1Copyright © 2022 Startup Genome LLC. All Rights Reserved.
The Global Startup
Ecosystem Report
Fintech Edition
Learn more and get connected at startupgenome.com
2Copyright © 2022 Startup Genome LLC. All Rights Reserved.
Table of Contents
03	Introduction
04	 About Us
12	 Insights & Rankings
13	 Global Fintech Trends
19	 Global Sub-Sector Startup Analysis
23	 Global Fintech Ranking: Top 25 + 10
Runners-Up
27	 Ecosystems With Populations Under 3
Million Ranking: Top 20
30	 Who Benefits from Fintech Innovation?
33	 How “Buy Now, Pay Later” Redefined Financial
Inclusion
35	 Leveraging Technology to Make an Impact
through Financial Inclusion
39	 Top Fintech Ecosystem Players
41	 How New York City is Nurturing a New
Generation of Financial Innovation
43	 A Spotlight on Cairo’s Thriving Fintech
Ecosystem
46	 Ecosystem Pages
47	 Silicon Valley
49	 New York City
52	London
54	Singapore
57	Beijing
59	Toronto-Waterloo
62	 Los Angeles
64	Boston
66	Paris
68	Shanghai
70	Sydney
73	Chicago
75	 São Paulo
77	Seattle
79	 Tel Aviv
82	Stockholm
84	Bangalore-Karnataka
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87	Amsterdam-Delta
89	Tokyo
92	 Abu Dhabi
95	Bahrain
98	Budapest
101	Cairo
104	Calgary
107	Denmark
110	Doha
113	Frankfurt
116	Istanbul
119	 Kuala Lumpur
122	Manila
125	Melbourne
128	Montreal
131	 Methodology & References
171	 Acknowledgments & Partners
Learn more and get connected at startupgenome.com
3Copyright © 2022 Startup Genome LLC. All Rights Reserved.
Introduction
With the rapid growth of neobanks and digital payments accelerated by the
COVID-19 pandemic and the mainstreaming of Cryptocurrency, NFTs, and
Blockchain-backed technologies, Fintech has seen multi-faceted innovation in
recent years. Emerging economies in particular have benefited from improved
financial inclusion.
2021 was a record year for Series A deal amounts in Fintech and 138 Fintechs
achieved unicorn status in 2021 — 6.5x growth from the number of unicorns
created in 2020. But as inflation has increased in recent months and interest rates
are raised, as well as the continued war in Ukraine and disrupted supply chains
worldwide, the landscape appears to be changing in 2022.
For the purposes of this report, Fintech describes a business that aims at
developing a scalable financial services business by making use of software
and modern technology. Fintech companies use the internet, Blockchain, and
algorithms to offer or facilitate financial services traditionally offered by banks.
These services include loans, payments, investments, and wealth management.
Fintech also includes software that automates financial processes or addresses
financial firms’ core business needs. Please see the methodology page for more
information on the criteria used throughout the research and reporting within
this report.
Learn more and get connected at startupgenome.com
4Copyright © 2022 Startup Genome LLC. All Rights Reserved.
About
Startup Genome
Startup Genome is the world-leading policy advisory and research organization
for public and private organizations committed to accelerating the success of their
startup ecosystem. We have advised more than 125 clients across six continents
in 45+ countries to date.
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.
Join us and boost startup success, economic growth, and job creation in your
region. Follow our work at startupgenome.com, and on LinkedIn and Twitter.
Public and private startup community leaders looking to accelerate the growth of
their startup ecosystem can reach us at contact@startupgenome.com.
Startup Genome’s mission is to
accelerate startup success and
ecosystem performance everywhere.
5Copyright © 2022 Startup Genome LLC. All Rights Reserved.
German Society for
International Cooperation (GIZ)
Intesa Sanpaolo Innovation Center;
Fondazione Compagnia di San Paolo
Smart Capital; CDC
MaRS Discovery District;
Communitech Corporation
Tokyo Metropolitan
Government;
Deloitte Japan
Osaka Business
Development Agency
T-Hub Foundation
Tel Aviv
Global
Vinnova
Information and Communication
Technology Agency of Sri Lanka
Enterprise Singapore
Hub71
Sharjah Entrepreneurship Center
Seoul Business
Agency
Abstartups
Ministry for Economy, Innovation, Digitization and
Energy of the State of North; Rhine-Westphalia
Office of Strategic Studies,
Government of Ras Al Khaimah
Quebec International
Startup Portugal
InnovatePGH Partnership; Pittsburgh
Regional Alliance; Innovation Works
Ben Franklin Technology Partners; University
City Science Center; Drexel University
Government
of Ontario
New York City Economic Development
Corporation; Tech:NYC
Investment NSW
Startup Montréal; Centech;
Ville de Montréal;
Montréal International
Moldovan Association of ICT CompaniesMeath Enterprise
Knight Foundation
LaunchVic; La Trobe University
Department of Trade and Industry
Tech Nation
(formerly Tech City UK)
Kyoto Wisdom Industry
Creation Center
Kerala Startup Mission
KITS; Bangalore
Bioinnovation Centre
Istanbul Development Agency (ISTKA)
Mississippi Development Authority
Hessian Ministry for Economic Affairs, Energy, Transport and Housing
The Government of the
Grand Duke Luxembourg
Technologiepark Heidelberg
TechQuartier; StartHub Hessen
Digital Hub Denmark
City of Cape Town;
WESGRO; Silicon Cape
for Cape Town
Information Technology
Industry Development Agency
National Research, Development and Innovation
Office; Ministry of Innovation and Technology
iNNpulsa; District Secretariat of Economic
Development (DSED); Invest in Bogota
Diputación Foral de Bizkaia
Cabinet of the Minister for Innovation and
Technological Development; Digital Serbia Initiative
Tamkeen
Techleap
Cradle Fund
City of Helsinki; City of Espoo; City of Vantaa
Qatar
Development
Bank
Innovacorp; ACOA
New Zealand
Startup
Partnership
EuraTechnologies
City of Edmonton
Platform Calgary; Calgary
Economic Development
Innovate BC
Foresight Canada
Up!Rotterdam; Rotterdam Partners
Indiana Economic Development Corporation
The Innovative Private Sector Development (IPSD)
Israel Innovation
Authority
Ocean Super Cluster
Novarium
GSER 2022: Fintech Edition
Our Global Network
6Copyright © 2022 Startup Genome LLC. All Rights Reserved.
Our Services
We work with forward-looking governments and private sector organizations to accelerate the success of their startup
ecosystems to fuel the growth of more startups, sustainable economic growth, and job growth.
Want to speak with someone from our team to find out more?
Contact Adam Bregu, Director of Business Development and Partnerships (adam@startupgenome.com)
Knowledge Exchange
•	 Network of leading
innovation policy makers in
45+ countries
•	 Access to policy best
practices and shared
learning
•	 Member meetings and
leadership workshops
Attraction
•	 Creating awareness and a
profile for your ecosystem
•	 Highly targeted towards
attracting entrepreneurs,
talent, and investors
•	 Global reach through our
reports, conferences, and
media
Assessment
•	 Scientific and data-driven
assessment of ecosystem
performance, sub-sector
strengths, and success
factor gaps
•	 Ecosystem lifecycle
•	 Peer benchmarking
Strategy
•	 Scenario modeling for
economic impact
•	 Ecosystem development
strategy
•	 Multiyear implementation
roadmaps
•	 Stakeholder engagement
and steering committee
formation
Execution
•	 Initiative execution and
support for local ecosystem
agencies and teams
•	 Impact measurement and
reporting
•	 Delivered by Startup
Genome and globally
leading organizations and
experts
GSER 2022: Fintech Edition
7Copyright © 2022 Startup Genome LLC. All Rights Reserved.
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.
GEN operates a platform of projects and
programs in 180+ countries aimed at
making it easier for anyone, anywhere to
start and scale a business.
8Copyright © 2022 Startup Genome LLC. All Rights Reserved.
Everyday investors, journalists, founders, and the global business community turn to Crunchbase for information on startups and
the people behind them.
Provides data-driven intelligence on high-growth companies.
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 co-working 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.
(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.
GSER 2022: Fintech Edition
About Our Global Partners
9Copyright © 2022 Startup Genome LLC. All Rights Reserved.
About
ITIDA
The IT Industry Development Agency (ITIDA) is the executive arm of the Egyptian
Ministry of Communication & Information Technology. Since its establishment in
2004, ITIDA’s core ideology is spearheading the development of Egypt’s IT industry
to increase its global competitiveness and make it a key contributor to the
country’s economic growth.
Understanding the significant role of innovation and tech- driven
entrepreneurship as key drivers for economic growth and global competitiveness,
ITIDA collaborates with distinguished public and private stakeholders to support
the development of rising tech and tech-enabled startups.
In 2010, ITIDA established the Technology Innovation & Entrepreneurship Center
(TIEC), a dynamic entity that acts as a catalyst to the ecosystem and provides
end-to-end support to entrepreneurs, starting from raising awareness on
entrepreneurship in universities and ideation camps through pre-incubation and
incubation programs to linkages with potential international/regional investors
and market penetration support.
Learn more about ITIDA at itida.gov.eg and about TIEC at tiec.gov.eg
10Copyright © 2022 Startup Genome LLC. All Rights Reserved.
About
Tech:NYC
Tech:NYC represents the companies and leaders that make up the city’s fastgrowing,
entrepreneurial high-tech industry. It does so with government, civic
institutions, in business and public policy forums, and with the media. Its primary
goal is to continue to attract tech talent and jobs to NYC, to support the growth
of the technology sector, and to increase civic engagement by leaders of the New
York tech community.
Tech:NYC mobilizes the expertise and resources of the tech sector to work with
city and state government on programs and policies that ensure New York’s preeminence
in the global innovation economy.
Find out more about Tech:NYC at technyc.org
About
NYCEDC
New York City Economic Development Corporation (NYCEDC) is a mission-driven,
nonprofit organization that works with and for communities across New York City
to strengthen neighborhoods and create good jobs. It does this through industry
and business development initiatives, training and skill-building programs, and
public investments in key infrastructure.
Learn more about NYCEDC at edc.nyc
11Copyright © 2022 Startup Genome LLC. All Rights Reserved.
Discover
More in
Our Other
Sub-Sector
Editions
12Copyright © 2022 Startup Genome LLC. All Rights Reserved.
Insights & Rankings
13	 Global Fintech Trends
19	 Global Sub-Sector Startup Analysis
23	 Global Fintech Ranking: Top 25 + 10 Runners-Up
27	 Ecosystems With Populations Under 3 Million Ranking: Top 20
12Learn more and get connected at startupgenome.com
13Copyright © 2022 Startup Genome LLC. All Rights Reserved.
GSER 2022: Fintech Edition
Global Fintech Trends
Key Findings
•	 Of the top 10 tech exits in 2021, four were in Fintech: Coinbase, Nubank,
Robinhood, and One97 Communications.
•	 2021 was a record year for Series A Fintech fundraising across the globe, with
total deal amounts in Africa increasing almost 900% from 2020, North America
up nearly 250%, and Latin American up nearly 200%.
•	 Africa saw 10x growth in Series A funding amount in Fintech from 2020 to 2021.
•	 Of the 200 Fintech unicorns created between 2017 and 2021, 138 achieved
unicorn status in 2021.
•	 $287 billion was collectively raised across 534 Fintech exits in 2021.
•	 In H1 2022, the count of Series A deals is -27% in comparison to H1 2021 and
-17% in comparison to H1 2020.
•	 The count of Series B+ deals in H1 2022 is -12% in comparison to H1 2021,
although H1 2022 was up 55% from H1 2020, indicating that 2021 levels were a
pandemic-related peak.
•	 2021 was a record year for tech startups, and as is normal during record years,
inflation was high — valuations calculated in terms of revenue multiples for
late-stage funding and exit deals shot up 50% globally compared to 2020.
Fintech saw an even higher level of inflation in late-stage funding deals during
H1 2022 than in 2021, with revenue multiples increasing another 37%, reaching
104% above H1 2021 and more than 3x H2 2019.
In 2020, we observed that “digital-only banking clearly is on the rise; including
by adding new services such as wealth management as well as broader service
bundles.” This proved true, and the growth of neobanks and digital payments was
accelerated by the COVID-19 pandemic. Such technology has seen particularly
rapid uptake in emerging economies, improving financial inclusion and helping to
accelerate innovation.
However, Fintech expert Fabian Vandenreydt predicts that consolidation in digital
banking will change the landscape, telling us “A lot of the payment companies will
either disappear or will merge among themselves, or will be acquired by either
financial institutions, bigger technology companies in payments, or possibly,
private equity. I don’t think there will be less capital, but I think it will be deployed
at different points and differently.”
14Copyright © 2022 Startup Genome LLC. All Rights Reserved.
The pandemic-driven boom of online shopping and low interest rates of recent
years helped to drive the success of “Buy Now, Pay Later” (BNPL) startups, which
were able to raise funds at low cost and offer easy–to-access loans to online
consumers. Stockholm-founded Klarna is a leader in this area of consumer
finance, accounting for the three highest deal amounts in BNPL startups in 2021–
H2 2022. As interest rates increase and many countries are facing increased costs
of living, this model may soon see declining deal values.
Cryptocurrency has also exploded since our last Fintech report. 2021 saw record
highs in the value of crypto leaders Bitcoin and Ethereum, before huge industrywide
drops occurred in the first quarter of 2022, the so-called crypto winter. NFTs
also made the headlines in 2021, with sales of digital ownership of intangible
items reaching $25 billion — up from almost $95 million the year before —
according to DappRadar, which provides insights on decentralized applications.
“NFT” was even named Word of the Year 2021 by Collins Dictionary, further
highlighting the technology’s move into the mainstream.
Inflation for crypto deals has been even higher than for the one documented
for Tech overall in the Global Startup Ecosystem Report 2022 (GSER 2022). Both
crypto and NFTs have volatile market value and there’s much speculation about
what their futures will look like, with some anticipating that the novelty of the
latter in particular will soon fade. However, it’s clear that such financial tools are
increasingly becoming mainstream, with governments worldwide considering
whether to regulate the crypto industry and how best to do so.
2021 saw record highs in the value of
crypto leaders Bitcoin and Ethereum,
before huge industry-wide drops
occurred in the first quarter of 2022,
the so-called crypto winter.
14
15Copyright © 2022 Startup Genome LLC. All Rights Reserved.
Funding & Investment
Of the top 10 global tech exits in 2021, four were Fintechs: Coinbase at $86 billion,
nubank at $42 billion, Robinhood at $32 billion, and One97 Communications at
$16.8 billion. Together, they made up around 61% of the $287 billion total value of
534 global Fintech exits. Additionally, the top 21 exits in Fintech in 2021 were IPOs
— making up the top 3% of all exits in 2021. This indicates that retail investors
are excited about the sub-sector and see growth potential. However, this flurry
of exits generated large amounts of “dry powder” (unspent funds earmarked for
investment) that are likely to influence the investment climate going forward.
In 2022, Fintech exits are down from these highs — H1 2022 has seen a decline
of 23% in deal count compared to H1 2021. Exit value in H1 2022 is down 92%
compared to H1 2021, a reflection of two huge exits taking place in H1 2021:
Coinbase at $86 billion and BNPL startup Affirm at $15 billion. The ​top Fintech
exits for 2022 so far are all mergers and acquisitions — Wyre at $1.5 billion,
Wealthfront at 1.4 billion, and Technisys at $1.1 billion — due to stock markets
that are unfavorable to IPOs.
Between 2017 and the end of 2021, 200 Fintech unicorns were created globally
— an impressive 138 achieved unicorn status in 2021. This indicates 6.5x growth
from the number of Fintech unicorns created in 2020. North America produced
the majority of Fintech unicorns created between 2017 and the end of 2021 at
49%, followed by 22% in Europe and 19% in Asia. Africa (excluding MENA) has
produced three unicorns to date, all in Fintech and all in 2021.
15
16Copyright © 2022 Startup Genome LLC. All Rights Reserved.
2021 was an impressive year for Series A Fintech fundraising across the globe,
with total Series A deal amount in Africa increasing almost 900% from 2020,
North America up nearly 250%, and Latin American up nearly 200%. Africa saw
10x growth in Series A funding amount in Fintech from 2020 to 2021. Huge
deals including PalmPay’s $100 million and Kuda’s $25 million Series A rounds
contributed to Africa’s record-breaking year. Latin America also saw a particularly
steep rise in Series A deal count.
Series A deal size has seen a 20% decline in H1 2022 compared to H2 2021 and
is at almost the same level as H1 2021. The global count of Series A deals is -27%
in H1 2022 in comparison to H1 2021 and -17% in comparison to H1 2020, with
Q2 2022 dropping 41% from Q1 2022. However, the number of Series A deals
continued to rise in Latin America, MENA, North America, and Oceania in 2021.
Turning to global Series B+ deal count, H2 2022 was 12% lower than the record
high achieved in H1 2021.
16
17Copyright © 2022 Startup Genome LLC. All Rights Reserved.
As discussed in the GSER 2022, 2021 was a record year for tech startups. As is
normal during record years, inflation was high — valuations calculated in terms
of revenue multiples for late-stage funding and exit deals shot up 50% globally
compared to 2020. Surprisingly, the Fintech sub-sector saw an even higher level
of inflation in late-stage funding deals during H1 2022 than in 2021. Revenue
multiples increased 37% from H2 2021 to H1 2022. This means that the H1 2022
level of inflation was 104% above H1 2021 and more than 3x H2 2019.
2021 was a
record year
for tech
startups.
17
104%
Inflation increase from
H1 2021 to H2 2022
Later-Stage Valuation / Revenue Median
H2 2019
H1 2020
H2 2020
H1 2021
H2 2021
H1 2022
12.2x
15.5x
14.9x
19.9x
29.7x
								 40.6x
18Copyright © 2022 Startup Genome LLC. All Rights Reserved.
Looking at product segments, the largest number of Series A Fintech deals
in 2021 was in Payments, while Blockchain & Cryptocurrency was the only
segment maintaining rapid growth. However, while Payments are maturing in
Europe and North America, it is still growing rapidly in Africa, Latin America,
and MENA. Series A funding has been rising steadily across all product
segments except Consumer Finance. Blockchain saw a significant rise in
Series B+ deal count in H1 2022.
18
19Copyright © 2022 Startup Genome LLC. All Rights Reserved.
GSER 2022: Fintech Edition
Global Sub-Sector Startup Analysis
Key Findings
•	 All sub-sectors have seen accelerated growth since the GSER 2021, with the
fastest growth being achieved by AI & BD, followed by Blockchain, Fintech, and
Advanced Manufacturing and Robotics.
•	 AI & BD is growing rapidly and becoming a core element of almost a quarter of
startups. Over five years, it grew 51% in Series A deal count and 104% in exit
count.
•	 In 2021, Fintech experienced the second highest Series A deal size after AI & BD
among purely digital sub-sectors, and second highest Series A median amount
after Cybersecurity.
In 2020, Startup Genome’s first Fintech report suggested that AI would help the
Fintech industry develop hyper-personalized solutions. This has proved true. As
discussed in the GSER 2022, AI & BD increasingly overlaps with other industries
both in terms of amount invested and deal count. AI & BD was the sub-sector with
the largest growth in the GSER 2022 timeframe, and data-driven decision-making
and algorithmic processes are quickly becoming a standard component of most
startups.
+51%in Series A deal count
+104%in exit count
AI & BD
20Copyright © 2022 Startup Genome LLC. All Rights Reserved.
21Copyright © 2022 Startup Genome LLC. All Rights Reserved.
22Copyright © 2022 Startup Genome LLC. All Rights Reserved.
In 2021, Fintech experienced the second highest Series A deal size after AI & BD
among purely digital sub-sectors, and second highest Series A median amount
after Cybersecurity.
For more detailed sub-sector analysis, explore the Global Startup Ecosystem
Report 2021 and our other sub-sector reports.
In 2021, Fintech experienced the
second highest Series A deal
size after AI & BD among purely
digital sub-sectors, and second
highest Series A median amount
after Cybersecurity.
23Copyright © 2022 Startup Genome LLC. All Rights Reserved.
Global Fintech Ranking:
Top 25 + 10 Runners-Up
GSER 2022: Fintech Edition
Key Findings
•	 The top five Fintech ecosystems are Silicon Valley, New York City, London,
Singapore, and Hong Kong.
•	 Hong Kong is a new entry in the top five ecosystems, thanks to strong scores in
the Focus and Funding factors.
•	 São Paulo is Latin America’s Fintech leader at #16. Nubank’s $42 billion IPO
contributed to a 200x growth in the ecosystem’s exit amount in 2021 versus
2020.
•	 North America and Asia both have eight ecosystems in the top 25, making
up 32% each. Europe holds 24% with six ecosystems. MENA, Latin America,
and Oceania each have one ecosystem in the top 25 (4% each). No African
ecosystems are represented.
Global Top 25
Hong Kong is among the top five global ecosystems for Fintech due in part to its
number of Fintech-focused accelerators and incubators, which are reflected in its
Focus factor score. The city also scores well in Funding, which includes early-stage
funding volume and growth, as well as the number of local investors. In 2021,
Hong Kong produced two Fintech unicorns: ZA and Amber Group. Its most recent
unicorn, created in May 2022, is Babel Finance.
Toronto-Waterloo’s improved Funding factor score has helped it move up six
places from 2020, to #7. This is in part thanks to Wealthsimple’s $600 million
May 2021 private equity round, the highest Fintech deal in the ecosystem in
2021. Toronto-Waterloo is also in the top five performing ecosystems in the
Performance and Legacy factors and in the top 10 ecosystems in Funding and
Experience.
As home to 31 Fintech public companies with more than 250 employees, Zurich is
a leader in the Legacy factor. Its high number of Fintech-focused accelerators and
incubators contribute to its Focus factor, further driving the Swiss city’s entry at
#15 (from #24 in 2020).
Top 5 Fintech Ecosystems:
Silicon Valley, New York City,
London, Singapore, and Hong Kong.
24Copyright © 2022 Startup Genome LLC. All Rights Reserved.
São Paulo is Latin America’s Fintech leader and the region’s only entry in the top
25, at #16. Nubank’s December 2021 $42 billion IPO contributed to a 200x growth
in exit amount in 2021 versus 2020. Latin America overall saw a 198% increase
in Fintech Series A funding amount from 2020 to 2021 and produced six Fintech
unicorns in 2021.
With approximately 26,000 relevant patents registered in the ecosystem, Seattle is
performing well in Knowledge, and is in the top five Fintech ecosystems for Talent.
Both factors contribute to its move up to #18 from #26 in 2020.
LA is another North American success story, coming in at #8 thanks to strong
Funding and Talent scores. The ecosystem produced six unicorns in 2021,
including Acorns and Recharge Payments. Tala, which provides financial services
in emerging markets, secured a $145 billion Series E round in October 2021 and
refinancing tool loanDepot exited at a valuation of $4.5 billion.
Bangalore-Karnataka moved to #21 from tied #26 in 2020, thanks in part to
Razorpay’s $375 million December 2021 Series F and CoinSwitch’s $260 million
October 2021 Series C, which contribute to its Funding factor.
This year’s Fintech report includes a change in methodology from our
2020 edition. Ecosystems benefit when they have a sub-vertical focus
and our rankings now take better account of that fact. Greater weight
has been given to the Focus factor to reflect the fact that more people
working in the same area accelerates progress. For more information,
see the Methodology section.
The biggest movers from the 2020 Fintech report include Zurich (+9),
Seattle (+8), Toronto-Waterloo (+6), and Bangalore-Karnataka (+6).
Copyright © 2022 Startup Genome LLC. All Rights Reserved.
Shanghai moved down five spots from 2020 (from #6 to #11) due to a 22% drop
in exits over $1 million. The ecosystem has also experienced a 41% reduction in
Series A rounds since the last ranking and a decline in the Talent factor score.
Tokyo is a high performer in the Knowledge rank, indicating that it has produced
a large amount of Fintech-related patents. The Japanese capital also scores well in
Legacy, and the $2.7 billion acquisition of Paidy by PayPal 2021 contributed to the
ecosystem’s success.
24
25Copyright © 2022 Startup Genome LLC. All Rights Reserved.
Global Fintech Ranking (Top 25 + 10 Runners-Up)
contd.
Silicon Valley
New York City
London
Singapore
Hong Kong
Beijing
Toronto-Waterloo
Los Angeles
Boston
Paris
Shanghai
Mumbai
Sydney
Chicago
Zurich
São Paulo
Atlanta
Seattle
Tel Aviv
Stockholm
Overall Ranking
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
Performance
10
10
10
7
6
10
9
8
9
6
7
9
8
7
2
8
8
4
4
3
Funding
10
10
10
10
8
9
9
9
6
8
6
7
4
5
6
8
3
2
7
6
Startup Experience
10
10
10
9
8
10
8
7
5
8
9
7
8
6
2
9
3
4
6
7
Knowledge
9
9
8
3
2
10
4
8
7
7
10
1
4
5
6
2
4
8
8
6
Talent
10
9
8
8
6
5
5
9
10
8
4
2
5
9
8
1
7
10
7
6
Focus
9
9
10
10
10
4
8
8
7
8
6
7
6
6
8
3
3
5
2
4
Legacy
10
10
9
7
10
8
9
6
5
7
6
8
7
6
10
4
4
1
6
8
Factors scored 1 to 10, with 1 the lowest and 10 the highest. For more information, please see Methodology.
26Copyright © 2022 Startup Genome LLC. All Rights Reserved.
Global Fintech Ranking (Top 25 + 10 Runners-Up)
Bangalore-Karnataka
Amsterdam-Delta
Delhi
Tokyo
Luxembourg
Austin
Frankfurt
Miami
Seoul
Washington, D.C.
Dallas
Estonia
Hangzhou
Melbourne
Salt Lake-Provo
Overall Ranking
21
22
23
24
25
26-30
31-35
Performance
3
5
5
4
1
2
2
5
2
3
6
1
1
6
4
Funding
8
4
7
4
1
5
1
4
3
3
2
5
2
2
1
Startup Experience
6
5
5
6
1
4
2
3
4
3
1
2
4
2
1
Knowledge
7
6
2
10
1
5
5
3
10
6
4
1
9
3
2
Talent
3
6
2
3
1
10
3
2
2
7
6
1
4
4
4
Focus
6
2
5
1
10
5
7
3
4
2
1
9
4
1
2
Legacy
1
8
2
9
4
2
5
2
5
4
3
1
2
3
3
Factors scored 1 to 10, with 1 the lowest and 10 the highest. For more information, please see Methodology.
27Copyright © 2022 Startup Genome LLC. All Rights Reserved.
Ecosystems With Populations
Under 3 Million Ranking: Top 20
GSER 2022: Fintech Edition
Key Findings
•	 The top five Fintech ecosystems with populations under 3 million are Zurich,
Stockholm, Luxembourg, Austin, and Estonia.
•	 Europe makes up most of the top 20 Fintech ecosystems with populations
under 3 million, with 12 entries (60%). North America produced seven (35%) of
the top 20, and MENA one (5%).
•	 Austin is North America’s top performing ecosystem with a population under
3 million. Its high score in Talent is driven by the number of Fintech papers
published in leading academic journals. Austin also performs well in the
Funding factor thanks to high levels of early-stage funding and the Experience
factor thanks to the number of Series A deals created in the ecosystem over 10
years.
•	 At #12, Abu Dhabi is MENA’s only entry into the top 20 ecosystems with a
population under 3 million, due to its performance in Focus and Legacy. Fintech
companies comprise 7.8% of the ecosystem’s startups, versus MENA’s average
of 4.5% in ecosystems with Fintech startups.
Notable Top 20 Ecosystems
Zurich’s count of high-quality universities such as ETH Zurich, one of the world’s
leading institutions in science and technology, and number of Fintech-related
academic publications contribute to its high performance in the Talent factor and
help it secure the top spot in the ranking.
Stockholm is the global leader in terms of Funding, Experience, and Knowledge
in Fintech, and the second highest in the Legacy factor. The city has a wellestablished
Fintech ecosystem and its large number of financial institutions
provides partnerships and support for startups. Buy now, pay later startup Klarna,
open banking platform Tink, and point-of-sale provider iZettle are just some of the
Fintech success stories to come out of Stockholm in recent years.
Luxembourg is also an established financial center and its place in the top five
is in large part due to its high score in the Focus factor — Fintechs make up 7%
of the ecosystem’s startups, versus a global average of 3% for ecosystems with
Fintech startups.
Estonia’s place in the top five is also mainly due to its performance in Focus.
Fintechs account for 5.5% of the ecosystem’s startups.
Helsinki’s place at #14 is in part due to its high score in Knowledge. The Finnish
city is ranked #27 globally in the number of Fintech-related patents.
28Copyright © 2022 Startup Genome LLC. All Rights Reserved.
contd.
Rank - Tier
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
Zurich
Stockholm
Luxembourg
Austin
Estonia
Salt Lake-Provo
Copenhagen
Dublin
Charlotte
Vancouver
Oslo
Abu Dhabi
Hartford
Helsinki
Brussels
Geneva
Orlando
Vienna
Malta
Nashville
10
10
8
3
1
7
6
4
8
2
9
9
8
8
10
10
3
6
4
6
Legacy
10
8
10
9
10
7
7
8
8
6
6
10
7
3
6
5
4
6
9
1
Focus
9
7
3
10
2
6
8
3
2
8
6
2
9
6
7
8
5
8
2
5
Talent
10
10
4
10
2
7
8
5
6
9
6
1
8
10
8
8
5
7
1
2
Knowledge
10
10
8
10
9
9
7
10
4
9
8
4
6
7
8
5
8
5
3
7
Startup ExperienceFunding
10
10
9
10
10
9
8
8
5
9
8
4
4
7
7
5
7
5
4
6
10
10
8
9
5
10
8
8
10
6
7
5
6
7
4
4
7
3
2
9
Performance
Factors scored 1 to 10, with 1 the lowest and 10 the highest. For more information, please see Methodology.
