The Global Startup

Ecosystem Report
GSER 2022

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ANNIVERSARY
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Table Of Contents
05 About Startup Genome 61 Three Essentials To Creating a Strong Sense 179 Latin America
of Community in Emerging Ecosystems
08 About GEN 181 Key Findings
64 How to Get Mentoring Right
12 Note From A Founder 182 Ecosystem Pages
66 Regional Insights
14 A Note From GEN 193 MENA
67 Africa
16 Insights & Rankings 195 Key Findings
69 Key Findings
17 The State of the Global Startup Economy 196 Ecosystem Pages
70 Ecosystem Pages
23 Ecosystem Lifecycle Analysis 220 North America
81 Asia
26 Global Startup Ecosystem Ranking 2022 222 Key Findings
(Top 30 + Runners-Up) 83 Key Findings
223 Local Connectedness Is Driving Indiana’s
38 Rankings 2022: Top 100 Emerging Ecosystems 84 Ecosystem Pages Thriving Startup Ecosystem

45 Global Startup Sub-Sector Analysis 123 Europe 225 Ecosystem Pages

53 Startup Founders’ Corner 125 Key Findings 277 Oceania

54 Why Founders Should Be Open and Direct 126 London’s Tech Scene: A World-Class 279 Key Findings
About Their Values Ecosystem Competing on a Global Scale
280 How La Trobe University is Accelerating
56 What You Need to Know Before You Start 128 Discover Portugal: An Unbeatable Value Startup Success
Fundraising Proposition for Startups
282 Ecosystem Pages
58 Diversity in Startups: When it Helps and When 131 How Startups are Creating a Future-Proof
291 Methodology, References & Acknowledgments
it Hurts Economy in Rotterdam

133 Ecosystem Pages

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prior written authorization of Startup Genome. This material has been prepared for general informational purposes only and is not intended to be relied upon as professional advice. July 2022, version 1.1
This report cannot be offered for download on any website other than startupgenome.com

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Ecosystem Pages By Region
67 AFRICA 114 Sri Lanka 172 Paris

70 Accra 117 Telangana 174 Stockholm

72 Cape Town 120 Tokyo 176 Turin

75 Johannesburg 123 EUROPE 179 LATIN AMERICA

77 Lagos 133 Amsterdam-Delta 182 Bogota
79 Nairobi 135 Belgrade and Novi Sad 185 Buenos Aires

81 ASIA 138 Berlin 187 Mexico City

84 Bangalore - Karnataka 140 Biscay Startup Bay 189 Rio de Janeiro

87 Beijing 143 Budapest 191 São Paulo

89 Kerala 146 Denmark 193 MENA

92 Kuala Lumpur 149 Frankfurt 196 Abu Dhabi
95 Kyoto 152 Helsinki Metropolitan Area 199 Bahrain
98 Manila 155 Istanbul 202 Cairo
101 Osaka 158 Lille 205 Doha
104 Seoul 161 London 208 Palestine
107 Shanghai 163 Mannheim-Heidelberg 211 Sharjah
109 Shenzhen 166 Metro Rhein-Ruhr 214 Tel Aviv
111 Singapore 169 Mid-East Region Ireland 217 Tunisia

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Ecosystem Pages By Region
220 NORTH AMERICA 266 San Diego

225 Atlantic Canada 268 Seattle

228 Austin 270 Silicon Valley

230 Boston 272 Toronto-Waterloo

232 Calgary 275 Washington, D.C.

235 Chicago 277 OCEANIA

237 Edmonton 282 Melbourne

285 New Zealand

240 Indiana
288 Sydney
243 Los Angeles

245 Miami

248 Mississippi

251 Montréal

254 New York City

257 Philadelphia

260 Pittsburgh

263 Québec City

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About

Startup Genome

Startup Genome is the world-leading policy advisory and research organization Join us and boost startup success, economic growth, and job creation in your
for public and private organizations committed to accelerating the success of their region. Follow our work at startupgenome.com, and on LinkedIn and Twitter.
startup ecosystem. We have advised more than 125 clients across six continents Public and private startup community leaders looking to accelerate the growth
in 45+ countries to date. of their startup ecosystem can reach us at [email protected].

Startup Genome’s mission is to accelerate startup success and ecosystem

performance everywhere. We work together with global thought leaders and
practitioners to define and execute robust policies and programs that drive lasting
change. Our impact is rooted in over a decade of independent research with data
on three million companies across 280 cities.

Working side-by-side with 300 partner organizations, our frameworks and

methodologies have become instrumental in building foundations for startups
and startup ecosystems to grow. Many of the world’s leading governments and
innovation-focused organizations have joined our knowledge network to cut
through the complexities of startup ecosystem development and fuel sustained
economic growth. Considered the new science of startup ecosystem assessment,
we point to key gaps in startup ecosystems and prioritize actions to take in
addressing them.

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Global Startup Ecosystem Report 2022

Our Global Network Ministry for Economy, Innovation, Digitization and

Energy of the State of North; Rhine-Westphalia

Startup Montréal; Centech; Techleap

Ville de Montréal; Digital Hub Denmark
MaRS Discovery District; Montréal International
Vinnova
Communitech Corporation Quebec International Hessian Ministry for Economic Affairs, Energy, Transport and Housing
City of Edmonton Up!Rotterdam; Rotterdam Partners
City of Helsinki; City of Espoo; City of Vantaa
Platform Calgary; Calgary Ocean Super Cluster National Research, Development and Innovation
Government
Economic Development of Ontario EuraTechnologies Office; Ministry of Innovation and Technology
Tech Nation Cabinet of the Minister for Innovation and
(formerly Tech City UK) Seoul Business
Innovate BC Technological Development; Digital Serbia Initiative Agency
Foresight Canada Meath Enterprise Moldovan Association of ICT Companies
TechQuartier; StartHub Hessen Tokyo Metropolitan
Indiana Economic Development Corporation Istanbul Development Agency (ISTKA) Government;
Technologiepark Heidelberg Deloitte Japan
InnovatePGH Partnership; Pittsburgh The Innovative Private Sector Development (IPSD)
Regional Alliance; Innovation Works Startup Portugal Sharjah Entrepreneurship Center Osaka Business
Development Agency
Diputación Foral de Bizkaia Office of Strategic Studies,
Government of Ras Al Khaimah
Mississippi Development Authority Intesa Sanpaolo Innovation Center; Kyoto Wisdom Industry
Fondazione Compagnia di San Paolo T-Hub Foundation Creation Center
Knight Foundation KITS; Bangalore
The Government of the
Grand Duke Luxembourg Hub71 Bioinnovation Centre Department of Trade and Industry
Ben Franklin Technology Partners; University
City Science Center; Drexel University Smart Capital; CDC
Innovacorp; ACOA Cradle Fund
Qatar
Novarium Tel Aviv Development Enterprise Singapore
iNNpulsa; District Secretariat of Economic German Society for Global Bank
Development (DSED); Invest in Bogota International Cooperation (GIZ)
Information and Communication
New York City Economic Development Tamkeen Technology Agency of Sri Lanka
Information Technology
Corporation; Tech:NYC Industry Development Agency
Israel Innovation Kerala Startup Mission
New Zealand
Authority
Abstartups Startup
LaunchVic; La Trobe University Partnership
City of Cape Town;
WESGRO; Silicon Cape
for Cape Town
Investment NSW

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Discover
More in
Sub-Sector
Editions

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About

Global Entrepreneurship Network

The Global Entrepreneurship Network operates a platform of projects and programs

in 180+ countries aimed at making it easier for anyone, anywhere to start and
scale a business. By fostering deeper cross-border collaboration and initiatives
between entrepreneurs, investors, researchers, policymakers, and entrepreneurial
support organizations, GEN works to fuel healthier start and scale ecosystems
that create more jobs, educate individuals, accelerate innovation, and strengthen
economic growth. GEN’s comprehensive global footprint of national operations
and global verticals in policy, research, and programs ensures members have
uncommon access to the most relevant knowledge, networks, communities, and
programs relative to size of economy, maturity of ecosystem, language, culture,
geography, and more.

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Global Startup Ecosystem Report 2022

About Our Global Partners

TNW is a global digital brand that informs, inspires, and connects people who love tech, through media, events, and spaces. Primarily
known for its media outlet and award-winning tech events, TNW also incorporates a coworking label, a global startup database, and
delivers custom innovation programs to corporates and governments.

Provides actionable advice on private capital challenges. Combining rigorous academic approaches with real world industry expertise,
its expert team focuses on complex, customized projects that require thorough analysis, whether quantitative or qualitative in
nature, to help its clients assess or design strategies, improve performance, and chart winning strategies for the future.

Everyday investors, journalists, founders, and the global business community turn to Crunchbase for information on startups and
the people behind them.

The foremost data provider on startups, growth companies, and tech ecosystems globally. Dealroom.co now works with many of
the world’s most prominent investors, entrepreneurs and government organizations to provide transparency, analysis and insights
on startups and venture capital activity.

(formerly Tech City UK): Empowers ambitious tech entrepreneurs through growth programs, digital entrepreneurship skills, a visa
scheme for exceptional talent, and by championing the UK digital sector through data, stories, and media campaigns.

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Global Startup Ecosystem Report 2022

Global Innovation Policy Forum

Africa Europe Latin America
• Adenike Adeyemi, Executive Director, Fate Foundation • Gerard Grech, CEO, Tech Nation (fka Tech City UK) • Rocio Fonseca Chamorro, Chief Innovation Officer,
(Nigeria) (United Kingdom) CORFO - Chilean Economic Development Agency
(Chile)
• Constantijn Van Oranje-Nassau, Envoy, TechLeap
Asia
(The Netherlands) • Felipe Matos, President, Brazilian Startup Association
• Edwin Chow, Asst. CEO & Director, Enterprise (Brazil)
• Darja Isaksson, Director General, Vinnova (Sweden)
Singapore (Singapore)

• Ruben Nieuwenhuis, Co-Founder, StartupAmsterdam Middle East & North Africa

• Seow Hui, Director of Startup Development Division,
(The Netherlands)
Enterprise Singapore (Singapore) • Sharon Landes-Fischer, CEO, Tel Aviv Global (Israel)

• Santtu von Bruun, Vice-Director of Economic

• Wensheng Wu, General Manager, GEI (China) • Sagi Dagan, VP Growth, Israel Innovation Authority
Development, City of Helsinki (Finland)
(Israel)
• Jitendra Kumar, Managing Director, Bangalore
• Johannes Velling, Director General “Digitalization
Bioinnovation Centre (Karnataka) • Fabian Vandenreydt, Advisor to the Chairman, Abu
and Foreign Trade”, Ministry of Economic Affairs,
Dhabi Global Market (Abu Dhabi)
Innovation, Digitization and Energy (Germany)
• Saleh Al-Rashid, Governor, Monshaat (Riyadh)
• Zekeriya Costu, General Manager National Technology,
Ministry of Industry and Technology (Turkey)

• Isidro Laso, Innovation, Research, Education, Culture,

and Youth, European Commission

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North America • Cheryll Watson, Forum Co-Chair, Former Head of
Innovate Edmonton (Canada)
• Justin Kreamer, Senior Vice President, New York City
Economic Development Corporation (United States) • Mathieu Gervais, Assistant Deputy Minister, Office
of the Assistant Deputy Minister for Science and
• Francis Bilodeau, Senior Assistant Deputy Minister, Innovation (Québec)
ISED (Canada)

• Dan Herman, Co-founder MyJupiter Inc. and former

Oceania
Head of Strategy, Innovation Canada • Kate Cornick, CEO, LaunchVic (Australia)

• Chandra Briggman, President/CEO, Activation Capital • Vic Crone, CEO at Callaghan Innovation (New Zealand)
(United States)

• Mark Anthony Thomas, President, Pittsburgh Regional

Alliance (United States)

• Jonathan Ortmans, President, Global Entrepreneurship

Network

• Iain Klugman, Executive Advisor to the CEO

Communictech

• Carolyn Hull, General Manager of the Economic and

Workforce Development, City of Los Angeles (Los
Angeles)

• Anne Bermonte, Director, Ontario Ministry of

Economic Development (Ontario)

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Global Startup Ecosystem Report 2022

Note From A Founder

“The world of tech startups is changing. More

importantly, tech startups are changing the world.”

This is the 10th anniversary of Startup Genome’s progress, incorporated by roughly 40% of tech startups in
ambitious mission, and how the world has changed! In their products. With a few fluctuations, all this change is
2012, we published our first Global Startup Ecosystem permanent. Even when the danger recedes, no business
Report (GSER). It was the beginning of a collaboration with will give up its newfound reach and efficiency.
hundreds of ecosystem leaders and supporters, intent on
identifying the drivers of entrepreneurial success. That Tech startups don’t just provide tools for digital
year, Western and English-speaking cities dominated transformation; they also embody it. Software firms have
the top 20. Not a single Chinese ecosystem and just one led the dispersion of talent around the globe. Startup
each from India and the Middle East ranked high. The ecosystems attract people from everywhere but also
2022 report, by contrast, reveals thriving ecosystems in enable their departure for other cities. That is the case
every part of the world. We may need a new name for with Silicon Valley, which has shed a lot of high-quality
unicorns, which today proliferate on six continents. talent, with many engineers and others returning to
their home countries. This has further elevated Silicon JF GAUTHIER
The COVID-19 pandemic accelerated both the growth Valley as the most globally connected ecosystem and Founder and CEO, Startup Genome
and importance of startups, as companies rushed to the nexus of the global startup ecosystem. With fewer
digitize and sought virtual solutions to physical problems. employees on-site, Silicon Valley has more space — its #1
Artificial Intelligence has become the playdough of constraint is to accommodate more founders, startups

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and supporters, whose interactions and collisions are More broadly, tech startups model many of the values we includes launching Entrepreneurship for Climate with
the catalysts of innovation. This has happened — albeit admire in democratic governments. And 10 years from partners, and working with them on global hypergrowth
to a lesser degree — in every top startup ecosystem. now, their founders may have the power to disseminate programs in Canada, Sweden, and China.
those values within autocracies, while their growing wealth
So, the world of tech startups is changing. More and reputation earn political influence. Imagine if instead Ecosystem leaders appear to feel less urgency about
importantly, tech startups are changing the world. of its oligarchs, who owe their fortunes to the Kremlin, a different issue: diversity and inclusion. A common
Russia produced 20,000 tech millionaires dedicated to excuse is that they must focus on creating billion-dollar
flat organizations, cooperation, and meritocracies. Then businesses and the associated jobs before worrying
Startups as Agents of Change imagine those founders funding opposition candidates about who holds those jobs. But with the industry
The Arab Spring of 2011 demonstrated how the products and fighting the system. But while entrepreneurs are booming and IT vacancies high, it is time to invest real
of tech companies connect resisters of oppression and among the world’s most effective change agents, they money in recruiting and developing under-represented
amplify their messages. And startups themselves always can’t do it alone. We supporters of tech startups must talent. TechConnect is one organization tackling this
empower those with fewer economic opportunities. show up for founders especially in countries where problem. Its ambitious program is upskilling or reskilling
Visiting Saudi Arabia a few years ago, I was pleased change is most needed. It is our responsibility to assist 50,000 people from under-represented groups so they
to see accelerators with more female founders than them with investment, collaboration, mentoring, and can each get a tech job. Similar programs have been
male ones. While the government has made progress in other means to make them drivers of change. taking shape in New York City and Israel. It is time for all
modernizing the economy and has reduced workplace of us to develop and fund such reskilling and upskilling
segregation, the best option for women desiring true programs.
independence is often to launch their own companies.
Tech’s Role in Fighting Climate
Not only do those entrepreneurs create offices more Change In addition to our first GSER report, 10 years ago we
hospitable for themselves and their female employees, also published foundational research on what drives
In addition, innovations by tech companies may be our the success and failure of startups. While the global
they also, in some cases, develop products that promote
best bet to prevent global disaster, given countries’ failure startup revolution has matured and changed the world,
the empowerment of women. WSM (formerly Fixtag) is
to negotiate or legislate their way out of climate change. those underlying conclusions remain true. We invite
one example. That out-of-the-gate success is a mobile-
phone repair service targeting women, who previously But those innovations will succeed only if Cleantech our partners and government and business leaders to
startups scale. That requires, among other things, apply those lessons as they build the engines that will
discarded their devices rather than risk men viewing
demand-side policies to overcome market fragmentation power their economies and — I hope — transform their
their photos and other private data.
and capital that is comfortable with the industry’s long- societies for decades to come.
term horizons. Startup Genome’s leadership on this issue

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Global Startup Ecosystem Report 2022

A Note From GEN

“Entrepreneurship is percolating everywhere, and

competition on the global leaderboard is fierce.”

In April 2022, the global startup community hit a milestone. Rewind 10 years, and the global ecosystem had a small
Thousands of people from 180 countries came together handful of star players. Entrepreneurship was accessible
in person for the first time since the onset of the COVID- to a select few. Today, people are identifying and solving
19 pandemic. The convening point was GEN’s Global problems on a massive scale. Entrepreneurship is
Entrepreneurship Congress (GEC), a gathering of startup percolating everywhere, and competition on the global
champions working together to build one inclusive global leaderboard is fierce. Groundbreaking advancements to
entrepreneurship ecosystem underpinned by a shared reduce barriers are taking place in cities and countries
engine of innovation and economic growth. previously dismissed in conversations about startups
and innovation — so much so that these cities are now
The event was a testament to how far we have come in strong challengers to global frontrunners.
understanding the virus and learning to adapt to it, thanks JONATHAN ORTMANS
in large part to research data and entrepreneurialism. This is a remarkable story of people, passion and grit, Founder and President, Global
Entrepreneurship Network (GEN)
Humankind has leveraged knowledge and skills to but also of data. Finding better ways of doing things
innovate through the worst of the pandemic. In its demands the painstaking work of collecting and analyzing
wake, startup ecosystem research is providing data that information, constantly adapting to new knowledge and
will inform economic strategies and intensify global standing strong to conclusions no matter how contrary
competition for talent and investment. they seem to intuition. This has been the work of Startup

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 Genome over the past 10 years — providing innovation call to action, encouraging readers to be a part of a new
ecosystems with data to understand what it takes to generation of dreamers, doers, and risk-takers working
compete in the race to the top. toward inclusive prosperity for all.

GEN is proud to stand alongside Startup Genome to

present the Global Startup Ecosystem Report (GSER) as
both a guide to innovation performance and a prompt to
leaders to develop ecosystem strategies from evidence-
based analysis, not gut. The GSER informs decisions by
government ministers and staff within our GEN policy
communities, it guides our national managing directors
“This generation of in over 85 countries, and it fuels our global program
strategies and verticals. It offers a roadmap to those
leaders is hungry seeking to maximize the performance of their ecosystem

to democratize and the entrepreneurs within it.

opportunities through As we saw at the GEC, this generation of leaders is hungry

to democratize opportunities through entrepreneurship.
entrepreneurship.” Thanks to the GSER, we know where cities stand at this
important junction in history. The report demonstrates
that more cities are placing entrepreneurs at the center of
economic policy and connects the dots for policymakers
seeking to be more competitive on the global stage in a
post-pandemic world.

Above all, it offers all ecosystems, regardless of size or

wealth, insights and opportunities to level the playing
field in a new world order where rules and assumptions
have changed. As such, we consider the report to be a

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Insights & Rankings
17 The State of the Global Startup Economy

23 Ecosystem Lifecycle Analysis

26 Global Startup Ecosystem Ranking 2022 (Top 30 + Runners-Up)

38 Rankings 2022: Top 100 Emerging Ecosystems

45 Global Startup Sub-Sector Analysis

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Global Startup Ecosystem Report 2022

The State of the Global

Startup Economy
When Startup Genome published its first Global Startup
Ecosystem Report in 2012, the entrepreneurial universe
was a much smaller place. Six of the top 10 hubs were in
the United States, and just one Asian city — Bangalore-
Karnataka — broke the top-20 ranking. Four ecosystems
accounted for the year’s whopping nine unicorns (a
term that would not even be coined until 2013). Almost
two-thirds of early-stage funding was concentrated in
North America.

That year, Statista valued the entire global software

market at around $350 billion. Only one tech business
appeared on Fortune’s list of top-50 largest global
companies.

Ten years, $1.65 trillion in funding, 1,227 unicorns, a

global pandemic, and massive revolutions in everything
from AI and social media to autonomous vehicles and
precision medicine later, and the situation is very
different. Today, the digital economy is the economy —
or at least the economy’s future.

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The World Economic Forum estimates that 70% of new
value created globally over the next 10 years will be
based on digital business models. In 2023, for the first
time, more than half of GDP will be driven by “digitally
transformed” enterprises, according to Statista. PWC
projects that gains from AI alone will contribute $15.7
trillion to the global economy by 2030.

Despite the early shadow it cast on startups, COVID-19

ultimately boosted the sector by accelerating
digitization. Since the pandemic, tech companies grew
2.3 times more than their non-tech counterparts. While
about 90% of startups completely fail, Startup Genome
research demonstrates that only 1.5% of startups — or
about 15% of those that survive — produce a successful
exit of $50 million or more across the top eight U.S.
startup ecosystems.

Since 2012, global average Series A rounds have tripled

to more than $18 million. Post-money valuations are
up, on average, by 239% over 10 years, with the biggest
growth in later rounds. Just since 2019, post-money
valuations have risen by 125% (Series B) and 159%
(Series C). In 2022, high inflation, rising interest rates,
and global conflict have led to volatile markets and a
financial market correction.

However, inflation has not been a global phenomenon.

Overall, deal inflation in 2021 was dramatic in both
late-stage rounds (Series B+) and exits, with the ratio

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of pre-money valuation to revenue increasing by about in 2000–2001 and in 2008–2009. Raising interest rates change mitigation are remaking not just business, but
50% for both. However, these ratios show little to no in response to global inflation combined with the war also the social and physical worlds.
inflation in Asia and, for late-stage rounds, a drop in the in Ukraine seem to have already put a stop to 2021’s
“Rest of the World.” exuberance. In this context, startups will benefit from In 2018, Startup Genome was first to report the
adjusting their growth strategy by reducing their burn accelerated rise of Deep Tech sub-sectors. Over the
While inflation in funding valuations fuel an acceleration in order to lengthen their runway and delay their need last four years, when including AI in Deep Tech, the
in the growth of entrepreneurial ecosystems and for capital, and do so rapidly and assertively. growth of Global Startup Ecosystems has been almost
innovation in general — with larger checks essentially completely driven by Deep Tech.
meaning more money is invested in startups for the same
percentage dilution — it is not without risks for startup The Continued Rise of Deep Tech
ecosystems. It often spells lower returns for investors As for major innovation trends, the rising digits tell the
Talent
for the affected vintage investments. For startups (and story: Web3, Industry 5.0, Supply Chain 4.0. And, of And just as two decades ago Silicon Valley reinvented
for investors) this raises the specter of down rounds course, 5G. Innovations in — among many other sectors the culture of place with open offices and spaces
as the market goes back to near-historical valuations — digital finance, AI-discovered molecules, and climate- optimized for collaboration, so today’s startups are
before their next round. We have seen this before — leading our new culture of placeless-ness. In the

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COVID-19 pandemic, tech companies both facilitated As with Silicon Valley in the U.S., Bangalore-Karnataka India’s government, meanwhile, has invested in
and pioneered new ways of working, including the is no longer the only game in town. Six of seven Indian ecosystem-creation initiatives and other startup-friendly
virtual-first model, popularized by companies including ecosystems tracked by GSER — including Chennai, policies. Its most ambitious project is India Stack, a
Dropbox, which makes remote the default. Investment Pune, Telangana, and Kerala — climbed the rankings, nationwide technology infrastructure for authentication
is also no longer tied to location, with some venture benefitting from a dispersion of the tech economy. and digital payments that is ushering in a cashless
capitalists using Zoom to perform due diligence on Delhi and Mumbai re-joined Bangalore-Karnataka in economy. That creates a base of more than 1 billion
far-flung investments, geographically expanding their the top 40. Overall Bengaluru, Mumbai, and Delhi went users, potentially galvanizing Fintech, digital commerce,
reach. up almost 10 ranks each. and other startups in the process. Such companies are
emerging as the “backbone” of new India, said Prime
However, by rendering talent and capital more fluid, India has a vast domestic market that has recently Minister Narendra Modi when he proclaimed January
technology has paradoxically made geography more grown even more dependent on technology, fueling 16 National Startup Day.
important than ever. Now that founders, talent, and gains. But the country’s rise is not just a local
investors can be anywhere, polestars like Silicon Valley, phenomenon. Writing in Medium, Dev Khare, a partner
London, and Beijing must compete with hundreds at Lightspeed India, estimated that 30% of the country’s China Slowing
of expanding constellations, each with its own legal, unicorns already were or are poised to go global — and India’s embrace of the tech sector stands in contrast to
economic, and lifestyle advantages. not just those in the usual-suspect SaaS space. In India, China. In 2021, Beijing cracked down on companies such
the conversation is shifting from whether the country’s as Didi, Tencent, and Meituan over issues including anti-
Here are some overarching themes that affected entrepreneurs can build unicorns to whether they can competitiveness and data privacy. Jack Ma retreated
established and emerging ecosystems in recent months. build global category leaders. into near invisibility following regulators’ actions against
Alibaba and the suspension of Ant Group’s IPO. Global
The virtuous cycle of ecosystems is also on display in
India Rising India, as successful businesses feed new entrants. For
investors were among those who suffered when Beijing
went after its Edtech industry in July 2021. In December
The startup landscape has shifted substantially, with example, Zomato, a food-delivery service whose July 2021, the Chinese government raised constraints on
India surging close behind the United States and China. 2021 IPO was oversubscribed by a factor 35, pledged overseas IPOs.
The country has seen a rapid rise in the number of large to invest $1 billion in startups over two years. In March
exits and early-stage rounds, and a substantial increase 2022, CEOs and executives of unicorns that include Such developments, as well as China’s strict COVID-19
in Ecosystem Value. India minted 44 unicorns in 2021, Rivigo, Cars24, and Lead School announced they were policies and tensions with the United States and Europe,
raised a total of $72 billion in exits (up from $1.8 billion joining forces to support early-stage companies with are affecting its young startups. In 2021, China saw
in 2020). The nation’s total dollar exit amount has the new Bharat Founders Fund. growth in early-stage funding, and smaller exits ($50
multiplied 38x from 2020 to 2021.

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to $100 million) slowed down significantly, growing
at a rate about 10% lower than global average. As for
Hot Spots Everywhere models. Spain has plans to pass a “startup law” by
the end of 2022 that includes several tax incentives
foreign investments, GSER numbers show that most India and China may be the big stories of 2021, but and hacks through red tape impeding founders and
major Chinese ecosystems have a significantly lower dozens of other intriguing narratives proliferated around investors. The U.S. Innovation and Competition Act,
ratio of non-local to local investors in deals over the the globe. Continuing a trend of declining funding share working its way through Congress, includes $10 billion
last 10 years than their counterparts, for example in that began in 2016, North America accounted for less for new technology hubs.
comparison to India. That said, China saw large exits than half of early-stage funding in 2021, with Europe
over $1 billion and large and late-stage funding rounds and Asia both taking a bite of the total. VC activity in A growing number of countries also are introducing
grow very fast in 2021. China has seen a 22% increase Latin America nearly doubled from the previous year. digital nomad visas to attract newly footloose tech
in the dollar amount of late-stage funding investment talent to their hubs. Latvia, Romania, and Cape Verde
from 2020 to 2021 and a 21% increase in the number of Record amounts of tech venture funding were raised in are among the most recent to do so, and in 2021, the
exits over $1 billion from 2020 to 2021. Asia ($87.4 billion), North America ($219.6 billion) and Portuguese island of Madeira opened a digital nomad
Latin America (the world’s fastest growing region at village. And with crypto-companies luring talent from
Overall, the performance of Chinese startup hubs is $12.9 billion). Australian startup funding tripled to $10 traditional tech, Bitcoin-friendly places including El
declining for the first time since GSER has tracked them. billion, and African startups raised $4.8 billion — a 96% Salvador — which has declared the digital currency legal
Eight of the 13 cities studied fell one or more spots in this increase from 2020 to 2021. tender — may appeal to founders and workers excited
year’s rankings, and two (Wuxi and Xiaman) are down by Web3 projects.
21 positions. But the same hands that are smacking A record 540 companies achieved unicorn status in
down Goliaths are raising up some Davids. China’s 2021, with 113 ecosystems producing at least one $1
government announced in July 2021 that by 2025 it billion+ behemoth. Twenty-two ecosystems — including The Age of Geopolitics
intends to develop 10,000 “Little Giants” — innovative Brisbane, Luxembourg, Santiago-Valparaiso, and Ho Chi The importance and dispersal of tech startups has
startups intended to fill gaps in strategic industries Minh City — achieved their first unicorns in the period amplified the influence — for both good and ill — of
rather than to scale globally. In addition to financial examined for the GSER 2022. geopolitics. Where once the sector was sufficiently
and regulatory incentives, Little Giants benefit from small to avoid the kind of pressures experienced by
the government’s seal of approval, which has attracted More governments are enacting policies to make large industries such as energy and travel, those garage-
some venture capital. themselves alluring to entrepreneurs. Brazil’s new Legal spawned entrepreneurs have grown into a major
Framework for Startups, for example, is an ambitious economic force. Keeping their heads down is no longer
Undoubtedly, China remains a startup powerhouse. plan that includes provisions for a “regulatory sandbox” an option.
Technology companies in China raised $39 billion in that frees companies from some constraints as they
total VC rounds in 2021, 25% more than in 2020. experiment with innovative technologies and business

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U.S.-China tensions over everything from 5G to social 70,000 tech workers and entrepreneurs had left Russia, one ecosystem to virtuously affect every nation on the
media loom especially large, reflecting those nations’ according to a report cited in the New York Times, with planet is not lost on investors or the public.
widely divergent views on markets and the flow of another 70,000 to 100,000 expected to follow. Much of
information. The rise of India may reflect, in part, that fleeing talent initially landed in countries that take Recently, pundits have been predicting the end of
investors’ appreciation of India’s digital economy as Russians without visas, including Georgia, Turkey, and globalization. The proliferation and dispersion of
an unaligned alternative to that of China or the United the United Arab Emirates. startups points to a different future. More regions with
States. European leaders also worry about China’s more companies that are funded from everywhere,
investment in and acquisition of their countries’ tech Increasingly, tech companies risk moral hazard staffed from everywhere, and attract customers
companies, its protected market, and its threats to by accepting work associated with the military or from everywhere will reduce inequality and create
privacy and security. immigration. Three years after employee protests opportunities that almost all will find irresistible. Ten
compelled Google to walk away from a valuable Pentagon years ago, just a few places strove to put a startup in
In Russia, the war has spotlighted cryptocurrencies’ contract to develop AI for drones, the company is once every garage. Someday we’ll see a unicorn in every
ability to help oligarchs avoid sanctions. Meanwhile, more pursuing military work. Conversely, Cleantech stable.
Russia’s own tech sector is suffering because of its surged in 2021, with a 176% rise in post-money
actions in Ukraine. By March 2022, between 50,000 and valuations. The potential for an innovation created in

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Global Startup Ecosystem Report 2022

Ecosystem Lifecycle Analysis

The evolution of startup ecosystems is a complex and
multifaceted process. Like their ecological analogues,
they evolve through different phases. Each phase
has different features, resource characteristics, and
needs. Following Startup Genome’s taxonomy, startup
ecosystems go through four phases of development:
Activation, Globalization, Expansion, and Integration.
Each of them has very distinct characteristics and key
triggers that allow them to develop from one stage to
the next.

Lifecycle phases are valuable in determining which

strategies to apply. Through our years of assessment
and consulting, Startup Genome has found that
fundamentally different strategies correlate
with lifecycle phases (Norm Strategies). Ecosystems
that don’t sync their initiatives with their lifecycle
phase may be doing the right thing but at the wrong
time, inadvertently wasting time and money for no
improvement in the startup ecosystem. Our ecosystem
assessment services can help ecosystems determine
the correct strategies for the stage they are at, and
ultimately help them progress to further stages.

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Activation Phase Globalization Phase ​​Attraction Phase
Characteristics: Characteristics: Characteristics:

i. Limited Startup Experience (founder know-how, i. Trigger to this phase: increased Startup Experience led i. Usually more than 2,000 startups (depending on
experienced investors, advisors, and mentors, and to the production of a series of regionally impressive population)
community behaviors that support startup success) triggers, usually above $100 million (higher in leading
ii. Trigger to this phase: a series of globally impressive
nations)
ii. Low Startup Output of around 1,000 or fewer startups triggers, usually unicorns and exits above $1 billion
ii. Output of 800 to 2,000 startups (depending on (higher in leading nations)
iii. Challenges: lack of Startup Experience and resource
population)
leakages to later-stage ecosystems make it difficult iii. Billion-dollar triggers produce Global Resource
to grow iii. Series of exits trigger national (or regional) resource Attraction
attraction (startups, entrepreneurs, talent, investors)
iv. Very few Success Factor gaps remain
Objective: from earlier-phase ecosystems, but still leaks
resources to top ecosystems globally
Focus on increasing the Startup Output and Early-Stage Objective:
Funding. Activate entrepreneurial-minded people and
Objective: Use Global Resource Attraction to significantly
grow a more connected local community that helps each
expand the size of the ecosystem and fill remaining
other. Pick one or two startup subsectors (e.g. Agtech) Focus on increasing Global Connectedness with
gaps, removing barriers to immigration and directing
that build on local economic strengths and develop founders of top ecosystems, the Success Factor
attraction through well-designed policy programs.
focused programs to accelerate ecosystem growth and that defines an ecosystem’s scaleup potential, and
develop pockets of success leading to sizeable exits. supporting startups to increase their early Global
Market Reach, which realizes an ecosystem’s scaleup
potential. Urgently address remaining Success Factor
gaps.

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Integration Phase
Characteristics:

i. More than 3,000 startups

ii. Global Resource Attraction produces a high and

self-sustainable degree of Global Connectedness
and flow of knowledge into the ecosystem that
sustainably keep its startups integrated in the global
fabric of knowledge. It is able to produce leading-
edge business models and the skills necessary to
achieve high Global Market Reach

Objective:

Integrate the ecosystem within the global, national,

and local flows of resources and knowledge inside
and outside of the startup ecosystem, optimizing laws
and policies to sustain its competitiveness and growth,
and spreading its benefits (e.g. culture, source of
competitiveness, capital, innovation) to other sectors of
the economy and parts of the nation.

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Global Startup Ecosystem Report 2022

Global Startup Ecosystem Ranking 2022

(Top 30 + Runners-Up)
Key Findings
• The same five ecosystems remain at the top of the
The Most Comprehensive
• Helsinki has risen more than 20 places from last year,
ranking as in 2020 and 2021, but Beijing has dropped joining the runners-up category at joint #35. Research of Startup
one place, with Boston taking its former place at #4.
• A record 540 companies achieved unicorn status in Ecosystems Globally
Silicon Valley is #1, followed by New York City and
2021, up from 150 in 2020. Startup Genome’s coverage of ecosystems is
London tied at #2, Boston at #4, and Beijing at #5.
• In 2021, Brazil saw 237% growth in the dollar amount growing. Our analysis — which expanded from 60
• Seoul entered the global top 10 ecosystems for the ecosystems in 2018 to 150 in 2019 and to nearly
of Series B+ rounds compared to 2020. The nation’s
first time, up six places from #16 in 2021 and #20 in 300 today — has allowed us to rank the top 40
total exit amount for 2021 was $49 billion, a huge leap
2020. global startup ecosystems as well as 100 emerging
from $1 billion in 2020.
• Several Indian ecosystems have risen in the rankings, startup ecosystems.
• Asia experienced a 312% increase in the dollar amount
most notably Delhi, which is 11 places higher than We have expanded our list of ecosystems and it now
of exits over $50 million from 2020 to 2021.
in 2021, entering the top 30 for the first time at #26. includes regions that have traditionally received less
Bangalore-Karnataka has moved up one place from • In 2021, the dollar amount of exits in London grew coverage, including Central Asia, Middle East, Africa,
last year, to #22. 413% from 2020. The ecosystem’s Series B+ rounds and Latin America. We have also expanded our list
increased 162% in terms of dollar amount from 2020, to talk about the top 100 Emerging Ecosystems.
• Overall, China’s ecosystems have declined in the
and it saw 55% more $50 million+ exits in 2021 versus Although these ecosystems are outside the list of
rankings, a reflection of the relative decline in early-
2020. highest performing ecosystems, their impact and
stage funding in comparison to other ecosystems.
importance is significant in the global economy.

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Global Startup Ecosystem
Ranking (Top 30 + Runners-Up)
Change in ranking
Overall Ranking Performance Funding Connectedness Market Reach Knowledge Talent + Experience
from 2021
Silicon Valley 1 10 10 10 10 10 10 0
New York City 2 (tie) 10 10 9 10 5 10 0
London 2 (tie) 9 10 10 10 6 10 0
Boston 4 10 9 8 9 7 9 +1
Beijing 5 10 8 3 9 10 10 -1
Los Angeles 6 9 10 7 9 7 9 0
Tel Aviv 7 9 8 10 10 6 8 0
Shanghai 8 9 6 1 9 10 9 0
Seattle 9 8 7 6 8 8 8 +1
Seoul 10 7 9 7 5 8 7 +6
Washington, D.C. 11 8 6 8 7 3 8 0
Tokyo 12 5 8 1 4 9 9 -3
San Diego 13 8 4 3 8 7 6 +8
Amsterdam-Delta 14 5 7 10 6 1 7 -1
Paris 15 1 8 7 1 1 8 -3
Berlin 16 6 7 8 4 1 6 +6
Toronto-Waterloo 17 1 9 9 3 1 7 -3
Singapore 18 1 9 4 8 1 5 0
Chicago 19 4 6 5 6 1 7 -4
Sydney 20 7 5 6 5 1 5 +4
Factors scored 1 to 10, with 1 the lowest and 10 the highest. For more information, please see Methodology.

contd.

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Global Startup Ecosystem
Ranking (Top 30 + Runners-Up)
Change in ranking
Overall Ranking Performance Funding Connectedness Market Reach Knowledge Talent + Experience
from 2021
Stockholm 21 2 5 3 7 3 6 -4
Bangalore-Karnataka 22 5 7 5 2 5 2 +1
Shenzhen 23 7 1 1 1 9 7 -4
Denver-Boulder 24 3 5 9 3 3 4 +3
Austin 25 2 5 6 5 5 4 -5
Delhi 26 8 6 1 4 1 3 +11
Philadelphia 27 6 2 1 7 1 4 +1
São Paulo 28 6 3 3 6 1 4 +3
Salt Lake-Provo 29 7 1 1 8 1 2 +1
Vancouver 30 4 4 4 1 1 3 -1
Atlanta 31 (tie) 2 4 4 3 1 5
Copenhagen 31 (tie) 1 1 1 7 1 2
Dallas 31 (tie) 4 1 2 6 3 3
Helsinki 31 (tie) 3 2 1 1 1 1
Miami 31 (tie) 3 3 1 5 1 1
Hangzhou 36 (tie) 5 1 1 1 10 5
Melbourne 36 (tie) 1 1 2 1 1 3
Montreal 36 (tie) 1 1 1 1 1 1
Mumbai 36 (tie) 6 3 1 1 1 2
Munich 36 (tie) 1 2 5 1 4 1
Factors scored 1 to 10, with 1 the lowest and 10 the highest. For more information, please see Methodology.

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 Global Leaders the future of tech, this trend suggests that the growth
Ecosystem Assessment & The top five global ecosystems remain largely the same
of tech in the rest of the world will continue to be faster
than in Silicon Valley. Silicon Valley’s share of number of
Reporting as in previous years, but with the notable difference that exits over $1 billion has also halved since 2012.
Developing ecosystems can be a fuzzy business. Beijing has dropped one place since 2021, trading places
Together with 300 partners, we made it a science. with Boston for #4. In aggregate, the top five ecosystems New York and London remain leading tech hubs, and
Without reliable benchmarks or data, innovation now account for an Ecosystem Value of $3.8 trillion. The their joint position at #2 largely derives from strong
policies and programs often don’t result in expected remaining 25 of the top 30 ecosystems, in aggregate, are scores in Knowledge in both ecosystems. Los Angeles
economic impact. Our leading entrepreneurship worth $2.3 trillion in Ecosystem Value. holds its place at #6 but shows a significant increase in
and startup ecosystem assessment methodologies Connectedness this year. Tel Aviv also held steady from
guide policy executives toward sound decisions to Silicon Valley is undoubtedly still the world’s leading last year, remaining at #7. The Israeli ecosystem saw
develop more talent, startups, and scaleups. ecosystem, but its share of early-stage investment by three $1 billion exits in the period examined, crossing
dollar amount has declined from 25% in 2012 to 13% $100 billion in total Ecosystem Value this year.
in 2021. As early-stage funding is a leading indicator of
This year’s ranking is perhaps Startup Genome’s most
interesting to date, with a multitude of ecosystems
showing significant movement, and two key themes
emerging: the rise of India and the slowing of China’s
growth in early-stage funding compared to other
ecosystems.

India’s ecosystems show overall growth in Ecosystem

Value, and collectively Delhi, Mumbai, Bangalore-
Karnataka, and Pune generated 25 unicorns between
2019 H2 and the end of 2021. Regardless of this growth,
North America continues to dominate the Global
Rankings, with 47% of the top 30 ecosystems in this
region. Asia is next with 30%. In North America in 2021,
exits over $50 million made up a total of $698 billion. In
Asia, exits over $50 million made up $531 billion.

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Thanks to five $1 billion+ exits, Seoul has moved into the
top 10 for the first time. The Korean ecosystem has moved
up an impressive 10 places since 2020 and six spots from
2021. Its biggest exit, e-commerce platform Coupang’s
March 2021 $60 billion IPO, makes up approximately
42% of its Ecosystem Value.

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Hot Spots & Rising Ecosystems Chennai, and Kerala climbed the rankings significantly
— up 21 places and 20 respectively — and Pune and
Top 30 & Runners-Up
India is showing significant changes in this year’s ranking. Telangana also added to India’s overwhelmingly Sydney shows Oceania’s biggest leap in the rankings,
Delhi has moved up an impressive 11 places, coming successful year. moving up four places from last year to #20. Its $67
in at #26, the first time that the ecosystem has entered billion Ecosystem Value is in large part due to Canva’s
the top 30 and a result of increased early-stage funding Berlin confirms its place as a leading European ecosystem $39 billion valuation.
and three $1 billion+ exits. Bangalore-Karnataka is just by moving up six places from last year, to #16, with five
ahead at #22, an increase of one place from last year. $1 billion+ exits. The German capital has now produced Denver-Boulder moved up three places from 2021,
The ecosystem saw eight $50 million+ exits — three 14 unicorns. taking #24. The Colorado ecosystem is increasing in both
more than in the GSER 2021 period — and improved in value and count in early-stage funding, and has shown
Market Reach. On the other side of the Atlantic, San Diego moved up significant growth in Connectedness.
eight places from last year’s ranking, to #13. Its strong
Mumbai isn’t far behind, up to tied #36 this year thanks to Life Sciences sub-sector was a major element in the Miami moved up nine places in ranking since last year,
two new unicorns and three $1 billion+ exits in the GSER change, contributing three of its four $4 billion+ exits to #33. The number of $50 million+ exits here increased
2022 time period, increasing its overall Ecosystem Value. and many of its 25 $50 million+ exits. from four in the 2021 GSER period to 11 this year. It also
recorded two $1 billion+ exits.

Both Copenhagen and Helsinki have moved into the

runners-up category this year, with Helsinki making a
giant leap to joint #31 from #59. Copenhagen saw two
$1 billion+ exits in the period analyzed, including Unity’s
$13.7 billion valuation at IPO in September 2020. Helsinki
saw seven exits over $50 million, including food delivery
company Wolt’s $8.1 billion November 2021 acquisition
by DoorDash. Helsinki also gained two unicorns in the
period considered.

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Success Factor Highlights Performance

Ecosystem
To create the 2022 rankings, we measured six Success

Success
Startup
Value
Rank

Exit
Factors in each ecosystem:
Silicon Valley 1 10 10 9
The Performance Success Factor Assesses:
• Performance New York City 2 (tie) 10 10 6
London 2 (tie) 9 10 9
10 9 9 • Ecosystem Value – A measure of the economic impact
• Funding Boston 4
Beijing 5 10 10 10
of the ecosystem, calculated as the total exit valuation
Los Angeles 6 9 9 6
• Market Reach Tel Aviv 7 9 8 7 and startup valuations over a two-and-a-half-year time
Shanghai 8 9 9 10
• Talent & Experience period.
Seattle 9 8 8 5
Seoul 10 5 9 2
• Connectedness Washington, D.C. 11 8 5 8
• Exits – The number of exits over $50 million and $1
Tokyo 12 6 5 1 billion, as well as the growth of exits.
• Knowledge San Diego 13 9 7 9
Amsterdam-Delta 14 4 4 8
• Startup Success – How many startups succeed in the
1 6 1
Each of these Factors is assessed and awarded a score of Paris 15
Berlin 16 5 7 4 ecosystem. Measured in early-stage success (ratio of
1 to 10, with 1 the lowest and 10 the highest. For more Toronto-Waterloo 17 2 3 3
Singapore 18 1 7 1
Series B to Series A companies), late-stage success
information, please see Methodology. Chicago 19 4 4 7 (ratio of Series C to A companies and number of billion-
Sydney 20 7 5 8
dollar club startups), and speed to exits (both to IPO
Performance Stockholm
Bangalore - Karnataka
21
22
2
3
5
8
6
8 and other exits).
Shenzhen 23 5 7 9
Key Findings Denver-Boulder 24 3 6 4
Austin 25 2 3 3
• The top five ecosystems in terms of Performance are Delhi 26 7 7 7
Philadelphia 27 7 3 6
also the overall global leaders: Silicon Valley, London, São Paulo 28 6 8 3
New York, Boston, and Beijing. Salt Lake-Provo 29 8 4 4
Vancouver 30 6 4 4

• Tel Aviv is producing the same level of large exits as Atlanta 31 (tie) 3 3 5
Copenhagen 31 (tie) 4 2 1
Los Angeles and London. Dallas 31 (tie) 7 2 2
Helsinki 31 (tie) 4 1 10
Miami 31 (tie) 6 2 5
• San Diego jumped four ranks from last year, to #13 Hangzhou 36 (tie) 1 7 10
and Delhi jumped six places in the Exit factor. Both Melbourne 36 (tie) 3 1 2
Montréal 36 (tie) 3 1 5
had growth in $50 million+ exits. Mumbai 36 (tie) 5 4 8
Munich 36 (tie) 1 3 2

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Funding Funding

Key Findings The Funding Success Factor Assesses:

Quality &
Activity
Access
Rank
• In the Access factor, Seoul jumped up four places from • Access - A function of early-stage funding volume and
Silicon Valley 1 10 10
2021, and Sydney by two. New York City 2 (tie) 10 10 growth.
London 2 (tie) 10 10
• Washington, D.C. is showing particular strength in Boston 4 9 9 • Quality & Activity - The number of local investors;
Beijing 5 7 10
Quality & Activity. Los Angeles 6 10 9
those investors’ experience (average years investing
Tel Aviv 7 8 5 and exit ratio); and their level of activity (percentage
• Tel-Aviv is ranking high in both the number of deals Shanghai 8 5 9
of investors active in the first quarter of 2022 and the
and amount of funding. Its strength in early-stage Seattle 9 7 6
Seoul 10 9 8 number of new investors).
funding indicates the ecosystem’s innovation. Washington, D.C. 11 6 8
Tokyo 12 8 9
San Diego 13 4 2
Amsterdam-Delta 14 6 7
Paris 15 8 8
Berlin 16 7 7
Toronto-Waterloo 17 9 6
Singapore 18 9 8
Chicago 19 6 7
Sydney 20 6 4
Stockholm 21 5 5
Bangalore-Karnataka 22 8 3
Shenzhen 23 1 7
Denver-Boulder 24 5 4
Austin 25 6 6
Delhi 26 7 2
Philadelphia 27 3 5
São Paulo 28 5 1
Salt Lake-Provo 29 2 3
Vancouver 30 4 3
Atlanta 31 (tie) 4 4
Copenhagen 31 (tie) 2 2
Dallas 31 (tie) 1 1
Helsinki 31 (tie) 3 3
Miami 31 (tie) 3 4
Hangzhou 36 (tie) 1 1
Melbourne 36 (tie) 2 1
Montréal 36 (tie) 2 3
Mumbai 36 (tie) 3 6
Munich 36 (tie) 3 5

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Market Reach Market Reach

Companies
Key Findings The Market Reach Success Factor Assesses:

Leading
Globally
Market

Quality
Reach
Local
Rank
• In addition to the largest tech economies, Tel- • Global Leading Companies - A function of scaleups
Silicon Valley 1 10 10 10
Aviv, Shanghai, and Stockholm are among the top New York City 2 (tie) 10 10 10 and unicorns in the ecosystem. Measured in terms
ecosystems generating Globally Leading Companies. London 2 (tie) 5 10 10 of the ratio of companies valued at over $1 billion
Boston 4 10 9 10
These are the startups that reach new countries and Beijing 5 7 9 3 to GDP; the ratio of $1 billion exits to GDP; and the
10 8 10
customers. Los Angeles 6
ratio of large exits to funding (exits over $50 million
Tel Aviv 7 1 10 10
Shanghai 8 7 8 3 to Series A rounds).
• Delhi and Bangalore-Karnataka have moved up in Seattle 9 10 4 10
their score for Globally Leading Companies since last Seoul 10 3 7 3 • Local Reach - Size of local markets, proxied as a
Washington, D.C. 11 10 3 10
year, as have Berlin, Stockholm, and São Paulo. Tokyo 12 6 5 5 function of country GDP.
San Diego 13 10 5 10
• Commercialization of IP, reflected in the Quality factor, Amsterdam-Delta 14 2 7 6 • IP Commercialization - An indicator of how much
Paris 15 4 5 6
is strong in Tel-Aviv, San Diego, Seattle, and Singapore. policy encourages the commercialization of tangible
Berlin 16 5 5 6
Toronto-Waterloo 17 4 6 5 IP, measured at the country level.
Singapore 18 1 9 10
Chicago 19 10 2 10
Sydney 20 2 6 5
Stockholm 21 2 8 3
Bangalore-Karnataka 22 5 6 3
Shenzhen 23 7 3 3
Denver-Boulder 24 10 1 10
Austin 25 10 2 10
Delhi 26 5 7 3
Philadelphia 27 10 3 10
São Paulo 28 3 7 3
Salt Lake-Provo 29 10 3 10
Vancouver 30 4 6 5
Atlanta 31 (tie) 10 1 10
Copenhagen 31 (tie) 1 9 3
Dallas 31 (tie) 10 3 10
Helsinki 31 (tie) 1 8 3
Miami 31 (tie) 10 2 10
Hangzhou 36 (tie) 7 1 3
Melbourne 36 (tie) 2 5 5
Montréal 36 (tie) 4 5 5
Mumbai 36 (tie) 5 5 3
Munich 36 (tie) 5 1 6

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Connectedness Connectedness

Connectedness

Infrastructure
Key Findings The Connectedness Success Factor Assesses:

• LA, Toronto-Waterloo, Copenhagen, and Helsinki have • Local Connectedness - A function of the number of

Rank

Local
improved in Local Connectedness from last year. Silicon Valley 1 10 10 tech meetups in the ecosystem.
New York City 2 (tie) 10 10
• LA, San Diego, Paris, and Philadelphia rank highly in London 2 (tie) 9 10 • Infrastructure - A Life Sciences-focused metric that
Boston 4 8 10
Infrastructure for research in technology and Life Beijing 5 6 1 considers the number of accelerators and incubators,
Sciences. Los Angeles 6 8 9 research grants, and R&D anchors (for example, top
Tel Aviv 7 10 8
Shanghai 8 1 5 research hospitals and corporate R&D labs) in the
Seattle 9 7 5
Seoul 10 8 8
ecosystem.
Washington, D.C. 11 8 8
Tokyo 12 3 4
San Diego 13 4 9
Amsterdam-Delta 14 10 8
Paris 15 7 9
Berlin 16 9 8
Toronto-Waterloo 17 10 3
Singapore 18 5 8
Chicago 19 5 9
Sydney 20 7 5
Stockholm 21 6 1
Bangalore-Karnataka 22 6 6
Shenzhen 23 3 3
Denver-Boulder 24 9 3
Austin 25 7 3
Delhi 26 1 2
Philadelphia 27 3 9
São Paulo 28 4 6
Salt Lake-Provo 29 2 1
Vancouver 30 5 6
Atlanta 31 (tie) 4 6
Copenhagen 31 (tie) 3 7
Dallas 31 (tie) 4 4
Helsinki 31 (tie) 3 6
Miami 31 (tie) 2 4
Hangzhou 36 (tie) 1 1
Melbourne 36 (tie) 5 2
Montréal 36 (tie) 2 3
Mumbai 36 (tie) 1 2
Munich 36 (tie) 6 6

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Talent
Talent
Tech Life Sciences Experience

Key Findings Quality is also a proxy for experienced

in Ecosystem

in Ecosystem
STEM Access

Experience

Experience
LS Quality
scaled teams in the ecosystem.

LS Access
& Access
• The top ecosystems in the Startup Experience

Startup
Quality

Scaling
Rank

Cost
are no longer just the global leaders. Tokyo • Cost - Cost efficiency average software
Silicon Valley 1 5 10 3 5 10 10 10
and Paris follow right after the world’s New York City 2 (tie) 7 10 10 10 9 9 10 engineer salaries. (Higher salaries lead to
biggest ecosystems in this category. London 2 (tie) 4 9 10 10 6 10 10
lower scores.)
Boston 4 5 9 10 9 9 9 9
Beijing 5 9 8 10 10 4 10 10
• The U.S. still dominates in terms of Scaling Los Angeles 6 4 10 7 7 8 9 9
• Life Sciences Talent
Experience, with most of the high-scoring Tel Aviv 7 5 5 6 8 3 7 8
Shanghai 8 9 8 10 9 4 10 9 • Access - Number of STEM students and
ecosystems in this category coming from Seattle 9 2 10 2 2 10 8 7
graduates, number of Life Sciences-
the country. Seoul 10 8 3 10 10 2 5 8
Washington, D.C. 11 3 9 7 7 4 9 7 focused universities and degree programs.
Tokyo 12 1 7 10 9 1 8 9
• The acquisition of talent has been easier San Diego 13 6 9 5 2 8 6 5 • Quality - A function of Life Sciences
with things moving online, but there is still a Amsterdam-Delta 14 1 7 6 9 9 6 5
Paris 15 8 7 10 8 5 3 8 quality of instruction and research at local
wide range of scores within Access to Talent, Berlin 16 8 4 6 6 8 6 7 universities as measured by the Shanghai
particularly within Life Sciences. The cost Toronto-Waterloo 17 7 6 10 8 7 3 7
Singapore 18 8 3 5 4 10 2 7 Rankings.
of talent is rising with startups being more Chicago 19 1 8 3 6 5 8 6

open to remote technical staff members. Sydney 20 4 7 10 8 7 4 3 • Experience

Stockholm 21 5 4 4 7 8 7 6
Bangalore-Karnataka 22 10 1 1 1 2 2 5 • Scaling Experience - The cumulative
9 6 4 1 6 7 8
The Talent Success Factor Assesses: Shenzhen 23
number of significant exits (over $50
Denver-Boulder 24 1 4 2 5 3 1 4

• Tech Talent
Austin 25 3 6 3 1 4 1 5
million and over $1 billion) over 10 years
Delhi 26 10 1 7 3 1 3 4
Philadelphia 27 2 5 4 6 7 4 2 for startups founded in the ecosystem.
• Access - The percentage of engineers São Paulo 28 10 1 10 6 2 4 4

and employees with at least two years of Salt Lake-Provo 29 4 4 2 2 2 8 1 • Startup Experience - The cumulative
Vancouver 30 6 6 6 4 5 3 2
startup experience at time of hiring. Atlanta 31 (tie) 3 8 4 5 5 6 3 number of early-stage companies started
Copenhagen 31 (tie) 3 2 1 3 10 5 2
and funded at the Series A stage.
• Quality - A function of the number and Dallas
Helsinki
31 (tie) 2 5 1 4 3 5 1
31 (tie) 6 1 2 2 7 2 4
density of top developers on GitHub, Miami 31 (tie) 3 2 3 3 1 4 3
Hangzhou 36 (tie) 9 2 7 5 3 7 6
English proficiency, and history of exits. Melbourne 36 (tie) 6 5 10 8 7 1 1
Montréal 36 (tie) 7 3 6 4 7 2 1
Mumbai 36 (tie) 10 3 1 1 1 5 2
Munich 36 (tie) 7 2 5 3 9 1 3

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Knowledge Knowledge

Key Findings The Knowledge Success Factor Assesses:

Research
Patents
Rank
• Silicon Valley, Beijing, and Tokyo are top patent • Research - Based on the H-Index, a measure of
Silicon Valley 1 9 10
producers, and the complexity of patents is adding New York City 2 (tie) 6 10 publication impact, this metric looks at the production
to their strong scores. London 2 (tie) 8 7 of Life Sciences research at the country level.
Boston 4 7 10
Beijing 5 10 4
• Research quality, an important factor in more Los Angeles 6 7 10
• Patents - The volume, complexity, and potential of
specialized sectors such as AI and Life Sciences, is Tel Aviv 7 9 2 Life Science patents generated in the ecosystem.
Shanghai 8 10 4
strong in leading U.S. ecosystems. London, Paris, Seattle 9 8 10
Berlin, and Toronto-Waterloo follow closely behind. Seoul 10 9 2
Washington, D.C. 11 3 10
Tokyo 12 9 6
San Diego 13 7 10
Amsterdam-Delta 14 5 5
Paris 15 5 6
Berlin 16 3 6
Toronto-Waterloo 17 5 6
Singapore 18 6 2
Chicago 19 2 10
Sydney 20 3 4
Stockholm 21 8 4
Bangalore-Karnataka 22 8 2
Shenzhen 23 10 4
Denver-Boulder 24 4 10
Austin 25 6 10
Delhi 26 6 2
Philadelphia 27 2 10
São Paulo 28 1 1
Salt Lake-Provo 29 1 10
Vancouver 30 5 6
Atlanta 31 (tie) 1 10
Copenhagen 31 (tie) 2 3
Dallas 31 (tie) 4 10
Helsinki 31 (tie) 3 2
Miami 31 (tie) 1 10
Hangzhou 36 (tie) 10 4
Melbourne 36 (tie) 2 4
Montréal 36 (tie) 5 6
Mumbai 36 (tie) 4 2
Munich 36 (tie) 7 6

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Global Startup Ecosystem Report 2022

Rankings 2022: Top 100

Emerging Ecosystems
Emerging ecosystems are startup communities at
earlier stages of growth, and our ranking methodology
is adapted to reflect this, to showcase the strengths in
these ecosystems that have high potential to be global
top performers in the coming years.

Key Findings • India’s recent success is reflected in both Chennai #41-50, thanks to three exits over $50 million and one
• Oslo is in the top 20 Emerging Ecosystems (#19), a (tied #31–40) and Pune (tied #51–60) moving up in over $1 billion. These big exits are helping to increase
huge leap of over 20 places from last year, and a the rankings. The Chennai ecosystem saw a $1 billion its ranking in Performance and Market Reach.
reflection of two unicorns — industrial IoT platform exit in business software startup Freshworks, which
Cognite and online grocery Oda — helping to increase moved to Silicon Valley after founding in India. The top 100 Emerging Ecosystems are collectively
its Market Reach. worth over $1 trillion in Ecosystem Value, which is a
• Mumbai’s has moved out of the Emerging Ecosystems
96% increase from last year. Europe and North America
• Minneapolis has moved up 18 places from last year, ranking and into the global overall rankings (tied #36).
still boast the majority of emerging ecosystems, and
to #4. Six exits over $50 million and one $1 billion+ Three exits over $1 billion (including Nykka’s $7 billion
Latin America, MENA, and Africa have held steady in the
exit helped to improve its Performance score. valuation at IPO) and six unicorns contributed to the
number of ecosystems in the top 100 from last year, with
move.
• Manchester-Liverpool has moved up eight places from five, four, and three respectively. Asia has 17 entries in
2021, to #6. A $1 billion+ exit and Matillion — an • Pittsburg moved up 10 spots from last year to #13, the Emerging Ecosystems ranking versus 18 last year.
integration platform for cloud data warehouses — aided by Duolingo’s $3.6 billion exit. Oceania has the same two entries in the top 100 as last
becoming a unicorn add $7.8 billion to its Ecosystem year: New Zealand and Brisbane.
• Prague has moved up more than 40 spots, to tied
Value.

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 Top 100 Emerging Ecosystems

Talent & Change in ranking

Rank - Tier Region Country Performance Funding Market Reach
Experience from 2021
Detroit 1 North America United States 10 8 10 10 +15
Hong Kong 2 Asia Hong Kong 9 10 10 10 New
Dublin 3 Europe Ireland 10 8 10 10 New
Minneapolis 4 North America United States 10 8 10 9 +18
Houston 5 North America United States 9 9 7 9 +14
Manchester-Liverpool 6 Europe United Kingdom 9 9 4 10 +8
Guangzhou 7 Asia China 10 5 4 10 -3
Research Triangle 8 North America United States 9 9 8 10 New
Barcelona 9 Europe Spain 8 10 1 9 -4
Brussels 10 Europe Belgium 9 10 2 10 +2
Zurich 11 Europe Switzerland 7 10 2 8 -2
Jakarta 12 Asia Indonesia 10 10 2 2 -9
Pittsburgh 13 North America United States 9 9 10 8 +10
Istanbul 14 Europe Turkey 9 10 3 7 +1
Dubai 15 MENA United Arab Emirates 9 10 6 1 -4
Portland 16 North America United States 10 5 10 7 +2
Wuxi 17 Asia China 10 3 6 8 -10
Madrid 18 Europe Spain 6 10 1 10 -10
Oslo 19 Europe Norway 8 8 6 9 +22
Phoenix 20 North America United States 8 7 8 7 +11
Factors scored 1 to 10, with 1 the lowest and 10 the highest. For more information, please see Methodology.

contd.

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Top 100 Emerging Ecosystems

Talent &
Rank - Tier Region Country Performance Funding Market Reach
Experience
Bristol 21-30 Europe United Kingdom 7 8 3 10
Frankfurt 21-30 Europe Germany 8 6 6 9
Geneva 21-30 Europe Switzerland 8 8 4 6
Kuala Lumpur 21-30 Asia Malaysia 9 9 4 4
Moscow 21-30 Europe Russia 6 9 1 8
Nanjing 21-30 Asia China 10 2 3 8
Nashville 21-30 North America United States 7 6 10 7
Metro Rhein-Ruhr 21-30 Europe Germany 6 8 3 9
Santa Barbara 21-30 North America United States 10 2 9 7
Tampa Bay 21-30 North America United States 7 6 10 7
Birmingham 31-40 Europe United Kingdom 5 6 3 10
Chengdu 31-40 Asia China 10 1 4 9
Chennai 31-40 Asia India 9 4 1 6
Edinburgh-Glasgow 31-40 Europe United Kingdom 5 9 2 9
Estonia 31-40 Europe Estonia 4 9 7 1
Indianapolis 31-40 North America United States 4 7 7 7
Milan 31-40 Europe Italy 6 9 1 8
New Zealand 31-40 Oceania New Zealand 8 6 1 9
St. Louis 31-40 North America United States 6 6 6 5
Taipei City 31-40 Asia Taiwan 7 8 1 5
Factors scored 1 to 10, with 1 the lowest and 10 the highest. For more information, please see Methodology.

contd.

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Top 100 Emerging Ecosystems

Talent &
Rank - Tier Region Country Performance Funding Market Reach
Experience
Charlotte 41-50 North America United States 6 3 10 5
Columbus 41-50 North America United States 7 1 7 6
Hartford 41-50 North America United States 5 1 9 7
Kansas City 41-50 North America United States 5 5 7 5
Las Vegas 41-50 North America United States 5 5 8 5
Lisbon 41-50 Europe Portugal 5 7 3 4
Mexico City 41-50 Latin America Mexico 3 10 2 4
Orlando 41-50 North America United States 2 6 8 8
Prague 41-50 Europe Czechia 7 4 7 3
Sacramento 41-50 North America United States 5 3 7 6
Bucharest 51-60 Europe Romania 8 5 1 1
Cincinnati 51-60 North America United States 2 4 8 7
Hamburg 51-60 Europe Germany 2 7 2 8
Lyon 51-60 Europe France 3 5 1 8
Pune 51-60 Asia India 7 5 1 1
Stuttgart 51-60 Europe Germany 6 4 2 8
Vienna 51-60 Europe Austria 1 8 1 7
Warsaw 51-60 Europe Poland 3 8 1 6
Wilmington, N.C. 51-60 North America United States 3 7 7 1
Wuhan 51-60 Asia China 8 1 4 5
Factors scored 1 to 10, with 1 the lowest and 10 the highest. For more information, please see Methodology.

contd.

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Top 100 Emerging Ecosystems

Talent &
Rank - Tier Region Country Performance Funding Market Reach
Experience
Brisbane 61-70 Oceania Australia 4 3 1 9
Buenos Aires 61-70 Latin America Argentina 5 6 2 1
Buffalo 61-70 North America United States 7 1 9 1
Calgary 61-70 North America Canada 1 7 1 5
Lagos 61-70 Africa Nigeria 3 9 1 2
Lille 61-70 Europe France 8 1 3 1
Lithuania 61-70 Europe Lithuania 1 7 7 1
Luxembourg 61-70 Europe Luxembourg 2 4 10 1
San Bernardino 61-70 North America United States 7 1 9 2
Telangana 61-70 Asia India 2 7 1 1
Belfast 71-80 Europe United Kingdom 5 1 3 2
Burlington 71-80 North America United States 4 1 8 4
Cairo 71-80 MENA Egypt 1 10 1 3
Cleveland 71-80 North America United States 1 2 6 6
Durham 71-80 Europe United Kingdom 4 2 1 6
Marseille 71-80 Europe France 4 1 3 6
New Orleans 71-80 North America United States 6 1 9 1
Santiago-Valparaiso 71-80 Latin America Chile 1 7 1 2
Tianjin 71-80 Asia China 8 1 3 4
Xiamen 71-80 Asia China 6 1 4 6
Factors scored 1 to 10, with 1 the lowest and 10 the highest. For more information, please see Methodology.

contd.

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 Top 100 Emerging Ecosystems

Talent &
Rank - Tier Region Country Performance Funding Market Reach
Experience
Bogotá 81-90 Latin America Colombia 4 6 1 1
Charlottesville 81-90 North America United States 3 1 9 3
Ho Chi Minh City 81-90 Asia Vietnam 1 5 1 1
Jacksonville 81-90 North America United States 3 1 9 5
Madison 81-90 North America United States 2 1 9 1
Omaha-Lincoln 81-90 North America United States 1 1 8 3
Ottawa 81-90 North America Canada 1 3 1 5
Reno 81-90 North America United States 2 1 8 1
Riyadh 81-90 MENA Saudi Arabia 1 7 1 1
Valencia 81-90 Europe Spain 3 4 1 1
Albuquerque 91-100 North America United States 1 1 7 1
Athens 91-100 Europe Greece 2 1 1 4
Bangkok 91-100 Asia Thailand 4 2 1 1
Basel 91-100 Europe Switzerland 6 1 1 1
Gothenburg 91-100 Europe Sweden 2 2 1 3
Mannheim-Heidelberg 91-100 Europe Germany 5 1 1 1
Richmond 91-100 North America United States 1 1 9 1
Rio de Janeiro 91-100 Latin America Brazil 3 1 1 4
San Antonio 91-100 North America United States 1 1 6 1
Western Denmark 91-100 Europe Denmark 1 1 1 4
Factors scored 1 to 10, with 1 the lowest and 10 the highest. For more information, please see Methodology.

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Top 10 Emerging Ecosystems by Ecosystem Value: Emerging Ecosystems with Four or More Unicorns in Top 10 Emerging Ecosystems by Total Early-Stage
the Last 10 Years: Funding:

Ecosystems Ecosystem Value ($B) Ecosystems Number of Unicorns Ecosystems Early-Stage Funding ($M)

Detroit $91 Phoenix 4 Zurich $1,365

Kuala Lumpur $72 Tianjin 4 Jakarta $1,284

Hong Kong $64 Mexico City 5 Guangzhou $1,134

Jakarta $62 Hong Kong 7 Hong Kong $1,022

Nanjing $45 Jakarta 7 Barcelona $857

Guangzhou $39 Wuxi 7 Mexico City $812

Bucharest $37 Guangzhou 9 Phoenix $742

Wuxi $33 Nanjing 10 Nanjing $722

Tianjin $26 Research Triangle $680

Minneapolis $24 Dublin $680

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Global Startup Ecosystem Report 2022

Global Startup Sub-Sector Analysis

Key Findings
• Since the GSER 2021, there has been an overall growth rates were 51% in Series A deal count and
slowing in the growth in Series A deal count (a 104% in exit count.
general downward movement from 2021 to 2022)
• Cleantech is the only sub-sector that has seen a
but a marked acceleration in the growth in Exit Value
considerable increase in count across both Series A
(a large rightward movement from 2021 to 2022 —
(by 35%) and exits, spurred by an urgency to address
see following Global Sub-Sector Lifecycle charts). The
climate change, which is in turn fostering increased
rapid growth in exits has boosted the venture asset
investor focus.
class and resulted in all-time records in fundraising
and investments by VC firms. • Advanced Manufacturing Series A funding has grown
by 70% over five years, driven by global supply chain
• Cybersecurity has received growing attention,
issues and a focus on improving efficiency and
as a side effect of the huge increase in hacked and
productivity through automation, monitoring, and
breached data as well as acceleration in digital
failure prediction.
transformation and remote workforces.

• All sub-sectors have accelerated in growth overall,

with the largest growth in AI & BD, Blockchain, Fintech,
and Advanced Manufacturing.

• AI & BD is growing rapidly and becoming a core

element of almost a quarter of startups. Its five-year

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Copyright © 2022 Startup Genome LLC. All Rights Reserved. Learn more and get connected at startupgenome.com 46
Copyright © 2022 Startup Genome LLC. All Rights Reserved. Learn more and get connected at startupgenome.com 47
Global Trends in Startup Sub- round in 2021; and 4paradigm, a Beijing AI platform The U.S and China invested the most in Edtech venture
that raised $750 million in 2021. capital deals, with India third. India is second behind
Sectors the U.S in the amount invested in Edtech at seed stage.
The impact of the COVID-19 pandemic continues to be More broadly, AI & BD’s increasing overlap with other However, China’s strong position may be impacted by
reflected in sub-sector trends. In the period considered, industries both in terms of amount invested and deal the nation introducing prohibitive Edtech policies.
global supply chains were heavily disrupted, as count demonstrates how much machine learning is
they continue to be in 2022. AI & BD and Advanced a part of many aspects of our daily lives. Data-driven As of July 2021, Chinese companies teaching academic
Manufacturing saw growth as manufacturers, logistics decision-making and algorithmic processes are quickly curriculum must be nonprofit and can’t pursue IPOs or
companies, and retailers all aimed to improve the becoming the norm. take foreign capital. Listed companies are prohibited
efficiency and productivity of their processes. Examples from issuing stock or raising money in capital markets
include Silicon Valley-based Nuro, the developer of a As the pandemic accelerated the digital transformation to invest in tutoring institutions, and foreign firms are
fully autonomous, on-road vehicle used for autonomous and remote learning became the new normal in much of banned from acquiring or holding shares in tutoring
delivery, which raised $600 million in a late-stage funding the world, the growth of Edtech is perhaps not surprising. institutions, among other restrictions. Given that the

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nation is home to more than 400 million students — the
largest Edtech market globally — these policies have Percentage Change in Early-Stage Funding
real potential to slow growth in the sub-sector. Deals Over Five Years

Fastest-Growing Sub-Sectors
Blockchain has seen a 91% growth at early-stage funding
Advanced Manufacturing and
over the last five years, and 12% since last year. The 70%
Robotics
technology continues to be mainly used in the banking
and financial services sector, where it is transforming AI & BD 53%
traditional models. However, Blockchain-based
solutions are also being used to build more resilient Blockchain 91%
supply chains, ensure secure health data exchanges,
and improve the hospitality industry, among many Edtech 44%
other applications.

Declining Sub-Sectors

Adtech -29%

Digital Media -27%

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Sub-Sectors in Growth Phase
The four sub-sectors in the Growth stage are increasing
in size at an astounding pace, with an average 64% rise
in number of early-stage funding deals over five years
and an average 71% growth in exits.

Edtech has moved from the Mature phase last year

to Growth this year, a reflection of 67% growth in the
Exit count and a 44% growth in Series A count. Overall,
Edtech startups grew 5%, which is a representative of a
rise in the number of scaleups.

