing or strategic investors and government-guidance local funds but based outside the geographies in funds are not included in current recording, but may the data table were considered ‘global investors’. be incorporated in subsequent releases. Investment Notable examples include Sequoia Capital, totals reflect the total transaction value for each deal Lightspeed and Matrix Partners (US-based), which — including co-investments from institutional and manage China-dedicated funds, and Africa-focused strategic investors. investors such as DPI and Helios (UK-based). For EMPEA’s data on VC co-investments across borders more information on research methodology, please identifies the participation of local or globally based contact [email protected].

GLOBAL VC CACHE NEWSLETTER CONTACT EMPEA Sign up for EMPEA’s Global VC Cache, a For questions about EMPEA’s VC+tech bi-weekly newsletter covering cross-border workstream contact report author EMPEA tech transactions and innovations with cross- Managing Director of Venture Capital Julie border applications in Africa, Asia, CEE, Ruvolo at [email protected]. Latin America and the Middle East, at For research-related questions contact empea.org/vc-tech/ . [email protected]. Send your updates: [email protected].

Disclaimer: This information is intended to provide an indication of industry activity based on the best information available from public and proprietary sources. EMPEA has taken measures to validate the information presented herein but cannot guarantee the ultimate accuracy or completeness of the data provided. EMPEA is not responsible for any decision made or action taken based on information drawn from this report.

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