29Copyright © 2022 Startup Genome LLC. All Rights Reserved.
contd.
Rank - Tier
21-25
26-30
31-35
Bristol
Columbus
Edinburgh-Glasgow
Kansas City
Research Triangle
Nicosia
Pittsburgh
Prague
Sofia
St. Louis
Brisbane
Calgary
Cincinnati
Cleveland
Lithuania
6
7
5
4
3
5
7
2
1
2
4
2
5
9
1
Legacy
1
4
2
8
2
9
2
4
1
5
2
4
3
3
5
Focus
6
10
7
5
10
2
10
4
2
9
4
4
3
4
2
Talent
9
3
7
3
9
2
6
4
2
3
5
4
4
6
1
Knowledge
2
4
6
6
6
2
2
4
5
4
3
2
1
1
1
Startup ExperienceFunding
3
2
8
3
6
2
1
3
3
6
1
3
4
1
6
9
6
3
2
3
2
5
6
8
1
4
2
1
1
4
Performance
Factors scored 1 to 10, with 1 the lowest and 10 the highest. For more information, please see Methodology.
30Copyright © 2022 Startup Genome LLC. All Rights Reserved.
JIMMY CHEN
Jimmy Chen is the founder and CEO of Propel and the creator
of the Providers app, which offers low-income Americans the
ability to track their SNAP benefits (more commonly known as
food stamps) and debit accounts while granting users access
to job postings, discount coupons, and savings tools. Chen
graduated from Stanford and worked as a Product Manager
at Facebook before leaving to produce software for people
experiencing poverty.
Who Benefits from Fintech Innovation?
These days, many are disillusioned by Fintech — is it just another way for the
wealthy to become even wealthier? America’s financial services industry has
historically been known to perpetuate economic inequality. Can Fintech change
that story, or will it be more of the same?
More than ever before, entrepreneurial Fintech apps, portals, and streamlined
websites are helping people optimize their financial health, often from the
convenience of mobile devices. The Fintech industry’s explosive growth results
from factors including burgeoning cryptocurrencies, dynamic regulations, a need
for more affordable financial services, and the economic impact of COVID-19.
Beneficiaries of Fintech Startup Innovation
People in tech typically set out to solve their own problems. Fintech startups
frequently stem from founders aiming to optimize financial products and services
after they observe an opportunistic gap as a result of their own life experiences.
Individuals who have challenges that overlap with a Fintech organization’s
founder — frequently coupled with other demographic similarities — are usually
their best-served segment.
GSER 2022: Fintech Edition
31Copyright © 2022 Startup Genome LLC. All Rights Reserved.
However, people who demographically differ from the average Fintech founder
(by location, age, gender, socioeconomic status, race, etc.) have fewer innovations
created on their behalf. While targeting a lookalike audience is advantageous for
say, managing advertising budgets, overlooking those who are unlike existing
Fintech founders leaves neglected segments within the Fintech startup space,
as well as in global economies. More quality Fintech innovations targeted at a
broader range of demographics would create stronger overall financial health
across the board.
This does not necessarily have to create not-for-profit ventures. Finding
business models that align revenues with the positive social impact of serving an
underserved community — such that you can only achieve one if you also achieve
the other — is the best way to avoid finding yourself in a situation where you’re
forced to trade off one at the expense of the other. It’s a more difficult business to
build, but once created, can be deeply sustainable.
Fintech Startups Can Better Support the
Financially Vulnerable
In order to utilize Fintech innovation to better support wellness among the
financially vulnerable, the industry must improve how it serves specific audience
segments and appropriately lift underrepresented individuals to found startups
that support their communities. Unexpectedly to some, low-income households
command, on the aggregate, a substantial amount of purchasing power — and
there are far fewer companies competing for it. Few for-profit startups believe
they can relieve financial inequality and even fewer think they can achieve high
growth in doing so. While tech won’t solve poverty alone, it can play a significant
role in building safety net services that restore financial health.
Fintech can better serve neglected audiences by enabling B2C companies to
better define who their customer is, how to determine their key market, and what
they should do to best serve their clientele. The expansion of supported segments
aims to increase the representation of currently underserved audiences as well
as the advantages they receive as a result. This includes thorough research and
honesty on what truly benefits customers; that can’t be achieved when those
innovations include a paternalistic view of what elitists deem is best for individuals
with whom they don’t identify closely.
Audiences won’t use products or services that don’t solve their problems
effectively, and adoption will be higher among those who feel the innovations
provide sensible choices and respectful treatment along with convenience. At a
time when many are financially fragile and assumptions about cash flow, savings
buffers, and credit scores may actually be poor business decisions, Fintech should
intentionally and empathetically promote customer specialization that prioritizes
customer well-being.
Enabling Traditionally Excluded Entrepreneurs
Of course, no amount of empathy is a replacement for lived experience. The best
way for Fintech to serve a wider swath of the population is to enable a diverse
The best way for Fintech to serve a wider swath
of the population is to enable a diverse set of
entrepreneurs to start companies that address the
issues they understand best.
Copyright © 2022 Startup Genome LLC. All Rights Reserved.
32Copyright © 2022 Startup Genome LLC. All Rights Reserved.
set of entrepreneurs to start companies that address the issues they understand
best. Entrepreneurial diversity of all kinds — gender, race, age, geography,
language, socioeconomic status, and more — is critical to creating a Fintech
ecosystem that serves everyone, not just the well off.
As one example, the Providers app, created by Propel, offers a free checking
account and debit card for managing SNAP benefits, disability benefits, child tax
credits, and cash, as well as allowing users to track expected payment arrival
dates. It allows users to manage earned income and government assistance
alongside one another in the same app, in addition to facilitating job hunting,
and allowing users to compare grocery prices. Traditionally, people receiving
government assistance would often check their account balances by purchasing
an inexpensive item and looking at the number displayed on the receipt. The
Providers app permits users the dignity of personal financial awareness and
reduces unnecessary hurdles.
While there are over 40 million Americans who receive SNAP benefits, this is
merely one of many underserved segments of the population — enabling more
diversity in entrepreneurship is key to unlocking Fintech’s promise of prosperity
for all.
This contributed article was prepared by Jimmy Chen in a personal capacity. The opinions expressed in this article
are the author’s own and do not necessarily reflect the views or position of Startup Genome.
Entrepreneurial diversity of all
kinds is critical to creating a
Fintech ecosystem that serves
everyone, not just the well off.
33Copyright © 2022 Startup Genome LLC. All Rights Reserved.
WALID HASSOUNA
Walid Hassouna is the CEO of valU, the first “Buy Now, Pay-Later”
startup in MENA. He is also the Chairman of Paytabs Egypt and
the Vice Chairman of EFG EV Fintech. He sits on multiple boards
and his leadership of the NBFI platform at EFG Hermes has seen
it grow multiple businesses and launch innovative brands. Walid
holds a BBA from Cairo University, an MBA from Georgia State
University, and an Islamic Finance Qualification from CISI-UK.
How “Buy Now, Pay Later” Redefined
Financial Inclusion
With soaring prices and dwindling purchasing power, people are growing
out of the traditional procedures and limitations that come with applying for
credit cards. Instead, many are finding “Buy Now, Pay Later” (BNPL) to be a
more convenient solution. Dating back to the 19th century, the BNPL model
makes onboarding customers to installment plans a lot faster than accessing
conventional bank credit and in turn benefits businesses by making their products
more easily attainable. I still find it mind boggling that the model was introduced
to the Egyptian market almost two centuries ago. Today, it has evolved to become
a very viable Fintech product around the world.
The Need for “Buy Now, Pay Later”
Due to a range of uncertainties, many people around the world find it hard to
apply for and be approved for bank credit. Personally speaking, for someone
who’s based between Cairo and the U.S., I have both BNPL and traditional bank
cards. For any transaction that I make through the latter — for example, making
an Easy Payment Plan transaction using my bank card — I have to go to the app,
pick this specific transaction, pick a tenor, and agree on the interest rate. It’s not
easy for me to understand my statement and verify the fees associated with each
transaction. In comparison, my BNPL accounts are much more straightforward.
GSER 2022: Fintech Edition
34Copyright © 2022 Startup Genome LLC. All Rights Reserved.
The modern BNPL model was created to provide an easier checkout, faster
onboarding, and more transparency in accessing and handling credit. Most BNPL
models outside of Egypt are free for the customer in every aspect — zero interest,
zero fees. Due to the relative ease and transparency compared to traditional
credit processes, demand is high and BNPL models have emerged around the
world. BNPL is one of the fastest-growing segments in consumer finance, with
Reuters reporting that transaction volumes hit $120 billion in 2021, up from just
$33 billion in 2019.
An Easy Solution
When we decided to build valU, a BNPL startup, we aimed to solve hurdles specific
to the Egyptian market. The first of these was that it took at least 72 hours to
get underwritten — people seeking credit needed to submit an illogical amount
of documentation. There might even be a visit to their house, work, or both. It
would take almost 21 days after the application for a normal citizen to receive an
unsecured credit card. We found the slow timing, extensive documentation, and
external verification huge burdens to obtaining credit. An easy solution popped
to mind — we wanted to build a model that allowed customers to instantly
access financial products with ID only, and with no in-person visits or guarantors
required.
We were met with skepticism. But because we use data to underwrite customers,
and because we have immense professional experience in the banking system,
we understand every bank and each policy. As such, we have a very low cost of
risk compared to other lending institutions. valU acquires 30,000 customers per
month and processes an average of 100,000 transactions worth EGP 700 million
per month, which makes it the biggest BNPL provider in Egypt and the second
among Egyptian consumer finance companies.
And all this in just four years. We have made accessing credit easier for ordinary
people, our risk is under control, and we didn’t burn a lot of cash. valU has been
profitable from January 2020, exactly two years from launch.
Our disruption of the Egyptian lending market led to others following suit. Today,
there are a lot of products in the market that are similar to us or are a carbon
copy of our business model. We are also partners with e-payment companies
such as Paymob and PayTabs Egypt, which are able to provide installment-based
plans to merchants for online acquisitions through valU.
Inflation-Proofing a “Buy Now, Pay Later” Model
Globally, BNPL is usually based on 0% interest for the customer and a commission
from the merchant. Our model is different: 50% of our transactions are 0% for
the customer and the other half is a long tenor with an interest rate and purchase
fees payable by our customers. That’s why our business is inflation-proof — our
value hasn’t been affected by macroeconomic factors. During recent inflation,
our valuation actually went up thanks to our interest-bearing products, which
differentiate us from traditional BNPL models.
Today, there are around 30 different players that are very similar to valU. This
creates a very healthy competitive environment that not only provides benefits
to our customers, but also reflects on the broader business cycle of commerce. It
fascinates me that a financial instrument as old as time has been rethought as a
Fintech innovation that disrupts markets and changes the lives of people for the
better.
This contributed article was prepared by Walid Hassouna in a personal capacity. The opinions expressed in this
article are the author’s own and do not necessarily reflect the views or position of Startup Genome.
35Copyright © 2022 Startup Genome LLC. All Rights Reserved.
AHMED WAGUEEH
Ahmed Wagueeh is the co-founder and CTO of Khazna, an
Egyptian Fintech startup dedicated to improving the financial
well-being of the 35 million Egyptians who lack access to formal
financial services. Passionate about software development
since childhood, he studied computer engineering at the Cairo
University and worked for Intel, Valeo, and IBM, before cofounding
Khazna in 2020.
Leveraging Technology to Make an
Impact through Financial Inclusion
In recent years, Fintech has expanded from the exclusive domain of large,
established financial institutions. This has given rise to a variety of consumeroriented
solutions designed to provide access to financial services, especially for
traditionally underserved populations. This enables people who lack access to
financial services to gain access to critical lifelines such as insurance and credit
lines, which are essential for battling life’s unexpected hardships and harnessing
unforeseen opportunities.
Fintech Can Empower Underserved Populations
Access to financial services remains a challenging yet necessary endeavor.
In countries that have yet to fully embrace Fintech, most traditional financial
services cater to high-value segments of the market. The underserved have very
few options except to rely on unpredictable, unstable, and often undocumented
means of obtaining capital: personal loans from friends, family, or employers, for
example.
In times of economic hardship, the inability to obtain the financial flexibility
enjoyed by more fortunate segments of the population can negatively impact
the health and well-being of underserved communities. Fintech has evolved to
GSER 2022: Fintech Edition
36Copyright © 2022 Startup Genome LLC. All Rights Reserved.
become a solution to this service gap, and at Khazna, our vision is to improve lives
by extending world-class financial services to everyone.
The Fintech Landscape in Egypt
As an Egyptian startup, inspired by the Central Bank of Egypt (CBE)’s efforts
toward financial inclusion amongst many strategies, utilizing technology to
drive this, our mission begins right here, in one of the world’s most financially
underserved populations. According to the World Bank’s Global Findex Database,
73% of Egyptian adults are unbanked. One reason for this is that, according to
our research, 60% of the blue-collar workforce struggles to save money year after
year, and opening a traditional bank account in Egypt often requires a minimum
cash deposit.
Additionally, the inconvenience of traditional banking offerings and disinterest
in incumbent institutions further distances Egypt’s working population from the
economic safety net that formal credit and financial systems can offer. Therefore,
a significant portion of the Egyptian population relies on uncomfortable and
inconvenient sources of credit such as borrowing from friends and family to cover
short-term financial needs.
Internet availability and access in Egypt, however, is a different story. As of
January 2021, internet penetration in Egypt stood at 57%. Additionally, Egypt
has the highest number of smartphone users in MENA. The median age in Egypt
is 24.6 years, and this young, tech-savvy portion of the population is eager to
use financial services and conduct various transactions online. Therefore, Egypt
has become an incredibly attractive market for Fintech startups, especially
homegrown businesses such as Khazna. We have a vested interest in Egypt and
are striving to make a positive impact by creating a path to financial stability for
underserved Egyptian citizens.
According to FinTech Egypt — an initiative spearheaded by the Central Bank
of Egypt to support, promote, and develop the country’s Fintech sector —
and infrastructure as well as lending and alternative finance are the Fintech
subsectors with the highest growth potential.
Additionally, Egypt is home to top-tier economists. There are a lot of people
working hard to achieve sustainability goals that also enhance the economy.
Financial inclusion is at the forefront of the national and international
sustainability movement, and Fintech solutions can improve the financial wellbeing
of millions of individuals who are overlooked by established financial
services models. It is against this backdrop that a new generation of Egyptian
workers is emerging — a generation that demands more financial freedom to
create generational wealth and climb the economic ladder.
Fintech solutions can improve the
financial well-being of millions of
individuals who are overlooked by
established financial services models.
36Learn more and get connected at startupgenome.com
37Copyright © 2022 Startup Genome LLC. All Rights Reserved.
Solving the Problem of Cash
At Khazna, we build technology to create an impact on society, and this impact is
in the form of financial inclusion. In lockstep with the United Nations 2030 Agenda
for Sustainable Development, we provide solutions to what we call the “problem
of cash.”
Blue-collar workers in Egypt often struggle to obtain the requirements to open
a traditional bank account. This puts key financial tools such as loans and credit
cards out of reach for a large portion of the population, including people who are
gainfully employed. Fortunately, the government has created a regulatory and
technological infrastructure that supports the digitization of currency. As a result,
economic activity and entrepreneurial opportunities have increased exponentially.
For example, in 2017 there were approximately 70,000 POS (point of sale)
machines around the country. In 2022, Egypt is home to more than 800,000
POS machines. This is a direct result of the infrastructure that the government
has built. In summary, a digital economic framework enables significantly more
people and small businesses to participate in the economy.
Based on this foundation, we strive to empower Egyptians financially through
our products and services, such as the Khazna App and Khazna Card. By
partnering with employers to validate employee data and creditworthiness,
we offer multipurpose credit lines to users of our Khazna App. Users can take
advantage of their credit line in several ways: withdrawing earned wages in cash,
using “Buy Now, Pay Later” (BNPL) services, accessing bill payment services, and
enabling companies to transfer payroll instantly to their employees. Our products
are designed for ease of use with the customers’ needs on top of all product
design and development decisions, to fit the mid and low-income segments’
requirements. This contributed article was prepared by Ahmed Wagueeh in a personal capacity. The opinions expressed in this
article are the author’s own and do not necessarily reflect the views or position of Startup Genome.
Our Khazna Card, a prepaid card launched in partnership with the Abu Dhabi
Islamic Bank, provides unbanked cardholders with a wide range of financial
services that would typically be out of their reach. Khazna Card users have instant,
around-the-clock access to a multipurpose credit line on the Khazna App, even
on national holidays and other periods when traditional financial institutions are
closed.
Egypt Is Just the Beginning
As an impact-driven company, all of our services are developed by Egyptians in
Egypt to empower Egyptians who lack access to formal financial services. The
investment funding that we’ve received over the last two and a half years is a
testament to our business model and the greater concept of positively impacting
society through technology and financial inclusion.
Although our products are currently focused on the Egyptian market, our vision
is to improve lives by extending world-class financial services to all. I hope this
article serves as an eye-opening example of how startups in developing countries
throughout the world can empower their populations through the creative use
and application of Fintech.
In 2017 there were approximately 70,000
POS (point of sale) machines around the
country. In 2022, Egypt is home to more
than 800,000 POS machines.
38Copyright © 2022 Startup Genome LLC. All Rights Reserved.
Top Five Ecosystems
Singapore
Hong Kong
Beijing
Shanghai
Mumbai
Ecosystems to Watch
Kuala Lumpur
Manila
ASIA
Top Five Ecosystems
Sydney
Melbourne
New Zealand
Brisbane
Adelaide
OCEANIA
Top Five Ecosystems
Silicon Valley
New York City
Toronto-Waterloo
Los Angeles
Boston
Ecosystems to Watch
Calgary
Montreal
NORTH AMERICA
Top Five Ecosystems
São Paulo
Mexico City
Buenos Aires
Santiago
Lima
LATIN AMERICA
Top Five Ecosystems
Lagos
Nairobi
Johannesburg
Cape Town
Accra
AFRICA
Top Five Ecosystems
Tel Aviv
Abu Dhabi
Dubai
Riyadh
Cairo
Ecosystems to Watch
Bahrain
Doha
MENA
Top Five Ecosystems
London
Paris
Zurich
Stockholm
Amsterdam-Delta
Ecosystems to Watch
Budapest
Denmark
Istanbul
EUROPE
Top Five Ecosystems by Region
& Ecosystems to Watch
GSER 2022: Fintech Edition	
39Copyright © 2022 Startup Genome LLC. All Rights Reserved.
Startupbootcamp
Top Fintech Ecosystem Players
Global Top Fintech Accelerators & Incubators Top Fintech Accelerators & Incubators by Region
Y Combinator
F10
Village Capital
FinTech Innovation Lab
Plug and Play Tech Center
Techstars
Google for Startups Accelerator
Astralabs
MassChallenge
L
Antler
Cyberport Hong Kong
Chain Capital (Shanghai)
JioGenNext
LongHash Ventures
ASIA
X15 Ventures
Lightning Lab
Centrality
Muru-D
Bitfwd Ventures
OCEANIA
Y Combinator
Plug and Play Tech Center
Techstars
Village Capital
Google for Startups Accelerator
NORTH AMERICA
Start-Up Chile
Gate.io Labs
Darwin Startups
Cotidiano Aceleradora
Platanus Ventures
LATIN AMERICA
AlphaCode (South Africa)
Meltwater Entrepreneurial
School of Technology
Villgro Africa
Ada LAB
CcHub Growth Capital
AFRICA
Falak Startups
EFG-EV FINTECH
FasterCapital
Flat6labs
Abu Dhabi Global Market
MENA
Startupbootcamp
F10
Startup Wise Guys
Entrepreneur First
Barclays Accelerator powered by
Techstars
EUROPE
GSER 2022: Fintech Edition
The top accelerators, incubators, and investors
are determined primarily by the number and
amount of investments in Fintech-related
companies between 2017 to 2021.
40Copyright © 2022 Startup Genome LLC. All Rights Reserved.
Andreessen Horowitz
Global Top Fintech VC Firms & Investors Top Fintech VC Firms & Investors by Region
Coinbase Ventures
Alumni Ventures
500 Global
Global Founders Capital
QED Investors
FJ Labs
Clocktower Technology Ventures
Digital Currency Group
Speedinvest
Sequoia Capital India
Binance Labs
Fenbushi Capital
Sequoia Capital China
BEENEXT Capital Management
ASIA
Reinventure Group
Kosmos Ventures
AirTree Ventures
Grok Ventures
National Australian Bank Ventures
OCEANIA
Coinbase Ventures
Andreessen Horowitz
500 Global
QED Investors
FJ Labs
NORTH AMERICA
Kaszek
Monashees
Bossa Nova Investimentos
Canary (Brazil)
NXTP Ventures
LATIN AMERICA
Blockdream Ventures
EchoVC Partners
LoftyInc Capital Management
4Di Capital
Acuity Ventures Partners
AFRICA
VentureSouq
Kube VC
Moneta Venture Capital
Aleph
Viola FinTech
MENA
Global Founders Capital
Speedinvest
Anthemis Group
Partech
Index Ventures
EUROPE
Top Fintech Ecosystem Players
GSER 2022: Fintech Edition
The top accelerators, incubators, and investors
are determined primarily by the number and
amount of investments in Fintech-related
companies between 2017 to 2021.
41Copyright © 2022 Startup Genome LLC. All Rights Reserved.
How New York City is Nurturing a New
Generation of Financial Innovation
New York City has long cemented its status as home to the world’s most
influential financial institutions, and it’s quickly confirming its place as a Fintech
leader. When Andreeseen Horowitz announced that it was opening a new office
in the city in late 2021, the leading investment firm stated “New York has long
been the financial capital of the world, and there’s no question it will become the
fintech capital too.”
The breadth of the sector is represented by a swell of companies that have
completed IPOs or reached unicorn status in recent years — startups building
the future of mobile banking, insurance, wealth and asset management, and
more. Among them are insurance startup Lemonade and personal finance app
MoneyLion, both of which went public in 2021. Blockchain security company
Chainalysis and corporate card and finance automation platform Ramp are each
valued at approximately $4 billion.
In total, more than 1,000 Fintech startups call New York City home, at least 20 of
which have reached unicorn status. Some of the most rapid growth has come
from Cryptocurrency and Blockchain companies, whose number increased a
whopping 106% (up to 338 from 110) since 2016.
GSER 2022: Fintech Edition
Supporting the Next Generation of Financial
Innovation
Its Wall Street legacy and long-standing status as a financial hub have helped New
York City become the most attractive place for early-stage entrepreneurs to build
their Fintech startups. Well-established financial institutions are an active part
of the ecosystem, supporting new players through dedicated initiatives such as
the FinTech Innovation Lab. A premiere accelerator program co-founded by the
Partnership Fund for New York City and Accenture, it has so far supported 270
early-stage Fintech companies that have collectively raised $2.7 billion in new
capital to date.
Rise, created by Barclays, is another Fintech initiative backed by a traditional
bank. A hub for startups and scale-ups to connect with each other and Barclays
connections, it offers coworking space and dedicated initiatives to support
female Fintech founders. Additionally, at the end of 2021, the Federal Reserve
Bank of New York launched the New York Innovation Center to support product
innovation for the central bank community.
42Copyright © 2022 Startup Genome LLC. All Rights Reserved.
A Global Leader in Democratizing Access to
Financial Services
With the world’s largest stock exchange just down the street from the newest
web3 startup, New York City’s financial sector is just as varied as the city itself. And
when the COVID-19 pandemic exposed and exacerbated existing gaps in financial
inclusion, players throughout the ecosystem responded quickly. In the last few
years, dozens of New York City startups have been founded to improve access
to financial services, and many existing Fintech startups pivoted or adapted their
products to prioritize greater equality.
Examples include Guava, a neobank and community platform serving Black
entrepreneurs and small businesses that has raised a $2.4 million pre-seed round.
Further, MoCaFi has raised more than $7 million to provide financial products to
under- and unbanked communities. In December 2021, Goalsetter closed a $15
million Series A from major bank investors to scale its child- and family-focused
banking and savings platform, and since its founding in 2018, alternative credit
card company Petal has used more than $700 million in VC funding to quickly
scale its machine learning tools and provide a critical lifeline for those with low or
no credit scores.
A Hotbed for the Future of Decentralized
Finance
New York City is home to the world’s most well-funded crypto startups: in 2021,
the city attracted $6.5 billion in venture capital funding, or 46% of all VC funding
for crypto startups in the U.S. Some of the largest DeFi companies call the city
home — ConsenSys, Fireblocks, Gemini, NYDIG, and Paxos among them —
and earlier-stage Fintech companies are increasingly incorporating Blockchain
infrastructure into their product offerings.
New York City-based Uniswap Labs is the largest decentralized exchange
operating on the Ethereum Blockchain, and Nivelo is using Blockchain to offer
seamless and more secure digital payroll services.
A Global Public Square for the World’s Fintech
Community
Both early-stage and established Fintech startups understand the importance
of New York’s position in the global financial ecosystem, making the city a top
business destination for Fintech leaders from across the world. NY Fintech Week
is an annual, large-scale forum bringing together more than 17,000 fintech
founders, investors, and financial service professionals, and NY Fintech Women is
the city’s go-to event for convening and empowering women in Fintech.
NFT.NYC is one of the city’s most popular tech events, bringing together artists,
advocates, and technologists using NFTs to build their projects. In addition,
Mainnet’s annual summit addresses the ways crypto continues to disrupt adjacent
industries.
Ample Opportunity for Fintech Founders
With a strong legacy, dedicated initiatives, and vibrant networking scene, New
York City has ample opportunities for Fintech founders. It may be home to timehonored
institutions such as Wall Street and the New York Stock Exchange, but
with both traditional banks and dynamic new players fostering innovation, the
financial ecosystem here is anything but staid.
43Copyright © 2022 Startup Genome LLC. All Rights Reserved.
A Spotlight on Cairo’s Thriving
Fintech Ecosystem
In emerging venture markets, where Fintech consistently attracts more money
than any other sector, Egypt’s ecosystem is surging on the twin waves of
demographics and demand. Roughly two-thirds of the country’s 106 million
people — the largest population in MENA — are unbanked. In a strong sign for
technology adoption, more than half are younger than 25. Mobile penetration is
almost total.
Egypt’s government, consequently, is counting on new digital services to replace
the country’s cash culture, which is critical for poverty reduction. Toward that
end it is reworking regulations to create a growth-friendly environment for
Fintech startups, especially for consumer and small-business applications, and
for embedded finance. Most recently, the Financial Regulatory Authority eased
the way for fintech companies’ expansion into sectors including insurance, capital
markets, and real-estate financing.
Fostering Fintech Innovation
The Central Bank of Egypt (CBE) is an innovation catalyst. In 2019, CBE launched
a Fintech sandbox: a regulatory safe space for startups to experiment with
business models and technology. Its latest initiative, FinTech Hub, is planting
the seeds of finance’s future in a symbol of finance’s past: gathering startups,
GSER 2022: Fintech Edition
investors, mentors, service providers, and other parts of the ecosystem in a CBE
heritage building in central Cairo. Egypt’s commitment to the industry is manifest
in FinTech Hub, which is positioned as the physical nexus for all parts of the
ecosystem and a launchpad for startups serving all of MENA.
“For startups, working hand-in-hand with the Central Bank is very important,” says
Tarek A. El Kady, founder and chairman of Alex Angels and the Mediterranean
Angel Investors. “These companies are solving real problems and gaining traction.
With government involvement they can move forward.”
Critical to that progress is digital banking, which CBE approved in 2020. Banque
Misr — one of Egypt’s four major state-owned banks — responded quickly with
the launch of Egypt’s first digital bank in 2021. Cairo startups also are playing
in this space, including Telda, which landed a $5 million pre-seed round led by
Sequoia in 2021. Banque Misr views collaboration with entrepreneurs as critical to
the future of finance. It has created an innovation program for startups, a string of
business-development centers targeting founders, and a brand-new accelerator.
The state isn’t only clearing roads for startups; it also is putting gas in their
engines. In March 2022, Egypt’s three largest national banks, in partnership
with VC firm Global Ventures, launched an $85 million fund supporting Fintech
44Copyright © 2022 Startup Genome LLC. All Rights Reserved.
innovation. Several early investments squarely target the under- and unbanked,
including Khazna, which provides services including buy now, pay later and bill
payments to individuals, and Mozare3, which links smallholder farmers to food
processors and buyers.
“The big state-run banks want to get in on these opportunities early,” says Loay
Y. El-Shawaby, principal at El-Shawarby Attorneys at Law and a co-founder of the
angel network Alex Angels. “The National Bank of Egypt advertises itself not only
as a financial institution but also as an unbanked financial-technology institution.”
Egypt also is optimizing its infrastructure for digital onboarding. CBE recently
launched an electronic know-your-customer system. And in March 2022, it
adopted the Instant Payment Network — an inter-bank operating system —
and the associated app InstaPay, which enables instant electronic transactions
between banks and their customers. It also has plans for APIs allowing Fintech
startups to connect to the open-banking infrastructure.
A Venture Magnet
With so much demand and support for Egyptian Fintech, private money also is
converging on the sector, from local and international venture capital firms and at
least five major angel networks. In the first half of 2022, Fintech startups reaped
a record $167 million in 31 VC deals, with five clocking in above $10 million,
according to FinTech Egypt, an initiative of CBE. That compares with $159 million
raised during all of 2021.