Among Growth-phase sub-sectors, AI & BD is the largest,

comprising 24% of all global startups. The sub-sector
has grown 74% since last year, with 84% in AI. The huge
Share of Global VC-
percentage increase in growth is a reflection of the total Series A Deal Count: Exit Deal Count:
Sub-Sector Funded Startups Over
VC amount invested. Five-Year Growth Five-Year Growth
Five Years (Deal Count)

• Advanced Manufacturing and Robotics Advanced Manufacturing

70% 63% 10%
& Robotics
• AI & BD
AI & BD 53% 102% 24%
• Blockchain

• Edtech Blockchain 91% 54% 9%

Edtech 44% 67% 5%

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Sub-Sectors in Mature Phase
The sub-sectors in the Mature phase have changed
somewhat since last year’s report. Cybersecurity,
Cleantech, Gaming, and Life Sciences remain in the
Mature phase, and Fintech has moved from Growth to
Mature. Edtech and Agtech & New Food have moved
from Mature to Growth.

Collectively, the Growth-phase sub-sectors saw growth

of 37% in Series A funding and 31% in exits over the
past five years.

• Agtech & New Food

• Cleantech

• Cybersecurity Share of Global VC-

Series A Deal Count: Exit Deal Count:
Sub-Sector Funded Startups Over
• Fintech Five-Year Growth Five-Year Growth
Five Years (Deal Count)
• Gaming
Agtech & New Food 64% 38% 2%
• Life Sciences
Cleantech 35% 12% 8%

Cybersecurity 20% 14% 6%

Fintech 67% 39% 10%

Gaming 18% 37% 5%

Life Sciences 45% 32% 10%

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Sub-Sectors in Decline Phase
In the last five years, Adtech and Digital Media
underperformed compared to other startup sub-
sectors, indicated by a decrease in the growth rates of
Series A deals and exits.

• Adtech

• Digital Media

Share of Global VC-

Series A Deal Count: Exit Deal Count:
Sub-Sector Funded Startups Over
Five-Year Growth Five-Year Growth
Five Years (Deal Count)

Adtech -29% -5% 7%

Digital Media -27% 7% 4%

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Startup Founders’
Corner
54 Why Founders Should Be Open and Direct About Their Values

56 What You Need to Know Before You Start Fundraising

58 Diversity in Startups: When it Helps and When it Hurts

61 Three Essentials To Creating a Strong Sense of Community in

Emerging Ecosystems

64 How to Get Mentoring Right

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Global Startup Ecosystem Report 2022

Why Founders Should Be Open and

Direct About Their Values
At Renewal Funds, the mission-driven venture capital We find this works as a sorting filter, allowing others
fund where I am a founding partner, we believe our to choose whether they want to do business with us
actions paint our lifetime choices onto the canvas of or not, and vice versa. Being clear and direct about our
people and planet. Both our personal and professional values also helps create the basic soil in which healthy
choices impact the legacy that we leave to the next relationships can grow. In business there will always be
generation. Neither your net worth nor the size of your difficulties, hard choices, and necessary trade-offs. Even
startup’s exit is the demonstration of who you are in this the most aligned collaborators sometimes see the world
lifetime. Rather, your legacy is how you contributed to differently. Being transparent about your values from
the future we are all creating together. the start helps everyone treat each other with respect
and come to decisions we can all live with.
JOEL SOLOMON As investors, our job is to find businesses and
entrepreneurs that are working on solutions that will
Joel Solomon is a founding partner of Renewal
help shape the future for the better. And we’re not shy Declare Your Commitments
Funds, Canada’s largest mission venture capital
firm, a co-producer of the Just Economy Institute,
about sharing this vision with founders who come to Loudly and Early
us seeking investment, the LPs who invest in our fund
and the co-author of The Clean Money Revolution:
for this very reason, and the broader entrepreneurial We recommend being clear and committed on the
Re-Inventing Power, Purpose & Capitalism.
community we operate in. We hope that everything subject of values from the very beginning. From the
about our firm conveys this ethic, from how we are as start, ask yourself why? What inspires your passion for
individuals to how we treat our potential partners. your entrepreneurial idea? Does it contribute to the
betterment of humanity, planetary well being, and future

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generations? Am you clear on why you’re devoting your your point of view in making the world better for future with solutions. Sometimes that work involves deeply
life to this venture? generations. technical innovations. Other times, it includes a consumer
product that affects everyday people shopping at the
Understanding your personal why is an essential first Setting up your business as a B Corp means making grocery store. Entrepreneurs are innovating our cities,
step, but we also encourage founders to share that why a public commitment to your values and focusing on our transportation system, our energy systems. Renewal
and set up systems to make sure their business decisions the ultimate outcomes of your products and services Funds has invested in everything from marketplaces for
align with that purpose. That’s why we participate in beyond the bottom line. It creates a kind of systemic consumers electrifying their homes to carbon-neutral
a number of different accreditation organizations like feedback loop in which commitment to your mission snack foods. Entrepreneurship is a huge world full of all
the B Corporation, a private certification of for-profit begets impact that only strengthens that commitment kinds of people that see things differently.
companies of their social and environmental performance. to your mission.
We don’t force this structure upon founders, but we We may have different points of view, different skill sets,
strongly encourage it and provide support to help them This commitment to values should also shine through in and different reasons for why we do things. There are
understand the option. who you choose to work with and how you treat those nearly infinite ways to be a mission-driven founder. But
collaborators. Being loud about your values when hiring I urge you to lead from your values and declare those
Such structures help founders validate and track their or looking for investors sends a fair signal to those who commitments loudly and early.
impact and describe what they’re doing so that others have a very different type of philosophy about your
can understand it. They drive you to ask yourself whether standards and expectations. As with every relationship, In practical terms, that makes finding like-minded
your product, business, workplace culture, supply chain, sometimes things don’t work out as you expect, but collaborators and running your company in line with your
and externalities all contribute to humanity and express giving a very honest and straightforward picture of mission go more smoothly. But it also shapes the culture
what is important to you helps you find people with around us. If we live in accordance with our deepest
similar commitments and can save much confusion and values and treat those we work with in line with our
heartache down the line. values, it brings those deepest values into the pragmatic
world of making money and buying and selling. And it
“Your legacy is how Living Your Values Helps
allows each of us to be the most positive influence on
that world that we can be.
you contributed to Change the World
the future we are all Today, there is an explosion of people who are
concerned about the future and who are dedicating
creating together.” their lives to thinking about challenges and coming up
The opinions expressed in this sponsored article do not necessarily reflect the
views or position of Startup Genome.

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Global Startup Ecosystem Report 2022

What You Need to Know Before You

Start Fundraising
Ever since we raised our Series A round in 2021, founders
all over Latin America have been reaching out to me to
Prepare Yourself for Rejection
ask how we did it and to see if I might want to be an (Be Resilient)
angel investor in their startups. Since I’m not able to help
Almost every fundraising process ever is mostly made
everyone and am certainly not able to invest in as many
up of rejections. Make sure you’re ready for this
companies as I’d like, I thought I’d share the main tips I
psychologically. If you don’t meditate, exercise, journal,
have found myself offering to all of them:
or have other types of self-care practices, now is a good
time to start them. In this day and age, a startup CEO
Make a List (AKA Do Your without a self-care routine is like an athlete showing up
to play for FC Barcelona without training.
DHAVAL CHADHA Homework)
Prior to co-founding Justos, which is redesigning
insurance in Latin America, Dhaval Chadha co-
Target at least 30 funds, although I would recommend
50–100. You only need one lead, but it’s hard to know
Iterate
founded and exited a startup to ClassPass, where Start the process with the funds you are least excited or
who it might be ahead of time. Find funds by looking at
he then ran a business division and headed Latin hopeful about. Learn from these interactions. VCs are
who invested in similar companies around the world.
American operations. He advises Lever VC, an smart people with a lot of potentially transformative
Look them up on Crunchbase and LinkedIn. Check out
early-stage fund focused on alternative protein, advice for your company. Listen to what they have to
their websites. Make a spreadsheet. See who you know
and has invested in early-stage Fintech startups. say and then iterate on your business, on your story,
in common, and then ask them for a warm introduction.
Dhaval is a certified coach, and he occasionally and on your deck.
works with founders in an advisory capacity.

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Run a Tight Ship have really important updates, then share them in that
email, but keep in mind that important updates mean
investors don’t have the experience or clout to bet on
intuition, so find someone who does.
Make a clear timeline and then stick to it. For example, significant progress on a key business KPI or on a key
week one is for first meetings, week two for second fundraising metric.
meetings, week three for partner meetings, and week Optimize for Relationships
four for negotiating and signing term sheets. This creates Whether the VC is your top choice or not, make sure you
momentum, urgency, and FOMO. Focus on Key Milestones build a good relationship. Do not optimize for valuation
Your first key milestone is a meeting. Your deck is only (at least in the early stages). There are far more important

Don’t Misrepresent or Oversell useful insofar as it gets you the meeting. From there,
your next milestone is to meet everyone else you need
things that you should focus on, such as who you want
to work with (trust, value add, etc), as well as other terms
Your Startup to meet. This could be in one or many more meetings. like liquidation preferences, board seats and scope, and
Then, your goal is to get an offer, and then a term sheet. the size of the stock option pool. Talk to your lawyers
VCs do this all day every day. They see thousands of
If someone makes you an offer, ask for it in writing, to understand what else is important and what you
deals. You’re probably on your first or second round — at
preferably as a term sheet. The more term sheets you consider negotiable.
best, your fifth. They will smell inauthenticity a mile away.
get, the better your outcome is likely to be.
I hope this helps you to raise the rounds you need to to
Plus, it’s not ethical to lie or misrepresent. Focus on the
build amazing companies. Go get ‘em!
facts and play the game by the rules! If you have a partner Focus on General Partners
meeting, you can mention that. If you have an offer,
You want to meet with partners who have enough
mention that too. And if you have a term sheet, that’s
influence that they can push a deal through quickly.
something else you can talk about. But don’t disclose
The more junior someone is, the more research and
which funds and what amounts — you can alway say The opinions expressed in this sponsored article do not necessarily reflect the
backing up they need to do to make a strong case. Junior views or position of Startup Genome.
that you want the market to price you.

Don’t be Overeager
If a VC doesn’t respond to you, don’t email them until “Almost every fundraising process ever is
you’re moving to the next step of your timeline. When
you do follow up, simply ask them if they would like to mostly made up of rejections.”
move to the next stage. That’s it — one email. If you

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Global Startup Ecosystem Report 2022

Diversity in Startups: When it Helps

and When it Hurts
In entrepreneurial communities, “diversity is important to
be successful ventures” is a deeply held pearl of wisdom.
But the question is how to achieve this diversity. As
one mentor recently commented, lack of diversity — in
the traditional sense of gender or race and in terms of
disciplinary specialisms — is a common theme among
founding teams struggling to connect with mentors
and investors. Is there scientific evidence that diversity
is good and homogeneity bad, and if so from where
should founding teams derive diversity? We investigated
MARI SAKO MATTHIAS QIAN this problem by focusing on diversity in disciplinary
specialisms, which we call knowledge domains.
A Professor of Management Studies at the Saïd Busi- A post-doc at the Saïd Business School at the University
ness School at the University of Oxford, Mari Sako is a of Oxford, Matthias Qian’s studies focus on Technology
Venture founders in very early stages look to mentors
scholar and teacher in global strategy. She also studies Entrepreneurship and make use of the advances in
and accelerators to connect with a variety of contacts
the impact of AI on professional services, and moder- machine learning on big data. He completed his DPhil and
including potential clients, employees, investors, and
ates the AI stream at Creative Destruction Lab (CDL) MPhil at the University of Oxford and his undergraduate
even co-founders. For example, Entrepreneur First’s
Oxford. degree at the Humboldt Universität zu Berlin.
six-month program includes a step in which founders
meet potential co-founders. With tech startups that
are founded on an idea, often a scientific idea with a
potential for commercialization, mentors play a crucial

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role in matchmaking. Often, this involves identifying Below, we raise three practical questions and answer latter, founders with different mental models need more
people who have the knowledge and expertise that them in light of this research.2 time to deliberate and come to an agreement.
complement those of the founding team.
Second, consider how nascent or mature an ecosystem is.
Moreover, according to a U.S. survey,1 venture capitalists, Is Knowledge Diversity in Knowledge diversity is important in nascent ecosystems,
especially those investing in early-stage ventures, Founding Teams Best for All but it becomes less so as ecosystems mature. Imagine
consider the founding team as the most important factor a location where you are one of the very first to set up
contributing to venture success or failure. While investors Ventures? a Fintech venture. In nascent ecosystems, the venture
may look for clarity of thought, execution capability, depends on being connected to many contiguous areas —
No. Rather, it depends on the venture’s stage in the
ability to deal with adversity, etc., they also need to finance, technology, regulation, business development,
entrepreneurial process and its ecosystem location.
judge whether the founding team is uniquely qualified etc. — to establish itself in an ill-defined Fintech market. As
to solve a problem. We think that more is known about the Fintech ecosystem becomes more mature, ventures
First, access to diverse knowledge is important at
founders’ mindset and cognitive skills, and less is known might spend less time on exploration and knowledge-
the very early stages of ideation and exploration
about how their disciplinary specialisms come together similar founding teams do well in focusing on execution.
before the founding team refines its product-market
in the early stages of venture growth to enable the team
fit. Over time, knowledge diversity becomes less
to grow and obtain funding.
valuable as founding teams progress to strategy From Where Can Founders
formulation and implementation. This is because rapid
Our research looked at the diversity of knowledge
strategy formulation and execution require a shared Access Diverse Knowledge?
domains within and between different constituents.
understanding. Knowledge-similar founding teams —
Specifically, we investigated knowledge diversity in One important source of diverse knowledge is via social
for example, a team with coders only — find it easier
founders’ ties to co-founders, their ties to other founders ties to other people in the venture ecosystem. Our
to achieve this than knowledge-dissimilar teams. In the
in the same ecosystem, and their ties to early joiners. research looked at connections among founders in the
same geographically bound ecosystem, for instance
in London or in San Francisco. A founder is seen to be
connected to another founder if they attended the same

“Access to diverse knowledge is important at the university or worked for the same employer. We also
investigated whether each connection is between people

very early stages of ideation and exploration.” of the same knowledge domain or different knowledge
domains.

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 We found that ventures whose founders with more • First, start with a knowledge-similar founding
social ties grew faster. Being well connected is therefore team.
a good idea in itself, and this is well known. However, This helps you accelerate the process of articulating
we also found that ventures whose founders had more a clear value proposition, a narrative, and an overall
social ties to people in different knowledge domains strategy that all co-founders can buy into. Execution
grew faster. In other words, connections matter, but is also easier with a common understanding.
diverse connections matter even more. For example,
having worked for the same company helps, but knowing • Next, access diverse sources of knowledge and
another founder who had worked in different functions advice in your social ties.
facilitates access to skills and expertise she does not Mentors and accelerators help make connections, but
have as a founder. often direct social ties — people you know from your
past educational and employment history — yield
“Connections What Do Early Joiners Bring to valuable benefits for growth and funding.

matter, but diverse Ventures? • Third, when you are ready to hire your first

connections matter The other important source of diverse knowledge is

of course early joiners. Early hiring may help founders
employee, look for talent with the necessary
knowledge that is lacking in your founding team.

even more.” free up their time on functional activities, for example,

business development, product architecting, financial
Founders, of course, should also consider delegating
part of their portfolio of tasks to early joiners.
planning, etc. The first hires may also bring expertise and
skills that founders do not have. A scientist-only founding
team without commercial experience can do with help
The opinions expressed in this sponsored article do not necessarily reflect the
from business development experts. In legal tech, a views or position of Startup Genome.
rapidly growing startup in San Francisco founded by two
founders, both lawyers, engaged in waves of recruitment 1. Gompers, P. A., Gornall, W., Kaplan, S. N., & Strebulaev, I. A. 2020.
for coders and product architects as the venture grew. “How do venture capitalists make decisions?” Journal of Financial Eco-
nomics, 135(1): 169-190.

2. The evidence is based on the analysis of 350 Fintech and Lawtech

In summary, here are some tips for early venture
startups in London, New York, and San Francisco Bay Area. See our
founders. paper “Knowledge Similarity Among Founders and Joiners: Impact on
Venture Scaleup in Fintech and Lawtech” for more details.

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Global Startup Ecosystem Report 2022

Three Essentials To Creating a Strong Sense

of Community in Emerging Ecosystems
Entrepreneurship is a lonely journey. It doesn’t matter time supported the founders to build an app in which
how many co-founders you have or how supportive your citizens could visualize slicing up the budget any way
parents are — I’ve worn those shoes and I can tell you. they wanted. They created the app within 24 hours.
Starting and growing a company is a tough journey. To When it was released, it became so popular quickly that
navigate it, you need a sense of community including it crashed. BudgIT has gone on to become a leading civic
other founders who understand and can help when you organization spanning multiple locations and a large
run into challenges. workforce. The physical gathering at the hackathon and
the power of the community, made up the early days of
Community is a key ingredient for both the success of what is a successful company today.
individual startups and for the ecosystem as a whole.
DAMILOLA TEIDI-AYOOLA Both online and offline hubs serve as points of knowledge There are many more of such stories of community
exchange, places where founders, innovators, and impact within strong startup ecosystems. Community
As the Director of Startup Support (Incubation
other ecosystem players can learn from each other and is also a source of information. As a founder, if there’s
and Acceleration) at Co-creation Hub, Damilola
discover opportunities for co-creation. a new program, a meetup, or opportunity that might
Teidi-Ayoola’s work involves building strong
benefit you, you are more likely to learn about it if you
pan-African programs that support technology
A good example is a Nigerian civic organization called are plugged into your local startup community. But how
companies in Africa and directly providing
BudgIT, which was born out of a hackathon. The idea do you create community?
support to startups. She also engages with
was simple: How can we translate the Nigerian budget
various key stakeholders to create an enabling
in a way the common person can understand? Through As Director of Startup Support at Co-creation Hub (CC
ecosystem for high growth companies to thrive
the power of community and co-creation, a team of Hub), an innovation center headquartered in Lagos,
on the continent.
designers and developers that were at CcHUB at the Nigeria, part of my job involves engaging in activities that

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 help nurture community both in our ecosystem and in will grow. Eventually you will be too big to be ignored.
other ecosystems around Africa. From my experience, Governments and large organizations will start to pay
I have learned that there are a few essential building attention and ask how they can support the ecosystem
blocks of strong startup communities, especially for you are building. Because you have already built a
community building in emerging ecosystems. community together, you will be able to voice your
opinions together, which may lead to better policies.

1. Initiative — Don’t Wait For

2. Infrastructure — Online &
Someone Else To Do It
I recently traveled to Botswana and Namibia, where I
Offline Infrastructure Support
“Don’t wait for engaged with founders. In both places, I heard the same
question again and again: We are working in silos. How
Each Other
someone else to can we come together, and how can we create more The startup community in Lagos is now very strong but
it wasn’t always like that. Infrastructure development
avenues where we can share opportunities and ideas?
organize it. Start plays a role in building communities and ecosystems.
About nine years ago, CcHUB constituted a consortium of
I offered the same answer again and again: Don’t wait
organizing things for someone else to organize it. Start organizing things core implementation partners, which included MainOne,
Technovision, and the Lagos state government. With the
yourself.” yourself. That’s how you create communities. Start by
organizing simple things like monthly or bi-monthy buy-in of the state, Mainone initiated the laying of the
fiber optic cable for iHQ, which covered Yaba, where
meetups, or by creating an online platform where
CcHUB is located.
founders can get the resources they need to start a
business. Perhaps the platform could have a forum
This meant the internet was better in this neighborhood,
section to promote discussion and knowledge sharing.
and the area quickly became home to over 30 technology
companies. If there was an event in the area, everyone
You may think you need government support or
could quickly come together and a tech community
permission from certain stakeholders or organizations.
started to spring up.
But sometimes these things come later, so just start.
The numbers may be small at first, but over time they

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Offline infrastructure builds intangible community, and Sometimes I speak to busy founders who see meetups,
that intangible sense of community leads to stronger incubation programs, or being part of a hub, as a waste
offline infrastructure. It is a positive feedback loop. of time. But in emerging ecosystems, success is usually
shared. Our ecosystems lift us up and support us when
we struggle. They supply our co-founders and many of
3. Insight — Share Your Failures our greatest ideas. Community isn’t a waste of time —
As Well As Your Wins it’s an essential component. It is well worth devoting our
time to building a stronger sense of community together.
Meetups, forums, associations, and hackathons are all
great ways to start building community. But for these
sorts of initiatives to be as impactful as possible, those
participating must be open and honest about sharing not
just their learnings, but also their struggles and failures.

In the early days of the ecosystem in Lagos, stories

about the experience of building a company and the
entrepreneurial journey in Nigeria came from founders
such as IROKO founder Jason Njoku. These founders were
very generous and transparent, sharing their challenges
and successes both through blog posts and at events.
Jason’s candor made him very popular, but his sharing The opinions expressed in this sponsored article do not necessarily reflect the
also contributed to helping the community thrive and views or position of Startup Genome.
grow.

A willingness to share honest insights brings people

together and spurs discussion. Sharing your journey,
including the difficulties and the failures, can inspire
“Community isn’t a waste of time — it’s an
people and help them avoid mistakes.
essential component.”

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Global Startup Ecosystem Report 2022

How to Get Mentoring Right

Mentoring has been completely bastardized in time. People might have multiple mentors at one time.
the startup ecosystem. There are accelerators and Mentors may come and go depending on your stage of
incubators that bring in someone to have 10 half-hour life or career. But these relationships are always about
meetings with founders over the course of a day and more than business. They are about helping you become
call it mentoring. Take it from someone who started her the person you want to become.
career as a founder who relied on mentors, wrote her
Ph.D. thesis on mentoring, and has since spent decades How do you find and form such a valuable mentor
in entrepreneurial education — that’s not mentoring. relationship? Forget half-hour meetings and occasional
calls to discuss specific business challenges. Instead,
I have dedicated my career to designing mentor programs successful mentoring relationships are built on a handful
SUSAN AMAT and training mentors to be data driven and to create of essential principles. Many people in the startup world
a transparent, yet confidential, process. Mentoring get mentoring totally wrong. Here’s how to get it right.
As Executive Director of GEN Accelerates, Susan
isn’t coaching. It’s not consulting on your business’s
Amat, MBA, Ph.D., supports capacity-building trickiest problems. It’s not having someone with a golden
and program development for entrepreneur resume off whom to bounce ideas. It’s deeper than
Start with Transparency &
support organizations and governments. She
is also the CEO and founder of Venture Hive, a
that. Mentoring is a long-term commitment to building Alignment On Goals
an individual, to helping them reach their goals and
software and training company that supports The most important component of a successful mentoring
developing themselves so that, eventually, they can
innovation management and entrepreneurship relationship is alignment of expectations. Do you want
operate independently of their mentor.
programs. A serial entrepreneur, she built several to talk through personal challenges? Discuss leadership
businesses in the entertainment industry. issues? Tackle tough ethical calls? How often do you want
Mentoring involves a deep, personal connection and
to talk? Once a week, once a month, or whenever you
commitment between two people over long periods of

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happen to be freaking out? There is a whole spectrum engineering? Great, you’re a match. Go forth and mentor! high demand and they all want the same thing — honest,
of mentorship relationships, but all of the good ones These programs are rarely effective because job title and accountable, transparent mentees who follow through
rest on both parties agreeing on what they’re trying biographical details aren’t actually the right criteria for on discussions and ideas. There are plenty of disruptors
to accomplish together and roughly how they’re going successful mentor matching. Mentoring shouldn’t be an with bold ideas out there who they could mentor. What
to organize these efforts. Transparency from the very effort to create a mini-me. will set you apart is being honest, open, and respectful
beginning is essential. because, unfortunately, those qualities are rare.
I have often worked with founders who will be impressed
Mentors should ask questions to ensure alignment from with someone’s background and will pursue them as
the start, but if they don’t do this, the responsibility a mentor based on their resume. That rarely works Be Organized
falls to mentees. If your mentor is not clear in laying either. There are many people with impressive LinkedIn Successful mentoring relationships might be built on
out their expectations, you should take the initiative accounts with whom you will not click in real life. Finding respect and personal connection, but that doesn’t mean
and ask questions like: What frequency would you like the right mentor is about personality fit, mutual respect, you should leave your organized professional hat at
our meetings to have? How would you like me to share and a meeting of the minds — not about who has the the door. I recommend to both mentors and mentees
information with you? Should we set up regular touch most impressive credentials or the biography that seems that, after every meeting, they put notes together about
points? most aligned to your goals on paper. what was discussed and next steps. Before a meeting
is set, put together a basic agenda outlining what will
be discussed. Bringing professionalism to your mentor
Focus on the Human, Not the Bio Build Your Relationship Capital relationship helps you get the most out of every hour
Many universities and large organizations run mentorship Great mentoring relationships are grown over time, as and also conveys how much you cherish the relationship.
programs in which they match people based on shared mentees reveal themselves to be respectful, appreciative,
background and goals. You two are both women in open-minded, and forthcoming. Too many entrepreneurs Mentorship isn’t just a bit of advice or consulting. There
will have one or two meetings with a mentor, never are plenty of great people out there available to hire to
follow up, and then out of nowhere a year later, reach talk through a particular business challenge. Mentoring
out for help or an introduction. Nobody wants to work is more than that. It is sacred. And if you treat your
with that person. mentor in a way that elicits the right level of sharing and
“Transparency from openness, you will find that you have a champion not
As a mentee, you should follow up after every meeting, just for your current business, but for your life.
the very beginning is keep mentors up to date on your progress, express
appreciation, and offer feedback if you think the
essential.” relationship could work better. Great mentors are in
The opinions expressed in this sponsored article do not necessarily reflect the
views or position of Startup Genome.

Copyright © 2022 Startup Genome LLC. All Rights Reserved. Learn more and get connected at startupgenome.com 65
Regional Insights
67 Africa

81 Asia

123 Europe

179 Latin America

193 MENA

220 North America

277 Oceania

Copyright © 2022 Startup Genome LLC. All Rights Reserved. Learn more and get connected at startupgenome.com 66
 Africa
68 Top Performers & Top Regional Challengers

69 Key Findings

70 Ecosystem Pages

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 Lagos is the region’s leading ecosystem and has a strong Top Performers
Regional Insights Fintech industry, but mobile payment usage is high

Africa
across much of Africa. Kenyans have made mobile wallet 1 Lagos
and phone payments a critical part of their everyday
2 Nairobi
lives to the degree that transactions account for 87%
of the nation’s GDP. In Ghana, such transactions make 3 Cape Town
up 82% of GDP. Kenya is easily the larger market, but 4 Johannesburg
Investment in African tech startups in 2021 was Ghana has become the fastest-growing mobile money
unprecedented, at $1.6 billion total (excluding MENA market on the continent in recent years. 5 Accra
countries) — a 113% increase from 2020. It’s looking
like 2022 will be an even bigger record-breaker, with Successful local founders — including Olugbenga Top Regional Challengers
total VC investment in Q1 at $1.1 billion. Agboola (Flutterwave), Gregory Rockson (mPharma),
and Shola Akinlade (Paystack) — are putting their 1 Kampala
Fintech is the continent’s most successful sub-sector, support behind startups, further accelerating the rapidly 2 Dakar
accounting for $571 million in funding and producing growing African startup ecosystem. Governments
all three of the region’s unicorns. In March 2021, Lagos- throughout Africa are also recognizing the potential for 3 Abuja
based Fintech Flutterwave raised $170 million in a Series the tech industry and have begun taking concrete steps 4 Addis Ababa
C round at a valuation of $1 billion. In spring 2022, it to show support. The Nigeria Startup Bill aims to create
became the highest valued African startup to date at $3 5 Pretoria
clear and thoughtful regulations that will help boost the
billion. Lagos mobile payment platform OPay secured tech ecosystem and solidify the potential of the digital
a $400 million Series C round in August 2021, taking economy.
its valuation to $2 billion. Dakar-based Wave Mobile
Money is the region’s third unicorn. Nairobi online-
processing company DPO Group also made headlines
when it exited at $288 million in July 2020.

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Africa Regional Insights

Key Findings
• Africa produced three unicorns in the GSER 2022
time period, all Fintechs.

• Lagos is the most successful startup ecosystem in

the region, producing two unicorns — Flutterwave
and OPay.

• Investment in African tech startups increased 113%

from 2020 to 2021, at $1.6 billion total.

• Africa has seen 110% growth in Series B+ rounds

from 2020 to 2021.

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Ghana
Highlights
Accra With approximately 57% of the population of Ghana under the age of 25, Accra is one of the world’s
youngest cities. This youthful energy, combined with the fact Ghana boasts the fastest internet
connection in the region and the highest mobile phone penetration, is transforming Accra into a vibrant
"Accra is a burgeoning startup center, home to an ecosystem that cuts across
startup hub.
many sectors, including Fintech, Agtech, and Edtech. A melting pot of cultures, it
encourages wide and deep relationships, networks, and ideas that nurture the The startup scene clusters around a handful of coworking spaces and startup organizations. The Accra
ever-growing ecosystem." Digital Centre provides an enabling environment and programs for startups. Coworking space Impact Hub
Accra houses over 50 startups and provides a venue for tech events. Pan-African entrepreneur training
Simon R Turner school and incubator MEST has a hub in Accra, and the Ghana Tech lab is building a launch platform for
Managing Director, Founder Institute Ghana and founding partner, The Groundbreaking Organization
young tech talent here. Since its founding in 2018, the company has trained 3,933 Ghanaians and
incubated 68 startups.

Launching in 2022, YouStart is a vehicle by the Government of Ghana to help young people develop
commercially viable businesses, gain access to capital and mentoring, and enable them to launch
businesses. It provides youth-led enterprises with loans of up to GH₵50,000 ($6,700) and associations and
groups with loans up to GH₵100,00 ($13,400).

Ghana’s ecosystem benefits from the presence of local investors such as Sangu Delle, who runs Golden
Palm Investment and Africa Health Holdings, Walter Baddo and Peter Orth of 4DX Ventures, Kwamina
Afful of Pave Investments, and Ato Bentsi-Enchill of Black Adam Africa Capital Management. Healthtech
mPharma raised $35 million through a combination of debt and equity in January 2022.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$100 k $70 k $7 k
$21 m $259 m
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
11.3 bn

101

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)
$132 m 4.5 years
GLOBAL AVG.

GLOBAL AVG.

6
77 m

GLOBAL AVG. GLOBAL AVG.

8

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
Fintech
Thanks in large part to the increasing accessibility of
mobile phones in the country, Ghana’s quick-
growing Fintech sub-sector is dominated by
payments. In June 2021, the Bank of Ghana
announced the development of a Central Bank
Digital Currency, popularly referred to as the e-Cedi,
to accelerate Ghana’s transition to a cash-lite
economy. In January 2022, the government of
Ghana launched PAPPS, a payment system to
facilitate easy cross-border payments within Africa.
The NextGen Ghana Fintech Accelerator targets
early-stage Fintechs. Mobile financial services
company Zeepay raised a $7.9 million Series A in
June 2021. Corporate credit line startup Float raised
a $17 million seed round in January 2022.

Reasons to Move Your Startup to Accra

Access to Talent Infrastructure
Thanks to local educational institutions including Ghana boasts the fastest internet in Africa, and
KNUST and Ashesi, Ghana offers companies a diverse Accra Digital Centre provides tech startups with
and highly skilled workforce. Accra, with its young, first-class infrastructure including office space, a
energetic population of some 2.5 million people, is the mobile applications laboratory (mLab), and an
country’s entrepreneurial hub. 57% of Ghana’s innovation hub (iHub) to further develop the tech
population is under the age of 25. ecosystem.
South Africa
Highlights
Cape Town Cape Town’s 450 tech firms, including both giants like Takealot and Amazon and early-stage companies,
collectively employ more than 40,000 people. And more businesses are moving to the South African
MEMBERS: ecosystem. Cape Town is one of the world’s fastest-growing regions in terms of foreign investment,
City of Cape Town / WESGRO / Silicon Cape according to a report from fDi Intelligence.

"Greater Cape Town's tech sector is notably dynamic, with a high percentage of Knife Fund III is a new fund managed by Cape Town-based VC firm Knife Capital. The fund invests in high-
companies reaching scale in the past decade and actively supporting other local growth sectors in South Africa with strong potential for expansion within Africa and internationally. Swiss
tech companies." investment company Crypto Valley Venture Capital (CV VC) set up its first African office in Cape Town to
invest in Blockchain-focused African startups. CV VC and its partners are looking to invest in 100 startups
Endeavor Insight over the next four years. The new office will also serve as a hub for transferring know-how and
experience from Swiss Crypto Valley to the Cape Town ecosystem. Private equity and venture capital
conference SuperReturn Africa 2022 is scheduled to take place in Cape Town in December. Notable
recent funding deals include Adtech startup Adbot’s R7 million ($500, 000) raise in November 2021, and
games publisher Carry1st’s $20 million Series A in January 2022.

The Women in Business program from the Cape Innovation & Technology Initiative exposes female
entrepreneurs to the latest technology resources to grow their business. BioCiTi is a specialized biotech
incubator for African entrepreneurs. TECHSPO Cape Town brings together developers, marketers,
designers, and innovators annually.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$570 k $2.5 m $30 k
$204 m $2.8 bn
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
11.3 bn

101

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)
$722 m 10.1 years
46
GLOBAL AVG.

GLOBAL AVG.
669 m

8 GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
Fintech Edtech
Cape Town is one of Africa’s leading financial Injini is a nonprofit organization founded by the
centers. The latest Global Financial Centers Index Cape Innovation & Technology Initiative and
shows the city moving up eight positions to rank partners to accelerate Edtech solutions in Africa.
54th worldwide, and much of Cape Town’s Injini launched the first pan-African Edtech Think
improvement in these rankings is down to its Fintech Tank in April 2022. Cape Town will host Edtech
innovation. Intelligent banking startup JUMO raised conference InnovateEDU in May 2022. The
$120 million in venture financing in November 2021. University of Cape Town opened an online high
Payments company Yoco raised an $83 million Series school, which began educating students in January
C in July 2021. 2022. Edtech solutions provider HyperionDev raised
R50 million ($3.5 million) via equity crowdfunding in
March 2022. Learning marketplace iXperience raised
a R35 million rand ($2.5 million) Series A in May
2021.

Reasons to Move Your Startup to Cape Town

Business-Friendly Environment Low Cost of Living Key Economic Zones
Cape Town’s diversity, infrastructure, world-class Cape Town is both beautiful and affordable. A 2021 Cape Town has identified 2 key economic zones for
universities, and vibrant environment make it an ideal study by Money.co.uk named Cape Town the sixth development. The Atlantis Special Economic Zone
home base for startups. 38% of South Africa’s most affordable city to relocate to in the world. (ASEZ) is dedicated to supporting green and circular
developers call the city home. Cape Town also boasts Cape Town also placed 178 in the 2021 Mercer Cost economy businesses in renewable energy, recycling,
more than 16 co-working spaces, including a lounge of Living City ranking, which included 206 cities and waste management, transportation, and smart
on top of Table Mountain that entrepreneurs can from around the world. The cost of living in Cape agriculture. A second zone in Philipi supports
access for free on Tuesdays. The city is also investing Town is lower than in Kigali, Kampala, and Dar Es agricultural activities in the area and includes
in key infrastructure, including thousands of meters Salaam. business incubation and skills development programs.
of fiber-optic cable.
Selected Startup Organizations
STARTUP GENOME MEMBERS

MEMB ER MEMB ER MEMB ER

City of Cape Town WESGRO Silicon Cape

Cape Town, or the Mother City, is South Africa’s oldest As the official tourism, trade and investment promotion Silicon Cape is a non-profit, community-driven initiative
city, its second-most populous and the legislative capital. agency for Cape Town and the Western Cape, Wesgro that supports and catalyses the creation of a vibrant,
It is made up of a diverse population, a rich history, world assists investors and businesses looking to branch out into sustainable tech and entrepreneurial ecosystem in South
famous tourist attractions and an exciting calendar of the province. Regardless of the sector your company Africa. The vision is for Silicon Cape to develop the
international and local events. operates in – be it wine, technology, agriculture or another Western Cape as an innovation hub for Africa and the
sector – Cape Town and the Western Cape have all the world by fostering an inclusive ecosystem for tech
elements necessary to make your investment a success. enabled start-ups in the region. This by connecting
stakeholders to resources and each other for mutual
benefit; curating cohort communities and networks;
amplifying the stories from within the community for peer
learning; and by advocating on behalf of the collective.
South Africa
Highlights
Johannesburg More than 70% of South African companies are located in Johannesburg, as is the largest stock exchange
in Africa, and the city generates 15% of South Africa’s wealth. Johannesburg is leveraging its position as
the country’s financial capital to build a startup ecosystem to rival the better-known scene in Cape Town.
"Johannesburg is a Fintech magnet in Africa, and 44% of South Africa’s tech
startups are based here. Additionally, there are more than 200 programs offering Ericsson South Africa, the local arm of the Swedish telecommunications company, set up office in
support to startups in the city." Johannesburg’s fast-growing Waterfall development, as the area increasingly attracts growing interest
from technology firms. Vantage Data Centers, a U.S.-headquartered data center specialist, announced in
Mahlatse Tolamo, Ecosystem Enabler, 22 On Sloane
2021 that it plans to build what it claims will be the largest data center campus in Africa in Johannesburg.

A host of startup support organizations are nurturing the emerging startup community, including the Seed
Academy and the WDB Growth Fund’s accelerator for women, J&B Hive Accelerator for creative
entrepreneurs, and a range of coworking spaces and makerspaces such as Workshop17 West Street and
JoziHub. 22 On Sloane is the largest startup campus in Africa. The Opportunity Centre initiative by the
City of Johannesburg provides walk-in assistance and advice on entrepreneurship and business support
issues. The Irish Tech Challenge South Africa, launched in February 2022, offers South African tech
businesses the chance to travel to Ireland to network with Irish tech companies. Johannesburg is also
home to many active investors, including Dazzle Angels, Edge Growth, Grovest, SA SME Fund, the People’s
Fund, and Kalon Venture Partners.

Online payments solution provider Ozow raised $48 million at Series B in November 2021.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$333 k $1.1 m $29 k
$77 m $962 m
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
11.3 bn

101

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

63

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)

$341 m 10.7 years
GLOBAL AVG.

GLOBAL AVG.
570 m

9 GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
Fintech
As South Africa’s largest city, Johannesburg is home
to leading African banks as well as international
financial players including HSBC, Citibank, RBS, and
JP Morgan Chase Bank.Johannesburg rose 11
positions to ranked #50 as a Fintech center in the
2022 Global Financial Centers Index. Financial
services company Rand Merchant Investment
Holdings launched AlphaCode, a club for Fintech
startups that offers grant-funding and mentorship.
South Africa Reserve Bank’s ProjectKhoka aims to
build a proof-of-concept wholesale payment system
for interbank settlement using a tokenized South
African rand. Insuretech company Pineapple raised
$5.4 million Series A in July 2021.

Reasons to Move Your Startup to Johannesburg

Entrepreneurial Talent Access to Funding
Johannesburg’s top tier technical and business Access to funding for startups is steadily improving
schools such as UCT, Stellenbosch University, and in Johannesburg as a growing pool of high net
Witwatersrand University, produce a steady stream of worth individuals, families, and venture capital firms
talented, tech-savvy developers, designers and digital become more aware of early-stage venture capital
marketers interested in pursuing careers in startups. instruments as an alternative asset class. Local
corporations are beginning to look beyond internal
innovation and product development programs to
pursue partnerships with startups.
Nigeria
Highlights
Lagos One of the world’s fastest-growing megacities, Lagos attracts 77 new residents from other parts of
Nigeria every hour. The city is the heart of Nigeria’s growing startup ecosystem. Yaba, the center of
Lagos’s technology industry, is close to two universities, the University of Lagos and the Yaba College of
"When you step into Lagos, you can touch the entrepreneurial energy. The
Technology, and has grown rapidly in large part thanks to its fast, reliable internet access.
ecosystem is a representation of a nation in which people are determined to
succeed. This resilience coupled with the attractiveness of Nigeria’s market has Co-creation Hub hosts a number of programs to support the ecosystem, including The Creators’ Circle, a
catapulted the city to becoming the top startup city in Africa." quarterly networking event for creative economy professionals, and an incubation program for startups.
Participating startups receive $25,000, access to follow-on funding of up to $250k from Growth Capital,
Damilola Teidi-Ayoola free office space, free credits for partner products, business support, and networking. The Lagos State
Director of Startup Support, Co-creation Hub
government’s Eko Digital Initiative plans to equip over 120,000 primary and secondary school students with
tech skills. GreenHouse Capital, a corporate venture capital arm of Google for Startups, invests in early-
stage Fintech and Big Data startups operating in sub-Saharan Africa, as well as foreign startups targeting
the African market. Recent notable funding news out of Lagos includes mobility Fintech Moove’s $65
million Series A in March 2022, and embedded finance platform TradeDepot’s $68 million debt financing
and $42 million Series B in December 2021.

Art Of Technology is the largest tech conference in Nigeria. The most recent edition took place in
December 2021. Lagos Tech Fest, which brings together entrepreneurs, innovators, and investors, was held
in February 2022. Union Bank and GreenHouse Capital hosted the UnionX Innovation Challenge in March
2022.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$157 k $9.5 m $13 k
$529 m $9 bn
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
11.3 bn

101

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)
$1.8 bn 6.3 years
GLOBAL AVG.

GLOBAL AVG.
24
421 m

9 GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
Fintech
In October 2021, Nigeria became the first African
nation to launch a digital currency, the eNaira.
Despite a Central Bank ban on banks and financial
institutions dealing in or facilitating transactions in
cryptocurrencies, Nigeria ranked #7 in the 2021
Global Crypto Adoption Index, compiled by research
firm Chainalysis. GreenHouse Labs, an accelerator
focused on early-stage, women-led startups in sub-
Saharan Africa offers a Fintech accelerator. Nigeria
Fintech Week, organized by the Fintech Association
of Nigeria, is held annually in October. Mobile money
company OPay closed a $400 million Series C in
August 2021, with the company valued at $2 billion.
Payment app PalmPay raised a $100 million Series A
the same month.

Reasons to Move Your Startup to Lagos

Young, Tech-Savvy Market Dedicated Startup Support
The median age in Nigeria is 18, and the country has The Lagos State Science Research and Innovation
high smartphone penetration. A 2020 McKinsey & Council empowers research and innovation
Company analysis described these factors as “the initiatives through funding and network access.
perfect recipe for a thriving Fintech sector.” The Lagos State Employment Trust Fund (LSETF) is
focused on improving access to finance,
strengthening the institutional capacity of MSMEs,
and formulating policies designed to improve the
business environment in Lagos State. LSETF also
develops programs designed to train unemployed
Lagos residents. Lagos Innovates is a series of
programs to su pport innovation -driven startu ps in
Lagos State.
Kenya
Highlights
Nairobi One of Africa’s most mature startup ecosystems, Nairobi is home to more than 200 startups, as well as the
regional offices of tech giants Google, IBM, Intel, and Microsoft. In 2020, a StartUp Bill was introduced
with the goal of encouraging entrepreneurial growth and to create a more favorable environment for
"The momentum of Nairobi’s startup ecosystem is growing, with an increasing
innovation.
number of hubs and talented entrepreneurs."
In 2021, Silicon Valley-based VC firm Flourish Ventures opened a new office in Nairobi to invest in Fintech
Enpact
startups across Africa. In March 2022, Antler East Africa, the Nairobi office of VC firm Antler, closed a
$13.5 million fund to invest in early-stage startups in the region. Adanian Labs’ 2022 Cohort Venture
Building Program will select five innovative startups in sub-sectors including Blockchain and AI and offer
them support, mentorship, access to partnerships, and funding. Future of Work 2022 is an accelerator
program for young African entrepreneurs featuring self-guided training, extensive virtual support, and
mentorship. In April 2022, Google announced Nairobi would be the site of its first African product
development center, to serve the 800 million Africans who are projected to be connected to the internet
by the end of the decade.

iHub was founded in 2010 to accelerate the region’s tech industry and remains a central node in the
Nairobi ecosystem. Kijiji is a coworking space that supports socially minded businesses. Kayana supports
female entrepreneurs, and UTU House / Nairobi Game Development Centre supports the Gaming sub-
sector. Wasoko, which connects small shops to the digital economy, has raised $143.6 million in funding
over 10 rounds, including a March 2022 $125 million Series B round.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$175 k $1.9 m $14 k
$180 m $2 bn
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
11.3 bn

101

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)
$180 m 7.3 years
GLOBAL AVG.

GLOBAL AVG.
438 m

7
17

GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
Fintech Artificial Intelligence
The Money & Blockchain Summit connects Fintech In June 2021, Ada Labs Africa and AI Center of
leaders and blockchain innovators from across Africa. Excellence (AICE) announced an initiative with
Silicon Valley-based venture capital firm Flourish NVIDIA to contribute to the digitization of the
Ventures opened an office in Nairobi to target African continent through various AI projects. AICE
African Fintech startups. Financial health platform has started training the first cohort of 40 AI
ImaliPay raised a $3 million seed round in April 2022. engineers as part of the initiative and has launched
Open finance infrastructure startup Credrails raised a CEO roundtable series to demystify AI for African
a $2.5 million seed round in February 2022. Financial executives. The companies are aiming to train over
serviced platform Koa raised a $2.4 million venture 4,000 AI engineers in five cities across Africa over
round in March 2022. the next three years. Nairobi-based commodity data
and analysis service Gro Intelligence has raised $85
million in venture funding to support its global
expansion.

Reasons to Move Your Startup to Nairobi

Expat-Friendly Environment Startup Support
Nairobi ranked #1 in Africa and #12 globally in the In 2021, the Federal Development Ministry (BMZ)
InterNation’s Expat City Ranking 2021. Social life and launched the DeveloPPP Ventures to empower
ease of finding affordable housing are among the Kenyan startups by providing grants of up to
factors considered, with Nairobi ranking fourth in €100,000 ($106,000). With the support of impact
Getting Settled and sixth in Finance and Housing. investment specialist Seedstars and business
More than 80% of expats surveyed said they have no incubator NaiLab, the program is aimed at young
trouble finding housing, and there is overall entrepreneurs contributing to sustainable
satisfaction in regards to their financial situation, development and improving living conditions for
disposable income, and Nairobi’s affordability. locals. In addition, startups receive tailored support
from experts.
 Asia
82 Top Performers & Top Regional Challengers

83 Key Findings

84 Ecosystem Pages

Copyright © 2022 Startup Genome LLC. All Rights Reserved. Learn more and get connected at startupgenome.com 81
 2021, Beijing cracked down on companies over issues Top Performers
Regional Insights including anti-competitiveness and data privacy. Global

Asia
investors suffered when the Chinese government 1 Beijing
went after its Edtech industry in July, and it raised
2 Shanghai
constraints on overseas IPOs in December. In 2021,
China saw growth in large exits over $50 million decline, 3 Seoul
particularly in early-stage funding, although Beijing 4 Tokyo
The World Bank’s final Doing Business report, released and Shenzen saw an increase in exits over $1 billion. In
in 2020, named three Asian ecosystems in the top places 2021, Bangalore-Karnataka beat out both Beijing and 5 Singapore
to do business in the world: Singapore at #2, Hong Kong Shanghai in the amount of venture capital raised and
at #3, and Korea at #4. Asia is a hugely varied region number of rounds, according to London & Partners and Top Regional Challengers
that is home to a vast array of tech startups, and Beijing Dealroom.
is a longstanding leader in the GSER rankings. This year, 1 Hong Kong
however, the landscape is looking a little different. China remains a startup powerhouse — venture 2 Guangzhou
investment in 2021 rocketed above $130 billion, about
India has seen a rapid rise in the number of large exits 50% higher than in 2020, according to Bloomberg — but 3 Jakarta
and early-stage rounds, and a substantial increase in Asia’s tech startup story is no longer as straightforward 4 Wuxi
Ecosystem Value. The nation produced 44 unicorns in as it once was.
2021, and exits rose to $14 billion — a 10-fold increase 5 Nanjing
over 2020. Delhi and Mumbai joined Bangalore-
Karnataka in the top 40. Ecosystem-creation initiatives
and startup-friendly policies are helping to drive this
movement.

Meanwhile, the region’s major player, China, is

experiencing the impact of government regulation. In

Copyright © 2022 Startup Genome LLC. All Rights Reserved. Learn more and get connected at startupgenome.com 82
Asia Regional Insights

Key Findings
• Asia saw a 312% increase in the dollar amount of • The performance of Chinese startup hubs is declining
exits over $50 million from 2020 to 2021. for the first time since GSER has tracked them. Eight
of the 13 cities studied fell in this year’s rankings.
• Early-stage funding deal amount increased by 69%
from 2020 to 2021.

• Seoul entered the global top 10 ecosystems for the

first time, up six places from #16 in 2021 and #20 in
2020.

• Several Indian ecosystems have risen in the rankings,

most notably Delhi, which is 11 places higher than in
2021, entering the top 30 for the first time at #26.
Bangalore-Karnataka has moved up one place from
last year, to #22.

• Japan has seen 113% growth in exit amount from

2020 to 2021, as well as 25% growth in dollar amount
at Series B+ rounds. For context, the global median
growth in exits is 77%.

• Beijing has dropped one place from 2021, coming in

at #5 globally, due to decline in growth of early-stage
funding.

Copyright © 2022 Startup Genome LLC. All Rights Reserved. Learn more and get connected at startupgenome.com 83
India
Highlights
Bangalore-Karnataka Bangalore-Karnataka has been described as the world’s fastest-growing tech hub and the Indian city is
home to the R&D centers of some of the world’s most famous tech companies, including Amazon,
MEMBERS: Microsoft, Facebook, and Google. Its IT sector employs over four million people, and accounts for an
Bangalore Bioinnovation Centre / Karnataka Innovation & Technology Society (KITS) estimated $130 billion in exports every year.

"Bengaluru-Karnataka Innovation Ecosystem has catalyzed and scaled up The Government of Karnataka was the first Indian state government to establish a dedicated Startup Cell
startups at an unprecedented pace. This nurturing ecosystem has steadily given to promote its ecosystem. Innovate Karnataka provides financial support to startups through various funds
birth to numerous unicorns and is now evidencing signs of logarithmic growth." and Idea2PoC grants, which provide early-stage funding to concepts that have yet to establish proof of
concept. The Karnataka Digital Economy Mission launched the Beyond Bengaluru Startup Grid in
Dr C. N. Ashwath Narayan November 2021 to support startups in the state outside of Bangalore-Karnataka, and a startup incubation
Minister of Science & Technology, Higher Education & Information Technology and Biotechnology, Government center set up by the Bangalore Chamber of Industry and Commerce opened in February 2022. The Maruti
of Karnataka Suzuki Incubation Program aims to help startups develop industry-ready solutions and become large-scale
businesses. Karnataka took home 30% of the total startup awards at the National Startup Awards 2021,
during Startup India Innovation Week.

Notable recent funding deals in the ecosystem include online learning platform Vedantu’s $2 million
Series E in February 2022, electric scooter company Ather Energy’s ₹4.2 billion ($55.7 million) Series D in
January 2022, and food delivery service Swiggy’s $700 million round, also in January.

Karnataka hosts India’s flagship tech event, the Bangalore Tech Summit. Summit Up, a two-day event for
female entrepreneurs took place in December 2021.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$655 k $5 m $13 k
$2.1 bn $105 bn
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
27 bn

219

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

11.3 bn

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)

101

$21 bn 6.2 years

GLOBAL AVG.

GLOBAL AVG.

9 GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
Fintech Life Sciences
Bangalore-Karnataka ranks eighth among cities Bangalore Bioinnovation Centre is the largest Life
globally in the amount of VC investment attracted Sciences hub in India. It is a joint initiative of the
by its Fintech sub-sector, according to an analysis by Department of Biotechnology, the Government of
research firm London & Partners and Dealroom. The India, and the Department of Electronics, IT, BT and
Karnataka Digital Economy Mission, in partnership S&T, and the Government of Karnataka. It works
with India’s top financial technology companies, is closely with Karnataka Innovation & Technology
creating a roadmap for the growth of the sub- Society, a nodal center for implementing schemes
sector. San Francisco-based Fluxon Apps will set up of the Department of Electronics, IT, BT and S&T,
a new hub in Bengaluru by the end of 2022. Online the Government of Karnataka and its Startup Cell.
payments solution Razorpay raised a $375 million Telehealth startup Mfine raised a ₹3.6 billion ($48.4
Series F in December 2021. million) Series C in September 2021.

Reasons to Move Your Startup to Bangalore-Karnataka

Access to Funding Location and Infrastructure Tech Talent
Karnataka accounted for 45% of total FDI in India for Karnataka is well connected to all major markets Bangalore-Karnataka is home to a quarter of India’s
the first half of fiscal year 2021–2022. While startup through two international airports, 14 national digital talent, more than any other city in the country,
activity is increasing in Delhi and smaller cities, highways, a rail network, and several ports. The according to a report by Nasscom and consulting
funding remains heavily skewed towards Bengaluru Bengaluru - Mumbai Economic Corridor and firm Zinnov's enterprise decision-making platform
and its seasoned entrepreneurs, a March 2022 Mint Chennai - Bengaluru Industrial Corridor pass Draup. 90,000 engineers graduate from Bangalore’s
analysis shows. The Karnataka government also through the state. Karnataka ranked #3 in the universities every year. Bangalore-Karnataka was
provides seed funding of up to ₹5 million ($66,300) Institute for Competitiveness Export Preparedness named the most liveable city among 111 cities in India
for startups in the state. Index 2021. Karnataka hosts 44% of India’s R&D in the Union Housing and Urban Affairs' 'Ease of
centers, including Google’s first AI and machine Living Index' report 2021.
learning focused center and Intel’s largest 5G
technology design center.
Selected Startup Organizations
STARTUP GENOME MEMBERS

MEMB ER MEMB ER

Bangalore Bioinnovation Centre Karnataka Innovation & Technology Society

Bangalore Bioinnovation Centre (BBC) is a joint initiative of the Department of (KITS)
Biotechnology, Government of India, and Department of Electronics, IT, BT and S&T,
Karnataka Innovation & Technology Society (KITS) is a nodal center for implementing
Government of Karnataka. It is a state-of-the-art translational research and
schemes of the Department of Electronics, IT, BT and S&T, Government of Karnataka,
entrepreneurship center catering to the needs of startups in Life Sciences.
and its startup cell.

“Bangalore-Karnataka has ranked as the #22 startup ecosystem globally and also improved in Market Reach. We are
incredibly proud of this progress, significantly driven by our local Members, Bangalore Bioinnovation Centre and the
Karnataka Innovation & Technology Society.”
Marc Penzel, Founder & President of Startup Genome
China
Highlights
Beijing #5 The Beijing 2022 Winter Olympics spotlighted not just athletic greatness, but also Beijing’s growing status
as a startup and technology hub. The Games showcased advances in 5G, AI and Robotics, self-driving
vehicles, telemedicine, and smart venue management. China Unicom, the event’s official
"Beijing is a vibrant city for venture capital and startups. With a large pool of
telecommunications service provider, built an intelligent vehicle networking system that supported a self-
talent from top universities, the presence of multiple technology corporations, driving car to carry the Olympic torch. It also helped test four types of unmanned vehicles including buses
and access to capital, it has ample resources to help startups to grow." and delivery vehicles.

Heng Teck Yong

Meanwhile, China is accelerating its ambitious program to support startups in industries such as
Partner, Pegasus Capital
chipmaking and biotech. The Ministry of Industry and Information Technology is set to name
approximately 3,000 "little giant" startups in 2022. The designation provides startups with special
incentives and signals to investors, employees, and potential corporate partners that the companies enjoy
a special endorsement by the government.

China is building Huairou Science City in the northeastern suburbs of Beijing to provide laboratories and
infrastructure for advanced research. In March 2022, five experimental stations opened to users. More
than 50 applications have been received from domestic and foreign teams, according to the Huairou Park
of the Institute of Physics, Chinese Academy of Sciences. The 5th International Conference on Network
Technology will be held in Beijing in October 2022.

Notable recent funding news out of Beijing includes Edtech Fenbi’s $390 million Series A in February 2021,
augmented reality startup Nreal’s $60 million Series C in March 2022, and security threat intelligence
company ThreatBook’s ¥300 million yuan ($47 million) Series E, also in March 2022.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$1.5 m $10 m $45 k
$9.5 bn $795 bn
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
432 bn

283

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)
$86 bn 8 years
GLOBAL AVG.

GLOBAL AVG.
101
11.3 bn

1 GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
AI, Big Data & Analytics Fintech
Beijing is home to 1,070 AI companies, over a quarter Beijing has ranked #1 among global Fintech hubs
of China’s total. Tech hub Zhongguancun alone for three consecutive years by the Global FinTech
hosts 10 AI labs and 9,000 tech companies. The IEEE Hub Report. Co-organized by Tsinghua University
International Conference on Computer PBC School of Finance and more than 30 other
Communication and Artificial Intelligence is held in colleges and universities, and sponsored by
Beijing. Xiaoice’s AI referee and coaching system not Tsinghua University Fintech Research Institute, the
only helped train domestic athletes for the Beijing 2021 China Fintech Research Conference was held
2022 Winter Olympic Games, but also participated in Beijing to promote research around Fintech. The
in judging more than 40 test events. AI and IoT Fintech World Forum will take place in Beijing in
platform Terminus Technologies raised a $93 million June 2022. Blockchain startup Cobo raised a $40
Series B in September 2021. AI startup Aibee raised million Series B in September 2021.
$100 million in venture funding in March 2022.

Reasons to Move Your Startup to Beijing

Infrastructure for Advanced Research Funding
Research The National Natural Science Foundation of China
has set up the Research Fund for International
A cluster of advanced research institutions is
Scientists (RFIS) to support foriegn scientists who
currently being constructed in Huairou Science City.
are ready to conduct basic research in China. RSIF
The cluster will accommodate 5,000 people on a site
offers scientists up to $125,000 per year per project
spanning approximately one square kilometer with
and is open to all research areas within the NSFC’s
laboratories and other facilities for cutting-edge
funding scope. Projects are expected to start in
science.
2023.
India
Highlights
Kerala Kerala has dubbed 2022 the Year of Entrepreneurs, and has set an ambitious goal of creating 15,000
startups over the next five years. Various government initiatives such as Innovation and Entrepreneurship
MEMBERS: Development Centers (IEDCs), Young Innovators Programs, and incubation and acceleration programs are
Kerala Startup Mission joining in the effort. Kerala is also looking to set up a venture capital fund for startups in the state.
Women entrepreneurs will get particular support, including dedicated loans.
"Startup India places Kerala as one of the top Indian states for startup
environments. Kerala Startup Mission is dedicated to fostering global The state’s 2022 budget emphasized the importance of entrepreneurship and earmarked ₹2,500 crore
entrepreneurship to strengthen the startup community in the state, as well as ($331.4 million) to upgrade skills in the state. Kerala University of Digital Sciences, Innovation and
Technology (Digital University Kerala) trains industry-ready talent. Kerala has also opened a launch pad
across the nation."
program for startups from across the world to come to Kerala and explore the Indian market. A Technology
Shri Pinarayi Vijayan Innovation Zone in Kochi houses incubators, accelerators, labs, centers of excellence, and community
Honorable Chief Minister & Honorable Minister for IT spaces, including India's first Super Fablab, built in collaboration with Massachusetts Institute of
Technology.

Started in 2016 by Kerala Startup Mission (KSUM), Seeding Kerala showcases opportunities to invest in
startups from Kerala. At the latest Seeding Kerala Summit investments of ₹80 crore ($10.6 million) were
announced. 46 investors participated in the invite-only summit, including representatives of top funds,
angel networks, 30 corporate houses, and family offices. KSUM has accredited 23 IEDCs at local colleges
and universities to incubate startup ideas.

Conferences including Huddle Global, Seeding Kerala, and the IEDC summit offer networking and learning
opportunities to Kerala’s startup scene.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$420 k $4.5 m $5 k
$27 m $133 m
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
11.3 bn

101

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)
$43 m N/A
GLOBAL AVG.

GLOBAL AVG.

8
19 m

GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years
2

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
Advanced AI, Big Data & Analytics Blockchain
Manufacturing & Thanks to the efforts of local startup Cyber Kerala Blockchain Academy is an initiative of the
Robotics Square, Kerala was the first Indian state to Government of Kerala under the Kerala University
introduce coding into the curriculum from Class I of Digital Sciences, Innovation and Technology to
Kerala is an ideal base for Advanced Manufacturing onwards. Initiatives including Future Technologies provide Blockchain training, research, and
and Robotics companies thanks to its many support Lab, Digital Hub, Design Incubator, and Digital consultancy. UAE based Blockchain startup
facilities. These include a network of 22 fablabs, 20 University have brought talent into the sub-sector. Kingspin Technology Services is expanding in
IoT labs, an MSME Cluster spread across the state, Working with the Kerala police, Digital University Kerala by setting up an offshore delivery center in
and Maker Village. The state’s electronics Kerala launched a training program called Kochi.
manufacturing and industrial clusters help startups Capacity Building in Responsible Artificial
to scale their manufacturing activities. Values-driven Intelligence and Data Analytics for the Police
startups including electric boat maker Navalt are Department in 2022. Online grocery BigBasket
inspiring others in the sub-sector. Inker Robotics uses acquired the enterprise business unit of Deep Tech
technology and automation to preserve the area’s company Agrima Infotech, which was incubated by
traditional puppetry. Kerala Startup Mission.

Reasons to Move Your Startup to Kerala

Government Support Tech Talent
In the 2021–22 budget, Kerala’s Finance Minister Kerala has focused on upskilling and reskilling
proposed setting up startup innovation zones and a talent through initiatives including Digital
dedicated Venture Capital Fund to activate the University, Kerala BlockChain Academy, FFS, School
growth of startups in the state. Kerala Startup of Products, and Super Fablabs. These programs
Mission, the central agency of the Government of offer hands-on experience and provide startups
Kerala, provides various grants for startups. KSUM’s with a pool of skilled talent to hire from, as well as
Fund of Funds has supported 11 startups through its provide training to potential founders.
Kerala Specific Angel Fund, the first of its kind in the
country. KSUM has also implemented a scheme that
enables government departments to procure directly
from startups.
Selected Startup Organizations
STARTUP GENOME MEMBERS

MEMB ER “Startup Genome is thrilled to see such incredible

incredible growth
in the in
growth Kerala startupstartup
the Kerala community — up 20
community -- spots
up 20in the
Kerala Startup Mission
overall
spots inranking! Withranking!"
the overall Open Financial Technologies,
shares Marc Penzel, Kerala
Kerala Startup Mission (KSUM) is the state nodal agency of the Government of Kerala
for entrepreneurship development and incubation activities. has recently
Founder joined the
& President ranks ofGenome.
of Startup ecosystems that have
"With
produced
Open a unicorn
Financial and we could
Technologies, Keralanothas
berecently
more proud of
the hard
joined work
the and
ranks ofdedication
ecosystems ofthat
the have
team produced
at Kerala Startup
a unicorn and we could Mission.”
not be more proud of the
hard workMarc
and dedication of the team
Penzel, Founder at Kerala
& President
Startup Mission."
of Startup Genome
Marc Penzel, Founder & President of Startup
Genome
K EY ECOSYST EM PL AYERS

TiE – Global Entrepreneurship Nasscom Saji Gopinath

Organization NASSCOM is the premier trade body and chamber Dr. Saji Gopinath currently heads Kerala University
of commerce of the Tech industry in India and of Digital Sciences, Innovation And Technology as its
TiE Global is a nonprofit organization devoted to
comprises over 3000 member companies including Vice Chancellor. He also serves in the Academic
entrepreneurs, at all stages, from incubation,
both Indian and multinational organizations. Board of Project Management Institute (PMI).
(PMI).
throughout the entrepreneurial lifecycle. TiE efforts
lies in its five foundational programs, Mentoring,
Networking, Education, Funding, and Incubation.

Anil Joshi
Managing Partner at Unicorn India Ventures, an SEBI
approved venture fund. The investment thesis of the
Fund is to invest in incubation stage, accelerator
sta ge, seed sta ge, sta rt-u p sta ge, ea rly sta ge a nd
growth sta ge compa n ies in India .
Malaysia
Highlights
Kuala Lumpur Kuala Lumpur offers startups a strategic location to over 674 million potential customers within the
ASEAN market.1 The city’s unrivaled connectivity, infrastructure, and talent, as well as strong government
MEMBERS: support, provide an ideal environment for companies to grow.2 As such, the city has been consistently
Cradle Fund ranked as one of the world’s most promising emerging startup hubs.3 Kuala Lumpur is currently home to
several successful startups including drone technology company Aerodyne, Fintechs Jirnexu and Capbay,
"Malaysia offers a safe, conducive and vibrant environment for startups to initiate and e-commerce unicorn Carsome.
and grow their business. Through the SUPER roadmap, there are various
initiatives and interventions such as funding, talent, innovation, policies, and Several government agencies support the ecosystem with funding, including Cradle Fund, MDeC, Penjana
Kapital, Malaysia Venture Capital Management, Modal Perdana, and Malaysia Debt Ventures. To further
market access that enhance the ecosystem and ensure startups in Malaysia
encourage innovation, the government has adopted policies including the National Technology and
experience a fantastic growth journey."
Innovation Sandbox to nurture and encourage innovation in the country. Malaysia’s 2022 budget allocates
Raf iza Ghazali RM 230 million ($54 million) to support women entrepreneurs. Another RM 150 million ($35 million) has
Group CEO, Cradle Fund been set aside to promote entrepreneurship among young people.

The Malaysia Startup Ecosystem Roadmap (SUPER) 2021–2030 is a key government initiative. By
coordinating efforts among all main stakeholders, SUPER, under the purview of Cradle Fund, serves as the
true north of all other national laws and rules pertaining to startups, with the goal of providing a friendly,
effective, and efficient environment for startups. Under SUPER, the Mystartup platform was initiated to
serve as a central depository of information on Malaysia's ecosystem.

In addition, the Malaysia Digital Industry Blueprint (MyDIGITAL) is intended to support the digital economy.
MyDIGITAL's goals include attracting unicorns and increasing the number of startups.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$215 k $3.3 m $16 k
$198 m $72 bn
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
11.3 bn

101

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

4.5 bn

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)

$6.6 bn 8.2 years
46
GLOBAL AVG.

GLOBAL AVG.

3 GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
Gaming Fintech E-commerce
Kuala Lumpur is a budding regional Gaming hub. The Network Readiness Index 2021 ranked Malaysia Malaysia is an attractive market for e-commerce in
According to Report Linke, it is currently among the 38 out of 134 countries in readiness to transition to Southeast Asia due to its dynamic economy and
six most significant countries for mobile gaming in a digitized economy. According to Mordor developed infrastructure for digital technologies.
Southeast Asia. Several global companies, including Intelligence, the highly competitive Malaysian eCommerce revenue in Malaysia reached a total of
PlayStation Studios, have recently opened offices in Fintech market is among the largest in Asia. The $4 billion in 2020. According to GlobalData’s
the city. Malaysia hosts LEVEL UP KL, the largest awarding of digital banking licenses to five eCommerce Analytics, Malaysia’s eCommerce
conference for game developers in Southeast Asia, consortiums by Bank Negara Malaysia is expected marketsaw a 24.7% growth in 2021. The market is
and Galaxy Racer, the largest esports and Gaming to bring new interest to the Kuala Lumpur Fintech expected to reach $12.6 billion by 2024, increasing
organization in the world, will open its Asia Pacific industry. These digital banks will cater to the at a CAGR of 14.3%t between 2020 and 2024. 9
headquarters here in 2022. The company plans to region’s previously underserved market, estimated Unicorn Carsome raised $290 million in a Series E
invest RM 42 million ($10 million) in the country to be over 290 million unbanked adults. funding, valuing the used-car online marketplace
within the next five years and will organize esports at $1.7 billion.
events and tournaments to boost its Gaming
ecosystem.

Reasons to Move Your Startup to Kuala Lumpur

Educated Workforce Supportive Business
With nearly 40% of Malaysia’s population under the Environment
age of 25, the Kuala Lumpur region has a strong
Malaysia offers startups well-developed
pipeline of skilled young talent. Over 330,000 students
infrastructure, advanced telecommunication
are enrolled in more than 240 institutions of higher
services, high broadband penetration, a robust
learning. This talent pool is diverse, and multilingual.
financial sector, and a business-friendly regulatory
Most Malaysians speak English fluently.
framework. The country has a mobile penetration
rate of 142.1% and 127.4% internet penetration rate,
making Malaysians a digitally savvy market segment
for startups to penetrate.
Selected Startup Organizations
STARTUP GENOME MEMBERS

MEMB ER “We
"We celebrate
celebratethe
the success
successstories
stories and
andprogress
progress ininthe Malaysian
Cradle Fund theecosystem
Malaysianshowing
ecosystem great stridesgreat
showing in entrepreneurship,
strides in high
quality employment,
entrepreneurship, highandquality
economic growth. It’s
employment, andthrilling to see
Established in 2003 with a mandate to fund high-caliber technology, Cradle Fund has
supported over 1,000 Malaysian Technology-Based companies across multiple sectors the hard work
economic growth.of Cradle Fund,toMDEC,
It's thrilling see theand other
hard workkey players in
and holds the highest commercialization rate amongst funding agencies in the of this vibrant
Cradle Fund,ecosystem
MDEC, and comeotherto key
fruition, with
players in the
thisecosystem
country. Cradle Fund's program offerings are not restricted to monetary aid, but also
include commercialization support and various other value-added services to
ranking
vibrant as a Topcome
ecosystem 25 Emerging Ecosystem
to fruition, with the globally.”
accelerate growth. ecosystem ranking
Stephan as a Top
Kuester, 25 Emerging
Head of Ecosystem
Ecosystem
Strategy globally."
of Startup Genome

KEY ECOSYSTEM PLAYERS

Cradle Fund Malaysia Venture Capital Malaysia Digital Economy

With a mandate to fund high-caliber technology, Management (MAVCAP) Corporation (MDEC)
Cradle Fund has supported over 1,000 startups
Mavcap supports the development of the Malaysian MDEC’s aspiration is to firmly establish Malaysia as
across multiple sectors. Cradle Fund's program
VC ecosystem via public-private partnership, locally the Heart of Digital ASEAN, a regional digital
offerings include fuinding, commercialization
and internationally, investing and championing local powerhouse launching global champions to lead the
support, and various other value-added services to
techpreneur to the global scale. Fourth Industrial Revolution.
accelerate growth.

M alaysian Research Malaysian Business Angel

Ac
ccelerator for Technology Network (MBAN)
& Innovation (M RANTI) MBAN is the official trade association and governing
MRANTI is f ocused on accelerating growth and body for angel investors and angel clubs in Malaysia.
nurturing partnerships; to generate impactf ul It aims to put forward the agenda of angel investing
research, viable inventions, and ready-to-use in an all inclusive manner for the benefit of
technologies. members, the angel ecosystem and start-ups.
Japan
Highlights
Kyoto Kyoto is both Japan’s ancient capital and a bustling university town, hosting 34 universities and a thriving
researcher cluster. This combination of traditional craftsmanship and modern innovation makes for fertile
MEMBERS: soil for a successful startup ecosystem.
Kyoto Startup Ecosystem Promotion Council
Startups in Kyoto benefit from a range of startup support organizations and events. Plug and Play Kyoto
"Kyoto has a wide range of industrial communities such as biotechnology, holds the Winter/Spring 2022 Kyoto Summit, a three-month accelerator program that supports domestic
precision machining, robotics, AI, games, foods, etc. It also has a concentration and international startups looking to partner with Japanese corporations. JETRO, together with the
of university research institutes and the optimal environment for startups, Japanese Government, offers top global accelerator programs and strongly supports the overseas
expansion of Japanese startups. Fourteen Kyoto startups participated in the program, the second-largest
working, and living that is close to history, culture, and nature. People with drive
number in Japan after Tokyo. Kyoto Smart City Expo is an international event that provides an opportunity
and ambition will be able to achieve wonderful new things in ‘Startup Capital
to foster innovation.
Kyoto’."
Founders of Notion Labs, a San Francisco-based maker of a popular workplace productivity platform,
Akimasa Yamashita
completely revamped the product after moving to Kyoto in 2018. Today, the company has raised more than
Vice-Governor, Kyoto Prefectural Government
$343 million over five rounds; the latest was an October 2021 $275 million Series C.C. In 2021, solid-state
battery developer QuantumScape announced it will open a new R&D center in Kyoto Research Park to
develop and manufacture its batteries for electric vehicles. FLOSFIA, a spin-off from a research of Kyoto
University that is developing semiconductor devices for electric vehicles, raised a ¥1 billion ($8 million)
Series E round in March 2021. Adtech startup AdInte raised ¥5.2 billion ($45.5 million) of venture funding
in January 2022. Asia’s first fusion energy startup, Kyoto Fusioneering, has raised $18.6 million to date.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE

(2019H2-2021) (2019H2-2021) MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2021)

$39 m $471 m $574 k $1.9 m $42 k

GLOBAL AVG. GLOBAL AVG.

