According to S&P Global Market Intelligence, the value of global venture capital-backed funding rounds fell 57.7% year over year in August to $21.31 billion, while the number of transactions was down 24.2%, according to a new S&P Global Market Intelligence data and analysis.
The year-over-year values have continued to decline each month since January. The amount raised in August was also slightly lower than July, when $21.78 billion was pulled in, the data shows.
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Key highlights from the analysis include:
- Companies based in Asia-Pacific received $9.1 billion across 554 funding rounds. U.S. and Canadian companies drew $8.7 billion across 476 transactions, while Europe secured $2.0 billion in 234 funding rounds.
- TMT industry remains top target: The technology, media and telecommunications sector accounted for the largest share of the capital raised in August at 44.4%, followed by the healthcare and industrial sectors at 16.6% and 13.9%, respectively.
- The largest funding round in August was for South Korean electric vehicle battery manufacturer SK on Co. Ltd., which raised roughly $1.51 billion. Korea Investment Private Equity, Stella Investment and East Bridge Partners Co. Ltd. were the investors in the round.