More than half of these investors are Egypt-based, including Flat6Labs, which
was ranked the second most active VC firm across emerging venture markets
by Magnitt, a data platform for founders and investors. Roughly a quarter of
investors hail from the larger MENA region, and almost a fifth from the United
States. And those VCs are on a roll. A full 70% report plans for additional Fintech
and Fintech-enabled investments in Egypt in the next three years.
Growth-stage funding dominates, with 90% of investments in Series A and later
rounds. Payments and remittance make up 58% and lending and alternative
finance 26%. But other sub-sectors, such as wealth management and savings and
the B2B marketplace are climbing.
“You can see the market evolving in terms of products and services,” says
Dr. Ayman Ismail, who holds the title of Abdul Latif Jameel endowed chair of
entrepreneurship at the American University of Cairo and is founding director of
the accelerator AUC Venture Lab. “The initial layer was getting digital payments
in place. Now we’re seeing a second layer on top of that: extending credit to
consumers and SMEs, stock trading, savings and digital banks.”
Egypt is reworking regulations to create a
growth-friendly environment for Fintech
startups, especially for consumer and smallbusiness
applications, and for embedded
finance.
Copyright © 2022 Startup Genome LLC. All Rights Reserved.
45Copyright © 2022 Startup Genome LLC. All Rights Reserved.
And Egyptian startups are exciting global tech titans. In May 2022, PayPal’s
corporate venture arm led a $50 million Series B round in PayMob, which enables
digital payments for SMEs. The same month, Amazon acquired 4% of ValU, a
Cairo-based “Buy Now, Pay Later” startup, for $10 million.
While the PayMob investment is Egypt’s largest to date, other Cairo Fintechs have
enjoyed strong raises this year, including Khazna at $38 million, Lucky (an app
for credit products and cashback rewards) at $25 million, and online investment
platform Thndr at $20 million.
As for exits, more than half of Egyptian Fintech investors and a quarter of startups
view the stock market as an option. Fawry — Egypt’s first unicorn — set the
precedent. The digital-payments company went public in 2019, and its IPO was
oversubscribed by 30 times.
The Ace of Accelerators
Egypt also is both the birthplace and host of Techne Summit, the preeminent
investment and entrepreneurship event in MENA. The eighth annual summit,
scheduled for November 2022 in Alexandria, is expected to attract more than
30,000 attendees, including hundreds of investors and founders. One track is
dedicated to Fintech.
Techne Summit’s support for founders extends to two other initiatives. One
is a series of tours to connect, educate, and inspire entrepreneurs in Egyptian
cities. The other is a pre-acceleration program in which startups partner with
corporations to solve industry challenges.
Among Techne Summit’s partners is The American University in Cairo’s Venture
Lab. That accelerator introduced Egypt’s first Fintech-dedicated program, in 2015.
Roughly a third of the country’s Fintech startups have graduated from it. To stay
on top of the rapidly evolving innovation landscape, AUC Venture Lab — named
best accelerator in Africa by the Global Startup Awards — partners with major
national and global organizations, including the Commercial International Bank,
the International Finance Corporation, and Mastercard.
One graduate of Venture Lab is Ahmed Mahmoud. In 2018 Mahmoud launched
ElGameya, a digital version of a rotational savings and credit association, in which
a group of people save and borrow together. ElGameya, which also participated
in the CBE sandbox, closed a six-figure pre-seed round with Cairo Angels and AUC
Angels in 2021 and currently is pursuing a seven-figure raise.
Mahmoud says AUC Venture Lab was a turning point for both him and his
business. He praises Cairo for its dense network of Fintech expertise on which
startups like his can draw. “With all respect to Saudi Arabia and Dubai and
other countries,” says Mahmoud, “Cairo has the best ecosystem and the biggest
addressable market. We have everything.”
The opinions expressed in this sponsored article do not necessarily reflect the views or position of
Startup Genome.
Fawry set the precedent. The digitalpayments
company went public in 2019, and
its IPO was oversubscribed by 30 times.
46Copyright © 2022 Startup Genome LLC. All Rights Reserved. 4646Learn more and get connected at startupgenome.com
Ecosystem Pages
47	 Silicon Valley
49	 New York City
52	London
54	 Singapore
57	Beijing
59	 Toronto-Waterloo
62	 Los Angeles
64	Boston
66	Paris
68	Shanghai
70	Sydney
73	Chicago
75	 São Paulo
77	 Seattle
79	 Tel Aviv
82	 Stockholm
84	 Bangalore-Karnataka
87	 Amsterdam-Delta
89	 Tokyo
92	 Abu Dhabi
95	Bahrain
98	 Budapest
101	Cairo
104	 Calgary
107	 Denmark
110	 Doha
113	 Frankfurt
116	 Istanbul
119	 Kuala Lumpur
122	 Manila
125	 Melbourne
128	 Montreal
United StatesUnited States
Silicon Valley - Bay AreaSilicon Valley - Bay Area #1#1
"The global pandemic led to new tech and innovation hubs, and the new"The global pandemic led to new tech and innovation hubs, and the new
paradigm of remote and hybrid companies is even further enforcing theparadigm of remote and hybrid companies is even further enforcing the
distribution of Silicon Valley's ethos into a truly global phenomenon. Thisdistribution of Silicon Valley's ethos into a truly global phenomenon. This
enables a much broader set of people to connect with the unique essence ofenables a much broader set of people to connect with the unique essence of
startup creation, bringing innovation to the edges of our human network."startup creation, bringing innovation to the edges of our human network."
Na'ama MoranNa'ama Moran
Co-founder and CEO, Cheetah TechnologiesCo-founder and CEO, Cheetah Technologies
HighlightsHighlights
Despite years of hand-wringing about costs and efforts to build “the next Silicon Valley” elsewhere,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 ofSilicon 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 oftech workers during the COVID-19 pandemic is not reflected in the numbers. In 2022, the number of
residents employed in tech in the region actually rose from 25% to 29%, according to the 2022 Siliconresidents employed in tech in the region actually rose from 25% to 29%, according to the 2022 Silicon
Valley Index. Silicon Valley remained the top ecosystem for venture investing, with $105 billion in capitalValley Index. Silicon Valley remained the top ecosystem for venture investing, with $105 billion in capital
flowing to the area’s startups in 2021, double the 2020 total. Thanks to Stanford University and theflowing to the area’s startups in 2021, double the 2020 total. Thanks to Stanford University and the
region’s other top educational institutions, the ecosystem is well supplied with fresh talent.region’s other top educational institutions, the ecosystem is well supplied with fresh talent.
Silicon Valley also continues to offer some of the world’s best networking opportunities and hosts a hugeSilicon Valley also continues to offer some of the world’s best networking opportunities and hosts a huge
array of startup-focused gatherings and events, including TECHSPO Silicon Valley, Palo Alto foundersarray of startup-focused gatherings and events, including TECHSPO Silicon Valley, Palo Alto founders
meetup 106 Miles, and Founders Summit 2022. Venture Capital World Summit will be held in July 2022.meetup 106 Miles, and Founders Summit 2022. Venture Capital World Summit will be held in July 2022. TheThe
Women of Silicon Valley conference is set to bring together more than 2,700 tech industry professionalsWomen 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 Siliconin 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.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 learningSilicon 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 platformplatform 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$350 million private equity round in January 2022, and Web3 startup Aptos’ $200 million seed round in
March 2022.March 2022.
TOTAL EARLY STAGE FUNDINGTOTAL EARLY STAGE FUNDING
(2019H2-2021)(2019H2-2021)
$25 bn$25 bn
ECOSYSTEM VALUEECOSYSTEM VALUE
(2019H2-2021)(2019H2-2021)
$2 tn$2 tn
MEDIAN SEED ROUNDMEDIAN SEED ROUND
(2019H2-2021)(2019H2-2021)
$1.5 m$1.5 m
GLOBALAVG.GLOBALAVG.
$671 k$671 k
MEDIAN SERIES A ROUNDMEDIAN SERIES A ROUND
(2019H2-2021)(2019H2-2021)
$11 m$11 m
GLOBALAVG.GLOBALAVG.
$4.7 m$4.7 m
SOFT. ENGINEER SALARYSOFT. ENGINEER SALARY
(2021)(2021)
$119 k$119 k
GLOBALAVG.GLOBALAVG.
$46 k$46 k
Amount ($)Amount ($) Count (#)Count (#)
ExitsExits
(2017-2021)(2017-2021)
EARLY-STAGE FUNDING GROWTH TIEREARLY-STAGE FUNDING GROWTH TIER
(2018/19 VS. 2020/21)(2018/19 VS. 2020/21)
5
Calculated on a scale ofCalculated on a scale of
1 (lowest) to 10 (highest)1 (lowest) to 10 (highest)
TOTAL VC FUNDINGTOTAL VC FUNDING
(2017-2021)(2017-2021)
$247 bn$247 bn
GLOBALAVG.GLOBALAVG.
$4.5 bn$4.5 bn
TIME TO EXITTIME TO EXIT
(2017-2021)(2017-2021)
7.6 years7.6 years
GLOBALAVG.GLOBALAVG.
9.4 years9.4 years
GLOBALAVG.GLOBALAVG.
$687 m$687 m
GLOBALAVG.GLOBALAVG.
$28.6 bn$28.6 bn
812bn812bn
GLOBALAVG.GLOBALAVG.
11.3bn11.3bn
23022302
GLOBALAVG.GLOBALAVG.
101101
47
Sub-Sector StrengthsSub-Sector Strengths
AI, Big Data & AnalyticsAI, Big Data & Analytics
The AI Accelerator Summit brings together leadersThe AI Accelerator Summit brings together leaders
in AI hardware and architecture from largein AI hardware and architecture from large
organizations and startups in Silicon Valley. Theorganizations and startups in Silicon Valley. The
world’s leading AI and Big Data event, AI & Big Dataworld’s leading AI and Big Data event, AI & Big Data
Expo 2022, will take place in Santa Clara.Expo 2022, will take place in Santa Clara.
SambaNova Systems, which builds advancedSambaNova Systems, which builds advanced
software, hardware, and services to run AIsoftware, hardware, and services to run AI
applications, raised a $676 million Series D in Aprilapplications, raised a $676 million Series D in April
2021, raising its valuation to more than $5 billion.2021, raising its valuation to more than $5 billion.
AI-powered customer service platform UniphoreAI-powered customer service platform Uniphore
raised a $400 million Series E in February 2022.raised a $400 million Series E in February 2022.
FintechFintech
Fintech Mercury provides venture debt to early-Fintech Mercury provides venture debt to earlystage
startups, with an aim of lending out $200stage startups, with an aim of lending out $200
million in 2022 and up to $1 billion the followingmillion in 2022 and up to $1 billion the following
year. Mercury is offering 25% to 50% of a startup’syear. Mercury is offering 25% to 50% of a startup’s
equity round in debt. All-in-one payment solutionequity round in debt. All-in-one payment solution
for insurance Ascend raised both a $250 millionfor insurance Ascend raised both a $250 million
debt financing round and a $30 million Series A indebt financing round and a $30 million Series A in
January 2022. Digital-asset trading platformJanuary 2022. Digital-asset trading platform
FalconX raised a $210 million Series C in AugustFalconX raised a $210 million Series C in August
2021.2021.
Life SciencesLife Sciences
After a name change and shift from oncology toAfter a name change and shift from oncology to
immunology, AltruBio relaunched with a $63 millionimmunology, AltruBio relaunched with a $63 million
Series A in April 2021. Gene-editing companySeries A in April 2021. Gene-editing company
Graphite Bio One completed a $230 million IPO onGraphite Bio One completed a $230 million IPO on
the Nasdaq in June 2021.the Nasdaq in June 2021.
Reasons to Move Your Startup to Silicon Valley - Bay AreaReasons to Move Your Startup to Silicon Valley - Bay Area
Easy Financing OpportunitiesEasy Financing Opportunities
Silicon Valley may be a legendarily high-costSilicon Valley may be a legendarily high-cost
ecosystem, requiring large amounts of capital to get aecosystem, requiring large amounts of capital to get a
startup off the ground, but it is also the worldwidestartup off the ground, but it is also the worldwide
epicenter of startup financing. The area also boastsepicenter of startup financing. The area also boasts
the highest concentration of billionaires per capita inthe highest concentration of billionaires per capita in
the world, which means startups have access to athe world, which means startups have access to a
huge range of experienced angel investors willing tohuge range of experienced angel investors willing to
bet on unique and innovative ideas.bet on unique and innovative ideas.
Ideal Startup EnvironmentIdeal Startup Environment
Silicon Valley provides entrepreneurs withSilicon Valley provides entrepreneurs with
everything necessary to found a startup, includingeverything necessary to found a startup, including
world-leading venture capital, talent, andworld-leading venture capital, talent, and
networking opportunities. Startups can draw fromnetworking opportunities. Startups can draw from
the area’s deep pool of talented engineers,the area’s deep pool of talented engineers,
marketers, designers, and executives. The area ismarketers, designers, and executives. The area is
also home to many world-leading tech behemoths,also home to many world-leading tech behemoths,
offering growing companies opportunities foroffering growing companies opportunities for
partnerships and growth.partnerships and growth.
Legal SupportLegal Support
The world’s #1 startup hub offers efficient laws,The world’s #1 startup hub offers efficient laws,
policies, and regulations to safeguard businesspolicies, and regulations to safeguard business
interests and IP. These act as a necessary shield forinterests and IP. These act as a necessary shield for
tech businesses, especially the ones that are startingtech businesses, especially the ones that are starting
small.small.
48
United StatesUnited States
New York CityNew York City
MEMBERS:MEMBERS:
New York City Economic Development CorporationNew York City Economic Development Corporation // Tech:NYCTech:NYC
#2#2
"Record investment in New York startups is a testament to our city's unmatched"Record investment in New York startups is a testament to our city's unmatched
entrepreneurial talent. Local tech continues to drive the city’s economy — a winentrepreneurial talent. Local tech continues to drive the city’s economy — a win
for all New Yorkers."for all New Yorkers."
Jason Myles ClarkJason Myles Clark
Executive Director, Tech:NYCExecutive Director, Tech:NYC
HighlightsHighlights
2021 was a red hot year for venture capital in America’s second-largest tech hub. New York-based VC2021 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 raisedfirms raised an estimated $1.6 billion in funds in 2021, and venture-backed startups in the region raised
more than $55 billion — up from $20.2 billion in 2020. The ecosystem also saw two of the largestmore than $55 billion — up from $20.2 billion in 2020. The ecosystem also saw two of the largest
traditional IPOs by deal size for venture-backed, NYC-based startups in the last decade: UiPath, which wastraditional 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 companiesfounded in Bucharest before moving to the U.S., and Oscar Health. Five New York-based tech companies
raised more than $300 million in 2021: robotic process automation startup UiPath, Healthtech startup Ro,raised more than $300 million in 2021: robotic process automation startup UiPath, Healthtech startup Ro,
risk-detection AI company Dataminr, text message marketing startup Attentiv, and website building startuprisk-detection AI company Dataminr, text message marketing startup Attentiv, and website building startup
Squarespace, which also went public in 2021. Corporate card startup Ramp joined New York’s unicorn clubSquarespace, 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-when it raised $115 million in an April 2021 Series B round, reportedly becoming New York City’s fastestgrowing
startup. It has since increased its total fundraising to $1.4 billion over eight rounds.growing startup. It has since increased its total fundraising to $1.4 billion over eight rounds.
New York-based WeWork is partnering with chambers of commerce and Tech:NYC to launch WeWorkNew 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 $25Growth 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 Queensmillion 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 raiseTech 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 byawareness 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, willTech: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.provide paid work and mentorship opportunities at tech companies for 1,000 students.
TOTAL EARLY STAGE FUNDINGTOTAL EARLY STAGE FUNDING
(2019H2-2021)(2019H2-2021)
$14 bn$14 bn
ECOSYSTEM VALUEECOSYSTEM VALUE
(2019H2-2021)(2019H2-2021)
$371 bn$371 bn
MEDIAN SEED ROUNDMEDIAN SEED ROUND
(2019H2-2021)(2019H2-2021)
$1.2 m$1.2 m
GLOBALAVG.GLOBALAVG.
$671 k$671 k
MEDIAN SERIES A ROUNDMEDIAN SERIES A ROUND
(2019H2-2021)(2019H2-2021)
$8.1 m$8.1 m
GLOBALAVG.GLOBALAVG.
$4.7 m$4.7 m
SOFT. ENGINEER SALARYSOFT. ENGINEER SALARY
(2021)(2021)
$102 k$102 k
GLOBALAVG.GLOBALAVG.
$46 k$46 k
Amount ($)Amount ($) Count (#)Count (#)
ExitsExits
(2017-2021)(2017-2021)
EARLY-STAGE FUNDING GROWTH TIEREARLY-STAGE FUNDING GROWTH TIER
(2018/19 VS. 2020/21)(2018/19 VS. 2020/21)
6
Calculated on a scale ofCalculated on a scale of
1 (lowest) to 10 (highest)1 (lowest) to 10 (highest)
TOTAL VC FUNDINGTOTAL VC FUNDING
(2017-2021)(2017-2021)
$88 bn$88 bn
GLOBALAVG.GLOBALAVG.
$4.5 bn$4.5 bn
TIME TO EXITTIME TO EXIT
(2017-2021)(2017-2021)
8.6 years8.6 years
GLOBALAVG.GLOBALAVG.
9.4 years9.4 years
GLOBALAVG.GLOBALAVG.
$687 m$687 m
GLOBALAVG.GLOBALAVG.
$28.6 bn$28.6 bn
139bn139bn
GLOBALAVG.GLOBALAVG.
11.3bn11.3bn
16191619
GLOBALAVG.GLOBALAVG.
101101
4949
Sub-Sector StrengthsSub-Sector Strengths
AI, Big Data & AnalyticsAI, Big Data & Analytics
NYC-based AI companies received $8.7 billion acrossNYC-based AI companies received $8.7 billion across
292 deals in 2021. AI Summit New York will bring292 deals in 2021. AI Summit New York will bring
together representatives from the world’s leadingtogether representatives from the world’s leading
organizations to discuss an AI-powered future. Aorganizations to discuss an AI-powered future. A
coalition of NYC government agencies andcoalition of NYC government agencies and
businesses opened the nation’s first Cyberattackbusinesses opened the nation’s first Cyberattack
Defense Center in 2021. EDC’s Cyber NYC initiativeDefense Center in 2021. EDC’s Cyber NYC initiative
has invested in growing the cyber workforce whilehas invested in growing the cyber workforce while
NYC-based cybersecurity firms are attractingNYC-based cybersecurity firms are attracting
investor attention.investor attention.
Life SciencesLife Sciences
In 2021, NYC’s annual life sciences VC and NationalIn 2021, NYC’s annual life sciences VC and National
Institutes of Health funding both touched all-timeInstitutes of Health funding both touched all-time
highs at $1.4 billion and $2.8 billion, respectively.highs at $1.4 billion and $2.8 billion, respectively.
NYC announced in June 2021 that it would beNYC announced in June 2021 that it would be
doubling its investment in the Life Sci NYCdoubling its investment in the Life Sci NYC
initiative to $1 billion to cement New York as ainitiative to $1 billion to cement New York as a
global leader in Life Sciences. As of 2021, NYC’sglobal leader in Life Sciences. As of 2021, NYC’s
total lab exclusive inventory totaled about 1.9total lab exclusive inventory totaled about 1.9
million square feet and is projected to grow to 4.64million square feet and is projected to grow to 4.64
million square ft by 2025.million square ft by 2025.
BlockchainBlockchain
Mayor Eric Adams took his first three paychecks inMayor Eric Adams took his first three paychecks in
cryptocurrency and has stated that he wants NYCcryptocurrency and has stated that he wants NYC
to be the “center of cryptocurrency.” NYC is nowto be the “center of cryptocurrency.” NYC is now
home to over 250 blockchain startups and ahome to over 250 blockchain startups and a
growing pool of blockchain talent. Several of thegrowing pool of blockchain talent. Several of the
largest blockchain employers in the world,largest blockchain employers in the world,
including IBM, R3, and Coinbase, are also growingincluding IBM, R3, and Coinbase, are also growing
their footprint in NYC. In 2021, NYC accounted fortheir footprint in NYC. In 2021, NYC accounted for
almost half of all Blockchain investments nationally.almost half of all Blockchain investments nationally.
Reasons to Move Your Startup to New York CityReasons to Move Your Startup to New York City
Dedicated SupportDedicated Support
NYC Business Quick Start is an effort to position NYCNYC Business Quick Start is an effort to position NYC
as the most business-friendly large city. It offersas the most business-friendly large city. It offers
businesses a single point of contact to help navigatebusinesses a single point of contact to help navigate
regulations and cuts through red tape to reduceregulations and cuts through red tape to reduce
processing time by 50%. New York SCORE providesprocessing time by 50%. New York SCORE provides
free expert mentoring to entrepreneurs, and Empirefree expert mentoring to entrepreneurs, and Empire
State Development's Small Business Division alsoState Development's Small Business Division also
offers resources. NYC Department of Small Businessoffers resources. NYC Department of Small Business
Services offers free legal services. WE Legal helpsServices offers free legal services. WE Legal helps
female entrepreneurs access resources on business-female entrepreneurs access resources on businessrelated
topics.related topics.
High-Quality TalentHigh-Quality Talent
NYC’s talent pool is over 4 million people, andNYC’s talent pool is over 4 million people, and
roughly 3.2 million hold a bachelor’s degree — moreroughly 3.2 million hold a bachelor’s degree — more
than Los Angeles, San Francisco, Philadelphia,than Los Angeles, San Francisco, Philadelphia,
Washington, D.C., and Boston combined. 47% ofWashington, D.C., and Boston combined. 47% of
the workforce is made up of immigrants and almostthe workforce is made up of immigrants and almost
200 languages are spoken in NYC. The workforce is200 languages are spoken in NYC. The workforce is
cultivated by 100+ institutes of higher learning andcultivated by 100+ institutes of higher learning and
numerous workforce training programs. Programsnumerous workforce training programs. Programs
including Tech Talent Pipeline, a no-cost service toincluding Tech Talent Pipeline, a no-cost service to
help companies find diverse, talented candidates,help companies find diverse, talented candidates,
further strengthen the ecosystem.further strengthen the ecosystem.
Tax BenefitsTax Benefits
START-UP NY offers new and expanding businessesSTART-UP NY offers new and expanding businesses
the opportunity to operate tax-free for 10 years on orthe opportunity to operate tax-free for 10 years on or
near eligible university or college campuses in Newnear eligible university or college campuses in New
York. These companies’ employees will pay no stateYork. These companies’ employees will pay no state
or local personal income taxes for the first five yearsor local personal income taxes for the first five years
on income up to $200,000 for individuals. Businesseson income up to $200,000 for individuals. Businesses
also gain access to advanced research laboratoriesalso gain access to advanced research laboratories
and industry expertise through these partnerships.and industry expertise through these partnerships.
50
Selected Startup OrganizationsSelected Startup Organizations
AlleyCorpAlleyCorp
AlleyCorp is a $600M+ evergreen venture fundAlleyCorp is a $600M+ evergreen venture fund
founded by serial entrepreneur Kevin Ryan thatfounded by serial entrepreneur Kevin Ryan that
incubates and invests in transformational companiesincubates and invests in transformational companies
in New York City.in New York City.
Company VenturesCompany Ventures
Company is a one-million square foot innovationCompany is a one-million square foot innovation
campus located in midtown NYC, and Companycampus located in midtown NYC, and Company
Ventures is the venture ecosystem that sits at theVentures is the venture ecosystem that sits at the
heart of the building, investing in New York's mostheart of the building, investing in New York's most
talented founding teams.talented founding teams.
Cornell TechCornell Tech
Cornell Tech is Cornell University’s groundbreakingCornell Tech is Cornell University’s groundbreaking
campus for technology research and computercampus for technology research and computer
science and engineering education in NYC.science and engineering education in NYC.
NewlabNewlab
Newlab helps build, test, and scale world-changingNewlab helps build, test, and scale world-changing
technologies that support of the health of thetechnologies that support of the health of the
planet through investment, venture building, andplanet through investment, venture building, and
structured collaboration with industry andstructured collaboration with industry and
government partners.government partners.
Per ScholasPer Scholas
Per Scholas’ mission is to advance economic equityPer Scholas’ mission is to advance economic equity
through rigorous training for tech careers and tothrough rigorous training for tech careers and to
connect skilled talent to leading businesses.connect skilled talent to leading businesses.
STARTUP GENOME MEMBERSSTARTUP GENOME MEMBERS
New York City Economic DevelopmentNew York City Economic Development
CorporationCorporation
New York City Economic Development Corporation creates shared prosperity acrossNew York City Economic Development Corporation creates shared prosperity across
New York City’s five boroughs by strengthening neighborhoods and creating goodNew York City’s five boroughs by strengthening neighborhoods and creating good
jobs. NYCEDC works with and for communities to provide them with the resourcesjobs. 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 jobthey need to thrive, and we invest in projects that increase sustainability, support job
growth, develop talent, and spark innovation to strengthen the City’s competitivegrowth, develop talent, and spark innovation to strengthen the City’s competitive
advantage.advantage.
MEMBERMEMBER
Tech:NYCTech:NYC
Tech:NYC is an engaged network of tech leaders working to foster a dynamic,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 adiverse, and creative New York. We bring together New Yorkers to support a
successful technology ecosystem, attract and retain top-tier talent, and celebratesuccessful technology ecosystem, attract and retain top-tier talent, and celebrate
New York and the companies that call it home.New York and the companies that call it home.
MEMBERMEMBER
KEY ECOSYSTEM PLAYERSKEY ECOSYSTEM PLAYERS
51
United KingdomUnited Kingdom
LondonLondon #2#2
"It’s fantastic to see that London tech companies are attracting large volumes of"It’s fantastic to see that London tech companies are attracting large volumes of
capital across all stages of the funding journey as a sign that our techcapital across all stages of the funding journey as a sign that our tech
ecosystem is truly flourishing and our entrepreneurs are second to none."ecosystem is truly flourishing and our entrepreneurs are second to none."
Eileen BurbidgeEileen Burbidge
Partner, Passion CapitalPartner, Passion Capital
HighlightsHighlights
London remains Europe’s startup capital and ranked fourth globally for VC investment in 2021. The city’sLondon 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 2020tech 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. Cleantechtotal. An influx of capital into the U.K. capital from Silicon Valley is driving much of this boom. Cleantech
has been a particularly hot sub-sector with $1.7 billion pumped into London-based Cleantech companieshas been a particularly hot sub-sector with $1.7 billion pumped into London-based Cleantech companies
in 2021. London is the #2 city globally for the number of Cleantech rounds raised by startups.in 2021. London is the #2 city globally for the number of Cleantech rounds raised by startups.
Local VC firms include Balderton Capital, which focuses on backing European technology companies. InLocal VC firms include Balderton Capital, which focuses on backing European technology companies. In
November 2021, it announced it had raised a second, $600 million fund. Early-stage VC firm Passion CapitalNovember 2021, it announced it had raised a second, $600 million fund. Early-stage VC firm Passion Capital
announced its third, $62.5 million fund in March 2021.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 anyUnsurprisingly 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 Starlingother 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 JanuaryBank. 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 drew2022, 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.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 comeLondon 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 totogether 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 forcreate pathways for Black women in tech. Tech Nation provides coaching, content, and community for
founders, leaders, and scaling companies.founders, leaders, and scaling companies.
TOTAL EARLY STAGE FUNDINGTOTAL EARLY STAGE FUNDING
(2019H2-2021)(2019H2-2021)
$14 bn$14 bn
ECOSYSTEM VALUEECOSYSTEM VALUE
(2019H2-2021)(2019H2-2021)
$314 bn$314 bn
MEDIAN SEED ROUNDMEDIAN SEED ROUND
(2019H2-2021)(2019H2-2021)
$714 k$714 k
GLOBALAVG.GLOBALAVG.
$671 k$671 k
MEDIAN SERIES A ROUNDMEDIAN SERIES A ROUND
(2019H2-2021)(2019H2-2021)
$6.2 m$6.2 m
GLOBALAVG.GLOBALAVG.
$4.7 m$4.7 m
SOFT. ENGINEER SALARYSOFT. ENGINEER SALARY
(2021)(2021)
$69 k$69 k
GLOBALAVG.GLOBALAVG.
$46 k$46 k
Amount ($)Amount ($) Count (#)Count (#)
ExitsExits
(2017-2021)(2017-2021)
EARLY-STAGE FUNDING GROWTH TIEREARLY-STAGE FUNDING GROWTH TIER
(2018/19 VS. 2020/21)(2018/19 VS. 2020/21)
7
Calculated on a scale ofCalculated on a scale of
1 (lowest) to 10 (highest)1 (lowest) to 10 (highest)
TOTAL VC FUNDINGTOTAL VC FUNDING
(2017-2021)(2017-2021)
$68 bn$68 bn
GLOBALAVG.GLOBALAVG.
$4.5 bn$4.5 bn
TIME TO EXITTIME TO EXIT
(2017-2021)(2017-2021)
9.5 years9.5 years
GLOBALAVG.GLOBALAVG.
9.4 years9.4 years
GLOBALAVG.GLOBALAVG.
$687 m$687 m
GLOBALAVG.GLOBALAVG.
$28.6 bn$28.6 bn
79bn79bn
GLOBALAVG.GLOBALAVG.
11.3bn11.3bn
14411441
GLOBALAVG.GLOBALAVG.