$687 m $28.6 bn
GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
11.3 bn

$671 k $4.7 m $46 k

101

EARLY-STAGE FUNDING GROWTH TIER

(2018/19 VS. 2020/21) TOTAL VC FUNDING TIME TO EXIT
(2017-2021) (2017-2021)
GLOBAL AVG.

GLOBAL AVG.

$275 m 10.6 years

149 m

2
5

GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years
Amount ($) Count (#)
Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
Advanced Manufacturing Life Sciences
& Robotics The Kansai region (Osaka, Kobe, and Kyoto
metropolitan areas) is the heart of Japan’s biotech
Monozukuri Ventures offers comprehensive support
industry and home to more than 300 Life Sciences
to hardware startups Kyoto University’s On-site
companies, top medical institutions, and institutes
Laboratory Initiative enables academic departments
for advanced research. Kyoto University is home to
and centers in both medical research and materials
the Center for iPS Cell Research and Application.
science to establish laboratories in collaboration
The Kansai Regenerative Medicine Industrial
with overseas partners.
Consortium coordinates collaborations between
companies and startups and provides R&D facilities
to support these projects. Biotech company Thyas
raised a ¥2.1 billion ($16.9 million) Series B in
February 2022.

Reasons to Move Your Startup to Kyoto

Startup Visa Program Academic Powerhouse Dedicated Startup City
The Startup Visa program provides support to foreign There are 34 universities in Kyoto, with students The Keihanshin region, which includes Osaka, Kyoto,
entrepreneurs to set up their business in Kyoto, accounting for around 10% of the city’s population. and Kobe, was designated a Global Startup City by the
including immigration assistance, free coworking Kyoto University, one of the world’s top 30 Government of Japan. Many large companies
space, a subsidy for company registration fee, and universities according to the Shanghai Rankings, including Kyocera, Shimadzu, NIDEC, Omron, Horiba,
other services. supports the startup ecosystem through a range of and NISSHA have roots in Kyoto, and their presence
programs including incubation, venture funding, on the global stage links new entrepreneurs based in
and industry-academia collaboration. Five hundred the ecosystem to the global business world.
enterprises and organizations are active within
Kyoto Research Park. Many research institutions are
clustered in Keihanna Science City. Kyoto’s
universities and enterprises have produced 11 Nobel
Prize-winning researchers. Many research
institutions are clustered in Keihanna Science City.
Selected Startup Organizations
STARTUP GENOME MEMBERS

MEMB ER “The
"TheKyoto
KyotoWisdom
WisdomIndustry
IndustryCreation
CreationCenter
Centerworked in
concert in
worked with Startup
concert Genome
with StartuptoGenome
showcase to Kyoto’s
Kyoto Startup Ecosystem Promotion Council
thriving entrepreneurial
showcase ecosystem
Kyoto’s thriving in the #GSER2022. It’s
entrepreneurial
Kyoto Startup Ecosystem Promotion Council unites local government, economic
organizations, industrial support institutions, universities, and financial institutions. great to see
ecosystem Kyoto
in the rankStartup
Global as a TopEcosystem
20 Asian Ecosystem
Report. in
We are committed to creating an environment that fosters entrepreneurs and Knowledge, measured
It's great to see Kyoto byrank
research and 20
as a Top patent
Asianactivity and
promotes a startup ecosystem.
reflective
Ecosystem in of its great capacity
Knowledge, measuredin high innovatove
by research
technology
and patent activity development.”
and reflective of its great
capacity in high
Stephan innovatove
Kuester, Headtechnology
of Ecosystem
development."
Strategy of Startup Genome
Stephan Kuester, Head of Ecosystem Strategy of
Startup Genome

KEY ECOSYSTEM PLAYERS

Kyoto University Plug and Play Kyoto Startup Capital Kyoto

Kyoto University advances open innovation Japan's second location of Silicon Valley A joint initiative by JETRO Kyoto, Kyoto Prefecture
dialogues and activities with various domestic and headquartered global innovation platform. Since its and City of Kyoto to support overseas entrepreneurs
overseas stakeholders, building a world-class startup opening in 2019, it has been working closely with starting a business. Startup Capital Kyoto provides
ecosystem with local and regional communities. It industry-leading corporations and innovative information such as company setup procedures,
continues to champion innovation culture, and startups in the field of healthcare and new consultation services, and referrals.
promote entrepreneurial spirit and activities. materials.

Narimasa M akino
(Monozukuri Ventures)
Narimasa Makino, CEO of Monozukuri Ventures, is a
seasoned venture capitalist with 15 years of
experience working with va riou s successf u l
internationa l entrepreneu rs.
Philippines
Highlights
Manila Over the last few years, a number of regulatory reforms have helped enhance the competitiveness of the
Philippine startup ecosystem. In 2021, the ecosystem raised $1 billion in funding, a 179% growth on the
MEMBERS: previous year. Two local Fintech startups are valued at more than $1 billion, with Mynt achieving "double
Department of Trade and Industry unicorn" status in November 2021 after raising $300 million and Voyager Innovations raising a total of $210
million in its latest funding round. Kumu raised a $73.6 million Series C and GrowSari, an e-commerce
"The Philippine startup ecosystem is thriving in the new normal as seen in the startup, raised $77.5 million in its latest funding round.
unfettered growth of investments. Home to a great pool of creative talents and
with more focused government support, the Philippines is now a real emerging With the potential contribution of startups to the economy, the Philippine government has been focusing
on building a robust startup ecosystem through the implementation of such policies as the Ease of Doing
startup destination."
Business Act, which streamlined government processes, systems, and procedures; the Revised
Dr. Raf aelita M. Aldaba Corporation Code, which allows the incorporation of one-person corporations; and the Innovative Startup
Undersecretary for Competitiveness and Innovation Group, Department of Trade and Industry Act and Philippine Innovation Act, which provide benefits and incentives for startup and innovative
enterprises.

To continue fostering innovation and collaboration, the annual Philippine Startup Week (PHSW), the
country’s premier startup networking conference, is held to celebrate and showcase the Filipino startup
community. Aside from various community-organized events across the country, PHSW includes three
main events: the Department of Science and Technology’s Technology Business Incubation Summit, the
Department of Information and Communications Technology’s InnovNation event, and the Department of
Trade and Industry’s Slingshot Conference. The IGNITE innovation conference by TechShake, dentsu X,
and Brainsparks also supports the startup ecosystem.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$150 k $5 m $8 k
$292 m $2 bn
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
11.3 bn

101

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)
$575 m 8.4 years
GLOBAL AVG.

GLOBAL AVG.
411 m

19

10 GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
Fintech E-commerce
Philippines Fintech Map 2022 identifies more than E-commerce adoption in the Philippines increased
220 Fintech companies in the country, of which 27% to 80% in 2021, up from 70% in 2019 and 76% in
are in lending. With sustained demand for digital 2020. The E-commerce Philippines 2022 Roadmap
banking solutions and a shift towards digital envisions one million e-commerce businesses by the
transformation, the Philippines mobile wallet and end of 2022, as well as a digitally literate workforce
payment market is expected to record a CAGR of to support the expanding sub-sector. In 2021, the
24.1%, reaching $19.8 billion by 2025. The PayMongo Philippines had over a million thriving e-commerce
Accelerator Program, launched in 2021, is the first enterprises, exceeding the Roadmap's target. Great
such program in the Philippines, and is backed by Deals e-commerce, a Filipino end-to-end e-
Silicon Valley-based Y Combinator. Philippine Digital commerce service platform, raised a $30 million in
Asset raised a $50 million Series B in February 2022
2022.. Series B funding in May 2021.
The same month, PayMongo raised $31 million in
Series B funding.

Reasons to Move Your Startup to Manila

Tax Incentives Support for Foreigners Government Startup Programs
The 2021 Corporate Recovery and Tax Incentives for Foreign businesses employing foreign nationals The government provides assistance to startups
Enterprises Act (CREATE Act) provides export- enjoy fiscal incentives, and in March 2022, the through incubation and acceleration programs. The
oriented enterprises and domestic enterprises Foreign Investment Act was amended to allow IDEA, ADVANCE, and Global Acceleration Programs
engaged in strategic activities as defined under the foreign nationals to own an MSME with a minimum were designed to help startups validate their
Strategic Investment Priority Plan (SIPP) with the paid-in capital of $100,000. solutions, commercialize, scale up, and expand
following incentives: income tax holiday, VAT and globally. The government also provides funding
customs duty exemptions to be followed by a Special support through the Startup Grant Fund, which helps
Corporate Income Tax or Enhanced Deductions up to startups in overcoming R&D roadblocks, and the
a maximum period of 17 years. Startup Venture Fund, which provides equity funding
to startups.
Selected Startup Organizations
STARTUP GENOME MEMBERS

MEMB ER
"As “Startup Genome
a policy advisor and
and the Department
provider of researchof to
Trade
the and
Industry, Philippines have been working closely together
Department of Trade and Industry entrepreneurial, employment, and economic
to highlight
growth Manilawe
of Manila, in the
are GSER.
thrilledWe are excited
to share successto capture
The Department of Trade and Industry is the agency of the Philippine government
responsible for realizing the country’s goal of developing globally competitive and their stories
progress in great
and funding as a Top
practices 25 Asian in
developed Ecosystem and
innovative industry and services sectors that contribute to inclusive growth and Top 15 Asian Emerging
coordination Ecosystem for
with the Department of early
Tradestage
and funding
sustainable development. Its Competitiveness and Innovation Group has been
established to grow and develop the Philippine innovation and entrepreneurship and
and investor
Industry in the Global activity.” Report.”
Startup Ecosystem
startup ecosystems towards generating more and better opportunities for
Stephan
Stephan Kuester,
Kuester, HeadHead of Ecosystem
of Ecosystem
employment and entrepreneurship in the country.
StrategyofofStartup
Development StartupGenome
Genome

KEY ECOSYSTEM PLAYERS

QBO Phildev Foundation Gobi-Core PH Fund

The Philippines' first public-private partnership A nonprofit innovation organization that accelerates A joint-venture partnership between Gobi Partners
platform, which serves as an innovation hub for science and technology for national development and Core Capital with a $10-million fund. Gobi-Core
Filipino startups. through initiatives, programs, and partnerships. PH Fund aims to invest in seed-stage and pre-Series
A startups in the Philippines.

Foxmont Capital Partners National Development Council

A VC firm dedicated to investing in Filipino-focused NDC was created to function as the government’s
or Filipino-founded early-stage technology startups investment arm. It has allocated a venture fund for
that have proven that they can scale effectively and Philippine startups in the seed to Series B stage.
lead the Philippine digital evolution.
Japan
Highlights
Osaka With its cluster of leading universities, research institutes, and companies, the Osaka region has all the
essential ingredients to become a thriving startup hub. The ecosystem features particularly deep
MEMBERS: expertise in Life Sciences and Deep Tech thanks to its advanced R&D capabilities and long history with
Osaka Business Development Agency these industries. The Japanese government has designated Kansai, the region of Osaka, Kobe, and Kyoto,
one of the country’s four Global Startup Cities. Osaka is working towards its goal of creating 300 startups
"In 2025, the Osaka-Kansai Expo will be held under the theme of Designing a that can scale globally by 2024.
Future Society that Shines with Life and the concept of a testing ground for a
future society. We will make the most of this impact to attract people, goods, The 2025 Osaka Kansai Expo will showcase cutting-edge technologies under the theme of "Designing
Future Society for Our Lives," while also introducing the world to Osaka’s startup ecosystem . The event
investment, and technology from all over the world."
will serve as a laboratory for the future of society, with a particular focus on innovations in advanced
Hirof umi Yoshimura mobility, Life Sciences, and sustainable development.
Governor of Osaka Prefecture and Ichiro Matsui, Mayor of Osaka City
Launched in July 2021, Biocommunity Kansai (BiocK) aims to further develop Osaka’s potential as a global
Life Sciences hub by nurturing connection, community, and information sharing both within the
ecosystem and among international collaborators. One of Japan's largest urban redevelopment projects,
Umekita 2nd Project, is scheduled to open in 2024 in front of Osaka Station, the largest terminal in
western Japan. As the node of the Kansai region, Osaka was designated as a Super City Special National
Strategic Zone in March 2022 by the government, and will function as a base for the creation of new
industries in health, medicine, the environment, energy, and other fields by attracting capital, technology,
and human resources from Japan and abroad.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$923 k $2 m $44 k
$61 m $392 m
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
11.3 bn

101

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)
$372 m 11.4 years
GLOBAL AVG.

GLOBAL AVG.
25
300 m

7 GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
Life Sciences Advanced
Osaka boasts a concentration of Life Sciences Manufacturing &
companies, including Takeda and Shionogi
Robotics
Pharmaceutical. Osaka University is highly ranked for
immunology and biomedical engineering, and Many international manufacturing companies,
biotech ventures originating from the university including Panasonic, KEYENCE, Daikin Industries,
include Luxna Biotech, which raised a $10.73 million and Iwatani are present in Osaka. The 2025 Osaka
Series B in December 2021. The International Hub for Kansai Expo will showcase innovative new mobility
Healthcare Innovation in Nakanoshima will open in technology including electric vertical take-off and
2024, housing activity in regenerative medicine, landing (eVTOL) vehicles — “flying cars.” Microwave
genomic medicine, and AI and IoT. Light Touch Chemical raised a total of ¥4.2 billion ($33.7 million)
Technology invented the world’s first noninvasive over seven rounds. Circuit design company ArchiTek
blood glucose sensor, and Cuorips, which is has raised over ¥1billion ($8 million) over two
developing a treatment for heart failure, raised ¥100 rounds.
million ($800,000) in March 2021.

Reasons to Move Your Startup to Osaka

Dedicated Support Quality of Life
Kansai has government-led startup support, including Osaka is both safe and friendly. The city
acceleration programs by stage. Startup visas for up consistently ranks near the top of The Economist’s
to one year are available in Osaka. The Application annual Safe Cities Index and placed second in its
Support Desk for International Founders helps Global Liveability Index 2021. It is one of the most
entrepreneurs from outside Japan apply for the welcoming Japanese cities for foreigners. Although
Startup Visa and set up their business in Osaka. Osaka it is Japan’s second largest city after Tokyo, land
Landing Pad, a platform to attract startups and prices are about half of those in Tokyo. Kobe and
investors from abroad, was formed in 2022. Kyoto are a 30-minute trip away.
Selected Startup Organizations
STARTUP GENOME MEMBERS

MEMB ER “As
“Asglobal
globaleconomic
economictransformation
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specialists
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medium-sized enterprises in Osaka, helping them strengthen their management Working
Ecosystem with our
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shares partner,Kuester,
Stephan Osaka Business
Head
capabilities and expand their sales channels, including startups. Support focuses on Development
of Agency, we are
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international business promotion, business startup and venture business support, and
business succession. It operates Osaka Innovation Hub, a hub for startup support in
"Working with ourbehind this success.”
local partner, Osaka Business
Osaka, in collaboration with Osaka Prefecture and Osaka City. Development Agency,
Stephan we are
Kuester, eager
Head to share the
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stories behind
Strategy ofthis success."
Startup Genome
Stephan Kuester, Head of Ecosystem
Development of Startup Genome

KEY ECOSYSTEM PLAYERS

Osaka Innovation Hub Co-creation Bureau, Osaka LINK-J West

A hub for ecosystem players in Osaka. Supporting University LINK-J aims to promote and support open
communities and commercialization of business innovation by creating networks and ecosystem in
One of the top national universities in Japan,
plans. Fostering entrepreneurs and promoting the life science realm. In order to realize these aims,
excelling in the creation of startups in Life Sciences.
development of the startup ecosystem in Osaka and they host activities that facilitate exchange and
Strongly promoting the discovery of promising
Kansai. cooperation as well as training and support.
research seeds and the verification of their
commercialization.

Hankyu Hanshin Properties Japan Startup Support

Corp. Association
As a regional developer, Hankyu Hanshin Properties A community of 38 angel investors in which senior
is working to create a place and ecosystem for entrepreneurs nurture their juniors.
exchange and co-creation between startups and
va riou s people f rom indu stry, government, a nd
a ca demia to revita lize Osa ka Umeda .
South Korea
Highlights
Seoul #10 Seoul has experienced the “second venture boom,” with numbers related to startups and venture
investment continuously reaching record highs. In 2021 VC funding increased by 34% compared to the
MEMBERS: previous year, to $7.7 billion. Venture investment in Korean startups grew 78% year-on-year in 2021 to
Seoul Business Agency surpass $6.4 billion. Seoul accounts for 56% of the total amount of investment, hitting a record high of
$3.5 billion. The total of unicorns founded in Korea rose to 18, according to the Korean government, with
"Seoul is a city that dreams, a city that achieves dreams, and a city that makes 15 out of 18 unicorns based in Seoul. Korea produced seven new unicorns in 2021, its largest ever number
dreams. A city where startups and youths become stars through innovation and in a year. Newly minted Korean unicorns include virtual asset exchanges Dunamu and Bithumb, real estate
creativity." brokerage Zigbang, food delivery startup Kurly, used goods trading platform Carrot Market, and content
platform Ridi.
Hyun Woo Kim
CEO, Seoul Business Agency The Seoul Metropolitan Government launched an investment promotion agency, Invest Seoul in February
2022 to help international businesses successfully relocate to Seoul. The initiative aims to attract $30
billion in foreign direct investment by 2030. Seoul has also set up a start-up ladder, a special plan for
strategic collaborations between existing companies and startups.

As a successful deep-technology hub, Seoul has seven major industrial clusters such as Biotechnology
(Hong-neung), AI and Big Data (Yangjae), Fintech (Yeouido), Robots (Suseo), and IoT (G-valley). The online
integrated platform Startup Plus was launched in April 2022 to provide services to startups, including
matching with investors and technology transactions. Global startup festival Try Everything takes place in
Seoul each year.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$518 k $2.6 m $45 k
$2.3 bn $177 bn
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
97 bn

124
101

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)
$19 bn 8 years
GLOBAL AVG.

GLOBAL AVG.
11.3 bn

8 GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
AI, Big Data & Analytics Life Sciences Advanced
Korea raised $1.15 billion in AI & Big Data in 2021. More than $2 billion was invested in Korean Life Manufacturing &
The data market was valued at $16 billion in 2020, Sciences startups in 2021. Lunit, an AI medical
Robotics
according to the Korean government. AI startup service, raised $8.3 million from global investors and
Upstage raised $25.5 million at Series A, and healthtech wearables startup Huinno raised $4 A leader in manufacturing, Korea is in an optimal
Voyagerx $24.2 million. Seoul has operated AI million. The National Biobank of Korea is one of the position to compete in the Fourth Industrial
Yangjae Hub since 2017 with the goal of creating biggest biobanks in the world. The project aims to Revolution. The government’s Roadmap for
an AI industry ecosystem in which AI graduate establish a national digital library of genomic and Proactive Deregulation of the Robotics Industry was
schools, research institutes, and businesses can work health data by 2028. laid out in October 2020. Its budget for robot-
together. Seoul has plans to designate Yangjae as a related R&D, distribution and demonstration, and
special zone for AI and ICT. talent development was $160 million in 2021, a 29%
increase from the previous year. Seoul Robotics
raised a $12 million bridge round in July 2021.
Service robot maker Bear Robotics raised an $81
million Series B in March 2022.

Reasons to Move Your Startup to Seoul

Abundance of Top Talents Innovative City
Korea was ranked first in the proportion of population More than 70% of the world’s largest corporate
who attained tertiary education in the age 25–34 brands are concentrated in Seoul, including
among OECD countries in 2021. Seoul is a home to 54 Samsung, LG, and Hyundai. Seoul has an optimal
universities, and the Seoul Metropolitan Government business atmosphere with high-speed
aims to foster 40,000 future talents by 2025 through communication network (5G) and free public wifi.
Seoul Software Academy (SeSac), a technical training Seoul was ranked the fourth-most active cluster in
center. science and technology in 2021, according to the
Global Innovation Index (WIPO). In 2019, Korea
invested $102 billion in R&D, making it the fifth-
largest spender among OECD countries.
Selected Startup Organizations
STARTUP GENOME MEMBERS

MEMB ER “Startup Genome

“As global is thrilled
economic to see Seoul
transformation entering the global top 10
specialists
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our local partners, the
Seoul Business Agency provides a variety of public services, including nurturing
promising startups and providing financial and administrative support for R&D, IPR, Seoul Business
Ecosystem Agency
Report. Working andwith
the Seoul Metropolitan
our local partner, Government,
and global market reach. These services aim to help SMEs enhance their global which haveBusiness
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eager to share
competitiveness.
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potential
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this success.”
create and grow the most innovative of new tech ventures.”
Stephan Kuester, Head of Ecosystem
StephanofKuester,
Development StartupHead of Ecosystem
Genome
Strategy of Startup Genome
KEY ECOSYSTEM PLAYERS

Try Everyh
thiing Seoul Startup Hub Korea Venture Investment
Try Everything is a global, grand festival for startups Seoul Startup Hub supports follow-up investment Corp
with the goal of revitalizing the startup and global expansion by verifying and selecting
A Korean government agency managing sovereign-
environment. The festival symbolizes the startup excellent companies verified by private accelerators
backed VC Fund of Funds.
mindset of “have no fear of failure, and try together with investors, and fostering them with
everything.” Hub Partners, an institution specializing in startup
support.

Korea International Trade Startup Alliance

Association((K
KITA) A nonprofit organization with a goal to enrich the
Korean startup ecosystem and help Korean
The largest private economic organization, with over
startups go global.
70,000 member firms. KITA aims to help
entrepreneurs grow beyond borders by connecting
them with a network of business partners around
the globe.
China
Highlights
Shanghai #8 Shanghai may have centuries of culture behind it, but this Asian metropolis is looking to the future.
Juniper Research ranked Shanghai as the world’s #1 Smart City for 2022, based on its transportation and
infrastructure, energy and lighting, city management, technology, and urban connectivity.
"Shanghai has an abundant pool of innovative and high quality talent that is
highly receptive to diverse ideas. There is strong demand for this talent from As a global financial hub and location of one of the world’s busiest container ports, Shanghai is China’s
both startups and corporations." gateway to the world. The city’s population of 24 million includes a large base of sophisticated and
cosmopolitan consumers, as well as 250,000 expats. It is no surprise then that the city is a popular home
Daryoush Ziai
base for foreign companies. Mercedes-Benz Group opened an R&D center in Shanghai in March 2022. The
CEO, Schindler China
center, its second R&D facility in China, will focus on connectivity, automated driving, and big data. SMIC
announced it will invest $8.87 billion to build a chip plant in Shanghai.

The Venture Capital World Summit was held in Shanghai in March 2022. MWC Shanghai, Asia’s most
influential event for the connectivity industry, is scheduled to take place here in July. IEEE ICIT, one of
the flagship conferences of the IEEE Industrial Electronics Society, will be held in the city in August. Non-
profit Asian Association of Business Incubation (AABI) held its 2021 AABI Summit and Awards Ceremony in
Shanghai in November 2021.

Notable recent funding rounds out of Shanghai include self-driving tech firm Zongmu’s ¥1 billion ($149
million) Series E, AI startup Pateo’s ¥300 million ($44.6 million) raise, and Mooe Robot’s ¥100 million
($14.9 million) Series B.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$1.6 m $10 m $36 k
$4.5 bn $250 bn
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
105 bn

222

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)
$52 bn 10 years
101
GLOBAL AVG.

GLOBAL AVG.
11.3 bn

1 GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
Gaming Healthtech
Shanghai is developing into an esports center. Shanghai is home to more than 240,000 healthcare
Research from Shanghai Jiao Tong University professionals, and 18 of the top 20 global
ranked the city second in the world and first in Asia pharmaceutical companies have their China
for esports. High-profile offline esports event Intel headquarters or research centers in Shanghai. The
World Open was held in the city in January 2022. city’s 14th Five-Year Plan (2021-25) for the sector
Los Angeles-based game developer Riot Games is aims to grow biopharma-related manufacturing and
opening a new studio in Shanghai. Mobile games establish six industrial parks. Simbay Park, a
developer Moonton was acquired by ByteDance for biotech-focused industrial park, is one of 12
$4 billion in March 2021. municipal-level startup incubators in Shanghai.
Biotech startup Igenesis raised a ¥100 million ($14.9
million) Series C in March 2022.

Reasons to Move Your Startup to Shanghai

Global Connections Financial Incentives
Long known as the Pearl of the Orient, Shanghai is a Enterprises registered in Shanghai or that have set
fashionable metropolis and major Asia-Pacific up regional headquarters in Shanghai receive a
transport hub with excellent connectivity. Modern startup subsidy of ¥5 million ($743,000). The
and international, it is one of the most open cities in subsidy is paid over three years in three installments
China. Almost 700 regional headquarters of of 40%, 30%, and 30%. Eligible recognized regional
multinational corporations are located in the city. As headquarters are also granted a three-year rent
well as being an international financial, trade, and subsidy equal to 30% of the total rent.
shipping center, Shanghai is also a scientific and Multinationals with regional headquarters in
technological innovation center. Shanghai and an annual turnover of more than
¥500 million ($74.3 million) are entitled to an
additional lump sum incentive, again paid over a
three-year period.
China
Highlights
Shenzhen A global manufacturing hub, Shenzhen is sometimes referred to as the Silicon Valley of hardware. Many of
China’s most valuable private companies, including Tencent and Huawei, operate there, as do nearly 300
overseas Fortune 500 enterprises. The metropolis is leveraging its manufacturing dominance to build a
"With a young, entrepreneurial, and highly innovative population, Shenzhen has
world-class innovation ecosystem. Shenzhen plans to invest more than ¥700 billion ($108 billion) in R&D
grown to become a prominent technology hub, producing more than 30 over the next five years. The opening of the XPeng Motors’ Shenzhen R&D center signals the city’s
unicorns. The epicenter of China's manufacturing, Shenzhen is stepping up intention to seriously compete in the electric vehicle industry.
efforts to become an international science and technology innovation center."
The city is also focused on becoming an international VC center. Shenzhen offers a ¥5 million ($785,500)
Yuepeng Ma incentive to newly established or relocated private equity or VC firms that invest ¥400 million ($59.5
Founder, Valleygroove Venture Capital
million) in unlisted companies within three years. Investors in seed or startup-stage technology
companies receive 10% of the investment back after two years. The maximum rebate is ¥1 million
($149,000). Shenzhen was home to 4,308 registered private equity firms as of the end of 2021, the
second highest total in China. 2022 has already seen several large deals including drone company
MicroMultiCopter Aero Technology’s ¥300 million ($45 million) Series E, IT solution provider Uwintech’s
¥180 million ($27 million) Series C, and AI-powered drug discovery firm Artivila Therapeutics’ ¥100 million
($14.9 million) seed round.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$1.5 m $7.2 m $23 k
$1.4 bn $97 bn
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
23 bn

180
11.3 bn

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

101

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)

$16 bn 10.5 years
GLOBAL AVG.

GLOBAL AVG.

1 GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
AI, Big Data & Analytics Fintech
Shenzhen released plans to support the Shenzhen’s banking and insurance authority has
development of its AI industry, making it the first committed to expanding financial accessibility for
local government in China to establish policies for small businesses in the ecosystem, this includes
the sub-sector. These policies include measures to supporting the stabilization of foreign trade growth
encourage public institutions and companies to and increasing the availability of financing for
invest in AI R&D and adopt AI to solve current SMEs. The city’s banking authority also aims to use
challenges. The government is also encouraging financial innovation to better service technology
universities to establish AI courses and cooperate enterprises. The 2022 International Conference on
with industry to develop the AI workforce. Financial Innovation, Financial Technology and
SmartMore Technology, which develops AI for Information Technology will be held in July in
manufacturing, raised a $200 million Series B in Shenzhen.
June 2021. Logistics solution provider Multiway
Robotics raised a ¥100 million ($14.9 million) Series A
in February 2022. Inspection robot maker Youibot
raised ¥100 million ($14.9 million) in venture funding
in May 2022.

Reasons to Move Your Startup to Shenzhen

Educated Workforce Openness to Trade Business-Friendly Environment
According to forecasts by GlobalData, Shenzhen will Shenzhen recently streamlined regulations to Rather than the national 25% corporate tax rate, the
produce more people with further education per year facilitate cross-border trade. In April 2022, the city law allows for a reduced rate of 15% in Shenzhen. Tax
than its near neighbor Hong Kong by 2023, with the reformed its Qualified Domestic Enterprise holidays are also available for companies in preferred
gap only continuing to widen in future years. Investment program to allow both domestic and sectors, such as IT outsourcing, knowledge process
Shenzhen is forecast to have 17.1% more people with foreign entities to apply and raised its quota from outsourcing, computer and information services, and
further education qualifications than Hong Kong in $5 billion to $10 billion. In February 2022, the R&D. The main airport in Shenzhen is expected to
2025. Shenzhen Qualified Foreign Limited Partnership handle more than 70 million passengers by 2025,
regulation was updated to expand the asset classes while the Port of Shenzhen will accommodate up to
allowed in order to attract a broader spectrum of 33 million containers in the same period. Shenzhen
FDI and increase f lexibility for investors to manage plans to develop at least 280,000 units of public
their assets. hou sing over the next f ive years and will increase
investment in hospitals and education .
Singapore
Highlights
Singapore #18 With its rising middle class, pro-business environment, and booming internet economy, Singapore is an
attractive hub for startups. Department of Statistics and Enterprise Singapore data shows that there are
MEMBERS: close to 4,000 startups in Singapore, over 220 VCs, and over 200 accelerators. Singapore minted 11 new
Enterprise Singapore unicorns in 2021, and many global corporations have set up innovation centers here in recent years.

"Singapore’s start-up ecosystem is home to regional unicorns, top talent, and In 2021, 52% of equity funding generated in Southeast Asia was from Singapore, according to Enterprise
sophisticated investors. It is the ideal base to address Southeast Asia’s trillion- Singapore. Investors are attracted to Singapore’s position as an entry to Southeast Asia and to Singapore’s
dollar digital commerce and climate-tech opportunities." high-quality startups. Enterprise Singapore provides support programs under Startup SG and Enterprise
Singapore ’s investment arm, SEEDS Capital, has co-invested in 160 Singapore-based startups.
Steve Melhuish
Co-founder, PropertyGuru Group and impact investor The government allocated an additional S$300 million in the 2020 budget to support the growth of tech
startups in key emerging sectors including Advanced Manufacturing, Life Sciences, and Agtech. Cleantech
is also quickly growing here, with startups including VFlow Tech, Terrenus Energy, and Red Dot Analytics
bringing attention to the region. To support sustainable growth, the Singapore Government announced in
its 2021 budget that it will issue green bonds on select public infrastructure projects, with up to S$19
billion in public sector green projects identified. In 2022, it was announced that $35 billion in green bonds
will be issued by 2030 to fund green public sector projects.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$850 k $6 m $45 k
$3.2 bn $89 bn
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
11.3 bn
12 bn

224

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)
$17 bn 6.8 years
101
GLOBAL AVG.

GLOBAL AVG.

8 GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
AI, Big Data & Analytics Life Sciences Agtech & New Food
The Singapore government has been ramping up Singapore's biomedical innovation ecosystem has The Singapore government has dedicated $45.2
and encouraging investment in tech startups, grown nearly six times over the past decade, with million to its new Agri-food Cluster Transformation
including companies focused on AI, Big Data, and over 360 biomedical startups and SMEs established Fund, which is focused on supporting farmers
Analytics. Follow-on investments are expected in the region to date. Enterprise Singapore through technology and boosting domestic food
through programs such as Startup SG Equity. reported that a record $600 million was raised in production. In February 2022, Nex Gen Foods
Hosted by the National University of Singapore, AI related funding between January and September raised $100 million in the largest Series A deal for a
Singapore is a national AI program to anchor 2021. Doctor Anywhere raised a $65.7 million Series plant-based meat company globally to date. The
Singapore’s AI capabilities. Innovation intelligence C round in August 2021, one of the largest private startup was founded in the U.S. but is now
startup PatSnap raised $300 million in March 2021, funding rounds ever raised by a healthtech headquartered in Singapore.
bringing its valuation to more than $1 billion, and company in Southeast Asia.
AI-driven tech company Advance Intelligence Group
raised a $400 million Series D in September 2021,
making both companies unicorns.

Reasons to Move Your Startup to Singapore

Government Support Talent Development &
Enterprise Singapore, a Singapore government Attraction
agency under the Ministry of Trade and Industry, has
Singapore welcomes entrepreneurs and tech talent
a suite of startup-friendly policies, including grants
with initiatives including the Entrepass visa for
for first-time entrepreneurs, talent placements, and
foreign founders. In addition, Tech@SG and
co-investments. Together with other government
TechPass provide visas for Singapore-based
agencies, it works closely with private sector
startups to attract global tech talent. Large
ecosystem partners such as VCs and accelerators to
corporations including Dyson and biotechnology
support growth in Deep Tech sectors. Global support
company BioNTech have set up headquarters in
organizations and investors including 500 Startups,
Singapore to tap into the diverse and growing
Plug and Play, Sequoia, and many more have a
engineering and science talent. Semiconductor
presence in Singapore, connecting the ecosystem to
manufacturing company GlobalFoundries is
the global community.
building a new S$5.4 billion plant in Singapore.
Selected Startup Organizations
STARTUP GENOME MEMBERS

MEMB ER “Ranking
“As globalas the #18 Global
economic Startup Ecosystem
transformation specialists overall,
Enterprise Singapore andSingapore is a leading
policy advisors, we're example
extremely ofproud
a thriving startup
of how
community.
Singapore hasIt performed
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in closely
the 2022collaborate
Global with
Enterprise Singapore is a government agency championing enterprise development.
We work with committed companies to build capabilities, innovate, and
Enterprise
Startup Singapore
Ecosystem to take
Report. a data-centric
Working with ourapproach
local to
internationalize. We also support the growth of Singapore as a hub for global trading studying
partner, Enterprise this success.”
Singapore, we are eager to
and startups.
share the stories
Stephan behind
Kuester, thisof
Head success."
Ecosystem
StephanStrategy
Kuester,of Startup
Head Genome
of Ecosystem
Development of Startup Genome

KEY ECOSYSTEM PLAYERS

Action Community for NUS Enterprise SGInnovate

Entrepreneurship (ACE) NUS Enterprise, the entrepreneurial arm of the SGInnovate is a Singapore government-backed
National University of Singapore, plays a key role in Deep Tech ecosystem builder and investor.
ACE is the national voice for the Singapore startup
advancing innovation and entrepreneurship through SGInnovate supports the development of talent and
ecosystem, and a key trade association representing
entrepreneurial education, industry partnerships, helps emerging tech startups to commercialize
the interests of startups in Singapore. ACE
support, and outreach. research, build solutions, and tackle the most
constantly seeks to build a vibrant and sustainable
pressing challenges.
startup ecosystem.

500 Global Quest Ventures

500 Global is a venture capital firm that invests early Quest Ventures is a top venture capital firm in Asia.
in founders building fast-growing technology Its portfolio includes 100+ companies in more than
companies. It has backed over 2,600 companies, 150 cities, creating opportunities for more than
including 41 companies valued at $1+ billion. 4,400 employees, and its Enterprise and ESG efforts
impact thousands more.
Sri Lanka Highlights
Thanks to its low cost of living, sunny weather, and natural beauty, Sri Lanka placed #2 in Club Med’s
MEMBERS: worldwide ranking of countries for digital nomads in 2021. The Sri Lankan government is building on the
Information and Communication Technology Agency of Sri Lanka island’s appeal to become both a top destination for remote tech workers and an up-and-coming startup
hub.
"Sri Lanka’s Startup Development Strategy boasts of startup-friendly policies,
non-collateral based debt finance, and the development of state-of-the-art In July 2021, Sri Lanka's government approved a new Digital Nomad Visa that will allow remote workers to
technology parks, to name a few initiatives in our holistic approach to develop live and work in the country for one year. It is planned to come into effect in 2022. To further attract
digital nomads, the Nomad4LK digital nomad ambassador competition was held at the AsiaBerlin Summit
the startup ecosystem and establish Sri Lanka as a hub for new technology."
2021 in Germany. The winner was provided a return air ticket to Colombo, coworking space, uninterrupted
Jayantha De Silva connectivity hosted by SLTMobitel, and 14 weeks of accommodation.
Chairman, Information and Communication Technology Agency of Sri Lanka
Startup SL, the national online platform for startups, aims to create 1,000 new startups by 2025. It offers
two years free membership to startups and innovators. Sri Lanka plans to build three techno parks by
2023, in addition to two already under construction. The technopark currently being built in Galle will have
350,000 square feet for tech companies with 5G telecom facilities. In November 2021, Colombo: Hatch
was awarded the Best Co-Working Space honor at the Global Startup Awards.

Notable recent deals in the ecosystem include Fintech Moneta’s $325,000 seed round in November 2021
and Blockchain startup EXIP’s initial coin offering in December 2021.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$51 k $427 k $6 k
$12 m $228 m
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
11.3 bn

101

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)
$84 m 9.4 years
GLOBAL AVG.

GLOBAL AVG.

1
60 m

GLOBAL AVG. GLOBAL AVG.

5

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
Cleantech Agtech & New Food
The Sri Lankan government is aiming to become In 2021, ICTA Sri Lanka and enpact e.V, Germany
energy self-sufficient by 2030 and to increase the signed a knowledge-sharing agreement
country’s power generation capacity from the encouraging technology-focused investments in the
existing 4,043 MW to 6,900 MW by 2025, with a Agtech sub-sector. In January 2022, the Bill and
significant increase in renewable energy. Sri Lanka Melinda Gates Foundation met with the
has already achieved a grid connectivity of 98%, Information and Communication Technology
relatively high by South Asian standards. Agency of Sri Lanka to plan for the development of
Farmer Data Management Systems and Digital
Strategy. Smart irrigation system SenzAgro has
raised $77,700 in funding over three rounds.

Reasons to Move Your Startup to Sri Lanka

Tax Incentives Startup-Friendly Environment
Sri Lanka offers international businesses looking to In 2021, Club Med ranked Sri Lanka as the second-
enter the country a five to ten-year tax holiday and best destination for digital nomads, after Thailand.
maintains a 0% corporate tax rate for the tech sector. The government has approved a digital nomad visa
There are zero capital gains and zero dividend program that enables foreigners to work remotely
withholding tax for foreigners. from Sri Lanka for one year. It is set to launch in
2022. The government also passed a Personal Data
Protection Bill to ensure accountability for citizen
data privacy and protection.
Selected Startup Organizations
STARTUP GENOME MEMBERS

MEMB ER “The
"The Information
Information andand CommunicationTechnology
Communication Technology Agency of
Sri Lanka
Agency of has collaborated
Sri Lanka with Startup
has collaborated Genome
with Startupto uncover the
Information and Communication Technology
vibrant Sri Lankan
Genome entrepreneurial
to uncover the vibrantecosystem
Sri Lankanin the #GSER2022.
Agency of Sri Lanka
We are excited toecosystem
entrepreneurial share that in
thethe
area ranksStartup
Global in Affordable Talent as
Information and Communication Technology Agency (ICTA) of Sri Lanka is the apex
ICT institution of the government. In terms of the Information and Communication aEcosystem
Top 5 Global Ecosystem
Report 2022. Weandare
theexcited
#2 Asian Ecosystem, making
to share
Technology Act No. 27 of 2003, (ICT Act) as amended by Act No. 33 of 2008, ICTA has Sri
thatLanka an important
the area location for
ranks in Affordable international
Talent as a Top startups
5 seeking
been mandated to take all necessary measures to implement the Government’s Policy
and Action Plan in relation to ICT, in terms of the Section 6 of the ICT Act.
to adaptEcosystem
Global and to develop their
and the #2products for the large opportunity
Asian Ecosystem,
making Sri Lankain thean
South East Asia
important Region.”
location for
international startups
Stephan seekingHead
Kuester, to adapt and to
of Ecosystem
develop their products for the
Strategy large opportunity
of Startup Genome in
the South East Asia Region."
Stephan Kuester, Head of Ecosystem Strategy of
Startup Genome
KEY ECOSYSTEM PLAYERS

Lankan Angel Network Yarl IT Hub BOV Capital

Sri Lanka’s largest network of angel investors. Yarl IT Hub is an organization by the community for A Sri Lanka/Singapore-based VC fund that invests
Founded in 2012, with the purpose of bringing the community, focused on being a catalyst for in technology startups from seed stage to Series A.
together the Sri Lankan investor and mentor entrepreneurship and innovation development in We focus on investing in early-stage ventures with a
community and to scale the startup ecosystem. the Northern Province of Sri Lanka. proven product-market fit that can demonstrate
scaling.

John Keells X Hatch Works Pvt Ltd

A corporate startup accelerator and open innovation Providing startups with all the guidance and support
program run by John Keells Holdings PLC, Sri services they might need to innovate, grow, and
La n ka ’s la rgest listed conglomerate operating in succeed.
diverse indu stry vertica ls.
India
Highlights
Telangana Telangana, India’s newest state, displays all the energy, growth, and path-breaking thinking you’d expect
from a young, upstart ecosystem. Despite the COVID-19 pandemic, Telangana’s IT sector recorded a 13%
MEMBERS: growth rate year-on-year in 2021, compared with a national rate of 8%. Telangana achieved the third rank
T-Hub Foundation in the country in terms of percentage increase in Gross State Domestic Produce (GSDP) at current prices
between 2014–15 and 2020–21.
"Telangana is at the forefront of building a world class innovation ecosystem
through a mix of passionate entrepreneurs, high quality talent availability, Many global and large Indian organizations in a range of industries have chosen Telangana’s capital,
supportive government policy, and access to capital." Hyderabad, as their location. Hyderabad boasts eight universities and is home to one of the largest
populations of students seeking technical education in India. The city is also home to several research
M. Srinivas Rao centers focused on pharmaceuticals, biotech, and defense-related technology. It also has a strong Life
CEO, T-Hub Sciences scene, and is dubbed the vaccine capital of the world, with over a third of the global vaccine
output produced here.

The state government is focused on investing in digital and innovation friendly initiatives, and policies
have created a nurturing ecosystem for startups. The Telangana ecosystem has over 6,500 registered
startups including four unicorns and several startups building products and services at a global scale. T-
Hub, one of the country’s largest startup enablers, plays a pivotal role in building a robust startup and
founder ecosystem in partnership with corporates, academia, investors, government and other ecosystem
players. Telangana startups also benefit from access to numerous local investors, including Hyderabad
Angels, Anthill Ventures, Sri Capital, Endiya Partners, and Indian Angel Network.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$393 k $3.3 m $7 k
$273 m $4.8 bn
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
11.3 bn

101

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)
$1.5 bn 7.2 years
GLOBAL AVG.

GLOBAL AVG.
44
529 m

4 GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
Life Sciences AI, Big Data & Analytics Agtech & New Food
Telangana’s Life Sciences sub-sector, dubbed With its dense cluster of high-quality research Agriculture and related sectors grew by 20% in
Genome Valley, accounts for 35–40% of India’s institutions, the presence of Deep Tech industry Telangana in 2021. Telangana is home to more
pharma production. The ecosystem is home to four leaders, a rich culture of co-innovation with than 16 agricultural-focused educational institutes,
of the world’s top five vaccine manufacturers. startups, and a proactive government leadership, over 200 Agtech startups, and more than 12
Telangana has over 20 pharma-focused incubators, Hyderabad is poised to become a global AI agricultural innovation hubs. Initiatives including AI
more than 200 pharmaceutical startups, and more innovation hub. Telangana was the first Indian for Agricultural Innovation, the National
than 600 Life Sciences companies. The state to launch an actionable policy framework for eGovernance Plan for Agriculture, and AG-HUB are
government’s Genome Valley 2.0 initiative aims to Artificial Intelligence. The Government of driving growth in this sub-sector. The Government
further grow Telangana into a world-class R&D hub, Telangana runs an accelerator program for AI of Telangana has partnered with the World
with the goal of doubling the region’s Life Science startups and has partnered with corporations in an Economic Forum’s Centre for the Fourth Industrial
ecosystem to $100 billion in 10 years. AI initiative. An AI research center was launched Revolution (C4IR) to achieve digital transformation
with a focus on healthcare and mobility domains. in agriculture.

Reasons to Move Your Startup to Telangana

Access to Talent Policy Incentives
Telangana is home to 20 universities, providing a Telangana-based startups are supported by the
steady stream of educated talent. To promote the government in terms of operational ease,
growth of local idea-stage companies, the Telangana reimbursement of recruitment assistance,
government offers recruitment assistance of performance grants, reimbursement of patent
INR10,000 ($130) per employee in the first year of expenditure, and reimbursement of international
operation. Of trained personnel, 50% are recruited in marketing costs.
Telangana, which is the highest for a state skilling
program in the country.
Selected Startup Organizations
STARTUP GENOME MEMBERS

MEMB ER “The research

“The research isis clear,
clear, India's
India’s startup
startup ecosystems
ecosystems are on
the rise.
are on Telangana
the is at theisforefront
rise. Telangana of this growth,
at the forefront of this driven
T-Hub Foundation
by strong
growth, infrastructure,
driven exceptional talent
by strong infrastructure, and proactive
exceptional
T-Hub leads India’s pioneering innovation ecosystem, which powers next-generation
products and new business models. Since its incorporation in 2015, it has provided state
talentgovernment
and proactive iniatitives. We are honored
state government to work with
iniatitives.
1,100+ national and international startups with access to better technology, talent, theWeT-Hub
are Foundation
honored to to highlight
work Telangana’s
with the T-Hub thriving
mentors, customers, corporations, investors, and government agencies.
Foundation toinnovation community.”
highlight Telangana's thriving
innovation
Marc Penzel,community."
Founder & President
of Startup
Marc Penzel, Founder Genome
& President of Startup
Genome

KEY ECOSYSTEM PLAYERS

Telangana State Innovation WE Hub Research and Innovation

Cell India's first and only state-led incubator for women Circle of Hyderabad
entrepreneurs. WE Hub provides access to technical,
A unique initiative of the Government of Telangana A facilitator fostering collaboration across the
financial, and government support to startup, scale
to promote a culture of innovation and research and innovation space and taking research
up, and accelerate.
entrepreneurship. to market. Serves as a link among research
institutions, academia and industry, investors, and
incubators.

Darwinbox CIE IIIT Hyderabad

With over 650 customers serving a total of 1.5 A technology incubator with over 13 years of
million employees, Darwinbox became the first experience in nurturing and growing Deep Tech
Hyderabad-headquartered startup to reach unicorn startups in Medtech, tech4social, visual informatics,
status in 2022. data engineering, machine learning, language
technologies, Gaming, and robotics.
Japan
Highlights
Tokyo #12 Tokyo’s latest startup boom kicked off in 2014 in response to the acceleration of digital technology, as
well as coordinated efforts by the Tokyo Government, Cabinet Office, and Ministry of Economy, Trade and
MEMBERS: Industry to nurture local startups.
Tokyo Metropolitan Government
Changes in policy have helped Tokyo’s ecosystem to flourish. The Kishida Cabinet named 2022 the "first
"Tokyo's startup ecosystem has continuously been expanding through year of startup creation," and various regulations are also being streamlined to promote startup formation
digitalization in various industries. Tokyo launched the Tokyo Consortium in and growth. These include changes to allow autonomous driving, shortening the time from approval of
2020, and is working as a leading member of a strong community of more than listing to IPO to approximately 21 days, and deregulation around crowdfunding. The Tokyo Metropolitan
Government announced its Startup Collaboration Strategy in February 2022.
270 leading companies, investors, incubators, universities, governments, and
more to enter the new era together with startups."
Universities and support organizations are also supporting local startups. The J-Startup project aims to
Eiichirou Kodama help Japanese startups reach global markets, and the University of Tokyo is set to establish a ￥60 billion
Director General for Global Financial City Strategy, Office of the Governor for Policy Planning, Tokyo ($500 million) fund for startups spun out from universities. The result of all these efforts is that the
Metropolitan Government number of people who are looking to find a career in a startup is increasing, according to a 2021 report
from Amateras Startup Review.

Much of the momentum in the Tokyo ecosystem is the result of the entrance of overseas crossover
investors. For example, software company SmartHR raised ￥15.6 billion ($129 million) from a total of eight
companies, including Light Street Capital and Sequoia Capital Global Equities. News app SmartNews raised
a $230 million Series F in September 2021
2021.. Successful entrepreneurs are also beginning to act as angel
investors and advisors to younger generations.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$789 k $2.7 m $67 k
$3 bn $62 bn
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
25 bn

424

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

11.3 bn

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)

$15 bn 8.7 years
GLOBAL AVG.

GLOBAL AVG.
101

3 GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
Exits 1 (lowest) to 10 (highest)
(2017-2021)
Sub-Sector Strengths
Advanced Fintech Life Sciences
Manufacturing & According to Yano Research Institute’s FinTech Foreign investors are increasingly interested in
Robotics Market 2019 report, Tokyo is the third largest Japanese Life Sciences startups, many in Tokyo. In
global financial center after New York and London. 2021, U.S. and European venture investors closed
Tokyo’s startups are supplying robots and satellites That year, the Fintech market in the country was eight Life Sciences deals in the country, totaling
to the growing space industry, which is expected to estimated at $3.2 billion with forecasts that it $98 million. In February 2022, Belgian venture
generate more than $1 trillion worldwide in 2040, could increase to over $10 billion by 2022. Mobile capital firm Newton Biocapital launched a €150
according to Morgan Stanley. The Japanese robotics banking startup Kyash raised a $41.3 million Series million fund to harness synergies between
market is expected to grow from around ¥1 trillion D in March 2022. Online security brokerage service European and Japanese Life Sciences startups, and
(~$8.3 billion) in 2010 to around ¥10 trillion in 2035. Folio has raised $100.8 million over five rounds. FTI Venture Partners is a Life Sciences-focused
Space resource exploration company Ispace Automated investment advice company Money venture capital firm with offices in Tokyo and
Technologies has raised $174.8 million, including an Design has raised $94 million over nine rounds. Boston. Personalized nutrition startup Bisu raised a
undisclosed Series C round in October 2021. Spiber, $3.3 million seed round in October 2021.
which is developing microbially fermented materials,
raised $221.4 million in September 2021 from a
private equity round.

Reasons to Move Your Startup to Tokyo

Large Market High Demand for Digitalization Dedicated Support
Tokyo, the capital of Japan, is one of the largest cities There is a customer market for digital products in The Japanese government dedicated 2022 as the
in the world, with a population of approximately 14 Tokyo, which is home to 2,964 major companies “first year of startup creation," with a dedicated
million. Its gross metropolitan product was $965.4 with capital of ¥1billion or more. The city also has a supplementary budget and various deregulations to
billion in 2018. With Japan’s overall household assets large number of Fortune Global 500 company promote the startup economy. The Business
rising to $27 trillion as of 2020, the market holds great headquarters. According to a 2021 survey, 90% of Development Center TOKYO offers a one-stop
potential for both business-to-business and direct-to- companies say they will increase or maintain their support center for those starting out. The Tokyo
consumer companies. IT investment, indicating that the needs of Consortium brings together more than 270 players in
technology companies are very high. a supportive business community.
Selected Startup Organizations
STARTUP GENOME MEMBERS

MEMB ER “Tokyo is highlighted

“As global economicin the GSER, thespecialists
transformation world’s paramount
report on enriching
and policy advisors,startup and economic
we're extremely proudgrowth.
of how Ranking
Tokyo Metropolitan Government
as #12has
Tokyo Global Startupin
performed Ecosystem
the 2022 overall
Global with incredible
Startup
TMG aims to create the world’s leading ecosystem, one where innovations are
continuously generated through the organic collaboration of players including
support from
Ecosystem the Tokyo
Report. Working Metropolitan Government
with our local partners,and the
corporations, startups, universities, and others. The Tokyo Consortium also supports widerMetropolitan
The Tokyo Tokyo Startup Ecosystem and
Government Consortium.”
Deloitte
creating this ecosystem.
Japan, we are eager
Stephan to share
Kuester, the of
Head stories behind
Ecosystem
this success."
Strategy of Startup Genome
Stephan Kuester, Head of Ecosystem
Development of Startup Genome

KEY ECOSYSTEM PLAYERS

CIC Japan G.K. Keio Innovation Initiative, Inc. Plug and Play Japan
The largest innovation center in Japan, home to A VC firm established by Keio University, supporting A subsidiary of Plug and Play that aims to build a
250+ startups, VCs, researchers, and other startups that create innovative new businesses by world-class platform that drives innovation. It
organizations passionate about innovation. utilizing the excellent research results of universities connects leading corporations with startups to
and research institutes. support them in expanding their possibilities from
Japan to the world, and from the world to Japan.

The University of Tokyo The University of Tokyo Edge

Japan's top university, a world-class center for Capital Partners
research, and a vibrant academic community.
VUTEC works with academia in Japan and abroad,
including the University of Tokyo. It supports science
and technology startups that are pioneering
frontiers to solve global issues with capital, talent,
and knowledge.
 Europe
124 Top Performers & Top Regional Challengers

125 Key Findings

126 London’s Tech Scene: A World-Class Ecosystem Competing on a Global Scale

128 Discover Portugal: An Unbeatable Value Proposition for Startups

131 How Startups are Creating a Future-Proof Economy in Rotterdam

133 Ecosystem Pages

Copyright © 2022 Startup Genome LLC. All Rights Reserved. Learn more and get connected at startupgenome.com 123
 approximately 2,400 venture deals in 2020, totaling Top Performers
Regional Insights €3.6 billion. 2021 brought nearly five times the number

Europe
of deals and over 28 times the valuation of the previous 1 London
year.
2 Amsterdam-Delta

2021 also brought the largest total equity value that 3 Paris
European tech startups have ever seen. According to 4 Berlin
European startups and scaleups are largely Dealroom and Atomico, this total equity value exceeded
concentrated in the UK, Germany, and France, with $3 trillion for the first time in 2021 (accounting for 5 Stockholm
nearly two-thirds of the continent’s top 1,000 startups startups in both the public and private markets).
and scaleups founded in one of these countries. In
Top Regional Challengers
2021, both Germany and the Netherlands experienced Stockholm battery manufacturer Northvolt raised $2.75
a year-over-year growth of more than 200%, and Spain billion in a July 2021 funding round, Helsinki-founded 1 Dublin
grew more than 400%. The proportion of funds invested food delivery company Wolt was acquired for $8.1 2 Manchester-Liverpool
outside of the UK also increased. Estonia is one of the billion in November, and Fintech Klarna raised $1 billion
smallest countries in Europe, but the country has 1,048 in March, making it the highest-valued private Fintech 3 Barcelona
startups per capita and has raised €1,967 per capita company in Europe at the time. 4 Brussels
in investments, both exceeding any other country in
Europe. 5 Zurich
One driver of growth is the interest of international
investment firms. SoftBank, Tiger Global, Coatue,
The amount of capital invested in startups, deal volumes, and Balderton Capital among others have sought out
and exits all reached their all-time highs throughout European startups, and Balderton Capital alone secured
2021. Europe experienced over 10,000 venture deals in approximately $1.3 billion for two new funds in 2021.
2021, totaling almost €103 billion. Nearly 2,900 deals
were first-time venture financings, totaling €9.9 billion.
To put these figures in perspective, Europe experienced

Copyright © 2022 Startup Genome LLC. All Rights Reserved. Learn more and get connected at startupgenome.com 124
Europe Regional Insights

Key Findings
• European VC funding was 128% higher in 2021 than increased 162% in terms of dollar amount from 2020, examined — industrial IoT platform Cognite and
in 2020, with increases at every stage. and it saw 55% more $50 million+ exits in 2021 versus online grocery Oda — helping to increase its Market
2020. Reach.
• Early-stage funding deal amount has increased by
47% from 2020 to 2021. • In the Emerging Ecosystems rankings, Oslo moved
up 22 places since last year, to #19. The Norwegian
• The number of exits over $50 million has increased
ecosystem produced two unicorns in the period
by 68% from 2020 to 2021.

• Helsinki shot up more than 20 spots, from #59 in 2021

to tied #31 this year. The ecosystem saw seven exits
over $50 million, including food delivery company
Wolt’s $8.1 billion November 2021 acquisition by
DoorDash, and gained two unicorns in the period
considered.

• Copenhagen is also tied at #35, up from #43 in last

year’s ranking. The Danish capital saw two $1 billion+
exits, including Unity’s $13.7 billion valuation at IPO
in September 2020.

• In 2021, the dollar amount of exits in London grew

413% from 2020. The ecosystem’s Series B+ rounds

Copyright © 2022 Startup Genome LLC. All Rights Reserved. Learn more and get connected at startupgenome.com 125
Global Startup Ecosystem Report 2022

London’s Tech Scene: A World-Class

Ecosystem Competing on a Global Scale
Tech hubs are springing up around the world, as the globally mature tech hub with a unique combination of in London to be closer to their UK and EU customer base.
sector and demand for talent continue to grow and factors that encourage innovation. U.S.-based Sequoia and Expa are examples of VC firms
the way we work evolves into a more seamless hybrid lured by the city’s potential. Startups benefit from the
experience. But few cities can claim to feature all the Let’s dive into some of the top reasons why London proximity of a large number of VC funds looking to invest
necessary ingredients to become world-class tech hubs. is such an ideal location for companies to scale. in the next potential unicorn or “futurecorn.”
These include access to investment, the existing tech
London is one of the rare few that can. The city’s tech ecosystem, a well-established history of innovation, a The London ecosystem also benefits from UK government
sector continues to go from strength to strength, and highly skilled workforce, and a consumer market open incentives for tech and the presence of accelerators. One
London is now one of the top tech hubs in the world. In to new experiences and technology. example of a government-led initiative is innovation
2021, the enterprise value of London’s startups, via IPOs funding, available for UK-based companies, which
or acquisitions, soared to a record-breaking $88 billion. provides funding for research, testing, and collaboration
London’s Tech Gold Rush with other organizations. Innovate UK awarded grants
Although 2021 was an unparalleled year for investment Access to investment is one of the main drivers behind worth £3.1 billion ($3.9 billion) during 2020-21 and had
in startups around the world, London stands out. London’s tech boom. In particular, late-stage investment a 21% award rate during the same year.
Companies based in London secured £25.5 billion ($33.3 is on the rise. Megarounds ($100 million+ rounds) are
billion) and 20 new unicorns were created here in 2021. now becoming the norm, with London seeing a threefold In the latest edition of the US News Best Countries index,
Additionally, in March 2022, the UK’s tech scene was growth in 2021. Fintech firm Revolut, clean energy the UK came in at #8, with particularly strong scores
valued at $1 trillion, a milestone shared with the U.S. supplier Octopus, and online events platform Hopin in areas that are relevant to technology and business,
and China. have all raised significant funding rounds in the last year. including agility, connectivity to the rest of the world,
educated population, entrepreneurship, quality of digital
This growth further consolidates London’s position as a More and more venture capital firms have opened offices infrastructure, and legal framework.

Copyright © 2022 Startup Genome LLC. All Rights Reserved. Learn more and get connected at startupgenome.com 126
Eileen Burbidge, partner at London VC firm Passion London is also the most attractive city for digital talent. and European consumers, startups in London can
Capital, says “It’s fantastic to see that London tech A global survey by Boston Consulting Group shows that benefit from dedicated support and connections in the
companies are attracting large volumes of capital across London continues to be the first choice for tech workers city’s cosmopolitan ecosystem when looking to scale to
all stages of the funding journey as a sign that our tech willing to relocate to a city in a different country. The international markets. For example, Tech Nation, a UK
ecosystem is truly flourishing and our entrepreneurs are city’s multiculturalism and diverse knowledge of markets, growth platform for tech companies and leaders, and
second to none.” languages, and cultures are ideal for companies looking Startup Genome undertook an Asia Market Expansion
to scale globally. Study.

Strength in Fast-Growing Sectors The data-based analysis of Asian ecosystems was

The city’s strengths as a tech hub make it an ideal place
Tech-Savvy, Conscious intended to assist UK-based scaleups assessing the best
for startups in fast-growing sectors including Fintech, Consumers & Excellent Market ecosystem for geographic market expansion. It found
Cleantech, Edtech, and Proptech. that Singapore was the most favorable location, thanks to
Access its connectedness and outstanding soft-landing support,
As the impact economy grows, so does the number Many of London’s strengths for tech would be of little and that UK scaleups are also well-positioned to access
of impact-focused startups — those with a goal of relevance if not for its tech-savvy and conscious consumer Seoul, Tokyo, Melbourne, and Sydney.
achieving positive, measurable change on societal market. London is a testing lab for many innovative ideas
and environmental issues. Investment into UK impact and industries, from music and entertainment to fashion
startups grew ninefold in the period between 2014 and and retail. Londoners are open to new experiences and
For Tech Startups and Investors,
2019, with Cleantech and Climatetech firms attracting welcome the integration of technology to everyday London Has Much to Offer
the most funding. products and services.
London is a global epicenter for tech. Its fast and solid
growth in the sector, particularly during the challenging
A Magnet for Skills A growing strength on the consumer side is that people
in the UK are increasingly conscious about how they
landscape of the COVID-19 pandemic, is a testament
to the city’s ability to adapt, innovate, and reinvent.
Together with the nearby university cities of Oxford and spend their money, preferring companies, services and
When combined with the amount of excellent talent
Cambridge, both less than two hours away from the products that are sustainable and ethical. A study by
and strength in fast-growing sectors, London’s tech
capital, London is part of the so-called Golden Triangle Accenture found that a third of UK adults expect brands
ecosystem is only set to get better.
for skilled talent. London is home to four of the world’s to report on the environmental impact of their business.
top 40 universities and provides unparalleled access to
world-class talent and research. Additionally, London provides excellent access to
The opinions expressed in this sponsored article do not necessarily reflect the
global markets. As well as having easy access to UK views or position of Startup Genome.

Copyright © 2022 Startup Genome LLC. All Rights Reserved. Learn more and get connected at startupgenome.com 127
Global Startup Ecosystem Report 2022

Discover Portugal: An Unbeatable Value

Proposition for Startups
Portugal’s startup ecosystem is on the rise and the
decision makers and organizations that power it have
A Booming and Vibrant Lisbon is also the home of Web Summit, the world’s
leading tech conference, which brings together
no intention of slowing down. The community continues Entrepreneurial Community thousands of founders and investors from around the
to make strides toward attracting and retaining more globe for an invaluable networking opportunity. In 2021,
With over 2,200 registered startups and counting,
international talent while forging partnerships with big the Europe Startup Nations Alliance (ESNA), an initiative
Portugal’s startup community is booming. In 2021,
corporations, making it easier than ever for startups to of the Portuguese Government, was announced at the
Portugal’s startup ecosystem garnered over $1 billion in
access markets throughout Europe and beyond. conference. Headquartered in Lisbon, ESNA has the
funding — a growth rate of 100% over the previous year.
mission of supporting European governments with
The amount of total VC funding invested in the ecosystem
The Portuguese startup ecosystem dates back to the early improving structural conditions for startups. Also in
has grown an impressive 15x from 2017 to 2021, mainly
2000s. Since then, the availability of top-tier talent backed 2021, the Regional Government of Madeira, through
in late-stage funding, which has grown by 55x. Private
by highly ranked universities, a thriving community with Startup Madeira, launched Digital Nomads Madeira
funding and co-investing initiatives like 200M Fund
seven unicorns, and a world-class digital infrastructure has Islands, an initiative that aims to attract digital nomads
ensure that local and foreign private resources continue
popularized Portugal as a destination for startups from to the Atlantic islands of Madeira and Porto Santo.
to flow into Portugal’s thriving startup community.
around the world. In 2016, the Portuguese government
galvanized the country’s startup ecosystem with the Startup Portugal provides support to entrepreneurs
Portugal’s largest cities, Lisbon and Porto, are part of
creation of Startup Portugal as part of a national strategy through its One Stop Shop, which has all the information
the Scale Cities Alliance. This collaboration among public
to foster entrepreneurship through increased structural needed to set up operations in Portugal and assists
ecosystem builders from 13 European cities aims to create
support, funding, and internationalization efforts. entrepreneurs and investors both online and offline on
Europe’s most connected technology hubs. Further, a
a one-to-one basis. The organization also hosts Above
national network of incubators makes it possible to start
and Beyond Hangout, which brings the entrepreneurial
up and develop a concept with support even outside of
community together to discuss a relevant topic each
the major hubs.

Copyright © 2022 Startup Genome LLC. All Rights Reserved. Learn more and get connected at startupgenome.com 128
month. Startup Grind is also active in several Portuguese
regions.
A Magnet for Top-Tier Talent and Le Wagon among other workshops and bootcamps.
Since the GSER 2021, the moving average of patent
At its core, Portuguese society offers an attractive sense production has increased by 71%, showing activation of
All these initiatives are paying off. Portugal has produced of stability. Ranked #4 in the Global Peace Index, Portugal innovation.
several unicorns to date: SWORD Health, a world- is known for fostering a diverse, inclusive society that
renowned digital physiotherapy company; OutSystems, benefits from a sense of freedom. Globally ranked #3 An open society and quality educational environment
a low-code enterprise development platform; Farfetch, for expat quality of life by the InterNations Expat Insider are woven together by government policy that actively
an online platform for luxury fashion; Feedzai, a RiskOps survey, talented workers from around the globe flock to encourages startup activity. Popular incentives include
platform for financial risk management; Talkdesk, a Portugal. Startup and Tech Visa programs, two options that
cloud-based contact center and AI software provider; fast track residency for those bringing investment,
and Remote, which provides global HR solutions. Digital Portugal’s global attractiveness is complemented talent, and innovation into the country. The Startup
asset platform Anchorage which was founded in the U.S. by thriving sources of local talent. Four Portuguese Voucher program, which will be relaunched this year for
and has a Porto office, also achieved unicorn status in universities are ranked in the 2021 Financial Times founders looking to create startups for the digital and
2021. European Business School Rankings and seven are green economy, helps young entrepreneurs breathe
featured in the QS World life into their ideas by minimizing risk and lowering the
University Rankings. barriers of entrepreneurship, making it more accessible.
Additionally, Portuguese Public-private intermediaries like Startup Portugal
university graduates are ensure the smooth flow of information, resources, and
poised for international support among startups, investors, incubators, and the
success, as the country government.
ranks #7 globally in
English proficiency,
according to the EF World-Class Infrastructure
English Proficiency Index. In a 2021 OECD report, Portugal ranked #11 globally in
Aspiring tech talent and fiber optic connectivity. Additionally, Portugal was the
those looking to upskill first country in the world to provide all public schools
have access to A​ cademia with fiber optic internet access. Additionally, 5G access
de Código and the local is expanding throughout the country. NOS, a regional
chapters of 42, Ironhack, telecommunications service provider, collaborated with

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Amazon Web Services (AWS) to launch the 5G Accelerator, world, which extends over 1.7 million square kilometers,
an investment fund designed to “stimulate research including a great diversity of ecosystems and resources.
and development in the use of 5G by the community of The Portuguese maritime triangle (mainland, Madeira,
entrepreneurs in Portugal.” and the Azores) constitutes 48% of all marine waters
under the jurisdiction of the Member States of the
In addition to its technical infrastructure, Portugal offers European Union in spaces adjacent to the European
a rich network of institutional knowledge. A national continent.
network of over 160 incubators ensure that entrepreneurs
can receive the support and resources they need to Portugal’s continental shelf (extended beyond 200
thrive. According to IDC’s Startup & Entrepreneurial nautical miles), is under a process of delimitation with the
Ecosystem Report, 65% of founders stated that they United Nations, which will increase the area to 4,100,000
relied on incubator support during the early stages of square kilometers (in addition to the Exclusive Economic
their startups. Zone), for the purposes of conservation, management,
and exploitation of natural marine soil and subsoil
resources, making Portugal even more attractive to new
A Global Gateway to European ventures related to the Blue Economy.
Markets
Portugal is the perfect beachhead for European
Situated at the southwestern tip of Europe, Portugal is expansion. Geographically efficient with world-class
the ideal portal for startups looking to enter or expand talent, communities, and infrastructure, Portugal is an
into the continent, a market of over 500 million people. unbeatable value proposition that startups around the
As the closest European country to the U.S., Canada, and world would do well to consider.
Brazil, doing business in Portugal also allows startups to
stay in sync with some of the world’s most prominent
economies. Portuguese startups adopt an international-
first strategy earlier in their lifecycle, which can be a more
efficient path to success.

With a coastline of more than 2,000 kilometers, Portugal The opinions expressed in this sponsored article do not necessarily reflect the
holds one of the largest exclusive economic zones in the views or position of Startup Genome.

Copyright © 2022 Startup Genome LLC. All Rights Reserved. Learn more and get connected at startupgenome.com 130
Global Startup Ecosystem Report 2022

How Startups are Creating a Future-

Proof Economy in Rotterdam
Home to Europe’s largest port and an extensive network With the support of a variety of programs, initiatives, i3D.net, a gaming-industry network solutions provider
of waterways, roads, and rail lines, Rotterdam, the and organizations, Rotterdam’s startup scene is driving acquired by Ubisoft — along with NightBalance, a digital
second-largest city in the Netherlands, has earned the a transition toward a future-proof economy — one health scaleup acquired by Philips — is just one example
nicknames “gateway to Europe” and “gateway to the that is digital, circular, carbon-neutral, and diverse. In of the high-profile exits and acquisitions produced by
world.” Rotterdam, actions speak louder than words, and a spirit Rotterdam’s dynamic startup ecosystem.
of “make it happen” permeates the diverse population
The city of Rotterdam is part of the Metropolitan Region of 600,000 people, which represents 170 nationalities.
Rotterdam the Hague (MRDH), an entrepreneurial hotbed A Serious Playground for
of 23 municipalities. This combined startup ecosystem
Unparalleled Digital Connectivity Innovation
employs 25,000 people — one fifth of all startup jobs in
the Netherlands — and has a market value of over $3.6 When it comes to size, Rotterdam hits the sweet spot:
Stijn Koster, Vice President Hosting Services at Ubisoft
billion. Rotterdam is also closely connected to nearby large enough to test and validate ideas at scale yet small
and founder of i3D.net, highlights digital connectivity as
Amsterdam and the rest of the thriving Dutch business enough to minimize the distance between startups and
the primary driver for being based in Rotterdam. “The
community. their consumers. The city contains several “serious
city of Rotterdam is internationally well positioned and
playgrounds,” such as BlueCity, a former water park
connects directly to all major internet hubs in Europe
Thanks to strategic regional and national partnerships, resort that is now a bustling waterfront business park.
through various sea and land cables,” he says. “Within
the region hosts a thriving community of over 1,600 active A poster child project for the circular economy, BlueCity
the city, a high diversity of fiber and wireless connectivity
startups with prominent clusters in Smart Logistics, Life houses over 30 startups that are experimenting and
allows us to work from home, the office or anywhere
Sciences, and Cleantech. innovating toward a sustainable future.
else. Perfect digital connectivity is an essential condition
for a hosting company like i3D.net to be able to operate
successfully.”

Copyright © 2022 Startup Genome LLC. All Rights Reserved. Learn more and get connected at startupgenome.com 131
The Makers District is another ideal waterfront location
for forward-thinking founders. Here, startups can launch
A Collaborative Core of alumni from Erasmus University of Rotterdam, Erasmus
Medical Center, and the Delft University of Technology,
new ideas in concert with established corporations that Universities, Incubators, and the fund has raised nearly $60 million to support founders
are experimenting with new products and processes. A in early stages.
window into Rotterdam’s vision of a future-proof economy, Alumni Networks
the Makers District is more than an innovative physical
location — it fosters the encouraging and collaborative
Innovation in the greater Rotterdam metropolitan area
is powered by world-class education and research
Rotterdam Startups Make It
business environment that thriving entrepreneurs need. institutions, including Erasmus University Rotterdam — Happen
which ranks in the top 3% of the best universities in the
Innovation hubs, coworking spaces, and additional startup American-Dutch scholar and economist Jan de Vries
world — Rotterdam University of Applied Sciences, and
support services can be found throughout Rotterdam. credits the Netherlands for giving rise to the first modern
nearby Delft University of Technology.
Founders are never far from knowledge resources and economy in the 16th and 17th centuries. That historic
stimulating environments where innovation, talent, entrepreneurial spirit is imbued within Rotterdam’s
The Rotterdam School of Management (Erasmus
and funding coalesce. Up!Rotterdam, a public-private DNA and lives on today, serving a new purpose of
University) and Delft University of Technology share a
partnership to support founders in scaling up, launched in creating a future-proof society that is digital, circular,
powerful collaboration that fuses the worlds of business
2019. Working with over 50 co-creation parties, including and sustainable. Rotterdam is a city of frontrunners
and technology — the perfect recipe for producing future
the cities of Delft and Schiedam, Up!Rotterdam helps and pioneers who continuously drive change. Start your
founders. Between the two universities, nearly 30% of
local startups access talent, capital, and international business in Rotterdam and be a part of the “make it
the student body is enrolled in STEM programs and
markets. The annual Upstream festival — a multi-day, happen” culture that makes true innovation possible.
coursework. Both universities have business incubators,
region-wide event that promotes sustainable growth — and UBI Global ranks the YES!Delft incubator, which also
made headlines by attracting more than 2,200 visitors operates in Rotterdam, among the top five business
and 90 investors with over $36.5 billion in assets under incubators in the world. YES!Delft serves over 200
management (AUM) in 2021. startups, providing them with access to an exclusive
ecosystem of mentors, experts, investors, and corporate
partners.

The Graduate Entrepreneur Fund ensures that

Rotterdam’s collective entrepreneurial acumen and The opinions expressed in this sponsored article do not necessarily reflect the
capital transcends generations. Established by influential views or position of Startup Genome.

Copyright © 2022 Startup Genome LLC. All Rights Reserved. Learn more and get connected at startupgenome.com 132
Netherlands
Highlights
Amsterdam-Delta #14 Amsterdam may be a smaller city by population than London or Paris, but its startups have produced
outsized value given the size of the ecosystem. According to Dealroom, between 2010 and the first
quarter of 2021, the total enterprise value of tech companies created in the Amsterdam region increased
"The Netherlands is home to Europe’s biggest tech companies and world-class
from $10 billion to $100 billion, making the ecosystem one of the fastest-growing in Europe.
startups. A great part of the ecosystem's success is about the community and
its leaders being willing to pass on their knowledge and capital gains to the next The Dutch capital is also open, dynamic, and community minded. Rockstart and Startupbootcamp, two of
generation." Europe’s best-performing accelerators, were founded in Amsterdam. Holland in the Valley is an initiative to
strengthen ties between the Netherlands and the Bay Area at multiple levels. ScaleNL helps Dutch tech
Constantijn van Oranje entrepreneurs scale to the US via a network, platform, programs, and funding. Techleap is leading the
Envoy, Techleap.nl
Global Entrepreneur Initiative to connect successful Dutch founders living abroad to founders in the
Netherlands who want to expand.

Amsterdam’s Cleantech startups had a particularly strong 2021. In September, Picnic raised €600 million
($650 million) from the Bill & Melinda Gates Foundation to further its ambition of building the most
sustainable European grocery delivery company. Urban e-bike company VanMoof raised a $128 million
Series C the same month.

In July 2021, neobank Bunq announced the largest ever Series A round raised by a European Fintech. The
€193 million ($209 million) deal took the company’s value to approximately €1.6 billion ($1.73 billion). Other
notable funding news in the ecosystem include online fashion outlet Otrium’s $120 million Series C in
March 2021, and mobility Fintech company Moove’s August 2021 $100 million deal.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$492 k $3.6 m $67 k
$1.9 bn $54 bn
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
22 bn

523
11.3 bn

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)
$9.2 bn 10.7 years
GLOBAL AVG.

GLOBAL AVG.
101

6 GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
Agtech & New Food Life Sciences
The Dutch government’s Vision on Circular Amsterdam-Delta’s Life Sciences ecosystem includes
Agriculture sets out its ambition to be a global two internationally renowned universities, University
leader in circular agriculture by 2030. Wageningen of Amsterdam and Vrije Universiteit Amsterdam, as
University and Research (WUR) ranks #1 in the world well as Amsterdam University Medical Centre and
in the field of Agriculture and Forestry, according to the Netherlands Cancer Institute. The Netherlands
QS World University Rankings 2021. In 2021, leading is the top European importer and exporter of
Agtech organization Cropin announced the opening medical devices. Hubs including Amsterdam Science
of its first international office in Amsterdam. App- Park and the Amsterdam Life Sciences District offer
only supermarket Crisp raised a €30 million Series B opportunities for collaboration, and the European
in March 2021. Medicines Agency is also located here. LUMICKS
raised a €77.6 million ($84 million) Series D in April
2021, and clinical data platform Castor raised a $45
million Series B in July 2021.

Reasons to Move Your Startup to Amsterdam-Delta

Talent Competitive Economic Climate Established Startup Hub
The Amsterdam-Delta region offers companies access The business climate in the Amsterdam-Delta The area has a long history as a successful business
to a large pool of talented, highly motivated, well- region is welcoming for startups. Entrepreneurs hub and as a center of global trade, so there is an
educated, and multilingual potential employees. 44% from outside the EU can apply for a startup visa, established infrastructure of services, accelerators,
of the population have attended higher education and many highly skilled migrants qualify for a 30% and coworking spaces. These business essentials
institutions, 80% speak English, and 90% speak two personal tax income advantage. The Netherlands is combine with the Dutch entrepreneurial mindset to
or more languages. stable and prosperous, and its capital city is open, create a fast-growing startup culture.
creative, and dynamic.
Serbia
Highlights
Belgrade and Novi Sad Serbia’s strength as a startup hub lies in its wealth of tech talent and proactive government support of
the ecosystem. These advantages are beginning to pay off — 2021 was the most successful ever for the
MEMBERS: Serbian ecosystem, with local startups attracting over €123 million ($135 million) in investments, an
Cabinet of the Minister for Innovation and Technological Development / Digital Serbia Initiative increase of 600% year over year. In addition, the Serbian tech sector exceeded $1.7 billion in export
revenue in 2021.
"More and more great Serbian companies are finally getting the international
attention they deserve. We believe the blockchain ecosystem will inspire the The Government’s Strategy for the Startup Ecosystem Development of the Republic of Serbia for the
next generation of companies and drive innovation worldwide, and we are on a period from 2021 to 2025 aims to accelerate the development of the startup scene and encourage
innovation. It includes the introduction of entrepreneurship education at all levels, as well as the
mission to help that happen."
improvement of infrastructure and support programs, with an overall goal of Serbia creating up to 1,200
Miljan Tekić active startups that attract worldwide investors.
co-founder and COO, Tenderly
The Science Fund, which supports AI research and applications, aims to invest €5 million ($5.5 million) in
grants to startups by the end of 2022, and Serbia has established Science Technology Parks working with
universities in four cities: Belgrade, Niš, Novi Sad, and Čačak. Established in 2021, the Institute for Artificial
Intelligence Research and Development of Serbia is headquartered in Novi Sad.

The Innovation Fund’s new acceleration program, Katapult, provides mentoring, financial support, and
networking opportunities to both ideation and growth stage companies. Founded in 2021, the DSI
Business Angel Group supports startups with both expert advice and early-stage investments up to
€200,000 ($219,000). Games developer Nordeus was acquired by Take Two Interactive for $378 million in
2021.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$224 k $555 k $23 k
$38 m $677 m
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
11.3 bn

101

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)
$79 m 10.6 years
GLOBAL AVG.

GLOBAL AVG.
639 m

4
13

GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
Gaming Blockchain
Serbian development teams, most of which are Serbia has become a top destination for R&D and
based in Belgrade and Novi Sad, published 35 Blockchain-based product development. The
games in 2021. The industry employs more than Serbian Blockchain Initiative is an NGO dedicated
2,200 people — a third of whom are women — and to promoting Blockchain, and a 2021 law on digital
generated approximately €200 million ($218 million) assets legalized cryptocurrency trading and mining,
in 2021, €80 million ($87 million) more than in 2020. as well as obliging many cryptocurrency service
Game Funding Bootcamp introduces companies to providers to obtain a license. Ethereum Blockchain
potential sources of funding. In June 2021, development platform Tenderly raised $58.6 million
developer Nordeus was acquired by U.S. video game in venture funding in 2021. Tempus Finance raised
holding company Take-Two Interactive for $378 $27.9 million through a token sale in December
million in cash and shares, one of the largest deals 2021, and UNQ Club, a platform for NFT asset
ever in the sub-sector. management, raised $3 million in venture funding
the same month.

Reasons to Move Your Startup to Belgrade and Novi Sad

Engineering Talent Tax Incentives “Belgrade and Novi Sad have had an
More than 42,000 people are employed in the Startup founders pay no tax on their salary for the
incredible performance in the 2022
technology sector in Serbia. Every year the country’s first three years after founding a business. From Global Startup Ecosystem Report.
26 colleges and universities graduate over 3,000 2022, a new incentive will lower tax by 70% and Working with our local partners, the
engineers. There are 44 specialized IT courses in eliminate mandatory contributions for salaries on
Cabinet of the Minister for Innovation
Serbian high schools, and programming is a R&D projects. Entering IP rights as a non-pecuniary
compulsory subject for all students over the age of 11, contribution to the capital of a company is exempt and Technological Development and
who have a curriculum that includes Scratch, Python, from capital gains tax on the transfer. Companies the Digital Serbia Initiative, we are
and Pygame. that invest in the capital of an innovative startup proud to tell the stories behind this
receive a tax credit of 30% of the investment,
reducing tax liability. A fund-of-funds mechanism
sustained momentum.”
offers €5 million ($5.5 million) in matching funds Stephan Kuester, Head of Ecosystem
for every new VC that incorporates in Serbia in 2022
through the Serbia Ventu res program.
Strategy of Startup Genome
Selected Startup Organizations
STARTUP GENOME MEMBERS

MEMB ER MEMB ER

Cabinet of the Minister for Innovation and Digital Serbia Initiative

Technological Development Digital Serbia Initiative is a non-governmental, non-profit organization advocating for
the transformation of Serbia into a digital society. Founded by the leading digital
The Cabinet of the Minister for Innovation and Technological Development’s goal is
players in the country, Digital Serbia Initiative combines the forces of more than 30
the digitalization and development of intelligent and efficient infrastructure, making
member-organizations from all sectors relevant for the growth of a digital ecosystem.
the country an attractive location for entrepreneurship. By building the innovation
It aims to create a business environment that serves the digital economy by investing
infrastructure, science-technology parks, and startup centers, and by strengthening
in strategic programs in the areas of formal and informal education, startup
ties between science and industry, the Cabinet is working towards making Serbia a
ecosystem development, legal and regulatory frameworks, digital infrastructure and
regional innovation leader. Empowerment of female entrepreneurs and promotion of
public dialogue on digital transformation.
their innovative ideas is one of the Cabinet's key missions.

KEY ECOSYSTEM PLAYERS

Katapult Tenderly Garaža Serbia Innovates

An aacceleration program that supports startups in Tenderly Garaža is a community of tech startup ICT Hub’s Innovation cluster support project is
the early stage of product development and market founders with the goal of peer sharing and learning. financed by USAID and aims to develop the first
positioning, aiming to accelerate their growth and Serbian supercluster in a domain such as high-tech
raise additional investments. agriculture and food production, gaming and VR, or
Web3 and blockchain.

TS Ventures Fund Venture an Idea

TS Ventures Fund was established in 2021 by the The Venture an Idea project is led by Digital Serbia
company Telekom Serbia as the first Corporate with the support of the USAID. Through the
Venture Fund in this part of Europe. Its primary goal promotion of entrepreneurial thinking, the project
is to support and invest in early-stage startups. offers opportunities for younger generations to start
their own startups.
Germany
Highlights
Berlin #16 One of Europe’s hottest startup senses is only getting hotter. In 2021, €10.5 billion ($11.6 billion) flowed
into Berlin’s startups, compared with $6.9 billion for all German startups in 2019. Berlin’s ecosystem
accounted for 60% of the total capital invested in Germany. The number of deals also rose 60% year-on-
"Berlin is the city of startups. They are crucial partners in addressing and solving
year to 503, including Germany’s largest transaction ever: Berlin-based delivery service Gorillas raised €861
the challenges we face today and tomorrow. Berlin welcomes innovators from all million in September. This was one of eight financing rounds of more than €500 million ($551 million) in
over the world to work on a better and sustainable future." Berlin in 2021.

Stephan Schwarz
The health sector saw a particular spike in deal making in 2021. Berlin startups in the space closed 57
Senator for Economics, Energy and Public Enterprises
financing rounds, receiving a total of €519 million ($566 million). A recent healthcare industry study by the
WifOR Institute and SNPC ranked Berlin among the top three locations worldwide.

The government is looking to take additional steps to bolster startups. In June 2021, Germany announced
unlocking €10 billion ($12 billion) to support startups in their growth phase. The money is to be distributed
via an investment fund and is intended to address difficulties startups face when trying to raise venture
capital.

Startup support organizations within the ecosystem include Berlin Partner, which supports companies
looking to expand. WomenTech Network promotes gender diversity in tech and connects talented
professionals with top companies and startups that value diversity. At the GREENTECH FESTIVAL
participants from around the world discuss solutions to the climate crisis.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$1.3 m $7 m $62 k
$3.5 bn $94 bn
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
23 bn

334
11.3 bn

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)
$23 bn 6.8 years
GLOBAL AVG.

GLOBAL AVG.
101

7 GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
Fintech AI, Big Data & Analytics
One in ten of all new startups in Germany since Berlin is a leader in developing AI solutions for the
2018 are Fintech companies, and of the 639 Fintech health sector. The annual revenue of AI companies
companies in the country, 28% are in Berlin. Much of in Berlin is expected to reach over €2 billion ($2.2
the success in nurturing Fintech startups can be billion) by 2025. In June 2021, Science & Startups
attributed to a thoughtful approach to regulation, announced it would receive €6.85 million ($8.2
which makes it easy to avoid compliance issues. million) from the German Federal Ministry for
Trade Republic raised €747 million ($824 million) in Economic Affairs and Energy to fund spin-offs in AI.
May 2021, digital banking platform Solarisbank In March 2021, appliedAI launched German AI
raised a €190 million ($210 million) Series D round in Startup Landscape, a centralized database of AI
July 2021, and N26 raised €775 million ($855 million) startups, corporations, and SMEs. Virtual customer
in October 2021. service agent builder Ultimate.ai closed a $20
million Series A round in December 2021.

Reasons to Move Your Startup to Berlin

Ease of Relocation A Dynamic Economy Diverse & Multicultural
Berlin makes it simple for overseas talent to relocate Germany offers many advantages to startups, Community
to the city, with both Berlin Investment Bank and including its large domestic market, spirit of
Germany is a country of immigrants. In 2020 alone,
Berlin Partners offering funding programs for innovation, location at the heart of European
almost 1.2 million people came to live in the country
startups and offering guidance to founders. transport networks, and highly skilled workers.
from abroad. Berlin’s diverse and family-friendly
Municipal services for registering a business and Germany is a leader in science and research with
culture make it an attractive option for those looking
other processes are available in English to simplify 62,105 patent applications in 2020. With a per capita
to relocate.
setting up a startup for non-German speakers. spending power of €24,412 in 2021, Germany ranks
among the countries with the highest purchasing
power in Europe.
Biscay Startup Bay Highlights
At the turn of the 20th century Biscay was an economic and financial benchmark region in Europe, with
MEMBERS: growth based on shipbuilding and steel mills and one of the busiest ports in Europe. It has proved capable
Diputación Foral de Bizkaia of transforming itself from an industrially based territory to an international reference point for business
and tourism.
"As Biscay we are absolutely committed to developing and helping startups, that
is the reason why we have decided to implement Biscay Startup Bay Strategy to Today, Biscay pursues entrepreneurship and innovation as the mainstays of economic and social change,
create in Bilbao one of the most connected ecosystems in the South of Europe." through the Biscay Startup Bay strategy, with its BAT – B Accelerator Tower as the guiding light. This
center for innovation and entrepreneurship is based on a multi-sectoral, multi-corporation approach with
Koldo Atxutegi the involvement of trailblazing local companies and leading corporations on a global scale. Biscay Startup
FDI Director Bay is one of the world's best connected entrepreneurship hubs and it has solid links with the most
advanced innovation and entrepreneurship hubs globally.

Bilbao-Biscay was named the best medium-sized European city for direct foreign investment by fDi
Intelligence. The University of the Basque Country ranked second in Spain for startup creation in 2021,
spinning out 12 companies that year. Its researchers have applied for more than 1,000 patents in the last
five years. The Basque Research and Technology Alliance is a collaboration between 16 technology and
research centers. The organization’s 3,700 research staff members bring in €300 million in investment
annually and apply for 100 patents a year. The Be Basque Talent Network, the largest talent network in the
world, is made up of 6,500 professionals who have links with the Basque Country.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$337 k $1.8 m $36 k
$42 m $471 m
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
11.3 bn

101

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)
$180 m 12.6 years
GLOBAL AVG.

GLOBAL AVG.
106 m

8
11

GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
Cleantech Industry 4.0 and Future
Biscay is an established knowledge hub and an Technologies
industrial reference center in the field of energy. The
Biscay's commitment to Industry 4.0 is based on a
two main focus areas are the Smart Grids, led by
sound fabric of business that incorporates
Iberdrola, the third utility in the world; and
innovative technologies which enable it to address
Hydrogen, led by Petronor, Repsol group’s refinery.
the new challenges which are set to transform the
The Global Smart Grids Innovation Hub, which aims
sector. The industrial fabric of Biscay contains all
to be a world reference in smart grids, launched in
the abilities and skills needed to move firmly in the
October 2021. The Basque Hydrogen Corridor
right direction, with newly-incorporated firms and
(BH2C) is a broad public-private collaboration
innovation projects that incorporate concepts,
strategy to develop 35+ projects all along the
methods and technologies based on Industry 4.0 in
hydrogen value-chain and to advance in the
all aspects.
decarbonisation of the energy, mobility, and other
industrial sectors.

Reasons to Move Your Startup to Biscay Startup Bay

Tax Incentives Educated Talent Infrastructure
The Biscay Bay region has become a "living lab" for Biscay is committed to receiving professionals and The BAT Tower, the network of technology parks,
new ways of thinking about taxation. Thanks to its digital nomads, and offers the conditions necessary venues for promoting digital innovation, company
independent regulatory powers on taxation, Biscay to attract, establish ties with and retain highly nurseries, scaleups, and incubators provides
has a number of tax measures designed to strengthen qualified people in the innovation and knowledge infrastructure to encourage the setting up of
its economic ecosystem and channel it towards process. Bilbao was ranked the world’s fourth best technology-based firms and help accelerate
support for innovation, entrepreneurship, and city for talent retention in the Global Talent development.
alternative financing. Biscay is firmly oriented towards Competitiveness Index 2021. Bizkaia Talent is a
the production economy and provides smooth, close- talent agency in the service of individual specialists
up service via the Provincial Council of Biscay. and businesses wishing to set up in the territory. It
provides a comprehensive orientation service for
talented individuals arriving in Biscay who need
help in setting up in business.
Selected Startup Organizations
STARTUP GENOME MEMBERS

MEMB ER “Startup Genome is proud to collaborate with

“Startup Genome is proud to collaborate with Diputación
Diputación Foral de Bizkaia Diputación Foral de Bizkaia in their efforts to drive
Foral de Bizkaia in their efforts to drive economic growth
economic growth through entrepreneurship,”
The government of the Historical Territory of Bizkaia is the Provincial Council, one of through entrepreneurship. Bilbao’s leadership is taking
the main institutions of the Basque Country. It is headed by the General Deputy and shares Marc Penzel, Founder & President of Startup
impressive and well-coordinated action which will
carries out a wide series of functions including tax collection, urban planning, roads Genome. “Bilbao's leadership is taking impressive
and public works, environment cultural heritage, and social welfare. continue to position Biscay Startup Bay as a fast-growing
and well-coordinated action which will continue to
hub for innovation.”
position Biscay Startup Bay as a fast-growing hub
Marc Penzel, Founder & President
for innovation."
of Startup Genome
Marc Penzel, Founder & President of Startup
Genome

KEY ECOSYSTEM PLAYERS

BAT - B ACCELERATOR TOWER

Far more than an entrepreneurship centre, the BAT community is connected to more than 140 international hubs where key agents interact to create solutions that will allow them to
grow and lead new challenges.
Hungary
Highlights
Budapest Budapest is a lively cultural center and home to a thriving startup ecosystem. More than 900 startups,
over 50 angel investors, and a growing array of startup support organizations call the Hungarian capital city
MEMBERS: home. In 2021, Startups.co.uk named Budapest the number one city in which to launch a business post-
National Research, Development and Innovation Office / Ministry of Innovation & Technology Brexit..
Brexit

"We strongly believe that the abundance of local talent combined with a vibrant The government also offers strong support for startups. Hiventures is one of the largest government
startup ecosystem will significantly contribute to innovation in Hungary. We have funded VC in Europe, managing a startup fund of over $220 million with over 400 investments. NRDI
to continue funding the investment activities of the best private technological Office and Ministry for Innovation and Technology (ITM), recently launched the Startup Factory incubator
program with approximately $6.6. million in co-funding investments of eight technological incubators to
incubators."
be continued in 2022. Four thousand students have enrolled in the Startup University program at over 20
Tibor Gulyás universities. Startup Hungary is an entrepreneur-led organization launched to supercharge the startup
Deputy State Secretary, Ministry for Innovation and Technology community and to support high-growth potential tech companies in Hungary.

Incubator Design Terminal helps innovative Hungarian startups enter the international market, and CEU
iLab’s incubator program provides founders with mentorship and funding opportunities. Seon fraud-
management software company has secured a $91 million investment in 2022, a valuation estimated at
$0.5 billion. Bitrise, a platform for mobile app development, has raised five rounds, including $60 million at
Series C in November 2021.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$325 k $1.4 m $30 k
$211 m $1.6 bn
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
11.3 bn

101

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)
$444 m 10.6 years
GLOBAL AVG.

GLOBAL AVG.
29
265 m

2 GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
Artificial Intelligence Fintech
The Continental Artificial Intelligence Development Around 24% of Hungarian Fintech companies work
Centre is an active player in Hungary’s AI ecosystem, in financial software development and system
housing more than a thousand people working in integration, while 21% are involved in payment
R&D-related activities. OTP Bank has partnered with services and 20% in data analysis and business
data center AI company SambaNova Systems to intelligence services. The World FinTech Festival, a
build Europe’s fastest AI supercomputer. ViroFighter, satellite event of the Singapore FinTech Festival, is
a robot developed by the European Knowledge held in Budapest.
Centre in cooperation with Budapest nonprofit
ELTE-Soft in 2021, is capable of disinfecting a room
autonomously.

Reasons to Move Your Startup to Budapest

Skilled Workforce Low Cost of Living Startup-Friendly Policies
The education system in Hungary is skill-centered Compared to ecosystems in Western Europe and At just 9%, Hungary’s corporate tax rate is among the
and practical, producing high-quality, workforce- the United States, Budapest is a cheap place to lowest in Europe, and a new company can be
ready graduates. 90% of students speak English and found and operate a startup. The Cost of Living registered and receive a VAT number in 72 hours. The
two-third of the startup workforce are STEM Index for the city is 56.5, compared to 100 for New KATA flat-tax system allows self-employed individuals
graduates. This has led many companies in sectors York. The cost of housing, utilities, and education to pay a fixed monthly amount to cover all their
such as pharmaceuticals, engineering, R&D, and IT to are all very low compared to many other tech hubs. Hungarian tax obligations. As of 2020, the monthly
look to Budapest when searching for talent. amount ranged from Ft 50,000 ($165) to Ft 75,000
($248) for those not employed by any other company.
Selected Startup Organizations
STARTUP GENOME MEMBERS

MEMB ER MEMB ER

National Research, Development and Innovation Ministry of Innovation & Technology

Office The Ministry is responsible for creating the national RDI strategy and defining policies
in the field of research, innovation, and higher education. Its responsibilities include
The Office is responsible for the execution of research development and innovation
infrastructure, energy, environmental policies, and economic and competitiveness
(RDI) policies in Hungary and to ensure that Hungary adequately invests in RDI by
strategy.
funding excellent research and supporting innovation.

“Ranking as a Top 25 European Ecosystem in Affordable Talent, the Budapest startup community shows their strengths in the
GSER 2022. The dedication of the National Research, Development and Innovation Office and the Ministry of Innovation &
Technology to improving the local innovation ecosystem is commendable.”
Marc Penzel, Founder & President of Startup Genome
Denmark
Highlights
Denmark Internationally, Denmark’s startup scene may be best known for Copenhagen-founded unicorns including
Zendesk, Trustpilot, and Pleo, but there are several other flourishing clusters of specialized tech
MEMBERS: knowledge. Aarhus is Denmark’s youngest city by population, Odense is a hub for robotics, and Jutland
Digital Hub Denmark offers both urban life and nature. Collectively, Denmark’s cities form a vibrant and nurturing startup
ecosystem that in 2021 was home to more than 4,300 startups and scaleups and 30 active VC investors.
"Denmark is one of the most digitalized countries in the world, making it an The nation has produced 10 unicorns to date.
attractive market to foster innovation and adopt disruptive technologies. With
growing international interest, we will continue to adopt new measures to The robust ecosystem, educated talent pool, and relatively low tax rate of 22% for foreign investors have
attracted the interest of international corporations. IBM has a software development center in
facilitate entry into the Danish ecosystem."
Copenhagen, Apple built a sustainably-powered data center in Viborg, and in December 2021,
Simon Kollerup Meta/Facebook announced plans to expand its Odense data center campus.
Minister for Industry, Business, and Financial Affairs
Denmark has a formal governance model across its strongest digital tech ecosystems (Fintech, Healthtech,
Robotics, Createch, Proptech, Agtech, and Edtech) that is governed by a steering committee for the
Danish Digital Ecosphere, with leaders from the strongest ecosystems and Digital Hub Denmark. Together
they work to attract talent, investors, and customers to the 1,100 tech startups and scaleups in the
ecosphere.

In July 2021, Copenhagen-based Dixa, which creates customer engagement software, raised $105 million in
a Series C round. Aarhus-founded ViaBill has raised $177.3 million over four rounds, including $120 million at
an unknown series round in February 2022.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$1.2 m $4.7 m $74 k
$1.1 bn $38 bn
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
21 bn

258
11.3 bn

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)
$5.9 bn 10.6 years
GLOBAL AVG.

GLOBAL AVG.
101

5 GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
Life Sciences Advanced Fintech
Denmark is one of the fastest-growing European Manufacturing & In 2015, Denmark was home to 70 Fintech
nations for biotech investment, second only to the
Robotics companies. By the end of 2021, it was home to
Netherlands for pace of growth in 2021. Health more than 250. Copenhagen Fintech is one of the
Tech Hub Copenhagen is a community and Odense, Denmark, is one of the top robotics hubs in leading Fintech hubs in the Nordics, with more
coworking space for leading Healthtech startups. Europe, hosting 175 startups and scaleups, 40 than 200 members, strong connections to the
BioInnovation Institute, an initiative of the Novo higher education programs, and 10 research corporate sector, and a lively coworking space.
Nordisk Foundation, operates an incubator and institutes. Robotics cluster Odense Robotics Expense management tools developer Pleo raised a
supports early-stage Life Sciences projects and achieved the EU-certified Gold Label for Cluster $350 million Series C in December 2021, putting the
startups. Cancer therapy developer IO Biotech Management Excellence. DTU Skylab is the company's pre-money valuation at $4.35 billion.
raised $100.1 million in its November 2021 IPO, and Technical University of Denmark’s living lab for Digital bank Lunar has raised $371.3 million in
Bioproduction startup 21st.Bio raised $97.1 million in innovation and entrepreneurship where students, funding over nine rounds.
December 2021. researchers, and corporate partners can collaborate
on innovative solutions for real-world challenges.
Blue Ocean Robotics raised DKK 335 million ($51
million) in January 2022.

Reasons to Move Your Startup to Denmark

Ease of Doing Business Educated Talent Supportive Community
You can register a company In Denmark in 15 minutes Copenhagen is home to the Technical University of Denmark has a tight-knit startup ecosystem that is
with an electronic application and just DKK 1 ($0.15). Denmark, one of the leading engineering easy to tap into. There are numerous platforms that
Companies are tax exempt until their working capital institutions in Europe; Copenhagen Business assist startups looking to enter the Danish market and
exceeds DKK 50,000 ($7,300). The government’s School, one of Europe’s largest business schools; soften the transition. Copenhagen Fintech,
Start-up Denmark initiative is a one-point-of-entry for the IT University; and Aalborg University, which has Copenhagen Health Tech Hub, Odense Robotics,
both EU and non-EU entrepreneurs to relocate and been ranked as Europe’s best engineering Vision Denmark, Proptech Denmark, Edtech Denmark,
grow high-impact startups in Denmark. If accepted to university for five years in a row. Thanks to these Agro Food Park, and the national industry association
the program, up to two founders receive a residence institutions and more, there is an abundance of for startups are some examples.
and work permanent for up to two years, with the highly qualified talent to hire in Denmark.
possibility of a three-year extension.
Selected Startup Organizations
STARTUP GENOME MEMBERS

MEMB ER "We“We are excited

are excited to seeto see Denmark’s
Denmark's rapidrapid progress
progress in in
developing
developing a united
a united and and well-coordinated
well-coordinated startup
startup
Digital Hub Denmark
ecosystem.
ecosystem. In each
In each of Denmark’s
of Denmark's corecore areas
areas of of
Digital Hub Denmark works to make Denmark an even better digital playground. The
hub will support the digital ecosystem in Denmark by matching private companies, innovation,
innovation, be itbe it Proptech
Proptech or Robotics,
or Robotics, you you
will will
findfind
researchers, tech-entrepreneurs, and students in the development of new digital truly
truly inspiring
inspiring andhighly
and highly innovativecompanies
innovative companies that
products, services, and business models. Digital Hub Denmark connects great ideas
with robust experience.
that arearescaling
scalingglobally."
globally.”
MarcFounder
Marc Penzel, Penzel,&Founder & President
President of Startup
ofGenome
Startup Genome

KEY ECOSYSTEM PLAYERS

Matrikel1 Odense Robotics TechBBQ

Houses some of the most promising Danish startups Denmark’s national robotics, automation, and drone The largest startup event in Scandinavia. TechBBQ
and the most prominent investors from pre-seed to cluster brings together the entire ecosystem to drive brings together talent, entrepreneurial minds, and
Series A. innovation and growth in the industry nationwide. international investors to foster innovation in the
Danish ecosystem.

The Association of Tech The Kitchen

Startups in Denmark Aarhus University’s startup hub, dedicated to
helping entrepreneurs and innovators grow.
A member-driven political organization that works to
create the best conditions for tech startups and
scaleups, and ensure the growth of tech companies
in Denmark.
Germany
Highlights
Frankfurt Frankfurt is the economic and geographical center of the FrankfurtRheinMain region and one of the most
important data traffic hubs in the world. Its 43,000 companies employ 650,000 people. Over 40% of sales
MEMBERS: revenue attributable to the 100 highest-grossing software companies in Europe is generated in the
TechQuartier / StartHub Hessen Frankfurt region. Cosmopolitan and fast-growing, Frankfurt is an ideal home for innovative startups looking
for world-class talent and industry partners.
"Frankfurt has a dynamic and increasingly mature ecosystem. A first unicorn in
2021 is an expression of this. With numerous talents, innovative ideas and Entrepreneurs in Frankfurt are supported by a range of government and university programs. StartHub
promising start-ups the region has great potential." Hessen and TechQuartier are key players that connect founders, investors, mentors, and corporate
innovators. The Hessian Center for AI brings together 13 universities to drive research, education, practice
Tarek Al-Wazir and leadership in AI, including the AI Startup Rising project, which supports startups from the ideation to
Minister of Economics, Energy, Transport and Housing and Vice Minister-President, State of Hessen scaling stage.

Some of Frankfurt’s biggest startup success stories include drone manufacturer Wingcopter and cloud
foundation platform meshcloud. Mattress retailer Emma is among the fastest growing companies in
Europe and has expanded internationally. Insurance platform Clark became the region's first unicorn in
2021, and BioNTech SE — which along with Pfizer developed one of the first vaccines against COVID-19 —
is based in the nearby city of Mainz.

In December 2021, Wingcopter received an undisclosed amount of funding from a Japan-based venture
capital firm dedicated exclusively to investments within the drone technology ecosystem, further to the
$22 million Series A it raised in January 2021.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$549 k $4.7 m $60 k
$242 m $11 bn
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
11.3 bn

101
89
7 bn

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)
$1.3 bn 10.2 years
GLOBAL AVG.

GLOBAL AVG.

7 GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
Fintech Cybersecurity Cleantech
As an international financial hub Frankfurt offers Digital Hub Cybersecurity, based in Darmstadt, is Frankfurt was among the first German cities to
Fintech startups proximity to established banks and linked to the Fraunhofer SIT and Germany's adopt a Master Plan to achieve 100% renewable
a large talent pool. The City of Frankfurt and the National Center for Applied Research ATHENE, energy supply by 2050. This continued interest in
State of Hesse are actively promoting the sub- Europe's largest cluster for applied cybersecurity. sustainability has helped Frankfurt become a
sector. FinTech Digital Hub Frankfurt brings Incubation and funding programs including prominent hub for Cleantech talent and
together talent from the financial and startup StartUpSecure|ATHENE have contributed to companies. Approximately one third of the region’s
sectors. The Safe Financial Big Data Cluster, growth in the number of Frankfurt Cybersecurity startups are focused on sustainability and climate.
managed by TechQuartier, enables cross- startups. The city also hosts the European Cyber The Green and Sustainable Finance Cluster
institutional use of financial market data while Security Summit. Germany, co-managed by the Frankfurt School,
preserving data sovereignty. Fintech investor brings together key players. Impact Festival is the
CommerzVentures closed its third fund at €300 flagship event for B2B sustainability startups in
million ($327 million) in March 2022. The fund has Hessen. Examples of local Cleantech companies
invested in 28 companies to date. include Africa GreenTec, which delivers solar
powered containers to rural areas of Africa.

Reasons to Move Your Startup to Frankfurt

Access to Talent Access to Major Players Strategic Connections
Frankfurt is home to some 230,000 students studying A major European financial center, Frankfurt is Frankfurt has built bridges with nearby startup
at 53+ research institutes and 25+ universities, home to the European Central Bank, Deutsche clusters and talent pools. The city joined with
including several excellent universities like TU Bundesbank, Frankfurt Stock Exchange, Deutsche neighboring Darmstadt, also home to renowned
Darmstadt and Goethe University. As a result the Bank, DZ Bank, KfW, and Commerzbank, as well as universities and a strong financial sector, to create a
region boasts a highly qualified workforce. A dense major players in other industries. tech hub and to connect technical talent with the
network of ties connects universities and innovative banking industry. Frankfurt’s central location in
companies ensuring close links between research Europe also makes it a logistics hub, with data, people,
and industry. and goods streaming through the city continually.
Selected Startup Organizations
STARTUP GENOME MEMBERS

MEMB ER MEMB ER

TechQuartier StartHub Hessen

TechQuartier is a community-based innovation manager and ecosystem builder for StartHub Hessen is the central platform for startups and the Hessen startup
startups and corporates to develop digital solutions together. Our community consists ecosystem. We help startups and other players with networking and visibility, and
of more than 500 startups plus scaleups, corporates, investors, universities, regulators, provide an overview of funding options.
public administration and institutions.

KEY ECOSYSTEM PLAYERS

Impact Festival ATHENE Digital Hub Frankfurt Forward

Europe's largest B2B platform for sustainable Cybersecurity A project of the Frankfurt Economic Development
innovation and technology, accelerating green Agency, Frankfurt Forward is the independent
A project of the National Research Centre for
transformation and connecting innovators, matchmaker and innovation driver for the
Applied Cyber Security ATHENE in Darmstadt, which
companies, and investors. FrankfurtRhineMain startup ecosystem.
has become Germany's leading innovation
community for cybersecurity startups.

“Ranking as a Top 30 Global Emerging Ecosystem, Frankfurt continues to punch above its weight class. It is inspiring to see
how coordinated action from a diverse group of leaders and experts can result in accelerated economic performance and
entrepreneurial growth.”
Marc Penzel, Founder & President of Startup Genome
Finland
Highlights
Helsinki Metropolitan Area Finland may have a population of just 5.5 million, but the country has a proven ability to turn out global
startup success stories from Nokia and Rovio to Wolt and KONE. Some 4,000 startups are currently
MEMBERS: located in the country, and the Helsinki Metropolitan Area is the beating heart of its startup scene.
City of Helsinki / City of Espoo / City of Vantaa
Slush, a student-run tech conference, brings international and domestic entrepreneurs and investors to
"Helsinki Metropolitan Area delivers the kind of innovation the world needs. We Helsinki every November. Junction started out here as a single hackathon, but has developed into a series
believe in trust-based and radically multidisciplinary collaboration that drives of tech events around the world. The Otaniemi-Keilaniemi area in Espoo is an innovation hub — home to
purpose-based growth. Innovation is driven by the well-being of empowered startups, corporations, and R&D institutions including Aalto University and the Technological Research
Centre of Finland VTT.
people."

Harri Paananen In recent years, several domestic venture capital funds with more than €100 million ($109 million) in assets
Director of Economic Development, City of Espoo have emerged in Finland. Longtime players in the local investment scene have also successfully marketed
the nation to global investors. Finnish companies received €929 million (around $1 billion) in private
investment in the first half of 2021, an all-time high. The average investment in Helsinki area startups is
now $408,000 at seed stage and $2.7 million at Series. A. Many Helsinki area accelerators and incubators,
including Nordea Startup Accelerator and Kiuas, invest in early-stage startups. Government start-up grants
offer new entrepreneurs around €700 ($763) per month for 12 months while they get their businesses off
the ground. With its track record of producing unicorns, Finland also now has serial entrepreneurs who are
reinvesting the money they made from successful exits in the country’s ecosystem.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$746 k $2.4 m $54 k
$950 m $25 bn
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
14 bn

163
11.3 bn

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

101

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)

$4.8 bn 8.9 years
GLOBAL AVG.

GLOBAL AVG.

5 GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
 helped nu rtu re startu p success stories such as Wolt

Sub-Sector Strengths and accelerator Kiu as.

Digital Health AI, Big Data & Analytics Gaming

Finland is a global leader in Digital Health, with According to Business Finland, there are over 300 AI Finland is home to Scandinavia’s biggest gaming
Bayer, Thermo Fisher Scientific, Fujitsu, and GE startups in Finland and the top 30 companies are industry. AMD, Nvidia, EA, Ubisoft, Unity, and Zynga
Healthcare choosing the country for R&D centers of doubling their growth each year. The number of all have a presence in Finland. More than 3,000
excellence. Business Finland’s €12 million ($13.1 people working at AI startups in Finland is shooting people are employed in the Gaming industry in
million) E3 initiative aims to combat future up 33% each year. The Finnish AI Accelerator, the Finland and nearly one quarter of Finland’s game
pandemics. CleverHealth Network brings together Tampere AI Hub, and the AI Academy at University developers are foreign born. Over 20 universities in
government, clinicians, companies, and startups to of Turku are all driving AI commercialization in the the county offer programs in Gaming, attracting
develop health solutions. Finland will host the 2022 country. Finnish universities offer top-level AI students from around the world. Gaming startup
Healthcare Information and Management Systems education. The Finnish Center for Artificial Return Entertainment closed a €5.3 million ($5.8
Society European Health Conference. Success Intelligence is a community of AI experts in Finland, million) funding round in February 2022. Mobile
stories include Deep Sensing Algorithms, makers of initiated by Aalto University, University of Helsinki, game studio Metacore has raised $218 million over
the world’s first rapid COVID-19 detection and VTT Technical Research Centre of Finland. six rounds.
technology that analyzes exhaled breath. Aiforia, a Database-as-a-service platform Aiven raised a $60
provider of AI-based solutions for clinical million Series C in October 2021, putting the
diagnostics, raised a €17.5 million ($19.1 million) company's pre-money valuation at $1.9 billion.
Series B in September 2021.

Reasons to Move Your Startup to Helsinki Metropolitan Area

Quality of Life Access to Talent Ease of Doing Business
Finland has been ranked the world’s happiest country Finland’s educational system is among the best in Finland's corporate tax rate of 20% is among the
for the five years in a row, and Espoo, just west of the world, and the Helsinki area consistently ranks lowest in the EU and the lowest among the Nordic
Helsinki, has been ranked as one of Europe’s most in the European top 10 for productivity and global countries. Finland is also offering new tax deductions
sustainable cities. Human wellbeing is among the competitiveness. The Global Talent Competitiveness for companies operating in the country. Business
best in the world. According to BMI Research, Finland Index 2021 from INSEAD ranked Finland #7 among Finland provides low-interest loans and grants to
will remain one of the world’s most politically stable 134 countries globally, citing the workforce’s strong innovative companies with global growth potential, as
countries at least through 2025. Finland is also a high- technical skills among other strengths. Aalto well as funding for R&D work carried out by
trust society: in 2019, 64% of the population reported University rose 15 places in the QS World University companies, research organizations, and the public
trusting the government, compared to an OECD Rankings from 2020 to 2021 and now ranks #63 sector. The Aalto Entrepreneurship Society has
average of 45%. worldwide in research impact. The Otaniemi- helped nu rtu re startu p success stories such as Wolt
Keilan iemi area is home to 800 compan ies and R&D and accelerator Kiu as.
actors, including Aalto Un iversity and the VT T
Technological Research Centre of Fin land.
Selected Startup Organizations
STARTUP GENOME MEMBERS

MEMB ER MEMB ER MEMB ER

City of Helsinki City of Espoo City of Vantaa

Helsinki is a city for all, a place for good life. It is a smart, Espoo-based startups electrified the creation of a new Vantaa is an innovative city of sustainable growth and
safe, and compact city that is known for its combination Finnish innovation culture at the end of the 2000s, when was elected as the rising innovative city in Europe in 2021.
of urban culture and nature. Helsinki cherishes its open, Nokia hit hard times. Today, many of Finland’s most Aviapolis is also a logistics hub and an innovative future
participatory culture that is a source for its innovative and promising Deep Tech startups come from Espoo, and most airport city, combining residential area, business
creative atmosphere. A hotbed for innovation, and an of Finland’s unicorns were born here. Finland’s key opportunities, and the airport. To enhance the dialogue
ideal testing ground for bold new ideas, it is the perfect sustainable innovation players and most valuable between the city, businesses and higher education
size for startups to test the waters and obtain first companies are located in Espoo. Big players like Nokia, institutions, Vantaa operates within business ecosystems.
references. Helsinki provides a stable and well-functioning Kone, and VTT make Espoo #6 among European cities The purpose of these Key Business Clusters is to create
business environment that nurtures startups to success that applied for most patents in 2020, and Espoo is #8 in connections between companies of all sizes, from startups
and is a modern and attractive location for entrepreneurs. Europe in capital invested (2020). The city has repeatedly to industry leaders. The aim is to create new business
been recognized by the European Commission for using opportunities by sharing knowledge, new ideas, and
innovation to improve the lives of citizens. innovations.

KEY ECOSYSTEM PLAYERS

Aalto University Kiuas

Aalto University is where science and art meet Kiuas is the leading startup accelerator in Finland. “The Helsinki Metropolitan Area
technology and business. The university is home to a The student-driven accelerator provides early-stage
has risen more than 20 places
vibrant entrepreneurial ecosystem powered by startups with invaluable support, networks, and tools
student-led activities and research and innovation hubs. to progress to the next level. from last year, joining the runners-
up category as the #35 startup
He
elsinki Education Hub (HEH) Maria01 ecosystem globally. We celebrate
Helsinki Education Hub aims to be a global model f or An entrepreneurial community and a selection- this incredible surge of activity
sharing and enhancing education and learning based campus for tech teams. alongside the City of Helsinki, City
technology by connecting and facilitating
international expertise, talent, and networks. of Espoo, and City of Vantaa.”
Slush
Marc Penzel, Founder & President
Slu sh is the world's lea ding sta rtu p event,
connecting f ou nders with what a nd whom they of Startup Genome
need wh ile bu ilding a new, inclu sive, a nd more
pu rposef u l cu ltu re of entrepreneu rsh ip.
Turkey
Highlights
Istanbul Turkey is home to nearly 42 million digitally savvy young people, and Istanbul is the hotspot for these
digital natives. More than 80 active organizations supporting startups call the city home, including Plug and
MEMBERS: Play Istanbul and Endeavor. The city also hosts various startups events, including pitching competition
Istanbul Development Agency Take-Off, aerospace festival TEKNOFEST, and international gaming exhibit GAMING ISTANBUL.

"The last decade has witnessed the rise of a resilient, attractive, and rapidly The state is nurturing this growing ecosystem through various means. Istanbul Development Agency’s $30
evolving startup ecosystem in Istanbul. Out of this dynamism, Istanbul will million regional venture capital fund expands funding opportunities, retaining Development and
emerge as a leading attraction spot for global technology startups." Investment Bank of Turkiye’s $95.5 million fund of funds. Following the legalization of equity-based
crowdfunding, six new platforms are set to begin operations. 2021 was a record year for fundraising in
Mustaf a Varank Istanbul, both in the number of deals and total investment. With 294 deals totaling $1.55 billion, Istanbul
Minister of Industry and Technology was second in MENA for both metrics, and fourth in Europe for number of deals. Total investment
skyrocketed 948% year-over-year while deal count was up 47%, according to startups.watch.

Amongst 2021 exits, online shopping company Hepsiburada took the lead with its $761 million exit via a
secondary transaction on a NASDAQ IPO. Since Peak Games became the country’s first unicorn in 2020,
the country has gained five more. One of them, Trendyol, raised an additional $1.85 billion in 2021,
becoming Turkey’s first decacorn. Grocery delivery startup Getir has become “the hottest new idea in
online retail,” according to the Financial Times. It was the country’s second decacorn. AI-powered digital
marketing platform Insider is the latest addition to the unicorn club.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$250 k $1.7 m $15 k
$475 m $17 bn
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
11.3 bn

101
8 bn

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)
54

$2 bn 8.5 years
GLOBAL AVG.

GLOBAL AVG.

9 GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-sector Strengths
Gaming AI, Big Data & Analytics Fintech
When San Francisco-based Zynga bought Turkish Istanbul is home to 73% of Turkey’s AI startups. The Fintech is the busiest sub-sector in the country,
mobile gaming company Peak for $1.8 billion in National AI Strategy released recently a five-year with 589 active startups targeting 70.3 million
June 2020, the acquisition created Turkey’s first plan to modernize regulations and expand access digital banking customers. Approximately 9% of all
unicorn. Istanbul’s Gaming ecosystem has become to quality data and infrastructure advantages new Turkish startups are in Fintech. Türkiye Wealth
the second-largest gaming cluster in Europe, with through Turkey’s tech base, Informatics Valley. AI- Fund forecasts that the annual value of Turkish
165 studios. Turkish Gaming companies closed $265 focused higher education continues to grow in the financial services exports will increase from $2
million in funding in 2021, with valuations up 80% city, which now has three bachelors degrees and billion to $16 billion by 2036. Regulatory reforms
year-over-year. Dream Games raised a $225 million nine masters-level programs on AI and data science. enabling branchless and service model banking
Series C in January 2022 to become the sub- The state-backed Tech-InvesTR VC Program were completed by the start of 2022. Fifteen VC
sector’s second unicorn with a value of $2.75 billion. nurtures early-stage companies. AI-supported real funds and startup support mechanisms owned by
Spyke Games received $55 million in Seed funding estate startup Tiko’s 2021 $65 million round is the financial institutions are set to invest in the sub-
in January 2022. country’s largest Series A to date. No-code AI sector. The Istanbul Financial Center aims to
platform Cameralyze raised a $3 million seed round become a major business district serving Fintechs
in February 2022. Logistics company Yolda.com and financial firms. Fintech Tarfin raised an $8
raised a $5 million seed round in December 2021. million Series A in December 2021.

Reasons to Move Your Startup to Istanbul

Supportive Community Young Tech Talent Globally Connected
Traditional Turkish values like generosity, loyalty, and With half of the population under the age of 32, With various accelerator programs and a wide range
strong community networks mean successful tech Turkey has the largest youth population in Europe. of international events, Istanbul acts as a bridge
entrepreneurs maintain strong relationships with the Many of those tech-savvy young people select connecting east and west and local players with
Istanbul ecosystem, acting as mentors, angels, or Istanbul as a destination for higher education, global entrepreneurial networks. Examples include
serial entrepreneurs. The CEOs of Yemeksepeti, creating a vast pool of talent for employers. State- the state-led startup summit, Take-Off, and
Pozitron, and Mynet founded the country’s first angel led 1 Million Coders initiative is entering its third StartupIstanbul, which hosts over 500 startups and
investor network, Galata Business Angels, and serve as year, and global coder training platform 42’s 300 investors from 80 countries. Istanbul Technical
board members and managers of startup support Istanbul branch has joined it to nurture the talent University’s incubation center, ITU Seed, is gearing
organizations. pool with fresh minds. up to launch an international startup accelerator
program.
Selected Startup Organizations
STARTUP GENOME MEMBERS

MEMB ER “StartupGenome
"Startup Genomeisisthrilled
thrilledto
tosee
seemore
moreandand more
more global
startup
global success
startup stories
success bornborn
stories out out
of Istanbul. The on-
of Istanbul.
Istanbul Development Agency
demand
The delivery
on-demand company
delivery Getir isGetir
company a great
is aexample
great but
Istanbul Development Agency is a government agency with a view to expediting
regional development, providing sustainability, and closing interregional and there is sobut
example much more
there is sohappening.
much more The dedication of the
happening.
intraregional gaps by improving collaboration among public sector and private Istanbul Development
The dedication of theAgency helped
Istanbul place Istanbul as a
Development
industry and non-governmental organizations, fostering opportune and efficient use
of resources and galvanizing the local potential. It implements programs and supports
Agency helpedTop 15 Istanbul
place Emerging asEcosystem.”
a Top 15 Emerging
projects and activities for the development and strengthening of Istanbul’s startup Ecosystem."
Marc Penzel, Founder & President
ecosystem to make it a prominent international entrepreneurship hubs.
of Startup
Marc Penzel, Founder Genome
& President of Startup
Genome

KEY ECOSYSTEM PLAYERS

TEKNOFEST ITU Seed Endeavor Turkiye

TEKNOFEST is Turkey's aerospace and technology ITU Seed supports tech-based incentives as an Endeavor Turkiye aims to create multiplier effect by
festival, organized with the partnership of numerous ecosystem prescribing pre-incubation, acceleration, inspiring high-growth entrepreneurs to dream
organizations. It hostis technology competitions in Big Bang, and incubation phases to entrepreneurs at bigger, supporting and investing in them to scale
35 different categories. the idea or development stage. faster, and providing a platform to pay it forward.

BTM startups.watch
A social structure that offers all kinds of support on A research platform that provides a full
entrepreneurship and innovation in the processes of understanding on trends, transactions, and what’s
commercialization of new business ideas and their next via tracking startup ecosystems.
growth after commercialization.
France
Highlights
Lille The Lille Metropolitan startup ecosystem is one of the largest in France, reaching beyond Lille to the
British and Belgian borders in the north, and down to Paris in the south. Of the 26 French unicorns to
MEMBERS: date, two are based in Lille. Cloud computing company OVHcloud had the largest startup IPO in French
EuraTechnologies history and entered the SBF 120 index only three months after listing on Euronext.

"If Lille were a country, it would make the headlines of the Wall Street Journal. It The local and regional governments are invested in developing startups and offer financial support to
has the largest startup IPO in OVHcloud, the largest industrial startup in Exotec, accompany startups through the incubation and acceleration phase and beyond. Lille remains very
and the largest European startup incubator in EuraTechnologies." affordable compared to Paris even though it’s only an hour commute to Paris or London, and barely 30
minutes to Brussels. The region is recognized as the largest retail hub in Europe and startups can gain
Nicolas Brien access to mentorship and partnership opportunities with large corporate groups such as Auchan, Leroy
Chairman of the Board, EuraTechnologies Merlin, and Decathlon.

The ecosystem includes France’s top three industrial startups: Exotec, Innovafeed, and Ynsect. Also
present are tech companies including IBM, OVHcloud, CapGemini, SopraSteria; renowned research
institutes INRIA and CEA Tech; investment and venture capital firms Crédit Agricole, Assurances BPCE,
FINOVAM, Finorpa, Jezby Venture, and many business angels.

Lille hosts the largest annual conference dedicated to digital security and trust issues in Europe: the FIC.
Lille is also the third largest university city in France, with over 152,000 students. Stanford University’s
Center for Professional Development plays a large role in the ecosystem through the Stanford-Lille
Innovation and Entrepreneurship program.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$1.2 m $4.2 m $38 k
$75 m $7 bn
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
11.3 bn

101

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)
5 bn

$810 m 9.4 years

GLOBAL AVG.

GLOBAL AVG.
30

6 GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
Cybersecurity Agtech & New Food Life Sciences
Lille is one of France’s biggest Cybersecurity hubs. A The Lille ecosystem has a strong Agtech sector. In- The Clinical Investigation Centre for Innovative
Cybersecurity campus at EuraTechnologies will field data-based platform Sencrop (which has Technology studies biosensors and e-health with
open in September 2022, and the ecosystem is raised over $30 million to date), digital optimization the aim of developing innovative technologies and
home to companies including OverSoc, Cryptr, outfit Alvie, agricultural mechanization tool facilitating the creation of new companies. The
Paprwork, Allistic, DataTrust, Résistez aux Hackeurs, Karnott, and algae-based air purification startup Eurasanté health cluster hosts 4,000 public and
and Vade. The International Forum on Bioteos are just some examples of the enterprises private researchers and 80 research centers. The
Cybersecurity (FIC) brings together 13,000 national using nearby land and working with local farmers Health Entrepreneurship Program, developed by
and international visitors over three days in Lille to test their innovations. Several startups are Lille University and Eurasanté, is a multidisciplinary
each year. developing solutions to answer the challenges of degree that gives students an understanding of the
feeding populations and improving the Life Sciences innovation ecosystem and its
environment as climate change accelerates. challenges. Eurasanté runs the Life Sciences-
focused Eurasanté Bio-Incubator and Bio-
Accelerator for worldwide startups willing to
establish a presence in the Lille region.

Reasons to Move Your Startup to Lille

Large Talent Pool Vibrant Ecosystem Affordability and Strategic
With over 152,000 university students in the larger Lille offers an ecosystem of like-minded partners, Location
metropolitan area, Lille has one of the largest talent investors, and entrepreneurs who strive for
Lille is an hour from Paris, but the cost of renting
pools in Europe. Renowned schools such as the excellence through sustainable and inclusive
office space is around 80% lower than in the French
EDHEC, IESEG, SKEMA, UC Leuwen, UT Compiègne, innovation. Large corporations, research centers,
capital. Lille offers direct rail access to many
Centrale Lille, HEI, ISA, and Elisa Aerospace, among and investment firms work with startups to provide
European cities, with the Eurostar to London; the
others, are within a 30-minute commute. concrete support through feedback on product-
Thalys to Brussels, Amsterdam, and Cologne; and the
market fit, partnerships, and financial agreements.
French SNCF to Paris, the rest of France, and several
European countries. The Lille and Charleroi airports
are both close by.
Selected Startup Organizations
STARTUP GENOME MEMBERS

MEMB ER “Lillecontinues
"Lille continuestotogain
gainininsuccess
successand
andvisibility
visibilityas
as a hub
for
a startup
hub for success. The Agtech
startup success. The startup
Agtech Sencrop
startup recently
EuraTechnologies
made recently
Sencrop headlines by raising
made one of
headlines bythe largest
raising onefunding
of
EuraTechnologies is Europe's largest startup incubator and accelerator, spread over
150 000 m2 in four cities (Lille, Roubaix, Willems, Saint-Quentin). EuraTechnologies rounds
the in funding
largest Agtech in Europe.
rounds We are in
in Agtech proud to collaborate
Europe. We
supports the development of all tech entrepreneurs thanks to its unique 13 years track closelyare
with EuraTechnologies
proud to collaborateto celebrate
closely withand accelerate
record in supporting entrepreneurship and innovation, in France and abroad.
EuraTechnologies their impressive
to celebrate andjourney.”
accelerate their
Marcimpressive journey."& President
Penzel, Founder
of Startup
Marc Penzel, Founder Genome
& President of Startup
Genome

KEY ECOSYSTEM PLAYERS

EuraTechnologies Hiptown Plaine Images

EuraTechnologies is leading a new generation of Hiptown is a coworking space in the heart of the Plaine Images is a startup incubator and accelerator
startup incubators and accelerators. We love city, where fulfilment rhymes with efficiency. Its goal dedicated to creative industries. We do everything
creating unicorns... but our primary goal is to create is to enhance spaces by making people happier and we can to make the best business ideas come true!
jobs, by building thriving companies that make a more fulfilled in their work environment.
positive impact.

Finovam Gestion Jezby Ventures

Finovam Gestion is a venture capital firm approved Jezby Ventures seeks to invest in the SaaS,
by the AMF which takes minority stakes in innovative technology, cloud infrastructures and energy sectors.
SMEs with high growth potential. It guarantees real speed and agility in the support
of innovative projects and eclectic entrepreneurs
who act in the public interest.
United Kingdom
Highlights
London #2 London remains Europe’s startup capital and ranked fourth globally for VC investment in 2021. The city’s
tech companies raised an all-time high of $25.5 billion in VC funding last year, more than double its 2020
total. An influx of capital into the U.K. capital from Silicon Valley is driving much of this boom. Cleantech
"It’s fantastic to see that London tech companies are attracting large volumes of
has been a particularly hot sub-sector with $1.7 billion pumped into London-based Cleantech companies
capital across all stages of the funding journey as a sign that our tech in 2021. London is the #2 city globally for the number of Cleantech rounds raised by startups.
ecosystem is truly flourishing and our entrepreneurs are second to none."
Local VC firms include Balderton Capital, which focuses on backing European technology companies. In
Eileen Burbidge
November 2021, it announced it had raised a second, $600 million fund. Early-stage VC firm Passion Capital
Partner, Passion Capital
announced its third, $62.5 million fund in March 2021.

Unsurprisingly given this flood of investment, London gained 20 new unicorns in 2021, more than any
other previous year. These include Insuretech Marshmallow, SaaS company TrueLayer, and Fintech Starling
Bank. London’s total unicorn count now stands at 75, making it the unicorn capital of Europe. In January
2022, Wayve, a provider of autonomous vehicle software, raised a $200 million Series B round that drew
participation from Microsoft, Eclipse Ventures, and Balderton Capital, among others.

London Tech Week is the UK’s tech flagship event, where global founders, investors, and more come
together to discuss all things tech. Black Girls In Tech Fest is a networking and recruitment event to
create pathways for Black women in tech. Tech Nation provides coaching, content, and community for
founders, leaders, and scaling companies.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$714 k $6.2 m $69 k
$14 bn $314 bn
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
79 bn

1441

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)
$68 bn 9.5 years
GLOBAL AVG.

GLOBAL AVG.
11.3 bn

7
101

GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
Fintech Edtech
London-based Fintechs raised $11.7 billion in 2021, The U.K.'s Edtech sub-sector attracted a flood of
which accounted for 46% of total VC investment for American money in 2021r. More than 40% of all
the year. Barclays Accelerator, a Fintech-focused Edtech investment into Europe goes to the U.K.
accelerator powered by Techstars, reached a $4 EdTech World Forum and London Edtech Week are
billion valuation in 2021. The government plans to key events. Student recruitment platform Unibuddy
support the sub-sector with new visa pathways for raised a £14.5 million ($18.9 million) Series B in July
foreign workers, enhancing the regulatory toolbox, 2021. Apprenticeship startup Multiverse raised a
reforming market-listing rules, and exploring a $130 million Series C in September 2021. Online
central-bank digital currency. Revolut raised an $800 teaching platform Atom Learning raised a £19
million Series E in July 2021. Payment solutions million ($24.7 million) Series A in December 2021.
provider SaltPay raised a $370 million Series C in
November 2021, and Blockchain-based lending
platform Celsius Network raised a $350 million
Series B the same month.

Reasons to Move Your Startup to London

Access to Funding Government Support
Compared with other international tech hubs, The mayor of London’s £1 million ($1.3 million)
startups in London have access to deeper pools of Resilience Fund challenges innovators to develop
capital, with an average seed round of $653,000, solutions to some of London’s most pressing
compared to a global average of $494,000. As of the problems. London & Partners offers support and
close of 2021, London was home to over 1,370 VC advice for scaleup companies looking to set up
firms, more than any other European city. Several shop in London. Its Business Growth Programme
global investment firms have increased their presence supports pre-seed and seed stage startups and
in London recently. Index Ventures announced a $3.1 SMEs that employ between five and 10 people. The
billion fund for European startups in July 2021, while program also runs an accelerator program for
Silicon Valley-based VC Sequoia Capital also mission-driven businesses working towards the
expanded its footprint in the UK capital. UN’s Sustainable Development Goals. Selected
compan ies gain access to corporates, mentors,
workshops, and bu siness advice.
Germany
Highlights
Mannheim-Heidelberg The Mannheim-Heidelberg startup ecosystem has grown up around the region’s venerable universities
and the many international corporations based in the area, including BASF, SAP, Roche, John Deere,
MEMBERS: Daimler-Benz, and Bombardier. Today, the southwest German area is a hub for Life Sciences research and
Heidelberg Technology Park / NEXT MANNHEIM innovation. Additionally, top-notch Artificial Intelligence startups are on the rise.

"Heidelberg and Mannheim are great locations for fast growing startups like Through Medtech centers CUBEX ONE and CUBEX41, Heidelberg Technology Park, and the BioRN
Getsafe. The universities provide us with excellently trained employees and BioTech Cluster, startups can access labs and offices in close proximity to leading research institutes. The
quality of life is a big plus. In addition, both cities offer a good infrastructure for Inspire Living Lab has been created as a testing platform with 26 beds within Mannheim University
Hospital. Startups and SMEs can test and improve their products in the clinical routine and take advantage
entrepreneurs."
of user feedback from doctors, nurses, and patients.
Christian Wiens
Founder and CEO, Getsafe The Mannheim-Heidelberg startup ecosystem offers accelerator programs for Life Sciences, Artificial
Intelligence, and Industry Tech. Startups can apply for pre-seed funding from the state of Baden-
Württemberg, and Heidelberg Startup Partners and MAFINEX Founders Club arrange business angel speed
dating and VC networking events to arrange additional funding.

Mannheim-Heidelberg has produced multiple notable investment deals and exits recently. AI startup
Aleph Alpha raised a €23 million ($25 million) Series A in July 2021, and Swedish giant Klarna acquired local
Fintech Stocard in a €113 million ($123 million) deal the same month. Decision intelligence platform
Paretos closed a €3.5 million ($3.8 million) seed round in September 2021, and digital insurance company
Getsafe raised a $93 million Series B round in October 2021.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$700 k $3 m $62 k
$100 m $2.3 bn
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
11.3 bn

101

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)
$787 m 11.4 years
GLOBAL AVG.

GLOBAL AVG.
27
417 m

5 GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
Life Sciences AI, Big Data & Analytics
With two university hospitals and extensive research
Mannheim-Heidelberg is a hotspot for machine
activities in the fields of drug development,
learning in Germany. The Heidelberg Collaboratory
diagnostics and medical technology, Life Sciences
for Image Processing is a joint institution of the
startups play a prominent role in the Mannheim-
University of Heidelberg and companies including
Heidelberg region. In Mannheim, the MMT Campus
Bosch and Bayer. It is one of the leading research
is home to research projects including M2OLIE,
institutions in the field of computer vision. Together
Hybrid-OR, and Inspire Living Lab. In Heidelberg, the
with local universities and other research
Life Sciences cluster BioRN spearheaded the launch
institutions, it forms the starting point for
of BioLabs Heidelberg. Clinical-stage
innovative startups in the fields of computer vision,
biopharmaceutical company Exciva raised a €9
natural language processing, and optimization. A
million ($9.8 million) Series A round in October 2021.
large part of the current financing rounds can be
traced back to these areas.

Reasons to Move Your Startup to Mannheim-Heidelberg

International Research Economic Powerhouse Quality of Life
Heidelberg is home to Germany's oldest university The greater Mannheim-Heidelberg region is one of Situated on the Rhine and Neckar rivers, at the foot of
and 57 Nobel laureates are connected to the city. the strongest economic regions in Europe. Its mountains, the region is praised for its quality of life.
Mannheim University is one of Germany’s most 160,000 companies include 10 of the largest In addition to nature, the 500,000 inhabitants of the
prolific business schools. Other research institutes German companies. Startups find a vibrant scene cities of Mannheim and Heidelberg and the 2.4
include the German Cancer Research Center, the and optimal infrastructure in the industry-specific million inhabitants of the metropolitan region enjoy a
European Molecular Biology Lab, and various Max technology and startup centers. This includes the wide range of cultural offerings and a vibrant
Planck Institutes and Fraunhofer Societies. The strong direct connection to the European road and rail nightlife. Together with the moderate cost of living
research orientation leads to an international crowd system as well as the proximity to Frankfurt Airport. compared to other metropolises, this is a great
and an influx of highly qualified workers. starting point for international hires.
Selected Startup Organizations
STARTUP GENOME MEMBERS

MEMB ER MEMB ER

Heidelberg Technology Park NEXT MANNHEIM

Heidelberg Technology Park has been the nucleus of the regional biotech ecosystem NEXT MANNHEIM is the brand under which the City of Mannheim combines and
since 1984. Neighboring Heidelberg University and Clinics, German Cancer Research promotes a wide range of activities in the areas of start-up ecosystem, cultural urban
Center, and the Max-Planck-Institute for Medical Research, it offers 100,000 square development and internationalization. Thanks to the interdisciplinary exchange
meters of laboratories, clean rooms, and offices to startups in the fields of between the tech, creative, cultural and urban innovation sectors combined with the
biotechnology, medical technology, Artificial Intelligence, and electronics. Heidelberg economically strong region, one of the most attractive locations in Germany for
Technology Park maintains a network of experts and investors and numerous support startups and a diverse innovation ecosystem has been created.
services for entrepreneurs.

KEY ECOSYSTEM PLAYERS

Life Science Accelerator KI-Garage ("AI Garage") “We eagerly anticipate what’s ahead
Baden Württemberg KI-Garage (“AI garage”) by Baden-Württemberg for the Mannheim-Heidelberg startup
Stiftung is aimed at scientists and entrepreneurs in
Supported by the state of Baden-Wuerttemberg the
the field of artificial intelligence. Participants receive ecosystem. With some of the most
Life Science Accelerator recruits pre-seed to seed-
stage teams working on BioTech, MedTech, and
business support, technological expertise and access impressive success stories like Unzer,
to venture capital.
digital health products. Participating teams get Getsafe or Stocard, the ecosystem
support by mentors and industry experts.
can no longer be considered a
Up2B Accelerator
The Up2B Accelerator supports startups from the hidden champion. We look forward
Mannheim Medical field of industrial tech. After completing the five to be working with Technologiepark
Technology Campus (MMT short programs, startups leave with contacts to pilot
Heidelberg, Next Mannheim, and
customers and investors, equipped with the
Campus) knowledge to build and grow a B2B business. other important players in the region
The Campus provides a unique concentration of
to continue to accelerate local
industry, hospital and research facilities, all within
walking distance. Industry, healthcare and research
BioLabs Heidelberg ecosystem performance over time.”
professionals develop medical devices in a joint, BioLabs Heidelberg offers fully-equipped laboratory
digital and international approach. and office space with access to capital and industry Marc Penzel, Founder & President
partners. Originating from Boston, the coworking lab
of Startup Genome
provider for biotech startups touches European soil
for the first time in Heidelberg.
Germany
Highlights
Metro Rhein-Ruhr Nearly one in five German startups now comes out of the state of North Rhine-Westphalia. The Metro
Rhein-Ruhr region is the hub of this activity, leveraging its history as a manufacturing center and research
MEMBERS: location to become a hotbed of innovation in Industrial Technologies, Cleantech, and AI.
North-Rhine Westphalia State Government
Demand for Advanced Manufacturing solutions is high across Germany, where 84% of manufacturers plan
“The interaction of globally operating industry, the densest university and to invest €10 billion ($10.9 billion) per year into smart manufacturing technologies through 2025. The
research landscape in middle Europe, and a huge number of hidden champions Exzellenz Start-up Center NRW initiative contributes to this need for innovation by supporting the
and innovative founders make Metro Rhein-Ruhr a highly networked and active transfer from scientific results to industry applications. It is investing €150 million ($164 million) through
2024 in Exzellenz Start-up Centers at universities in Aachen, Cologne, Bochum, Dortmund, Munster, and
ecosystem with great potential for further growth.”
Paderborn to smooth the path from academic research to thriving startup.
Dr. Johannes Velling
Director General Digitalization and Foreign Economics, Ministry of Economic Affairs, Innovation, Digitalization Incubators including Startplatz in Düsseldorf and Cologne, and Co:Forward in Aachen support startups in
and Energy of the State of North Rhine-Westphalia the area. With Scale-up.NRW, the region recently launched an ambitious program to help companies
through the transition from startup to scaleup and expansion into global markets — the first of its kind in
Europe. In addition, the region is characterized by a broad network of Digital Hubs, which connect startups
with corporates and SMEs. The state-owned agency NRW.Global Business supports investors in tax and
legal matters, provides detailed information on industry clusters, and helps identify suitable locations for
projects.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$1.2 m $4.7 m $62 k
$380 m $5.5 bn
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
22 bn

155
11.3 bn

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

101

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)

$1.4 bn 9.8 years
GLOBAL AVG.

GLOBAL AVG.

8 GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
Advanced Manufacturing Artificial Intelligence
& Robotics The Technical University of Dortmund’s Faculty of
Computer Science is one of the largest in Germany
The Metro Rhein-Ruhr ecosystem is a powerhouse
and has a particular expertise in Machine Learning.
for Industry 4.0, with its huge concentration of
The Fraunhofer Institute for Intelligent Analysis and
German corporations and globally active Mittelstand
Information Systems, is also a leader in AI, Machine
making it a great base for product ideation and
Learning, and Big Data. These institutions are
design, testing, and first client acquisition. CPS.HUB
among the partners of the Competence Center
NRW is an innovation engine for digital
Machine Learning Rhine-Ruhr (ML2R), a nationwide
transformation, which involves more than 500
node for cutting-edge research in Machine
ecosystem players, including startups and research
Learning. The competence platform KI.NRW is
institutions. It supports companies in using Industry
developing the region into one of Germany's
4.0, Smart Energy, and connected cars. Automation
leading locations for applied AI.
specialist Essert GmbH has plans to move to
Cologne, and electric vehicle company Next.E.GO
Mobile SE, headquartered in Aachen, raised a $57
million Series C in August 2021.

Reasons to Move Your Startup to Metro Rhein-Ruhr

Industry Partners Highly Skilled Talent Scaling Success
With its high density of industrial and commercial There are around 770,400 students enrolled in the The new Scale-up.NRW program supports companies
enterprises, as well as around 711,600 SMEs, Metro ecosystem’s 67 universities in the region — four that are the difficult inflection point from startup to
Rhein-Ruhr offers startups countless customers and times as many students as in Berlin. More than scaling company, significantly expanding the support
cooperation partners for tech innovation. 93,000 of them are studying computer science or for companies seeking to pursue their scaling journey
electrical engineering, creating a large talent pool from their home base in Metro Rhein-Ruhr.
for local businesses.
Selected Startup Organizations
STARTUP GENOME MEMBERS

MEMB ER “Metro Rhein-Ruhr

“Startup Genome isshines
thrilledintothis
see10th
such anniversary
incredible edition
ofgrowth
the GSER. Building
in the Metro on a decade startup
Rhein-Ruhr of well designed
North-Rhine Westphalia State Government
policies put in coming
community place byoutouroflong
thestanding
COVID-19 partner, the
North Rhine-Westphalia is thrilling. Nowhere else in Germany are industrial and rural
regions so close to each other. There is hardly any other region on earth with a similar Ministry
pandemic.of Economic
For 10 yearsAffairs,
now we Innovation,
have built Digitalization
an
concentration of museums, theaters, opera houses, and concert halls. Discover the andincredible
Energy, amplified
networkthrough the close
of the world's collaboration of
leading
"diversity state."
many stakeholders
innovation policyinexecutives
this large and policentric
communityregion and
building
leaders onwe
and thecouldn't
deeply routed
have done technical expertise
it without the of its
founders, the
dedication ecosystem
of the Ministryisforstriving
Economy,and Innovation,
well on its way to
becoming oneand
Digitization of the leading
Energy startup
of the Stateregions
of Northin Europe.”
Rhine-Westphalia.”
Stephan Kuester, Head of Ecosystem
Marc Penzel,Strategy
Founderof&Startup Genome
President of Startup
Genome
Ireland
Highlights
Mid-East Region Traditionally a region of green fields and farms, the counties encircling Dublin have a growing reputation as
a startup ecosystem, particularly for innovation in Agtech and food-related companies.
MEMBERS:
Meath Enterprise The Mid-East Regional Enterprise Plan to 2024 was launched by the Department of Enterprise, Trade and
Employment in March 2022. It aims to develop and implement innovative enterprise and ecosystem
"The Mid-East region is one of the fastest growing innovation ecosystems in development projects in the region such as the Boyne Valley Food Innovation District. The Kildare
Ireland, supporting startups and scaleups across multiple sectors, from Agtech Community Network will receive over €2.5 million ($2.7 million) in funding for a coworking space to
& New Food, Life Sciences, AI and robotics to name but a few, to create cluster Irish and international technology companies and provide mentorship and support. The GENESIS-
Incubation Programme is an eight-week program for founders developed by MERITS and Kildare Local
maximum social and economic impact in the years ahead."
Enterprise Office.
Gary O’Meara
CEO, Meath Enterprise, and Chair, CEAI - Ireland’s Enterprise Hub Network INFORMBIO is a new collaborative project to develop a low carbon roadmap for Ireland’s bioeconomy led
by Munster Technological University with Teagasc, NUI Galway, and the Central Statistics Office of Ireland.
The nearly €1 million ($1.1 million) project was launched in March 2022 and will run for four years with the
goal of positioning Ireland as a front-runner among EU member states in developing its bioeconomy.