101101
#3
52
Sub-Sector StrengthsSub-Sector Strengths
FintechFintech
London-based Fintechs raised $11.7 billion in 2021,London-based Fintechs raised $11.7 billion in 2021,
which accounted for 46% of total VC investment forwhich accounted for 46% of total VC investment for
the year. Barclays Accelerator, a Fintech-focusedthe year. Barclays Accelerator, a Fintech-focused
accelerator powered by Techstars, reached a $4accelerator powered by Techstars, reached a $4
billion valuation in 2021. The government plans tobillion valuation in 2021. The government plans to
support the sub-sector with new visa pathways forsupport the sub-sector with new visa pathways for
foreign workers, enhancing the regulatory toolbox,foreign workers, enhancing the regulatory toolbox,
reforming market-listing rules, and exploring areforming market-listing rules, and exploring a
central-bank digital currency. Revolut raised an $800central-bank digital currency. Revolut raised an $800
million Series E in July 2021. Payment solutionsmillion Series E in July 2021. Payment solutions
provider SaltPay raised a $370 million Series C inprovider SaltPay raised a $370 million Series C in
November 2021, and Blockchain-based lendingNovember 2021, and Blockchain-based lending
platform Celsius Network raised a $350 millionplatform Celsius Network raised a $350 million
Series B the same month.Series B the same month.
EdtechEdtech
The U.K.'s Edtech sub-sector attracted a flood ofThe U.K.'s Edtech sub-sector attracted a flood of
American money in 2021r. More than 40% of allAmerican money in 2021r. More than 40% of all
Edtech investment into Europe goes to the U.K.Edtech investment into Europe goes to the U.K.
EdTech World Forum and London Edtech Week areEdTech World Forum and London Edtech Week are
key events. Student recruitment platform Unibuddykey events. Student recruitment platform Unibuddy
raised a £14.5 million ($18.9 million) Series B in Julyraised a £14.5 million ($18.9 million) Series B in July
2021. Apprenticeship startup2021. Apprenticeship startup MultiverseMultiverse raised araised a
$130 million Series C in September 2021. Online$130 million Series C in September 2021. Online
teaching platformteaching platform Atom LearningAtom Learning raised a £19raised a £19
million ($24.7 million) Series A in December 2021.million ($24.7 million) Series A in December 2021.
Reasons to Move Your Startup to LondonReasons to Move Your Startup to London
Access to FundingAccess to Funding
Compared with other international tech hubs,Compared with other international tech hubs,
startups in London have access to deeper pools ofstartups in London have access to deeper pools of
capital, with an average seed round of $653,000,capital, with an average seed round of $653,000,
compared to a global average of $494,000.compared to a global average of $494,000. As of theAs of the
close of 2021, London was home to over 1,370 VCclose of 2021, London was home to over 1,370 VC
firms, more than any other European city. Severalfirms, more than any other European city. Several
global investment firms have increased their presenceglobal investment firms have increased their presence
in London recently. Index Ventures announced a $3.1in London recently. Index Ventures announced a $3.1
billion fund for European startups in July 2021, whilebillion fund for European startups in July 2021, while
Silicon Valley-based VC Sequoia Capital alsoSilicon Valley-based VC Sequoia Capital also
expanded its footprint in the UK capital.expanded its footprint in the UK capital.
Government SupportGovernment Support
The mayor of London’s £1 million ($1.3 million)The mayor of London’s £1 million ($1.3 million)
Resilience Fund challenges innovators to developResilience Fund challenges innovators to develop
solutions to some of London’s most pressingsolutions to some of London’s most pressing
problems. London & Partners offers support andproblems. London & Partners offers support and
advice for scaleup companies looking to set upadvice for scaleup companies looking to set up
shop in London. Its Business Growth Programmeshop in London. Its Business Growth Programme
supports pre-seed and seed stage startups andsupports pre-seed and seed stage startups and
SMEs that employ between five and 10 people. TheSMEs that employ between five and 10 people. The
program also runs an accelerator program forprogram also runs an accelerator program for
mission-driven businesses working towards themission-driven businesses working towards the
UN’s Sustainable Development Goals. SelectedUN’s Sustainable Development Goals. Selected
ccoommppaanniieess ggaaiinn aacccceessss ttoo ccoorrppoorraatteess,, mmeennttoorrss,,
wwoorrkksshhooppss,, aanndd bbuussiinneessss aaddvviiccee..
As of the close of 2021,
London was home to
over 1,370 VC firms,
more than any other
European city.
53
SingaporeSingapore
SingaporeSingapore
MEMBERS:MEMBERS:
Enterprise SingaporeEnterprise Singapore
#18#18
"Singapore’s start-up ecosystem is home to regional unicorns, top talent, and"Singapore’s start-up ecosystem is home to regional unicorns, top talent, and
sophisticated investors. It is the ideal base to address Southeast Asia’s trillion-sophisticated investors. It is the ideal base to address Southeast Asia’s trilliondollar
digital commerce and climate-tech opportunities."dollar digital commerce and climate-tech opportunities."
Steve MelhuishSteve Melhuish
Co-founder, PropertyGuru Group and impact investorCo-founder, PropertyGuru Group and impact investor
HighlightsHighlights
With its rising middle class, pro-business environment, and booming internet economy, Singapore is anWith its rising middle class, pro-business environment, and booming internet economy, Singapore is an
attractive hub for startups.attractive hub for startups. Department of Statistics and Enterprise Singapore data shows that there areDepartment of Statistics and Enterprise Singapore data shows that there are
close to 4,000 startups in Singapore, over 220 VCs, and over 200 accelerators. Singapore minted 11 newclose to 4,000 startups in Singapore, over 220 VCs, and over 200 accelerators. Singapore minted 11 new
unicorns in 2021, and many global corporations have set up innovation centers here in recent years.unicorns in 2021, and many global corporations have set up innovation centers here in recent years.
In 2021, 52% of equity funding generated in Southeast Asia was from Singapore, according to EnterpriseIn 2021, 52% of equity funding generated in Southeast Asia was from Singapore, according to Enterprise
Singapore. Investors are attracted to Singapore’s position as an entry to Southeast Asia and to Singapore’sSingapore. Investors are attracted to Singapore’s position as an entry to Southeast Asia and to Singapore’s
high-quality startups. Enterprise Singapore provides support programs under Startup SG and Enterprisehigh-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.Singapore ’s investment arm, SEEDS Capital, has co-invested in 160 Singapore-based startups.
The government allocated an additional S$300 million in the 2020 budget to support the growth of techThe 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. Cleantechstartups 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 Analyticsis 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 inbringing 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$19its 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 bondsbillion 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.will be issued by 2030 to fund green public sector projects.
TOTAL EARLY STAGE FUNDINGTOTAL EARLY STAGE FUNDING
(2019H2-2021)(2019H2-2021)
$3.2 bn$3.2 bn
ECOSYSTEM VALUEECOSYSTEM VALUE
(2019H2-2021)(2019H2-2021)
$89 bn$89 bn
MEDIAN SEED ROUNDMEDIAN SEED ROUND
(2019H2-2021)(2019H2-2021)
$850 k$850 k
GLOBALAVG.GLOBALAVG.
$671 k$671 k
MEDIAN SERIES A ROUNDMEDIAN SERIES A ROUND
(2019H2-2021)(2019H2-2021)
$6 m$6 m
GLOBALAVG.GLOBALAVG.
$4.7 m$4.7 m
SOFT. ENGINEER SALARYSOFT. ENGINEER SALARY
(2021)(2021)
$45 k$45 k
GLOBALAVG.GLOBALAVG.
$46 k$46 k
Amount ($)Amount ($) Count (#)Count (#)
ExitsExits
(2017-2021)(2017-2021)
EARLY-STAGE FUNDING GROWTH TIEREARLY-STAGE FUNDING GROWTH TIER
(2018/19 VS. 2020/21)(2018/19 VS. 2020/21)
8
Calculated on a scale ofCalculated on a scale of
1 (lowest) to 10 (highest)1 (lowest) to 10 (highest)
TOTAL VC FUNDINGTOTAL VC FUNDING
(2017-2021)(2017-2021)
$17 bn$17 bn
GLOBALAVG.GLOBALAVG.
$4.5 bn$4.5 bn
TIME TO EXITTIME TO EXIT
(2017-2021)(2017-2021)
6.8 years6.8 years
GLOBALAVG.GLOBALAVG.
9.4 years9.4 years
GLOBALAVG.GLOBALAVG.
$687 m$687 m
GLOBALAVG.GLOBALAVG.
$28.6 bn$28.6 bn
12bn12bn
GLOBALAVG.GLOBALAVG.
11.3bn11.3bn
224224
GLOBALAVG.GLOBALAVG.
101101
#4
54
Sub-Sector StrengthsSub-Sector Strengths
AI, Big Data & AnalyticsAI, Big Data & Analytics
The Singapore government has been ramping upThe Singapore government has been ramping up
and encouraging investment in tech startups,and encouraging investment in tech startups,
including companies focused on AI, Big Data, andincluding companies focused on AI, Big Data, and
Analytics. Follow-on investments are expectedAnalytics. Follow-on investments are expected
through programs such as Startup SG Equity.through programs such as Startup SG Equity.
Hosted by the National University of Singapore, AIHosted by the National University of Singapore, AI
Singapore is a national AI program to anchorSingapore is a national AI program to anchor
Singapore’s AI capabilities. Innovation intelligenceSingapore’s AI capabilities. Innovation intelligence
startup PatSnap raised $300 million in March 2021,startup PatSnap raised $300 million in March 2021,
bringing its valuation to more than $1 billion, andbringing its valuation to more than $1 billion, and
AI-driven tech company Advance Intelligence GroupAI-driven tech company Advance Intelligence Group
raised a $400 million Series D in September 2021,raised a $400 million Series D in September 2021,
making both companies unicorns.making both companies unicorns.
Life SciencesLife Sciences
Singapore's biomedical innovation ecosystem hasSingapore's biomedical innovation ecosystem has
grown nearly six times over the past decade, withgrown nearly six times over the past decade, with
over 360 biomedical startups and SMEs establishedover 360 biomedical startups and SMEs established
in the region to date. Enterprise Singaporein the region to date. Enterprise Singapore
reported that a record $600 million was raised inreported that a record $600 million was raised in
related funding between January and Septemberrelated funding between January and September
2021. Doctor Anywhere raised a $65.7 million Series2021. Doctor Anywhere raised a $65.7 million Series
C round in August 2021, one of the largest privateC round in August 2021, one of the largest private
funding rounds ever raised by a healthtechfunding rounds ever raised by a healthtech
company in Southeast Asia.company in Southeast Asia.
Agtech & New FoodAgtech & New Food
The Singapore government has dedicated $45.2The Singapore government has dedicated $45.2
million to its new Agri-food Cluster Transformationmillion to its new Agri-food Cluster Transformation
Fund, which is focused on supporting farmersFund, which is focused on supporting farmers
through technology and boosting domestic foodthrough technology and boosting domestic food
production. In February 2022, Nex Gen Foodsproduction. In February 2022, Nex Gen Foods
raised $100 million in the largest Series A deal for araised $100 million in the largest Series A deal for a
plant-based meat company globally to date. Theplant-based meat company globally to date. The
startupstartup was founded in the U.S. but is nowwas founded in the U.S. but is now
headquartered in Singapore.headquartered in Singapore.
Reasons to Move Your Startup to SingaporeReasons to Move Your Startup to Singapore
Government SupportGovernment Support
Enterprise Singapore, a Singapore governmentEnterprise Singapore, a Singapore government
agency under the Ministry of Trade and Industry, hasagency under the Ministry of Trade and Industry, has
a suite of startup-friendly policies, including grantsa suite of startup-friendly policies, including grants
for first-time entrepreneurs, talent placements, andfor first-time entrepreneurs, talent placements, and
co-investments. Together with other governmentco-investments. Together with other government
agencies, it works closely with private sectoragencies, it works closely with private sector
ecosystem partners such as VCs and accelerators toecosystem partners such as VCs and accelerators to
support growth in Deep Tech sectors. Global supportsupport growth in Deep Tech sectors. Global support
organizations and investors including 500 Startups,organizations and investors including 500 Startups,
Plug and Play, Sequoia, and many more have aPlug and Play, Sequoia, and many more have a
presence in Singapore, connecting the ecosystem topresence in Singapore, connecting the ecosystem to
the global community.the global community.
Talent Development &Talent Development &
AttractionAttraction
Singapore welcomes entrepreneurs and tech talentSingapore welcomes entrepreneurs and tech talent
with initiatives including the Entrepass visa forwith initiatives including the Entrepass visa for
foreign founders. In addition,foreign founders. In addition, Tech@SGTech@SG andand
TechPass provide visas for Singapore-basedTechPass provide visas for Singapore-based
startups to attract global tech talent. Largestartups to attract global tech talent. Large
corporations including Dyson and biotechnologycorporations including Dyson and biotechnology
company BioNTech have set up headquarters incompany BioNTech have set up headquarters in
Singapore to tap into the diverse and growingSingapore to tap into the diverse and growing
engineering and science talent. Semiconductorengineering and science talent. Semiconductor
manufacturing company GlobalFoundries ismanufacturing company GlobalFoundries is
building a new S$5.4 billion plant in Singapore.building a new S$5.4 billion plant in Singapore.
Large corporations
including Dyson and
biotechnology company
BioNTech have set up
headquarters in Singapore
to tap into the diverse and
growing engineering and
science talent.
55
Selected Startup OrganizationsSelected Startup Organizations
"Ranking as the #18 Global Startup Ecosystem"Ranking as the #18 Global Startup Ecosystem
overall, Singapore is a leading example of aoverall, Singapore is a leading example of a
thriving startup community. It is thrilling to closelythriving startup community. It is thrilling to closely
collaborate with Enterprise Singapore to take acollaborate with Enterprise Singapore to take a
data-centric approach to studying this success."data-centric approach to studying this success."
Stephan Kuester, Head of Ecosystem Strategy ofStephan Kuester, Head of Ecosystem Strategy of
Startup GenomeStartup Genome
500 Global500 Global
500 Global is a venture capital firm that invests early500 Global is a venture capital firm that invests early
in founders building fast-growing technologyin founders building fast-growing technology
companies. It has backed over 2,600 companies,companies. It has backed over 2,600 companies,
including 41 companies valued at $1+ billion.including 41 companies valued at $1+ billion.
Action Community forAction Community for
Entrepreneurship (ACE)Entrepreneurship (ACE)
ACE is the national voice for the Singapore startupACE is the national voice for the Singapore startup
ecosystem, and a key trade association representingecosystem, and a key trade association representing
the interests of startups in Singapore. ACEthe interests of startups in Singapore. ACE
constantly seeks to build a vibrant and sustainableconstantly seeks to build a vibrant and sustainable
startup ecosystem.startup ecosystem.
NUS EnterpriseNUS Enterprise
NUS Enterprise, the entrepreneurial arm of theNUS Enterprise, the entrepreneurial arm of the
National University of Singapore, plays a key role inNational University of Singapore, plays a key role in
advancing innovation and entrepreneurship throughadvancing innovation and entrepreneurship through
entrepreneurial education, industry partnerships,entrepreneurial education, industry partnerships,
support, and outreach.support, and outreach.
Quest VenturesQuest Ventures
Quest Ventures is a top venture capital firm in Asia.Quest Ventures is a top venture capital firm in Asia.
Its portfolio includes 100+ companies in more thanIts portfolio includes 100+ companies in more than
150 cities, creating opportunities for more than150 cities, creating opportunities for more than
4,400 employees, and its Enterprise and ESG efforts4,400 employees, and its Enterprise and ESG efforts
impact thousands more.impact thousands more.
SGInnovateSGInnovate
SGInnovate is a Singapore government-backedSGInnovate is a Singapore government-backed
Deep Tech ecosystem builder and investor.Deep Tech ecosystem builder and investor.
SGInnovate supports the development of talent andSGInnovate supports the development of talent and
helps emerging tech startups to commercializehelps emerging tech startups to commercialize
research, build solutions, and tackle the mostresearch, build solutions, and tackle the most
pressing challenges.pressing challenges.
STARTUP GENOME MEMBERSSTARTUP GENOME MEMBERS
Enterprise SingaporeEnterprise Singapore
Enterprise Singapore is a government agency championing enterprise development.Enterprise Singapore is a government agency championing enterprise development.
We work with committed companies to build capabilities, innovate, andWe work with committed companies to build capabilities, innovate, and
internationalize. We also support the growth of Singapore as a hub for global tradinginternationalize. We also support the growth of Singapore as a hub for global trading
and startups.and startups.
MEMBERMEMBER
KEY ECOSYSTEM PLAYERSKEY ECOSYSTEM PLAYERS
“Ranking as the #18 Global Startup Ecosystem
overall, Singapore is a leading example of a thriving
startup community. It is thrilling to closely collaborate
with Enterprise Singapore to take a data-centric
approach to studying this success.”
Stephan Kuester, Head of Ecosystem Strategy of
Startup Genome
56
ChinaChina
BeijingBeijing #5#5
"Beijing is a vibrant city for venture capital and startups. With a large pool of"Beijing is a vibrant city for venture capital and startups. With a large pool of
talent from top universities, the presence of multiple technology corporations,talent from top universities, the presence of multiple technology corporations,
and access to capital, it has ample resources to help startups to grow."and access to capital, it has ample resources to help startups to grow."
Heng Teck YongHeng Teck Yong
Partner, Pegasus CapitalPartner, Pegasus Capital
HighlightsHighlights
The Beijing 2022 Winter Olympics spotlighted not just athletic greatness, but also Beijing’s growing statusThe 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-drivingas 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 officialvehicles, telemedicine, and smart venue management. China Unicom, the event’s official
telecommunications service provider, built an intelligent vehicle networking system that supported a self-telecommunications service provider, built an intelligent vehicle networking system that supported a selfdriving
car to carry the Olympic torch. It also helped test four types of unmanned vehicles including busesdriving car to carry the Olympic torch. It also helped test four types of unmanned vehicles including buses
andand delivery vehicles.delivery vehicles.
Meanwhile, China is accelerating its ambitious program to support startups in industries such asMeanwhile, China is accelerating its ambitious program to support startups in industries such as
chipmaking and biotech. The Ministry of Industry and Information Technology is set to namechipmaking 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 specialapproximately 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 enjoyincentives and signals to investors, employees, and potential corporate partners that the companies enjoy
a special endorsement by the government.a special endorsement by the government.
China is building Huairou Science City in the northeastern suburbs of Beijing to provide laboratories andChina 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. Moreinfrastructure 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 Parkthan 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 Networkof the Institute of Physics, Chinese Academy of Sciences. The 5th International Conference on Network
Technology will be held in Beijing in October 2022.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,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, andaugmented reality startup Nreal’s $60 million Series C in March 2022, and security threat intelligencesecurity threat intelligence
company ThreatBook’s ¥300 million yuan ($47 million) Series E, also in March 2022.company ThreatBook’s ¥300 million yuan ($47 million) Series E, also in March 2022.
TOTAL EARLY STAGE FUNDINGTOTAL EARLY STAGE FUNDING
(2019H2-2021)(2019H2-2021)
$9.5 bn$9.5 bn
ECOSYSTEM VALUEECOSYSTEM VALUE
(2019H2-2021)(2019H2-2021)
$795 bn$795 bn
MEDIAN SEED ROUNDMEDIAN SEED ROUND
(2019H2-2021)(2019H2-2021)
$1.5 m$1.5 m
GLOBALAVG.GLOBALAVG.
$671 k$671 k
MEDIAN SERIES A ROUNDMEDIAN SERIES A ROUND
(2019H2-2021)(2019H2-2021)
$10 m$10 m
GLOBALAVG.GLOBALAVG.
$4.7 m$4.7 m
SOFT. ENGINEER SALARYSOFT. ENGINEER SALARY
(2021)(2021)
$45 k$45 k
GLOBALAVG.GLOBALAVG.
$46 k$46 k
Amount ($)Amount ($) Count (#)Count (#)
ExitsExits
(2017-2021)(2017-2021)
EARLY-STAGE FUNDING GROWTH TIEREARLY-STAGE FUNDING GROWTH TIER
(2018/19 VS. 2020/21)(2018/19 VS. 2020/21)
1
Calculated on a scale ofCalculated on a scale of
1 (lowest) to 10 (highest)1 (lowest) to 10 (highest)
TOTAL VC FUNDINGTOTAL VC FUNDING
(2017-2021)(2017-2021)
$86 bn$86 bn
GLOBALAVG.GLOBALAVG.
$4.5 bn$4.5 bn
TIME TO EXITTIME TO EXIT
(2017-2021)(2017-2021)
8 years8 years
GLOBALAVG.GLOBALAVG.
9.4 years9.4 years
GLOBALAVG.GLOBALAVG.
$687 m$687 m
GLOBALAVG.GLOBALAVG.
$28.6 bn$28.6 bn
432bn432bn
GLOBALAVG.GLOBALAVG.
11.3bn11.3bn
283283
GLOBALAVG.GLOBALAVG.
101101
#6
57
Sub-Sector StrengthsSub-Sector Strengths
AI, Big Data & AnalyticsAI, Big Data & Analytics
Beijing is home to 1,070 AI companies, over a quarterBeijing is home to 1,070 AI companies, over a quarter
of China’s total. Tech hub Zhongguancun aloneof China’s total. Tech hub Zhongguancun alone
hosts 10 AI labs and 9,000 tech companies. The IEEEhosts 10 AI labs and 9,000 tech companies. The IEEE
International Conference on ComputerInternational Conference on Computer
Communication and Artificial Intelligence is held inCommunication and Artificial Intelligence is held in
Beijing. Xiaoice’s AI referee and coaching system notBeijing. Xiaoice’s AI referee and coaching system not
only helped train domestic athletes for the Beijingonly helped train domestic athletes for the Beijing
2022 Winter Olympic Games, but also participated2022 Winter Olympic Games, but also participated
in judging more than 40 test events. AI and IoTin judging more than 40 test events. AI and IoT
platform Terminus Technologies raised a $93 millionplatform Terminus Technologies raised a $93 million
Series B in September 2021. AI startup Aibee raisedSeries B in September 2021. AI startup Aibee raised
$100 million in venture funding in March 2022.$100 million in venture funding in March 2022.
FintechFintech
Beijing has ranked #1 among global Fintech hubsBeijing has ranked #1 among global Fintech hubs
for three consecutive years by the Global FinTechfor three consecutive years by the Global FinTech
Hub Report. Co-organized by Tsinghua UniversityHub Report. Co-organized by Tsinghua University
PBC School of Finance and more than 30 otherPBC School of Finance and more than 30 other
colleges and universities, and sponsored bycolleges and universities, and sponsored by
Tsinghua University Fintech Research Institute, theTsinghua University Fintech Research Institute, the
2021 China Fintech Research Conference was held2021 China Fintech Research Conference was held
in Beijing to promote research around Fintech. Thein Beijing to promote research around Fintech. The
Fintech World Forum will take place in Beijing inFintech World Forum will take place in Beijing in
June 2022.June 2022. Blockchain startup Cobo raised a $40Blockchain startup Cobo raised a $40
million Series B in September 2021.million Series B in September 2021.
Reasons to Move Your Startup to BeijingReasons to Move Your Startup to Beijing
Infrastructure for AdvancedInfrastructure for Advanced
ResearchResearch
A cluster of advanced research institutions isA cluster of advanced research institutions is
currently being constructed in Huairou Science City.currently being constructed in Huairou Science City.
The cluster will accommodate 5,000 people on a siteThe cluster will accommodate 5,000 people on a site
spanning approximately one square kilometer withspanning approximately one square kilometer with
laboratories and other facilities for cutting-edgelaboratories and other facilities for cutting-edge
science.science.
Research FundingResearch Funding
The National Natural Science Foundation of ChinaThe National Natural Science Foundation of China
has set up the Research Fund for Internationalhas set up the Research Fund for International
Scientists (RFIS) to support foriegn scientists whoScientists (RFIS) to support foriegn scientists who
are ready to conduct basic research in China. RSIFare ready to conduct basic research in China. RSIF
offers scientists up to $125,000 per year per projectoffers scientists up to $125,000 per year per project
and is open to all research areas within the NSFC’sand is open to all research areas within the NSFC’s
funding scope. Projects are expected to start infunding scope. Projects are expected to start in
2023.2023.
Bejing is home to
1,070 AI companies,
over a quarter of
China’s total.
58
CanadaCanada
Toronto-WaterlooToronto-Waterloo
MEMBERS:MEMBERS:
Communitech CorporationCommunitech Corporation // MaRS Discovery DistrictMaRS Discovery District
#17#17
"As new Canadians, we built ApplyBoard to democratize access to education for"As new Canadians, we built ApplyBoard to democratize access to education for
students worldwide. We chose the Toronto-Waterloo corridor because we couldstudents worldwide. We chose the Toronto-Waterloo corridor because we could
easily access a diverse and global community of talented people."easily access a diverse and global community of talented people."
Martin BasiriMartin Basiri
CEO and cofounder, ApplyBoardCEO and cofounder, ApplyBoard
HighlightsHighlights
With more than 300,000 tech workers, the Toronto-Waterloo corridor is home to North America’s third-With more than 300,000 tech workers, the Toronto-Waterloo corridor is home to North America’s thirdlargest
and fastest-growing innovation ecosystem. Anchored by the cities of Toronto (recognized as onelargest and fastest-growing innovation ecosystem. Anchored by the cities of Toronto (recognized as one
of the most multicultural on the planet) and Waterloo (home to the well-regarded University of Waterloo),of the most multicultural on the planet) and Waterloo (home to the well-regarded University of Waterloo),
the corridor boasts excellent transit connectivity and leading innovation hubs including MaRS andthe 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 CanadaCommunitech, as well as deep reservoirs of wealth. Nearly half of the venture capital deployed in Canada
in 2021, a record CAD$7.7 billion, went to companies based in Toronto and Waterloo.in 2021, a record CAD$7.7 billion, went to companies based in Toronto and Waterloo.
The corridor’s millennial population is growing at lightning speed — more than 21% per year — and theThe 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’squality of talent based here ranks alongside the globe’s elite tech regions. More broadly, Canada’s
favorable immigration policies, public institutions, and social-democratic values have attracted a steadyfavorable immigration policies, public institutions, and social-democratic values have attracted a steady
influx of highly-skilled newcomers to the area. In 2021, the Toronto region ranked as the best city in theinflux 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.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 DApplyBoard, 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 Seriesround 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. PasswordC funding a month later, and Cleantech startup GaN Systems raised $150 million in November. Password
managermanager 1Password1Password has raisedhas raised $920$920 million over three rounds, with its most recent a $620 million Series Cmillion over three rounds, with its most recent a $620 million Series C
in January 2022.in January 2022.
TOTAL EARLY STAGE FUNDINGTOTAL EARLY STAGE FUNDING
(2019H2-2021)(2019H2-2021)
$2.7 bn$2.7 bn
ECOSYSTEM VALUEECOSYSTEM VALUE
(2019H2-2021)(2019H2-2021)
$46 bn$46 bn
MEDIAN SEED ROUNDMEDIAN SEED ROUND
(2019H2-2021)(2019H2-2021)
$700 k$700 k
GLOBALAVG.GLOBALAVG.
$671 k$671 k
MEDIAN SERIES A ROUNDMEDIAN SERIES A ROUND
(2019H2-2021)(2019H2-2021)
$6.5 m$6.5 m
GLOBALAVG.GLOBALAVG.
$4.7 m$4.7 m
SOFT. ENGINEER SALARYSOFT. ENGINEER SALARY
(2021)(2021)
$70 k$70 k
GLOBALAVG.GLOBALAVG.
$46 k$46 k
Amount ($)Amount ($) Count (#)Count (#)
ExitsExits
(2017-2021)(2017-2021)
EARLY-STAGE FUNDING GROWTH TIEREARLY-STAGE FUNDING GROWTH TIER
(2018/19 VS. 2020/21)(2018/19 VS. 2020/21)
6
Calculated on a scale ofCalculated on a scale of
1 (lowest) to 10 (highest)1 (lowest) to 10 (highest)
TOTAL VC FUNDINGTOTAL VC FUNDING
(2017-2021)(2017-2021)
$12 bn$12 bn
GLOBALAVG.GLOBALAVG.
$4.5 bn$4.5 bn
TIME TO EXITTIME TO EXIT
(2017-2021)(2017-2021)
9.1 years9.1 years
GLOBALAVG.GLOBALAVG.
9.4 years9.4 years
GLOBALAVG.GLOBALAVG.
$687 m$687 m
GLOBALAVG.GLOBALAVG.
$28.6 bn$28.6 bn
13bn13bn
GLOBALAVG.GLOBALAVG.
11.3bn11.3bn
563563
GLOBALAVG.GLOBALAVG.
101101
#7
59
Sub-Sector StrengthsSub-Sector Strengths
AI, Big Data & AnalyticsAI, Big Data & Analytics
Few countries command as much trust as Canada,Few countries command as much trust as Canada,
and global debates about the creation and use ofand global debates about the creation and use of
new technology have created opportunities fornew technology have created opportunities for
Toronto-Waterloo tech companies to lead in sectorsToronto-Waterloo tech companies to lead in sectors
where trust is critical. Applied AI, Cybersecurity,where trust is critical. Applied AI, Cybersecurity,
Fintech, Healthtech, sustainability and Smart CitiesFintech, Healthtech, sustainability and Smart Cities
are just some examples. The Toronto region’s publicare just some examples. The Toronto region’s public
and private institutions — governed by robust laws —and private institutions — governed by robust laws —
remain role models in the Tech for Good movement.remain role models in the Tech for Good movement.