Designed to support the international growth efforts of Irish companies, the Agile Innovation Fund allows
companies to access up to 50% of the cost of innovation projects up to a total cost of €300,000
($327,000) with fast-track approval.

Kildare-based EV Charging Network developer EasyGo has raised $39 million to date, including a $26.9
million in October 2021. Medtech company Perfuze raised a €22.5 million ($24.5 million) Series A round in
TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE February 2022.
(2019H2-2021) (2019H2-2021)
MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY

$3.4 m $412 m (2019H2-2021)

$119 k
(2019H2-2021)
N/A
(2021)
$56 k
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn
11.3 bn

GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.

$671 k $4.7 m $46 k
101

EARLY-STAGE FUNDING GROWTH TIER

(2018/19 VS. 2020/21)
TOTAL VC FUNDING TIME TO EXIT
GLOBAL AVG.

GLOBAL AVG.

(2017-2021) (2017-2021)
$52 m 10.4 years
286 m

1
16

GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years
Amount ($) Count (#)
Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017 -2021)
Sub-Sector Strengths
Agtech & New Food
AgTechUCD is an innovation center based at the
UCD Lyons Research Farm that supports the Agtech
sub-sector. In 2021, AgTechUCD launched its first
accelerator, offering early-stage startups training,
mentorship, and networking. The New Zealand –
Ireland Agritech Summit 2022 will bring together
researchers, innovators, and investors from New
Zealand and Ireland to discuss relevant research,
technologies, and applications from both countries.

Reasons to Move Your Startup to Mid-East Region

Highly Educated Talent Research & Development Government Support
The three counties of the Mid-East region border Maynooth University hosts seven research Ireland offers startups and SMEs a range of grants,
Dublin, which has five universities and four Institutes institutes, including the Hamilton Institute, a world- loans, tax breaks, and other funding. The Short-Term
of Technology producing approximately 26,800 leading research unit focused on drones, A.I. and Enterprise Allowance supports individuals who have
graduates every year. Maynooth University is Ireland’s Robotics, and the Innovation Value Institute, which been made unemployed and plan to start their own
fastest growing university in terms of student was co-developed with Intel. The country’s flagship business. The Start-up Refunds for Entrepreneurs
numbers, with over 11,000 currently enrolled. Nanoscience Institute is located at Dublin’s Trinity scheme allows entrepreneurs to claim back income
College. The Conway Institute at UCD, which tax when starting a business. New businesses are also
specializes in biomedical research, and the Clarity eligible for a corporate tax exemption during their
Research center, specializing in Sensor Web, are in first three years.
close proximity to the ecosystem.
Selected Startup Organizations
STARTUP GENOME MEMBERS

MEMB ER “Startup Genome is proud to collaborate with

“Startup
Meath Genome
Enterprise is proud
in their effortsto
tocollaborate with
drive lasting
Meath Enterprise Meath Enterprise in their efforts to drive lasting
entrepreneurial, employment, and economic
Meath Enterprise is a commercially focused local government (not-for-profit)
entrepreneurial,
growth. employment,
Our data-driven approachandcoupled
economic growth.
with
enterprise-development company with a remit/mission to drive local, regional and
national innovation and enterprise development through the provision of business Our data-driven
Mid-East approach
Region Ireland’s coupled with policy
forward-thinking Mid-East
incubation and support services, collaboration, clustering, and creative thinking. We Region
leaders Ireland’s
will continueforward-thinking
to bring additionalpolicy leaders will
success
work with partners across all sectors from Government, Education, Corporate, SME
and Social Enterprise to deliver step-change ecosystem development projects such as
continue
stories andto progress
bring additional success
to the local stories and
startup
the Boyne Valley Food Innovation District, the new Digital Innovation and Smart Agri progress tocommunity.”
the local startup community.”
Hub and many other world class startup incubation and coworking projects, services
and facilities. MarcFounder
Marc Penzel, Penzel,&Founder & President
President of Startup
ofGenome
Startup Genome
France
Highlights
Paris #15 Paris has advanced its quest to become Europe’s largest startup ecosystem: the French capital’s greater
metro area is now home to 12,000 startups, more than London and Berlin.

"France's startup ecosystem has transformed over the last few years. Today, we
The government is working hard to build on this momentum. In October 2021, President Emmanuel Macron
see leading entrepreneurs and investors from around the world gravitating presented a €30 billion ($33 billion) France 2030 plan. Nearly €15 billion is dedicated to startups, including
towards France, resulting in record levels of funding that are powering new €5 billion for DeepTech startups and €1 billion for digital job training.
innovations and high-growth companies."
Launched by the French president in 2021, the Scale-Up Europe initiative brings together over 300
Roxanne Varta founders, investors, researchers, and corporations with the goal of making Europe home to ten tech giants
Director, Station F
valued at more than €100 billion ($109 billion) by 2030. A February 2022 Scale-up Europe conference was
aimed at increasing European venture capital funds’ capacity to provide late-stage funding to EU-based
startups and scaleups by creating a pan-European fund of funds.

La French Tech, a movement to promote the French tech scene launched in April 2022 in partnership
with Jobteaser. It seeks to create a job board dedicated to startup jobs. VivaTec is an annual technology
conference held in Paris. In 2021, Station F, a flagship entity for the tech community in France, launched
an online component called Launch by Station F. F. The program enables entrepreneurs from anywhere to
learn the basics to start a company. In February 2022, Ankorstore, which sells anything from homeware to
food and fashion, raised an additional €250 million ($272 million) in new investment, raising its valuation to
€1.75 billion ($191 billion) and making it France’s second unicorn.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$1.4 m $5 m $52 k
$5 bn $89 bn
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
11.3 bn

532
9.5 bn

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)
$23 bn 9.2 years
GLOBAL AVG.

GLOBAL AVG.
101

5 GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
Fintech AI, Big Data & Analytics
Finance for Tomorrow launched in 2017 with the The 10th edition of Big Data & AI Paris, a major
goal of making green and sustainable finance a key European AI event, took place in Paris in September
driver in the development of Paris as a financial 2021. Startup studio Kamet invests in Parisian
center. The 2021 edition of its flagship event, startups engaged in sectors like Big Data analytics
Climate Finance Day, focused on accelerating the and IoT. Digital experience analytics platform
deployment of sustainable finance and Contentsquare has raised a total of $812 million in
democratizing its impact. Spendesk has raised a funding over five rounds. AI-driven decision
total of $311.8 million in funding over seven rounds, automation and optimization company Shift
including a €100 million ($109 million) Series C in Technology has raised a total of $545 million over
January 2022. P2P payment startup Lydia has raised 10 rounds, including a $220 million Series D in
a total of $262.6 million in funding over seven November 2021.
rounds.

Reasons to Move Your Startup to Paris

Highly Educated Workforce Access to Large Markets Government Support
With 21 of the best-ranked business schools in the Startups in Paris enjoy unrivaled access to one of The local and national governments support startups
world, and three of the top five best-ranked master's the largest domestic markets in Europe, and easy with tax incentives and other initiatives, such as
degrees in management, there is a pool of highly access to a European market of more than 500 infrastructure projects. French corporate tax has been
skilled talent in Paris. The French capital is particularly million consumers. The city is also a convenient progressively lowered since 2018, from 33% to 25% in
rich in engineering talent, which comes in cheap gateway to African and Asian markets. A high-speed 2022, which is close to the OECD average. France also
compared to Silicon Valley, thanks in part to tax rail network offers fast and frequent connections to beats the UK and Germany for its effective corporate
incentives for innovative projects. all major European cities. The area’s three tax rate on R&D. Companies spending on scientific
international airports, all connected to the city and technical research benefit from a tax credit
center via the metro, offer direct connections to equivalent to 30% of their initial investment, up to
260 destinations in 191 countries. €100 million ($109 million) per year.
Sweden
Highlights
Stockholm The success of Swedish startups such as Spotify and Skype has made Stockholm a globally renowned
startup hub and attracted the attention of international investors. Klarna has raised $3.7 billion in funding
over 33 rounds, including a secondary market round in December 2021. Open banking platform Tink was
"I am truly impressed by the level of skill and execution among up-and-coming
acquired by Visa for €1.8 billion ($1.96 billion) in January 2021. Cloud communications company Sinch raised
entrepreneurs in Sweden. There is no doubt that entrepreneurs will find $1.1 billion in May 2021.
solutions to address the most pressing challenges of our time and I'm sure that
Stockholm will be a key factor in us succeeding." Stockholm produces the most unicorns per capita after Silicon Valley and is home to more than 1,000
diverse startups with an average valuation of $3.6 million. Government and startup support organizations
Omid Ekhlasi are not resting on their laurels, however, and continue to nurture the ecosystem with a range of
CEO and founder, Techarenan
initiatives.

In September 2021, UNICEF established a global center for innovation in Stockholm. The Stockholm
Innovation Scholarship is awarded to five innovators in different categories: simplify everyday life, creative
industries, life sciences and health, travel and tourism, and social impact and sustainability. Vinnova is the
Swedish Government's innovation agency and expert authority in innovation policy. The Knowledge
Foundation (KK-stiftelsen) funds research and competence development at Sweden’s colleges and
universities. Sthlm Fintech Week is an annual event for the Swedish Fintech ecosystem. Kista Science
City is the leading ICT cluster in Europe, hosting companies including Ericsson and IBM, as well as a range
of startups and universities. Kista is also home to the Urban ICT Arena, where smart technology is created,
tested, and displayed in a real urban environment.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$950 k $2.7 m $58 k
$1.3 bn $63 bn
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
43 bn

356

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)
11.3 bn

$5.7 bn 9.4 years

GLOBAL AVG.

GLOBAL AVG.
101

6 GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
Cleantech Life Sciences
Sweden has become a leader in renewable energy Sweden’s Life Sciences companies benefit from the
thanks in part to the country’s ambitious goal of country’s high innovation capacity, world-leading
reaching net-zero emission by 2045. Stockholm in universities, and public-private collaboration.
particular has benefited from holistic city planning, Business Sweden accelerates the growth and
close public-private ties, and the region’s target to innovation of Swedish Life Sciences companies. The
go CO2 free by 2040. The city’s growing demand government has created an office of Life Sciences
for new fuels has pushed it to become a leader in to develop a national strategy for the Life Sciences.
biogas, ocean power, and smart grids. Eco-city SISP is a national platform supporting both
Stockholm Royal Seaport is due to be completed in incubators and Life Sciences startups. Investment
2030.Lithium-ion battery maker Northvolt raised syndicate Sciety provides capital market services
$2.75 billion in June 2021 to expand capacity to with a focus on Swedish Life Sciences.
meet increasing demand for electric cars.

Reasons to Move Your Startup to Stockholm

Global Outlook
Stockholm’s ecosystem is notably international, with
large numbers of foreign players hailing from diverse
backgrounds. English is the language of business in
the ecosystem, and multiculturalism is viewed as a
business strength. Sweden’s open economy fosters
innovation and competition. The government
proactively invests to promote the growth of
promising sectors and trade with growing markets
such as the Baltic region, India, and Brazil.
Italy
Highlights
Turin Turin, in northwest Italy, may be best known as an automotive center, but local stakeholders are working
hard to transform the city into a test bed for cutting-edge technologies, particularly in the field of Smart
MEMBERS: Cities.
Fondazione Compagnia di San Paolo / Intesa Sanpaolo Innovation Center
Startups in Turin benefit from its concentration of large corporations, including Stellantis, Iren, IVECO–
"Turin has turned into an international hub for innovators. It has what it takes to CNH, Italdesign, and Pininfarina, as well as innovative SMEs. Open lab initiatives led by Turin Municipality,
attract high-potential startups eager to settle and thrive in our fast-evolving such as CTE Next, provide unparalleled testing infrastructure.
ecosystem."
Thanks to a strategic partnership between Fondazione Compagnia di San Paolo, Intesa Sanpaolo
Francesco Prof umo Innovation Center, and Fondazione CRT, Turin has hosted the Torino Cities of the Future Techstars
Chairman, Fondazione Compagnia di San Paolo Accelerator since 2020. This program has graduated 35 companies from three continents which have
launched 30 partnerships with local stakeholders and have raised more than $47 million.

Opened in November 2021, the ESA Business Incubation Centre Turin aims to nurture innovative Space
Economy companies. Startups will receive €50,000 for product development and IP management,
coaching, and fundraising support.

There is no shortage of qualified investors in Turin. Neva SGR combines the strength of Intesa Sanpaolo
Group with the best practices of international VC firms. It has raised €250 million ($271 million) to invest
in Fintech and Deep Tech startups, including the Italian aerospace company D-Orbit. Tech investment
boutique LIFTT has an investment target of €90 million over the next five years and has already finalized
25 investments, including Newcleo, a disruptor in next-generation nuclear reactors. Turin has been
TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE included in the National Accelerators Network run by CDP Venture Capital, which supports the growth of
(2019H2-2021) (2019H2-2021) the Italian venture capital ecosystem.

$104 m $654 m MEDIAN SEED ROUND

(2019H2-2021)
MEDIAN SERIES A ROUND
(2019H2-2021)
SOFT. ENGINEER SALARY
(2021)
$340 k $1.7 m $32 k
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn
11.3 bn

GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.

101

$671 k $4.7 m $46 k

EARLY-STAGE FUNDING GROWTH TIER

(2018/19 VS. 2020/21)
GLOBAL AVG.

GLOBAL AVG.

TOTAL VC FUNDING TIME TO EXIT

(2017-2021) (2017-2021)
25

$166 m 10.8 years

252 m

GLOBAL AVG. GLOBAL AVG.

Amount ($) Count (#) $4.5 bn 9.4 years
Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017 -2021)
Sub-Sector Strengths
Smart Cities AI, Big Data & Analytics
Turin is the birthplace of Planet Smart City, the Thanks to a fast-moving ICT sector, Turin is at the
global leader in smart affordable neighborhoods. forefront of data-driven innovation. In 2020, Intesa
Torino City Lab, a platform for testing next- Sanpaolo, Google, and TIM created the Opening
generation urban innovations, has run more than 50 Future program to support the development of
trials with innovative companies including Mobileye, digital skills for schools and businesses. The project
an Israeli advanced driver-assistance systems firm includes the creation of a Center of Excellence
acquired by Intel, and Skypersonic, a U.S.-based dedicated to AI at OGR in Turin, an industrial space
listed company that opened an R&D center in Turin. turned into an innovation hub where industry,
schools, universities, startups, and local institutions
can share knowledge and develop solutions.

Reasons to Move Your Startup to Turin

Access to Talent International Startup Testing Infrastructure
Turin is a hotbed of highly-skilled, internationally- Programs Thanks the cooperation of ecosystem facilitators
oriented talent thanks to its two top-tier universities including the Intesa Sanpaolo Innovation Center and
Turin has become recognized as a go-to place for
that host 110K+ students. Politecnico di Torino, Fondazione Compagnia di San Paolo, the municipality,
world-class acceleration, incubation, and venture-
supported by I3P (the best public incubator corporations, and high-tech SMEs and startups, Turin
building initiatives. More than 10 international
worldwide according to UBI Global), is a hub of tech has become an open-air laboratory where
programs are located in Turin, eight of which are
talent, while Università degli Studi di Torino has 600 autonomous vehicles and drones are being safely
opening their doors 2022. These new entries into
years of history and 159 degree programs. deployed under 5G coverage in a dedicated area.
the ecosystem include ESA BIC Turin (space
economy), Magic Spectrum (5G & IoT), and VENTO
– Venture Originator (industry-agnostic).
Selected Startup Organizations
STARTUP GENOME MEMBERS

MEMB ER MEMB ER

Fondazione Compagnia di San Paolo Intesa Sanpaolo Innovation Center

Established in Turin in 1563, Fondazione Compagnia di San Paolo is a banking Intesa Sanpaolo Innovation Center is a subsidiary of Intesa Sanpaolo Banking Group
foundation acting as the major shareholder of Intesa Sanpaolo. It is one of the dedicated to innovation. It invests in applied research projects and, through the
largest private foundations in Europe, as evidenced by its €1.5 billion of philanthropic management company Neva SGR, in high-potential startups. Intesa Sanpaolo
grants in the last decade. As part of its mission to promote cultural, civic, and Innovation Center supports startups’ growth in domestic and international markets
economic development, the foundation is today one of the leading ecosystem through acceleration programs and networking. In addition, it accelerates the
developers in the Italian landscape. implementation of the circular economy plan, to make Intesa Sanpaolo the driving
force behind a new socially and environmentally aware economy.

KEY ECOSYSTEM PLAYERS

CTE-Next I3P LIFTT S.p.A.

CTE NEXT is a technology transfer center that I3P, the incubator of Politecnico di Torino, supports LIFTT S.p.A. is a not-only-profit operating VC
provides spaces, technology assets and high-skilled high-tech startups founded by university researchers founded by Fondazione Compagnia di San Paolo
partners to support testing of innovative solutions in and external entrepreneurs, providing strategic and Politecnico di Torino. It is specialized in
strategic sectors for Turin using 5G and AI, IoT and consulting, mentoring and fundraising support. technology transfer ‘from university to industry’.
Blockchain.

Neva SGR Torino Cities of the Future

Neva aims to be the Italian market maker of the VC Techstars Accelerator
investments to boost the tech economy. The First
Torino Cities of the Future Techstars Accelerator is
fund, launched in 2020, raised €250 million from 130
the first program launched by Techstars in Italy. It
subscribers, invested in 20 startups for €80 million.
aims to attract international startups to connect
them with the fast-evolving local ecosystem.

“A heightened level of early-stage funding and investor activity resulted in Turin ranking as a Top 40 European Ecosystem and
Top 35 European Emerging Ecosystem in Funding. Startup Genome is excited to collaborate with Intesa Sanpaolo Innovation
Center and Fondazione Compagnia di San Paolo to showcase Turin to the global startup community.”
Marc Penzel, Founder & President of Startup Genome
 Latin America
180 Top Performers & Top Regional Challengers

181 Key Findings

182 Ecosystem Pages

Copyright © 2022 Startup Genome LLC. All Rights Reserved. Learn more and get connected at startupgenome.com 179
 Justos, a São Paulo-based insurtech, raised both a $2.8 Top Performers
Regional Insights million seed round and a $35.8 million Series A in 2021,

Latin America
and the same ecosystem also produced the region’s 1 São Paulo
highest exit that year — Nubank’s $41.5 billion IPO.
2 Mexico City
Overall, Brazil In 2021, saw 237% growth in the dollar
amount of Series B+ rounds compared to 2020 and its 3 Buenos Aires
total exit amount for 2021 was $49 billion, a huge leap 4 Santiago
Latin America was the fastest growing region in the from $1 billion in 2020. The Brazilian government has
world in terms of venture funding in 2021, according shown its support for startups through the June 2021 5 Rio de Janeiro
to Crunchbase. An estimated $19.5 billion was invested introduction of the Legal Framework for Startups, which
in the region, more than triple the prior year’s already includes provisions for a “regulatory sandbox” that frees Top Regional Challengers
record-setting levels, and there were 300% more companies from some constraints as they experiment
exits over $50 million in 2021 than in 2020. Fintech, with innovative technologies and business models. 1 Bogotá
transportation and logistics, and e-commerce are
2 Curitiba
largely driving this growth. Mexico City’s e-commerce startup Valoreo secured both
$50 million in debt and equity and a $30 million Series 3 Belo Horizonte
As in much of the world, the COVID-19 pandemic A in 2021. The company plans to acquire other Latin 4 Guadalajara
catalyzed the decentralization of startup ecosystems American e-commerce startups with a long-term goal
in Latin America. While São Paulo remains the region’s 5 Porto Alegre
of improving the region’s consumer options.
major hub, there are increasing amounts of startup
communities throughout Brazil and elsewhere in Latin While the region remains far behind North America
America, with significant activity springing up in Curitiba, and Asia in its share of global Ecosystem Value, Latin
Porto Alegre, and Belo Horizonte, as well as Santiago America is growing at an impressive rate.
and Guadalajara.

Copyright © 2022 Startup Genome LLC. All Rights Reserved. Learn more and get connected at startupgenome.com 180
Latin America Regional Insights

Key Findings
• Latin America experienced a 128% increase in early-
stage funding from 2020 to 2021.

• The region achieved over $47 billion in exits over $50

million, an astounding increase from below $1 billion
in 2020.

• Ranking at #28, São Paulo is Latin America’s most

successful ecosystem. Its rise three places from last
year is in part a reflection of it producing 12 unicorns
and two $2 billion+ exits, including Fintech Nubank’s
$41 billion December 2021 IPO.

• In 2021, Brazil saw 237% growth in the dollar amount

of Series B+ rounds compared to 2020. The nation’s
total exit amount for 2021 was $49 billion, a huge
leap from $1 billion in 2020.

Copyright © 2022 Startup Genome LLC. All Rights Reserved. Learn more and get connected at startupgenome.com 181
Colombia
Highlights
Bogotá Thanks to a host of government reforms and the energy of its vibrant young population, Bogotá is
consolidating its position as a major Latin American startup hub. Colombia has become a stable and
MEMBERS: investment-friendly country that attracts substantial foreign direct investment. The Financial Times’
iNNpulsa Colombia / District Secretariat of Economic Development (DSED) / Invest in Bogota 'American Cities of the Future 2021/22’ ranked Bogotá as the second most important city in Latin America,
based in large part on the city’s ability to attract foreign capital. Colombia also ranked fifth among Latin
"The entrepreneurship ecosystem in Colombia is shifting towards more American countries in the Global Innovation Index 2021 and fourth in the region in the World Economic
specialization. We also seek to consolidate even further the impact ecosystem Forum’s Global Connectivity Index.
and to make Colombia a regional hub for entrepreneurs and investors."
Bogotá-based startups raised nearly $1.6 billion in 2021, a record high and an increase of 144% compared
Francisco J. Noguera to 2020. Among the hottest sectors for investment were transportation and Fintech. Financing sources
President, iNNpulsa Colombia for entrepreneurs in the Colombian capital include at least 21 risk capital funds and banks, 11 corporate
ventures, and three angel investor networks that actively support startups.

This energetic growth of the ecosystem was in part enabled by the approval of an entrepreneurship law
in January 2021, which eased the regulatory burdens on companies and supported the development of
local talent making it easier to found and grow startups in the country.

In recent years, a host of local and international startup organizations have emerged to further nurture the
ecosystem. For instance, The Founder Institute, one of the world's largest pre-seed accelerators, offers
programs in Bogotá.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$400 k $5 m $22 k
$294 m $9.8 bn
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
11.3 bn

101

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)
$3 bn 8.3 years
GLOBAL AVG.

GLOBAL AVG.
$160 m

7
16

GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
Fintech E-commerce Proptech
Bogotá now ranks third in the Global Fintech Colombia’s e-commerce market grew 22% in 2021 Colombia Tech Report 2021 named Proptech as the
Index’s list of the best technology-based financing and is now the 32nd largest market worldwide with third sector with the highest investment growth in
ecosystems in Latin America, behind just Sao Paulo an annual revenue of $7 billion. In July 2021, on- Colombia. The Colombia Proptech Association
and Mexico City. Bogotá was also included in the demand delivery company Rappi raised more than supports the Colombian Proptech ecosystem. Real
Global Financial Centers Index 2021, an $500 million in Series funding, putting its valuation estate platform Habi raised a $100 million Series B
international ranking of 166 top financial centers at $5.25 billion. Restaurant supply startup Frubana in June 2021 to expand its footprint into Mexico. It
worldwide. Virtual payment platform Tpaga raised a raised a $100 million Series C in November 2021. E- was the largest fundraising round ever raised by a
$10 million Series A in February 2022, and financial commerce platform Tul raised $181 million in female-led Latin American startup and the second-
tools maker Bold raised a $55 million Series G the venture funding in January 2022, putting the largest Series B round raised by a Colombian
same month. company's pre-money valuation at $619 million. company.

Reasons to Move Your Startup to Bogotá

World-Class Talent
Bogotá has a workforce of more than 6 million
people. According to the Global Cities of the Future,
Bogotá ranks #7 in the world in human talent. Bogotá
is also an inclusive city where more than 70% of
startups have women on their board of directors. The
Financial Times FDI intelligence ranking of the top 10
cities in Latin America placed Bogotá at #2, above
Santiago de Chile, São Paulo, and Buenos Aires.
Selected Startup Organizations
STARTUP GENOME MEMBERS

MEMB ER MEMB ER MEMB ER

iNNpulsa Colombia District Secretariat of Economic Invest in Bogota

iNNpulsa Colombia is the innovation and Development (DSED) Invest in Bogota is the investment promotion agency for
entrepreneurship Government agency under the Bogotá, a public-private partnership between the Bogotá
The DSED is the entity, within the Bogotá Mayor’s Office,
leadership of the Ministry of Commerce, Industry and Chamber of Commerce and the Bogotá City Government.
in charge of leading and promoting a smart and
Tourism, created in 2012 to support and promote It recently became the articulator of the city's
sustainable economic growth, by formulating, managing,
extraordinary business growth, that is, business initiatives entrepreneurship ecosystem.
and implementing economic development programs and
that can grow quickly, profitably, and sustainably through
policies, to strengthen employment, competitiveness,
innovation and high-impact entrepreneurship, with the
internationalization and access to capital, connecting all
objective of strengthening this country as an
economic sectors and companies of the city.
entrepreneurial nation.
Argentina
Highlights
Buenos Aires Buenos Aires is known as a lively cultural center, but Argentina’s capital is also rapidly turning into an
exciting startup hub. Since 2008, accelerators and incubators financed by the Buenos Aires City
Government and public-private investment schemes have supported more than 30,000 entrepreneurs in
"Argentina's capital (and largest city) has long fostered the entrepreneurial spirit
the city. Academia Buenos Aires offers the Emprende course, in which entrepreneurs learn lean startup
thanks to its prominent universities, affordability, and a currently rising number methodology, design thinking, and other business skills, and the Buenos Aires Institute of Technology
of venture capital investments." offers an entrepreneurship course. Incubator program incuBAte finances up to 100 startups per round and
offers equity-free funding, mentorships, networking, and coworking spaces to participants.
Inc. magazine

Startups also benefit from Buenos Aires’ pool of educated, international talent. The city is home to many
distinguished universities and more than 40% of young adults here have completed tertiary education. The
city also boasts the highest level of English proficiency in Latin America. The National Trust Fund for
Entrepreneurial Capital (FONDCE) is composed of ten funds with a minimum of $30 million allocated to
each. FONDCE provides zero interest loans to new businesses. Argentina-based companies can also sell
equity and offer convertible notes online via crowdfunding to raise funds. Recent notable fundraising
news out of the ecosystem includes e-commerce platform Tiendanube’s $500 million Series E in August
2021, which put the company's pre-money valuation at $2.6 billion.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$410 k $4 m $15 k
$222 m $7 bn
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
11.3 bn

101

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)
$1.3 bn 8.3 years
GLOBAL AVG.

GLOBAL AVG.
37
490 m

5 GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
Fintech Blockchain
The Argentine central bank’s Transferencias 3.0 Buenos Aires has begun building a public
initiative was launched in 2021, with a goal to Blockchain-based digital identity platform to give
increase the amount of digital transactions. The the city's residents control over their personal data.
Argentine Chamber of Fintech’s Fintech Women Digital payments startup Ripio was the first Bitcoin
initiative identifies and aims to overcome barriers for payment processor in Latin America, and now offers
women in the sub-sector. Fintech industry body a digital wallet, exchange, and credit services. Ripio
Camara Argentina de Fintech includes over 300 raised a $50 million Series B in September 2021 to
companies employing almost 15,000 people. Crypto expand operations in Mexico, Colombia, and
exchange Lemon Cash raised a $16.3 million Series A Uruguay. Cryptocurrency exchange Buenbit raised
in July 2021, and digital banking startup Ualá raised an $11 million Series A in July 2021.
a $350 million Series D in August 2021.

Reasons to Move Your Startup to Buenos Aires

Tech Talent International Appeal Convenient Location
Argentina offers free, quality tertiary education, and Argentina’s capital city is the regional headquarters Buenos Aires is just one hour ahead of U.S. East Coast
the University of Buenos Aires, with its 300,000 of over 30 global companies and hosts one of the time, four hours behind London, and four hours
students, is the top ranked university in South largest entrepreneurial ecosystems in the region. A ahead of Silicon Valley, making it a strategic location
America. Universities in the country are even free to cosmopolitan cultural hub, the city attracts both for teams working remotely or serving a variety of
foreign students from the Mercosur area (Argentina, local and international talent. With more than 50 international clients.
Brazil, Paraguay, Uruguay, and Venezuela). The universities offering excellent and affordable
population has the highest level of English proficiency education, Buenos Aires is popular with
in Latin America. Because of its large workforce of international students, according to the QS Best
highly educated, internationally oriented developers Student Cities Ranking. The Nestpick Index rated
and engineers, Argentina has become a major global the city the best urban destination for digital
outsourcing hub. nomads in Latin America and among the best 35
globally.
Mexico
Highlights
Mexico City With over 21 million residents, a rich history, top-tier schools, and a vibrant tech and cultural scene, Mexico
City draws talented individuals from all over Mexico and the world. This pool of young, educated talent has
led to the development of both a thriving startup ecosystem and a nearshoring boom of U.S. and
"This highly concentrated market is becoming home to a new wave of
Canadian companies looking to hire in Mexico’s capital city. The city was selected by Bloomberg to
entrepreneurs looking for opportunities outside the costly, competitive confines receive subsidies to accelerate its digital transformation, including funds to hire new innovation specialists
of Silicon Valley." and set up world-class training initiatives.

Insights by Stanford Business

Mexico City’s educational institutions and startup support organizations are working to further foster the
city’s entrepreneurial ecosystem. The National Centre for the Support of Small and Medium Businesses
(CENAPYME) offers training, consulting, and incubation services. Several universities host technological
development laboratories. The International Finance Corporation, in partnership with the Government of
Japan, has launched an initiative called Mexican Companies for Equity (Empresas Mexicanas por la Equidad,
or EM-X). The peer-learning platform will share information and best practices to promote gender
inclusion, and is expected to benefit over 450,000 employees.

Notable recent funding news out of the Mexico City ecosystem includes Latin American pre-owned car
marketplace Kavak’s $700 million Series E in September 2021, which put the company’s valuation at $8.7
billion, and Fintech Konfio’s $110 million Series E the same month.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$500 k $9.5 m $19 k
$916 m $22 bn
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
11.3 bn

101

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)
$4.3 bn 7.5 years
GLOBAL AVG.

GLOBAL AVG.
32
530 m

6 GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-sector Strengths
Fintech
The Bank of Mexico plans to put its own digital
currency into circulation by 2024, and most Mexican
Fintechs are concentrated in Mexico City. Fintech
Mexico offers collaboration space to promote
Fintech innovation in Mexico. FINNOSUMMIT, the
largest collaboration platform in Fintech and
Insurtech in Latin America, is held in Mexico City,
Miami, and Bogotá. The 2022 Mexico City edition
will be held in June. Bitso, the largest
cryptocurrency platform in Latin America, raised a
$250 million Series C in May 2021. Corporate credit
card startup Clara raised a $70 million Series B in
December 2021.

Reasons to Move Your Startup to Mexico City

Strategic Location Advantageous Trade Deals Cost-Effective Tech Talent
Foreign investors are attracted to Mexico’s strategic Mexico benefits from a network of free trade The Mexican government opened 120 tuition-free
location bordering the U.S., as well as its major ports agreements, including the U.S.-Mexico-Canada specialist technology universities between 2006 and
serving both the Atlantic and Pacific oceans. Most of Agreement (USMCA) and the Pacific Alliance, an 2012. Every year, over 130,000 engineers graduate in
Mexico can be reached in under five hours by plane economic community that includes Chile, Colombia, Mexico. With its talent pool of over 700,000
with non-stop flights to the country’s major tech and Peru. The USMCA, which came into force in developers, Mexico offers startups a deep pool of
hubs from major U.S. cities. 2020, contains a number of the provisions of the software engineering talent within Latin America, and
North American Free Trade Agreement that it the average salary of a remote software developer
replaced, including granting U.S. and Canadian from Mexico is far less than the cost of a developer in
investors most-favoured-nation treatment when the U.S. This means that by nearshoring software
setting up operations or acquiring companies in development to Mexico, companies can save
Mexico. approximately 67% in labor costs.
Brazil
Highlights
Rio de Janeiro Rio de Janeiro’s startup ecosystem may still be smaller than the scene in buzzing São Paulo, but in recent
years local authorities have made huge efforts to make the city attractive to young, tech-savvy talent.
They have good raw materials to work with. Already a tropical beach paradise and cultural hotspot, Rio de
"There is a steady flow of talent, local accelerator programs such as Entropia and
Janeiro has invested in improved security, 4G connectivity, and better transportation links in recent years.
government-backed Rio Criativo, and potential investors, thanks in part to Rio de These improvements are helping Rio take part in Brazil’s startup boom. A record $6.4 billion in venture
Janeiro being a center for the oil and gas industry." funding flowed into the country from January to October 2021, triple the amount raised in all of 2019,
according to data from PitchBook.
TNW

Held in January, Rio Innovation Week 2022 brought together entrepreneurs, investors, executives, and
government representatives to discuss the impact of technology on business and society. Columbia Global
Centers - Rio Center is a hub for Columbia University initiatives relevant to Brazil, including programs
focused on entrepreneurship and commerce.

Recent notable funding deals include Proptech startup EmCasa’s $21 million Series B in July 2021, media
company Bemobi’s 1.09 billion real ($203.63 million) IPO in February 2021, and home health startup Beep
Saúde’s 110 million real (~$?) of venture funding in April 2021, which put the company's pre-money
valuation at 560 million real (~$?). Payment processor Plug Pagamentos, which participated in prestigious
incubator Y Combinator, closed a $2.7 million seed round in November. Part of a general Fintech boom in
Brazil, Plug aims to make online commerce simpler and easier in the country.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$374 k $4.9 m $25 k
$137 m $2.2 bn
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
11.3 bn

101

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)
$521 m 10 years
GLOBAL AVG.

GLOBAL AVG.
24
367 m

9 GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
Blockchain
Rio de Janeiro is taking strides towards becoming a
global Blockchain hub. It is set to become the first
Brazilian city to accept property tax payments in
crypto in 2023. The city is also considering offering
a discount of 10% on property taxes paid with
Bitcoin. There are plans for a new municipal
committee for crypto investments to develop a
feasible approach for channeling city funds into
cryptocurrencies in compliance with existing laws. In
January 2022, Rio de Janeiro announced that it
would hold 1% of its treasury in cryptocurrency.

Reasons to Move Your Startup to Rio de Janeiro

Infrastructure Improvements
Rio de Janeiro state’s three-year R7.4 billion ($1.4
billion) infrastructure plan lays out investments in
infrastructure, socio-economic development, health,
education, public safety, tourism, the environment,
and culture. New projects include a 23-km bus rapid
transit lane in the Baixada Fluminense area, the
recovery of 882 km of roads in the state, building at
least 5,000 housing units, and updates to schools.
Brazil
Highlights
São Paulo The largest city in Brazil, São Paulo is home to more than 20 million residents. Its size and density offer
founders a large market and the opportunity to connect with fellow innovators. No wonder São Paulo is
home to 2,770 startups, the highest number by far in Brazil, including 11 unicorns valued at $1 billion or
"São Paulo is the epicenter of the fastest growing startup region in the world:
more.
Latin America. The recent blockbuster listing of Nubank will be soon followed by
others such as Kavak and Creditas. This in turn will fuel a whole new generation The University of São Paulo is ranked in the top 100 in the World University Rankings. With some of the
of talent and investment, further accelerating the growth of the region." best academic programs in STEM fields, the city’s businesses benefit from this talent pipeline. São Paulo
hosts the innovation and data centers of global titans such as Microsoft, Google, and Facebook, and is also
Dhaval Chadha the regional headquarters for Airbnb, Netflix, and Amazon. 63% of all companies operating in Brazil have a
co-founder and CEO, Justos
São Paulo location.

São Paulo is also the Latin American base for many of the world’s biggest banks, improving access to
capital for the city’s growing companies. SoftBank has committed to investing $8 billion in Latin America
through two dedicated funds, and top American VC firm Andreessen Horowitz is also investing in the
region. São Paulo also boasts a number of homegrown VC firms, including Kaszek, which recently
announced a $475 million early-stage fund and a $525 million fund for later-stage investments. São Paulo-
based Positive Ventures secured $10 million for its latest fund to invest in startups delivering
environmental or social impact. In 2021, insurtech Justos raised both a $2.8 million seed round and a $35.8
million Series A. São Paulo also produced the region’s highest exit that year: Nubank’s $41 billion IPO.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$432 k $4.8 m $22 k
$1.5 bn $108 bn
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
59 bn

205

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)
101

$13 bn 8.4 years

GLOBAL AVG.

GLOBAL AVG.
11.3 bn

8 GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
Fintech Proptech Agtech & New Food
São Paulo is the financial heart of both Brazil and São Paulo is home to the highest concentration of The state of São Paulo is an agricultural
South-America. Many of the world’s biggest banks Proptech companies in Brazil. Real estate powerhouse and the world leader in the production
have their Latin American headquarters in São marketplace Quinto Andar raised a $420 million of sugar, sugarcane ethanol, and orange juice.
Paulo, giving Fintech startups access to top industry Series E in August 2021, putting the company's pre- Agtech companies are working to innovate this
players. Digital bank Neon raised a $300 million money valuation at $4.68 billion. Loft, another important sector. São Paulo-based tech firms have
Series D in February 2022, putting the company's marketplace, raised a $525 million Series D in received 50 grants from the Research for
pre-money valuation at $700 million. March 2021. Rental services startup Yuca raised $10 Innovation in Small Businesses program to develop
million in venture funding in June 2021. new Agtech solutions, including digitizing pest
traps and monitoring fields for improved efficiency.
Farmer-focused financing platform Agrolend raised
a $14 million Series A in January 2022.

Reasons to Move Your Startup to São Paulo

Large, Affluent Market Global and Regional
The State of São Paulo is responsible for a third of Connections
Brazil’s entire GDP and has an economy the size of
São Paulo is home to some of the busiest and best
the entire country of Mexico. The city alone has an
connected airports in South America. Guarulhos
economy comparable in size to Belgium. 63% of
International and Congonhas welcome flights from
international companies doing business in Brazil are
all over the world and are often used as a layover
based in São Paulo.
point by those traveling elsewhere in South
America. Brazil is part of the Southern Common
Market (MERCOSUR) so companies in Brazil have
direct access to Argentina, Paraguay, and Uruguay
and seven other member states.
 MENA
194 Top Performers & Top Regional Challengers

195 Key Findings

196 Ecosystem Pages

Copyright © 2022 Startup Genome LLC. All Rights Reserved. Learn more and get connected at startupgenome.com 193
 Israel has made a name for itself as a “Startup Nation,” Top Performers
Regional Insights with a particular focus on tech, and Tel Aviv is a consistent

MENA
leader in the GSER rankings. The ecosystem saw three $1 1 Tel Aviv
billion+ exits in the period analyzed, and its Ecosystem
2 Dubai
Value crossed $100 billion, helping it to secure its spot
at #7. Israel accounts for 84% of the region’s share in 3 Cairo
total VC funding in 2021, followed by the United Arab 4 Riyadh
MENA’s geographic location provides access to large Emirates (UAE) at 8% share. Despite its small population
markets in Europe, Africa, and Asia, and it is home to of approximately 8.6 million people, Israel is paving the 5 Abu Dhabi
a large, young population. In a context of geopolitical way in tech innovation, both in MENA and globally.
instability and high unemployment, many of these young
Top Regional Challengers
people are increasingly seeking new opportunities and MENA’s other leading startup ecosystems include the
looking to improve the world via entrepreneurship. SMEs UAE, Egypt, and Saudi Arabia. Cairo has seen 156% 1 Amman
make up 94% of registered companies in the region and increase in total VC funding round dollar amount from 2 Sharjah
are vital to MENA’s economy. However, only 3% of these 2020 to 2021, and from 2017 to 2021, the overall number
have access to global funding. Since the first GSER in of VC funding rounds in the ecosystem increased by 3 Casablanca
2012, MENA has experienced rapid transformation – it 60%. AI&BD is the most successful sub-sector in the 4 Bahrain
has doubled its global share of early-stage funding to region, with 38% total capital invested. Fintech startups
4%, a value of $3.8 billion. In 2021, MENA experienced 5 Tunis
are also thriving here — Saudi Arabian Fintech Tamara
a 640% increase in the number of $50 million+ exits saw the region’s biggest 2021 deal in a ​​$110 million
compared to 2012. Series A, and Egyptian digital payment startup Paymob
raised $18.5 million at Series A.
The region saw a record year of investment activity in
2021. $13 billion was raised in total VC rounds over 890
deals, and MENA experienced a 23% increase in the
number of Series B+ deals from 2020.

Copyright © 2022 Startup Genome LLC. All Rights Reserved. Learn more and get connected at startupgenome.com 194
MENA Regional Insights

Key Findings
• MENA saw a 60% increase in early-stage funding from
2020 to 2021.

• The region experienced 89% growth in $50 million+

exits from 2020.

• Tel Aviv remains MENA’s leading startup ecosystem,

ranking at #7. Its Ecosystem Value crossed $100
billion this year, and the Israeli city scored well in
Knowledge, with the count of patents increasing by
169 % since last year.

• In 2021, UAE experienced 144% growth in the dollar

amount of Series B+ rounds compared to 2020.

• Saudi Arabia produced its first Fintech unicorn in late

2020, when STC Pay was valued at $1.3 billion.

Copyright © 2022 Startup Genome LLC. All Rights Reserved. Learn more and get connected at startupgenome.com 195
United Arab Emirates
Highlights
Abu Dhabi According to Hub71, Abu Dhabi’s global tech ecosystem, tech startups in its community secured AED 30
million ($8.2 million) across more than 20 corporate deals in 2021, with startups ramping up AED 1.5 billion
MEMBERS: ($40.8 million) in venture capital investment since the ecosystem’s inception in 2019. The aggregate
Hub71 valuation of Hub71 startups soared to AED 5.9 billion ($1.6 billion), demonstrating the growing impact of
the local startup ecosystem on the UAE’s capital city.
"Abu Dhabi’s innovation ecosystem is an undeniable catalyst for achieving
sustainable economic growth. Advancing diverse sectors through the creative Hub71and Hewlett Packard Enterprise are collaborating on a series of programs to nurture tech startups.
minds of entrepreneurs stems from our work of building a self-sustaining The Abu Dhabi Investment Office (ADIO) is partnering with Microsoft and Plug and Play on a range of
initiatives to help founders successfully scale their businesses. These include the Microsoft Growth X
ecosystem that startups, investors, businesses, and government can capitalize
Accelerator, a virtual accelerator program, and engagement initiative Highway to 100 Unicorns. In 2021, the
on in the pursuit of scaling disruptive technologies with real-world impact."
Khalifa Innovation Center became the first entity in the city to receive a license from the Abu Dhabi
H.E. Mohamed Ali Al Shoraf a Al Hammadi Department of Economic Development to operate as an incubator. As part of the Emirates Blockchain
Chairman of Hub71 and the Abu Dhabi Department of Economic Development (ADDED) Strategy 2021, the UAE government is adopting Blockchain technology to conduct transactions with the
aim of moving more than half of the government’s transactions to the Blockchain. In May 2021,
telecommunications company Etisalat launched a Blockchain-based platform to prevent fraud in relation to
trade invoices.

Recent fundraising news out of the ecosystem includes digital freight network TruKKer’s $96 million
Series B in February 2022.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$1.3 m $14 m $33 k
$97 m $4 bn
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
11.3 bn

101

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)
$207 m 10 years
GLOBAL AVG.

GLOBAL AVG.
1.9 bn

9 GLOBAL AVG. GLOBAL AVG.

9

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
Fintech Agtech & New Food
Abu Dhabi Global Market (ADGM) is the city’s The UAE currently imports more than 85% of its
international financial center and free zone. It food, making improving food security a top priority.
embraces digital-first offerings and sustainable Abu Dhabi has been at the heart of that push. Last
finance frameworks. The ADGM Digital Lab provides year, the Abu Dhabi Investment Office announced
access to resources including data, APIs, and more than AED 500 million ($136 million) in
reference architectures for Fintechs, financial incentives to bring global Agtech companies to the
institutions, and regulators. The ADGM RegLab is a city. ADQ recently announced plans to build an
regulatory framework for testing innovative Fintech Agtech Park in Al Ain with the aim of positioning
solutions. It is the world’s second most active Fintech the UAE as the region’s leading farming hub.
sandbox and offers the world’s first fully digital Hydroponic technology company Pure Harvest
courtroom. ADGM also organizes a number of Smart Farms raised $64.5 million in October 2021.
Fintech events, including the Fintech Abu Dhabi
Festival and the FinTech Awards. Open banking
platform Tarabut Gateway has raised $25 million,
including a February 2021 $13 million seed round.

Reasons to Move Your Startup to Abu Dhabi

Startup Support Rule of Law
Hub71’s Incentive Program is designed to reduce the Startups in the UAE benefit from the country’s
cost of setting up and growing tech companies in strong rule of law through the direct application of
Abu Dhabi, offering subsidies on housing, office English common law, a strong judiciary, quick
space, and insurance for seed- and growth-stage judgments facilitated by world's first e-courts, and
companies up to AED 500K ($136,000) for one year. strong enforceability of judgments.
ADGM's Tech Startup Licence provides incentives for
up to three years. Three and five-year business visas
are available for entrepreneurs based at Hub71. ADGM
and Hub71 link founders to a growing community of
venture capital funds, banks, investors, regulators and
corporate and government partners to provide capital
for growth and opportu n ities to scale.
Selected Startup Organizations
STARTUP GENOME MEMBERS

MEMB ER "As a“As

policy advisor
a policy and and
advisor provider of research
provider to the
of research to the
Hub71 entrepreneurial, employment,
entrepreneurial, employment,and and
economic
economic
growth of Abu
growth Dhabi,
of Abu we are
Dhabi, we thrilled to see
are thrilled the the
to see
Hub71 is a global tech ecosystem, a community of highly innovative tech startups and
companies at all stages of growth in Abu Dhabi. accelerated
accelerateddevelopment
developmentofofthe
thestartup
startupscene
sceneinin Abu
Abu Dhabi
Dhabi andand to share
to share success
success stories
stories andand great
great practices
practices developed
developed in coordination
in coordination with Hub71
with Hub71 in
in the Global
the GlobalStartup
StartupEcosystem
EcosystemReport.”
Report.”
Stephan Kuester,
StephanHead of Ecosystem
Kuester, Strategy of
Head of Ecosystem
StartupofGenome
Strategy Startup Genome
Bahrain
Highlights
Bahrain Bahrain offers an exceptional, mature regulatory framework within a unified jurisdiction. Both local and
international companies benefit from a liberal business climate, zero corporate taxes, and a welcoming
MEMBERS: culture. The InterNations Expat Insider 2021 survey named Bahrain the best place for expatriates to work
Tamkeen and live in the Middle East. The Golden Residency Visa, launched in early 2022, offers a new flexible option
for investors, entrepreneurs, and other highly talented individuals looking to settle and do business in
"The growth within the ecosystem is another example in Bahrain's long history of Bahrain.
economic dynamism, bolstered by an attractive environment, ease of business
set up, dedicated and talented workforce, innovative regulation, and a readiness Bahrain has long been a regional trailblazer of economic diversification and today less than 20% of the
country’s GDP comes from oil and gas. In reflection of the ongoing economic change, the number of
to embrace entrepreneurship and innovation."
startups in Bahrain has grown at a compound annual growth rate of 46% since 2018. Blockchain and
Husain Mohamed Rajab cryptocurrency are fast growing areas, with Bahrain-founded crypto exchange Rain raising a $111.85 million
CEO, Tamkeen Series B in January 2022. Bahrain is also quickly embracing NFTs — the Kingdom hosted MENA’s first NFT
exhibition in March 2022 and the Bahrain Institute of Banking and Finance announced the launch of NFTs
with an education linked use case the same month.

Hope Ventures has launched a series of initiatives designed to support promising high-growth businesses
led by local entrepreneurs, and also created Beban, a reality TV show on the most watched Arabic TV
network, in which 12 entrepreneurs pitch to investors, to engage youth in the startup domain. Tamkeen,
which aims to drive economic growth by supporting enterprises and individuals, released a 2021-2025
strategy that includes ramping up support for startups.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$53 k $3.1 m $30 k
$19 m $564 m
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
11.3 bn

101

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)
$145 m N/A
GLOBAL AVG.

GLOBAL AVG.

1
10 m

GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years
1

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
Fintech Blockchain
Bahrain has over 120 Fintech startups, with clusters Bahrain is a growing Blockchain hub that pioneered
in payments and crypto. Bahrain’s Al Waha Fund of crypto-friendly regulation in the region. Blockchain
Funds is investing in the $50 million VentureSouq’s infrastructure provider Binance was granted a
FinTech Fund in response to a rise in demand for crypto-asset service license in Bahrain in March
digital payments. Fintech Infinios was formed in 2022. Inablr is building a Blockchain-based
2014 and is licensed and regulated by the Central investment platform that is set to launch in Bahrain
Bank of Bahrain as an ancillary services provider. in 2022. Bahrain FinTech Bay, MENA’s largest
Open banking platform Tarabut Gateway raised a Fintech hub, and R3, a leading enterprise Blockchain
$13 million seed round in February 2021, the largest software provider, have partnered to provide tools
Fintech seed round in MENA to date. Later that year, for MENA Blockchain-based startups to test,
it raised $12 million in Pre-Series A funding. validate, and implement their products and
accelerate their expansion within the ecosystem.
CoinMENA raised a $9.5 million seed round in
November 2021.

Reasons to Move Your Startup to Bahrain

Business-Friendly Environment Skilled Labor Force Low Taxes
The Kingdom allows 100% foreign ownership for Bahrain is ranked first in MENA in the UN Human The government of Bahrain doesn’t collect corporate
nearly all business activities within the national Development Index, which means companies in the taxes on businesses outside the oil and gas industry.
jurisdiction. Operating costs for businesses are country gain access to the most skilled local talent There are also no personal income taxes and no
substantially lower than in much of the rest of the in the GCC. The Bahraini government supports a wealth or capital gains taxes in the country.
GCC region, in the case of manufacturing by 20–56%. network of technical programs, such as the MENA
Fintech Academy, to upskill the local labor force.
Enterprises hiring recent university graduates can
receive a wage subsidy of up to 70%. In March
2022, Tamkeen established a collaboration with the
technology training academy General Assembly and
the Bahrain Institute of Banking & Finance to
provide specialized tech train ing for arou nd 1 ,200
Bahrain i nationals.
Selected Startup Organizations
STARTUP GENOME MEMBERS

MEMB ER “We
“As are thrilled
global economic to see Bahrain’s startup
transformation ecosystem
specialists
ranking
and policyas a Top 10we're
advisors, MENA Ecosystem
extremely in Performance,
proud of how
Tamkeen
Funding,has
Bahrain andperformed
AffordableinTalent. Our Global
the 2022 local partner
StartupTamkeen
Tamkeen empowers Bahrainis to become employees of choice and enables the
private sector to become the key engine of economic growth. It works with and otherReport.
Ecosystem key stakeholders haveour
Working with supported founders in
local partner,
enterprises to innovate, grow, transform, digitalize, and internationalize. It also Bahrain
Tamkeen,forwe
many
are years
eagerwith highly
to share theprogressive policies and
stories behind
supports Bahraini talents with their training needs, ensuring their competitiveness
both locally and internationally.
have build great conditions for tech entrepreneurs to start
this success."
and grow their businesses from Bahrain.”
Stephan Kuester, Head of Ecosystem
Stephan Kuester,
Development HeadGenome
of Startup of Ecosystem
Strategy of Startup Genome
KEY ECOSYSTEM PLAYERS

Tamkeen Bahrain Fintech Bay Tenmou

Tamkeen empowers Bahrainis to become employees FinTech Bay is one of the largest FinTechs Hub in “Tenmou”, is a tech-focused angel investor and
of choice and enables the private sector to become MENA that incubates impactful FinTech initiatives ecosystem builder, investing in Bahrain and its
the key engine of economic growth. through innovation labs, acceleration and people. Tenmou provides both mentorship and
educational opportunities. capital to high-potential, innovative Bahraini
entrepreneurs from the seed stage.

Hope Fund
Hope Fund supports local youth initiatives by unique
growth opportunities and access to tools and
resources to build a better future for themselves
through skills development and entrepreneurship
support.
Egypt
Highlights
Cairo Egypt’s startup ecosystem is among the most vibrant in Africa and has been experiencing rapid growth in
recent years. In its third quarter 2021 Africa Funding Report, Digest Africa reported that Egypt had the
MEMBERS: highest number of deals in Africa and third highest total funding. The Egyptian ecosystem saw a 168%
Information Technology Industry Development Agency (ITIDA) year-on-year increase in capital investment in 2021 to reach a new record of $491 million, according to
Magnitt’s 2021 Egypt Venture Investment Report.
"Egypt’s digital transformation strategy had a direct impact on the betterment of
the local entrepreneurship scene, making not only major cities economically In 2020, an investment law designated areas in need of development. Companies in these areas can
competitive but local communities too." deduct 50% of investment costs, and firms in certain industries, such as renewable energy, will not be
subject to taxes or customs duties on equipment purchases. In April 2022, the General Authority for
Dr. Amr Talaat Investment and Freezones, the Financial Regulatory Authority, and the Information Technology Industry
Minister of ICT Development Agency signed a cooperation protocol to make it easier for local and international VCs to
invest in Egyptian startups.

In September 2021, Plug and Play and ITIDA announced the opening of an accelerator and incubator to
develop Egyptian startups. The three-year agreement outlined an accelerator program that will run two
cycles each year, targeting a total of 60 companies. The incubator will provide support to 60 early-stage
startups each year, split into two cycles.

Four major tech funds launched in 2021: Algebra Ventures’ $90 million fund, Sawari Ventures’ $28 million
fund, Benya and Openner’s $50 million fund, and Sequence Ventures’ EGP 500 million ($2.7 million) Deep
Tech fund.Cairo Angels also announced the first close of its $5 million micro-VC fund.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$165 k $1.2 m $7 k
$435 m $2.7 bn
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
11.3 bn

101

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)
$836 m 5.7 years
GLOBAL AVG.

GLOBAL AVG.
132 m

6
16

GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
Fintech Logistics &
In September 2021, the government passed a law Transportation
allowing the Central Bank of Egypt (CBE) to give
Incubator Logivators launched in 2021 to support
out banking licenses to Fintech firms. Egyptian
Egyptian startups in the Logistics & Transportation
Fintech companies raised $159 million across 32
sub-sector. Egypt is home to 33 Logistics startups,
deals in 2021, a 300% increase on the previous year,
88% of which are based in Cairo Fulfillment services
according to the CBE. The National Bank of Egypt,
startup Flextock raised $3.25 million of pre-seed
Banque Misr, and Banque du Caire jointly launched
funding in May 2021. In September 2021, ride-
a EGP 1 billion ($55 million) Fintech fund in
hailing app Halan closed a $120 million venture
September 2021. Cairo-based Thndr raised a $20
funding round, becoming Egypt’s first ever mega
million Series A in February 2022.
deal. In March 2022, Swvl became the first company
launched from Africa and the second in MENA to
list on the Nasdaq via a SPAC merger.

Reasons to Move Your Startup to Cairo

Market Access Young, Skilled Talent Abundant Resources
Egypt’s strategic location and extensive international Egypt’s population of about 102 million people, is
Egypt’s Entrepreneurs can draw talent from over 170
trade network make it an ideal platform for rapidly growing, providing companies with a large universities and institutes producing 500,000 annual
companies doing business in MENA and Africa. With and growing domestic market and vast talent pool graduates, as well as access a network of over 40
a young population of 20 million tech savvy to recruit from. Over half of the country’s incubators and accelerators and 80 coworking
consumers, Cairo provides a perfect testbed for population is under 30, and many of them are multi- spaces. The IT Industry Development Agency (ITIDA)
innovation and an attractive market for scalability. lingual and technically skilled. is also on tap to support entrepreneurs.
Selected Startup Organizations
STARTUP GENOME MEMBERS

MEMB ER “Startup Genome

"Startup Genome is is
proud
proudtoto
partner with
partner with thethe
Information
TechnologyTechnology
Information Industry Development Agency to review
Industry Development
Information Technology Industry Development
Cairo’s
Agency startup ecosystem
to review performance
Cairo's startup and individual
ecosystem
Agency (ITIDA)
ecosystem
performance success factors. The
and individual results, ranking
ecosystem successCairo as
The IT Industry Development Agency (ITIDA) is the executive arm of the Egyptian
Ministry of Communication and Information Technology. Established in 2004, ITIDA’s afactors.
Top 15 The
Global Ecosystem
results, rankingand #2 MENA
Cairo as a Top Ecosystem
15 in
core mission is to spearhead the development of Egypt’s IT industry to increase its the Affordable
Global EcosystemTalent
and #2 category, combined with
MENA Ecosystem in thea large
global competitiveness and make it a key contributor to the country’s economic
growth.
domestic market,
Affordable make Cairo
Talent category, an exciting
combined withecossytem
a large for
regional
domestic founders
market, makeand investors
Cairo alike.”
an exciting
ecossytem for regional
Stephan Kuester,founders and
Head of investors
Ecosystem
Strategy alike."
of Startup Genome
KEY ECOSYSTEM PLAYERS

American University in Cairo - Cubit Ventures Algebra Ventures

Venture Labs An early-stage venture fund backing tech startups Egypt’s leading tech VC firm. Algebra Ventures
driving digital transformation in Egypt. Cubit partners with founders to build transformative
Egypt's first university-based startup accelerator
Ventures is capitalizing on Egypt’s imminent companies, and supports them by providing multi-
program and leading accelerator in Africa and
economic ascent coupled with an accelerated digital stage capital, assisting with strategy and operations,
Middle East.
adoption across all sectors. and helping to build star teams.

Technology Innovation and Cairo Angels

Entrepreneurship Center Egypt’s first formal angel investment network.
Formed in 2012, it invests in and supports early-
(TIEC) stage startups in Egypt and across MENA. Cairo
T IEC drives economic growth by providing Angels f a cilitates due diligence, negotiates terms,
knowledge a nd f ina ncia l su pport to entrepreneu rs a nd f ina lizes dea l closing.
a nd sta rtu ps. Since 2010, it ha s sought to u n lea sh
creative solutions a nd innovative idea s that ma ke
impa ct in Egypt.
Qatar
Highlights
Doha Qatar is one of the richest countries in the world in terms of GDP per capita. Thanks to investment from
both the public and private sectors, Doha’s startup ecosystem has been growing steadily in recent years.
MEMBERS: To achieve Qatar’s 2030 vision of diversifying the economy away from reliance on hydrocarbons, the
Qatar Development Bank Qatari government has invested heavily in founders and innovators. It has been joined by many startup
support organizations in nurturing Doha’s ecosystem.
"In line with Qatar National Vision 2030, QDB’s strategy is focused on promoting
the private sector and the local entrepreneurship ecosystem, while offering 2021 marked the second consecutive year of growth of Qatar’s VC ecosystem. Funding grew by 92%
access to capital, capabilities, and international markets." compared to 2020, to reach a record high. Startups graduating from accelerator programs accounted for
46% of the 24 deals in Qatar in 2021.
Abdulrahman Hesham Al Suwaidi
Acting CEO, Qatar Development Bank Qatar Development Bank (QDB) provides financial and advisory services, as well as acceleration and
incubation programs through affiliated entities including Qatar Business Incubation Center. In March 2021,
QDB launched Scale 7, the first business incubator for fashion, film, and other cultural entrepreneurs.
Ithmar, a seed-funding program from QDB, provides entrepreneurs with equity capital and is Shari’a
compliant. Qatar University’s QU Innovation & Entrepreneurship Strategy (2018–2023) aims to support the
ecosystem’s development. The Qatar Science and Technology Park’s (QSTP) Product Development Fund
provides up to 50% of the total budget of local high-tech startups, and has awarded grants to 26
companies.

The Research to Startup program was created by QSTP to support the research community in Qatar by
bridging the gap between academia and industry. It provides a pathway to commercialize intellectual
property and launch startups. So far 45 startups have participated in the program.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$302 k $5 m $39 k
$12 m $123 m
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
11.3 bn

101

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)
$64 m N/A
GLOBAL AVG.

GLOBAL AVG.

10
70 k

GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years
1

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
Fintech Logistics &
One third of all funding deals in Qatar in 2021 were Transportation
in Fintech. Investors in all of these deals were based
Qatar’s growing population and hosting of global
locally, with Qatar Fintech Hub leading the charge.
events including the FIFA World Cup 2022 have led
Fintech was identified as crucial to the long–term
to a huge infrastructure boom. The Doha Metro, a
development of Qatar’s financial sector in the
new road network, Hamad Port, and Hamad
country’s Second National Development Strategy
International Airport are all being constructed or
2018–2022. The Qatari Fintech market is projected to
expanded. The Al Wukair Logistics Park supports
grow at a compound annual growth rate of 19.6% to
SMEs with light industrial workshops, storage units,
reach $2 billion by 2025, according to the Global
and open yards. Logistics & Transportation
Islamic Fintech Report 2021. The government is
accounted for 26% of all capital deployed in Qatar
streamlining regulations and providing funding to
in 2021. Logistics and supply chain solutions
boost the sub-sector.
company GWC was announced as the official
logistics provider for the FIFA World Cup Qatar
2022.

Reasons to Move Your Startup to Doha

Access to Capital
Qatar offers startups diverse sources of funding,
including venture capital, regulator-backed
accelerator and incubator programs, and angel
investors. Qatar Development Bank facilitates funding
through its QAR 365 million ($100 milion) VC fund.
ELV8, a 12-month growth accelerator program from
Qatar Science and Technology Park in partnership
with Plug and Play, provides mentorship and funding
opportunities for Qatari startups to expand
internationally.
Selected Startup Organizations
STARTUP GENOME MEMBERS

MEMB ER “Qatar
"Qatar Development
Development BankBank worked
worked in collaboration
in collaboration
Qatar Development Bank withwith Startup
Startup Genome
Genome to showcase
to showcase Doha’s
Doha’s growing
growing
entrepreneurial
entrepreneurial ecosystem
ecosystem in theinGlobal
the #GSER2022.
Startup
Qatar Development Bank was established in 1997 under the name Qatar Industrial
Development Bank, and it is a development entity 100% owned by the government. It Based onReport.
Ecosystem QDB’s strategic
Based oneffort
QDB'stostrategic
enhanceeffort
economic
was established to support investment in and develop local industries, and to drive diversivitation
to enhance economicanddiversivitation
facilitate growthandopportunities,
facilitate
economic development and diversification in the State of Qatar with a focus on the
private sector.
Startup
growth Genome is Startup
opportunities, very proud to finally
Genome put this
is very
emerging
proud startup
to finally putecosystem on the
this emerging global map.”
startup
ecosystem on the
Marc Penzel, global &
Founder map."
President
of Startup
Marc Penzel, Founder Genome
& President of Startup
Genome

KEY ECOSYSTEM PLAYERS

Qatar Business Incubation Qatar Fintech Hub Qatar Science & Technology
Center (QBIC) QFTH brings together talented entrepreneurs, Park
investors and enablers to develop disruptive
QBIC is a unique mixed-use business incubation QSTP provides a free zone and technology park that
technologies so that great visions become reality. It
center providing support services to help hosts leading global tech companies, mentor and
launches incubation and acceleration programs for
entrepreneurs and companies who either have an support a network of startups and rising tech
Fintech startups.
idea to start a business or want to grow an existing ventures, and have a value chain of acceleration,
business. incubation, and funding programs.

Digital Incubation Center Doha TechAngels

DIC was created to boost ICT innovation in Qatar, DTA is Qatar’s first private angel fund and is
particularly among young people at the critical early registered with Qatar Financial Center (QFC). It’s
stages of starting or growing a technology-related focused on providing seed funding for early stage
business. technology startups in Qatar, the Middle East, and
beyond.
Palestine
Highlights
Palestine Thanks to the market’s small size and surrounding geopolitical tension, Palestinian entrepreneurs face
more than their fair share of challenges. But despite these obstacles, a new wave of interest in
MEMBERS: entrepreneurship is cresting.
Innovative Private Sector Development (IPSD)
In the past, Palestinian talent was largely cut off from mentoring and collaboration, but that is changing.
"Palestine is a place for innovation, creation, and entrepreneurship. New ideas, The ecosystem has a higher than average sense of community, and an array of support organizations
emerging leaders, and non-traditional solutions serve as pillars of the provide assistance to founders. There is also increasing support from the Palestinian diaspora’s tech
ecosystem." entrepreneurs and business professionals. The pool of talent is also broadening, with increasing numbers
of women and young people participating in the ecosystem.
Tamer Baransi
Chairperson of Palestinian Information Technology Association of Companies (PITA) Projects including the World Bank’s Innovative Private Sector Development Project (IPSD) help to link
local founders to regional markets and offer grants for early-stage investors. The ISPD’s efforts to bridge
the long-standing funding gap is good news for cash-starved startups and a sign that Palestinian
leadership is increasingly committed to leveraging entrepreneurship to drive economic development. The
Palestinian government has further demonstrated its commitment to boosting the ecosystem through
regulatory changes to enable the growth of Fintech startups.

There is huge opportunity in the traditional pillars of the Palestinan economy, including AgriTech, Energy,
and Tourism and Hospitality. Still untapped by digital transformation, these sectors provide ample
opportunity for entrepreneurs to develop and test solutions that could be scaled to the entire Arab
market. Challenges remain for Palestinian entrepreneurs, but the essential seeds of a thriving ecosystem
have been planted. If tended carefully, they may bear fruit for the entire economy.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$210 k $475 k $7 k
$9.5 m $66 m
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
11.3 bn

101

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)
$12 m N/A
GLOBAL AVG.

GLOBAL AVG.

N/A
N/A

N/A

GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
Fintech Edtech Healthtech
In 2021, the Palestine Monetary Authority (PMA) EdTech Hub, which was established in 2020 in Many of Palestine’s tech startups address
formed the Financial Tech Advisory Group, and partnership between Palestine Techno Park and healthcare issues, including telemedicine (Tebfact
regulators launched the Strategic Framework for Eummena, provides workshops and programs to and Tanaffas), appointment-booking systems
Islamic Financial Services to encourage digital contribute to the development of Palestinian (Doctor On Time), and companies focused on the
transformation and Fintech integration among students. Numerous startups focused on Edtech prevention of chronic diseases (Wikaya and
Islamic banks. The PMA has also launched a have emerged, including in Arabic online coding Dawsat). Jerusalem-based SynergyMed is dedicated
campaign to raise awareness of e-payment and e- skills development for children Jeel Code; coaching to the development of non-surgical solutions for
Wallet services. As a result, several programs platform Coachwhizz; and Hessa, which connects the treatment of cancer tumors.
supporting Fintech startups were launched, college tutors to school age children.
including initiatives from Intersect Innovation Hub
powered by Bank of Palestine and Flow Accelerator
in partnership with the National Bank.

Reasons to Move Your Startup to Palestine

Local Connectedness Skills
The Palestinian ecosystem boasts a strong sense of Education is especially high among Palestinian
community. Founders benefit from a great deal of founders, with more than 55% having a university
assistance from others in the ecosystem, as well as degree, and more than 19% having graduate
from established connections to regional and degrees. Among funded founders, 61% hold a
international networks, particularly in the MENA university degree at the time of founding. Palestine
region and U.S. This includes strong ties to many is also home to a very high percentage of young
universities, including New York University, University people, as well as a particularly motivated and
of California Berkeley, University of Chicago, and the talented population of educated and
London School of Economics and Political Science. entrepreneurial young women.
Selected Startup Organizations
STARTUP GENOME MEMBERS

MEMB ER

Innovative Private Sector Development (IPSD)

The Innovative Private Sector Development (IPSD) is a $22 million Ministry of
National Economy project funded by the World Bank and implemented by DAI. IPSD
aims to support Palestinian startups, SMEs, and entrepreneurs from the West Bank
and Gaza through developing a dynamic startup finance ecosystem, improving
businesses access and linkages to international and regional markets, promoting
government reforms and automating business registration, streamlining and providing
a framework for home-based businesses, supporting businesses to survive the COVID-
19 pandemic, and supporting a pilot developing an outsourcing hub in Gaza.

KEY ECOSYSTEM PLAYERS

IBTIKAR Fund Palestine Monetary Authority Ministry of National Economy

A $30 million VC found to invest in Palestinian Monshati, the first electronic platform launched in The Ministry's Innovative Private Sector
entrepreneurs both from within Palestine and from Palestine to support financial and administrative Development aims to improve economic
the broader MENA region. Ibtikar focuses on early- capabilities of the entrepreneurs of micro, small and opportunities for individuals and firms in the West
stage companies (seed and pre-Series A) building medium enterprises by enabling them to access Bank and the Gaza Strip, through the development
scalable tech and tech-enabled business. sources of financing. of the entrepreneurship ecosystem.

The Palestinian Private Sector Palestinian Universities

Bank of Palestine and Paltel Group each have Islamic University in Gaza and An-Najah University
created innovation hubs that house incubators who in Nablus house incubators; while Birzeit University
provide mentoring, training, coworking space, and created a technology park that houses incubation
access to funding. programs, coworking spaces, and innovation labs to
promote a collaborative business environment.
UAE
Highlights
Sharjah As one of the fastest-growing economies in MENA, boasting one of the most attractive investment
climates, Sharjah has drawn the attention of global investors and entrepreneurs.
MEMBERS:
Sharjah Entrepreneurship Center Its strategic location in proximity to promising emerging markets, favorable business environment, and
commitment to supporting startups has created a thriving ecosystem. The city is a hub for talent, with
"With its commitment to being the first believers in tomorrow’s ambitious several top-ranked higher education institutions; MENA’s fastest growing technopark, Sharjah Research
founders, Sheraa is cultivating an ecosystem that is feeding UAE’s development Innovation and Technology Park (SRTIP); the dedicated business set-up and market-access center Sharjah
of some of the world’s most innovative companies." Investors Services Center (SAEED); and the ecosystem builder Sharjah Entrepreneurship Center (Sheraa).

Najla Al Midf a Sheraa launched Sharjah Startup Studio (S3) in February 2021 to accelerate the region’s digital
CEO, Sharjah Entrepreneurship Center (Sheraa) transformation. The first government-backed startup studio in the UAE, S3 takes a hands-on approach to
venture building. S3 helps startups hone their value proposition, find product-market fit, develop their
product, and support their entry into the market.

The annual Sharjah Entrepreneurship Festival (SEF), a landmark entrepreneurial event organized by Sheraa,
brings the entrepreneurship community together for two days, and has attracted leading speakers from
around the world to share their stories.

Sharjah’s thriving entrepreneurship ecosystem is part of the UAE’s wider efforts to establish the country
as an entrepreneurial nation by 2031. As of mid-2020, startups and SMEs already accounted for 94% of all
operating companies, contributing over 60% of the GDP. The National Agenda for Entrepreneurship,
spearheaded by the recently-appointed Minister of Entrepreneurship and SMEs, includes 29 initiatives and
TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE
(2019H2-2021) (2019H2-2021) incentive packages to have one million startups and 10 locally incubated unicorns established in the
country.

$8.7 m $208 m MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2021)
GLOBAL AVG. GLOBAL AVG.
$350 k $2.3 m $40 k
$687 m $28.6 bn
11.3 bn

101

GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.

$671 k $4.7 m $46 k

EARLY-STAGE FUNDING GROWTH TIER

(2018/19 VS. 2020/21)
GLOBAL AVG.

GLOBAL AVG.

TOTAL VC FUNDING TIME TO EXIT

(2017-2021) (2017-2021)
1 $91 m 8 years
1m

Amount ($) Count (#) GLOBAL AVG. GLOBAL AVG.