Life SciencesLife Sciences
The Toronto-Waterloo corridor is a global life-The Toronto-Waterloo corridor is a global lifesciences
powerhouse, boasting some of the world’ssciences powerhouse, boasting some of the world’s
best hospitals, and more than 8,000 relatedbest hospitals, and more than 8,000 related
companies. The foundation of this success comescompanies. The foundation of this success comes
from the University of Toronto (famous for thefrom the University of Toronto (famous for the
discovery of insulin and stem cells) and thediscovery of insulin and stem cells) and the
University of Waterloo, which has the largest post-University of Waterloo, which has the largest postsecondary
co-op program in the world, with nearlysecondary co-op program in the world, with nearly
20,000 co-op students enrolled over three semesters20,000 co-op students enrolled over three semesters
in more than 120 programs.in more than 120 programs.
Reasons to Move Your Startup to Toronto-WaterlooReasons to Move Your Startup to Toronto-Waterloo
Building for HumanityBuilding for Humanity
Canada’s reputation as a progressive nation providesCanada’s reputation as a progressive nation provides
a rock-solid foundation for founders to build trusta rock-solid foundation for founders to build trust
into their technologies and tackle some of the world’sinto their technologies and tackle some of the world’s
biggest challenges. CEOs Tobi Lütke (Shopify),biggest challenges. CEOs Tobi Lütke (Shopify),
Michele Romanow (Clearco), and Joshua LiuMichele Romanow (Clearco), and Joshua Liu
(SeamlessMD) are some vocal local champions of this(SeamlessMD) are some vocal local champions of this
ethos.ethos.
From Lab to MarketFrom Lab to Market
Toronto-Waterloo is enviably equipped to turnToronto-Waterloo is enviably equipped to turn
student talent into professionals, and to turn ideasstudent talent into professionals, and to turn ideas
into prosperous companies. In 2020, MaRS-into prosperous companies. In 2020, MaRSsupported
ventures raised $2.4 billion whilesupported ventures raised $2.4 billion while
generating $1.5 billion in revenue and almost 23,000generating $1.5 billion in revenue and almost 23,000
jobs. The University of Waterloo’s Innovation Area, ajobs. The University of Waterloo’s Innovation Area, a
$35-million space offering wet and biosafety labs$35-million space offering wet and biosafety labs
for 75 ventures, is set to open in 2023.for 75 ventures, is set to open in 2023.
Global CommunityGlobal Community
Toronto-Waterloo represents 230 nationalities and 180Toronto-Waterloo represents 230 nationalities and 180
languages spoken. By 2025, Canada will welcomelanguages spoken. By 2025, Canada will welcome
more than 1.3 million new Canadians. The region is anmore than 1.3 million new Canadians. The region is an
open destination, where newcomers can find peopleopen destination, where newcomers can find people
from their native community and also join dozensfrom their native community and also join dozens
more. Local universities attract tens of thousands ofmore. Local universities attract tens of thousands of
international students every year, and consistentlyinternational students every year, and consistently
produce world-class graduates for high-growthproduce world-class graduates for high-growth
companies.companies.
Sub-Sector StrengthsSub-Sector Strengths
AI, Big Data & AnalyticsAI, Big Data & Analytics
Few countries command as much trust as Canada,Few countries command as much trust as Canada,
and global debates about the creation and use ofand global debates about the creation and use of
new technology have created opportunities fornew technology have created opportunities for
Toronto-Waterloo tech companies to lead in sectorsToronto-Waterloo tech companies to lead in sectors
where trust is critical. Applied AI, Cybersecurity,where trust is critical. Applied AI, Cybersecurity,
Fintech, Healthtech, sustainability and Smart CitiesFintech, Healthtech, sustainability and Smart Cities
are just some examples. The Toronto region’s publicare just some examples. The Toronto region’s public
and private institutions — governed by robust laws —and private institutions — governed by robust laws —
remain role models in the Tech for Good movement.remain role models in the Tech for Good movement.
Life SciencesLife Sciences
The Toronto-Waterloo corridor is a global life-The Toronto-Waterloo corridor is a global lifesciences
powerhouse, boasting some of the world’ssciences powerhouse, boasting some of the world’s
best hospitals, and more than 8,000 relatedbest hospitals, and more than 8,000 related
companies. The foundation of this success comescompanies. The foundation of this success comes
from the University of Toronto (famous for thefrom the University of Toronto (famous for the
discovery of insulin and stem cells) and thediscovery of insulin and stem cells) and the
University of Waterloo, which has the largest post-University of Waterloo, which has the largest postsecondary
co-op program in the world, with nearlysecondary co-op program in the world, with nearly
20,000 co-op students enrolled over three semesters20,000 co-op students enrolled over three semesters
in more than 120 programs.in more than 120 programs.
Reasons to Move Your Startup to Toronto-WaterlooReasons to Move Your Startup to Toronto-Waterloo
Building for HumanityBuilding for Humanity
Canada’s reputation as a progressive nation providesCanada’s reputation as a progressive nation provides
a rock-solid foundation for founders to build trusta rock-solid foundation for founders to build trust
into their technologies and tackle some of the world’sinto their technologies and tackle some of the world’s
biggest challenges. CEOs Tobi Lütke (Shopify),biggest challenges. CEOs Tobi Lütke (Shopify),
Michele Romanow (Clearco), and Joshua LiuMichele Romanow (Clearco), and Joshua Liu
(SeamlessMD) are some vocal local champions of this(SeamlessMD) are some vocal local champions of this
ethos.ethos.
From Lab to MarketFrom Lab to Market
Toronto-Waterloo is enviably equipped to turnToronto-Waterloo is enviably equipped to turn
student talent into professionals, and to turn ideasstudent talent into professionals, and to turn ideas
into prosperous companies. In 2020, MaRS-into prosperous companies. In 2020, MaRSsupported
ventures raised $2.4 billion whilesupported ventures raised $2.4 billion while
generating $1.5 billion in revenue and almost 23,000generating $1.5 billion in revenue and almost 23,000
jobs. The University of Waterloo’s Innovation Area, ajobs. The University of Waterloo’s Innovation Area, a
$35-million space offering wet and biosafety labs$35-million space offering wet and biosafety labs
for 75 ventures, is set to open in 2023.for 75 ventures, is set to open in 2023.
Global CommunityGlobal Community
Toronto-Waterloo represents 230 nationalities and 180Toronto-Waterloo represents 230 nationalities and 180
languages spoken. By 2025, Canada will welcomelanguages spoken. By 2025, Canada will welcome
more than 1.3 million new Canadians. The region is anmore than 1.3 million new Canadians. The region is an
open destination, where newcomers can find peopleopen destination, where newcomers can find people
from their native community and also join dozensfrom their native community and also join dozens
more. Local universities attract tens of thousands ofmore. Local universities attract tens of thousands of
international students every year, and consistentlyinternational students every year, and consistently
produce world-class graduates for high-growthproduce world-class graduates for high-growth
companies.companies.
The Toronto’s region’s public and private institutions
remain role models in the Tech for Good movement.
60
Selected Startup OrganizationsSelected Startup Organizations
CANhealthCANhealth
The CAN Health Network is a Canada-firstThe CAN Health Network is a Canada-first
approach to technology adoption. By breaking downapproach to technology adoption. By breaking down
barriers to entry into the health care sector forbarriers to entry into the health care sector for
Canadian companies, their solutions can be quicklyCanadian companies, their solutions can be quickly
validated, procured and scaled across the country.validated, procured and scaled across the country.
Creative Destruction LabCreative Destruction Lab
(CDL)(CDL)
Creative Destruction Lab (CDL) is a nonprofitCreative Destruction Lab (CDL) is a nonprofit
organization that delivers an objectives-basedorganization that delivers an objectives-based
program for massively scalable, seed-stage, science-program for massively scalable, seed-stage, scienceand
technology-based companies.and technology-based companies.
University of TorontoUniversity of Toronto
The University of Toronto is where talent, ideas,The University of Toronto is where talent, ideas,
research and ambition converge to build the nextresearch and ambition converge to build the next
generation of global entrepreneurs.generation of global entrepreneurs.
University of WaterlooUniversity of Waterloo
The University of Waterloo integrates workThe University of Waterloo integrates work
experience with academic and research excellence,experience with academic and research excellence,
delivering a unique entrepreneurial culture.delivering a unique entrepreneurial culture.
Innovators can access support, mentorship, fundingInnovators can access support, mentorship, funding
and connections from over 45 programs.and connections from over 45 programs.
Vector InstituteVector Institute
The Vector Institute is an independent, not-for-The Vector Institute is an independent, not-forprofit
corporation dedicated to advancing artificialprofit corporation dedicated to advancing artificial
intelligence, excelling in machine learning and deepintelligence, excelling in machine learning and deep
learning.learning.
STARTUP GENOME MEMBERSSTARTUP GENOME MEMBERS
Communitech CorporationCommunitech Corporation
Founded in 1997, Communitech was built by tech founders who saw the need for aFounded in 1997, Communitech was built by tech founders who saw the need for a
community of support to help ensure the future prosperity of Canada. As Canada’scommunity of support to help ensure the future prosperity of Canada. As Canada’s
tech supercharger, we help founders hire and retain the smartest, brightest and mosttech supercharger, we help founders hire and retain the smartest, brightest and most
experienced people; access growth financing at every stage; sell to the biggestexperienced people; access growth financing at every stage; sell to the biggest
customers at home and around the world; and connect with the right people at thecustomers at home and around the world; and connect with the right people at the
right time.right time.
MEMBERMEMBER
MaRS Discovery DistrictMaRS Discovery District
MaRS is North America’s largest urban innovation hub. A registered nonprofit, MaRSMaRS is North America’s largest urban innovation hub. A registered nonprofit, MaRS
supports high-growth startups and scaleups tackling key issues in health, Cleantech,supports high-growth startups and scaleups tackling key issues in health, Cleantech,
Fintech, and other sectors. In addition, MaRS convenes members of the techFintech, and other sectors. In addition, MaRS convenes members of the tech
ecosystem to drive breakthrough discoveries, grow the economy, and make an impactecosystem to drive breakthrough discoveries, grow the economy, and make an impact
by solving real problems for real people — in Canada and around the world.by solving real problems for real people — in Canada and around the world.
MEMBERMEMBER
KEY ECOSYSTEM PLAYERSKEY ECOSYSTEM PLAYERS
61
United StatesUnited States
Los AngelesLos Angeles #6#6
"We built a rock hard community, and seeing L.A. now, as one of the top startup"We built a rock hard community, and seeing L.A. now, as one of the top startup
cities in the world, is a testament to the power of community."cities in the world, is a testament to the power of community."
Cam KashaniCam Kashani
Cofounder and CEO at COACCEL: The Human AcceleratorCofounder and CEO at COACCEL: The Human Accelerator
HighlightsHighlights
Long known for movies rather than technology, and overshadowed as a startup hub by nearby SiliconLong 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 startupValley, 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 establishedecosystems, but a global hotspot. What sets the growing startup ecosystem apart from many established
tech hubs is its inclusivity. Los Angeles ranked sixth in Smart Asset’s Best Places for Black Entrepreneurstech hubs is its inclusivity. Los Angeles ranked sixth in Smart Asset’s Best Places for Black Entrepreneurs
2022 study, which compared 57 U.S. metro areas. The number of Black-owned businesses increased by2022 study, which compared 57 U.S. metro areas. The number of Black-owned businesses increased by
more than 41% over the past two years.more than 41% over the past two years.
New venture capitalist firms and funds are furthering powering the ecosystem. Upfront Ventures hasNew 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 fundraised $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 andfocused 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 FintechBlack-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,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 hasminority-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.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. TheThe 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.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 SantaThe Montgomery Summit, one of the premier technology conferences in the U.S., will take place in Santa
Monica in May.Monica in May.
TOTAL EARLY STAGE FUNDINGTOTAL EARLY STAGE FUNDING
(2019H2-2021)(2019H2-2021)
$5.9 bn$5.9 bn
ECOSYSTEM VALUEECOSYSTEM VALUE
(2019H2-2021)(2019H2-2021)
$297 bn$297 bn
MEDIAN SEED ROUNDMEDIAN SEED ROUND
(2019H2-2021)(2019H2-2021)
$1 m$1 m
GLOBALAVG.GLOBALAVG.
$671 k$671 k
MEDIAN SERIES A ROUNDMEDIAN SERIES A ROUND
(2019H2-2021)(2019H2-2021)
$7 m$7 m
GLOBALAVG.GLOBALAVG.
$4.7 m$4.7 m
SOFT. ENGINEER SALARYSOFT. ENGINEER SALARY
(2021)(2021)
$94 k$94 k
GLOBALAVG.GLOBALAVG.
$46 k$46 k
Amount ($)Amount ($) Count (#)Count (#)
ExitsExits
(2017-2021)(2017-2021)
EARLY-STAGE FUNDING GROWTH TIEREARLY-STAGE FUNDING GROWTH TIER
(2018/19 VS. 2020/21)(2018/19 VS. 2020/21)
6
Calculated on a scale ofCalculated on a scale of
1 (lowest) to 10 (highest)1 (lowest) to 10 (highest)
TOTAL VC FUNDINGTOTAL VC FUNDING
(2017-2021)(2017-2021)
$39 bn$39 bn
GLOBALAVG.GLOBALAVG.
$4.5 bn$4.5 bn
TIME TO EXITTIME TO EXIT
(2017-2021)(2017-2021)
9.4 years9.4 years
GLOBALAVG.GLOBALAVG.
9.4 years9.4 years
GLOBALAVG.GLOBALAVG.
$687 m$687 m
GLOBALAVG.GLOBALAVG.
$28.6 bn$28.6 bn
117bn117bn
GLOBALAVG.GLOBALAVG.
11.3bn11.3bn
880880
GLOBALAVG.GLOBALAVG.
101101
#8
62
Sub-Sector StrengthsSub-Sector Strengths
Life SciencesLife Sciences
UCLA has more than 350 medical research centers,UCLA has more than 350 medical research centers,
labs, and institutes, and receives approximately $1labs, and institutes, and receives approximately $1
billion in research funding annually. The Losbillion in research funding annually. The Los
Angeles Biomedical Research Institute at UCLAAngeles Biomedical Research Institute at UCLA
influences healthcare advancements throughoutinfluences healthcare advancements throughout
the world. Biopharma company ACELYRIN raised athe world. Biopharma company ACELYRIN raised a
$250 million Series B in November 2021. Biotech$250 million Series B in November 2021. Biotech
startup Appia Bio launched in May 2021, backed bystartup Appia Bio launched in May 2021, backed by
a $52 million Series A.a $52 million Series A.
GamingGaming
According to CBRE, of the 60 esports teams activeAccording to CBRE, of the 60 esports teams active
in the U.S. in 2021, 16 are headquartered in Greaterin the U.S. in 2021, 16 are headquartered in Greater
Los Angeles, making the area home to the highestLos Angeles, making the area home to the highest
concentration of esports teams in the country. Sixconcentration of esports teams in the country. Six
of the 10 most valuable esports teams areof the 10 most valuable esports teams are
headquartered in Los Angeles, according to Forbes.headquartered in Los Angeles, according to Forbes.
Future Forum: The Future of Esports was held hereFuture Forum: The Future of Esports was held here
in December 2021. Avatar technology companyin December 2021. Avatar technology company
Genies raised a $150 million Series C in April 2022,Genies raised a $150 million Series C in April 2022,
valuing the company at $1 billion. Video gamevaluing the company at $1 billion. Video game
engine Mythical Games raised a $150 million Seriesengine Mythical Games raised a $150 million Series
C in November 2021.C in November 2021.
CleantechCleantech
L.A. Cleantech Incubator (LACI) offers incubatorL.A. Cleantech Incubator (LACI) offers incubator
programs to help Cleantech startups gain access toprograms to help Cleantech startups gain access to
capital and scale with a special emphasis oncapital and scale with a special emphasis on
underrepresented communities such as women andunderrepresented communities such as women and
people of color. It has supported 281 startups thatpeople of color. It has supported 281 startups that
have gone on to raise a total of $636 million andhave gone on to raise a total of $636 million and
secured state funding to identify a satellite greensecured state funding to identify a satellite green
workforce training hub in South LA in anticipationworkforce training hub in South LA in anticipation
of launching a training program in fall 2022.of launching a training program in fall 2022.
Reasons to Move Your Startup to Los AngelesReasons to Move Your Startup to Los Angeles
Creative TalentCreative Talent
A global hub for the entertainment, culture, media,A global hub for the entertainment, culture, media,
and fashion industries, Los Angeles is one of theand fashion industries, Los Angeles is one of the
creative capitals of the world. One out of every sixcreative capitals of the world. One out of every six
people in the region is employed in a creative field,people in the region is employed in a creative field,
providing startups with a vast pool of creative talentproviding startups with a vast pool of creative talent
and energy to draw from.and energy to draw from.
63
United StatesUnited States
BostonBoston #4#4
"Boston has an incredible density of talent from veteran entrepreneurs,"Boston has an incredible density of talent from veteran entrepreneurs,
universities, investment capital, pillar companies, and a supportive ecosystem.universities, investment capital, pillar companies, and a supportive ecosystem.
It's a magical combination of the key ingredients to fuel startups."It's a magical combination of the key ingredients to fuel startups."
David ChangDavid Chang
General Manager of Expert Network, Hunt Club, Founding Member, TBD AngelsGeneral Manager of Expert Network, Hunt Club, Founding Member, TBD Angels
HighlightsHighlights
With its incredible strength in Life Sciences and Robotics and world-leading universities, Boston is aWith 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, astartup 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.result of its strong talent, funding, and experience, among other factors.
In 2021, the top 10 funding events in the ecosystem alone added up to more than $7 billion, more thanIn 2021, the top 10 funding events in the ecosystem alone added up to more than $7 billion, more than
double 2020’s total. Amazon aggregator Thrasio led the way, raising $1.85 billion overall in 2021, anddouble 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 — 2021Devoted Health raised $1.15 billion in October. VC deal sizes are also ballooning in the ecosystem — 2021
saw $28 billion raised from 133 VC deals in Massachusetts.saw $28 billion raised from 133 VC deals in Massachusetts.
The Boston ecosystem is particularly welcoming to women, with several local ecosystem standoutsThe 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, whichheaded 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 alsocompares 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, andhome to several women-founded venture capital firms including Boston Seed Capital, Victress Capital, and
Glasswing Ventures.Glasswing Ventures.
Standout events in Boston’s business event calendar include Startup Week, an annual celebration ofStandout 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,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.including nonprofit accelerator MassChallenge and seed-to-Series A incubator TiE ScaleUp.
TOTAL EARLY STAGE FUNDINGTOTAL EARLY STAGE FUNDING
(2019H2-2021)(2019H2-2021)
$8.7 bn$8.7 bn
ECOSYSTEM VALUEECOSYSTEM VALUE
(2019H2-2021)(2019H2-2021)
$266 bn$266 bn
MEDIAN SEED ROUNDMEDIAN SEED ROUND
(2019H2-2021)(2019H2-2021)
$1.5 m$1.5 m
GLOBALAVG.GLOBALAVG.
$671 k$671 k
MEDIAN SERIES A ROUNDMEDIAN SERIES A ROUND
(2019H2-2021)(2019H2-2021)
$8.3 m$8.3 m
GLOBALAVG.GLOBALAVG.
$4.7 m$4.7 m
SOFT. ENGINEER SALARYSOFT. ENGINEER SALARY
(2021)(2021)
$90 k$90 k
GLOBALAVG.GLOBALAVG.
$46 k$46 k
Amount ($)Amount ($) Count (#)Count (#)
ExitsExits
(2017-2021)(2017-2021)
EARLY-STAGE FUNDING GROWTH TIEREARLY-STAGE FUNDING GROWTH TIER
(2018/19 VS. 2020/21)(2018/19 VS. 2020/21)
5
Calculated on a scale ofCalculated on a scale of
1 (lowest) to 10 (highest)1 (lowest) to 10 (highest)
TOTAL VC FUNDINGTOTAL VC FUNDING
(2017-2021)(2017-2021)
$51 bn$51 bn
GLOBALAVG.GLOBALAVG.
$4.5 bn$4.5 bn
TIME TO EXITTIME TO EXIT
(2017-2021)(2017-2021)
8.9 years8.9 years
GLOBALAVG.GLOBALAVG.
9.4 years9.4 years
GLOBALAVG.GLOBALAVG.
$687 m$687 m
GLOBALAVG.GLOBALAVG.
$28.6 bn$28.6 bn
113bn113bn
GLOBALAVG.GLOBALAVG.
11.3bn11.3bn
715715
GLOBALAVG.GLOBALAVG.
101101
#9
64
Sub-Sector StrengthsSub-Sector Strengths
Life SciencesLife Sciences
Home to over 1,000 Life Sciences companies, BostonHome to over 1,000 Life Sciences companies, Boston
is among the world’s topis among the world’s top Life Sciences hubLife Sciences hubs. Thes. The
greater Boston area is home to five leading Nationalgreater Boston area is home to five leading National
Institutes of Health-funded hospitals and boasts theInstitutes of Health-funded hospitals and boasts the
highest per-capita government biotech funding inhighest per-capita government biotech funding in
the country. Life Sciences companies inthe country. Life Sciences companies in
Massachusetts raised a record high of more than $13Massachusetts raised a record high of more than $13
billion in 2021. The Massachusetts Life Sciencesbillion in 2021. The Massachusetts Life Sciences
Center offers a tax incentive program and hasCenter offers a tax incentive program and has
awarded more than $241 million to relevantawarded more than $241 million to relevant
companies in the state.companies in the state.
AdvancedAdvanced
Manufacturing &Manufacturing &
RoboticsRobotics
Robotics companies employ more than 4,700Robotics companies employ more than 4,700
people. In July 2021, accelerator The Founderpeople. In July 2021, accelerator The Founder
Institute announced partnerships withInstitute announced partnerships with NASA AmesNASA Ames
Research CenterResearch Center andand MassRoboticsMassRobotics for a Founderfor a Founder
Institute AI & Robotics Accelerator program inInstitute AI & Robotics Accelerator program in
Boston. Digital surgery company Activ Surgical hasBoston. Digital surgery company Activ Surgical has
raised a total ofraised a total of $85.4$85.4 million over five rounds, andmillion over five rounds, and
Realtime RoboticsRealtime Robotics raised a total ofraised a total of $47.2$47.2 millionmillion
over five rounds. In September 2021, Locus Roboticsover five rounds. In September 2021, Locus Robotics
raised a further $50 million, taking its total fundingraised a further $50 million, taking its total funding
to around $300 million and making the company ato around $300 million and making the company a
unicorn.unicorn.
Reasons to Move Your Startup to BostonReasons to Move Your Startup to Boston
Funding Research &Funding Research &
DevelopmentDevelopment
Several institutions outside of the universities alsoSeveral institutions outside of the universities also
invest heavily in R&D in the Boston area. CARB-Xinvest heavily in R&D in the Boston area. CARB-X
pledged to invest up to $550 million in antibacterialpledged to invest up to $550 million in antibacterial
R&D between 2016 and 2021, while restaurantR&D between 2016 and 2021, while restaurant
technology company Toast is set to invest $1 billion intechnology company Toast is set to invest $1 billion in
hardware and software R&D over five years.hardware and software R&D over five years.
Support and MentorshipSupport and Mentorship
Boston’s strong track record of success meansBoston’s strong track record of success means
newer founders can access abundant support andnewer founders can access abundant support and
mentorship from experienced entrepreneurs.mentorship from experienced entrepreneurs.
Established ecosystem members are willing to shareEstablished ecosystem members are willing to share
advice on what it takes to grow a company, as welladvice on what it takes to grow a company, as well
as connect founders to suppliers, financing,as connect founders to suppliers, financing,
employees, and more.employees, and more.
Tech TalentTech Talent
The Boston region is home to around 60 colleges andThe Boston region is home to around 60 colleges and
universities, including world-leading institutionsuniversities, including world-leading institutions
Harvard and MIT. The particular focus on engineeringHarvard and MIT. The particular focus on engineering
at many of these universities produces a steady flowat many of these universities produces a steady flow
of highly qualified engineers. It’s no surprise thenof highly qualified engineers. It’s no surprise then
that Boston made the top 10 markets in the U.S. andthat Boston made the top 10 markets in the U.S. and
Canada for technology talent, according to CBRE’sCanada for technology talent, according to CBRE’s
2021 Scoring Tech Talent report.2021 Scoring Tech Talent report.
65
FranceFrance
ParisParis #15#15
"France's startup ecosystem has transformed over the last few years. Today, we"France's startup ecosystem has transformed over the last few years. Today, we
see leading entrepreneurs and investors from around the world gravitatingsee leading entrepreneurs and investors from around the world gravitating
towards France, resulting in record levels of funding that are powering newtowards France, resulting in record levels of funding that are powering new
innovations and high-growth companies."innovations and high-growth companies."
Roxanne VartaRoxanne Varta
Director, Station FDirector, Station F
HighlightsHighlights
Paris has advanced its quest to become Europe’s largest startup ecosystem: the French capital’s greaterParis 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.metro area is now home to 12,000 startups, more than London and Berlin.
The government is working hard to build on this momentum. In October 2021, President Emmanuel MacronThe government is working hard to build on this momentum. In October 2021, President Emmanuel Macron
presented a €30 billion ($33 billion) France 2030 plan. Nearly €15 billion is dedicated to startups, includingpresented a €30 billion ($33 billion) France 2030 plan. Nearly €15 billion is dedicated to startups, including
€5 billion for DeepTech startups and €1 billion for digital job training.€5 billion for DeepTech startups and €1 billion for digital job training.
Launched by the French president in 2021, the Scale-Up Europe initiative brings together over 300Launched by the French president in 2021, the Scale-Up Europe initiative brings together over 300
founders, investors, researchers, and corporations with the goal of making Europe home to ten tech giantsfounders, investors, researchers, and corporations with the goal of making Europe home to ten tech giants
valued at more than €100 billion ($109 billion) by 2030. A February 2022 Scale-up Europe conference wasvalued 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-basedaimed 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.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 partnershipLa 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 technologywith 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, launchedconference held in Paris. In 2021, Station F, a flagship entity for the tech community in France, launched
an online component calledan online component called Launch by Station FLaunch by Station F. The program enables entrepreneurs from anywhere to. The program enables entrepreneurs from anywhere to
learn the basics to start a company. In February 2022, Ankorstore, which sells anything from homeware tolearn 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 tofood 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.€1.75 billion ($191 billion) and making it France’s second unicorn.
TOTAL EARLY STAGE FUNDINGTOTAL EARLY STAGE FUNDING
(2019H2-2021)(2019H2-2021)
$5 bn$5 bn
ECOSYSTEM VALUEECOSYSTEM VALUE
(2019H2-2021)(2019H2-2021)
$89 bn$89 bn
MEDIAN SEED ROUNDMEDIAN SEED ROUND
(2019H2-2021)(2019H2-2021)
$1.4 m$1.4 m
GLOBALAVG.GLOBALAVG.
$671 k$671 k
MEDIAN SERIES A ROUNDMEDIAN SERIES A ROUND
(2019H2-2021)(2019H2-2021)
$5 m$5 m
GLOBALAVG.GLOBALAVG.
$4.7 m$4.7 m
SOFT. ENGINEER SALARYSOFT. ENGINEER SALARY
(2021)(2021)
$52 k$52 k
GLOBALAVG.GLOBALAVG.
$46 k$46 k
Amount ($)Amount ($) Count (#)Count (#)
ExitsExits
(2017-2021)(2017-2021)
EARLY-STAGE FUNDING GROWTH TIEREARLY-STAGE FUNDING GROWTH TIER
(2018/19 VS. 2020/21)(2018/19 VS. 2020/21)
5
Calculated on a scale ofCalculated on a scale of
1 (lowest) to 10 (highest)1 (lowest) to 10 (highest)
TOTAL VC FUNDINGTOTAL VC FUNDING
(2017-2021)(2017-2021)
$23 bn$23 bn
GLOBALAVG.GLOBALAVG.
$4.5 bn$4.5 bn
TIME TO EXITTIME TO EXIT
(2017-2021)(2017-2021)
9.2 years9.2 years
GLOBALAVG.GLOBALAVG.
9.4 years9.4 years
GLOBALAVG.GLOBALAVG.
$687 m$687 m
GLOBALAVG.GLOBALAVG.
$28.6 bn$28.6 bn
9.5bn9.5bn
GLOBALAVG.GLOBALAVG.
11.3bn11.3bn
532532
GLOBALAVG.GLOBALAVG.
101101
#10
66
Sub-Sector StrengthsSub-Sector Strengths
FintechFintech
Finance for Tomorrow launched in 2017 with theFinance for Tomorrow launched in 2017 with the
goal of making green and sustainable finance a keygoal of making green and sustainable finance a key
driver in the development of Paris as a financialdriver in the development of Paris as a financial
center. The 2021 edition of its flagship event,center. The 2021 edition of its flagship event,
Climate Finance Day, focused on accelerating theClimate Finance Day, focused on accelerating the
deployment of sustainable finance anddeployment of sustainable finance and
democratizing its impact. Spendesk has raised ademocratizing its impact. Spendesk has raised a
total of $311.8 million in funding over seven rounds,total of $311.8 million in funding over seven rounds,
including a €100 million ($109 million) Series C inincluding a €100 million ($109 million) Series C in
January 2022. P2P payment startup Lydia has raisedJanuary 2022. P2P payment startup Lydia has raised
a total of $262.6 million in funding over sevena total of $262.6 million in funding over seven
rounds.rounds.
AI, Big Data & AnalyticsAI, Big Data & Analytics
The 10th edition of Big Data & AI Paris, a majorThe 10th edition of Big Data & AI Paris, a major
European AI event, took place in Paris inEuropean AI event, took place in Paris in SeptemberSeptember
2021. Startup studio Kamet invests in Parisian2021. Startup studio Kamet invests in Parisian
startups engaged in sectors like Big Data analyticsstartups engaged in sectors like Big Data analytics
and IoT. Digital experience analytics platformand IoT. Digital experience analytics platform
Contentsquare has raised a total of $812 million inContentsquare has raised a total of $812 million in
funding over five rounds. AI-driven decisionfunding over five rounds. AI-driven decision
automation and optimization company Shiftautomation and optimization company Shift
Technology has raised a total of $545 million overTechnology has raised a total of $545 million over
10 rounds, including a $220 million Series D in10 rounds, including a $220 million Series D in
November 2021.November 2021.
Reasons to Move Your Startup to ParisReasons to Move Your Startup to Paris
Access to Large MarketsAccess to Large Markets
Startups in Paris enjoy unrivaled access to one of theStartups in Paris enjoy unrivaled access to one of the
largest domestic markets in Europe, and easy accesslargest domestic markets in Europe, and easy access
to a European market of more than 500 millionto a European market of more than 500 million
consumers. The city is also a convenient gateway toconsumers. The city is also a convenient gateway to
African and Asian markets. A high-speed rail networkAfrican and Asian markets. A high-speed rail network
offers fast and frequent connections to all majoroffers fast and frequent connections to all major
European cities. The area’s three internationalEuropean cities. The area’s three international
airports, all connected to the city center via the metro,airports, all connected to the city center via the metro,
offer direct connections to 260 destinations in 191offer direct connections to 260 destinations in 191
countries.countries.
Government SupportGovernment Support
The local and national governments supportThe local and national governments support
startups with tax incentives and other initiatives,startups with tax incentives and other initiatives,
such as infrastructure projects. French corporatesuch as infrastructure projects. French corporate
tax has been progressively lowered since 2018, fromtax has been progressively lowered since 2018, from
33% to 25% in 2022, which is close to the OECD33% to 25% in 2022, which is close to the OECD
average. France also beats the UK and Germany foraverage. France also beats the UK and Germany for
its effective corporate tax rate on R&D. Companiesits effective corporate tax rate on R&D. Companies
spending on scientific and technical researchspending on scientific and technical research
benefit from a tax credit equivalent to 30% of theirbenefit from a tax credit equivalent to 30% of their
initial investment, up to €100 million ($109 million)initial investment, up to €100 million ($109 million)
per year.per year.
Highly Educated WorkforceHighly Educated Workforce
With 21 of the best-ranked business schools in theWith 21 of the best-ranked business schools in the
world, and three of the top five best-ranked master'sworld, and three of the top five best-ranked master's
degrees in management, there is a pool of highlydegrees in management, there is a pool of highly
skilled talent in Paris. The French capital is particularlyskilled talent in Paris. The French capital is particularly
rich in engineering talent, which comes in cheaprich in engineering talent, which comes in cheap
compared to Silicon Valley, thanks in part to taxcompared to Silicon Valley, thanks in part to tax
incentives for innovative projects.incentives for innovative projects.
67
ChinaChina
ShanghaiShanghai #8#8
"Shanghai has an abundant pool of innovative and high quality talent that is"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 fromhighly receptive to diverse ideas. There is strong demand for this talent from
both startups and corporations."both startups and corporations."
Daryoush ZiaiDaryoush Ziai
CEO, Schindler ChinaCEO, Schindler China
HighlightsHighlights
Shanghai may have centuries of culture behind it, but this Asian metropolis is looking to the future.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 andJuniper 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.infrastructure, energy and lighting, city management, technology, and urban connectivity.
As a global financial hub and location of one of the world’s busiest container ports, Shanghai is China’sAs a global financial hub and location of one of the world’s busiest container ports, Shanghai is China’s
gateway to the world. The city’s population of 24 million includes a large base of sophisticated andgateway 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 homecosmopolitan consumers, as well as 250,000 expats. It is no surprise then that the city is a popular home
base for foreign companies. Mercedes-Benz Group opened an R&D center in Shanghai in March 2022. Thebase for foreign companies. Mercedes-Benz Group opened an R&D center in Shanghai in March 2022. The
center, its second R&D facility in China, will focus on connectivity, automated driving, and big data. SMICcenter, 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.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 mostThe 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.influential event for the connectivity industry, is scheduled to take place here in July. IEEE ICIT, one ofIEEE ICIT, one of
the flagship conferences of the IEEE Industrial Electronics Society, will be held in the city in August.the flagship conferences of the IEEE Industrial Electronics Society, will be held in the city in August. Non-Nonprofit
Asian Association of Business Incubation (AABI)profit Asian Association of Business Incubation (AABI) held its 2021 AABI Summit and Awards Ceremony inheld its 2021 AABI Summit and Awards Ceremony in
Shanghai in November 2021.Shanghai in November 2021.
Notable recent funding rounds out of Shanghai include self-driving tech firm Zongmu’s ¥1 billion ($149Notable recent funding rounds out of Shanghai include self-driving tech firm Zongmu’s ¥1 billion ($149
million) Series E,million) Series E, AI startup Pateo’s ¥300 million ($44.6 million) raise, and Mooe Robot’s ¥100 millionAI startup Pateo’s ¥300 million ($44.6 million) raise, and Mooe Robot’s ¥100 million
($14.9 million) Series B.($14.9 million) Series B.
TOTAL EARLY STAGE FUNDINGTOTAL EARLY STAGE FUNDING
(2019H2-2021)(2019H2-2021)
$4.5 bn$4.5 bn
ECOSYSTEM VALUEECOSYSTEM VALUE
(2019H2-2021)(2019H2-2021)
$250 bn$250 bn
MEDIAN SEED ROUNDMEDIAN SEED ROUND
(2019H2-2021)(2019H2-2021)
$1.6 m$1.6 m
GLOBALAVG.GLOBALAVG.
$671 k$671 k
MEDIAN SERIES A ROUNDMEDIAN SERIES A ROUND
(2019H2-2021)(2019H2-2021)
$10 m$10 m
GLOBALAVG.GLOBALAVG.
$4.7 m$4.7 m
SOFT. ENGINEER SALARYSOFT. ENGINEER SALARY
(2021)(2021)
$36 k$36 k
GLOBALAVG.GLOBALAVG.
$46 k$46 k
Amount ($)Amount ($) Count (#)Count (#)
ExitsExits
(2017-2021)(2017-2021)
EARLY-STAGE FUNDING GROWTH TIEREARLY-STAGE FUNDING GROWTH TIER
(2018/19 VS. 2020/21)(2018/19 VS. 2020/21)
1
Calculated on a scale ofCalculated on a scale of
1 (lowest) to 10 (highest)1 (lowest) to 10 (highest)
TOTAL VC FUNDINGTOTAL VC FUNDING
(2017-2021)(2017-2021)
$52 bn$52 bn
GLOBALAVG.GLOBALAVG.
$4.5 bn$4.5 bn
TIME TO EXITTIME TO EXIT
(2017-2021)(2017-2021)
10 years10 years
GLOBALAVG.GLOBALAVG.
9.4 years9.4 years
GLOBALAVG.GLOBALAVG.
$687 m$687 m
GLOBALAVG.GLOBALAVG.
$28.6 bn$28.6 bn
105bn105bn
GLOBALAVG.GLOBALAVG.
11.3bn11.3bn
222222
GLOBALAVG.GLOBALAVG.
101101
#11
68
Sub-Sector StrengthsSub-Sector Strengths
GamingGaming
Shanghai is developing into an esports center.Shanghai is developing into an esports center.
Research from Shanghai Jiao Tong UniversityResearch from Shanghai Jiao Tong University
ranked the city second in the world and first in Asiaranked the city second in the world and first in Asia
for esports. High-profile offline esports event Intelfor esports. High-profile offline esports event Intel
World Open was held in the city in January 2022.World Open was held in the city in January 2022.
Los Angeles-based game developer Riot Games isLos Angeles-based game developer Riot Games is
opening a new studio in Shanghai. Mobile gamesopening a new studio in Shanghai. Mobile games
developer Moonton was acquired by ByteDance fordeveloper Moonton was acquired by ByteDance for
$4 billion in March 2021.$4 billion in March 2021.
HealthtechHealthtech
Shanghai is home to more than 240,000 healthcareShanghai is home to more than 240,000 healthcare
professionals, and 18 of the top 20 globalprofessionals, and 18 of the top 20 global
pharmaceutical companies have their Chinapharmaceutical companies have their China
headquarters or research centers in Shanghai. Theheadquarters or research centers in Shanghai. The
city’s 14th Five-Year Plan (2021-25) for the sectorcity’s 14th Five-Year Plan (2021-25) for the sector
aims to grow biopharma-related manufacturing andaims to grow biopharma-related manufacturing and
establish six industrial parks. Simbay Park, aestablish six industrial parks. Simbay Park, a
biotech-focused industrial park, is one of 12biotech-focused industrial park, is one of 12
municipal-level startup incubators in Shanghai.municipal-level startup incubators in Shanghai.
Biotech startup Igenesis raised a ¥100 million ($14.9Biotech startup Igenesis raised a ¥100 million ($14.9
million) Series C in March 2022.million) Series C in March 2022.
Reasons to Move Your Startup to ShanghaiReasons to Move Your Startup to Shanghai
Financial IncentivesFinancial Incentives
Enterprises registered in Shanghai or that have set upEnterprises registered in Shanghai or that have set up
regional headquarters in Shanghai receive a startupregional headquarters in Shanghai receive a startup
subsidy of ¥5 million ($743,000). The subsidy is paidsubsidy of ¥5 million ($743,000). The subsidy is paid
over three years in three installments of 40%, 30%,over three years in three installments of 40%, 30%,
and 30%. Eligible recognized regional headquartersand 30%. Eligible recognized regional headquarters
are also granted a three-year rent subsidy equal toare also granted a three-year rent subsidy equal to
30% of the total rent. Multinationals with regional30% of the total rent. Multinationals with regional
headquarters in Shanghai and an annual turnover ofheadquarters in Shanghai and an annual turnover of
more than ¥500 millionmore than ¥500 million ($74.3 million) are entitled to($74.3 million) are entitled to
an additional lump sum incentive, again paid over aan additional lump sum incentive, again paid over a
three-year period.three-year period.
Global ConnectionsGlobal Connections
Long known as the Pearl of the Orient, Shanghai isLong known as the Pearl of the Orient, Shanghai is
a fashionable metropolis and major Asia-Pacifica fashionable metropolis and major Asia-Pacific
transport hub with excellent connectivity. Moderntransport hub with excellent connectivity. Modern
and international, it is one of the most open citiesand international, it is one of the most open cities
in China. Almost 700 regional headquarters ofin China. Almost 700 regional headquarters of
multinational corporations are located in the city. Asmultinational corporations are located in the city. As
well as being an international financial, trade, andwell as being an international financial, trade, and
shipping center, Shanghai is also a scientific andshipping center, Shanghai is also a scientific and
technological innovation center.technological innovation center.
Modern and
international, Shanghai
is one of the most open
cities in China.
69
AustraliaAustralia
SydneySydney
MEMBERS:MEMBERS:
Investment NSWInvestment NSW
#20#20
"Sydney has the best of both worlds — world-leading economic strength and"Sydney has the best of both worlds — world-leading economic strength and
lifestyle, making it the best place in the world to grow a startup."lifestyle, making it the best place in the world to grow a startup."
Amy BrownAmy Brown
Secretary, Department of Enterprise, Investment and Trade, and CEO, Investment NSWSecretary, Department of Enterprise, Investment and Trade, and CEO, Investment NSW
HighlightsHighlights
Sydney’s close-knit but fast-growing startup ecosystem had a banner year in 2021. More than AU$10Sydney’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 ($2.3billion ($7.6 billion) was invested in Australian firms across 682 deals, three times the AU$3.1 billion ($2.3
billion) invested in 2020. Among the largest of these deals was the $231.5 million that Sydney-basedbillion) invested in 2020. Among the largest of these deals was the $231.5 million that Sydney-based
sustainable Bitcoin mining company Iris Energy raised in its Nasdaq IPO in November. Plant-based meatsustainable 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 acompany v2food raised an AU$149 million ($113 million) Series B in August 2021, while Harrison.ai raised a
AU$129 million ($98 million) Series B in December 2021. Not long after, in February 2022, HR platformAU$129 million ($98 million) Series B in December 2021. Not long after, in February 2022, HR platform
Employment Hero raised AU$181 million ($137 million) in a Series F round, which put its pre-moneyEmployment Hero raised AU$181 million ($137 million) in a Series F round, which put its pre-money
valuation at AU$1.07 billion.valuation at AU$1.07 billion.
Home to unicorns Canva and Zip Co, Sydney’s startup ecosystem is also attracting internationalHome 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. Theinvestment. 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.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 communicationThe 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.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.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.SIGGRAPH Asia announced that Sydney would host its 2023 conference and exhibition.
TOTAL EARLY STAGE FUNDINGTOTAL EARLY STAGE FUNDING
(2019H2-2021)(2019H2-2021)
$1.3 bn$1.3 bn
ECOSYSTEM VALUEECOSYSTEM VALUE
(2019H2-2021)(2019H2-2021)
$68 bn$68 bn
MEDIAN SEED ROUNDMEDIAN SEED ROUND
(2019H2-2021)(2019H2-2021)
$835 k$835 k
GLOBALAVG.GLOBALAVG.
$671 k$671 k
MEDIAN SERIES A ROUNDMEDIAN SERIES A ROUND
(2019H2-2021)(2019H2-2021)
$5.4 m$5.4 m
GLOBALAVG.GLOBALAVG.
$4.7 m$4.7 m
SOFT. ENGINEER SALARYSOFT. ENGINEER SALARY
(2021)(2021)
$76 k$76 k
GLOBALAVG.GLOBALAVG.
$46 k$46 k
Amount ($)Amount ($) Count (#)Count (#)
ExitsExits
(2017-2021)(2017-2021)
EARLY-STAGE FUNDING GROWTH TIEREARLY-STAGE FUNDING GROWTH TIER
(2018/19 VS. 2020/21)(2018/19 VS. 2020/21)
9
Calculated on a scale ofCalculated on a scale of
1 (lowest) to 10 (highest)1 (lowest) to 10 (highest)
TOTAL VC FUNDINGTOTAL VC FUNDING
(2017-2021)(2017-2021)
$5.9 bn$5.9 bn
GLOBALAVG.GLOBALAVG.
$4.5 bn$4.5 bn
TIME TO EXITTIME TO EXIT
(2017-2021)(2017-2021)
9 years9 years
GLOBALAVG.GLOBALAVG.
9.4 years9.4 years
GLOBALAVG.GLOBALAVG.
$687 m$687 m
GLOBALAVG.GLOBALAVG.
$28.6 bn$28.6 bn
12bn12bn
GLOBALAVG.GLOBALAVG.
11.3bn11.3bn
288288
GLOBALAVG.GLOBALAVG.
101101
#13
70
Sub-Sector StrengthsSub-Sector Strengths
FintechFintech
Of over 800 Australian Fintech startups, 60% areOf over 800 Australian Fintech startups, 60% are
located in Sydney.Australia ranks sixth in the worldlocated in Sydney.Australia ranks sixth in the world
and second in Asia in Fintech, according to analyticsand second in Asia in Fintech, according to analytics
firm Finexable. The 2020-21 Federal Budget includedfirm Finexable. The 2020-21 Federal Budget included
AU$9.6 million ($7.3 million) to help Fintechs expandAU$9.6 million ($7.3 million) to help Fintechs expand
into international markets and AU$6.9 million ($5.2into international markets and AU$6.9 million ($5.2
million) for industry-led Blockchain pilots to reducemillion) for industry-led Blockchain pilots to reduce
regulatory compliance costs. In July 2021, paymentsregulatory compliance costs. In July 2021, payments
company Airwallex announced that its secondcompany Airwallex announced that its second
Australian engineering hub will be located inAustralian engineering hub will be located in
Sydney.Sydney.
CleantechCleantech
Sydney is a thriving innovation center for renewableSydney is a thriving innovation center for renewable
energy and Cleantech companies. With anenergy and Cleantech companies. With an
estimated 35% annual growth rate, the renewableestimated 35% annual growth rate, the renewable
energy industry in New South Wales attracts billionsenergy industry in New South Wales attracts billions
of dollars in investment and is set to become theof dollars in investment and is set to become the
leading state for clean energy production,leading state for clean energy production,
decarbonisation, and halving emissions by 2030.decarbonisation, and halving emissions by 2030.
Sydney is also home to EnergyLab, Australia andSydney is also home to EnergyLab, Australia and
New Zealand's largest climatetech startupNew Zealand's largest climatetech startup
accelerator.accelerator.
Reasons to Move Your Startup to SydneyReasons to Move Your Startup to Sydney
Educated WorkforceEducated Workforce
Sydney is home to many of Australia’s leadingSydney is home to many of Australia’s leading
universities, research institutes, and technicaluniversities, research institutes, and technical
colleges. Two of Sydney’s six universities arecolleges. Two of Sydney’s six universities are
members of the Group of Eight, a coalition of themembers of the Group of Eight, a coalition of the
eight world-leading, research-intensive Australianeight world-leading, research-intensive Australian
universities. More than two-thirds of New Southuniversities. More than two-thirds of New South
Wales workers hold a bachelor’s degree, and theWales workers hold a bachelor’s degree, and the
average age of the workforce is 40.average age of the workforce is 40.
Quality of LifeQuality of Life
The 2021 Cities of Choice ranking placed Sydney atThe 2021 Cities of Choice ranking placed Sydney at
#10 in the world for quality of life, with it being#10 in the world for quality of life, with it being
cited as an example of a “comfortable city.” Thecited as an example of a “comfortable city.” The
NSW Government is extending Sydney’s affordableNSW Government is extending Sydney’s affordable
rental housing scheme, and the city aims to addrental housing scheme, and the city aims to add
over 10,000 affordable rental properties in the nextover 10,000 affordable rental properties in the next
15 years, with 600 currently in the pipeline.15 years, with 600 currently in the pipeline.
Supportive BusinessSupportive Business
EnvironmentEnvironment
The AU$250 million ($189 million) Jobs Plus ProgramThe AU$250 million ($189 million) Jobs Plus Program
is designed to support companies that want tois designed to support companies that want to
expand their footprint in NSW. The program reducesexpand their footprint in NSW. The program reduces
the costs and risks of establishing a business in thethe costs and risks of establishing a business in the
state.state.
71
Selected Startup OrganizationsSelected Startup Organizations
"Ranking as a Top 20 Global Startup Ecosystem"Ranking as a Top 20 Global Startup Ecosystem
Sydney has grown tremendously, producing anSydney has grown tremendously, producing an
impressive 22 exits over $50 million. Theimpressive 22 exits over $50 million. The
leadership of Investment NSW is an asset for theleadership of Investment NSW is an asset for the
ecosystem."ecosystem."
JF Gauthier, Founder & CEO of Startup GenomeJF Gauthier, Founder & CEO of Startup Genome
STARTUP GENOME MEMBERSSTARTUP GENOME MEMBERS
Investment NSWInvestment NSW
Investment NSW is the New South Wales (NSW) government’s economicInvestment NSW is the New South Wales (NSW) government’s economic
development and attraction agency, with a mandate to reinforce NSW as the mostdevelopment and attraction agency, with a mandate to reinforce NSW as the most
desirable place in the world to visit, study, invest and do business. It helps drive thedesirable 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,state’s economic growth and transformation by showcasing NSW business, events,
tourism and education for new markets and investors in Australia and around thetourism and education for new markets and investors in Australia and around the
world.world.
MEMBERMEMBER
“Ranking as a Top 20 Global Startup Ecosystem
Sydney has grown tremendously, producing an
impressive 22 exits over $50 million. The leadership of
Investment NSW is an asset for the ecosystem.”
JF Gauthier, Founder & CEO of Startup Genome
72
United StatesUnited States
ChicagoChicago #19#19
"VC firms in the city, the nation, and around the globe should take note;"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’s startup system is primed to be a world leader."
ForbesForbes
HighlightsHighlights
Home to corporate behemoths like Walgreens and State Farm, Chicago has long been an industrial hub.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 millionRecently 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.in valuation, bringing the total numbers of unicorns to come out of the ecosystem so far to 20.
Chicago startups raised $7 billion across 372 venture deals in 2021—by far the highest total for theChicago 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,ecosystem since PitchBook began tracking such statistics in 2006. New funds also emerged here in 2021,
including LongJump, CAST US by Cleveland Avenue, and TechRise by P33.including LongJump, CAST US by Cleveland Avenue, and TechRise by P33.
Logistics platformLogistics platform ShipBobShipBob raised $200 million atraised $200 million at Series ESeries E in June 2021, peer-to-peer reviewin June 2021, peer-to-peer review
companycompany G2G2 raised $157 million at Series D the same month, and marketing and sales automationraised $157 million at Series D the same month, and marketing and sales automation
platformplatform ActiveCampaignActiveCampaign raised $240 millionraised $240 million Series CSeries C in April 2021.in April 2021.
Chicago’s startup scene is notably diverse. Women founders raised over $257 million in 2021, nearly tripleChicago’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 $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- andThe same year, TechRise awarded nearly $1 million in seed funding to more than 42 early-stage Black- and
Latino-founded startups. In February 2022,Latino-founded startups. In February 2022, highly regarded incubator 1871 launched a new acceleratorhighly regarded incubator 1871 launched a new accelerator
program for Black-owned businesses, and a month laterprogram for Black-owned businesses, and a month later LongJumpLongJump,, a first-check venture fund that investsa first-check venture fund that invests
in Chicago’s underrepresented founders, made its first investments. Notable startup events include thein 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.annual TECHSPO Chicago, and 2022 sees the city hosting the Venture Capital World Summit.
TOTAL EARLY STAGE FUNDINGTOTAL EARLY STAGE FUNDING
(2019H2-2021)(2019H2-2021)
$1.7 bn$1.7 bn
ECOSYSTEM VALUEECOSYSTEM VALUE
(2019H2-2021)(2019H2-2021)
$49 bn$49 bn
MEDIAN SEED ROUNDMEDIAN SEED ROUND
(2019H2-2021)(2019H2-2021)
$1 m$1 m
GLOBALAVG.GLOBALAVG.
$671 k$671 k
MEDIAN SERIES A ROUNDMEDIAN SERIES A ROUND
(2019H2-2021)(2019H2-2021)
$5 m$5 m
GLOBALAVG.GLOBALAVG.
$4.7 m$4.7 m
SOFT. ENGINEER SALARYSOFT. ENGINEER SALARY
(2021)(2021)
$88 k$88 k
GLOBALAVG.GLOBALAVG.
$46 k$46 k
Amount ($)Amount ($) Count (#)Count (#)
ExitsExits
(2017-2021)(2017-2021)
EARLY-STAGE FUNDING GROWTH TIEREARLY-STAGE FUNDING GROWTH TIER
(2018/19 VS. 2020/21)(2018/19 VS. 2020/21)
5
Calculated on a scale ofCalculated on a scale of
1 (lowest) to 10 (highest)1 (lowest) to 10 (highest)
TOTAL VC FUNDINGTOTAL VC FUNDING
(2017-2021)(2017-2021)
$11 bn$11 bn
GLOBALAVG.GLOBALAVG.
$4.5 bn$4.5 bn
TIME TO EXITTIME TO EXIT
(2017-2021)(2017-2021)
10.7 years10.7 years
GLOBALAVG.GLOBALAVG.
9.4 years9.4 years
GLOBALAVG.GLOBALAVG.
$687 m$687 m
GLOBALAVG.GLOBALAVG.
$28.6 bn$28.6 bn
17bn17bn
GLOBALAVG.GLOBALAVG.
11.3bn11.3bn
487487
GLOBALAVG.GLOBALAVG.
101101
#14
73
Sub-Sector StrengthsSub-Sector Strengths
FintechFintech
Launched in 2010, The Trading Show was the firstLaunched in 2010, The Trading Show was the first
high-frequency trading conference in the U.S. Thehigh-frequency trading conference in the U.S. The
annual event is now a leading Fintech event. Theannual event is now a leading Fintech event. The
Chicago Payments Symposium provides anChicago Payments Symposium provides an
opportunity for payments ecosystem leaders toopportunity for payments ecosystem leaders to
connect. Investment management technologyconnect. Investment management technology
startup Enfusion received a $150 million minoritystartup Enfusion received a $150 million minority
investment from ICONIQ Growth in January 2021,investment from ICONIQ Growth in January 2021,
“Super app” maker M1 Finance hit $1.45 billion“Super app” maker M1 Finance hit $1.45 billion
valuation after raising a $150 million Series E in Julyvaluation after raising a $150 million Series E in July
2021, and Zero Hash raised a $105 million Series D in2021, and Zero Hash raised a $105 million Series D in
January 2022.January 2022.
AI, Big Data & AnalyticsAI, Big Data & Analytics
The Center for Applied Artificial Intelligence at theThe Center for Applied Artificial Intelligence at the
University of Chicago’s Booth School of BusinessUniversity of Chicago’s Booth School of Business
brings together MBA students and researchers tobrings together MBA students and researchers to
drive AI-powered innovation, and the monthly Bigdrive AI-powered innovation, and the monthly Big
Data & Analytics Roundtable provides a forum toData & Analytics Roundtable provides a forum to
discuss tools and applications of Big Data anddiscuss tools and applications of Big Data and
Analytics across industries and functions.Analytics across industries and functions. CCCCCC
Intelligent SolutionsIntelligent Solutions has raised a total ofhas raised a total of $150$150
million over two rounds, and Big Data analyticsmillion over two rounds, and Big Data analytics
startup Ocient raised a $40 million Series B instartup Ocient raised a $40 million Series B in
January 2021.January 2021.
Reasons to Move Your Startup to ChicagoReasons to Move Your Startup to Chicago
Diverse TalentDiverse Talent
Chicago has earned a reputation as being one of theChicago has earned a reputation as being one of the
best cities for female entrepreneurship.best cities for female entrepreneurship.
Approximately 30% of Chicago-based startups haveApproximately 30% of Chicago-based startups have
either a woman or person of color as a founder oreither a woman or person of color as a founder or
CEO, and the ecosystem has the largest percentage ofCEO, and the ecosystem has the largest percentage of
female startup leaders in the U.S. At least eight Black-female startup leaders in the U.S. At least eight Blackled
or founded startups raised significant funds hereled or founded startups raised significant funds here
in 2021.in 2021.
Low CostsLow Costs
Chicago boasts a lower cost of living than many ofChicago boasts a lower cost of living than many of
the country’s big coastal tech hubs, and Illinois’the country’s big coastal tech hubs, and Illinois’
flat-rate income tax is attractive to employees,flat-rate income tax is attractive to employees,
especially when compared with New York andespecially when compared with New York and
California. Office rents in the city are about half theCalifornia. Office rents in the city are about half the
rate of those in San Francisco, making operatingrate of those in San Francisco, making operating
costs more reasonable.costs more reasonable.
Talent PipelineTalent Pipeline
The greater Chicago region is home to some ofThe greater Chicago region is home to some of
America’s best MBA and engineering programs,America’s best MBA and engineering programs,
which provide a talent pipeline for local businesses.which provide a talent pipeline for local businesses.
The University of Chicago, Northwestern, LoyolaThe University of Chicago, Northwestern, Loyola
University, DePaul University, and Columbia CollegeUniversity, DePaul University, and Columbia College
all run popular entrepreneurial programs. Theall run popular entrepreneurial programs. The
program at Northwestern’s Kellogg School ofprogram at Northwestern’s Kellogg School of
Management, The Garage, is currently incubatingManagement, The Garage, is currently incubating
more than 60 student-founded startups. The City ofmore than 60 student-founded startups. The City of
Chicago works with local universities throughChicago works with local universities through
programs including P33 to connect talent to jobprograms including P33 to connect talent to job
opportunities.opportunities. 74
BrazilBrazil
São PauloSão Paulo
"São Paulo is the epicenter of the fastest growing startup region in the world:"São Paulo is the epicenter of the fastest growing startup region in the world:
Latin America. The recent blockbuster listing of Nubank will be soon followed byLatin 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 generationothers such as Kavak and Creditas. This in turn will fuel a whole new generation
of talent and investment, further accelerating the growth of the region."of talent and investment, further accelerating the growth of the region."
Dhaval ChadhaDhaval Chadha
co-founder and CEO, Justosco-founder and CEO, Justos
HighlightsHighlights
The largest city in Brazil, São Paulo is home to more than 20 million residents. Its size and density offerThe 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 isfounders 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 orhome to 2,770 startups, the highest number by far in Brazil, including 11 unicorns valued at $1 billion or
more.more.
The University of São Paulo is ranked in the top 100 in the World University Rankings. With some of theThe University of São Paulo is ranked in the top 100 in the World University Rankings. With some of the
best academic programs in STEM fields, the city’s businesses benefit from this talent pipeline. São Paulobest 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 alsohosts the innovation and data centers of global titans such as Microsoft, Google, and Facebook, and is also
the regional headquarters for Airbnb, Netflix, and Amazon. 63% of all companies operating in Brazil have athe regional headquarters for Airbnb, Netflix, and Amazon. 63% of all companies operating in Brazil have a
São Paulo location.São Paulo location.
São Paulo is also the Latin American base for many of the world’s biggest banks, improving access toSão 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 Americacapital 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 thethrough 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 recentlyregion. 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-announced a $475 million early-stage fund and a $525 million fund for later-stage investments. São Paulobased
Positive Ventures secured $10 million for its latest fund to invest in startups deliveringbased 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 $35.8environmental 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.million Series A. São Paulo also produced the region’s highest exit that year: Nubank’s $41 billion IPO.