Calculated on a scale of $4.5 bn 9.4 years
1 (lowest) to 10 (highest)
Exits
(2017 -2021)
Sub-Sector Strengths
Edtech Cleantech Digital & Creative
The COVID-19 pandemic caused a seismic In line with the UAE’s agenda on environmental Industries
transformation in education in the Gulf, pushing sustainability, Sharjah continues to invest in the
Sharjah was named the UNESCO Capital of Arab
72% of educational institutions in the region to sector, targeting zero waste-to-landfill by 2022.
Culture in 1998, and the World Book Capital in
bring forward their digital roadmap by at least a Sharjah Sustainable City is set to be the first net-
2019. Sharjah Media City (Shams) is a free zone
year, according to an IDC survey. With the support zero community in the emirate, and the Sharjah’s
dedicated to creative startups and the Emirates
of the University City in Sharjah, the sub-sector is BEEAH Group works to pioneer sustainable
Reprographic Rights Management Association
poised to grow further. Examples of local Edtech technologies. Sharjah is also home to Cleantech
protects copyrights of content creators, authors,
startups include the digital English language startups including environmentally friendly
and publishers. The Access Sharjah Challenge,
educator Englease, online learning platform cleaning product manufacturer Kyma, The Concept,
launched in December 2021 by Sheraa, connects
Almentor, and Little Thinking Minds, which provides which designs and produces sustainable solutions
digital startups to relevant entities in Sharjah and
Arabic language literacy tools. including smart trays, and Cycled Technologies, a
across the UAE with the aim of contributing to the
smart bin that helps users sort their recyclables.
development and growth of the nation's creative
economy.

Reasons to Move Your Startup to Sharjah

Diverse Ecosystem Growing Investment Highly Skilled Talent
Women comprise 70% of UAE’s university graduates A strong economy helps entrepreneurs grow their Sharjah’s University City is home to over 30,000
and 44% of the region’s workforce. Within Sheraa’s businesses faster and attract talent, and the UAE’s students and some of the region’s best educational
portfolio of 122 startups alone nearly 50% are female- is thriving. With over AED 4 billion ($1.2 billion) in institutions. These institutions have incorporated
led. With more women investors, dedicated support registered venture capital, and having accounted entrepreneurial learning into their curriculums,
services, and a more inclusive, diverse ecosystem, for 46% cent of the total venture capital received in ensuring students graduate with 21st-century skills. In
there has never been a better time for a woman to the Middle East and Africa in 2021, the nation has partnership with the American University of Sharjah
open a business in the UAE. established itself as the most attractive market in and the University of Sharjah, Sheraa has developed
the region. university startup hubs to upskill and nurture the
entrepreneurial mindset among students and recent
graduates.
Selected Startup Organizations
STARTUP GENOME MEMBERS

MEMB ER "The growth of the Sharjah startup ecosystem is

Sharjah Entrepreneurship Center becoming more and more visible, ranking as a
“The growth of the Sharjah startup ecosystem is
leading ecosystem in the MENA region across
At Sharjah Entrepreneurship Center (Sheraa), we believe in human potential. We have becoming more and more visible, ranking as a leading
faith in humanity’s ability to generate positive change, and we are on a mission to several indicators. Attending the Sharjah
ecosystem in the MENA region across several indicators.
unleash a generation of entrepreneurs who will build a better future for our societies Entrepreneurship Festival, the region's biggest
and beyond. Attending the Sharjah Entrepreneurship Festival, the
celebration of entrepreneurship, gives you a great
region’s biggest celebration of entrepreneurship, gives
sense of the Emirates' trajectory. It's been a
you a great sense of the Emirates’ trajectory. It’s been a
pleasure to work with the Sharjah
pleasure to work with the Sharjah Entrepreneurship Center
Entrepreneurship Center and continue to monitor
and continue to monitor their growth and success.”
their growth and success."
Marc Penzel, Founder & President
Marc Penzel, Founder & President of Startup
of Startup Genome
Genome
Israel
Highlights
Tel Aviv #7*
Ecosystem rank and metrics for Tel Aviv - Jerusalem
Israel, the Startup Nation, has more startups per capita than any nation in the world thanks to its tight-knit
entrepreneurial community, impressive R&D capabilities, educated population, and strong government
support. Tel Aviv is the heart of this red-hot ecosystem, with a significant majority of the country’s tech
MEMBERS: ventures concentrated within its greater metropolitan area, and nearly 3,000 within the city limits. Startup
Tel Aviv Global Genome ranked Tel Aviv #2 in the 2021 GSER: Cleantech Edition and #4 in its GSER: Agtech and New
Food Edition.
Edition .
"There’s great talent here […] We’ve made a number of investments in
companies we believe will help us improve, and that’s the reason I continue to Tel Aviv’s startups have together been valued at $120 billion. The city’s startups raised a record-breaking
come back here." $20 billion in 2021 — a whopping 63% of the national total. The same year, Tel Aviv gained 30 new
unicorns, and 20 of its scaling companies went public, raising $4 billion. With hundreds of active investors
Doug McMillon and venture capital funds in the country’s central region, the message is clear: watch this space.
CEO, Walmart

Diverse Multinationals including Volkswagon, Anheuser-Bosch, Apple, Citibank, and over 130 others have
established innovation centers in Tel Aviv. In addition to the high concentration of talent, the companies
enjoy over 30 different grants and tax incentive programs for R&D activity, including conditional grants,
reduced tax rates, tax exemption, and other tax-related benefits offered by the state. Overall, Israel is
ranked #2 in the world in R&D expenditure per capita. Israel invests about 4.1% of its GDP in R&D, twice
the OECD average.

In January 2022, Israel launched a $70 million program to promote entrepreneurship among Arab
communities, and is advancing numerous initiatives to promote diversity and inclusion.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$2 m $7.5 m $85 k
$5.5 bn $120 bn
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
24 bn

431

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

11.3 bn

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)

$30 bn 7 years
GLOBAL AVG.

GLOBAL AVG.
101

4 GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
AI, Big Data & Analytics Cybersecurity
Israel ranks third in the world by number of AI and In 2021, Israeli Cybersecurity startups raised an
machine learning startups, with the majority impressive $8.8 billion, more than triple the amount
concentrated in Tel Aviv. Eleven Israeli-founded raised in 2020. In Tel Aviv alone, the sub-sector also
companies were featured in the 2021 AI 100 finalists produced a record 9 new unicorns in 2021, and one
report from research firm CB Insights. A committee out of every three Cybersecurity unicorns in the
on AI has released a comprehensive plan to promote world is now an Israeli company. Orca Security
AI in Israel. An initial 550 million shekels ($168.2 raised a $550 million Series C round in October.
million) of the 5.26 billion shekels ($1.6 billion) in Cloud security startup Wiz raised $250 million in
funding proposed by the plan was approved in April private funding, also in October, bringing its
2021. ZenCity, a Tel Aviv-based AI solution for valuation to $6 billion.
governments, raised $30 million in June 2021, and AI
chipmaker Hailo, also in Tel Aviv, raised a $136
million Series C in October 2021.

Reasons to Move Your Startup to Tel Aviv

Intellectual Property Incentives Employment Aid Programs R&D Grant Programs
A company that creates IP assets in Israel, or is willing The Israeli Ministry of Economy offers wage The Innovation Authority operates more than 40 R&D
to transfer some IP to Israel, is entitled to reduced subsidies for new employees for a specific period grant programs for multinational companies,
corporate, dividend, and capital gains tax rates. The of up to several years depending on the program. individual entrepreneurs, research institutions, and
country’s Angel's Law also provides tax benefits and Subsidy rates range from 10 to 40% depending on NGOs. The programs offer a unique, customized, and
deductions to single investors who invest in Israeli the employee’s background (i.e. students, workers comprehensive incentive toolbox, including
companies during their initial R&D (seed) stage. from minority groups), and the amount of time the Innovation Labs programs, which offer up to a 50%
employee has already been working in the position. deduction in R&D expenses for specific sub-sectors.
Selected Startup Organizations
STARTUP GENOME MEMBERS

MEMB ER “Telglobal
“As Aviv iseconomic
showcased in the GSER, specialists
transformation ranking as the #7
Tel Aviv Global and Global Startup Ecosystem.
policy advisors, Working
we're extremely proudwithof our
howlocal
partner,
Tel Tel performed
Aviv has Aviv Global,inwe
theshare
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Tel Aviv Global & Tourism is a municipal company under the Mayor's Office at the Tel
Aviv-Yafo Municipality. It facilitates the global quantum leap taken by the city of Tel successReport.
Ecosystem storiesWorking
as well as consistenly
with our localoutstanding
partner,
Aviv-Yafo in creating economic and tourism growth. supportive
Tel Aviv Global,policies
we arethat
eagerhave fueledthe
to share thisstories
growth.”
behind
Stephan this success.”
Kuester, Head of Ecosystem
StephanStrategy
Kuester,of Startup
Head Genome
of Ecosystem
Development of Startup Genome

KEY ECOSYSTEM PLAYERS

Yossi Vardi Hila Ovil-Brenner CityZone

A pioneer of Israeli hi-tech, Yossi has helped build 20 years of experience as an entrepreneur, investor, CityZone is a living lab for entrepreneurs advancing
over 85 companies over a 50 year career, and and advisor to startups; Hila is currently Managing solutions to urban challenges in cooperation with
advances innovation through industry events and Director at TechStars Tel Aviv and Founder of the the Tel Aviv municipality, Tel Aviv University, and the
collaboration. non-profit, Yazamiyot - Women Entrepreneurs. Atidim Corporate Park in Tel Aviv.

8200 EISP EcoMotion

An exclusive community of successful entrepreneurs, A platform for smart-mobility startups to connect
industry experts, and investors that provides support with global industry, entrepreneurs, academia,
for early-stage ventures, founded by alumni of the government, investors, and 13,000 community
elite 8200 military intelligence unit. members.
Tunisia
Highlights
Tunisia With access to Europe, Africa, and the Middle East, as well as trade agreements with the EU and much of
Africa and an increasingly educated workforce, Tunisia has much to offer entrepreneurs. The Tunisian
MEMBERS: government actively supports startups, with the Tunisia Startup Act of 2018 streamlining the process of
Smart Capital / Caisse des Dépôts et Consignations (CDC) starting and running a business here and providing a stipend for founders during the first year of activity.
The act also established fast-tracking of international patents.
"Tunisia’s young talents and best minds are shaping our country’s future. Our
duty is to accelerate the change to let the Tunisian dream come true." Startup investment in Tunisia increased 31% between 201\7 to 2021, totalling $38.2 million across 54 deals
in the 2020-21 period. Startup Tunisia is a referral initiative that offers DEAL grants of up to TND 200,000
Nizar Ben Neji ($67,000) to assist with the launch of new startup support programs. Digital innovation hub The DOT
ICT Minister
opened in June 2021 with the mission to accelerate the digital transformation of Tunisian society. 2021
also saw the launch of 40 new startup support programs across the ecosystem, including incubators such
as CoStarT, coworking spaces including Coworky and Hive12, and entrepreneurial training programs such as
Foundup.

Seed and early-stage VC firm Flat6Labs has increased its Tunisia-based Anava Seed Fund (ASF) from $3
million to $10 million. ASF was launched in 2017 in partnership with the Tunisian American Enterprise Fund,
BIAT Bank, and Meninx Holding. Tunisia’s Expensya, a maker of expense-management software, raised a
$20 million Series B in May 2021. Wattnow, a smart energy management solution, raised a $1.3 million pre-
Series A in March 2022.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$71 k $50 k $7 k
$5.5 m $26 m
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
11.3 bn

101

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)
$21 m 15 years
GLOBAL AVG.

GLOBAL AVG.

10
29 m

GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years
3

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
Artificial Intelligence Life Sciences
The Tunisian national roadmap 2020–2023 stresses Startup support organization Connect'Innov’s
facilitating startups’ access to markets, and includes mission is to support and promote Life Sciences
investments in AI R&D, policy reforms to enable innovation, particularly in telehealth and biotech.
development in the sub-sector, and a focus on Life Sciences cluster HealthTECH will represent
international cooperation. In July 2021, the Africa Tunisia in the European BETTEReHEALTH project,
Internet of Things (IoT) and Artificial Intelligence which is funded by the European Commission, and
(AI) Challenge was launched in Tunisia to provide aims to support the development of telehealth
young innovators with training and support. In solutions in developing countries. In February 2021,
January 2022, Tunisia-founded enterprise AI startup Tunisia reached an agreement with Britain to
InstaDeep raised a $100 million Series B. develop the Tunisian biotech industry with the aim
of producing vaccines and manufacturing medicines
in Tunisia.

Reasons to Move Your Startup to Tunisia “Tunisia is highlighted in the GSER for
its accessible, highly-skilled talent. We
Ideal Location Entrepreneurship Education worked with Smart Capital and Caisse
Tunisia enjoys a privileged geographical position at Entrepreneurship education has rapidly advanced in des Dépôts et Consignations to study
the junction of the eastern and western Tunisia over the last decade and is now an the ecosystem, which ranks in the
Mediterranean basin, making it a regional hub for important feature of the country’s higher education
Affordable Talent category as a
investment, trade, and production. Sharing a border curriculum, with every university offering a module
with Algeria and Libya, and an under three hour flight covering entrepreneurship and entrepreneurial Top 15 Global Ecosystem and #1
from European capitals and major Middle Eastern culture. Student enterprise clubs, business plan MENA Ecosystem.”
cities, Tunisia is at the heart of the Euro- contests, and best entrepreneurial ideas
Mediterranean logistics chain, and provides an ideal competitions complement in-class instruction and Stephan Kuester, Head of Ecosystem
platform to access markets of 500 million consumers. have driven high interest in entrepreneurship Strategy of Startup Genome
among young people.
Selected Startup Organizations
STARTUP GENOME MEMBERS

MEMB ER MEMB ER

Smart Capital Caisse des Dépôts et Consignations (CDC)

Smart Capital, a management company approved by the Financial Markets Council, is Caisse des Dépôts et Consignations (CDC) is a public institution created in 2011. As
in charge of the implementation of Startup Tunisia’s three components: Startup Act, the Private Equity arm of the government, it supports state policies in sustainable
the law and its incentives; Startup Invest, which oversees funding; and Startup development goals and projects. The CDC distinguishes itself by its unique economic
Ecosystem, which backs supporting structures such as incubators, accelerators, and model, and is characterized by its mode of governance, its investment doctrine, and
startup studios. Smart Capital operates under the authority of both the Ministry of its risk management. It is a key player in the long-term economic and social
Communication Technologies and Digital Transition and the Ministry of Economy, development of Tunisia.
Finance and Support for Investment.

KEY ECOSYSTEM PLAYERS

Flat6Labs Tunis United Gulf Financial Services The Dot

Flat6Labs Tunis, launched in 2017, is a seed and North Africa A digital innovation hub that aims to support and
startup program seeking to promote the growth of sustain the innovation ecosystem and digital
A licensed asset management company that
Tunisian startups and provide a source of supply to transformation in Tunisia through a community of
provides services through different business
the industry of Venture Capital in Tunisia. innovative startups, startup support organizations,
platforms: private equity, asset management,
government, universities, and students.
advisory, and corporate finance.

TunisianStartups Collège des Startups

TunisianStartups works on connecting the local The governance body in charge of granting Startup
startup ecosystem, including startups, investors, and Labels, entitling startups to the various benefits
support structures, and connecting the Tunisian provided by law. It is composed of nine independent
ecosystem with other ecosystems all over the world. people from the public and private sectors.
 North America
221 Top Performers & Top Regional Challengers

222 Key Findings

223 Local Connectedness Is Driving Indiana’s Thriving Startup Ecosystem

225 Ecosystem Pages

Copyright © 2022 Startup Genome LLC. All Rights Reserved. Learn more and get connected at startupgenome.com 220
 increased 43% since 2020, but Series B+ saw a much Top Performers
Regional Insights bigger increase at 140% in the same period.

North America
1 Silicon Valley
The region’s largest exit was cryptocurrency exchange
2 New York City
Coinbase, which was valued at $85 billion when it posted
shares directly on the Nasdaq in April 2021. Databricks, 3 Boston
the developer of a unified data analytics platform, 4 Los Angeles
With Silicon Valley, New York, and Boston located
secured the region’s biggest deal when it raised $1.6
here, North America is the global leader in producing 5 Seattle
billion in an August 2021 Series H round.
startups, making up 47% of the share of global leaders.
But as in other regions, North American founders are
increasingly choosing to set up outside of established
Toronto-Waterloo is Canada’s leading ecosystem, Top Regional Challengers
ranking at #17. The area has the highest concentration
leading ecosystems and are creating new thriving hubs 1 Detroit
of AI startups in the world, including genetic therapy
of innovation. Silicon Valley’s global share of dollar
company Deep Genomics and AI chip manufacturer 2 Minneapolis
amount in early-stage investment has declined from
Tenstorrent. Vancouver and Montréal are thriving
25% in 2012 to 13% in 2021. As early-stage funding 3 Houston
startup ecosystems, with Vancouver producing five
is a leading indicator of the future of tech, this trend
unicorns in the GSER 2022 time range, including online 4 Research Triangle
suggests that the growth of tech elsewhere will continue
identity marketplace Trulioo, legal software startup
to be faster than in Silicon Valley. 5 Pittsburgh
Clio, and NFT company Dapper Labs, and Montréal
producing four, including travel app Hopper.
More than 300 North American tech startups achieved
unicorn status in 2021, an impressive leap from fewer
U.S. investors were holding an average of 101% more Later-stage funding increased 137% in amount and 39%
than 100 in 2020 and a large proportion of the 540 total
dry powder in 2021 than 2020, from $252 million to in the number of rounds in the same period, and early-
global tech unicorns. The region saw 105% growth in $50
$507 million. The total dry powder for active investors stage funding saw a 43% growth in amount.
million+ exits from 2020 to 2021. Early-stage funding
was up by 20% in terms of amount from 2020 to 2021.

Copyright © 2022 Startup Genome LLC. All Rights Reserved. Learn more and get connected at startupgenome.com 221
North America Regional Insights

Key Findings
• North America remains the world’s leading region, deal count and an impressive 149% in deal amount.
making up 47% of the share of global leaders. For context, the median early-stage deal amount
increase for U.S. ecosystems is 19%.
• Silicon Valley’s global share of dollar amount in early-
stage investment has declined from 25% in 2012 to
13% in 2021, suggesting that the growth of tech in
the rest of the world will continue at a faster pace
than in Silicon Valley.

• Of the 540 unicorns created globally in 2021, more

than 312 were North American. In 2020, North
America produced 83.

• Denver-Boulder moved up three places from 2021,

taking #24. The Colorado ecosystem is increasing in
both value and count in early-stage funding, and has
shown significant growth in Connectedness.

• Miami moved up into the runners-up category, at tied

#31. Eleven $50 million+ exits took place here, as well
as two $1 billion+ exits. Miami can also attribute some
of its rise in the rankings to early-stage funding — it
experienced a 15% increase in early-stage funding

Copyright © 2022 Startup Genome LLC. All Rights Reserved. Learn more and get connected at startupgenome.com 222
Global Startup Ecosystem Report 2022

Local Connectedness Is Driving Indiana’s

Thriving Startup Ecosystem
Indiana is an ecosystem of movers and shakers: friendly Ventures, which has funded 462 Indiana startups in 87 BioCrossroads, IU Ventures, and Purdue Ventures. But it
people who undertake and accomplish big things. counties across the state, is the major force in this space. also reflects the strength of Indiana’s first-rate universities,
The state is an affordable, affable startup hub where which produce industry-changing innovations.
entrepreneurs and their supporters weave dense webs Last year, 57 startups were involved in M&A activity,
of local relationships. Yet its startups, universities, and according to Indiana accelerator TechPoint. The In 1980, Indiana Senator Birch Bayh spearheaded the
corporations are focused on some of the fastest growing ecosystem has produced three $50-million-plus exits in law that established universities’ ownership of patents,
global tech sectors, particularly those that address three years. Indiana’s dominant sub-sector, Life Sciences, making Indiana the birthplace of modern technology
pressing issues such as health and climate change. has attracted the lion’s share of investment, raising $434 transfer. That tradition continues. For example, MBX
million in 2021. That included new funding for On Target Biosciences, which has raised about $60 million, is
In Indianapolis, that combination of local performance and Laboratories, which has earned FDA approval for an developing a treatment for endocrine disorders based
global promise soon will start generating $100-million- imaging agent used during cancer surgery. Co-founder on discoveries made by its co-founder, the serial
plus — and even unicorn-sized — scales-ups annually, Dr. Phillip Low has already notched one biopharmacy entrepreneur Richard DiMarchi, at his laboratory at
according to an assessment by Startup Genome. unicorn in Endocyte, and On Target Laboratories has Indiana University.
raised more than $80 million in aggregate. The overall
That potential has ignited investment: in 2021 Indiana Life Sciences sub-sector exported a record $12.7 billion Purdue University and Indiana University offer world-
startups broke records, raising $1.4 billion in 159 deals. worth of products in 2021. class degrees and research facilities in Life Sciences,
About 30% of seed rounds clocked in at $1 million-plus: but the state’s universities also are strong in other sub-
a larger percentage than in comparable ecosystems. In sectors — Cleantech, Artificial Intelligence, and Industry
addition, the number of Indiana startups progressing The Strength of Schools 4.0 are among the ecosystem’s fastest growing. In fact,
from Seed to Series A was 13% higher than their peers, The success of Life Sciences startups attests, in part, Indiana’s universities outperform institutions in every
as revealed by a Startup Genome assessment. Elevate to the vision of investors such as Elevate Ventures, comparable ecosystem except Michigan’s for all tech

Copyright © 2022 Startup Genome LLC. All Rights Reserved. Learn more and get connected at startupgenome.com 223
sub-sectors, according to Startup Genome’s assessment. chemical company from Oklahoma to Indianapolis to be networks are expanding as expat Hoosiers interact
at the center of midwestern manufacturing. with Indiana alumni groups and investment networks,
Good tech workers are notoriously hard to find. But and many who leave Indiana for Silicon Valley or New
Purdue University, Indiana University, and the University Haley says, “Corporate venture partners in Fintech, Agtech, York eventually move back to the state, bringing their
of Notre Dame, among other institutions, have strong and science are a rapidly growing capital pool. Indiana’s experience and contacts with them.
reputations and draw top students from across the ecosystem of strong corporations give companies who
country and internationally, creating a deep pool of grow here access to corporations that can be customers, At the end of the day, it is the entrepreneur’s experience
engineering and business talent for Indiana’s startups. mentors, collaborators, and investors. The Heritage that matters most in an ecosystem. NanoBio Designs,
Students come for the education. Graduates stay for the Group hosted a manufacturing and materials based a developer of genetic detection devices, recently
low cost of living and quality of life. accelerator that initially drew us back to Indiana, and our relocated to Indianapolis from Des Moines, Iowa. COO
company success has skyrocketed, in large part due to Ryan Skaar credits Elevate Ventures, AgriNovus, the
Heritage Group’s corporate contributions.” Indiana Economic Development Corporation and its
The Corporate Contribution Small Business Development Center, Purdue University,
Indiana’s corporations — including Eli Lilly and Company, Indiana’s strong agricultural economy has attracted and others for helping the company raise money and
Anthem, and Salesforce Marketing Cloud — also attract Agtech startups from around the world, including Taranis, grow. “This support system was a huge reason why
talent to the state and invest in the ecosystem. Steve Case, a global business formerly based in Israel. A combination we were able to establish our startup in Indiana,” says
the former AOL CEO who is an evangelist for widespread of conditional tax credits and the opportunity to operate Skaar. “We are thankful for the timely introductions that
entrepreneurship, touts Salesforce’s 2013 acquisition from America’s largest commodity crop production region allowed us to plug in.”
of homegrown email marketing startup ExactTarget for lured the company, which combines aerial imagery and
$2.5 billion as a milestone in Indiana’s development as AI to help growers’ decision-making. Overall, Indiana’s
a tech hub. expanding Agtech sub-sector raised $78 million last year.

Corporations are customers and collaborators too.

Manufacturing thrives in Indiana, and companies in
A Wealth of Connections
that field are rapidly adopting Industry 4.0 technologies, Among Indiana’s greatest assets is its high degree of local
encouraged by the state’s Manufacturing Readiness connectedness. That famous “Hoosier hospitality” has
Grants. The co-founders of MITO Materials — Haley forged a strong sense of community and relationships
Marie Keith and her husband, Kevin Keith, who made among founders, investors, and experts, and this is what
The opinions expressed in this sponsored article do not necessarily reflect the
Forbes’ 30 Under 30 list 2021 — moved their specialty strengthens the ecosystem. Connections with global views or position of Startup Genome.

Copyright © 2022 Startup Genome LLC. All Rights Reserved. Learn more and get connected at startupgenome.com 224
Canada
Highlights
Atlantic Canada
If Atlantic Canada were to be ranked as an ecosystem, it would be #66 in
Atlantic Canada — made up of the eastern provinces of New Brunswick, Newfoundland and Labrador, Nova
Scotia, and Prince Edward Island — continues to demonstrate that it is a fast-growing and successful
the Emerging Ecosystems rankings. ecosystem, boasting innovation in Oceantech and several other sectors. The region is producing globally
leading companies such as CarbonCure Technologies, a Carbon Xprize winner that has been touted by its
MEMBERS: investor Bill Gates on CBS’s 60 Minutes. SaaS platform Introhive has raised over $125 million and was
Innovacorp / Atlantic Canada Opportunities Agency listed in the Deloitte Technology Fast 500 ranking for three consecutive years.

"Atlantic Canada attracted us with venture capital, non-dilutive dollars, research The ecosystem is home to 16 universities and many support programs that provide startups with a wealth
partners, talent, ocean access and an incredibly welcoming business community. of resources to support their growth. More than 80% of graduates from Innovacorp’s acceleration
This is the ideal region for us to develop our ocean climate technology." program have secured early-stage equity investment. PEI BioAlliance is adding a bioscience manufacturing
incubator to the resources it offers its flourishing bioscience cluster. Industrial biotech companies are
Mike Kelland coming from around the world to join the AscendBio scale up program. CDL Oceans is a global ocean
CEO and co-founder, Planetary Technologies
technology accelerator. A company from its most recent cohort, Planetary Technologies, won a $1 million
Xprize Carbon Removal Milestone Award in April 2022.

Female-focused seed-stage fund Sandpiper Ventures is the newest venture capital fund based in Atlantic
Canada. It closed the first CA$10 million ($8 million) of a planned CA$20 million ($16 million) funding
round for its flagship SV Fund in September 2021.

Recent Atlantic Canada fundraising success stories include Newfoundland-based Mysa’s November 2021
$20.3 million Series B, and in January 2022, Saint John, New Brunswick-based TrojAI raised a CA$3 million
($2.4 million) seed round.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$913 k $3 m $47 k
$275 m $4.4 bn
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
11.3 bn

101

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)
3.5 bn

$1.3 bn 9.5 years

47
GLOBAL AVG.

GLOBAL AVG.

6 GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
Life Sciences Blue Economy Cybersecurity
The BioFuture 2030 report plots a course to double Atlantic Canada is one of the world’s leading The Canadian Institute of Cybersecurity, based at
the number of Life Sciences companies in the ecosystems for Blue Economy startups. It is home to the University of New Brunswick, is home to a host
region and almost quadruple annual sales to CA$1.1 Canada’s Ocean Supercluster — which has of Cybersecurity companies including Sonrai
billion ($881 million) by 2030. Medical device approved projects with a total value of more than Security, which raised $50 million in an October
developer Adaptiiv raised a $4 million Series A CA$320 million ($256 million). The Ocean Startup 2021 Series C round. Fraud detection unicorn
round in July 2021. ABK Biomedical has raised $50 Project has provided more than CA$1.4 million to Verafin was founded in St. John’s, Newfoundland,
million to fund the development of its liver cancer entrepreneurs developing solutions to address and was acquired by Nasdaq for $2.75 billion in
radiation therapy. ocean industry challenges. Planetary Technologies February 2021.
raised CA$7.8 million for its technology to remove
carbon using direct ocean capture while restoring
ocean health and generating green hydrogen.

Reasons to Move Your Startup to Atlantic Canada

Supportive Ecosystem Global Impact Living Well
Atlantic Canada’s close-knit ecosystem partners strive Atlantic Canada is strategically located for access to Atlantic Canada is home to four cities ranked in the
to support and connect founders to experts they both Europe and North America: four hours behind top 10 best communities in Canada by Maclean’s:
need to accelerate growth. The percentage of London and four hours ahead of Los Angeles. Its Halifax, Charlottetown, Moncton, and Fredericton.
immigrant and female founders is higher than the founders are creating solutions for the world’s most Affordable real estate, low crime rates, proximity to
global average. The collaborative and inclusive urgent problems, especially in the areas of Life ocean and nature. In Atlantic Canada, it’s possible to
ecosystem is supported by 31 higher educational Sciences, Cybersecurity, and the Blue Economy. work all day, surf at night. The region boasts a full-
institutions, including 16 universities, that provide a stack lifestyle.
reliable pipeline of educated talent.
Selected Startup Organizations
STARTUP GENOME MEMBERS

MEMB ER MEMB ER

Innovacorp Atlantic Canada Opportunities Agency

Innovacorp is Nova Scotia's early stage venture capital organization. Early stage The Atlantic Canada Opportunities Agency (ACOA) is working to make Atlantic
investment is at the core of their business model. They also give entrepreneurs access Canada a hotbed for successful innovation-based startups. As an agency of the
to world-class incubation facilities, expert advice and other support to help accelerate Government of Canada, ACOA is making it easier for high-potential firms by helping
their companies. Target industries include information technology, clean technology, them access capital, operational experience, technical knowledge, mentorship, and a
life sciences and ocean technology. network of professionals ready to support and guide them through each stage of
growth.

KEY ECOSYSTEM PLAYERS

Creative Destruction Lab New Brunswick Innovation Innovation PEI

CDL is a seed-stage program for massively scalable, Foundation Innovation PEI is the lead development Economic
science- and technology-based ventures. The Development Agency for the province of Prince
NBIF is an independent, private organization
program employs a unique, objective-setting Edward Island. Innovation PEI supports, and works
focused on venture capital & applied research
focused mentoring process that matches seed-stage within the ecosystem, to create a vibrant, innovative
funding. We help innovators in NB solve globally
founders with experienced entrepreneurs and and agile environment for business growth.
relevant problems through research, advice, access
investors.
to capital & reinvest to further economic growth.

Genesis “Atlantic Canada’s startup ecosystem has been thriving and has now
Genesis helps build amazing companies. As
produced a multi-billion-dollar exit. With the hard work of organizations like
Newfoundland and Labrador’s pre-eminent
innovation hub, Genesis is known for its incubator Innovacorp and the Atlantic Canada Opportunities Agency, we know more
program, Enterprise, and has expanded to support big success is on the way!”
startups from ideation all the way to scaling.
JF Gauthier, Founder & CEO of Startup Genome
United States
Highlights
Austin With low taxes, sunny weather, a vibrant cultural scene, and comparatively low cost of living, Austin is
quickly becoming one of the leading startup ecosystems in the U.S. Austin ranked first in CompTIA’s 2020
Tech Town USA index,
index, which praised Austin as a “favorable alternative” to the Bay Area and New York for
"Austin has been a tech and startup hub for a couple of decades, but with the
startups. The city is also cemented as a tech hub, with Tesla among the 10 tech companies that relocated
overwhelming amount of talent and capital now available, we are now to the city in 2021 alone.
considered the third leg of the stool in the startup world, along with Silicon
Valley and Boston." Venture funding boomed in Austin in 2021, with local startups closing 387 deals valued at a record-setting
$4.9 billion, according to PitchBook data. That represents 211% growth compared to 2020. Austin had five
Mitch Jacobson of the top 10 venture capital funding deals in Texas in that year, with notable funding rounds
Executive Director, ATI, SW-ICORPS, UT LaunchPad
including ICON Technology’s
Technology’s $207 million Series B in August and Elligo Health Research’s
Research ’s $135 million
Series E in September. LiveOak Venture Partners,
Partners , which makes early-stage investments in technology and
technology-driven services, raised its largest fund to date, $210 million, in late 2021.

The city is also home to SXSW South by Southwest, one of the largest and most anticipated tech events
of the year, and Austin Startup Week attracts thousands of visitors from around the world. Local
government also fosters innovation through events such as Austin Fast Start, a pitch competition for
early-stage startups from the City of Austin’s Economic Development Department in partnership with
the Austin Young Chamber.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$990 k $6.5 m $85 k
$1.8 bn $42 bn
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
11.3 bn

280
6.9 bn

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)
$10 bn 9 years
GLOBAL AVG.

GLOBAL AVG.
101

5 GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
Cybersecurity Cleantech
In 2020, 7% of U.S. cybersecurity funding was Austin is a Cleantech hub, with over 200 companies
captured by Texas, with many companies in the sub- that employ approximately 20,000 people in the
sector clustered in Austin. The Cybersecurity Boot sub-sector. This includes carbon capture startup
Camp at UT Austin is training local talent for jobs in Earthly Labs, which was acquired by Chart
the field. SparkCognition, which creates AI software Industries for $62 million in December 2021.
solutions including products for cybersecurity, closed Founded in 2001, Austin’s ATI Clean Energy
a $123 million Series D in January 2022 at a Incubator (CEI) is one of the longest-established
valuation of more than $1.4 billion, and protective energy and Cleantech incubators in the U.S, and its
intelligence software platform company Ontic raised parent institution, the University of Texas, claims to
a $40 million Series B in November 2021. do more energy research than any other university
in the world.

Reasons to Move Your Startup to Austin

Business Friendly Environment Educated Workforce
Austin’s tech community is welcoming and The University of Texas is one of the 40 best
collaborative, with many established players willing to universities in the world and among the top 20
serve as resources for anyone new or thinking of American universities, as ranked by Times Higher
moving to the city. More concretely, Texas is one of Education. It is known for producing engineers and
seven states in the U.S. with no corporate income tax, developers, as well as turning out graduates
allowing startups to benefit from increased specialized in pharmaceuticals, biotech, and green
purchasing power, lower operating costs, and energy.
potentially higher profits.
United States
Highlights
Boston #4 With its incredible strength in Life Sciences and Robotics and world-leading universities, Boston is a
startup powerhouse. The ecosystem is consistently in the top five global leaders in the GSER rankings, a
result of its strong talent, funding, and experience, among other factors.
"Boston has an incredible density of talent from veteran entrepreneurs,
universities, investment capital, pillar companies, and a supportive ecosystem. In 2021, the top 10 funding events in the ecosystem alone added up to more than $7 billion, more than
It's a magical combination of the key ingredients to fuel startups." double 2020’s total. Amazon aggregator Thrasio led the way, raising $1.85 billion overall in 2021, and
Devoted Health raised $1.15 billion in October. VC deal sizes are also ballooning in the ecosystem — 2021
David Chang
saw $28 billion raised from 133 VC deals in Massachusetts.
General Manager of Expert Network, Hunt Club, Founding Member, TBD Angels

The Boston ecosystem is particularly welcoming to women, with several local ecosystem standouts
headed by female leaders, including Care.com. Around 10% of startups here are founded by women, which
compares favorably to a national average of 3% of VC dollars going to female founders. Boston is also
home to several women-founded venture capital firms including Boston Seed Capital, Victress Capital, and
Glasswing Ventures.

Standout events in Boston’s business event calendar include Startup Week, an annual celebration of
entrepreneurship and innovation, and the ecosystem is home to a large number of support organizations,
including nonprofit accelerator MassChallenge and seed-to-Series A incubator TiE ScaleUp.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$1.5 m $8.3 m $90 k
$8.7 bn $266 bn
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
113 bn

715

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)
$51 bn 8.9 years
GLOBAL AVG.

GLOBAL AVG.
11.3 bn

101

5 GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
Life Sciences Advanced
Home to over 1,000 Life Sciences companies, Boston Manufacturing &
is among the world’s top Life Sciences hubs.
hubs. The
Robotics
greater Boston area is home to five leading National
Institutes of Health-funded hospitals and boasts the Robotics companies employ more than 4,700
highest per-capita government biotech funding in people. In July 2021, accelerator The Founder
the country. Life Sciences companies in Institute announced partnerships with NASA Ames
Massachusetts raised a record high of more than $13 Research Center and MassRobotics for a Founder
billion in 2021. The Massachusetts Life Sciences Institute AI & Robotics Accelerator program in
Center offers a tax incentive program and has Boston. Digital surgery company Activ Surgical has
awarded more than $241 million to relevant raised a total of $85.4 million over five rounds, and
companies in the state. Realtime Robotics raised a total of $47.2 million
over five rounds. In September 2021, Locus Robotics
raised a further $50 million, taking its total funding
to around $300 million and making the company a
unicorn.

Reasons to Move Your Startup to Boston

Support and Mentorship Tech Talent Funding Research &
Boston’s strong track record of success means newer The Boston region is home to around 60 colleges Developm
pmeent
founders can access abundant support and and universities, including world-leading
Several institutions outside of the universities also
mentorship from experienced entrepreneurs. institutions Harvard and MIT. The particular focus
invest heavily in R&D in the Boston area. CARB-X
Established ecosystem members are willing to share on engineering at many of these universities
pledged to invest up to $550 million in antibacterial
advice on what it takes to grow a company, as well as produces a steady flow of highly qualified
R&D between 2016 and 2021, while restaurant
connect founders to suppliers, financing, employees, engineers. It’s no surprise then that Boston made
technology company Toast is set to invest $1 billion in
and more. the top 10 markets in the U.S. and Canada for
hardware and software R&D over five years.
technology talent, according to CBRE’s 2021
Scoring Tech Talent report.
Canada
Highlights
Calgary Calgary is rapidly transforming into a global tech hub. Almost 90% of venture capital investment in Alberta
came from 66 Calgary companies, totaling $500 million in deals. From Amazon Web Services’ multibillion-
MEMBERS: dollar investment in a Data Center Region in Calgary to tech giants Infosys and Mphasis, Calgary is
Platform Calgary / Calgary Economic Development attracting major investments from global companies. These big fish poise Calgary’s startup ecosystem for
big things.
"Calgary is an exciting place to be for those in the tech and innovation space.
Not only is the city breaking VC records, we’re leading the continent in tech Accelerators and incubators are also flocking to Calgary. The likes of Thrive by SVG Ventures, Plug and
talent growth. Momentum is on Alberta’s side." Play, Avatar Innovations, Creative Destruction Labs – Rockies, Life Sciences Innovation Hub, and Alberta
Catalyzer are all part of Calgary’s tech ecosystem supporting the burgeoning startup scene. The
Doug Schweitzer innovation ecosystem is further strengthened by support from all orders of governments, including
Minister of Jobs, Economy and Innovation funding for an Energy Transition Centre located in the city’s downtown core and the Platform Innovation
Centre, as the nucleus of Calgary’s innovation hub. Moreover, Mphasis, alongside the Government of
Alberta and the University of Calgary launched the Quantum City Centre of Excellence in 2021.

Attracting and developing world-class tech talent in Alberta is Calgary’s top priority, supported by
Calgary’s five post-secondary institutions, the Alberta Advantage Immigration Program, and the Startup
Visa Program. According to LinkedIn Talent Insights, Calgary is seeing the fastest growth in tech talent in
North America. Emerging as one of North America’s most important innovation hubs, Calgary is where
bright minds and big ideas come together with an unmatched spirit to solve global challenges.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$555 k $799 k $68 k
$247 m $2.5 bn
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
11.3 bn

101

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

66

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)

$930 m 10 years
GLOBAL AVG.

GLOBAL AVG.
790 m

9 GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
Cleantech Fintech
Home to Canada’s energy sector, Calgary is one of Calgary is a fast-growing Fintech hub, with
the world’s top Cleantech markets. Startup companies developing solutions in debt
Genome’s 2021 GSER: Cleantech Edition named management, insurtech, and paytech that attract
Calgary an “Ecosystem to Watch” and ranked it in capital and world-class talent. Building on the
the top 30 of 280 cities worldwide. Calgary is home momentum of unicorns Solium Capital by Morgan
to over 70% of Alberta’s Cleantech firms, which are Stanley Shareworks and Benevity, Neo Financial
supported by sector-specific laboratories and centers also reached unicorn status in 2022. Bright stars
of excellence, research institutions, and accelerators Symend and Helcim have raised over $215 million
and incubators. Local tech companies are getting combined and are cementing Calgary’s place as
noticed, including Validere, a Blackrock-backed one of Canada’s hottest Fintech ecosystems.
Calgary-based company, which raised $43 million in
Series B funding in March 2022.

Reasons to Move Your Startup to Calgary “Calgary’s startup Ecosystem

Value grew an impressive 62%
Low Cost of Doing Business Global Talent since the last GSER, with strong
A transportation hub with connections to global Calgary, the third most multicultural city in Canada, contributions of its Cleantech and
markets, Calgary offers cost advantages including the attracts and retains top minds from around the Fintech sectors. We praise the
lowest corporate tax rate in Canada, as well as no world. Federal programs including the Global Talent leadership of Platform Calgary and
payroll tax, health care premiums, or provincial sales Stream expedite visas, and the Startup Visa
tax. This means that residents pay the lowest overall program has helped Calgary welcome newcomers
Calgary Economic Development in
taxes in Canada. Average home prices, rent, and from 150 countries in the last decade. This influx of supporting this success.”
energy costs are far lower than in other large talent helps growth-stage startups to get started in
Canadian cities. Calgary and scale globally.
JF Gauthier, Founder & CEO
of Startup Genome
Selected Startup Organizations
STARTUP GENOME MEMBERS

MEMB ER MEMB ER

Platform Calgary Calgary Economic Development

Platform Calgary brings together the resources of Calgary's tech ecosystem to help Calgary Economic Development works with business, government, and community
startups launch and grow. Through collaboration and targeted programming, we are partners to position Calgary as the location of choice for the purpose of attracting
a hub for technology-focused economic diversification and job creation. business investment, fostering trade, and growing Calgary’s workforce.

KEY ECOSYSTEM PLAYERS

Bow Valley College Centre for Mount Royal University Plug and Play Alberta
Entertainment Arts Institute of Innovation and A global accelerator offering three streams:
sustainability, health and a sector agnostic stream.
A Centre for Entertainment Arts providing students Entrepreneurship
with the skills and knowledge to enter the global
The Institute develops capabilities of high-impact
animation, visual effects (VFX), and gaming
talent through program learning, co-operative
industries.
education, entrepreneurship, live-client case studies,
community service learning and field schools.

SAIT School for Advanced University of Calgary Hunter

Digital Technology (SADT) Hub for Entrepreneurial
SADT offers fast-track digital learning for new Thinking
students, recent grads and alumni, and upskilling
A community hub that supports entrepreneurial
through Continuing Education, Professional Studies
student experiences via programming and events,
and Corporate Training.
funding opportunities, cultivating networks, and a
dedicated collision space.
United States
Highlights
Chicago #19 Home to corporate behemoths like Walgreens and State Farm, Chicago has long been an industrial hub.
Recently it’s become a unicorn factory as well. In 2021, 12 Chicago-based startups reached over $1 million
in valuation, bringing the total numbers of unicorns to come out of the ecosystem so far to 20.
"VC firms in the city, the nation, and around the globe should take note;
Chicago’s startup system is primed to be a world leader." Chicago startups raised $7 billion across 372 venture deals in 2021—by far the highest total for the
ecosystem since PitchBook began tracking such statistics in 2006. New funds also emerged here in 2021,
Forbes
including LongJump, CAST US by Cleveland Avenue, and TechRise by P33.

Logistics platform ShipBob raised $200 million at Series E in June 2021, peer-to-peer review
company G2 raised $157 million at Series D the same month, and marketing and sales automation
platform ActiveCampaign raised $240 million Series C in April 2021.

Chicago’s startup scene is notably diverse. Women founders raised over $257 million in 2021, nearly triple
the $80 million raised in 2019. The median deal size rose from $2.5 million in 2019 to $8.5 million in 2021.
The same year, TechRise awarded nearly $1 million in seed funding to more than 42 early-stage Black- and
Latino-founded startups. In February 2022, highly regarded incubator 1871 launched a new accelerator
program for Black-owned businesses, and a month later LongJump
LongJump,, a first-check venture fund that invests
in Chicago’s underrepresented founders, made its first investments. Notable startup events include the
annual TECHSPO Chicago, and 2022 sees the city hosting the Venture Capital World Summit.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$1 m $5 m $88 k
$1.7 bn $49 bn
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
17 bn

487
11.3 bn

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)
$11 bn 10.7 years
GLOBAL AVG.

GLOBAL AVG.
101

5 GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
Fintech AI, Big Data & Analytics
Launched in 2010, The Trading Show was the first The Center for Applied Artificial Intelligence at the
high-frequency trading conference in the U.S. The University of Chicago’s Booth School of Business
annual event is now a leading Fintech event. The brings together MBA students and researchers to
Chicago Payments Symposium provides an drive AI-powered innovation, and the monthly Big
opportunity for payments ecosystem leaders to Data & Analytics Roundtable provides a forum to
connect. Investment management technology discuss tools and applications of Big Data and
startup Enfusion received a $150 million minority Analytics across industries and functions. CCC
investment from ICONIQ Growth in January 2021, Intelligent Solutions has raised a total of $150
“Super app” maker M1 Finance hit $1.45 billion million over two rounds, and Big Data analytics
valuation after raising a $150 million Series E in July startup Ocient raised a $40 million Series B in
2021, and Zero Hash raised a $105 million Series D in January 2021.
January 2022.

Reasons to Move Your Startup to Chicago

Low Costs Talent Pipeline Diverse Talent
Chicago boasts a lower cost of living than many of The greater Chicago region is home to some of Chicago has earned a reputation as being one of the
the country’s big coastal tech hubs, and Illinois’ flat- America’s best MBA and engineering programs, best cities for female entrepreneurship.
rate income tax is attractive to employees, especially which provide a talent pipeline for local businesses. Approximately 30% of Chicago-based startups have
when compared with New York and California. Office The University of Chicago, Northwestern, Loyola either a woman or person of color as a founder or
rents in the city are about half the rate of those in University, DePaul University, and Columbia College CEO, and the ecosystem has the largest percentage of
San Francisco, making operating costs more all run popular entrepreneurial programs. The female startup leaders in the U.S. At least eight Black-
reasonable. program at Northwestern’s Kellogg School of led or founded startups raised significant funds here
Management, The Garage, is currently incubating in 2021.
more than 60 student-founded startups. The City of
Chicago works with local universities through
programs including P33 to connect talent to job
opportunities.
Canada
Highlights
Edmonton Alberta saw a record year in 2021, with venture capital investment pulling in CA$561 in deals. This reflects
Edmonton’s growing reputation as a low-cost, high quality-of-life destination for startups looking to
MEMBERS: access young, educated talent.
Innovate Edmonton
The Edmonton ecosystem is anchored by the University of Alberta, which is known for its particular
"The world needs what Edmonton offers: a passionate and vibrant innovation excellence in AI and machine learning. It is also home to more than 20 startup support organizations and
ecosystem committed to the principles of equity, diversity and inclusion, aimed incubators, including Innovate Edmonton, Edmonton Startup Week, and ATB Entrepreneur Center.
at solving some of the world’s biggest challenges - climate emergency, public
In November 2021, the Alberta Scaleup and Growth Accelerator Program announced that it is investing
health, digital education and inclusion, food security and social and cultural
CA$35 million over three years to launch four new accelerators. One of these is Alberta Catalyzer, a pre-
innovation."
accelerator run by Platform Calgary and Innovate Edmonton. It welcomed its first cohort of 35 startups in
Catherine Warren January 2022 and intends to support 180 founders through the year. The Community Safety and Wellness
Innovate Edmonton CEO Accelerator, a program that will work with the Edmonton Police Foundation, is targeted at AI and machine
learning startups in the community safety and wellness space. Plug and Play Alberta is focused on
developing the Alberta Innovation Corridor — an emerging hub of industries including AI, Life Sciences,
and Cleantech across Edmonton and Calgary. The fourth, Alberta Accelerator by 500, is powered by 500
Global and will nurture seed-stage tech companies in Alberta.

Prominent funding deals in Edmonton include service scheduling software maker Jobber’s $60 million
equity round in January 2021 and 3D-printing tech company Otech’s $30 million debt financing deal in
March 2021.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$588 k $2.1 m $54 k
$134 m $641 m
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
11.3 bn

101

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

(2018-19 VS 2020-21) (2017-2021) (2017-2021)
$212 m 8.8 years
GLOBAL AVG.

GLOBAL AVG.
24
283 m

7 GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
AI, Big Data & Analytics Life Sciences
The University of Alberta is ranked #3 in the world Alberta Health Services has its headquarters in the
for AI and machine learning research, and the Edmonton region, making the city a strategic
Alberta Machine Intelligence Institute (Amii) is a location for Life Sciences startups. In June 2021,
world leader in research and part of the Pan- Alberta Enterprise announced it invested $5 million
Canadian AI Strategy, the world’s first national AI in Amplitude's precision medicine venture fund to
strategy. Google DeepMind set up its first support the growth of Life Sciences companies in
international office in Edmonton, and Edmonton.AI Alberta. Support organizations include Applied
is building a business ecosystem for AI and machine Pharmaceutical Innovation, which provides
learning-based products and services. Crisis alert expertise, services and infrastructure to support
startup Samdesk raised a CA$13.5 million Series A in researchers and startups in drug development, and
September 2021. the University of Alberta’s Health Innovation Hub.

Reasons to Move Your Startup to Edmonton

Skilled Talent Affordability
With seven post-secondary institutions and over The cost of living in Edmonton is 49% less
100,000 enrolled students in the region, Edmonton expensive than in San Francisco, and 24% less than
offers startups a ready pool of highly skilled talent. in Toronto. The combined federal/provincial
The University of Alberta is a global leader in high- corporate income tax rate is 23% for general
tech research and is home to one of the world’s businesses and 11% for small businesses with
largest nanotechnology research centers. Edmonton’s revenues below $500,000. This is the lowest tax rate
diverse and welcoming atmosphere attracts many in Canada and among the lowest corporate tax
international students, who bring fresh perspectives. rates in North America.
Selected Startup Organizations
STARTUP GENOME MEMBERS

MEMB ER “Edmonton’s startup ecosystem grew an impressive

48% since the last GSER. The leadership of the City of
Innovate Edmonton Startup Genome is honored to work with the City
Edmonton has been instrumental in fostering success.”
Innovate Edmonton was born of a visionary city council ready to invest in economic of Edmonton in accelerating ecosystem growth,
diversification. With an accessible and inclusive approach, Innovate Edmonton aligns
job creation JF
andGauthier,
impact inFounder & CEO
Edmonton. We are
with the City of Edmonton’s Economic Action Plan, the United Nations Sustainable
Development Goals, and modern Environment, Social, and Governance principles.
of Startup
excited about Edmonton's Genome
startup community's
Through three program divisions — Startup Edmonton, Scaleup Edmonton, and future because of the increasing investment in its
Accelerate Edmonton — it supports founders through all stages of growth and
promotes inclusive innovation aimed at solving the world’s biggest issues. Innovate innovative entrepreneurs.
Edmonton showcases Edmonton on a global stage and generates economic,
environmental, and social benefits for Edmontonians.
JF Gauthier, Founder & CEO of Startup Genome

KEY ECOSYSTEM PLAYERS

Edmonton Regional Innovation Alberta Machine Intelligence Startup TNT

Network Institute Startup TNT’s mission is to be the best seed-stage
investor in your town. It does this by building,
Funded by Alberta Innovates, ERIN is a coalition of Amii, a world-leading AI institute, advances leading-
nurturing, and sustaining an awesome startup
organizations in the Edmonton region building a edge research in AI and translates scientific
community. It catalyzes investment capital into the
collaborative innovation ecosystem that efficiently advancement into industry adoption, now
most promising startups from the community.
connects entrepreneurs to resources. supporting 100+ companies and thousands of AI
practitioners.

Alberta Women
Entrepreneurs
A not-for-profit organization dedicated to helping
women achieve their entrepreneurial aspirations.
AWE provides access to capital, connections, and
capacity through its unique programs and services.
United States
Highlights
Indiana Indiana is a leading participant in the Midwest’s entrepreneurship boom. Its strengths include a business-
friendly climate, tight-knit community, top-notch universities, and successful entrepreneurs who invest in
MEMBERS: new startups. A 2021-2022 Startup Genome assessment found that Indiana’s Local Connectedness was
Indiana Economic Development Corporation above the global average.

"The camaraderie and support from the entrepreneur community in Indiana is In 2021, venture investment into the state’s startups passed $1.4 billion across 159 deals, largely due to
unmatched and when coupled with myriad public and private programming plus the sizable growth rounds of a few local scaleups. That represents an 186% increase over 2020. The same
economic incentives, growing our business here was an easy decision." year, Indianapolis-based Sixty8 Capital launched a new $20 million fund aimed to provide early-stage
funding for underrepresented founders.
Erik Coyne
Founder, Folia The Indiana Economic Development Corporation (IEDC) supports entrepreneurs through the Indiana Small
Business Development Center (SBDC) and the Indiana Procurement Technical Assistance Center (PTAC)
among other initiatives. In 2021, the Indiana SBDC helped secure $132.6 million in funding for 389
startups. In 2021, 47 foreign-owned businesses committed to locating or growing in Indiana. Elevate
Ventures is an IEDC supported venture development organization with an aim to build sustainable
entrepreneurship cultures in Indiana. Since 2011, it has invested $132.5 million in 462 Indiana startups with
$1.7 billion in private co-investment. IU Ventures assists Indiana University students and faculty to advance
high-potential venture opportunities with initiatives including IU Founders & Funders Network, IU
Philanthropic Venture Fund, and the IU Angel Network. The Heritage Group Accelerator offers mentorship,
collaboration, and R&D assistance for selected startups.

The Central Indiana Corporate Partnership is dedicated to the region’s continued economic growth,
TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE offering activities and programs that further develop Indiana’s advanced industries and talent.
(2019H2-2021) (2019H2-2021)
MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY

$282 m $2.9 bn (2019H2-2021)

$870 k
(2019H2-2021)
$1.8 m
(2021)
$70 k
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn
11.3 bn

GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.

$671 k $4.7 m $46 k
101
86

EARLY-STAGE FUNDING GROWTH TIER

(2018/19 VS. 2020/21)
TOTAL VC FUNDING TIME TO EXIT
GLOBAL AVG.

GLOBAL AVG.

(2017-2021) (2017-2021)
$855 m 10.2 years
1.2 bn

9
GLOBAL AVG. GLOBAL AVG.
$4.5 bn 9.4 years
Amount ($) Count (#)
Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017 -2021)
Sub-Sector Strengths
Industry 4.0 and Future Life Sciences Cleantech
Technologies Indiana’s Life Sciences industry contributed more Cleantech was identified as Indiana’s strongest
than $79 billion in economic impact in 2021. VC performing sub-sector in early-stage funding in a
In 2021, about 43% of companies who responded to
investment into the sub-sector increased from Startup Genome assessment. Energy Systems
a survey by Conexus Indiana and the Indiana
$262 million in 2020 to $434 million in 2021, a Network and Battery Innovation Center have
University Kelley School of Business Center for
record high. In another record, more than $12.7 partnered with AWS to launch Energy Insights,
Excellence in Manufacturing had successfully
billion in Life Sciences products were exported which develops sustainable multifamily projects
implemented or piloted an Industry 4.0 technology,
from the state the same year. iA, a provider of under the Moving Forward project and incubates
compared to just 20% of companies who said the
pharmacy fulfillment solutions, plans to open its energy startups in a world-class laboratory.
same in 2020. The survey showed rapid adoption of
headquarters in Indianapolis. Pharmaceutical
3D printing, collaborative robots, and machine vision.
company List Biotherapeutics will open a $110
The Energy INsights program uses AI and data
million plant, and Stevanato Group and INCOG
science to improve sustainability at Indiana
Pharma have also announced plans to open in the
manufacturers, and SMEs can participate at no cost.
state.

Reasons to Move Your Startup to Indiana

Local Connectedness Business-Friendly Climate Innovative Public-Private
Indiana’s ecosystem is welcoming and supportive, Indiana is one of the best states in the U.S. for long- Partnerships
and there are dedicated initiatives to foster term fiscal stability and low cost of doing business.
The Indiana ecosystem demonstrates commitment to
connections. Entrepreneurs get quickly connected to The Indiana Technical Assistance Program helps
sector development through innovative public-private
resources and Indiana entrepreneurial ecosystem small businesses grow by providing up to $15,000 in
partnerships including Central Indiana Corporate
builders believe that the fast and seamless flow of services from qualified professionals. The Venture
Partnership, AgriNovus Indiana, Ascend Indiana,
talent, information, and resources among actors in Capital Investment Tax Credit program improves
BioCrossroads, Conexus Indiana, Energy Systems
the system is essential for the ecosystem to grow and access to capital for Indiana companies. The state
Network and TechPoint.
thrive. offers two tax incentives targeted at encouraging
investments in R&D: a credit against Indiana state
income tax liability and refunded sales tax on R&D
equipment.
Selected Startup Organizations
STARTUP GENOME MEMBERS

MEMB ER “Indiana’s startup ecosystem grew an impressive 28%

"Indiana's
since the startup
last GSER,ecosystem
with an grew an impressive
Ecosystem Value reaching
Indiana Economic Development Corporation 28% almost
since the
$3 last GSER,
billion. Now with an Ecosystem
a Global Value
Top 40 Emerging
The Indiana Economic Development Corporation (IEDC) is charged with growing the
reaching
Ecosystemalmost $3 billion.
we know it will Now a Global
continue Top 40
to thrive thanks to
state economy, driving economic development, and helping businesses launch, grow,
and locate in the state. Led by Secretary of Commerce Brad Chambers and governed Emerging Ecosystem
the leadership of thewe know Economic
Indiana it will continue to
Development
by a 15-member board chaired by Governor Eric J. Holcomb, the IEDC manages thrive thanks to the Corporation.”
leadership of the Indiana
initiatives including performance-based tax credits, workforce training grants,
innovation and entrepreneurship resources, public infrastructure assistance, and Economic Development Corporation."
JF Gauthier, Founder & CEO
talent attraction and retention efforts.
JF Gauthier, Founder & CEO of
of Startup Startup Genome
Genome
United States
Highlights
Los Angeles #6 Long known for movies rather than technology, and overshadowed as a startup hub by nearby Silicon
Valley, Los Angeles has shifted in recent years to become not just one of North America’s top startup
ecosystems, but a global hotspot. What sets the growing startup ecosystem apart from many established
"We built a rock hard community, and seeing L.A. now, as one of the top startup
tech hubs is its inclusivity. Los Angeles ranked sixth in Smart Asset’s Best Places for Black Entrepreneurs
cities in the world, is a testament to the power of community." 2022 study, which compared 57 U.S. metro areas. The number of Black-owned businesses increased by
more than 41% over the past two years.
Cam Kashani
Cofounder and CEO at COACCEL: The Human Accelerator
New venture capitalist firms and funds are furthering powering the ecosystem. Upfront Ventures has
raised $176.5 million for a new fund. Wonder Ventures has raised a new $31 million early-stage fund
focused exclusively on L.A. startups. Jumpstart Nova, which invests exclusively in Black-founded and
Black-led health companies and has roots in L.A., has raised $55 million. Haven Ventures, a new Fintech
fund focused on seed and pre-seed startups, is cutting checks of up to $1 million. New all-female,
minority-led VC firm Emmeline Ventures is in the process of securing its initial fund, and Emmeline has
already announced its first deal: $30,000 toward a seed round for Blockchain startup Clutch Wallet.

The annual Upfront Summit hosts more than 1,000 investors, entrepreneurs, and ecosystem leaders. The
latest edition took place in Los Angeles in March 2022. TECHSPO Los Angeles 2022 is scheduled for July.
The Montgomery Summit, one of the premier technology conferences in the U.S., will take place in Santa
Monica in May.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$1 m $7 m $94 k
$5.9 bn $297 bn
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
117 bn

880

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)
$39 bn 9.4 years
GLOBAL AVG.

GLOBAL AVG.
11.3 bn

6
101

GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
Life Sciences Gaming Cleantech
UCLA has more than 350 medical research centers, According to CBRE, of the 60 esports teams active L.A. Cleantech Incubator (LACI) offers incubator
labs, and institutes, and receives approximately $1 in the U.S. in 2021, 16 are headquartered in Greater programs to help Cleantech startups gain access to
billion in research funding annually. The Los Los Angeles, making the area home to the highest capital and scale with a special emphasis on
Angeles Biomedical Research Institute at UCLA concentration of esports teams in the country. Six underrepresented communities such as women and
influences healthcare advancements throughout of the 10 most valuable esports teams are people of color. It has supported 281 startups that
the world. Biopharma company ACELYRIN raised a headquartered in Los Angeles, according to Forbes. have gone on to raise a total of $636 million and
$250 million Series B in November 2021. Biotech Future Forum: The Future of Esports was held here secured state funding to identify a satellite green
startup Appia Bio launched in May 2021, backed by in December 2021. Avatar technology company workforce training hub in South LA in anticipation
a $52 million Series A. Genies raised a $150 million Series C in April 2022, of launching a training program in fall 2022.
valuing the company at $1 billion. Video game
engine Mythical Games raised a $150 million Series
C in November 2021.

Reasons to Move Your Startup to Los Angeles

Creative Talent
A global hub for the entertainment, culture, media,
and fashion industries, Los Angeles is one of the
creative capitals of the world. One out of every six
people in the region is employed in a creative field,
providing startups with a vast pool of creative talent
and energy to draw from.
United States
Highlights
Miami Miami’s sunny weather and low taxes made it an attractive option when many people switched to remote
work, and the city is quickly evolving into a hot startup destination. In 2021, venture funding in Miami shot
MEMBERS: up to a record $5.6 billion, up from $940 million in 2013. In January 2021, Japanese conglomerate SoftBank
Knight Foundation announced plans to invest $100 million into Miami-based startups. It has since blown way past that
number, pumping more than $250 million into the city’s startups.
"Miami’s pursuit of becoming what I call ‘the capital of capital’ is about not just
financial capital, but also our rich ecosystem of human, social and cultural To keep up with growing demand for tech talent and local interest in careers in tech, Miami Dade College
capital. It is clear that the confluence of these forms of capital will play a critical (MDC) will use $15 million in grant funding from the John S. and James L. Knight Foundation and
government partners to hire faculty members and launch programs in AI, data analytics, and cloud
role in our Miami being definitive of what a competitive 21st century city can
computing. The Knight Foundation also committed $17 million to Florida International University, the
look like, where everyone is at the table of opportunity."
University of Miami, and CodePath to accelerate tech talent development. IBM's Global University
Francis Suarez Programs group is spending $10 million to prepare students for tech careers and is opening an AI Center
Mayor, City of Miami at MDC.

eMerge Americas organizes an annual tech conference that anchors Miami Tech Week, as well as
executive summits, pitch competitions, and other events. The Startup Studio, a program to help bridge the
funding gap for minority founders, disburses $50,000 grants. Fintech KEO World raised $500 million in a
debt financing round in February 2022,
2022, and HealthCare.com has raised $244 million over seven rounds,
including a February 2022 $31.5 million Series C.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$750 k $4.4 m $75 k
$1.9 bn $36 bn
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
11.3 bn

274
10 bn

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)
$7.6 bn 9.6 years
GLOBAL AVG.

GLOBAL AVG.
101

7 GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
Life Sciences Blockchain
Rapha Capital Management announced a $100 Miami investments in Blockchain skyrocketed 2,061%
million venture fund focused on early-stage biotech in 2021. In June, crypto solutions provider
startups in April. Its first investment in December Blockchain.com announced it was moving its U.S.
was $3 million in convertible note financing for headquarters here, and cryptocurrency trading
DELIVER Therapeutics. Heru, a spinout from the platform eToro and cryptocurrency exchange FTX
University of Miami’s Bascom Palmer Eye Institute, is will both open offices in Miami by the end of 2022.
building an AI-powered platform for eye diagnostic The Bitcoin 2021 conference featured speakers
and vision correction. The company closed a $30 including Jack Dorsey and cryptographer Nick
million Series A in May 2021. Szabo, and Bitcoin 2022 expanded to four days.
Green NFT platform OneOf raised a $63 million
seed round in May 2021, and Recur raised a $50
million Series A in September 2021.

Reasons to Move Your Startup to Miami

Higher Education Low Taxes Access to Venture Capital
Florida boasts five of the top 100 public universities in Florida levies no state income tax, making the With its risk-friendly, pro-business atmosphere, Miami
the country, including the University of Florida, which overall tax burden in the state just 6.97%, the sixth- has become a fast-growing venture capital center.
was ranked in the top five in 2021. U.S. News and lowest in the U.S. Dozens of venture capital funds have offices in the
World Report has ranked Florida’s higher education city, and Miami has added more than 20 venture
system the best in the nation for five consecutive capital funds in the past three years, including
years. Florida’s 2021–2022 budget invests an Softbank’s Latin American operations, Founders Fund,
additional $64.5 million in state colleges and an Atomic, and Andreessen Horowitz.
additional $130 million in state universities.
Selected Startup Organizations
STARTUP GENOME MEMBERS

MEMB ER “Miami’sGenome
“Startup startup ecosystem
is honored has grown
to work bythe
with leaps and
bounds,
Knight jumping
Foundationup in
nine spots in theecosystem
accelerating GSER ranking and
Knight Foundation
producing
growth, jobtwo $1 billion+
creation exits. The
and impact Knight Foundation
in Miami. We are has
We are social investors who support a more effective democracy by funding free
expression and journalism, arts and culture in community, research in areas of media been a tangible
excited supporter
about Miami's of Miami
startup and we’re
community's honored to
future
and democracy, and in the success of American cities and towns where the Knight join
because ofthem in highlighting
the increasing this growth.”
investment in its
brothers once published newspapers.
innovative entrepreneurs.”
JF Gauthier, Founder & CEO
of Startup
JF Gauthier, Founder Genome
& CEO of Startup Genome

KEY ECOSYSTEM PLAYERS

University of Miami Florida International Miami Dade College

A private research university with more than 17,000 University As democracy’s college, Miami Dade College
students from around the world, the University of changes lives through accessible, high-quality
Florida International University is a Top 50 public
Miami is a vibrant and diverse academic community education. MDC Tech offers a pathway for students
university that drives real talent and innovation in
focused on teaching, learning, and the discovery of to learn tech skills via degrees or professional
Miami and globally. Very high research (R1) activity
new knowledge. development opportunities that lead to
and high social mobility come together at FIU to
employment.
uplift and accelerate learner success.

CodePath Tech Equity Miami

CodePath.org is a 501 (c)(3) nonprofit increasing Tech Equity Miami is deploying $100 million over five
diversity in tech by transforming college C.S. years into initiatives that remove entry barriers into
education for underrepresented minorities and the tech industry and expand economic
underserved populations. opportunities in Greater Miami.
United States
Highlights
Mississippi With its streamlined regulatory environment, and a robust, integrated research and development
ecosystem that includes four major public research universities, military laboratories, and private sector
MEMBERS: firms, Mississippi has hung up the welcome sign for business. The state’s technology sectors focus on the
Mississippi Development Authority development and commercialization of emerging technology-intensive projects, and dedicated workforce
development programs aggressively support these initiatives.
"Mississippi is becoming recognized for groundbreaking work in the Blue
Economy, renewable energy and biotechnology. Companies in these areas will A 2021 Tax Foundation study calculated the total effective state and local tax rate for eight types of
find our state offers the competitive advantages needed to excel in today’s business facilities and found that the tax rate on new businesses in Mississippi would be lower than in
Florida and Texas for all eight business types.
dynamic economy."

Laura Hipp CoBuilders, Mississippi’s first statewide accelerator and pitch competition, kicked off in March 2022. The
Deputy Director, Mississippi Development Authority Women and Minority Entrepreneur Development Program focuses on supporting companies led by
women and minority founders, which is particularly relevant here as Mississippi has one of the highest
minority populations in the U.S. Jackson State University opened its Women’s Business Center in February
2022.

Over the last two decades, Innovate Mississippi has connected more than 1,500 startups to over $181
million in seed and venture capital. Launched in August 2021, the South Mississippi Angel Fund gathered
investors to create a $1 million fund for early-stage companies in South Mississippi.

The ACCELERATE Conference on Technology Innovation is an annual gathering for stakeholders in the
Mississippi ecosystem. REDe Entrepreneurship Summit is an annual event designed to inspire students to
become entrepreneurs. The MSU Startup Summit is one of the Southeast’s top student startup
TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE
(2019H2-2021) (2019H2-2021) competitions.

$90 k $30 m MEDIAN SEED ROUND

(2019H2-2021)
$10 k
MEDIAN SERIES A ROUND
(2019H2-2021)
N/A
SOFT. ENGINEER SALARY
(2021)
$71 k
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn
11.3 bn

GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.

101

$671 k $4.7 m $46 k

EARLY-STAGE FUNDING GROWTH TIER

(2018/19 VS. 2020/21)
GLOBAL AVG.

GLOBAL AVG.

TOTAL VC FUNDING TIME TO EXIT

(2017-2021) (2017-2021)
$3.3 m 12.8 years
5
80 m

GLOBAL AVG. GLOBAL AVG.

Amount ($) Count (#)
Calculated on a scale of $4.5 bn 9.4 years
1 (lowest) to 10 (highest)
Exits
(2017 -2021)
Sub-Sector Strengths
Life Sciences Advanced
Mississippi is an established base for Life Sciences Manufacturing &
thanks to its strong healthcare workforce, two
Robotics
medical schools, five four-year institutions with
nursing schools, and many training programs. Mississippi is a dynamic Advanced Manufacturing
Pioneering research conducted in the state has led hub. The sub-sector employs some 140,000 people
to innovations in fields from organ transplants to in the state. Milwaukee Tool is investing $60 million
nanotechnology. Spectra Laboratories, a subsidiary in advanced technology and manufacturing
of Fresenius Medical Care North America, has equipment to expand its facilities in Mississippi and
started work on a state-of-the-art laboratory in open a new one in Grenada by the end of 2022.
Southaven. Jackson-based Biopharmaceutical The company also opened a $7 million facility in
company Nitrase Therapeutics raised a $7 million Clinton in 2021. Together, these investments will
Series A in November 2021. create 1,200 new jobs in the state.

Reasons to Move Your Startup to Mississippi

Business-Friendly Environment State Support Access to International Markets
Mississippi’s four major public research universities Mississippi offers Rural Business Development Mississippi’s transport network includes 20 highways;
offer undergraduate degrees in 16 engineering fields. Grants of up to $100,000 to help emerging 76 airports, including two international airports;
They also partner with industry to train highly skilled businesses in rural communities start up or expand. dozens of rail systems serving 2,500 miles of track;
electronics engineering technicians. Manufacturers The complementary Rural Community Development and 15 ports along Mississippi’s three navigable
operating in Mississippi for at least two years may be Initiative facilitates housing and community and waterways. The Mississippi River borders the state to
eligible for investment tax credits. Mississippi also economic development projects. The Advantage the west, the Tennessee Tombigbee Waterway
boasts energy costs around 20% below the national Jobs Program provides cash rebates to encourage borders it to the east, and the Gulf of Mexico forms
average and exempts energy used in manufacturing businesses creating high-quality jobs to set up or its southern border. Mississippi boasts two deep-
from sales tax. Mississippi is home to the largest expand in Mississippi. Those new jobs must meet or water ports along the Gulf of Mexico, allowing
transformer manufacturer in the U.S. and Huntington exceed the average annual wage of the state or the companies convenient access to international
Ingalls, which manufactures 70% of the Navy’s county in which the company is located. markets.
warships.
Selected Startup Organizations
STARTUP GENOME MEMBERS

MEMB ER “Startup
“Startup Genome
Genome is is
honored
honored toto
work
work with the
with Mississippi
the
Development
Mississippi Authority Authority
Development to supporttothe growth
support of their
the
Mississippi Development Authority
startup
growthecosystem. Mississippi’s
of their startup tight-knit
ecosystem. entrepreneurial
Mississippi's
Mississippi Development Authority (MDA) is Mississippi’s premier economic and
community development agency. Companies of every size — from homegrown innovation
tight-knit community is the
entrepreneurial result ofcommunity
innovation industry, university,
is
Mississippi startups to international corporations — depend on MDA’s team of capital
the resultand tech talent
of industry, working capital
university, togetherandto to produce
tech
employees for business development assistance, support with business incentives, and
access to talent from workforce training programs, colleges, and universities.
thriving
talent businesses
working together and more
to to jobs for
produce the state.”
thriving
businessesJFand more jobs
Gauthier, for the
Founder & state."
CEO
of Startup
JF Gauthier, Founder Genome
& CEO of Startup Genome
Canada
Highlights
Montréal Montréal offers a strategic location and highly educated talent. With its world-renowned cultural life and
safe neighborhoods, it’s a great place to live and work. A strategic gateway to European markets and other
MEMBERS: North American startup hubs, Montréal is just 90 minutes by air from New York, Boston, and Toronto, and
Startup Montréal / Centech / Montréal International / Ville de Montréal less than an hour from the U.S. border. It is home to seven universities and more than 200,000 students,
including 35,500 international students. These universities rank first in Canada for research funding, taking
"Montréal demonstrates a strong dynamic of innovation and a high level of in more than $1.34 billion yearly. Local companies recruit from a bilingual, tech-savvy talent pool.
performance and attractiveness for both entrepreneurs and investors. Access to
capital, talent, and high quality support from key private and public stakeholders Montréal’s startups attracted $1.6 billion in funding in 2021, a new record for the city. BKR Capital, the
first Canadian VC fund dedicated to Black-led businesses, recently opened an office in Montréal. Female-
working together allows our ecosystem to stand out globally in several cutting-
led fund Accelia Capital is also based here.
edge sectors."