TOTAL EARLY STAGE FUNDINGTOTAL EARLY STAGE FUNDING
(2019H2-2021)(2019H2-2021)
$1.5 bn$1.5 bn
ECOSYSTEM VALUEECOSYSTEM VALUE
(2019H2-2021)(2019H2-2021)
$108 bn$108 bn
MEDIAN SEED ROUNDMEDIAN SEED ROUND
(2019H2-2021)(2019H2-2021)
$432 k$432 k
GLOBALAVG.GLOBALAVG.
$671 k$671 k
MEDIAN SERIES A ROUNDMEDIAN SERIES A ROUND
(2019H2-2021)(2019H2-2021)
$4.8 m$4.8 m
GLOBALAVG.GLOBALAVG.
$4.7 m$4.7 m
SOFT. ENGINEER SALARYSOFT. ENGINEER SALARY
(2021)(2021)
$22 k$22 k
GLOBALAVG.GLOBALAVG.
$46 k$46 k
Amount ($)Amount ($) Count (#)Count (#)
ExitsExits
(2017-2021)(2017-2021)
EARLY-STAGE FUNDING GROWTH TIEREARLY-STAGE FUNDING GROWTH TIER
(2018/19 VS. 2020/21)(2018/19 VS. 2020/21)
8
Calculated on a scale ofCalculated on a scale of
1 (lowest) to 10 (highest)1 (lowest) to 10 (highest)
TOTAL VC FUNDINGTOTAL VC FUNDING
(2017-2021)(2017-2021)
$13 bn$13 bn
GLOBALAVG.GLOBALAVG.
$4.5 bn$4.5 bn
TIME TO EXITTIME TO EXIT
(2017-2021)(2017-2021)
8.4 years8.4 years
GLOBALAVG.GLOBALAVG.
9.4 years9.4 years
GLOBALAVG.GLOBALAVG.
$687 m$687 m
GLOBALAVG.GLOBALAVG.
$28.6 bn$28.6 bn
59bn59bn
GLOBALAVG.GLOBALAVG.
11.3bn11.3bn
205205
GLOBALAVG.GLOBALAVG.
101101
#16
75
Sub-Sector StrengthsSub-Sector Strengths
FintechFintech
São Paulo is the financial heart of both Brazil andSão Paulo is the financial heart of both Brazil and
South-America. Many of the world’s biggest banksSouth-America. Many of the world’s biggest banks
have their Latin American headquarters in Sãohave their Latin American headquarters in São
Paulo, giving Fintech startups access to top industryPaulo, giving Fintech startups access to top industry
players. Digital bank Neon raised a $300 millionplayers. Digital bank Neon raised a $300 million
Series D in February 2022, putting the company'sSeries D in February 2022, putting the company's
pre-money valuation at $700 million.pre-money valuation at $700 million.
ProptechProptech
São Paulo is home to the highest concentration ofSão Paulo is home to the highest concentration of
Proptech companies in Brazil. Real estateProptech companies in Brazil. Real estate
marketplace Quinto Andar raised a $420 millionmarketplace Quinto Andar raised a $420 million
Series E in August 2021, putting the company's pre-Series E in August 2021, putting the company's premoney
valuation at $4.68 billion. Loft, anothermoney valuation at $4.68 billion. Loft, another
marketplace, raised a $525 million Series D inmarketplace, raised a $525 million Series D in
March 2021. Rental services startup Yuca raised $10March 2021. Rental services startup Yuca raised $10
million in venture funding in June 2021.million in venture funding in June 2021.
Agtech & New FoodAgtech & New Food
The state of São Paulo is an agriculturalThe state of São Paulo is an agricultural
powerhouse and the world leader in the productionpowerhouse and the world leader in the production
of sugar, sugarcane ethanol, and orange juice.of sugar, sugarcane ethanol, and orange juice.
Agtech companies are working to innovate thisAgtech companies are working to innovate this
important sector. São Paulo-based tech firms haveimportant sector. São Paulo-based tech firms have
received 50 grants from the Research forreceived 50 grants from the Research for
Innovation in Small Businesses program to developInnovation in Small Businesses program to develop
new Agtech solutions, including digitizing pestnew Agtech solutions, including digitizing pest
traps and monitoring fields for improved efficiency.traps and monitoring fields for improved efficiency.
Farmer-focused financing platform Agrolend raisedFarmer-focused financing platform Agrolend raised
a $14 million Series A in January 2022.a $14 million Series A in January 2022.
Reasons to Move Your Startup to São PauloReasons to Move Your Startup to São Paulo
Global and RegionalGlobal and Regional
ConnectionsConnections
São Paulo is home to some of the busiest and bestSão Paulo is home to some of the busiest and best
connected airports in South America. Guarulhosconnected airports in South America. Guarulhos
International and Congonhas welcome flights from allInternational and Congonhas welcome flights from all
over the world and are often used as a layover pointover the world and are often used as a layover point
by those traveling elsewhere in South America. Brazilby those traveling elsewhere in South America. Brazil
is part of the Southern Common Marketis part of the Southern Common Market
(MERCOSUR) so companies in Brazil have direct(MERCOSUR) so companies in Brazil have direct
access to Argentina, Paraguay, and Uruguay andaccess to Argentina, Paraguay, and Uruguay and
seven other member states.seven other member states.
Large, Affluent MarketLarge, Affluent Market
The State of São Paulo is responsible for a third ofThe State of São Paulo is responsible for a third of
Brazil’s entire GDP and has an economy the size ofBrazil’s entire GDP and has an economy the size of
the entire country of Mexico. The city alone has anthe entire country of Mexico. The city alone has an
economy comparable in size to Belgium. 63% ofeconomy comparable in size to Belgium. 63% of
international companies doing business in Brazil areinternational companies doing business in Brazil are
based in São Paulo.based in São Paulo.
76
United StatesUnited States
SeattleSeattle #9#9
"Seattle hits the startup ecosystem trifecta: top notch talent, thriving"Seattle hits the startup ecosystem trifecta: top notch talent, thriving
accelerators and incubators, and a growing number of VCs and angel investors.accelerators and incubators, and a growing number of VCs and angel investors.
Seattle is poised to continue its impressive growth trajectory as the place forSeattle is poised to continue its impressive growth trajectory as the place for
starting and building the next big businesses in tech."starting and building the next big businesses in tech."
Oren EtzioniOren Etzioni
CEO, Allen Institute for AI (AI2)CEO, Allen Institute for AI (AI2)
HighlightsHighlights
The hometown of Microsoft and Amazon has attracted one of the largest concentrations of tech talent inThe 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 investedthe 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, andin 549 venture capital deals in 2021 — a 77% increase over the $4.8 billion raised in 401 deals in 2020, and
much of this activity took place in Seattle. Real estate platform Flyhomes raised a $150 million Series C inmuch of this activity took place in Seattle. Real estate platform Flyhomes raised a $150 million Series C in
June. Zenoti, a maker of software for spas, raised a $80 million Series D, also in June, and games developerJune. Zenoti, a maker of software for spas, raised a $80 million Series D, also in June, and games developer
Rec Room raised a $145 million round in December.Rec Room raised a $145 million round in December.
There are now 16 unicorn startups in the ecosystem. Together, they raised more than $2.5 billion in 2021,There are now 16 unicorn startups in the ecosystem. Together, they raised more than $2.5 billion in 2021,
more than all the startups in Washington state managed to raise in 2018.more than all the startups in Washington state managed to raise in 2018.
The University of Washington, China’s Tsinghua University, and Microsoft together created the GlobalThe 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 aInnovation 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 sincemarket-ready product. GIX opened in 2016 with a master’s degree in technology innovation, and has since
launched additional degree and certificate programs.launched additional degree and certificate programs.
The Buerk Center promotes entrepreneurship across the University of Washington. Ready Set Raise, anThe Buerk Center promotes entrepreneurship across the University of Washington. Ready Set Raise, an
equity-free accelerator for women, launched in 2018.equity-free accelerator for women, launched in 2018.
At the annual Seattle Angel Digital Conference, investors pool funds to invest in one promising startup.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.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.GeekWire hosts Startup Day, the GeekWire Summit, the GeekWire Awards, and other meetups.
TOTAL EARLY STAGE FUNDINGTOTAL EARLY STAGE FUNDING
(2019H2-2021)(2019H2-2021)
$3.8 bn$3.8 bn
ECOSYSTEM VALUEECOSYSTEM VALUE
(2019H2-2021)(2019H2-2021)
$109 bn$109 bn
MEDIAN SEED ROUNDMEDIAN SEED ROUND
(2019H2-2021)(2019H2-2021)
$1.4 m$1.4 m
GLOBALAVG.GLOBALAVG.
$671 k$671 k
MEDIAN SERIES A ROUNDMEDIAN SERIES A ROUND
(2019H2-2021)(2019H2-2021)
$7 m$7 m
GLOBALAVG.GLOBALAVG.
$4.7 m$4.7 m
SOFT. ENGINEER SALARYSOFT. ENGINEER SALARY
(2021)(2021)
$114 k$114 k
GLOBALAVG.GLOBALAVG.
$46 k$46 k
Amount ($)Amount ($) Count (#)Count (#)
ExitsExits
(2017-2021)(2017-2021)
EARLY-STAGE FUNDING GROWTH TIEREARLY-STAGE FUNDING GROWTH TIER
(2018/19 VS. 2020/21)(2018/19 VS. 2020/21)
3
Calculated on a scale ofCalculated on a scale of
1 (lowest) to 10 (highest)1 (lowest) to 10 (highest)
TOTAL VC FUNDINGTOTAL VC FUNDING
(2017-2021)(2017-2021)
$16 bn$16 bn
GLOBALAVG.GLOBALAVG.
$4.5 bn$4.5 bn
TIME TO EXITTIME TO EXIT
(2017-2021)(2017-2021)
9 years9 years
GLOBALAVG.GLOBALAVG.
9.4 years9.4 years
GLOBALAVG.GLOBALAVG.
$687 m$687 m
GLOBALAVG.GLOBALAVG.
$28.6 bn$28.6 bn
40bn40bn
GLOBALAVG.GLOBALAVG.
11.3bn11.3bn
370370
GLOBALAVG.GLOBALAVG.
101101
#18
77
Sub-Sector StrengthsSub-Sector Strengths
AI, Big Data & AnalyticsAI, Big Data & Analytics
The University of Washington is a leader in the fieldThe University of Washington is a leader in the field
of machine learning and Big Data. Thanks to itsof machine learning and Big Data. Thanks to its
entrepreneurial environment and programs toentrepreneurial environment and programs to
support founders, the university has spun out manysupport founders, the university has spun out many
tech startups. The W Fund is an early-stage venturetech startups. The W Fund is an early-stage venture
fund that aims to invest approximately $20 millionfund that aims to invest approximately $20 million
by 2026 in such startups. Outreach, another AI-by 2026 in such startups. Outreach, another AIdriven
sales startup, raised a $200 million Series G indriven sales startup, raised a $200 million Series G in
June 2021. AI-fueled sales platformJune 2021. AI-fueled sales platform HighspotHighspot raisedraised
a $248 milliona $248 million Series FSeries F in January 2022.in January 2022.
Life SciencesLife Sciences
Seattle was ranked #11 in Startup Genome’s LifeSeattle was ranked #11 in Startup Genome’s Life
Sciences Edition. The city is home to the FredSciences Edition. The city is home to the Fred
Hutchinson Cancer Research Center, the Bill &Hutchinson Cancer Research Center, the Bill &
Melinda Gates Foundation, and the University ofMelinda Gates Foundation, and the University of
Washington. Five Washington-based biotechWashington. Five Washington-based biotech
companies entered the public markets in 2021,companies entered the public markets in 2021,
leading the nation in both deal volumes and totalleading the nation in both deal volumes and total
proceeds. Sana Biotechnologyproceeds. Sana Biotechnology raised $587 millionraised $587 million inin
its January 2021 IPO. Apis Health Angel Conferenceits January 2021 IPO. Apis Health Angel Conference
launched in 2021 to connect investors and health-launched in 2021 to connect investors and healthrelated
startups.related startups.
Reasons to Move Your Startup to SeattleReasons to Move Your Startup to Seattle
Talent PoolTalent Pool
The Seattle region added more than 48,000 tech jobsThe Seattle region added more than 48,000 tech jobs
from 2016 to 2020, an increase of more than 35%, andfrom 2016 to 2020, an increase of more than 35%, and
a faster growth rate than any other large U.S. techa faster growth rate than any other large U.S. tech
market,market, according toaccording to a CBRE report. The University ofa CBRE report. The University of
Washington has more than 60,000 students andWashington has more than 60,000 students and
supplies the ecosystem with graduates. Seattlesupplies the ecosystem with graduates. Seattle
University, Bellevue College, a network of communityUniversity, Bellevue College, a network of community
colleges adds to the pipeline. Non-profitcolleges adds to the pipeline. Non-profit AdaAda
Developers AcademyDevelopers Academy partners with local techpartners with local tech
companies to train women and nonbinary people tocompanies to train women and nonbinary people to
be software developers.be software developers.
The Seatle 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.
78
IsraelIsrael
Tel AvivTel AvivEcosystem rank and metrics for Tel Aviv - JerusalemEcosystem rank and metrics for Tel Aviv - Jerusalem
MEMBERS:MEMBERS:
Tel Aviv GlobalTel Aviv Global
#7#7**
"There’s great talent here […] We’ve made a number of investments in"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 tocompanies we believe will help us improve, and that’s the reason I continue to
come back here."come back here."
Doug McMillonDoug McMillon
CEO, WalmartCEO, Walmart
HighlightsHighlights
Israel, the Startup Nation, has more startups per capita than any nation in the world thanks to its tight-knitIsrael, 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 governmententrepreneurial 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 techsupport. Tel Aviv is the heart of this red-hot ecosystem, with a significant majority of the country’s tech
ventures concentrated within its greater metropolitan area, and nearly 3,000 within the city limits. Startupventures concentrated within its greater metropolitan area, and nearly 3,000 within the city limits. Startup
Genome ranked Tel Aviv #2 in the 2021Genome ranked Tel Aviv #2 in the 2021 GSER: Cleantech EditionGSER: Cleantech Edition and #4 in itsand #4 in its GSER: Agtech and NewGSER: Agtech and New
Food EditionFood Edition..
Tel Aviv’s startups have together been valued at $120 billion. The city’s startups raised a record-breakingTel Aviv’s startups have together been valued at $120 billion. The city’s startups raised a record-breaking
$20 billion in 2021 — a whopping 63% of the national total. The same year, Tel Aviv gained 30 new$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 investorsunicorns, and 20 of its scaling companies went public, raising $4 billion. With hundreds of active investors
and venture capital funds in the country’s central region, the message is clear: watch this space.and venture capital funds in the country’s central region, the message is clear: watch this space.
Diverse Multinationals including Volkswagon, Anheuser-Bosch, Apple, Citibank, and over 130 others haveDiverse 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 companiesestablished 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,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 isreduced 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, twiceranked #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.the OECD average.
In January 2022, Israel launched a $70 million program to promote entrepreneurship among ArabIn January 2022, Israel launched a $70 million program to promote entrepreneurship among Arab
communities, and is advancing numerous initiatives to promote diversity and inclusion.communities, and is advancing numerous initiatives to promote diversity and inclusion.
TOTAL EARLY STAGE FUNDINGTOTAL EARLY STAGE FUNDING
(2019H2-2021)(2019H2-2021)
$5.5 bn$5.5 bn
ECOSYSTEM VALUEECOSYSTEM VALUE
(2019H2-2021)(2019H2-2021)
$120 bn$120 bn
MEDIAN SEED ROUNDMEDIAN SEED ROUND
(2019H2-2021)(2019H2-2021)
$2 m$2 m
GLOBALAVG.GLOBALAVG.
$671 k$671 k
MEDIAN SERIES A ROUNDMEDIAN SERIES A ROUND
(2019H2-2021)(2019H2-2021)
$7.5 m$7.5 m
GLOBALAVG.GLOBALAVG.
$4.7 m$4.7 m
SOFT. ENGINEER SALARYSOFT. ENGINEER SALARY
(2021)(2021)
$85 k$85 k
GLOBALAVG.GLOBALAVG.
$46 k$46 k
Amount ($)Amount ($) Count (#)Count (#)
ExitsExits
(2017-2021)(2017-2021)
EARLY-STAGE FUNDING GROWTH TIEREARLY-STAGE FUNDING GROWTH TIER
(2018/19 VS. 2020/21)(2018/19 VS. 2020/21)
4
Calculated on a scale ofCalculated on a scale of
1 (lowest) to 10 (highest)1 (lowest) to 10 (highest)
TOTAL VC FUNDINGTOTAL VC FUNDING
(2017-2021)(2017-2021)
$30 bn$30 bn
GLOBALAVG.GLOBALAVG.
$4.5 bn$4.5 bn
TIME TO EXITTIME TO EXIT
(2017-2021)(2017-2021)
7 years7 years
GLOBALAVG.GLOBALAVG.
9.4 years9.4 years
GLOBALAVG.GLOBALAVG.
$687 m$687 m
GLOBALAVG.GLOBALAVG.
$28.6 bn$28.6 bn
24bn24bn
GLOBALAVG.GLOBALAVG.
11.3bn11.3bn
431431
GLOBALAVG.GLOBALAVG.
101101
#19
79
Sub-Sector StrengthsSub-Sector Strengths
AI, Big Data & AnalyticsAI, Big Data & Analytics
Israel ranks third in the world by number of AI andIsrael ranks third in the world by number of AI and
machine learning startups, with the majoritymachine learning startups, with the majority
concentrated in Tel Aviv. Eleven Israeli-foundedconcentrated in Tel Aviv. Eleven Israeli-founded
companies were featured in the 2021 AI 100 finalistscompanies were featured in the 2021 AI 100 finalists
report from research firm CB Insights. A committeereport from research firm CB Insights. A committee
on AI has released a comprehensive plan to promoteon AI has released a comprehensive plan to promote
AI in Israel. An initial 550 million shekels ($168.2AI in Israel. An initial 550 million shekels ($168.2
million) of the 5.26 billion shekels ($1.6 billion) inmillion) of the 5.26 billion shekels ($1.6 billion) in
funding proposed by the plan was approved in Aprilfunding proposed by the plan was approved in April
2021. ZenCity, a Tel Aviv-based AI solution for2021. ZenCity, a Tel Aviv-based AI solution for
governments, raised $30 million in June 2021, and AIgovernments, raised $30 million in June 2021, and AI
chipmaker Hailo, also in Tel Aviv, raised a $136chipmaker Hailo, also in Tel Aviv, raised a $136
million Series C in October 2021.million Series C in October 2021.
CybersecurityCybersecurity
In 2021, Israeli Cybersecurity startups raised anIn 2021, Israeli Cybersecurity startups raised an
impressive $8.8 billion, more than triple the amountimpressive $8.8 billion, more than triple the amount
raised in 2020. In Tel Aviv alone, the sub-sector alsoraised in 2020. In Tel Aviv alone, the sub-sector also
produced a record 9 new unicorns in 2021, and oneproduced a record 9 new unicorns in 2021, and one
out of every three Cybersecurity unicorns in theout of every three Cybersecurity unicorns in the
world is now an Israeli company. Orca Securityworld is now an Israeli company. Orca Security
raised a $550 million Series C round in October.raised a $550 million Series C round in October.
Cloud security startup Wiz raised $250 million inCloud security startup Wiz raised $250 million in
private funding, also in October, bringing itsprivate funding, also in October, bringing its
valuation to $6 billion.valuation to $6 billion.
Reasons to Move Your Startup to Tel AvivReasons to Move Your Startup to Tel Aviv
Employment Aid ProgramsEmployment Aid Programs
The Israeli Ministry of Economy offers wage subsidiesThe Israeli Ministry of Economy offers wage subsidies
for new employees for a specific period of up tofor new employees for a specific period of up to
several years depending on the program. Subsidyseveral years depending on the program. Subsidy
rates range from 10 to 40% depending on therates range from 10 to 40% depending on the
employee’s background (i.e. students, workers fromemployee’s background (i.e. students, workers from
minority groups), and the amount of time theminority groups), and the amount of time the
employee has already been working in the position.employee has already been working in the position.
Intellectual PropertyIntellectual Property
IncentivesIncentives
A company that creates IP assets in Israel, or isA company that creates IP assets in Israel, or is
willing to transfer some IP to Israel, is entitled towilling to transfer some IP to Israel, is entitled to
reduced corporate, dividend, and capital gains taxreduced corporate, dividend, and capital gains tax
rates. The country’s Angel's Law also provides taxrates. The country’s Angel's Law also provides tax
benefits and deductions to single investors whobenefits and deductions to single investors who
invest in Israeli companies during their initial R&Dinvest in Israeli companies during their initial R&D
(seed) stage.(seed) stage.
R&D Grant ProgramsR&D Grant Programs
The Innovation Authority operates more than 40 R&DThe Innovation Authority operates more than 40 R&D
grant programs for multinational companies,grant programs for multinational companies,
individual entrepreneurs, research institutions, andindividual entrepreneurs, research institutions, and
NGOs. The programs offer a unique, customized, andNGOs. The programs offer a unique, customized, and
comprehensive incentive toolbox, includingcomprehensive incentive toolbox, including
Innovation Labs programs, which offer up to a 50%Innovation Labs programs, which offer up to a 50%
deduction in R&D expenses for specific sub-sectors.deduction in R&D expenses for specific sub-sectors.
80
Selected Startup OrganizationsSelected Startup Organizations
"Tel Aviv is showcased in the GSER, ranking as the"Tel Aviv is showcased in the GSER, ranking as the
#7 Global Startup Ecosystem. Working with our#7 Global Startup Ecosystem. Working with our
local partner, Tel Aviv Global, we share the talentlocal partner, Tel Aviv Global, we share the talent
and funding success stories as well as consistenlyand funding success stories as well as consistenly
outstanding supportive policies that have fueledoutstanding supportive policies that have fueled
this growth."this growth."
Stephan Kuester, Head of Ecosystem Strategy ofStephan Kuester, Head of Ecosystem Strategy of
Startup GenomeStartup Genome
8200 EISP8200 EISP
An exclusive community of successful entrepreneurs,An exclusive community of successful entrepreneurs,
industry experts, and investors that provides supportindustry experts, and investors that provides support
for early-stage ventures, founded by alumni of thefor early-stage ventures, founded by alumni of the
elite 8200 military intelligence unit.elite 8200 military intelligence unit.
CityZoneCityZone
CityZone is a living lab for entrepreneurs advancingCityZone is a living lab for entrepreneurs advancing
solutions to urban challenges in cooperation withsolutions to urban challenges in cooperation with
the Tel Aviv municipality, Tel Aviv University, and thethe Tel Aviv municipality, Tel Aviv University, and the
Atidim Corporate Park in Tel Aviv.Atidim Corporate Park in Tel Aviv.
EcoMotionEcoMotion
A platform for smart-mobility startups to connectA platform for smart-mobility startups to connect
with global industry, entrepreneurs, academia,with global industry, entrepreneurs, academia,
government, investors, and 13,000 communitygovernment, investors, and 13,000 community
members.members.
Hila Ovil-BrennerHila Ovil-Brenner
20 years of experience as an entrepreneur, investor,20 years of experience as an entrepreneur, investor,
and advisor to startups; Hila is currently Managingand advisor to startups; Hila is currently Managing
Director at TechStars Tel Aviv and Founder of theDirector at TechStars Tel Aviv and Founder of the
non-profit, Yazamiyot - Women Entrepreneurs.non-profit, Yazamiyot - Women Entrepreneurs.
Yossi VardiYossi Vardi
A pioneer of Israeli hi-tech, Yossi has helped buildA pioneer of Israeli hi-tech, Yossi has helped build
over 85 companies over a 50 year career, andover 85 companies over a 50 year career, and
advances innovation through industry events andadvances innovation through industry events and
collaboration.collaboration.
STARTUP GENOME MEMBERSSTARTUP GENOME MEMBERS
Tel Aviv GlobalTel Aviv Global
Tel Aviv Global & Tourism is a municipal company under the Mayor's Office at the TelTel 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 TelAviv-Yafo Municipality. It facilitates the global quantum leap taken by the city of Tel
Aviv-Yafo in creating economic and tourism growth.Aviv-Yafo in creating economic and tourism growth.
MEMBERMEMBER
KEY ECOSYSTEM PLAYERSKEY ECOSYSTEM PLAYERS
“Tel Aviv is showcased in the GSER, ranking as the
#7 Global Startup Ecosystem. Working with our local
partner, Tel Aviv Global, we share the talent and funding
success stories as well as consistently outstanding
supportive policies that have fueled this growth.”
Stephan Kuester, Head of Ecosytem Strategy of
Startup Genome
81
SwedenSweden
StockholmStockholm
"I am truly impressed by the level of skill and execution among up-and-coming"I am truly impressed by the level of skill and execution among up-and-coming
entrepreneurs in Sweden. There is no doubt that entrepreneurs will findentrepreneurs in Sweden. There is no doubt that entrepreneurs will find
solutions to address the most pressing challenges of our time and I'm sure thatsolutions to address the most pressing challenges of our time and I'm sure that
Stockholm will be a key factor in us succeeding."Stockholm will be a key factor in us succeeding."
Omid EkhlasiOmid Ekhlasi
CEO and founder, TecharenanCEO and founder, Techarenan
HighlightsHighlights
The success of Swedish startups such as Spotify and Skype has made Stockholm a globally renownedThe 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 fundingstartup 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 wasover 33 rounds, including a secondary market round in December 2021. Open banking platform Tink was
acquired by Visa for €1.8 billion ($1.96 billion) in January 2021. Cloud communications company Sinch raisedacquired by Visa for €1.8 billion ($1.96 billion) in January 2021. Cloud communications company Sinch raised
$1.1 billion in May 2021.$1.1 billion in May 2021.
Stockholm produces the most unicorns per capita after Silicon Valley and is home to more than 1,000Stockholm 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 organizationsdiverse startups with an average valuation of $3.6 million. Government and startup support organizations
are not resting on their laurels, however, and continue to nurture the ecosystem with a range ofare not resting on their laurels, however, and continue to nurture the ecosystem with a range of
initiatives.initiatives.
In September 2021, UNICEF established a global center for innovation in Stockholm. The StockholmIn 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, creativeInnovation 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 theindustries, 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 KnowledgeSwedish Government's innovation agency and expert authority in innovation policy. The Knowledge
Foundation (KK-stiftelsen) funds research and competence development at Sweden’s colleges andFoundation (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 Scienceuniversities. 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 rangeCity 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,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.tested, and displayed in a real urban environment.
TOTAL EARLY STAGE FUNDINGTOTAL EARLY STAGE FUNDING
(2019H2-2021)(2019H2-2021)
$1.3 bn$1.3 bn
ECOSYSTEM VALUEECOSYSTEM VALUE
(2019H2-2021)(2019H2-2021)
$63 bn$63 bn
MEDIAN SEED ROUNDMEDIAN SEED ROUND
(2019H2-2021)(2019H2-2021)
$950 k$950 k
GLOBALAVG.GLOBALAVG.
$671 k$671 k
MEDIAN SERIES A ROUNDMEDIAN SERIES A ROUND
(2019H2-2021)(2019H2-2021)
$2.7 m$2.7 m
GLOBALAVG.GLOBALAVG.
$4.7 m$4.7 m
SOFT. ENGINEER SALARYSOFT. ENGINEER SALARY
(2021)(2021)
$58 k$58 k
GLOBALAVG.GLOBALAVG.
$46 k$46 k
Amount ($)Amount ($) Count (#)Count (#)
ExitsExits
(2017-2021)(2017-2021)
EARLY-STAGE FUNDING GROWTH TIEREARLY-STAGE FUNDING GROWTH TIER
(2018/19 VS. 2020/21)(2018/19 VS. 2020/21)
6
Calculated on a scale ofCalculated on a scale of
1 (lowest) to 10 (highest)1 (lowest) to 10 (highest)
TOTAL VC FUNDINGTOTAL VC FUNDING
(2017-2021)(2017-2021)
$5.7 bn$5.7 bn
GLOBALAVG.GLOBALAVG.
$4.5 bn$4.5 bn
TIME TO EXITTIME TO EXIT
(2017-2021)(2017-2021)
9.4 years9.4 years
GLOBALAVG.GLOBALAVG.
9.4 years9.4 years
GLOBALAVG.GLOBALAVG.
$687 m$687 m
GLOBALAVG.GLOBALAVG.
$28.6 bn$28.6 bn
43bn43bn
GLOBALAVG.GLOBALAVG.
11.3bn11.3bn
356356
GLOBALAVG.GLOBALAVG.
101101
#20
82
Sub-Sector StrengthsSub-Sector Strengths
CleantechCleantech
Sweden has become a leader in renewable energySweden has become a leader in renewable energy
thanks in part to the country’s ambitious goal ofthanks in part to the country’s ambitious goal of
reaching net-zero emission by 2045. Stockholm inreaching net-zero emission by 2045. Stockholm in
particular has benefited from holistic city planning,particular has benefited from holistic city planning,
close public-private ties, and the region’s target toclose public-private ties, and the region’s target to
go CO2 free by 2040. The city’s growing demandgo CO2 free by 2040. The city’s growing demand
for new fuels has pushed it to become a leader infor new fuels has pushed it to become a leader in
biogas, ocean power, and smart grids. Eco-citybiogas, ocean power, and smart grids. Eco-city
Stockholm Royal Seaport is due to be completed inStockholm Royal Seaport is due to be completed in
2030.Lithium-ion battery maker Northvolt raised2030.Lithium-ion battery maker Northvolt raised
$2.75 billion in June 2021 to expand capacity to$2.75 billion in June 2021 to expand capacity to
meet increasing demand for electric cars.meet increasing demand for electric cars.