Guillaume Caudron With dedicated task forces, collective briefs, monthly meetings, and an annual ecosystem partners’ event,
CEO Reseau Capital, Quebec VC & PE association founders benefit from a host of startup support organizations that collaborate on a daily basis. MILA, the
Quebec AI institute, has joined forces with BDC Capital to nurture AI-related startups. Aerospace group
Aéro Montréal and incubator Centech are working together to foster sustainable innovation within the
aerospace supply chain. Aéro Montréal also organizes the Global Aerospace Supply Chain Summit. Cycle
Momentum and Innovacorp have allied to boost their mentoring and networking offerings. Women
Techmakers Montréal was created by Google to highlight women in technology.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$1 m $6.8 m $63 k
$857 m $24 bn
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
11.3 bn

196
8.3 bn

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

(2018/19 VS. 2020/21) (2017 - 2021) (2017 - 2021)
101

$5 bn 10.4 years
GLOBAL AVG.

GLOBAL AVG.

5 GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
Life Sciences AI, Big Data & Analytics Fintech
The Montréal Life Sciences cluster links government, More than 600 researchers and 14,000 university Montréal is a hotbed for sustainable finance. The
research, and industry. Home to 16 research centers students in AI-related programs call Montréal city ranked first in Canada and third in North
and 14 world-class university research chairs in Life home. The International Center of Expertise for the America among the 78 financial centers considered
Sciences-related fields, CA$590 million was invested Advancement of Artificial Intelligence (ICEMAI) is for the Global Green Finance Index 7. Montréal will
in Life Sciences in Montréal in 2021, representing one of two global centers of expertise. It supports host the second annual Sustainable Finance
30% of all VC investment in the region during the the responsible use of AI and analyzes Canada’s Summit in 2022. Fintech Cadence has partnered
period. Montréal General Hospital launched a new capacity to commercialize and adopt AI-related with Fintel Connect to support startups in the sub-
health tech incubator in September 2021. technologies. The Quebec government made a sector. The CA$120 million the Station FinTech
Congruence Therapeutics’ raised a CA$63 million CA$100 million investment in Sherbrooke Montréal Accelerator launched in 2021.
Series A in February 2022, and Ventus Therapeutics Quantique, an innovation zone focused on Opportunity Fund invests in later-stage Fintech
raised a $140 million Series C the same month. quantum computing. Concordia University is startups. Fintech platform Zapper raised a $15
launching an Applied AI Institute. AI-based travel million Series A in May 2021. Crypto exchange
app Hopper raised a Secondary Market round of Shakepay raised a CA$44 million Series A in
$35 million in February 2022. 2022 saw a new January 2022.
partnership between AI Sweden and AI-research
institute MILA.

Reasons to Move Your Startup to Montréal

Educated Talent Quality of Life Government Support
Montréal is home to several of Canada
Canada's's best Montréal is a hub for creativity, arts and culture. Montréal offers strong governmental support, funding
universities, including McGill University (currently Extremely safe and dynamic, the city offers programs, and three new provincial strategies to
ranked joint 27th in the world and second in Canada). residents excellent public transportation and easy support innovation. Quebec’s 2022–23 budget
Five new programs have been created in recent access to nature. The cost of living in Montréal is extended a temporary increase in the tax credit
months to further support the transfer of academic lower than in other major Canadian cities including relating to investment and innovation through 2023.
talent towards entrepreneurship. In February 2022, Vancouver and Toronto. Montréal tied for first place The increase was implemented to accelerate the
the startup ecosystem welcomed hyper-growth in North America with Boston in the QS Best province’s post-pandemic economic recovery. In
program Hypercroissance Québec to provide tailored Student Cities 2022 Rankings, and it ranked ninth February 2022, Quebec announced two new
support to its most promising scaleups. globally. innovation zones, one specializing in quantum
science and one in digital technologies. The
government plans to invest more than $1 50 million in
these innovation zones.
Selected Startup Organizations
STARTUP GENOME MEMBERS

MEMB ER MEMB ER MEMB ER MEMB ER

Startup Montréal Centech Montréal International Ville de Montréal

Startup Montréal is a not-for-profit Centech is dedicated to accelerate the For the past 25 years, Montréal As a higher education town and a
organization born from the merger of creation and growth of deep-tech International (MI) has contributed to cosmopolitan city, Montréal is a breeding-
Bonjour Startup Montréal with Montréal companies that market globally. building Greater Montréal’s international ground for talents and an economic hub
inc. Through collaborative projects, we reputation and prosperity by acting as a of knowledge. It also stands out because
extend Montreal’s startup ecosystem driving force for economic development. of it's exceptional cultural vitality and
outreach and multiply its positive impact. world-renowned creative force.

KEY ECOSYSTEM PLAYERS

Montréal International Startup Montréal Réseau Capital

For 25 years, Montréal International has contributed Startup Montréal is a not-for-profit organization The venture capital and private equity association
to building Greater Montréal’s international created through the merger of Bonjour Startup that brings together all stakeholders involved in the
reputation and prosperity by acting as a driving Montréal with Montréal inc. Through collaborative Quebec investment chain.
force for economic development. projects, it extends Montréal's startup ecosystem
outreach and multiplies its positive impact.

“The leadership of Startup Montréal, Centech, Montréal International, and Ville de Montréal in accelerating Montréal’s startup
ecosystem has had tremendous impact. We are especially excited about Montréal’s four recent unicorns and a 138% growth
since the last GSER that deserves it a Top 40 Global Ecosystem ranking.”
JF Gauthier, Founder & CEO of Startup Genome
United States
Highlights
New York City #2 2021 was a red hot year for venture capital in America’s second-largest tech hub. New York-based VC
firms raised an estimated $1.6 billion in funds in 2021, and venture-backed startups in the region raised
MEMBERS: more than $55 billion — up from $20.2 billion in 2020. The ecosystem also saw two of the largest
New York City Economic Development Corporation / Tech:NYC traditional IPOs by deal size for venture-backed, NYC-based startups in the last decade: UiPath, which was
founded in Bucharest before moving to the U.S., and Oscar Health. Five New York-based tech companies
"Record investment in New York startups is a testament to our city's unmatched raised more than $300 million in 2021: robotic process automation startup UiPath, Healthtech startup Ro,
entrepreneurial talent. Local tech continues to drive the city’s economy — a win risk-detection AI company Dataminr, text message marketing startup Attentiv, and website building startup
for all New Yorkers." Squarespace, which also went public in 2021. Corporate card startup Ramp joined New York’s unicorn club
when it raised $115 million in an April 2021 Series B round, reportedly becoming New York City’s fastest-
Jason Myles Clark growing startup. It has since increased its total fundraising to $1.4 billion over eight rounds.
Executive Director, Tech:NYC

New York-based WeWork is partnering with chambers of commerce and Tech:NYC to launch WeWork
Growth Campus NYC to provide entrepreneurs with space and resources. WeWork has pledged $25
million and will provide space in 11 locations. In 2021, the Queens Chamber of Commerce created Queens
Tech Council, a tech industry group that advocates for tech companies in the borough and works to raise
awareness that tech careers are accessible to everyone. Tech Year NYC, a pilot program created by
Tech:NYC in partnership with Girls Who Code and the NYC Mayor’s Office of Youth Employment, will
provide paid work and mentorship opportunities at tech companies for 1,000 students.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$1.2 m $8.1 m $102 k
$14 bn $371 bn
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
139 bn

1619

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)
$88 bn 8.6 years
GLOBAL AVG.

GLOBAL AVG.
11.3 bn

6
101

GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
AI, Big Data & Analytics Life Sciences Blockchain
NYC-based AI companies received $8.7 billion across In 2021, NYC’s annual life sciences VC and National Mayor Eric Adams took his first three paychecks in
292 deals in 2021. AI Summit New York will bring Institutes of Health funding both touched all-time cryptocurrency and has stated that he wants NYC
together representatives from the world’s leading highs at $1.4 billion and $2.8 billion, respectively. to be the “center of cryptocurrency.” NYC is now
organizations to discuss an AI-powered future. A NYC announced in June 2021 that it would be home to over 250 blockchain startups and a
coalition of NYC government agencies and doubling its investment in the Life Sci NYC growing pool of blockchain talent. Several of the
businesses opened the nation’s first Cyberattack initiative to $1 billion to cement New York as a largest blockchain employers in the world,
Defense Center in 2021. EDC’s Cyber NYC initiative global leader in Life Sciences. As of 2021, NYC’s including IBM, R3, and Coinbase, are also growing
has invested in growing the cyber workforce while total lab exclusive inventory totaled about 1.9 their footprint in NYC. In 2021, NYC accounted for
NYC-based cybersecurity firms are attracting million square feet and is projected to grow to 4.64 almost half of all Blockchain investments nationally.
investor attention. million square ft by 2025.

Reasons to Move Your Startup to New York City

Dedicated Support High-Quality Talent Tax Benefits
NYC Business Quick Start is an effort to position NYC NYC’s talent pool is over 4 million people, and START-UP NY offers new and expanding businesses
as the most business-friendly large city. It offers roughly 3.2 million hold a bachelor’s degree — more the opportunity to operate tax-free for 10 years on or
businesses a single point of contact to help navigate than Los Angeles, San Francisco, Philadelphia, near eligible university or college campuses in New
regulations and cuts through red tape to reduce Washington, D.C., and Boston combined. 47% of York. These companies’ employees will pay no state
processing time by 50%. New York SCORE provides the workforce is made up of immigrants and almost or local personal income taxes for the first five years
free expert mentoring to entrepreneurs, and Empire 200 languages are spoken in NYC. The workforce is on income up to $200,000 for individuals. Businesses
State Development's Small Business Division also cultivated by 100+ institutes of higher learning and also gain access to advanced research laboratories
offers resources. NYC Department of Small Business numerous workforce training programs. Programs and industry expertise through these partnerships.
Services offers free legal services. WE Legal helps including Tech Talent Pipeline, a no-cost service to
female entrepreneurs access resources on business- help companies find diverse, talented candidates,
related topics. further strengthen the ecosystem.
Selected Startup Organizations
STARTUP GENOME MEMBERS

MEMB ER MEMB ER

New York City Economic Development Tech:NYC

Corporation Tech:NYC is an engaged network of tech leaders working to foster a dynamic,
diverse, and creative New York. We bring together New Yorkers to support a
New York City Economic Development Corporation creates shared prosperity across
successful technology ecosystem, attract and retain top-tier talent, and celebrate
New York City’s five boroughs by strengthening neighborhoods and creating good
New York and the companies that call it home.
jobs. NYCEDC works with and for communities to provide them with the resources
they need to thrive, and we invest in projects that increase sustainability, support job
growth, develop talent, and spark innovation to strengthen the City’s competitive
advantage.

KEY ECOSYSTEM PLAYERS

AlleyCorp Company Ventures “New York’s Ecosytem Value has

AlleyCorp is a $600M+ evergreen venture fund Company is a one-million square foot innovation
founded by serial entrepreneur Kevin Ryan that campus located in midtown NYC, and Company doubled since the last GSER, an
incubates and invests in transformational companies Ventures is the venture ecosystem that sits at the impressive feat, thanks to the
in New York City. heart of the building, investing in New York's most
talented founding teams.
continued leadership of NYC’s
Economic Development Corporation
Per Scholas Newlab and Tech:NYC. As the #2 Global
Per Scholas’ mission is to advance economic equity Newlab helps build, test, and scale world-changing
Startup Ecosystem the city remains
through rigorous training for tech careers and to technologies that support of the health of the
connect skilled talent to leading businesses. planet through investment, venture building, and a pinnacle of startup community
structured collaboration with industry and success.”
Cornell Tech government partners.
JF Gauthier, Founder & CEO
Cornell Tech is Cornell University’s groundbreaking
campus for technology research and computer of Startup Genome
science and engineering education in NYC.
United States
Highlights
Philadelphia Outside of tech circles Philadelphia may be best known as the home of cheesesteaks and Rocky, but the
city is also a vibrant Life Science hub and a particularly attractive home base for female entrepreneurs.
MEMBERS: The Philadelphia metro area ranked 13th in SmartAsset’s Best Cities for Women in Tech report for 2021,
2021 ,
Ben Franklin Technology Partners of Southeastern Pennsylvania / University City Science Center / Drexel and PitchBook data shows that Philly is the fourth-best place to raise capital as a woman. In 2021, more
University than 3,600 companies with at least one woman founder collectively received $54.8 billion, and 931
companies with all women founders collectively raised $6.4 billion. The bianual Women in Tech Summit
"Philly gave us an unfair advantage. The unique combination of access to talent serves this community of female entrepreneurs.
and customers, and the supportive community of fellow founders, investors, and
leaders, has kept us one step ahead of our competition since day one." The ecosystem’s proportion of venture capital funding is growing. In 2021, Philadelphia startups closed
441 deals valued at $8.1 billion, a 299% increase on 2020. In the fourth quarter of 2021, $2.6 billion was
Mark Switaj invested in 90 deals across the ecosystem, while already in Q1 2022, dbt Labs closed a $222 million Series
Founder and CEO, Roundtrip D at a $4.2 billion valuation. Local fundraising success stories include Gopuff
Gopuff’s
’s $1.2 billion Series G in
March 2021 and Houwzer’s $100 million debt financing round in February 2022.

University City Science Center’s

Center ’s Launch Lane accelerator helps startups transition from prototype to
sales and customer acquisition. During 2021, 54% of companies supported by Science Center, and more
than a third of Ben Franklin’s 39 companies receiving seed-stage investments in the region, were
minority-led ventures , The annual Philly Tech Week events showcase innovation happening throughout
the region.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$525 k $5 m $80 k
$1.3 bn $46 bn
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
15.4 bn

253
11.3 bn

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)
$10 bn 10.1 years
GLOBAL AVG.

GLOBAL AVG.
101

6 GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
AI, Big Data & Analytics Life Sciences
The Wharton School and Penn Engineering hosts University City Science Center provides
the annual Women in Data Science (WiDS) @ Penn commercialization support for STEM founders, and
Conference, and Wharton AI for Business supports its Launch Lane accelerator early-stage healthcare
cutting-edge research in AI. Data transformation startups transition their prototypes to sales. In 2021,
tool startup dbt Labs has raised $414.4 million in the Center announced a capital fund to address
funding over four rounds to date, including a $222 health inequities. Fund for Health, a partnership
million Series D in February 2022. Collaborative data between Penn Medicine and the Wharton Social
platform Crossbeam raised $76 million at Series C in Impact Initiative, invests in early-stage businesses
October 2021, and Guru, the maker of a knowledge- working to improve the social health determinants
management solution, has raised $70.7 million in of people from financially disadvantaged
funding over six rounds. backgrounds. Gene therapy company Passage Bio
has raised $379.5 million over three rounds, and Aro
Biotherapeutics has raised $101 million.

“Startup Genome is honored to

work with Ben Franklin Technology
Reasons to Move Your Startup to Philadelphia Partners, University City Science
Center and Drexel University in
Diverse & Skilled Talent Research Hub accelerating ecosystem growth, job
CBRE ranked Philadelphia #26 in its 2021 tech talent Home to several leading science institutions and creation and impact in Philadelphia.
ranking. The City of Philadelphia Mayor’s Office runs many innovative startups, Philadelphia is a leader in We are excited about Philadelphia’s
PHL: Most Diverse Tech Hub, an initiative to support research and innovation. In December 2021, Spark startup community’s future because
underrepresented founders, foster connections Therapeutics announced that it will invest $575
between higher education and local companies, and million in a cell and gene therapy innovation
of the increasing investment in its
provide on-the-job training and internships for Black center.26 In March 2022, it was announced that innovative entrepreneurs.”
and brown Philadelphians transitioning to tech Drexel University and Gattuso Development
careers. Partners will build an 11-story complex in University
JF Gauthier, Founder & CEO
City that will become Philadelphia’s largest Life of Startup Genome
Sciences research laboratory.
Selected Startup Organizations
START UP GENOM E M EM BERS

MEMB ER MEMB ER MEMB ER

Ben Franklin Technology Partners University City Science Center Drexel University
of Southeastern Pennsylvania The University City Science Center is Philadelphia’s Drexel is a comprehensive global research university with a
premier catalyst of entrepreneurial activity, healthcare unique model of experiential learning that combines
Ranked among the most active seed and early stage
innovation, and economic growth. Established in 1963, the academic rigor with one of the nation’s premier
investors in the US, Ben Franklin Technology Partners of
nonprofit has been globally recognized by The Brookings cooperative education programs. Drexel is classified as “R1:
Southeastern Pennsylvania is a venture development
Institution as a best-in-class investor, mentor, and Doctoral Universities” by the Carnegie Classification of
organization that helps high-growth innovative enterprises
economic development partner for young technology Institutions of Higher Education, a designation given to
plant and nurture their roots in the Philadelphia region.
companies. Working alongside industry partners and U.S. research institutions with the highest level of research
The nonprofit has supported more than 2,000 companies
leading research and academic institutions across the activity. In 2021, the Princeton Review ranked Drexel’s
to deliver an economic impact of more than $5 billion and
globe, the Science Center has supported over 1,000 early- Close School of Entrepreneurship #12 in the U.S. for
over 32,000 jobs created in the Philadelphia region.
stage companies. Today, the mission-driven organization undergraduate entrepreneurship programs.
advances healthcare innovation from idea to the
marketplace through proven startup support services and
builds inclusive STEM career pathways for Philadelphia
youth and adults.

K EY ECOSYST EM PL AYERS

Philly Startup Leaders Philadelphia Alliance for Comcast NBCUniversal LIFT

Created by founders for founders, this 501(c)3 Capital and Technologies Labs
supports current and future entrepreneurs by
providing them with the education, mentorship, and
(PACT) Startup accelerator and strategic innovation
programs give global founders access to the
network needed to scale their businesses. The go-to resource for fast-growing companies, as
company’s network of mentors and brands to foster
well as a driver of entrepreneurship and innovation
rapid breakthroughs in media, entertainment and
in the Philadelphia region and a leader in creating
connectivity.
access and equity for underrepresented founders.

1Philadelphia Independence Health Group

1Ph ila delph ia is a coa lition of commu n ity pa rtners T h is lea ding hea lth insu ra nce compa ny ha s bu ilt a
working together to create a n equ ita ble tech reputation f or seeking innovative pa rtnersh ips with
indu stry in Ph ila delph ia . world-cla ss orga n izations in Ph ila delph ia a nd a cross
the cou ntry to ena ble better hea lth f or a ll.
United States
Highlights
Pittsburgh Pittsburgh’s growing ecosystem saw significant exits and funding rounds in 2021, including Aurora
Innovation, a $11 billion autonomous vehicle startup that went public in November. Startups Argo AI,
MEMBERS: Motional, Waymo, and a dozen other mobility companies have further solidified Pittsburgh’s standing as a
InnovatePGH Partnership / Pittsburgh Regional Alliance / Innovation Works global hub for self-driving technology. A funding boom in Life Sciences, Robotics, and Cleantech is also
helping to diversify the city’s startup ecosystem, with one example of success being Cognition
"Duolingo was founded in Pittsburgh due to talent, technology, and lifestyle. It’s Therapeutics raising $45 million in its October 2021 IPO. This Life Sciences company is developing a
a great place to start a business, and a great place to live once the workday is pipeline of cutting-edge Alzheimer’s treatments.
done."
Pittsburgh is home to two world-class research universities - Carnegie Mellon University (CMU) and the
Luis von Ahn University of Pittsburgh — as well as two other major research institutions and dozens of other post-
CEO and co-founder, Duolingo secondary institutions. The ecosystem continues to be home to one of the greatest concentrations of
research and tech talent in the U.S., and a community of purpose-driven builders, makers, and innovators
has grown up around this nucleus.

Pittsburgh’s tech startup community also has a focus on ensuring diversity in the sector. Black Tech
Nation offers education and funding for Black technologists, and its new $50 million fund will focus on
early-stage startups with Black founders. Other VCs are also doing their part — Innovation Works and
Magarac Venture Partners are prioritizing investment in diverse founders, and Next Act Fund backs early-
stage, women-owned or -led companies.

Local success stories inspiring and anchoring the ecosystem include language-learning app Duolingo,
which IPO’d in August 2021 at $6.5 billion, and corporate bases including Facebook Reality Labs, Amazon
TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE Alexa, Bosch, Philips, Apple, and Google.
(2019H2-2021) (2019H2-2021)
MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY

$196 m $11.6 bn (2019H2-2021)

$ 50 k
(2019H2-2021)
$4.7 m
(2021)
$80 k

GLOBAL AVG. GLOBAL AVG.

$687 m $28.6 bn
11.3 bn

GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.

$671 k $4.7 m $46 k
111
101
9 bn

EARLY-STAGE FUNDING GROWTH TIER

(2018/19 VS. 2020/21)
TOTAL VC FUNDING TIME TO EXIT
GLOBAL AVG.

GLOBAL AVG.

(2017-2021) (2017-2021)
$1.5 bn 10.4 years

4
GLOBAL AVG. GLOBAL AVG.
$4.5 bn 9.4 years
Amount ($) Count (#)
Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017 -2021)
Sub-Sector Strengths
Advanced Life Sciences Cleantech
Manufacturing & Pittsburgh’s 1,000+ Life Sciences researchers have Pittsburgh is home to a robust energy ecosystem,
Robotics received $714 million in NIH funding to date, and including a UN Center of Excellence on High
the University of Pittsburgh is driving growth by Performance Buildings, the Energy Innovation
Anchored by research and deployment hubs like the developing Pitt BioForge, a biomanufacturing Center, and the National Energy Technology
Advanced Robotics for Manufacturing Institute, facility for gene therapies and other novel Laboratory. The Department of Energy has
CMU’s National Robotics Engineering Center, and treatments LifeX, AlphaLabHealth, and Optum invested over $103 million in Cleantech R&D in the
the airport’s Neighborhood91 Innovation Campus, Studio are amongst a growing group of region since 2017, and Pittsburgh will host the
this sub-sector will see significant growth thanks in accelerators and incubator programs providing 2022 Clean Energy Ministerial. Watt Fuel Cell Corp
part to CMU’s planned robotics innovation and investment, mentoring, workshops, and space to raised $67 in December 2021, by far the largest
advanced manufacturing centers. Recent rounds of support life science startups. deal in Pittsburgh that year, and RoadRunner
funding are accelerating the sector’s growth - raised a $70 million Series D in January 2022.
autonomous trucking company Locomation raised
$34 million in July 2021, and Gecko Robotics raised
a $73 million Series C in March 2022.

Reasons to Move Your Startup to Pittsburgh

High-Quality Tech Talent The Pittsburgh Innovation Affordability
A robust talent pool of 142,000 people work in Tech, District Pittsburgh is one of the most affordable tech hubs in
Advanced Manufacturing, and Life Sciences the country. With a median home price of $170,000,
Centered around the campuses of Pittsburgh's
companies, and a pipeline of graduates flows from buying a house here is vastly cheaper than in many
three top research engines, the Innovation District
the 79 universities and post-secondary institutions in other top ecosystems. Pittsburgh’s commercial real
is among the top 10 concentrations of R&D
the region, which include two R-1 research estate market offers companies similar value. Rent is
spending in the U.S. Carnegie Mellon (CMU) and
universities. Pittsburgh is among the top 10 markets at least half the price of larger coastal hubs such as
the Richard King Mellon Foundation are investing
in North America for quality and cost of tech talent Boston and San Francisco.
$150 million in the area, which will fund a new
pool, with 59% of tech talent educated at a top 25
science building on CMU’s campus and a new
university.
robotics center and Advanced Manufacturing
institute.
Selected Startup Organizations
STARTUP GENOME MEMBERS

MEMB ER MEMB ER MEMB ER

InnovatePGH Partnership Pittsburgh Regional Alliance Innovation Works

InnovatePGH is a next-generation public-private The Pittsburgh Regional Alliance (PRA) is the economic Innovation Works (IW) is one of the top U.S. investors in
partnership built to accelerate Pittsburgh’s status as a development affiliate of the Allegheny Conference on early-stage technology startups and supports the startup
global innovation leader. Powered by a coalition of civic, Community Development. The PRA attracts strategic and entrepreneurial ecosystem within southwestern
university, and business leaders, the partnership is investment opportunities and diverse talent to the 10- Pennsylvania. It provides the investment, programming —
Pittsburgh’s platform to rapidly translate the city’s R&D county Pittsburgh region – comprising 10 southwestern including the AlphaLab (software), AlphaLab Gear
strengths into a high-growth, inclusive, and equitable Pennsylvania counties – and supports the growth of (hardware), and AlphaLab Health (Life Sciences)
tech-based economy. existing regional businesses. accelerators — and critical resources startups need to
reach the next stage of growth in Pittsburgh.

KEY ECOSYSTEM PLAYERS

Carnegie Mellon University University of Pittsburgh “InnovatePGH Partnership, Pittsburgh

A world-class research university producing and A leading research university discovering and Regional Alliance, and Innovation
commercializing innovations in Robotics, AI, and deploying the next generation of life-saving
Machine Learning. technologies. Works have worked closely with
Startup Genome to showcase
Pittsburgh’s entrepreneurial
LifeX Ascender
A capital growth company on a mission to drive the A community of innovators helping entrepreneurs
ecosystem in the GSER 2022. Its
development and growth of life sciences startups in start and build companies through programming, Ecosystem Value has grown 29% as it
Pittsburgh. mentorship, coaching, incubation, and a coworking
reached the #13 Emerging Ecosystem
space.
globally, up from #23 last year.”
Pittsburgh Robotics Network JF Gauthier, Founder & CEO
A network of leading companies accelerating the
growth of the region's robotics cluster.
of Startup Genome
Canada
Highlights
Québec City Québec City might not be the biggest city in Canada, but when it comes to tech innovation, the city
punches above its weight. Home to more than 500 high-tech companies and with an Ecosystem Value of
MEMBERS: $1.2 billion, the city has hugely evolved in recent years.
Québec International / LE CAMP
The economic impact of Le CAMP, the city’s biggest accelerator-incubator, has grown by a factor of 12x
"At Desjardins, we are convinced that entrepreneurship is first and foremost a since 2016, and is now at CA$208 million ($160 million). Two other great examples of success are the
human adventure that requires building trusted relationships. The Québec November 2019 IPO of enterprise software startup Coveo, which raised $227 million at a valuation of $1.7
ecosystem offers to all innovative companies, beyond funding, relevant support billion and LeddarTech, which creates environmental sensing platforms for autonomous vehicles and has
raised $347.5 million over 10 rounds, including a February 2022 $116 million Series D round.
adapted to their challenges."

Marc Villeneuve Québec City rolls out the welcome mat for immigrant entrepreneurs. Funded founders who have secured
VP Business Development and Outreach, Business Services, Desjardins investment from angel investors, venture capital funds, or business incubators are eligible for Canadian
permanent residency through the country’s Start-Up Visa program.

The private sector is doing its part to support the ecosystem as well. In June 2021, Montréal-based AQC
Capital announced the creation of a new CA$64 million ($49 million) fund to back tech startups
throughout the province of Québec and help support their international ambitions.

There is a strong cohesion between all the local stakeholders and a real desire to accelerate the success
of local startups. Québec City’s goal is to become one of the fastest growing tech ecosystems in Canada.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$1.5 m $15 m $52 k
$56 m $1.2 bn
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
11.3 bn

101

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)
$319 m 11.7 years
GLOBAL AVG.

GLOBAL AVG.
29
265 m

4 GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
AI, Big Data & Analytics Life Sciences
With more than 60 researchers, the Institute The Québec Life Sciences and health technology
Intelligence and Data (IID) of Laval University is sector promotes ambitious collaborations. GSK and
leading innovation in AI and data sciences. Active in Medicago, two global biopharmaceutical companies,
fundamental and applied research in aerospace, have their vaccine production facilities in the region.
insurance, genomics, Life Sciences, computer vision, Québec’s Life Sciences Strategy aims to position
and manufacturing, IID is driving and guiding more Québec as one of North America’s top five Life
than CA$12 million ($9.2 million) of projects. The Sciences hubs by 2027.
Québec City area is also home to the $1 billion+
project Qscale Campus, a high-performance
computing center with energy recovery that will
provide a complete offer for companies.

Reasons to Move Your Startup to Québec City

Skilled Talent Tax Credits Cost of Living
Québec City’s network of higher education Québec’s investment and innovation tax credit The real estate market in the Québec City area is still
institutions offers approximately 700 programs. The (C3i) encourages businesses from all sectors to among the most favorable in Canada. Single-family
city’s five universities include Université Laval, the acquire manufacturing and processing equipment, homes in the greater Québec City cost the least in
oldest French-language university in North America, hardware, and software. To encourage the retention the country among comparable regions. In addition,
and there are 22 vocational schools and specialized of intellectual properties developed in Québec, a the region also ranks second in terms of the cost of
institutes. Together, these institutions graduate deduction was introduced for the rental housing in Canada.
approximately 20,000 students each year. commercialization of innovations developed in the
province. Any person who carries out R&D in
Québec can benefit from these tax credits. The C3i
also provides a credit of up to 20% to qualified
corporations that invest in certain property before
2025.
Selected Startup Organizations
STARTUP GENOME MEMBERS

MEMB ER MEMB ER

Québec International LE CAMP

Québec International is the economic development agency for the Québec City A major player in the entrepreneurial technology ecosystem of Québec since 2016, LE
provincial capital region. We work everyday to develop and showcase our local CAMP is an accelerator-incubator dedicated to tech businesses, from market
businesses and professionals. We are here to support you, whether you are an validation to international growth. Located in the heart of Québec City, LE CAMP
entrepreneur, a professional, or an investor. offers high-level support programs and services, regardless of the startup’s location. It
is also a place of incubation and animation of the technological entrepreneurial
ecosystem of the Québec City region.

KEY ECOSYSTEM PLAYERS

Le CAMP Quantino Anges Québec

Growth accelerator for the tech startups DeepTech Incubator Angel network for early stage investment.

2 Degrés Desjardins Capital

Greentech Incubator A seed and early-stage venture capital firm.

“With leadership from Québec International and LE CAMP, the Québec City startup ecosystem has accelerated to produce
great success such as Coveo and LeddarTech and many more are on their way.”
JF Gauthier, Founder & CEO of Startup Genome
United States
Highlights
San Diego #13 With an average 266 days of sunshine per year, well-maintained infrastructure, and a business-friendly
environment, there’s much to attract entrepreneurs to San Diego.

“San Diego has become a diversified ecosystem for several industries ripe for
In 2021, San Diego County raised a record $9.6 billion in startup investment, up 55% from 2020, which was
entrepreneurs.” also a record. A strong Life Sciences scene contributed to this success: VC funding in the sub-sector
totalled a record $43.3 billion in 2021. DNA sequencing startup Element Bioscience raised $276 million in a
Forbes
July 2021 Series C round, and rapid diagnostics startup Cue Health raised $200 million in a September 2021
IPO.

In other tech sectors, defense tech startup Shield AI raised $210 million in a Series D round in August
2021, bringing its total raised to $348.1 million, productivity software startup ClickUp raised $400 million in
an October 2021 Series C round, and logistics tech provider Flock Freight raised $215 million in a Series D
round the same month.

Launched in 2018 and informed by a partnership with the Brookings Institution, the San Diego Regional
Economic Development Corporation’s Inclusive Growth Initiative sets the goal of 50,000 new quality jobs
in small businesses by 2030. Qualified sites within North County can take advantage of an extension of
the U.S. Foreign-Trade Zone program that offers international traders, importers, and exporters
opportunities to take advantage of special customs privileges, lowering barriers to global trade.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$1.1 m $10 m $92 k
$2.8 bn $94 bn
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
31 bn

285

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)
11.3 bn

$16 bn 10.1 years

GLOBAL AVG.

GLOBAL AVG.
101

5 GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
Life Sciences Cleantech
San Diego is in the top 12 markets in the U.S. for Life San Diego’s Cleantech sector supports nearly
Sciences. SeedFolio
SeedFolio,, a seed-stage VC firm focused 40,000 jobs and has an economic impact of $8.2
on Life Science startups, launched in March 2021 billion. The city ranked #21 in the Startup Genome
and has made direct investments in more than 45 Report: Cleantech Edition.
Edition . Innovative Cleantech
companies. BioLegend, which develops antibodies startups include Wildcat Discovery Technologies,
and reagents for biomedical research, was acquired which develops advanced materials for rechargeable
by PerkinElmer for $5.7 billion in September 2021. and primary batteries and has raised $70 million to
PerkinElmer's existing state-of-the-art campus in date, and Clean Air Power, which is developing
San Diego will become a global Center of Excellence technology for natural gas to power vehicles.
for research reagent content development for the Cleantech San Diego is a member-based business
combined company. Nalu Medical raised $104 association that positions the greater San Diego
million in February 2022 for its system to treat region as a global leader in the Cleantech economy.
chronic nerve pain.

Reasons to Move Your Startup to San Diego

Cost of Living Business-Friendly
San Diego is just over 100 miles from downtown Los Environment
Angeles, but offers 10% cheaper cost of living. This
In recent years, the City of San Diego has
means that entrepreneurs can easily access many of
concentrated on improving its business assistance
the business networking opportunities that the City
programs, cutting costs, and changing policies to
of Angels has to offer at a more affordable rate. San
help businesses launch and expand. It has reduced
Diego is also approximately 18% cheaper than San
permit processing time,reduced fees and modified
Francisco.
codes to provide businesses with regulatory relief.
Its Online Business Portal further assists
entrepreneurs.
United States
Highlights
Seattle #9 The hometown of Microsoft and Amazon has attracted one of the largest concentrations of tech talent in
the U.S. That influx is benefitting more than these behemoths. Washington state saw $8.5 billion invested
in 549 venture capital deals in 2021 — a 77% increase over the $4.8 billion raised in 401 deals in 2020, and
"Seattle hits the startup ecosystem trifecta: top notch talent, thriving
much of this activity took place in Seattle. Real estate platform Flyhomes raised a $150 million Series C in
accelerators and incubators, and a growing number of VCs and angel investors. June. Zenoti, a maker of software for spas, raised a $80 million Series D, also in June, and games developer
Seattle is poised to continue its impressive growth trajectory as the place for Rec Room raised a $145 million round in December.
starting and building the next big businesses in tech."
There are now 16 unicorn startups in the ecosystem. Together, they raised more than $2.5 billion in 2021,
Oren Etzioni more than all the startups in Washington state managed to raise in 2018.
CEO, Allen Institute for AI (AI2)

The University of Washington, China’s Tsinghua University, and Microsoft together created the Global
Innovation Exchange (GIX), where students work in teams to solve real-world challenges by developing a
market-ready product. GIX opened in 2016 with a master’s degree in technology innovation, and has since
launched additional degree and certificate programs.

The Buerk Center promotes entrepreneurship across the University of Washington. Ready Set Raise, an
equity-free accelerator for women, launched in 2018.

At the annual Seattle Angel Digital Conference, investors pool funds to invest in one promising startup.
Since 2012, the conference has educated 430 new investors and invested $4.5 million in 35 startups.
GeekWire hosts Startup Day, the GeekWire Summit, the GeekWire Awards, and other meetups.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$1.4 m $7 m $114 k
$3.8 bn $109 bn
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
40 bn

370

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)
11.3 bn

$16 bn 9 years
GLOBAL AVG.

GLOBAL AVG.
101

3 GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
AI, Big Data & Analytics Life Sciences
The University of Washington is a leader in the field Seattle was ranked #11 in Startup Genome’s Life
of machine learning and Big Data. Thanks to its Sciences Edition. The city is home to the Fred
entrepreneurial environment and programs to Hutchinson Cancer Research Center, the Bill &
support founders, the university has spun out many Melinda Gates Foundation, and the University of
tech startups. The W Fund is an early-stage venture Washington. Five Washington-based biotech
fund that aims to invest approximately $20 million companies entered the public markets in 2021,
by 2026 in such startups. Outreach, another AI- leading the nation in both deal volumes and total
driven sales startup, raised a $200 million Series G in proceeds. Sana Biotechnology raised $587 million in
June 2021. AI-fueled sales platform Highspot raised its January 2021 IPO. Apis Health Angel Conference
a $248 million Series F in January 2022. launched in 2021 to connect investors and health-
related startups.

Reasons to Move Your Startup to Seattle

Talent Pool
The Seattle region added more than 48,000 tech jobs
from 2016 to 2020, an increase of more than 35%, and
a faster growth rate than any other large U.S. tech
market, according to a CBRE report. The University of
Washington has more than 60,000 students and
supplies the ecosystem with graduates. Seattle
University, Bellevue College, a network of community
colleges adds to the pipeline. Non-profit Ada
Developers Academy partners with local tech
companies to train women and nonbinary people to
be software developers.
United States
Highlights
Silicon Valley - Bay Area #1 Despite years of hand-wringing about costs and efforts to build “the next Silicon Valley” elsewhere,
Silicon Valley continues its reign as the world’s pre-eminent startup ecosystem. A much discussed flight of
tech workers during the COVID-19 pandemic is not reflected in the numbers. In 2022, the number of
"The global pandemic led to new tech and innovation hubs, and the new
residents employed in tech in the region actually rose from 25% to 29%, according to the 2022 Silicon
paradigm of remote and hybrid companies is even further enforcing the Valley Index. Silicon Valley remained the top ecosystem for venture investing, with $105 billion in capital
distribution of Silicon Valley's ethos into a truly global phenomenon. This flowing to the area’s startups in 2021, double the 2020 total. Thanks to Stanford University and the
enables a much broader set of people to connect with the unique essence of region’s other top educational institutions, the ecosystem is well supplied with fresh talent.
startup creation, bringing innovation to the edges of our human network."
Silicon Valley also continues to offer some of the world’s best networking opportunities and hosts a huge
Na'ama Moran array of startup-focused gatherings and events, including TECHSPO Silicon Valley, Palo Alto founders
Co-founder and CEO, Cheetah Technologies meetup 106 Miles, and Founders Summit 2022. Venture Capital World Summit will be held in July 2022. The
Women of Silicon Valley conference is set to bring together more than 2,700 tech industry professionals
in June, and BIOMEDevice Silicon Valley 2022 will gather Life Sciences innovators in November. TiE Silicon
Valley is organizing TiEcon 2022 for 50,000 global attendees in May.

Silicon Valley produces a steady stream of huge funding deals. Recent rounds include online learning
platform Course Hero’s $380 million Series C in December 2021, customer experience assurance platform
$350 million private equity round in January 2022, and Web3 startup Aptos’ $200 million seed round in
March 2022.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$1.5 m $11 m $119 k
$25 bn $2 tn
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
812 bn

2302

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)
$247 bn 7.6 years
GLOBAL AVG.

GLOBAL AVG.
11.3 bn

5
101

GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
AI, Big Data & Analytics Fintech Life Sciences
The AI Accelerator Summit brings together leaders Fintech Mercury provides venture debt to early- After a name change and shift from oncology to
in AI hardware and architecture from large stage startups, with an aim of lending out $200 immunology, AltruBio relaunched with a $63 million
organizations and startups in Silicon Valley. The million in 2022 and up to $1 billion the following Series A in April 2021. Gene-editing company
world’s leading AI and Big Data event, AI & Big Data year. Mercury is offering 25% to 50% of a startup’s Graphite Bio One completed a $230 million IPO on
Expo 2022, will take place in Santa Clara. equity round in debt. All-in-one payment solution the Nasdaq in June 2021.
SambaNova Systems, which builds advanced for insurance Ascend raised both a $250 million
software, hardware, and services to run AI debt financing round and a $30 million Series A in
applications, raised a $676 million Series D in April January 2022. Digital-asset trading platform
2021, raising its valuation to more than $5 billion. FalconX raised a $210 million Series C in August
AI-powered customer service platform Uniphore 2021.
raised a $400 million Series E in February 2022.

Reasons to Move Your Startup to Silicon Valley - Bay Area

Ideal Startup Environment Legal Support Easy Financing Opportunities
Silicon Valley provides entrepreneurs with everything The world’s #1 startup hub offers efficient laws, Silicon Valley may be a legendarily high-cost
necessary to found a startup, including world-leading policies, and regulations to safeguard business ecosystem, requiring large amounts of capital to get a
venture capital, talent, and networking opportunities. interests and IP. These act as a necessary shield for startup off the ground, but it is also the worldwide
Startups can draw from the area’s deep pool of tech businesses, especially the ones that are epicenter of startup financing. The area also boasts
talented engineers, marketers, designers, and starting small. the highest concentration of billionaires per capita in
executives. The area is also home to many world- the world, which means startups have access to a
leading tech behemoths, offering growing companies huge range of experienced angel investors willing to
opportunities for partnerships and growth. bet on unique and innovative ideas.
Canada
Highlights
Toronto-Waterloo #17 With more than 300,000 tech workers, the Toronto-Waterloo corridor is home to North America’s third-
largest and fastest-growing innovation ecosystem. Anchored by the cities of Toronto (recognized as one
MEMBERS: of the most multicultural on the planet) and Waterloo (home to the well-regarded University of Waterloo),
MaRS Discovery District / Communitech Corporation the corridor boasts excellent transit connectivity and leading innovation hubs including MaRS and
Communitech, as well as deep reservoirs of wealth. Nearly half of the venture capital deployed in Canada
"As new Canadians, we built ApplyBoard to democratize access to education for in 2021, a record CAD$7.7 billion, went to companies based in Toronto and Waterloo.
students worldwide. We chose the Toronto-Waterloo corridor because we could
easily access a diverse and global community of talented people." The corridor’s millennial population is growing at lightning speed — more than 21% per year — and the
quality of talent based here ranks alongside the globe’s elite tech regions. More broadly, Canada’s
Martin Basiri favorable immigration policies, public institutions, and social-democratic values have attracted a steady
CEO and cofounder, ApplyBoard influx of highly-skilled newcomers to the area. In 2021, the Toronto region ranked as the best city in the
world for working women, second in the world for safety, and sixth in the world for remote workers.

ApplyBoard, an Edtech company that helps place international students, closed a $375 million Series D
round in June 2021. Deep Genomics, which creates genetic therapies using AI, raised $180 million in Series
C funding a month later, and Cleantech startup GaN Systems raised $150 million in November. Password
manager 1Password has raised $920 million over three rounds, with its most recent a $620 million Series C
in January 2022.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$700 k $6.5 m $70 k
$2.7 bn $46 bn
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
13 bn
11.3 bn

563

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)
$12 bn 9.1 years
GLOBAL AVG.

GLOBAL AVG.
101

6 GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
AI, Big Data & Analytics Life Sciences
Few countries command as much trust as Canada, The Toronto-Waterloo corridor is a global life-
and global debates about the creation and use of sciences powerhouse, boasting some of the world’s
new technology have created opportunities for best hospitals, and more than 8,000 related
Toronto-Waterloo tech companies to lead in sectors companies. The foundation of this success comes
where trust is critical. Applied AI, Cybersecurity, from the University of Toronto (famous for the
Fintech, Healthtech, sustainability and Smart Cities discovery of insulin and stem cells) and the
are just some examples. The Toronto region’s public University of Waterloo, which has the largest post-
and private institutions — governed by robust laws — secondary co-op program in the world, with nearly
remain role models in the Tech for Good movement. 20,000 co-op students enrolled over three semesters
in more than 120 programs.

Reasons to Move Your Startup to Toronto-Waterloo

Building for Humanity Global Community From Lab to Market
Canada’s reputation as a progressive nation provides Toronto-Waterloo represents 230 nationalities and Toronto-Waterloo is enviably equipped to turn
a rock-solid foundation for founders to build trust 180 languages spoken. By 2025, Canada will student talent into professionals, and to turn ideas
into their technologies and tackle some of the world’s welcome more than 1.3 million new Canadians. The into prosperous companies. In 2020, MaRS-supported
biggest challenges. CEOs Tobi Lütke (Shopify), region is an open destination, where newcomers ventures raised $2.4 billion while generating $1.5
Michele Romanow (Clearco), and Joshua Liu can find people from their native community and billion in revenue and almost 23,000 jobs. The
(SeamlessMD) are some vocal local champions of this also join dozens more. Local universities attract tens University of Waterloo’s Innovation Area, a $35-
ethos. of thousands of international students every year, million space offering wet and biosafety labs for 75
and consistently produce world-class graduates for ventures, is set to open in 2023.
high-growth companies.
Selected Startup Organizations
STARTUP GENOME MEMBERS

MEMB ER MEMB ER

MaRS Discovery District Communitech Corporation

MaRS is North America’s largest urban innovation hub. A registered nonprofit, MaRS Founded in 1997, Communitech was built by tech founders who saw the need for a
supports high-growth startups and scaleups tackling key issues in health, Cleantech, community of support to help ensure the future prosperity of Canada. As Canada’s
Fintech, and other sectors. In addition, MaRS convenes members of the tech tech supercharger, we help founders hire and retain the smartest, brightest and most
ecosystem to drive breakthrough discoveries, grow the economy, and make an impact experienced people; access growth financing at every stage; sell to the biggest
by solving real problems for real people — in Canada and around the world. customers at home and around the world; and connect with the right people at the
right time.

KEY ECOSYSTEM PLAYERS

University of Waterloo CANhealth

The University of Waterloo integrates work The CAN Health Network is a Canada-first
“Toronto-Waterloo is Canada’s
experience with academic and research excellence, approach to technology adoption. By breaking down leading startup ecosystem, ranking
delivering a unique entrepreneurial culture. barriers to entry into the health care sector for
as #17 globally due to an impressive
Innovators can access support, mentorship, funding Canadian companies, their solutions can be quickly
and connections from over 45 programs. validated, procured and scaled across the country. growth of 128% since the last
GSER. It is an honor to work with
University of Toronto Creative Destruction Lab ecosystem leaders Communitech
The University of Toronto is where talent, ideas, (CDL) Corporation and MaRS Discovery
research and ambition converge to build the next
generation of global entrepreneurs.
Creative Destruction Lab (CDL) is a nonprofit District to support this thriving local
organization that delivers an objectives-based
program for massively scalable, seed-stage, science- startup community.”
Vector Institute and technology-based companies.
JF Gauthier, Founder & CEO
The Vector Institute is an independent, not-for-
of Startup Genome
profit corporation dedicated to advancing artificial
intelligence, excelling in machine learning and deep
learning.
United States
Highlights
Washington, D.C. #11 Washington, D.C. may be more well known for politics than for entrepreneurship, but the U.S. capital has
been gaining a reputation as a startup hub. The ecosystem benefits from a growing tech talent pool and
proximity to federal government departments, as well as an abundance of Fortune 1000 companies
"The greater D.C. region is beginning to get more attention from Silicon Valley
headquartered in the area.
and New York City investors. Cyber continues to be a major player, along with
other tech sectors benefiting from the growth of Amazon’s HQ2. Food services, Investors have taken notice. Companies in the District of Columbia, Maryland, Virginia region raised $4.9
hospitality, healthcare, and other sectors are also gaining traction." billion in 334 deals in 2021, more than double the $1.96 billion raised in 2020. The top five deals in 2021
alone amounted to more than $800 million. Robotic Research Group/RR.IA’s December deal for $228
Jack McDougle million was by far the largest amount raised in D.C. in 2021.
President and CEO, Greater Washington Board of Trade

In March 2021, Gender Equality in Tech (GET) Cities, led by Break Through Tech and SecondMuse, in
partnership with Melinda French Gates’ Pivotal Ventures, launched GET DC as its next city hub, working to
propel more women and marginalized groups into tech careers. In January 2022 the D.C. regional chapter
of the Indus Entrepreneurs (TiE), founded by a group of Indian American entrepreneurs, announced the
second TiE DC University PitchFest for university students across the region.

The ecosystem also hosts DC Startup Week, an annual conference for the region’s entrepreneurial
community, and SATELLITE, a top conference for space and satellite thought leaders.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$775 k $6.2 m $88 k
$2.2 bn $56 bn
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
29 bn

516

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

11.3 bn

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)

$13 bn 10.5 years
GLOBAL AVG.

GLOBAL AVG.
101

4 GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
Edtech Cybersecurity
Education is one of the largest and most important The Washington, D.C. region has become a leading
industries in D.C., accounting for $3.9 billion of GDP. Cybersecurity industry cluster, thanks in part to its
In October 2021, Edtech giant Blackboard merged proximity to the national security agencies that
with software company Antholog
Anthologyy in an effort to frequently serve as customers for local
create the most comprehensive and modern Edtech Cybersecurity startups. Data protection company
ecosystem available. Class Technologies has raised a Virtru has raised a total of $1
$139.
39.8
8 million over six
total of $164 million in funding over four rounds, rounds, including a $60 million Series C in January
including a $105 million Series B in July 2021. 2022. AI-powered DNS threat protection startup
DNSFilter raised a $30 million Series A in Jul
July
y 2021.

Reasons to Move Your Startup to Washington, D.C.

Tech Talent Government Support
The Washington, D.C. area is one of the most In December 2021, the DC REACh initiative was
educated metropolitan areas in the U.S, with 51.4% of launched to promote financial inclusion for
adults obtaining bachelor’s degrees or higher. The underserved communities, small businesses, and
ecosystem also boasts one of the highest residents through greater access to credit and
concentrations of STEM professionals in the country, capital. It aims to remove structural barriers to
according to CBRE’s 2021 Scoring Tech Talent report. capital and credit, and create solutions that help
The region has the fourth-largest tech talent labor more Washingtonians buy homes, start businesses,
pool in North America, with more than 265,000 tech and build wealth.
workers making up 8.8% of the total workforce.
Women make up 32.3% of the tech workforce, which
compares favorably with the national average of 27%.
 Oceania
278 Top Performers & Top Regional Challengers

279 Key Findings

280 How La Trobe University is Accelerating Startup Success

282 Ecosystem Pages

Copyright © 2022 Startup Genome LLC. All Rights Reserved. Learn more and get connected at startupgenome.com 277
 Melbourne is also a regional leader. The ecosystem saw Top Performers
Regional Insights two $1 billion+ exits (MessageMedia and business-to-

Oceania
business payment solutions provider Optal, which was 1 Sydney
acquired by Wex) and its Knowledge factor increased
2 Melbourne
from last year due to a 21% increase in the count of
patents. New Zealand has also shown huge growth 3 New Zealand
since last year, with seven exits over $50 million and a 4 Brisbane
Oceania has seen 50% growth in $50 million+ exits doubling in Ecosystem Value to $4.6 billion.
between 2020 and 2021. Early-stage funding in the 5 Perth
region has increased by 80% in the same period.
Oceania created five new unicorns in the GSER 2022
Top Regional Challengers
time range, including Fintech Airwallex, people and
culture analytics platform Culture Amp, and enterprise 1 Perth
compliance checking platform SafetyCulture.
2 Canberra

The region’s leading sub-sector is Fintech, which makes 3 Adelaide

up 31% of Oceania’s total VC funding from 2017 to 2021.

Sydney is Oceania’s biggest ecosystem, with the majority

of Australia’s tech startups based here. The ecosystem
moved up four places from last year, to #20 in the
global rankings, and its $67 billion Ecosystem Value is
in large part due to design platform Canva’s $39 billion
valuation.

Copyright © 2022 Startup Genome LLC. All Rights Reserved. Learn more and get connected at startupgenome.com 278
Oceania Regional Insights

Key Findings
• Oceania has seen 50% growth in $50 million+ exits
between 2020 and 2021.

• Early-stage funding in the region has increased by

80% in the same period.

• Oceania produced five unicorns, including Fintech

Airwallex, people and culture analytics platform
Culture Amp, and enterprise compliance checking
platform SafetyCulture.

• Sydney moved up four places from last year, to #20.

• New Zealand experienced seven exits over $50 million

and doubled its Ecosystem Value to $4.6 billion since
2020.

Copyright © 2022 Startup Genome LLC. All Rights Reserved. Learn more and get connected at startupgenome.com 279
Global Startup Ecosystem Report 2022

How La Trobe University is Accelerating

Startup Success
Victoria’s ascent as a startup ecosystem owes much to which ran through 2022, exemplifies how the university customers, distributors, investors, board members,
its universities’ R&D prowess. La Trobe University, based is able to help export-minded founders learn the ropes and employees — required to execute on them. All
in Melbourne, produces not just innovations but also and make the contacts to do business abroad. 14 Australian startups in the program’s first cohort
founders skilled in bringing innovations to market. developed solutions to universal problems, including a
The program, sponsored by AusIndustry, drew on experts virtual-reality system for lonely seniors and a platform
La Trobe’s Innovation and Entrepreneurship suite in the ecosystems of India, Southeast Asia, the countries of where education providers can recruit teachers quickly.
of programs speaks to everyone, from students the APEC and the EU, and the United Kingdom. Following All 14 substantially grew sales in their chosen markets,
contemplating startup life to new founders seeking an eight-week feasibility study, participants advanced to even amid the turmoil of a pandemic.
validation for their technologies to SME owners in the a six-month immersion in their chosen markets, which
thick of scaling up. Its influence — in the form of startups included the invaluable experience of time spent on the “Our coaches ensured we had rock-solid foundations,”
launched, skills developed, and connections forged — ground. There nascent founders embedded with one of said one Accelerator participant. “As opportunities
is felt in Victoria, throughout Australia, and around the La Trobe’s premier innovation partners: the Innovation started to present themselves, we were required to pivot
world. Factory, a rapidly expanding tech hub in Indonesia; IMEC, and adapt. We are looking forward to seeing what we
the number-one university-linked accelerator in Europe; can achieve because of what we have been exposed to.”
and Tech-Hub, an Indian ecosystem that has worked with
Thinking Global From Day One more than 1,800 national and international startups.
Australian entrepreneurs in particular need a global International coaches, expert professionals, and interns Nurturing Local Innovation
attitude from day one. With a small domestic market, provided by La Trobe also supported the founders. Closer to home, Startup Central Victoria — whose second
many startups scale by designing products and strategies cohort is ongoing — comprises a series of free events
for international customers and by building international Startups left the accelerator with informed, country- and programs helping founders seize opportunities and
networks. La Trobe’s Global Markets Accelerator program, specific strategies and with the contacts — potential leverage resources in the City of Greater Bendingo and five

Copyright © 2022 Startup Genome LLC. All Rights Reserved. Learn more and get connected at startupgenome.com 280
other local government areas. It launched in 2021 with a participant, from an agriculture company. “I got skills, to the ecosystem and its disparate members. Through
Regional Opportunities Forum that attracted 57 aspiring confidence, and a feeling of I’m not alone.” workshops, programs, events, and internships, students
entrepreneurs intrigued by such promising local sectors prepare for careers in this creatively engrossing domain.
as robotics, Agtech, and small-town revitalization. A
hackathon divided entrepreneurially curious participants Building Community “The internship … has been great to practice and transfer
into teams, provided them with mentors, and challenged The keystone of startup ecosystems is community: my skills and experience into a new industry,” said one
them to design startups from scratch, sharpening skills passionate founders and their creative teams supporting, student who found placement at an Edtech startup. “The
and developing new ones in the process. advising, and collaborating with one another. La Trobe’s team made me feel so welcome and has been great
newest program provides just that. It brings together learning about a new way of working.”
Startup Central Victoria also offered an online Accelerator the university’s aspiring entrepreneurs with like-
for 15 startups and scaleups. That program “has given minded founders at Fisbburners, Victoria’s number-one La Trobe’s relationships with industry provide additional
me the space to think about how I can grow our graphic coworking space and hub for tech startups. ballast for its innovation and entrepreneurship programs.
design business,” said Rebecca Rose, from Castlemaine. Partner companies co-locate on La Trobe campuses,
“I have felt very supported, and it has inspired me to La Trobe Fishburners Founders Hub is a 100% virtual collaborate on R&D, and support the university’s
become more active in the region instead of relying on community where founders on the same journey learn workforce and startup development efforts. The resulting
our Melbourne-based clients.” from both company-building veterans and one another. networks of established and emerging innovators are
Connections forged here will power some of Australia’s transforming this community and the world.
La Trobe supports not just entrepreneurs-in-the-making next great success stories. “Being a part of a connected
but also established ones struggling to survive. When ecosystem is at the heart of startup success,” said Nicole
COVID-19 closed down or slashed revenue at many O’Brien, CEO of Fishburners. “We are incredibly excited
local small businesses, La Trobe swiftly recognized that to be joining forces with La Trobe and its ambitious
digitization could be a lifeline. In concert with several University City of The Future development. We can’t wait
partners, it rapidly developed a free, online program, to work together to connect and support entrepreneurs
COVID-19 Industry Response, for business owners across Victoria.”
eager to adapt their business models, incorporate new
technology, and upskill themselves and their employees The startup journey must begin somewhere. At La Trobe,
in preparation for the digital future. The program ran it’s with Student Pathways to Entrepreneurship. For
four times and helped 1,500 entrepreneurs. “I enrolled those excited by the prospect of starting or joining a
The opinions expressed in this sponsored article do not necessarily reflect the
hoping that I would get at least one new skill,” said one new business, this ongoing program is an introduction views or position of Startup Genome.

Copyright © 2022 Startup Genome LLC. All Rights Reserved. Learn more and get connected at startupgenome.com 281
Australia
Highlights
Melbourne Victoria is home to more than 2,600 startups that are rapidly becoming the beating heart of a new
economy — the startup sector is now the same size as Victoria’s tourism sector. The state capital,
MEMBERS: Melbourne is a thriving hub for startups across an array of sub-sectors including Life Sciences, SaaS, AI,
LaunchVic Blockchain, Advanced Manufacturing, IoT, Big Data, and Fintech.

"A globally renowned creative and education hub with access to world-class Victoria consistently ranks highly for the quality of its educational institutions. It’s home to the University
education, Melbourne is now home to numerous unicorns. Our talent, creativity, of Melbourne, Australia’s highest ranked university at #37, along with Monash University at #58 in the top
and thriving startup community make Melbourne a great place to build and scale 400 universities according to the QS World University Rankings 2022. RMIT University has been ranked #2
in the world for research that has impacted the development of Blockchain technology, and its Blockchain
global startups."
Innovation Hub is the world’s first research center focused on the social science of Blockchain.
Dr Kate Cornick
CEO, LaunchVic LaunchVic, the state’s lead startup agency, continues to create infrastructure to support the growth of
the ecosystem. Its initiatives include the AU$10 million Alice Anderson Fund, an angel sidecar for women-
led startups, and the Victorian Startup Capital Fund, a fund of funds set to unlock AU$240 million ($168
million) to support Victorian early-stage startups with high growth potential. LaunchVic has also helped
launch dozens of programs. Three of the latest, which were created in partnership with Agriculture
Victoria, hope to boost the local Agtech sub-sector. Farmers2Founders, Rocket Seeder, and SproutX will
each receive AU$600,000 ($420,000) to run pre-accelerator programs.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$670 k $3.9 m $63 k
$816 m $17 bn
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
11.3 bn

185
7 bn

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)
101

$3.1 bn 9.3 years

GLOBAL AVG.

GLOBAL AVG.

6 GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
Life Sciences Fintech
In 2021, CBRE ranked Melbourne as one of the top Melbourne is home to more than 400 Fintech
five Life Sciences hubs in Asia-Pacific, and the startups, and unicorns AfterPay, Airwallex, Judo
University of Melbourne as second globally for Bank, MYOB, and PEXA were all founded here.
university-related biomedical research. Five of Melbourne is also the location of the annual
Australia’s largest medical research institutes are Intersekt conference, which brings the Australian
located here, and there are several research and Fintech community together. In 2021, global
innovation initiatives, including incubator Melbourne banking-as-a-service platform Railsbank established
Connect and Bio Innovation Hub. Regenerative its first office in Melbourne, and financial services
medicine company Mesoblast has raised $412.3 platform Airwallex raised a $100 million Series E.
million over seven rounds. Medtech startup Seer Business payments startup Zeller raised an AU$100
raised a AU$34 million ($24 million) Series A in million ($70 million) Series B in March 2022.
August 2021, and Ena Respiratory has raised a total
of AU$50 million ($35 million).

Reasons to Move Your Startup to Melbourne

Dynamic, Educated Workforce World-Class Universities Government Support
Melbourne is projected to become the largest The University of Melbourne is the highest-ranked The Victorian government reduced the employer rate
Australian city by 2031 and is home to one of the university in Australia and #33 in the world. The of payroll tax from 2.02% to 1.2125% in 2021. The
most educated workforces in the country. More than Financial Times ranked Melbourne Business School Business Event Sponsorship Program provides up to
half of all Victorians aged 20–64 hold some form of the highest among Australian MBA programs. QS AU$10,000 ($7,400) to support those hosting
post-secondary qualification, while almost 30% aged Best Student Cities Rankings 2022 named conferences. The 2021–2022 Victorian budget
15–74 have a university degree. It’s also a Melbourne Australia’s best student city. allocates AU$484.5 million ($361 million) through
multicultural city with close links to Asian markets. 2025 towards new job creation initiatives, with
dedicated funds for small business services and
support initiatives and funds to revitalize Melbourne’s
central business district. The AU$2 billion ($1.49
billion) Breakthrough Victoria Fund is investing in
projects in health and Life Sciences, Advanced
Manufactu ring, digital technologies, Agtech & New
Food, and clean economies.
Selected Startup Organizations
STARTUP GENOME MEMBERS

MEMB ER “Melbourne’s
“Startup Genomestartup Ecosystem
is honored Valuewith
to work has grown
by 129% since
LaunchVic the last GSER,
in accelerating producing
ecosystem two billion-dollar
growth, job
LaunchVic
exits toand
creation reach US$17
impact in billion. A bigWe
Melbourne. factor
areinexcited
this growth
LaunchVic is fuelling the growth of Victoria’s startup ecosystem. Through our
expertise, we help to build the capability and confidence of Victoria’s most important has Melbourne's
about been the leadership of LaunchVic,future
startup community's deserving
asset — its people — to start, grow, invest in, or work for globally ambitious startups. Kate Cornick
because of the
the Global Policy
increasing Championinaward
investment its at GEC
this year.”
innovative entrepreneurs.”
JF Gauthier,
JF Gauthier, Founder & CEOFounder & CEO
of Startup Genome
of Startup Genome
KEY ECOSYSTEM PLAYERS

Giant Leap Startmate Startup Victoria

Giant Leap Fund is Australia’s first venture capital We accelerate the most ambitious founders, Startup Victoria exists to create more founders,
fund that is 100% dedicated to investing in impact operators and investors through our programs, better founders
startups – rapidly scalable businesses that blend propelled by a highly-trusted mentor-driven
financial returns with real and measurable social community, and backed by the best angels, venture
and environmental benefits. funds and tech startups in the region.

Hatch Quarter Scale Investors

Melbourne-Based Innovation Hub and Startup Scale Investors is Australia’s first and only network
Incubator. of angel investors committed to investing in and
empowering exceptional women entrepreneurs.
New Zealand
Highlights
New Zealand New Zealand offers entrepreneurs a strong sense of community, a business-friendly regulatory
environment, and a high-quality lifestyle. Both the startup ecosystem and broader community are value-
MEMBERS: driven and focused on sustainability. Auckland is a particular hotspot for startups, with 50% of New
The New Zealand Startup Partnership Zealand’s tech employees located there, according to NZTech. Technology is New Zealand’s second
largest export sector, and ICT exports grew 23% between 2020 to 2021. It recently got easier for
"New Zealand’s dynamic startup ecosystem is positioning our entrepreneurs to international tech workers to move to New Zealand — in December 2021, the Government updated
meet global challenges and deliver economic and social impact with record immigration rules to make it possible for the sector to recruit 600 specialized workers from overseas.
investment into early-stage markets in 2021."
New Zealand has historically been capital-starved, but recent moves by the government and foreign
Stuart Nash investors have significantly increased access to early-stage funding. The Elevate Fund, established in 2020
Minister for Economic and Regional Development by New Zealand Capital Growth Partners, has invested approximately $150 million into six VCs — only
engaging in deals that also include outside investors. 2021 delivered record growth for the number of
deals completed and the amount of capital invested. Early-stage investors provided funding of $257
million, across 174 deals, representing a 63% growth in funding compared to the previous year. The median
deal size for follow on investment increased from $769k to $1 million. Early-stage investors are
increasingly focused on Deep Tech, which received 41% of startup investment ($106 millon), across 33%
of deals.

Launched in March 2022, Electrify Accelerator is New Zealand’s first accelerator focussed on women-led
startups. Ecosystem success stories include retail software company Vend’s 2021 NZ$455 million ($350
million) exit, medical device company Alimetry’s NZ$11.3 million ($10.9 million) deal in March 2022, and
architecture platform ArchiPro’s $35 million Series A, also in March.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$1 m $3.7 m $58 k
$358 m $4.7 bn
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
11.3 bn

110
101

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)
$1.1 bn 10.2 years
GLOBAL AVG.

GLOBAL AVG.
2.3 bn

7 GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
Enterprise Software Agtech & New Food
A January 2022 market analysis by Gartner Group The New Zealand government has allocated more
forecast 7.4% year-on-year growth for ICT in 2022, than NZ$50 million towards lowering agricultural
led by enterprise software and devices. Auckland- emissions, developing a national farm planning
based PredictHQ, which provides businesses with system, and helping farmers meet freshwater and
demand intelligence to understand the impact of greenhouse gas requirements by 2025. The 2035
events, has raised $33.5 million over three rounds. Oceania Summit scheduled to be held in October
2022 in Auckland will discuss how agrifood tech
innovation and on-farm applications can help
address the challenge posed by climate change.
Farmote Systems, a maker of a pasture
management system for dairy farms, has raised
$926,600 in funding over three rounds.

Reasons to Move Your Startup to New Zealand

Quality of Life Ease of Doing Business
New Zealand outperforms the global average in New Zealand offers entrepreneurs and companies
income, jobs, education, health, environmental quality, stability, streamlined regulations, limited
social connections, civic engagement, and life bureaucracy, and a favorable tax environment. The
satisfaction, according to the OECD Better Life Index. R&D Tax Incentive allows businesses to claim a 15%
Average household net-adjusted disposable income tax credit on eligible costs, reducing the income tax
per capita in New Zealand is more than $8,000 above they need to pay. Loss-making businesses can apply
the OECD average. Wellington ranked #11 in the to have this tax credit refunded or carried forward.
Numbeo Cost of Life Rankings 2022. New Zealand Consumer spending has been growing steadily over
also benefits from a strong sense of community — the last several years.
95% of people believe that they know someone they
could rely on in time of need.
Selected Startup Organizations
STARTUP GENOME MEMBERS

MEMB ER “With leadership from The New Zealand Startup

Partnership the startup ecosystem has achieved
The New Zealand Startup Partnership "With leadership from the New Zealand Startup
tremendous growth, including seven exits and a doubling
The consortium of partners leading participation in this year’s report illustrate the Partnership, the New Zealand startup ecosystem
close working within New Zealand’s startup ecosystem. We bring knowledge and of its ecosystem value. New Zealand went up seven ranks
will continue to see the policy, programmatic, and
experience from diverse areas including angel and seed capital, community to join the Top 35 Emerging Ecosystems.”
engagement, the technology and innovation sector, trade and enterprise, and central founder success highlighted in the Global Startup
government. Collectively we strive to build an excellent environment for startups and JF Gauthier,
Ecosystem Founder
Report 2022."& CEO
their founders, especially where they want to make a positive impact to society, the
of Startup Genome
economy and the environment. “E hara taku toa, i te toa takitahi, he toa takitini." JF Gauthier, Founder & CEO of Startup Genome
(“Success is not the work of one but the work of many”—Māori proverb.)

KEY ECOSYSTEM PLAYERS

Angel Association New Callaghan Innovation Global Entrepreneurship

Zealand Callaghan Innovation is New Zealand’s innovation Network New Zealand
agency. They partner with businesses of all sizes to
Angel Assn NZ supports New Zealand born, world GEN NZ’s mission is to connect entrepreneurs to the
activate innovation and help businesses grow
changing businesses delivering exponential financial, people and resources they need to thrive. They are
through innovation funding, capability support, and
social and economic returns. They are working to building an accessible, diverse, and sustainable
providing R&D solutions to help commercialisation.
increase the quantity, quality, and success of ecosystem in Aotearoa New Zealand that generates
venture investment in New Zealand. significant economic and social returns.

New Zealand Trade and New Zealand Tech

Enterprise NZTech is a purpose driven not-for-profit, non-
governmental organisation funded by members who
Te Taurapa Tūhono, New Zealand Trade and
are collectively working to help create a more
Enterprise is the government's international business
equitable, sustainable and prosperous Aotearoa New
development agency. They connect local and
Zealand underpinned by good tech.
international business to grow a productive,
sustainable and inclusive economy.
Australia
Highlights
Sydney #20 Sydney’s close-knit but fast-growing startup ecosystem had a banner year in 2021. More than AU$10
billion ($7.6 billion) was invested in Australian firms across 682 deals, three times the AU$3.1 billion ($2.3
MEMBERS: billion) invested in 2020. Among the largest of these deals was the $231.5 million that Sydney-based
Investment NSW sustainable Bitcoin mining company Iris Energy raised in its Nasdaq IPO in November. Plant-based meat
company v2food raised an AU$149 million ($113 million) Series B in August 2021, while Harrison.ai raised a
"Sydney has the best of both worlds — world-leading economic strength and AU$129 million ($98 million) Series B in December 2021. Not long after, in February 2022, HR platform
lifestyle, making it the best place in the world to grow a startup." Employment Hero raised AU$181 million ($137 million) in a Series F round, which put its pre-money
valuation at AU$1.07 billion.
Amy Brown
Secretary, Department of Enterprise, Investment and Trade, and CEO, Investment NSW
Home to unicorns Canva and Zip Co, Sydney’s startup ecosystem is also attracting international
investment. Early-stage investment firm The Fund announced in 2021 that it is expanding to Australia. The
Fund is targeting $3.5 million and will invest in approximately 40 startups.

The Network Readiness Index, which ranks the application and impact of information and communication
technology in economies around the world, placed Australia #13 out of the 130 economies on its 2021 list.
The UNCTAD Technology and Innovation Report 2021 ranked Australia #12 overall and first in skills.
SIGGRAPH Asia announced that Sydney would host its 2023 conference and exhibition.

TOTAL EARLY STAGE FUNDING ECOSYSTEM VALUE MEDIAN SEED ROUND MEDIAN SERIES A ROUND SOFT. ENGINEER SALARY
(2019H2-2021) (2019H2-2021) (2019H2-2021) (2019H2-2021) (2021)
$835 k $5.4 m $76 k
$1.3 bn $68 bn
GLOBAL AVG. GLOBAL AVG.
$687 m $28.6 bn GLOBAL AVG. GLOBAL AVG. GLOBAL AVG.
$671 k $4.7 m $46 k
11.3 bn
12 bn

288

EARLY-STAGE FUNDING GROWTH TIER TOTAL VC FUNDING TIME TO EXIT

(2018/19 VS. 2020/21) (2017-2021) (2017-2021)
$5.9 bn 9 years
GLOBAL AVG.

GLOBAL AVG.
101

9 GLOBAL AVG. GLOBAL AVG.

$4.5 bn 9.4 years

Amount ($) Count (#)

Calculated on a scale of
1 (lowest) to 10 (highest)
Exits
(2017-2021)
Sub-Sector Strengths
Fintech Cleantech
Of over 800 Australian Fintech startups, 60% are Sydney is a thriving innovation center for renewable
located in Sydney.Australia ranks sixth in the world energy and Cleantech companies. With an
and second in Asia in Fintech, according to analytics estimated 35% annual growth rate, the renewable
firm Finexable. The 2020-21 Federal Budget included energy industry in New South Wales attracts billions
AU$9.6 million ($7.3 million) to help Fintechs expand of dollars in investment and is set to become the
into international markets and AU$6.9 million ($5.2 leading state for clean energy production,
million) for industry-led Blockchain pilots to reduce decarbonisation, and halving emissions by 2030.
regulatory compliance costs. In July 2021, payments Sydney is also home to EnergyLab, Australia and
company Airwallex announced that its second New Zealand's largest climatetech startup
Australian engineering hub will be located in accelerator.
Sydney.

Reasons to Move Your Startup to Sydney

Supportive Business Educated Workforce Quality of Life
Environment Sydney is home to many of Australia’s leading The 2021 Cities of Choice ranking placed Sydney at
universities, research institutes, and technical #10 in the world for quality of life, with it being cited
The AU$250 million ($189 million) Jobs Plus Program
colleges. Two of Sydney’s six universities are as an example of a “comfortable city.” The NSW
is designed to support companies that want to
members of the Group of Eight, a coalition of the Government is extending Sydney’s affordable rental
expand their footprint in NSW. The program reduces
eight world-leading, research-intensive Australian housing scheme, and the city aims to add over 10,000
the costs and risks of establishing a business in the
universities. More than two-thirds of New South affordable rental properties in the next 15 years, with
state.
Wales workers hold a bachelor’s degree, and the 600 currently in the pipeline.
average age of the workforce is 40.
Selected Startup Organizations
STARTUP GENOME MEMBERS

MEMB ER
“Ranking asGenome
“Startup a Top 20isGlobal Startup
honored Ecosystem
to work with Sydney
Investment NSW hasInvestment
grown tremendously,
New Southproducing an impressive 22 exits
Wales in accelerating
Investment NSW is the New South Wales (NSW) government’s economic over $50 million.
ecosystem The job
growth, leadership
creationofand
Investment
impact inNSW is an
development and attraction agency, with a mandate to reinforce NSW as the most Sydney. We areasset for the
excited ecosystem.”
about Sydney's startup
desirable place in the world to visit, study, invest and do business. It helps drive the
state’s economic growth and transformation by showcasing NSW business, events, community'sJF future because
Gauthier, of the&increasing
Founder CEO
tourism and education for new markets and investors in Australia and around the investment in itsofinnovative entrepreneurs.”
Startup Genome
world.
JF Gauthier, Founder & CEO of Startup Genome
Methodology,
References &
Acknowledgments
292 Methodology

301 References

365 Acknowledgments

Copyright © 2022 Startup Genome LLC. All Rights Reserved. Learn more and get connected at startupgenome.com 291
Global Startup Ecosystem Report 2022

Methodology

The Startup Genome quantitative data infrastructure • Local partners (accelerators, incubators, startup Secondary Data Sources
includes data on over three million companies, nearly hubs, investors):
• Forbes 2000
300 ecosystems, and survey data from more than
• list of startups
10,000 startup executives across the globe — the Voice • Github API
of Entrepreneurs. • list of local exits and funding events
• International IP Index

• Meetup.com
Below is a description of the main datasets that make
up this data science infrastructure:
Data Sources
• OECD, R&D Spending
• Startup Genome proprietary data: Primary Data Sources • Other sources from Life Sciences Rankings
• Interview of 100+ Experts • Startup Genome LLC (2017-2022). StartupGenome. • Salaries data from Glassdoor, Salary.com, and
com Database PayScale
• 2017-2021 Startup Ecosystem Survey with more
than 10,000 participants per year • Dealroom.co BV. (2017-2022). Dealroom.co • Shanghai Rankings
Database
• Dealroom: global dataset on funding, exits, and • Techboard
locations of startups and investors • Crunchbase (2017-2022). Crunchbase.com Database
• Times Higher Education Rankings
• Crunchbase: global dataset on funding, exits, and • CB Insights (2019-2022). Cbinsights.com Database
locations of startups and investors • Top 800 R&D Hospitals, Webometrics
• Orb Intelligence Inc. (2017-2021). orb-intelligence.
• PitchBook: private capital market data provider • USPTO
com Database
• WIPO
• PitchBook (2018-2022), a private capital market data
provider Database • World Bank, Ease of Doing Business

Copyright © 2022 Startup Genome LLC. All Rights Reserved. Learn more and get connected at startupgenome.com 292
Selected Data Timeframes include the influence of unobserved factors on the
performance of an ecosystem.
Funding

Quantifies funding metrics important to the success of

early-stage startups.
Ranking Methodology (For Top Ranking Details
• 90% Access
Ecosystems) Performance
• 90% Early-Stage Funding Volume (80% log of count
Captures the actual leading, current, and lagging
Overall Ranking and 20% log of sum of total early-stage funding
indicators of ecosystem performance. deals). Time range for Seed rounds is Jul 01, 2018
The overall global ecosystem ranking is a weighted
• 50% Ecosystem Value to Dec 31, 2020 and for Series A time range is Jul
average of the following factor scores:
01, 2019 to Dec 31, 2021
• Log of sum of all exits and estimated startups
• Performance: 30%
valuations during the timeframe without double- • 10% Log of Early-Stage Funding Growth
• Funding: 25% counting • 10% Quality and Activity
• Market Reach: 15% • 37.5% Exits • 70% Volume of Investors (50% log of total number
• Connectedness: 5% • 80% Volume of Exits (80% log of number of exits of VCs and CVCs [in Q1 2022]; and 50% log of total
• Experience & Talent: 20% of $50M+ and 20% log of number of exits of $1B+) number of large $100 million+ AUM VCs and CVCs
[in Q1 2022])
• Knowledge: 5% • 20% Exit Growth Index (scored from 1 to 10)
• 10% Experience of Investors (50% number of
• 12.5% Startup Success
We calculated an ecosystem index value for each factor, investors with above average exit rates [in Q1 2022]
• 60% Growth-Stage Success (100% Ratio of Series and 50% average years of experience of investors
based on the sub-factor and metrics detailed below.
C-to-A Startups) [in Q1 2020])
The ecosystems scores were multiplied by the above
weights to establish the overall rank of each ecosystem. • 30% Speed to Exit (50% average company age at • 20% New Investor (50% log of total number of new
The weights of the factors were determined from exit and 50% average company age at IPO) investors (in Q1 2022, with less than five years of
2017-2020 through correlation analyses and modeling activity) and 50% ratio of active investors [in Q1
• 10% Early-Stage Success (Ratio of Series B-to-A
work based on linear regression analyses, using factor 2022])
Startups)
indexes as independent variables with the performance
index as dependent variable. Finally, adding the actual
Performance Index to the ranking formula serves to

Copyright © 2022 Startup Genome LLC. All Rights Reserved. Learn more and get connected at startupgenome.com 293
Market Reach • 40% Log of Ratio of Number of Meetup Groups • 50% Log of Funding Runway: Ratio of Median
from meetup.com by population (in M) Series A funding rounds by software engineer
Measures early-stage startup access to customers
salary
allowing them to scale and “Go-Global.” • 10% Infrastructure
• 10% Life Sciences
• 60% Globally Leading Companies • 90% Log of Life Sciences-focused measure of
accelerators and incubators • 50% STEM Students: Log of Number of STEM
• 50% Ratio of billion-dollar club to GDP (B)
students
• 10% Log of Count of Research and Development
• 30% Ratio of exits over $50M by Metro population
Hospitals • 40% Life Sciences Access
(in M)
• 70% Log of Number of Life Sciences disciplines
• 20% Log of Ratio of Exits over $50 million in the Experience & Talent
first half of 2019, 2020, and 2021 to Funding Series • 30% Log of Number of institutes which have Life
37.5% Talent
A in the first half of 2019, 2020, and 2021 Sciences related disciplines
Assesses the talent early-stage startups have access to.
• 30% Local Market Reach • 10% Life Sciences Quality
• 90% Tech Talent
• Log of GDP of country • 25% Average of CNCI score from Shanghai
• 90% Quality & Access Rankings
• 10% Quality
• 70% Log of Count of Exits over 50M 2012-2021 • 25% Average of TOP score from Shanghai
• Log of Commercialization of Tangible IP Assets
Rankings
(tiers from 1 to 10, score based on the International • 10% Share of top github coders to total github
IP Index, measured at the country level) coders • 25% Average IC score from Shanghai Rankings

• 10% Log of Count of Github coders on github. • 25% Average PUB Score from Shanghai Rankings
Connectedness
com with more than 10 followers
Measures how connected the ecosystem is to the 62.5% Experience
• 10% English Proficiency Score
global fabric of knowledge within the ecosystem (Local
Captures the degree of startup experience in an
Connectedness and Innovation Infrastructure). • 10% Cost
ecosystem.
• 90% Local Connectedness • 50% Log of software engineer salary — lower
• 80% Startup experience in ecosystem
is better — from Glassdoor, Salary.com, and
• 60% Log of Count of Meetup Groups on meetup.
PayScale • Log of Count of Funding of Series A in 2012-2021
com
(10 years)

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• 20% Scaling Experience in Ecosystem (the cumulative • 50% Size of Technology Class (log of number of Emerging Ecosystem Ranking Details:
number of significant exits, over $50 million and $1 global patents in class)
Performance
billion, over 10 years for startups founded in the
• 10% Complexity Score of patents,a measure of the
ecosystem) Captures the actual leading, current, and lagging
capacity of the ecosystem for producing patent in
indicators of ecosystem performance.
• 60% Log of number of exits of $1 billion+ complex technology classes, based on a PageRank
algorithm • 70% Ecosystem Value
• 40% Log of number of exits of $50 million+
• 20% Research (H-index, a measure of publication • Log of sum of all exits and estimated startups
Knowledge impact, this metric looks at the production of Life valuations during the timeframe without double-
Sciences research at the country level) counting
Measures innovation through research and patent
activity. • 20% Exits

• 80% Patents (the volume, complexity, and potential Emerging Ecosystems Rankings • 80% Volume of Exits (80% log of number of exits
of patents in Life Sciences created in the ecosystem, Emerging ecosystems are those ecosystems following of $50M+ and 20% log of number of exits of $1B+)
further described in the Life Sciences section of the the top 40 global ecosystems in performance. The factor • 20% Exit Growth Index (scored from 1 to 10)
Methodology) weights used to rank these ecosystems are slightly
• 10% Startup Success
• 50% Log of Tier of number of Life Sciences patents different from those used with top ecosystems (detailed
in ecosystem in our methodology section) to reflect their emerging • 80% Growth-Stage Success (50% Ratio of Series
status and emphasize the factors that influence more C-to-A Startups and 50% log of unicorns from
• 30% LS three year moving average growth of
in ecosystems that are just beginning to grow. 2H2019-2021)
Patents.
• 10% Speed to Exit (50% average company age at
• 10% LS technology potential, a measure calculated The Emerging ecosystem ranking is a weighted average
exit and 50% average company age at IPO)
at the technology class level globally and calculated of the following factor scores:
for each ecosystem based on the technologies it • 10% Early-Stage Success (Ratio of Series B-to-A
Performance: 45%
produces Startups)
Funding: 30%
• 20% Complexity of Technology Class, based on
Funding
a PageRank algorithm Market Reach: 15%
Quantifies funding metrics important to the success of
• 30% Global Growth of Technology Class Experience & Talent: 10%
early-stage startups.

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• 100% Access • 20% Log of Count of Github coders on github.
com with more than 10 followers
Notes on Changes in Ecosystem
• 90% Early-Stage Funding Volume (80% log of count
and 20% log of sum of total early-stage funding • 50% Cost Value
deals Our constant endeavor at Startup Genome is to
• 50% Log of software engineer salary — lower
• 10% Log of Early-Stage Funding Growth is better — from Glassdoor, Salary.com, and improve our quality of research and data to help our
PayScale members and our readers gain absolute, on the ground
Market Reach knowledge into the world of startup ecosystems. With
• 50% Log of Funding Runway: Ratio of Median that aim in mind, we have significantly improved our
Measures early-stage startup access to customers Series A funding rounds by software engineer data set — both in terms of exhaustiveness and quality.
allowing them to scale and “Go-Global.” salary As we improved the data, one of the key outcomes was
• 100% Globally Leading Companies • 20% Life Sciences an increase in Ecosystem Value. The major factors that
influenced this are:
• 50% Ratio of Billion dollar club to GDP (B) • 100% STEM Students: Log of Number of STEM
students 1. Technology Startup Classification: We have made
• 30% Ratio of exits over 1B by Metro population (in
significant improvements in our classification of
M)
50% Experience technology companies by adding more comprehensive
• 20% Log of Ratio of Exits over 50M in 2H2019-2021 classification criteria and tags from multiple sources.
Captures the degree of startup experience in an
to Funding Ser A on 2H2019-2021 We have added CB Insights data and introduced
ecosystem
in-depth checks to ensure the tech classification is
Talent • 80% Startup Experience in Ecosystem accurate. This resulted in more companies being
50% Talent tagged as tech and hence more deals added to
• Log of Count of Funding of Series A in 2012-2021
our dataset. This contributed approximately 8% to
(10 years)
Assesses the talent early-stage startups have access to. Ecosystem Value.
• 20% Scaling Experience in Ecosystem (the cumulative
• 80% Tech Talent 2. Increasing the Age Criteria: We concluded that older
number of significant exits, over $50 million and $1
• 50% Quality & Access startups are more likely to receive higher and late-
billion, over 10 years for startups founded in the
stage funding rounds. With that in mind, for exits over
• 70% Log of Count of Exits over 50M 2012-2021 ecosystem)
$100 million we included companies with formation
• 10% Share of top github coders to total github • 60% Log of number of exits of $1 billion+ dates that go back to 1995. Similarly, for rounds later
coders • 40% Log of number of exits of $50 million+ than Series B, companies with formation dates until

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 1995 are now included in our dataset. This added
about 8.5% to the Ecosystem Value of the top 100
Ecosystem Page Metrics Key Concepts and Definitions
ecosystems
Ecosystem Value Ranking
3. Increasing Unicorns Data: We have made enormous
A measure of economic impact, calculated as the value The ranking compares ecosystems based on where
strides in expanding unicorns coverage in our
of exits and startup valuations over the first half of 2019, early-stage startups will most likely build globally
dataset. This includes incorporating CB Insights
2020, 2021. successful companies.
unicorns and $1 billion+ exits (after in-depth checks).
This contributed to about 36% in the increase in
Total Early-Stage Funding Startup
Ecosystem Value of the top ecosystems.
Total Seed and Series A funding in tech startups in the Steve Blank defines a startup as a “temporary
4. Fine Combing through Big Deals: As a final check,
first half of 2019, 2020, and 2021. organization designed to search for a repeatable and
we scrupulously worked on the larger deals of each
scalable business model.” We use this definition to
ecosystem to make sure that deal was valid, reflected
Software Engineer Salary look at new businesses in sectors and sub-sectors that
the true value, and belonged to that particular
include Software, Hardware, Health, and Energy.
ecosystem. Average software engineer salary (lower is better): from
Glassdoor, Salary.com, and PayScale; as well as local
5. From this year onwards, we are including exits larger Ecosystem
sources when applicable.
than $500 million that took place after 2018. These
A cluster of startups and related entities that draw from
large exits stay in their ecosystem, mostly in the form
Median Series A a shared pool of resources and generally reside within
of dry powder for investors to expand their portfolios,
a 60-mile (100-kilometer) radius of a central point in a
an important effect to take into account. Median of Series A rounds in tech startups in the
particular region. The goal of the ecosystem is to launch
ecosystem for a 2.5 year time period (first half of 2019,
6. In previous years, we have only considered the and grow companies.
2020, and 2021).
ecosystem that a startup is founded in. From this
year, we have also added the value of the top five Ecosystem Success Factor Model
Median Seed
startups and/or unicorns to the ecosystem where
Our principal analytical tool measures the dimensions
the startup is headquartered. The intention is to Median of Seed rounds in tech startups in the ecosystem
that contribute to startup performance. We look at
attribute both where a startup is born and where it for a 2.5 year time period (first half of 2019, 2020, and
multiple factors for our rankings: one measuring actual
creates attraction. 2021).
performance, with other Success Factors associated
with performance, each composed of sub-factors and

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metrics. These factors are highlighted in our Ranking • Founder Go-Global Strategy: Measures whether • Collision Index: A sub-factor of Local
Methodology section. a startup is going global from the outset or first Connectedness capturing the number of tech
targets its local market, and whether its customer events on Meetup.com and the density of tech
• Performance: A combination of leading, lagging, and
acquisition team is located, targeted, and skilled to events per startup in the ecosystem.
current indicators that capture economic outcomes
succeed.
in a startup ecosystem.

• Funding: The level and growth of early-stage funding,

• Founder with High Ambition: Founders who Sector and Sub-Sector
expressed all of the following attributes: Total
looking at both access and quality.
Addressable Market of $30 billion USD or more; Definitions
• Market Reach: Measures early-stage startup access developing a globally-new, or one of the globally-
Below are our definitions for each startup sub-sector
to customers allowing them to scale and “Go-Global.” leading or niche products; and the mission to
analyzed here. Note that sub-sectors are not mutually
• Connectedness: Measures how connectedness within change the world, get rich or create a great product.
exclusive nor comprehensive — some startups are in
the ecosystem and the supporting infrastructure • Founders with Experience in Sub-Sector: sub-sectors we did not consider.

• Resource Attraction: The gravitational pull of an Founders who considered their graduate or
postgraduate degree to be directly relevant to In addition, at least from patents, the data shows a
ecosystem in drawing in entrepreneurs and startups
their startup. clear tech convergence. Technology like AI software
from elsewhere.
are increasingly inter-related, and we would expect a
• Startup Experience: The depth and diversity of the • Local Connectedness: A multi-variable assessment
similar convergence overtime for Startup sub-sectors.
pool of prior startup experience in an ecosystem. of the local community, including sense of community,
relationships, and collisions between founders,
• Talent: Measures the accessibility, quality, and cost Advertising Tech (Adtech)
investors, and experts.
of software engineering expertise. Advertising Tech captures different types of analytics
• Sense of Community Index: A sub-factor of Local
• Founder: Success factors related to the startup and digital tools used in the context of advertising
Connectedness capturing the degree to which
founder, under his or her control, or internal to the and marketing. Extensive and complex systems are
founders informally receive help from investors,
startup as opposed to external (a function of the used to direct, convey, or monitor advertising to target
experts, and fellow founders.
ecosystem) audiences of any size and scale.
• Number of Relationships Between Founders:
• Founder DNA: The background, experience, The number of quality relationships between local Advanced Manufacturing & Robotics
ambition, and motivation of local founders. founders, where they know each other and can
Advanced Manufacturing involves smart technology to
call upon the other for help “this week”.
improve traditional manufacturing of products and/or

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processes. Robotics is the science and technology of Cleantech Cybersecurity
robots, their design, manufacture, and application.
Cleantech consists of sustainable solutions in the fields Cybersecurity is the body of technologies, processes,
of Energy, Water, Transportation, Agriculture, and and practices designed to protect networks,
Agriculture Tech (Agtech) & New Food
Manufacturing that include advanced materials, smart computers, programs, and data from attack, damage,
Agtech captures the use of technology in agriculture, grids, water treatment, efficient energy storage, and or unauthorized access.
horticulture, and aquaculture with the aim of improving distributed energy systems.
yield, efficiency, and profitability through information Education Tech (Edtech)
monitoring and analysis of weather, pests, and soil and Construction and Property Tech (Proptech)
Edtech refers to an area of technology devoted to
air temperature. New Food includes technologies that
Construction Technology refers to technology that the development and application of tools (including
can be leveraged to create efficiency and sustainability
can improve the construction processes and methods software, hardware, and processes) intended to
in designing, producing, choosing, delivering, and
including productivity gains, cost savings, improved redesign traditional products and services in education.
consuming food. This is informed by Forward Fooding’s
safety, shorter lead times and maximized resources
definition of Food Tech.
etc. Proptech refers to the technology that helps Fintech
organizations and individuals research, buy, sell, rent,
Artificial Intelligence, Big Data & Analytics Fintech aims to improve existing processes, products,
lease and manage real estate. Methods include searching
and services in the Financial Services industry (including
AI, Big Data & Analytics refers to an area of technology for property, listing available properties, setting up
insurance) via software and modern technology.
devoted to extracting meaning from large sets of raw viewing dates and finalizing the lease agreements and
data, e.g. often including simulations of intelligent deals.
Gaming
behavior in computers.
Consumer Electronics or Home Electronics (includes Gaming involves the development, marketing, and
Blockchain Wearables, Smart Devices) monetization of video games and gambling machines,
as well as associated services.
Blockchain is a decentralized data storage method Consumer Electronics or Home Electronics are
secured by cryptography. Cryptocurrencies are one electronic or digital equipment intended for everyday
Government Tech (Govtech)
of many innovations utilizing Blockchain. Companies use, including smart devices used for entertainment,
building their product/architecture on top of this communications, and home-office activities as well as Govtech is the infrastructure of technology that the
decentralized and encrypted technology are defined as other wearables. governments and government institutions use to
Blockchain companies. provide specific services to its citizens with the aim
of improving public service. This technology enables

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the government to effectively operate in a way that
increases transparency and maximizes public welfare
and involvement.

Life Sciences

Life Sciences is the sector concerned with diagnosing,

treating, and managing diseases and conditions. This
includes startups in Biotech, Pharma, and Medtech
(also referred to as medical devices).

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Global Startup Ecosystem Report 2022

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Startup & Entrepreneurial Ecosystem Report, Portugal Graduate Entrepreneur Fund Raises €56M to Convert for startups sanctioned. (2021, November 26), https://
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Regional Insights: North America Dynamic startup ecosystem | NRW.Global Business, German EV startup Next E.Go Mobile closes €48M fund-
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Catherine Shu. (2021, June 15). Early-stage venture Edmund Tang. (2021, August 16). Global Fintech rank- Affordable rentals set to increase in Sydney. (2022, May
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Mahesh Kulkarni. (2021, July 9). Bengaluru among top Choose Karnataka | Invest Karnataka, https://www.in- Startup Aahrus | About, Retrieved from https://start-
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Pleo, https://www.crunchbase.com/organization/ opment-of-startup-ecosystems/
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Mary Ann Azevedo. (2022, March 2). Blockchain infra ADIO accelerates opportunities in Abu Dhabi for start- The Abu Dhabi Global Market | Financial Services Regu-
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UNQ Club, https://my.pitchbook.com/pro-
file/491036-14/company/profile#general-info Sandy Bhadare. (2021, May 26). UAE welcomes Turner, J. (2022, January 24). AgTech in Abu Dhabi: Driv-
new blockchain platform, https://iclg.com/ibr/arti- ing a new way forward for food security, https://www.
Sujata Sangwan. (2022, March 25). UAE-based Hub71 cles/16377-uae-welcomes-new-blockchain-platform investmentmonitor.ai/sectors/agribusiness/agtech-in-
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three%20continents ON1%2BDgi4YsSbf2vydTxwwYh3umQ%3D
Tarabut Gateway W.L.L., https://my.pitchbook.com/
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| Economic Development Board (EDB) Bahrain. (2021, World. (2022, March 6), https://www.bibf.com/the-bibf- Bahraini startup allows sukuk ownership for $1,000
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Economic Development Board (EDB) | Conducive busi- Moritz Zimmermann. (2021, June 16). Digital SME joins Alexandra Connerty. (2020, November 27). Want to
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Lagos State Employment Trust Fund (LSETF) | Overview, City of Johannesburg | Opportunity Centres, https:// Conrad Onyango. (2022, March 29). Cape Town closing
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Founders Summit 2022, https://siliconvalley.um.dk/ AI & Big Data Expo | North America (2021, April 13), FalconX, https://www.crunchbase.com/organization/
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cend-276c/company_financials
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Pat Maio. (2022, January 13). Jumpstart Nova will fund The Montgomery summit. (2021, November 8), https:// Sarah Pilla. (2022, January 12). Program prioritizes di-
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loads/The-Montgomery-Summit-2022-Fact-Sheet.pdf

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China ramps up its support for startups in selected Ccai 2022, https://www.ccai.net/program.html FinTech World Forum, https://www.eventbrite.com/e/
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Healthcare Industry Study Puts Berlin in Top 3 World- AI applications in Digital Health: Berlin leads the way Tink, https://my.pitchbook.com/profile/90916-12/com-
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try-of-innovation

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Sthlm Fintech Week | About, https://sthlmfintechweek. Innocent Mugenga. (2021, Decmeber 20). Why Stockholm ICON, https://www.crunchbase.com/organization/
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set-new-records-in-2021.html

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https://www.google.com/url?q=https://aithority. Best universities in the United States 2022. (2021, Sep- Flock Freight, https://www.crunchbase.com/organiza-
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ries-d-funding-and-a-unicorn-valuation-to-accel- dent/best-universities/best-universities-united-states
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17), https://www.finsmes.com/2021/11/ontic-raises- ups see steep drop in investment after record year, San Diego North Economic Development Council | Busi-
40m-in-series-b-funding.html https://www.sandiegouniontribune.com/business/sto- ness Assistance, https://www.sdnedc.org/business-as-
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lio-with-life-science-redevelopment-potential/ https://my.pitchbook.com/profile/97057-00/company/
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Energy | Austin Technology Incubator, https://ati.utex- www.mobihealthnews.com/news/cue-health-picks- tion/nalu-medical/company_financials
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clickup/company_financials base.com/organization/wildcat-discovery-technologies

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Clean Air Power, https://www.crunchbase.com/organi- MassChallenge | About, https://masschallenge.org/ Will the “Golden age” of tech investment last? Three ven-
zation/clean-air-power about ture capitalists dive in during a conversation moderat-
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sandiego.org/ golden-age-of-tech-investment-last-three-venture-cap-
Rachael Green. (2021, October 27). Boston named italists-dive-in-during-a-conversation-moderated-by-
4 Reasons to Move Your Business to San Diego. (2022, world’s top biotech hub as the city’s leading biotech com- the-polsky-centers-steve-kaplan/
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Numbeo | Cost of Living Comparison Between San Fran- chicago/inno/stories/inno-insights/2022/01/14/chica-
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numbeo.com/cost-of-living/compare_cities.jsp?coun- top 10 VC deals in Mass. biotech in 2021, https://www.
try1=United+States&city1=San+Francisco%2C+- bizjournals.com/boston/news/2021/12/29/top-10-ven- Pete Wilkins. (2021, December 16). Why Chicago Became
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CA#:~:text=Cost%20of%20Living%20Comparison%20 sites/peterandrewwilkins/2021/12/16/why-chicago-be-
Between%20San%20Francisco%2C%20CA%20and%20 Founder institute, NASA Ames and MassRobotics partner came-a-top-3-start-up-city-in-2021/?sh=27f6d91c5bff
San,you%20rent%20in%20both%20cities) to launch AI and robotics accelerator in Boston, http://
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Delilah Alvarado. (2022, January 4). These 10 Boston tech funding_rounds/field/organizations/last_funding_type/
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Realtime robotics, https://www.crunchbase.com/orga- funding_rounds/field/organizations/last_funding_type/
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cbre.com/en/insights/reports/scoring-tech-talent-in- zation/activecampaign/company_financials
north-america-2021

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The Chicago model: Building a global innovation Zenoti, https://www.crunchbase.com/organization/ze- Charlotte Schubert. (2022, February 21). Seattle an-
powerhouse in America’s heartland. (2021, Decem- noti/company_financials gel conference launches new health startup compe-
ber 9), https://techcrunch.com/sponsor/wbc/the-chi- tition to help educate angel investors, https://www.
cago-model-building-a-global-innovation-power- Rec Room, https://www.crunchbase.com/organization/ geekwire.com/2022/seattle-angel-conference-launch-
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Elio Assuncao. Chicago 2022 venture capital world sum- recorded in Washington State, https://www.geekwire. northwest.com/resource-guide/events/
mit, https://vcworldsummit.com/chicago-2022-q2/ com/2022/the-2021-venture-capital-numbers-are-sim-
ply-mind-boggling-record-investment-levels-recorded- Seattle startups ecosystem 2019 | Tech companies
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Program - Global innovation exchange-tsinghua inter- com/2019/05/19/5-things-know-seattle-startup-eco-
Rick Whiting. (2021, January 25). Big data analytics start- national education, https://goglobal.tsinghua.edu.cn/ system-2019-tech-companies-in-seattle/
up Ocient raises $40M in early-round funding, https:// en/news/program.en/J7K6CCDVe
www.crn.com/news/applications-os/big-data-analytics- The W Fund | About, https://www.thewfund.com/
startup-ocient-raises-40m-in-early-round-funding Foster School of Business | Startup resources. about/
(2021, November 18), https://foster.uw.edu/centers/
David Roeder. (2021, December 26). Tech econo- buerk-ctr-entrepreneurship/start-up-resources/ Outreach, https://www.crunchbase.com/organization/
my comes up big despite Chicago’s trials, https:// outreach/company_financials
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go-tech-economy-big-year-2021-technology-business- raise, an accelerator for women built by women, announc- Highspot, https://www.crunchbase.com/organization/
es es third class, https://techcrunch.com/2020/10/19/ highspot-2/company_financials
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P33 | Home, https://p33chicago.com/ Charlotte Schubert. (2021, October 20). Biotech boom:
How life sciences emerged from ‘the doldrums’ in Se-
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attle and Washington State, https://www.geekwire.
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com/2021/biotech-boom-life-sciences-emerged-dol-
flyhomes/company_financials sac-20-overview
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Julie Weed. (2021, October 12). As big tech grows in the Tech conferences: The best tech events guide for 2022. DNSFilter, https://www.crunchbase.com/organization/
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com/2021/10/12/business/seattle-real-estate-corona- technology-events
virus.html Jeff Clabaugh. (2021, July 15). DC area ranks third na-
Washington DC | Higher education, https://dceconom- tionwide in report on tech talent, https://wtop.com/
Women in tech program expanding to DC. (2021, March icstrategy.com/coresectors/higher-education/ business-finance/2021/07/dc-metro-no-3-on-scoring-
2), https://news.cornell.edu/stories/2021/03/wom- tech-talent-report/
en-tech-program-expanding-dc Michaela Althouse. (2021, September 14). DC-born
blackboard is merging with Florida’s anthology to cre- Mayor Bowser and U.S. Department of Treasury an-
Michaela Althouse. (2022, January 14). The DMV region ate a giant edtech company, https://technical.ly/start- nounce DC reach initiative to give more Washing-
raised an eye-popping $5B in venture capital in 2021, ups/blackboard-anthology-merger/ tonians a fair shot by improving access to credit and
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Janice Bitters Turi. (2021, December 20). Edtech start- lease/mayor-bowser-and-us-department-treasury-an-
2021 biggest venture capital funding deals in the Wash- ups flocked to the public markets during the pandem- nounce-dc-reach-initiative-give-more
ington, D.C. Metro area. (2021, December 22), https:// ic. Here’s what that could mean for 2022, https://news.
mocobizscene.com/articles/top-5-biggest-venture-cap- crunchbase.com/news/edtech-startups-ipo-spac-vc- Attracting tech titans to the Cape Town CBD. (2021, Au-
ital-deals-dc-area eoy-forecast-2022/ gust 30), https://www.capetownccid.org/news/attract-
ing-tech-titans-cape-town-cbd
Arun Kumar. (2022, January 22). TiE DC announces Class Technologies, https://www.crunchbase.com/or-
free pitch competition for student startups, https:// ganization/class-technologies/company_financials Ben Bierman. (2022, February 20). SA’s ‘Silicon Valley’:
www.americanbazaaronline.com/2022/01/20/tie-dc- Tech startups are revolutionising the SME landscape,
announces-free-pitch-competition-for-student-start- Erran Carme, Bini Byambasuren & Jonathan Aberman. https://www.iol.co.za/business-report/opinion/sas-sil-
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DC. (2018), https://www.american.edu/kogod/research/ landscape-a657e5c2-e3c3-4e6d-9a38-99f481806760
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week.org/ IFC invests in knife capital fund III to support South
Virtru, https://www.crunchbase.com/organization/virt- Africa’s digital entrepreneurs (2022, February 10),
ru/company_financials https://pressroom.ifc.org/all/pages/PressDetail.aspx-
?ID=26817

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Swiss Crypto Valley Venture Capital Sets Up Office in Call for applications: Top tech tools for women in busi- Book tickets for InnovateEDU 2022, https://www.quick-
South Africa to Invest in African Blockchain Startups. ness programme. (2022, May 6), https://www.citi.org. et.co.za/events/144524-innovateedu-2022/#/
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pany CV VC builds up a blockchain ecosystem in South online-private-high-school-with-first-intake-in-2022-
Africa, https://www.busiweek.com/swiss-investment- Techspo Cape Town 2022 | Technology Expo | (Internet 20210721#:~:text=UCT%20to%20launch%20online%20
company-cv-vc-builds-up-a-blockchain-ecosystem-in- ~ Mobile ~ AdTech ~ MarTech ~ SaaS), https://allevents. private%20high%20school%2C%20with%20first%20in-
south-africa/ in/cape%20town/techspo-cape-town-2022-technol- take%20in%202022,-22%20Jul%202021&text=The%20
ogy-expo-internet-~-mobile-~-adtech-~-martech-~- University%20of%20Cape%20Town,students%20
SuperReturn Africa | Private equity & venture capi- saas/80002354638479 set%20for%20January%202022.&text=UCT%20will%20
tal conference, https://informaconnect.com/superre- open%20an%20online%20high%20school%20in%20
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bot-7276/company_financials tion/hyperiondev/company_financials
JUMO, https://www.crunchbase.com/organization/
Carry1st, https://www.crunchbase.com/organization/ jumo-2/company_financials Cape Town edtech iXperience raises R35-million in
adg-technology-inc/company_financials funding. (2021, September 10), https://techcentral.co.
Yoco, https://www.crunchbase.com/organization/yoco/ za/cape-town-edtech-ixperience-raises-r35-million-in-
Cape innovation & technology initiative (CiTi) top tech company_financials funding/107088/
tools for women in business programme for South Afri-
can women entrepreneurs. (2022, April 5), https://www. Bolstering innovative EdTech to improve Africa’s edu- The 50 best startup cities in 202. (2021, May 11), https://
opportunitiesforafricans.com/citi-top-tech-tools-for- cation system. (2022), https://www.citi.org.za/news/ www.valuer.ai/blog/top-50-best-startup-cities?/#cape
women-in-business-programme-2022/ bolstering-innovative-edtech-to-improve-africas-edu-
cation-system/

InnovateEDU 2022 | Home, https://www.innovateedu.

co.za/

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Oluthando Keteyi. (2021, December 04). Cape Town Robert Scammell. (2022, January 19). Autonomous car Barclays Accelerator, https://rise.barclays/accelerator/
named as 6th most affordable city to relocate to in the startup Wayve raises $200m in Microsoft-backed round, barclays-accelerator/
world, https://www.iol.co.za/travel/south-africa/west- https://www.uktech.news/news/https://www.cbin-
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8e27-13359b6cb796 ital-launches-new-fund-20211117#:~:text=Balder- don-fintech/
ton%20Capital%20based%20in%20London,(nearly%20
Mercer 2021 cost of living city ranking: Where is Cape %C2%A3450%20million) Revolut, https://www.crunchbase.com/organization/
Town and Joburg?. (2021, July 5), https://www.inter- revolut/company_financials
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city-ranking-cape-town-joburg/ com/ SaltPay, https://www.crunchbase.com/organization/
saltpay/investor_financials
London tech set to reach new heights in 2022 follow- Black girls in Tech Fest 2022, https://www.eventbrite.
ing record year for VC investment. (2022, January 13), co.uk/e/black-girls-in-tech-fest-2022-tickets- Celcius Network, https://www.crunchbase.com/organi-
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cord-year-for-vc-investment Tech Nation | About Us, https://technation.io/about-us/ Ollie A Williams. (2021, January 15). Silicon Valley Shifts
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early-stage European startups. (2021, November 17), ing record year for VC investment. (2022, January 13), to-london-in-uk-tech-boom/?sh=7302a754e0ea
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ton-capital-launches-new-fund-20211117#:~:tex- tech-set-to-reach-new-heights-in-2022-following-re- EdTech conference – EdTech conference in London
t=Balderton%20Capital%20based%20in%20Lon- cord-year-for-vc-investment UK Europe is the EdTech world forum 2022 as one of
don,(nearly%20%C2%A3450%20million) leading educational technology conference as EdTech
Barclays Accelerator, powered by Techstars, reaches events 2022 as elearning conference 2022, https://ed-
Passion Capital, https://www.crunchbase.com/organi- $4bn market cap valuation | Growth | Barclays (2021, techconferences.london/
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londonedtechweek.com/

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Unibuddy, https://www.crunchbase.com/organization/ Impact cohort, https://www.business.london/busi- TechCrunch, https://techcrunch.com/2021/04/27/bra-
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tion/whitehat/company_financials ber 10), https://www.statista.com/statistics/802685/ Neon, https://my.pitchbook.com/profile/170920-90/
geographical-distribution-start-ups-city-brazil/ company/profile#general-info
Atom Learning, https://www.crunchbase.com/organi-
zation/atom-learning/company_financials Sao Paulo - The new home for top startups of Brazil. QuintoAndar, https://my.pitchbook.com/pro-
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ventures closes on $10M fund for impact investing –

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Yashini Sagoenie, Petra Smits, Ernst-Jan Bakker. Fintech Hero MotoCorp expands operations in Buenos Aires, women with the ecosystem, https://connectamericas.
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Connect Americas | Argentina: The Argentine Chamber
of Fintech creates “Fintech Women”, a space to connect

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Ripio, https://my.pitchbook.com/profile/64018-18/ DutchTechSF | Home, https://dutchtechsf.com/ Wageningen University & Research | Rankings, https://
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Government of the Netherlands | Plan of action - sup- ness/key-sectors/life-sciences-and-health
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en/business/startupamsterdam/why-amsterdam/ ministry-of-agriculture-nature-and-food-quality/docu- we-do/pole-position-initiative
why-startups-love-amsterdam ments/policy-notes/2019/11/30/plan-of-action---sup-
porting-transition-to-circular-agriculture These 9 Amsterdam startups pivoted their business
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tors

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Vinod Sreeharsha. (2021, October 31). Investment in Bemobi, https://my.pitchbook.com/profile/117698-95/ Bitcoin booming in Brazil. (2022, April 1), https://www.
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Top startups in Mexico City to watch in 2022. (2021, De- Jesus Lopez. (2021, April 8). What’s a Good Reason SMIC to invest $8.87 billion for new chip plant in Shang-
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Kyash, https://www.crunchbase.com/organization/ Business development center TOKYO | Support for Pitt BioForge at Hazelwood green positions Pitts-
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subsidy Program|Promotion of growth Strategies|Of- ticles/doe-will-host-2022-joint-international-clean-en-
fice of the governor for policy planning -Tokyo met- Locomation, https://www.crunchbase.com/organiza- ergy-and-mission-innovation-ministerials
ropolitan government-, https://www.seisakukikaku. tion/locomation/company_financials
metro.tokyo.lg.jp/en/pgs/gfct/nurturing-players/estab- Pittsburgh VC made a comeback in Q4, but remained
lishment-subsidy.html Gecko Robotics, https://www.crunchbase.com/organi- far behind national trends for 2021. (2022, January
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RoadRunner Recycling, https://www.crunchbase.com/ CBSMiami.com Team. (2022, February 23). Miami Dade Rapha capital management announces first managed
organization/roadrunner-recycling/company_financials College gets $15 million boost for tech programs, venture fund focused on investment in early-stage bio-
https://miami.cbslocal.com/2022/02/23/miami-dade- tech startups. (2021, April 15), https://www.prnewswire.
2021 Scoring Tech Talent. (2021, July 14), https://www. college-gets-15-million-boost-for-tech-programs/ com/news-releases/rapha-capital-management-an-
cbre.com/en/insights/reports/scoring-tech-talent-in- nounces-first-managed-venture-fund-focused-on-in-
north-america-2021 Rob Wile. (2021, May 12). IBM gives Miami Dade College vestment-in-early-stage-biotech-startups-301269313.
$10M for advanced tech classes, https://www.govtech. html
Innovation excellence and world-class talent, https:// com/education/higher-ed/ibm-gives-miami-dade-col-
www.pittsburgh-id.com/innovation-excellence lege-10m-for-advanced-tech-classes.html Nancy Dahlberg. (2021, May 20). Miami-based medtech
startup Heru, a Bascom Palmer spin-out, raises a $30
CMU, R.K. Mellon Foundation Announce Historic Part- Rhea Kelly. (2021, April 27). Miami Dade College and million series a, https://www.refreshmiami.com/miami-
nership, (2021, May 20), https://www.cmu.edu/news/ IBM initiative to support faculty training, Next-Gen skills based-medtech-startup-heru-a-bascom-palmer-spin-
stories/archives/2021/may/rkm-grant.html -- Campus technology, https://campustechnology.com/ out-raises-a-30-million-series-a/
articles/2021/04/27/miami-dade-college-and-ibm-ini-
Cost of living comparison between San Francisco, tiative-to-support-faculty-training-next-gen-skills.aspx Alexandra Semenova. (2022, February 16). Miami
CA, United States and Pittsburgh, PA, United States, sees blockchain-focused venture capital deals sky-
https://www.numbeo.com/cost-of-living/compare_ Events: Emerge Americas 2022, https://www.miamib- rocket in 2021, https://finance.yahoo.com/news/
cities.jsp?country1=United+States&country2=Unit- eachconvention.com/events/emerge-americas-2022 m i a m i - s e e s - b l o c k c h a i n - f o c u s e d - v e n t u r e - c a p i-
ed+States&city1=San+Francisco%2C+CA&city2=Pitts- tal-deals-skyrocket-in-2021-140408441.html
burgh%2Cc+PA&tracking=getDispatchComparison The premier tech event in Miami. (2022, May 6), https://
emergeamericas.com/ Crypto company Blockchain.com moves U.S. head-
Nancy Dahlberg. SoftBank committed to invest $100M quarters to Miami. (2021, June 3), https://www.prnews-
in Miami startups. It’s now at $250M – and counting, Turner, J. (2022, March 3). Why South Florida is emerg- wire.com/news-releases/crypto-company-blockchain-
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ing as a major hub for tech investment, https://www.in-
html
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counting/#:~:text=In%20January%2C%20during%20 ing-as-a-major-hub-for-tech-investment
Ashley Portero. (2021, June 7). Crypto trading platform
a%20CafecitoTalk,or%20planning%20to%20move%20
eToro to establish US hub in Miami, https://www.biz-
here HealthCare.com, https://www.crunchbase.com/organi-
journals.com/southflorida/news/2021/06/07/cryp-
zation/healthcare-com
to-trading-platform-etoro-to-establish.html

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EToro is the latest crypto exchange moving to Miami. These U.S. states have the best education systems, puts-35m-behind-business-accelerators-to-help-drive-
(2021, June 6), https://markets.businessinsider.com/ https://www.usnews.com/news/best-states/rankings/ tech-sector-growth-1.5678980
news/stocks/etoro-is-the-latest-crypto-exchange-mov- education
ing-to-miami-10211467?utm_medium=ingest&utm_ Charles Mandel. (2022, January 12). Platform Calgary
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wp-content/uploads/2021/06/FY-21-22-Budget-High- Alberta catalyzer, https://betakit.com/platform-cal-
Ira Puranik. (2021, June 4). Bitcoin 2021: The mega cryp- lights-6.2.21-FINAL.pdf gary-and-innovate-edmonton-launch-new-pre-acceler-
to conference in Miami, https://www.moneycontrol. ator-alberta-catalyzer/
com/news/business/cryptocurrency/bitcoin-2021-the- Jim Probasco. (2010, February 7). 9 states with no in-
mega-crypto-conference-in-miami-6985761.html come tax, https://www.investopedia.com/financial- Plug and play Alberta, https://www.plugandplaytech-
edge/0210/7-states-with-no-income-tax.aspx#cita- center.com/alberta/
Paxton Boyd. (2021, June 4). Bitcoin 2021, world’s tion-48
largest cryptocurrency conference, kicks off in Mi- Alberta accelerator by 500. (2021, September 17),
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coin-2021-worlds-largest-cryptocurrency-confer- Oyhanarte. (2021, October). A Bridge To The Future,
ence-kicks-off-in-miami/2466247/ https://publications.iadb.org/publications/english/doc- Ingrid Lunden. (2021, January 12). Jobber raises $60M as
ument/A-Bridge-to-the-Future-How-the-Rise-of-the- its platform for home services professionals hits 100K us-
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OneOf, https://www.crunchbase.com/organization/ professionals-hits-100k-users/
oneof/company_financials Lisa Johnson. (2022, March 18). NDP MLA introduces
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RECUR, https://www.crunchbase.com/organization/re- https://edmontonjournal.com/news/politics/ndp-intro- profile/264308-95/company/profile
cur/company_financials duce-private-members-bill-to-create-venture-capital-
fund Edmonton.AI, https://edmonton.ai/
UF ranked No. 5 on the 2022 U.S. news & world report
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Kerry McAthey. (2021, November 24). Alberta puts CSRankings: Computer science rankings, https://csrank-
sity of Florida. (2021, September 14), https://nursing.
$35M behind business accelerators to help drive tech ings.org/#/fromyear/2000/toyear/2022/index?ai&m-
ufl.edu/2021/09/14/uf-ranked-no-5-on-the-2022-u-s-
sector growth, https://edmonton.ctvnews.ca/alberta- lmining&world
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AI | Research + innovation, https://www.ualberta.ca/ Taxes. (2021, March 30), https://edmontonglobal.ca/ Southeast Asia gaming market - Growth, trends,
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zation/aerodyne-america and-Forecasts.html?utm_source=GNW
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Life sciences, https://edmontonglobal.ca/life-sciences/ laysias-pixel-sized-video-game-sector-in-a-global-boss-
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leases/alberta-enterprise-corporation-invests-5-mil- carsome dustry-a-new-game-of-growth/
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html Malaysia’s startup ecosystem is becoming competitive, PREMIER ONLINE GAME DEVELOPERS CONFERENCE IN
but more work needs to be done. (2022, January 31), SOUTHEAST ASIA. (2021, October 1), https://mdec.my/
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da-startup-ecosystem/ but-more-work-needs-to-be-done/ George Miller. (2022, January 13). Galaxy racer to in-
vest RM42 million (US$10 million) into Malaysia’s Es-
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ton/san-francisco rm42-million-us10-million-into-malaysias-esports-eco-
Malaysia Startup Ecosystem Roadmap 2021 - 2030, system/
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monton/toronto up%20Ecosystem%20Roadmap%202021-2030.pdf workreadinessindex.org/country/malaysia/

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Business friendly environment - Why greater KL, https:// LEA-backed aleph Alpha secures €23 million series a Global smart grids innovation hub, https://www.iberdro-
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ly-environment els, https://www.leapartners.de/en/detail/lea-backed-
aleph-alpha-secures-eur23-million-series-a-funding-to- Kate Roll, Abhinav Chugh. (2022, March 4). The Biscay
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getsafe University of Heidelberg | History , https://www.uni-hei-
delberg.de/en/university/history Bizkaia launches the talent attraction programme to
Stocard, https://my.pitchbook.com/profile/55752-49/ promote the hiring of professionals who are working
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en/article/press-release/heidelberg-calling-life-scienc- um-sized European city for foreign investment, https:// investinsharjah.ae/en/saeed/
es-start-ups bizkaiatalent.eus/en/bilbao-octava-inversion-extran-
jera/ Sheraa develops new formula for building startups with
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SaaS startup paretos raises €3,5 million for innova- launch-of-sharjah-startup-studio-akk28nif
tive AI platform, https://www.leapartners.de/en/detail/ Investment and talent attraction among the core stra-
saas-startup-paretos-raises-eur35-million-for-innova- tegic issues of the provincial Council of Bizkaia for the Small and Medium Enterprises (SMEs), https://u.ae/en/
tive-ai-platform/ next four years, https://www.bizkaiatalent.eus/en/at- information-and-services/business/small-and-medi-
raccion-talento-ejes-bizkaia/ um-enterprises/small-and-medium-enterprises

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National agenda for entrepreneurship and SMEs, Kyma - Home. (2022, March 7), https://mykyma.com/ Michael Burke. (2018, December 30). Six reasons why
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ahgroup.com ae/en/details/1395303003514

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Apple announces plans for Central Indiana center, Wes Mills. Survey: Growing Adoption of Industry 4.0 New energy insights program, in partnership with IEDC
500 jobs. (2021, April 26), https://www.wthitv.com/ar- Tech, https://www.insideindianabusiness.com/articles/ and AWS, to reduce energy costs for Indiana manufac-
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IU entrepreneurs | Information for startups. (2022, May further%20optimize%20energy%20efficiency
10), https://iuventures.com/venture-summit/ The Battery Innovation Center | Home. (2022, March
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The heritage group accelerator to impact the Indiana ufacturers go high-tech, https://www.ibj.com/articles/
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The-Heritage-Group-Accelerator-to-Impact-the-Indi- Area Development News Desk. (2021, March 10). IA tance-program-intap/
ana-Startup-Community establishes Indianapolis, Indiana, global headquarters
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A Record-Breaking Start to the Year: Nearly One Billion way with ground-breaking innovations, https://www. How Helsinki became the European capital of games.
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startup-ecosystem/

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Jean-Luc Doumont. (2021, July 21). QScale: Investment Isabelle Kirkwood. (2022, January 29). Venture funding Cycle Momentum and Innovacorp Partner to Acceler-
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Hopper, https://www.crunchbase.com/organization/ Station FinTech | FinTech accelerator, https://www.sta- Late-Stage Growth, https://betakit.com/following-re-
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Paige Gross. (2021, February 22). The Philly region Science Center | Launch Lane. (2020, October 20), Passage Bio, https://www.crunchbase.com/organiza-
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commercialise AI tech that dramatically improves data Choo Yun Ting. (2021, June 23). Chip giant Global-
centre sustainability, https://datacenternews.asia/sto- Digital Health Platform Doctor Anywhere Closes Foundries to build new $5.4 billion plant in S’pore, add
ry/red-dot-analytics-to-commercialise-ai-tech-that-dra- S$88 Million Series C Round to Deepen Southeast 1,000 high-value jobs, https://www.straitstimes.com/
matically-improves-data-centre-sustainability Asia Expansion. (2021, August 31), https://finance.ya- business/chips-giant-globalfoundries-to-increase-ca-
hoo.com/news/digital-health-platform-doctor-any- pacity-in-spore-add-1000-high-value-jobs
Nisha Ramchandani. (2021, February 16). Budget 2021: where-020000386.html
Government to issue green bonds on certain public in-
frastructure projects, https://www.businesstimes.com. New $60 million fund to support transformation and
sg/government-economy/singapore-budget-2021/bud- growth of local agri-food sector, https://www.sfa.gov.
get-2021-government-to-issue-green-bonds-on-certain sg/docs/default-source/default-document-library/sfa-
media-release---new-60-million-fund-to-support-trans-
Cheryl Tan. (2022, February 19). Budget 2022: $35 bil- formation-and-growth-of-local-agri-food-sector.pdf
lion in green bonds to be issued by 2030 to fund green
public sector projects, https://www.straitstimes.com/ Next Gen Foods Pte Ltd., https://my.pitchbook.com/
singapore/budget-2022-35-billion-in-green-bonds-to- profile/439873-39/company/profile#contact-info
be-issued-by-2030-to-fund-green-public-sector-proj-
ects

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Global Startup Ecosystem Report 2022

Acknowledgments

A project like the Global Startup Ecosystem Report can

only be realized with an enormous effort from both the
External Authors Tricia (Whitlock) Naik, Chief Operations Officer

Dr. Christopher Haley, Head of Research

project team and external supporters. Several partners Jonathan Ortmans, Founder and President, Global
have invested significant resources into the project. Entrepreneurship Network Hazel Boydell, Editor-in-Chief
Numerous advisors, founders, investors, and industry Susan Amat Rahul Chatterjee, Director, Global Operations & MD,
experts have given us access to their knowledge, Delhi
networks, and time because they support our vision Dhaval Chadha
and want to move their ecosystem and the whole Adam Bregu, Director of Business Development &
Mari Sako
startup sector forward. Startup Genome and Global Partnerships
Joel Solomon
Entrepreneurship Network (GEN) would like to express Dr. Farshad Fahimi, Director of Data Strategy
our deep gratitude and appreciation to everyone who Damilola Teidi-Ayoola
Pranav Arya, Senior Consultant
contributed towards making this project possible.
Matthias Qian
Sama Siddiqui, Member Relationship Lead

Startup Genome Authors Project Team

Anastasia Ilcov, Growth Marketing Manager

JF Gauthier, Chief Executive Officer Ethan Webster, Innovation Policy Specialist

Marc Penzel, President

Startup Genome Utkarsh Jain, Consultant
JF Gauthier, Founder & CEO Aditya Thakkar, Consultant
Stephan Keuster, Head of Ecosystem Strategy
Marc Penzel, Founder & President Akshat Agarwal, Manager Research
Hazel Boydell, Editor-in-Chief
Stephan Keuster, Head of Ecosystem Strategy Poorva Mendiratta, Consultant

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Shreesh Dubey, Senior Operations Coordinator Riddhi Sehgal, Research Intern Matt Smith, Director for Policy and Research

Pratibha Verma, Project Manager Aman Bansal, Data Science Intern Cecilia Wessinger, Director for Global Community

Anshika Gandhi, Senior Business Analyst Vasken Spiru, Data Science Intern Peter Komives, Vice President for Strategic
Development
Nimisha Mendiratta, Business Analyst Pratiksha Jena, PR & Marketing Intern
Susan Amat, Vice President for Education
Parshant Sharma, Project Manager, Data Science Anna Chadwell, Sales Intern

Rahul Kumar, Data Scientist Litslink, Website Development Image Credits

Aman Bansal, Data Scientist Indulge Media, Design Expect Best via Pexels
Tushar Jain, Data Analyst Kritivity Web Solutions, Design Pixabay via Pexels
Parth Arora, Business Analyst Nicole Webster, Design Matthew Simmonds via Pexels
Tanishq Malik, Business Analyst Vidur Sehgal, Design Maarten van den Heuvel via Pexels
Janice Venable, PR & Events Expert MyStartupCFO, Finance & Accounting Marcin Skalij via Unsplash
Hana Javurkova, PR & Events Expert Joao Tzanno via Unsplash
Contributing Authors
Pavan Kumar, Manager of Sales Operations & CRM Davi Costa via Unsplash
Leigh Buchanan
Administrator
Urlaubstracker via Unsplash
Anthony Griffin
Shekhar Parihar, Process Lead of Lead Generation &
Nupo Deyon Daniel via Unsplash
CRM Support Jessica Stillman
Tapio Haaja via Unsplash
Neha Thapliyal, Business Development Assistant Joshua Thompson
Sherif Moharram via Unsplash
Ana Lucia Osorio, Executive Assistant to the CEO Arnobio Morelix
Satyaprakash Kumawat via Unsplash
Gauri Narula, Research Intern
Global Entrepreneurship Network WallpaperAccess
Parisaa Tripathi, Research Intern
Jonathan Ortmans, President
Onlyyouqj via Freepik
Nakul Chaturvedi, Research Intern
Mark Marich, Executive Vice President

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Key Author Bios by the World Economic Forum. In 2017, his work to
develop startup ecosystems everywhere has led him
she moved into the world of entrepreneurship as
Startup Guide’s Editor-in-Chief before joining Startup
to receive a U.S. Visa for Individuals with Extraordinary Genome.
Startup Genome
Ability.
JF Gauthier [LinkedIn] Global Entrepreneurship Network
Founder and CEO. JF is the world’s leading voice in Stephan Kuester [LinkedIn] (GEN)
innovation ecosystem development, having advised Head of Ecosystem Strategy. Stephan works with clients Jonathan Ortmans [LinkedIn]
more than 100 governments and private-public in government and private industry consortia all around
Founder and president of the Global Entrepreneurship
partnerships across 35 countries. He has founded the world, advising on the creation and the acceleration
Network, working to foster healthier local
five businesses and led others across two continents of tech and innovation clusters and related public and
entrepreneurship ecosystems in more than 170
and three sectors (Tech, Life Sciences and Cleantech), private policy. Prior to his role at Startup Genome,
countries while connecting them into one global
achieving two exits plus one at scaleup stage. He is Stephan headed up the International Consulting practice
ecosystem. In 2008, he launched GEN’s cornerstone
also an active angel investor and previously worked at UK ecosystem agency Tech Nation (formerly Tech
initiative, Global Entrepreneurship Week, enabling
in corporate innovation, advising IBM, Cisco, Agilent/ City UK) in London and served as Managing Director of
millions of people to explore their potential through
HP, J&J, and Abbott for the firm of Kim Clark (former Digital Switzerland. Previous to his work in the digital
thousands of local GEW activities and competitions
dean of Harvard Business School) alongside Clayton ecosystems space, Stephan worked as an Executive
each November. Through building GEW, Ortmans
Christensen and other thought leaders. Harvard MBA. Director for professional services firms Arthur Andersen
assembled a broad multi-disciplinary coalition that is the
and Ernst & Young. Stephan holds an MSc in Economics
backbone of GEN operations, including entrepreneurs,
Marc Penzel [LinkedIn] and studied at the University of Bonn, Germany and the
investors, policymakers, researchers and affiliated
Founder and President. Marc is leading global growth London School of Economics (LSE).
support organizations. He serves as a longtime advisor
and impact. Prior to founding Startup Genome, he to the Kauffman Foundation and chairs the Global
co-led the startup ecosystem development unit at Hazel Boydell [Linkedin]
Entrepreneurship Congress.
Silicon Valley-based Startup Compass. At PwC, KPMG, Editor-in-Chief. Hazel leads the production of the Global
and Bayer Group’s internal management consultancy, Startup Ecosystem Report, sub-sector reports, and other
Marc advised top executives across various sectors. publications. An experienced editor and copywriter,
He also founded a nonprofit organization to catalyze she studied journalism and English before completing
social innovation and was appointed Expert in Columbia University’s publishing course. After working
Entrepreneurship, IT and Future of Economic Progress in independent trade book publishing for many years,

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Partners & Collaborators Dealroom.co
Startup Genome Network
The foremost data provider on startups, growth
Global Partners companies, and tech ecosystems globally. Dealroom.co Members
now works with many of the world’s most prominent Startup Genome provides its members with innovation
TNW investors, entrepreneurs and government organizations policy advice and exclusive research. Members also gain
to provide transparency, analysis and insights on access to a global network of policymakers, government
TNW is a global digital brand that informs, inspires, and
startups and venture capital activity. representatives, and other leaders to further support
connects people who love tech, through media, events,
and accelerate the growth of innovation ecosystems.
and spaces. Primarily known for its media outlet and
Tech Nation (formerly Tech City UK)
award-winning tech events, TNW also incorporates
Empowers ambitious tech entrepreneurs through Abu Dhabi
a coworking label, a global startup database, and
delivers custom innovation programs to corporates growth programs, digital entrepreneurship skills, a visa Hub71
and governments. scheme for exceptional talent, and by championing
the UK digital sector through data, stories, and media Amsterdam
Bella Private Markets campaigns.
Techleap.nl
Provides actionable advice on private capital challenges.
Combining rigorous academic approaches with real Atlantic Canada
world industry expertise, its expert team focuses on
Innovacorp
complex, customized projects that require thorough
analysis, whether quantitative or qualitative in nature, Atlantic Canada Opportunities Agency (ACOA)
to help its clients assess or design strategies, improve
performance, and chart winning strategies for the Bahrain
future. Tamkeen

Crunchbase Belgrade & Novi Sad

Everyday investors, journalists, founders, and the Cabinet of the Minister for Innovation and Technological
global business community turn to Crunchbase for Development
information on startups and the people behind them.
Digital Serbia Initiative

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Biscay Startup Bay Denmark Israel

Diputación Foral de Bizkaia Digital Hub Denmark Israel Innovation Authority

Bogotá Doha Istanbul

iNNpulsa Qatar Development Bank Istanbul Development Agency

District Secretariat of Economic Development (DSED)

Edmonton Bangalore - Karnataka
Invest in Bogotá
City of Edmonton Karnataka Innovation and Technology Society

Budapest Bangalore Bioinnovation Centre

Frankfurt
National Research, Development and Innovation Office
TechQuartier Kerala
Ministry of Innovation and Technology
StartHub Hessen Kerala Startup Mission

Cairo KIC InnoEnergy SE

Helsinki Metropolitan Area
Information Technology Industry Development Agency
City of Helsinki Kuala Lumpur

Calgary City of Espoo Cradle Fund

Platform Calgary City of Vantaa

Kyoto
Calgary Economic Development
Hesse Kyoto Wisdom Industry Creation Center

Cape Town Hessian Ministry for Economic Affairs, Energy, Transport

London
and Housing
City of Cape Town
Tech Nation
WESGRO Indiana
Silicon Cape for Cape Town Lille
Indiana Economic Development Corporation
EuraTechnologies

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Luxembourg Montreal Palestine

The Government of the Grand Duke Luxembourg Startup Montréal The Innovative Private Sector Development (IPSD)

Centech
Mannheim-Heidelberg Philadelphia
Montréal International
Technologiepark Heidelberg Ben Franklin Technology Partners
Ville de Montréal
University City Science Center
Manila
New South Wales Drexel University
Department of Trade and Industry
Investment NSW
Philadelphia
Melbourne
New York City Ben Franklin Technology Partners
LaunchVic
New York City Economic Development Corporation University City Science Center
La Trobe University
Tech:NYC Drexel University
Metro Rhein-Ruhr
New Zealand Pittsburgh
Ministry for Economy, Innovation, Digitization and
Energy of the State of North Rhine-Westphalia New Zealand Startup Partnership InnovatePGH Partnership

Pittsburgh Regional Alliance

Miami Novarium
Innovation Works
Knight Foundation
Ocean Super Cluster
Portugal
Mid-East Region Ireland
Ontario Startup Portugal
Meath Enterprise
Government of Ontario
Québec City
Mississippi
Osaka Québec International
Mississippi Development Authority
Osaka Business Development Agency

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Ras Al Khaimah Tel Aviv
Ecosystem Partners
Office of Strategic Studies, Government of Ras Al Tel Aviv Global
Khaimah Atlantic Canada, Canada
Telangana
Startup Zone
Rotterdam
T-Hub Foundation
New Brunswick Innovation Foundation
Up!Rotterdam
Tokyo Innovacorp
Rotterdam Partners
Tokyo Metropolitan Government Genesis Centre
São Paulo
Deloitte Japan New Brunswick Innovation Foundation (NBIF)
ABStartups
Propel
Toronto-Waterloo
Seoul Innovation PEI
MaRS Discovery District
Seoul Business Agency Bounce Health Innovation
Communitech Corporation
Concrete Ventures
Sharjah
Tunisia Saint Mary’s University
Sharjah Entrepreneurship Center (Sheraa)
Smart Capital Venn
Singapore CDC Ignite
Enterprise Singapore Build Ventures
Turin
Dal Innovates
Sri Lanka Intesa Sanpaolo Innovation Center
Volta
Information and Communication Technology Agency of Fondazione Compagnia di San Paolo
Sri Lanka Centre for Women in Business
Western Balkan Region
Navigate Startup House
Sweden
German Society for International Cooperation (GIZ)
Halifax Innovation District
Vinnova

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Atlantic FinTech Rowad Program Makes-global

Cape Breton Partnership-Innovation District Social Media Club Noodle & Meetup

StartupBahrain Startup Grind

Bahrain
Startup MGZN Suhehui
Bahrain Fintech Bay
Tenmou - The Bahrain Business Angels Company Technode
500 Startups
UNIDO - Bahrain
Al Doseri Investments Belgrade & Novi Sad, Serbia
Yo Startups
Bahrain Development Bank Business Incubator (BITF)

Bahrain Fashion Incubator Bangalore-Karnataka, India Business Incubator Novi Sad

Brinc 91springboard ICT Hub

C5 Capital & C5 Accelerate Kyron Global Innovation Fund

Corporate Hub Microsoft Ventures SC Ventures

Economic Development Board Global Incubation Services Science Technology Park Belgrade

Environment Arabia Microsoft Serbian Games Association

Flat6Labs Bahrain Tlabs Serbian Blockchain Initiative

Kickstart Bahrain Nasscom Startit

Middle East Venture Partners The India Network The Office of the Minister without Portfolio Responsible
for Innovation and Technological Development of the
Kickstart Bahrain
Beijing, China Republic of Serbia
Level Z
91Maker UNICEF Innovation Fund
Nest Accelerator
Creative Young Community Vojvodina ICT Cluster
Osool
Cyzone Innoway BJ

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Cairo, Egypt Calgary, Canada mHUB

Technology Innovation and Entrepreneurship Center A100 The Shift Chicago

(TIEC)
Alberta Enterprise Corporation 1871
500 Startups
Alberta Innovation Corridor WorldChicago
A15
Bow Valley College
Denmark
Flat6 Labs Cairo
Calgary Innovation Coalition
#CPHFTW
Falak Startups
Creative Destruction Lab - Rockies
AalborgSyndikatet
AUC Venture Lab
Innovate Calgary
AAU Incubator (SEA), Aalborg University
Innoventures
Mount Royal University, Institute for Innovation and
Accelerace (and Symbion)
Algebra Ventures Entrepreneurship
Agro Food Park Inkubator/Agro Business Park
EdVentures National Angel Capital Organization
AI Innovation House
Sawari Ventures Rainforest Alberta
Arsenalet
FEPS Business Incubator Southern Alberta Institute of Technology (SAIT)
Brains Business
Seedstars Startup Calgary
Business Factory
Endure University of Calgary, Hunter Hub for Entrepreneurial
Thinking Center for Industri
HIM angel
Venture Capital Association of Alberta Copenhagen Fintech
Kamelezer
Danske Commodities (DC) Business Accelerator
The Cairo Angels Chicago, United States
Digital Hub Denmark
Ideavelopers Catapult Chicago
DTU Skylab
University of Chicago
Ecopark
Matter Chicago

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Filmby Aarhus incl. Ideas Lab The Creators Community Hessian Ministry of Economics, Energy, Transport and
Housing
Food ehub The Danish Growth Fund
HIGHEST TU Darmstadt
Green Tech Center Thinkubator (and SingularityU)
ING-DiBa
Growing Investors UAS Denmark
Station FRM
Ideas Lab Venture Cup
WIBank
Incuba Science Parks incl. Incuba Startup Lab VIA studentervæksthus Aarhus C

InnoFounder WeLoveStartups Greater Helsinki, Finland

It-forum (netværk) Aalto Entrepreneurship Society (Aaltoes)
Edmonton, Canada
Leo Innovation Lab A Grid
Innovate Edmonton
Lynfabrikken Business Espoo
Startup Edmonton
Novi Enter Espoo, Kiuas, Junction
TEC Edmonton
Odense Robotics Maria01
University of Alberta Health Accelerator
Odense Robotics Startup Hub Slush
Startup TNT
Office Lab Helsinki Education Hub
Valhalla Private Capital
PreSeed Venture Terkko Health hub
Advanced Technology Centre
Robo Cluster Arctic15
Edmonton Regional Innovation Network
Startup Factory - Navitas
Indiana
StartupWorks Frankfurt, Germany
Elevate Ventures
Talent Garden Rainmaking Frankfurt Economic Development
gBETA
TechBBQ Goethe University Frankfurt
Techpoint
The City of Aarhus, Business Development Hessen Trade & Invest (HTAI)

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Purdue Research Foundation Wayra London AIM-Dado Banatao Incubator

The Mill Accelerator Network IdeaSpace Foundation

Flywheel Fund City of London Startup Village

Southbend-Elkhart Regional Partnership KPMG Launchgarage

Indiana SBDC TechUK Brainsparks

DeveloperTown GSMA Philippine Fintech Association

Endeavor Level39 Fintech Alliance of the Philippines

Society of Innovators at Purdue Northwest Tech London Advocates

Melbourne, Australia
Speakeasy GEN
Potential(x)
STARedUP Foundation Microsoft Ventures
ygap First Gens Accelerator Program
The Northeast Indiana Innovation Center Northzone
ASTN HeadStart
AgriNovus Microsoft for Startups
Cyrise
Kosciusko EDC
Manila, Philippines SBE Australia, Springboard Tech
NEXT Studios
Department of Science and Technology SBE Australia, Springboard Life Sciences
Sixty8 Capital
Department of Information and Communications SBE Australia, E3
University of Notre Dame Technology
Runway Hq
Intellectual Property Office of the Philippines
London, United Kingdom ACMI X
Small Business Corporation
MassChallenge BioMelbourne Network
National Development Company
Techstars London Inspire9
Philippine Exporters Confederation, Inc.
Balderton Capital Runway Geelong
QBO Innovation Hub

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Rome2Rio WeWork Kildare County Council

Startup Bootcamp WhereBy.Us Kildare Local Enterprise Office

Startup Victoria Kildare-Wicklow Education & Training Board

Mid-East Region, Ireland
York Butter Factory Wicklow Chamber of Commerce
EO Accelerator
Wicklow County Council
Miami, United States Meath Enterprise Centre
Wicklow Local Enterprise Office
500 Startups Boyne Valley Food Hub
Enterprise Ireland
Miami Angels Arklow Enterprise Centre
Mid-East Regional Skills Forum
Endeavor Miami Athy Enterprise Centre
Mid-East Action Plan for Jobs Committee
eMerge Americas Clane Project Centre
Industrial Development Authority - IDA
Venture Cafe Miami Kells Tech Hub
Media Ireland
Refresh Miami Maynooth Works

Venture for America Wicklow Enterprise Centre Montréal, Canada

Florida International University Kells Enterprise & Technology Centre BCF Ventures

University of Miami PFS Accelerator CEIM

LAB Miami Meath County Council CEuMontréal

Babson WIN Meath Local Enterprise Office Creative Destruction Lab

Idea Center at Miami Dade College Meath County Chamber Cycle Momentum

CIC Miami Louth-Meath Education & Training Board District 3

Code Fever Maynooth University Esplanade

The Venture City Kildare Chamber of Commerce EVOL

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Fintech Cadence Techstars AI NY Fashion Tech Lab

Founder Institute V1 studio NY Tech Alliance

FounderFuel Zu NYC Blend

Futurpreneur Canada SAP

New York City, United States
Groupe 3737 Techstars
Starta Venture Accelerator
HEC Montréal URBAN-X
Blue Ridge Labs
Investissement Québec International VentureOut
Brooklyn Chamber of Commerce
IVADO
Bunker Labs New Zealand
Ministère de l’Économie et de l’Innovation du Québec
Cela Angel HQ
MILA
Civic Hall Angel Association New Zealand
Montréal InVivo
Coindesk/Consensus ArcAngels
Montréal NewTech
Company BizDojo
MT Lab
Entrepreneurs Roundtable Accelerator Blackbird Ventures
Next AI
Flatiron Partnership Brandon Capital Partners
Notman House
Gary’s Guide Bridgewest Ventures
PME MTL
Innovative Collective Callaghan Innovation
Polytechnique Montréal
Mayor’s Office of International Affairs Creative HQ
Quartier de l’innovation
MeetUp COIN South
Réseau Mentorat
New Lab Flux Accelerator
Startupfest
New York Angels Lightning Lab
TandemLaunch

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Enterprise Angels ThincLab Founders Institute

Equitise TIN Network Future Champions Accelerator

Flying Kiwi Angels WNT Ventures Gateway Gründungsservice der Universität zu Köln

GD1 ZeroPoint Ventures Getstarted, Bitkom

Global Entrepreneurship Network Gründerzentrum RWTH Aachen

Québec City, Canada
Icehouse Ventures HEADQUARTER[S] Cologne
BDC
KiwiNet High-Tech Gründerfonds
PwC Québec
Kōkiri Hub Aachen
ROBIC
Ministry of Awesome Intelligent Venture Capital Management
Ville de Québec
Movac MWIDE
Québec City Group if incubators
New Zealand Trade and Enterprise NRW Bank Business Angel Initiative WIN
Quantino
New Zealand Growth Capital Fund NRWalley
Entrepreneuriat Laval
Northland Inc NUK – Neues Unternehmertum Rheinland

SODA Inc Metro Rhein-Ruhr, Germany Pirate Summit / Jolly Rogers UG

Sprout 1stMOVER S-UBG

Startup Dunedin :agile Accelerator STARTPLATZ

StartupWeekend Axa Startup Center Startup Dorf

Startup Queenstown Lakes BLSW Startup Unit Düsseldorf

The Factory Capnamic Tengelmann Ventures

Coparion Vodafone Uplift

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Seattle, United States Innospace+ Techstars

Startup Seattle NakedHub Startup Nation Central

ARI People Square Geektime

Lighter Capital Startup Grind SOSA

New Tech Northwest Technode Microsoft Ventures

Techstars Xnode Microsoft for Startups

Fledge
Sharjah, UAE Tokyo, Japan
Microsoft Ventures
Sharjah Media City (Shams) Plug n Play
Seattle Angel Conference
Japan Venture Capital Association (KII, UTEC),
Alliance of Angels Singapore
Keidanren,
Startup Grind Action Community for Entrepreneurship
Keio University,
Seven Peaks Ventures 500 Startups
Mitsubishi Estate,
Angel Resource Institute FocusTech Ventures
Mitsui Fudosan,
Microsoft for Startups Starburst Accelerator
Mori Building,
SURF Incubator 500 Ecosystems Singapore PTE. LTD.
Tokyo Chamber of Commerce and Industry,
Startup X PTE. LTD.
Shanghai, China Tokyu,
Trendlines Medical Singapore
ChinaAccelerator Tokyu Land Corporation,

Ether Capital Tel Aviv, Israel The University of Tokyo,

Innoclub Future Block Programs Waseda University

Future Block Coworking

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Toronto-Waterloo, Canada Turin, Italy

Centre for Social Innovation VeM Venture Capital Monitor

Invest Toronto Iban Italian Business Angel Network

Next 36 Torino City Lab

OneEleven Unione Industriale Torino

DMZ I3P

City of Toronto LIFTT

World Canada

Brook eld Institute

The Founder City Project

Venture Lab

RIC Centre

Innovation Factory

Haltech

Creative Destruction Lab

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 Copyright © 2022 Startup Genome LLC (www.startupgenome.com), All Rights Reserved. You agree not to reproduce nor distribute the report, either by email, website
download, or any other electronic or physical means without the prior written authorization of Startup Genome. This material has been prepared for general informational
purposes only and is not intended to be relied upon as professional advice.

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