Life SciencesLife Sciences
Sweden’s Life Sciences companies benefit from theSweden’s Life Sciences companies benefit from the
country’s high innovation capacity, world-leadingcountry’s high innovation capacity, world-leading
universities, and public-private collaboration.universities, and public-private collaboration.
Business Sweden accelerates the growth andBusiness Sweden accelerates the growth and
innovation of Swedish Life Sciences companies. Theinnovation of Swedish Life Sciences companies. The
government has created an office of Life Sciencesgovernment has created an office of Life Sciences
to develop a national strategy for the Life Sciences.to develop a national strategy for the Life Sciences.
SISP is a national platform supporting bothSISP is a national platform supporting both
incubators and Life Sciences startups. Investmentincubators and Life Sciences startups. Investment
syndicate Sciety provides capital market servicessyndicate Sciety provides capital market services
with a focus on Swedish Life Sciences.with a focus on Swedish Life Sciences.
Reasons to Move Your Startup to StockholmReasons to Move Your Startup to Stockholm
Global OutlookGlobal Outlook
Stockholm’s ecosystem is notably international, withStockholm’s ecosystem is notably international, with
large numbers of foreign players hailing from diverselarge numbers of foreign players hailing from diverse
backgrounds. English is the language of business inbackgrounds. English is the language of business in
the ecosystem, and multiculturalism is viewed as athe ecosystem, and multiculturalism is viewed as a
business strength. Sweden’s open economy fostersbusiness strength. Sweden’s open economy fosters
innovation and competition. The governmentinnovation and competition. The government
proactively invests to promote the growth ofproactively invests to promote the growth of
promising sectors and trade with growing marketspromising sectors and trade with growing markets
such as the Baltic region, India, and Brazil.such as the Baltic region, India, and Brazil.
83
IndiaIndia
Bangalore-KarnatakaBangalore-Karnataka
MEMBERS:MEMBERS:
Bangalore Bioinnovation CentreBangalore Bioinnovation Centre // Karnataka Innovation & Technology Society (KITS)Karnataka Innovation & Technology Society (KITS)
"Bengaluru-Karnataka Innovation Ecosystem has catalyzed and scaled up"Bengaluru-Karnataka Innovation Ecosystem has catalyzed and scaled up
startups at an unprecedented pace. This nurturing ecosystem has steadily givenstartups at an unprecedented pace. This nurturing ecosystem has steadily given
birth to numerous unicorns and is now evidencing signs of logarithmic growth."birth to numerous unicorns and is now evidencing signs of logarithmic growth."
Dr C. N. Ashwath NarayanDr C. N. Ashwath Narayan
Minister of Science & Technology, Higher Education & Information Technology and Biotechnology, GovernmentMinister of Science & Technology, Higher Education & Information Technology and Biotechnology, Government
of Karnatakaof Karnataka
HighlightsHighlights
Bangalore-Karnataka has been described as the world’s fastest-growing tech hub and the Indian city isBangalore-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,home to the R&D centers of some of the world’s most famous tech companies, including Amazon,
Microsoft, Facebook, and Google. Its IT sector employs over four million people, and accounts for anMicrosoft, Facebook, and Google. Its IT sector employs over four million people, and accounts for an
estimated $130 billion in exports every year.estimated $130 billion in exports every year.
The Government of Karnataka was the first Indian state government to establish a dedicated Startup CellThe Government of Karnataka was the first Indian state government to establish a dedicated Startup Cell
to promote its ecosystem. Innovate Karnataka provides financial support to startups through various fundsto promote its ecosystem. Innovate Karnataka provides financial support to startups through various funds
and Idea2PoC grants, which provide early-stage funding to concepts that have yet to establish proof ofand 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 inconcept. The Karnataka Digital Economy Mission launched the Beyond Bengaluru Startup Grid in
November 2021 to support startups in the state outside of Bangalore-Karnataka, and a startup incubationNovember 2021 to support startups in the state outside of Bangalore-Karnataka, and a startup incubation
center set up by the Bangalore Chamber of Industry and Commerce opened in February 2022. The Maruticenter set up by the Bangalore Chamber of Industry and Commerce opened in February 2022. The Maruti
Suzuki Incubation Program aims to help startups develop industry-ready solutions and become large-scaleSuzuki 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,businesses. Karnataka took home 30% of the total startup awards at the National Startup Awards 2021,
during Startup India Innovation Week.during Startup India Innovation Week.
Notable recent funding deals in the ecosystem include online learning platform Vedantu’s $2 millionNotable 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 inSeries 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.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.Karnataka hosts India’s flagship tech event, the Bangalore Tech Summit. Summit Up, a two-day event forSummit Up, a two-day event for
female entrepreneurs took place in December 2021.female entrepreneurs took place in December 2021.
TOTAL EARLY STAGE FUNDINGTOTAL EARLY STAGE FUNDING
(2019H2-2021)(2019H2-2021)
$2.1 bn$2.1 bn
ECOSYSTEM VALUEECOSYSTEM VALUE
(2019H2-2021)(2019H2-2021)
$105 bn$105 bn
MEDIAN SEED ROUNDMEDIAN SEED ROUND
(2019H2-2021)(2019H2-2021)
$655 k$655 k
GLOBALAVG.GLOBALAVG.
$671 k$671 k
MEDIAN SERIES A ROUNDMEDIAN SERIES A ROUND
(2019H2-2021)(2019H2-2021)
$5 m$5 m
GLOBALAVG.GLOBALAVG.
$4.7 m$4.7 m
SOFT. ENGINEER SALARYSOFT. ENGINEER SALARY
(2021)(2021)
$13 k$13 k
GLOBALAVG.GLOBALAVG.
$46 k$46 k
Amount ($)Amount ($) Count (#)Count (#)
ExitsExits
(2017-2021)(2017-2021)
EARLY-STAGE FUNDING GROWTH TIEREARLY-STAGE FUNDING GROWTH TIER
(2018/19 VS. 2020/21)(2018/19 VS. 2020/21)
9
Calculated on a scale ofCalculated on a scale of
1 (lowest) to 10 (highest)1 (lowest) to 10 (highest)
TOTAL VC FUNDINGTOTAL VC FUNDING
(2017-2021)(2017-2021)
$21 bn$21 bn
GLOBALAVG.GLOBALAVG.
$4.5 bn$4.5 bn
TIME TO EXITTIME TO EXIT
(2017-2021)(2017-2021)
6.2 years6.2 years
GLOBALAVG.GLOBALAVG.
9.4 years9.4 years
GLOBALAVG.GLOBALAVG.
$687 m$687 m
GLOBALAVG.GLOBALAVG.
$28.6 bn$28.6 bn
27bn27bn
GLOBALAVG.GLOBALAVG.
11.3bn11.3bn
219219
GLOBALAVG.GLOBALAVG.
101101
#21
84
Sub-Sector StrengthsSub-Sector Strengths
FintechFintech
Bangalore-Karnataka ranks eighth among citiesBangalore-Karnataka ranks eighth among cities
globally in the amount of VC investment attractedglobally in the amount of VC investment attracted
by its Fintech sub-sector, according to an analysis byby its Fintech sub-sector, according to an analysis by
research firm London & Partners and Dealroom. Theresearch firm London & Partners and Dealroom. The
Karnataka Digital Economy Mission, in partnershipKarnataka Digital Economy Mission, in partnership
with India’s top financial technology companies, iswith India’s top financial technology companies, is
creating a roadmap for the growth of the sub-creating a roadmap for the growth of the subsector.
San Francisco-based Fluxon Apps will set upsector. San Francisco-based Fluxon Apps will set up
a new hub in Bengaluru by the end of 2022. Onlinea new hub in Bengaluru by the end of 2022. Online
payments solution Razorpay raised a $375 millionpayments solution Razorpay raised a $375 million
Series F in December 2021.Series F in December 2021.
Life SciencesLife Sciences
Bangalore Bioinnovation Centre is the largest LifeBangalore Bioinnovation Centre is the largest Life
Sciences hub in India. It is a joint initiative of theSciences hub in India. It is a joint initiative of the
Department of Biotechnology, the Government ofDepartment of Biotechnology, the Government of
India, and the Department of Electronics, IT, BT andIndia, and the Department of Electronics, IT, BT and
S&T, and the Government of Karnataka. It worksS&T, and the Government of Karnataka. It works
closely with Karnataka Innovation & Technologyclosely with Karnataka Innovation & Technology
Society, a nodal center for implementing schemesSociety, a nodal center for implementing schemes
of the Department of Electronics, IT, BT and S&T,of the Department of Electronics, IT, BT and S&T,
the Government of Karnataka and its Startup Cell.the Government of Karnataka and its Startup Cell.
Telehealth startup Mfine raised a ₹3.6 billion ($48.4Telehealth startup Mfine raised a ₹3.6 billion ($48.4
million) Series C in September 2021.million) Series C in September 2021.
Reasons to Move Your Startup to Bangalore-KarnatakaReasons to Move Your Startup to Bangalore-Karnataka
Access to FundingAccess to Funding
Karnataka accounted for 45% of total FDI in India forKarnataka accounted for 45% of total FDI in India for
the first half of fiscal year 2021–2022. While startupthe first half of fiscal year 2021–2022. While startup
activity is increasing in Delhi and smaller cities,activity is increasing in Delhi and smaller cities,
funding remains heavily skewed towards Bengalurufunding remains heavily skewed towards Bengaluru
and its seasoned entrepreneurs, a March 2022 Mintand its seasoned entrepreneurs, a March 2022 Mint
analysis shows. The Karnataka government alsoanalysis shows. The Karnataka government also
provides seed funding of up to ₹5 million ($66,300)provides seed funding of up to ₹5 million ($66,300)
for startups in the state.for startups in the state.
Location and InfrastructureLocation and Infrastructure
Karnataka is well connected to all major marketsKarnataka is well connected to all major markets
through two international airports, 14 nationalthrough two international airports, 14 national
highways, a rail network, and several ports. Thehighways, a rail network, and several ports. The
Bengaluru - Mumbai Economic Corridor andBengaluru - Mumbai Economic Corridor and
Chennai - Bengaluru Industrial Corridor passChennai - Bengaluru Industrial Corridor pass
through the state. Karnataka ranked #3 in thethrough the state. Karnataka ranked #3 in the
Institute for Competitiveness Export PreparednessInstitute for Competitiveness Export Preparedness
Index 2021. Karnataka hosts 44% of India’s R&DIndex 2021. Karnataka hosts 44% of India’s R&D
centers, including Google’s first AI and machinecenters, including Google’s first AI and machine
learning focused center and Intel’s largest 5Glearning focused center and Intel’s largest 5G
technology design center.technology design center.
Tech TalentTech Talent
Bangalore-Karnataka is home to a quarter of India’sBangalore-Karnataka is home to a quarter of India’s
digital talent, more than any other city in the country,digital talent, more than any other city in the country,
according to a report by Nasscom and consultingaccording to a report by Nasscom and consulting
firm Zinnov's enterprise decision-making platformfirm Zinnov's enterprise decision-making platform
Draup. 90,000 engineers graduate from Bangalore’sDraup. 90,000 engineers graduate from Bangalore’s
universities every year. Bangalore-Karnataka wasuniversities every year. Bangalore-Karnataka was
named the most liveable city among 111 cities in Indianamed the most liveable city among 111 cities in India
in the Union Housing and Urban Affairs' 'Ease ofin the Union Housing and Urban Affairs' 'Ease of
Living Index' report 2021.Living Index' report 2021.
85
Selected Startup OrganizationsSelected Startup Organizations
STARTUP GENOME MEMBERSSTARTUP GENOME MEMBERS
Bangalore Bioinnovation CentreBangalore Bioinnovation Centre
Bangalore Bioinnovation Centre (BBC) is a joint initiative of the Department ofBangalore Bioinnovation Centre (BBC) is a joint initiative of the Department of
Biotechnology, Government of India, and Department of Electronics, IT, BT and S&T,Biotechnology, Government of India, and Department of Electronics, IT, BT and S&T,
Government of Karnataka. It is a state-of-the-art translational research andGovernment of Karnataka. It is a state-of-the-art translational research and
entrepreneurship center catering to the needs of startups in Life Sciences.entrepreneurship center catering to the needs of startups in Life Sciences.
MEMBERMEMBER
Karnataka Innovation & Technology SocietyKarnataka Innovation & Technology Society
(KITS)(KITS)
Karnataka Innovation & Technology Society (KITS) is a nodal center for implementingKarnataka Innovation & Technology Society (KITS) is a nodal center for implementing
schemes of the Department of Electronics, IT, BT and S&T, Government of Karnataka,schemes of the Department of Electronics, IT, BT and S&T, Government of Karnataka,
and its startup cell.and its startup cell.
MEMBERMEMBER
86
NetherlandsNetherlands
Amsterdam-DeltaAmsterdam-Delta #14#14
"The Netherlands is home to Europe’s biggest tech companies and world-class"The Netherlands is home to Europe’s biggest tech companies and world-class
startups. A great part of the ecosystem's success is about the community andstartups. 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 nextits leaders being willing to pass on their knowledge and capital gains to the next
generation."generation."
Constantijn van OranjeConstantijn van Oranje
Envoy, Techleap.nlEnvoy, Techleap.nl
HighlightsHighlights
Amsterdam may be a smaller city by population than London or Paris, but its startups have producedAmsterdam 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 firstoutsized 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 increasedquarter of 2021, the total enterprise value of tech companies created in the Amsterdam region increased
from $10 billion to $100 billion, making the ecosystem one of the fastest-growing in Europe.from $10 billion to $100 billion, making the ecosystem one of the fastest-growing in Europe.
The Dutch capital is also open, dynamic, and community minded. Rockstart and Startupbootcamp, two ofThe Dutch capital is also open, dynamic, and community minded. Rockstart and Startupbootcamp, two of
Europe’s best-performing accelerators, were founded in Amsterdam. Holland in the Valley is an initiative toEurope’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 techstrengthen ties between the Netherlands and the Bay Area at multiple levels. ScaleNL helps Dutch tech
entrepreneurs scale to the US via a network, platform, programs, and funding. Techleap is leading theentrepreneurs scale to the US via a network, platform, programs, and funding. Techleap is leading the
Global Entrepreneur Initiative to connect successful Dutch founders living abroad to founders in theGlobal Entrepreneur Initiative to connect successful Dutch founders living abroad to founders in the
Netherlands who want to expand.Netherlands who want to expand.
Amsterdam’s Cleantech startups had a particularly strong 2021. In September, Picnic raised €600 millionAmsterdam’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($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 millionsustainable European grocery delivery company. Urban e-bike company VanMoof raised a $128 million
Series C the same month.Series C the same month.
In July 2021, neobank Bunq announced the largest ever Series A round raised by a European Fintech. TheIn 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€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 innotable 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.March 2021, and mobility Fintech company Moove’s August 2021 $100 million deal.
TOTAL EARLY STAGE FUNDINGTOTAL EARLY STAGE FUNDING
(2019H2-2021)(2019H2-2021)
$1.9 bn$1.9 bn
ECOSYSTEM VALUEECOSYSTEM VALUE
(2019H2-2021)(2019H2-2021)
$54 bn$54 bn
MEDIAN SEED ROUNDMEDIAN SEED ROUND
(2019H2-2021)(2019H2-2021)
$492 k$492 k
GLOBALAVG.GLOBALAVG.
$671 k$671 k
MEDIAN SERIES A ROUNDMEDIAN SERIES A ROUND
(2019H2-2021)(2019H2-2021)
$3.6 m$3.6 m
GLOBALAVG.GLOBALAVG.
$4.7 m$4.7 m
SOFT. ENGINEER SALARYSOFT. ENGINEER SALARY
(2021)(2021)
$67 k$67 k
GLOBALAVG.GLOBALAVG.
$46 k$46 k
Amount ($)Amount ($) Count (#)Count (#)
ExitsExits
(2017-2021)(2017-2021)
EARLY-STAGE FUNDING GROWTH TIEREARLY-STAGE FUNDING GROWTH TIER
(2018/19 VS. 2020/21)(2018/19 VS. 2020/21)
6
Calculated on a scale ofCalculated on a scale of
1 (lowest) to 10 (highest)1 (lowest) to 10 (highest)
TOTAL VC FUNDINGTOTAL VC FUNDING
(2017-2021)(2017-2021)
$9.2 bn$9.2 bn
GLOBALAVG.GLOBALAVG.
$4.5 bn$4.5 bn
TIME TO EXITTIME TO EXIT
(2017-2021)(2017-2021)
10.7 years10.7 years
GLOBALAVG.GLOBALAVG.
9.4 years9.4 years
GLOBALAVG.GLOBALAVG.
$687 m$687 m
GLOBALAVG.GLOBALAVG.
$28.6 bn$28.6 bn
22bn22bn
GLOBALAVG.GLOBALAVG.
11.3bn11.3bn
523523
GLOBALAVG.GLOBALAVG.
101101
#22
87
Sub-Sector StrengthsSub-Sector Strengths
Agtech & New FoodAgtech & New Food
The Dutch government’s Vision on CircularThe Dutch government’s Vision on Circular
Agriculture sets out its ambition to be a globalAgriculture sets out its ambition to be a global
leader in circular agriculture by 2030. Wageningenleader in circular agriculture by 2030. Wageningen
University and Research (WUR) ranks #1 in the worldUniversity and Research (WUR) ranks #1 in the world
in the field of Agriculture and Forestry, according toin the field of Agriculture and Forestry, according to
QS World University Rankings 2021. In 2021, leadingQS World University Rankings 2021. In 2021, leading
Agtech organization Cropin announced the openingAgtech organization Cropin announced the opening
of its first international office in Amsterdam. App-of its first international office in Amsterdam. Apponly
supermarket Crisp raised a €30 million Series Bonly supermarket Crisp raised a €30 million Series B
in March 2021.in March 2021.
Life SciencesLife Sciences
Amsterdam-Delta’s Life Sciences ecosystem includesAmsterdam-Delta’s Life Sciences ecosystem includes
two internationally renowned universities, Universitytwo internationally renowned universities, University
of Amsterdam and Vrije Universiteit Amsterdam, asof Amsterdam and Vrije Universiteit Amsterdam, as
well as Amsterdam University Medical Centre andwell as Amsterdam University Medical Centre and
the Netherlands Cancer Institute. The Netherlandsthe Netherlands Cancer Institute. The Netherlands
is the top European importer and exporter ofis the top European importer and exporter of
medical devices. Hubs including Amsterdam Sciencemedical devices. Hubs including Amsterdam Science
Park and the Amsterdam Life Sciences District offerPark and the Amsterdam Life Sciences District offer
opportunities for collaboration, and the Europeanopportunities for collaboration, and the European
Medicines Agency is also located here. LUMICKSMedicines Agency is also located here. LUMICKS
raised a €77.6 million ($84 million) Series D in Aprilraised a €77.6 million ($84 million) Series D in April
2021, and clinical data platform Castor raised a $452021, and clinical data platform Castor raised a $45
million Series B in July 2021.million Series B in July 2021.
Reasons to Move Your Startup to Amsterdam-DeltaReasons to Move Your Startup to Amsterdam-Delta
Competitive Economic ClimateCompetitive Economic Climate
The business climate in the Amsterdam-Delta regionThe business climate in the Amsterdam-Delta region
is welcoming for startups. Entrepreneurs from outsideis welcoming for startups. Entrepreneurs from outside
the EU can apply for a startup visa, and many highlythe EU can apply for a startup visa, and many highly
skilled migrants qualify for a 30% personal tax incomeskilled migrants qualify for a 30% personal tax income
advantage. The Netherlands is stable and prosperous,advantage. The Netherlands is stable and prosperous,
and its capital city is open, creative, and dynamic.and its capital city is open, creative, and dynamic.
Established Startup HubEstablished Startup Hub
The area has a long history as a successful businessThe area has a long history as a successful business
hub and as a center of global trade, so there is anhub and as a center of global trade, so there is an
established infrastructure of services, accelerators,established infrastructure of services, accelerators,
and coworking spaces. These business essentialsand coworking spaces. These business essentials
combine with the Dutch entrepreneurial mindset tocombine with the Dutch entrepreneurial mindset to
create a fast-growing startup culture.create a fast-growing startup culture.
TalentTalent
The Amsterdam-Delta region offers companies accessThe Amsterdam-Delta region offers companies access
to a large pool of talented, highly motivated, well-to a large pool of talented, highly motivated, welleducated,
and multilingual potential employees. 44%educated, and multilingual potential employees. 44%
of the population have attended higher educationof the population have attended higher education
institutions, 80% speak English, and 90% speak twoinstitutions, 80% speak English, and 90% speak two
or more languages.or more languages.
88
JapanJapan
TokyoTokyo
MEMBERS:MEMBERS:
Tokyo Metropolitan GovernmentTokyo Metropolitan Government
#12#12
"Tokyo's startup ecosystem has continuously been expanding through"Tokyo's startup ecosystem has continuously been expanding through
digitalization in various industries. Tokyo launched the Tokyo Consortium indigitalization in various industries. Tokyo launched the Tokyo Consortium in
2020, and is working as a leading member of a strong community of more than2020, and is working as a leading member of a strong community of more than
270 leading companies, investors, incubators, universities, governments, and270 leading companies, investors, incubators, universities, governments, and
more to enter the new era together with startups."more to enter the new era together with startups."
Eiichirou KodamaEiichirou Kodama
Director General for Global Financial City Strategy, Office of the Governor for Policy Planning, TokyoDirector General for Global Financial City Strategy, Office of the Governor for Policy Planning, Tokyo
Metropolitan GovernmentMetropolitan Government
HighlightsHighlights
Tokyo’s latest startup boom kicked off in 2014 in response to the acceleration of digital technology, asTokyo’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 andwell as coordinated efforts by the Tokyo Government, Cabinet Office, and Ministry of Economy, Trade and
Industry to nurture local startups.Industry to nurture local startups.
Changes in policy have helped Tokyo’s ecosystem to flourish. The Kishida Cabinet named 2022 the "firstChanges in policy have helped Tokyo’s ecosystem to flourish. The Kishida Cabinet named 2022 the "first
year of startup creation," and various regulations are also being streamlined to promote startup formationyear of startup creation," and various regulations are also being streamlined to promote startup formation
and growth. These include changes to allow autonomous driving, shortening the time from approval ofand growth. These include changes to allow autonomous driving, shortening the time from approval of
listing to IPO to approximately 21 days, and deregulation around crowdfunding. The Tokyo Metropolitanlisting to IPO to approximately 21 days, and deregulation around crowdfunding. The Tokyo Metropolitan
Government announced its Startup Collaboration Strategy in February 2022.Government announced its Startup Collaboration Strategy in February 2022.
Universities and support organizations are also supporting local startups. The J-Startup project aims toUniversities and support organizations are also supporting local startups. The J-Startup project aims to
help Japanese startups reach global markets, and the University of Tokyo is set to establish a ￥60 billionhelp Japanese startups reach global markets, and the University of Tokyo is set to establish a ￥60 billion
($500 million) fund for startups spun out from universities. The result of all these efforts is that the($500 million) fund for startups spun out from universities. The result of all these efforts is that the
number of people who are looking to find a career in a startup is increasing, according to a 2021 reportnumber of people who are looking to find a career in a startup is increasing, according to a 2021 report
from Amateras Startup Review.from Amateras Startup Review.
Much of the momentum in the Tokyo ecosystem is the result of the entrance of overseas crossoverMuch 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 eightinvestors. 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 raisedcompanies, including Light Street Capital and Sequoia Capital Global Equities. News app SmartNews raised
a $230 milliona $230 million Series FSeries F in Septemberin September 20212021. Successful entrepreneurs are also beginning to act as angel. Successful entrepreneurs are also beginning to act as angel
investors and advisors to younger generations.investors and advisors to younger generations.
TOTAL EARLY STAGE FUNDINGTOTAL EARLY STAGE FUNDING
(2019H2-2021)(2019H2-2021)
$3 bn$3 bn
ECOSYSTEM VALUEECOSYSTEM VALUE
(2019H2-2021)(2019H2-2021)
$62 bn$62 bn
MEDIAN SEED ROUNDMEDIAN SEED ROUND
(2019H2-2021)(2019H2-2021)
$789 k$789 k
GLOBALAVG.GLOBALAVG.
$671 k$671 k
MEDIAN SERIES A ROUNDMEDIAN SERIES A ROUND
(2019H2-2021)(2019H2-2021)
$2.7 m$2.7 m
GLOBALAVG.GLOBALAVG.
$4.7 m$4.7 m
SOFT. ENGINEER SALARYSOFT. ENGINEER SALARY
(2021)(2021)
$67 k$67 k
GLOBALAVG.GLOBALAVG.
$46 k$46 k
Amount ($)Amount ($) Count (#)Count (#)
ExitsExits
(2017-2021)(2017-2021)
EARLY-STAGE FUNDING GROWTH TIEREARLY-STAGE FUNDING GROWTH TIER
(2018/19 VS. 2020/21)(2018/19 VS. 2020/21)
3
Calculated on a scale ofCalculated on a scale of
1 (lowest) to 10 (highest)1 (lowest) to 10 (highest)
TOTAL VC FUNDINGTOTAL VC FUNDING
(2017-2021)(2017-2021)
$15 bn$15 bn
GLOBALAVG.GLOBALAVG.
$4.5 bn$4.5 bn
TIME TO EXITTIME TO EXIT
(2017-2021)(2017-2021)
8.7 years8.7 years
GLOBALAVG.GLOBALAVG.
9.4 years9.4 years
GLOBALAVG.GLOBALAVG.
$687 m$687 m
GLOBALAVG.GLOBALAVG.
$28.6 bn$28.6 bn
25bn25bn
GLOBALAVG.GLOBALAVG.
11.3bn11.3bn
424424
GLOBALAVG.GLOBALAVG.
101101
#24
89
Sub-Sector StrengthsSub-Sector Strengths
AdvancedAdvanced
Manufacturing &Manufacturing &
RoboticsRobotics
Tokyo’s startups are supplying robots and satellitesTokyo’s startups are supplying robots and satellites
to the growing space industry, which is expected toto the growing space industry, which is expected to
generate more than $1 trillion worldwide in 2040,generate more than $1 trillion worldwide in 2040,
according to Morgan Stanley. The Japanese roboticsaccording to Morgan Stanley. The Japanese robotics
market is expected to grow from around ¥1 trillionmarket is expected to grow from around ¥1 trillion
(~$8.3 billion) in 2010 to around ¥10 trillion in 2035.(~$8.3 billion) in 2010 to around ¥10 trillion in 2035.
Space resource exploration company IspaceSpace resource exploration company Ispace
Technologies has raised $174.8 million, including anTechnologies has raised $174.8 million, including an
undisclosed Series C round in October 2021. Spiber,undisclosed Series C round in October 2021. Spiber,
which is developing microbially fermented materials,which is developing microbially fermented materials,
raised $221.4 million in September 2021 from araised $221.4 million in September 2021 from a
private equity round.private equity round.
FintechFintech
According to Yano Research Institute’s FinTechAccording to Yano Research Institute’s FinTech
Market 2019 report, Tokyo is the third largestMarket 2019 report, Tokyo is the third largest
global financial center after New York and London.global financial center after New York and London.
That year, the Fintech market in the country wasThat year, the Fintech market in the country was
estimated at $3.2 billion with forecasts that itestimated at $3.2 billion with forecasts that it
could increase to over $10 billion by 2022. Mobilecould increase to over $10 billion by 2022. Mobile
banking startup Kyash raised a $41.3 million Seriesbanking startup Kyash raised a $41.3 million Series
D in March 2022. Online security brokerage serviceD in March 2022. Online security brokerage service
Folio has raised $100.8 million over five rounds.Folio has raised $100.8 million over five rounds.
Automated investment advice company MoneyAutomated investment advice company Money
Design has raised $94 million over nine rounds.Design has raised $94 million over nine rounds.
Life SciencesLife Sciences
Foreign investors are increasingly interested inForeign investors are increasingly interested in
Japanese Life Sciences startups, many in Tokyo. InJapanese Life Sciences startups, many in Tokyo. In
2021, U.S. and European venture investors closed2021, U.S. and European venture investors closed
eight Life Sciences deals in the country, totalingeight Life Sciences deals in the country, totaling
$98 million. In February 2022, Belgian venture$98 million. In February 2022, Belgian venture
capital firm Newton Biocapital launched a €150capital firm Newton Biocapital launched a €150
million fund to harness synergies betweenmillion fund to harness synergies between
European and Japanese Life Sciences startups, andEuropean and Japanese Life Sciences startups, and
FTI Venture Partners is a Life Sciences-focusedFTI Venture Partners is a Life Sciences-focused
venture capital firm with offices in Tokyo andventure capital firm with offices in Tokyo and
Boston. Personalized nutrition startup Bisu raised aBoston. Personalized nutrition startup Bisu raised a
$3.3 million seed round in October 2021.$3.3 million seed round in October 2021.
Reasons to Move Your Startup to TokyoReasons to Move Your Startup to Tokyo
Dedicated SupportDedicated Support
The Japanese government dedicated 2022 as theThe Japanese government dedicated 2022 as the
“first year of startup creation," with a dedicated“first year of startup creation," with a dedicated
supplementary budget and various deregulations tosupplementary budget and various deregulations to
promote the startup economy. The Businesspromote the startup economy. The Business
Development Center TOKYO offers a one-stopDevelopment Center TOKYO offers a one-stop
support center for those starting out. The Tokyosupport center for those starting out. The Tokyo
Consortium brings together more than 270 players inConsortium brings together more than 270 players in
a supportive business community.a supportive business community.
High Demand for DigitalizationHigh Demand for Digitalization
There is a customer market for digital products inThere is a customer market for digital products in
Tokyo, which is home to 2,964 major companiesTokyo, which is home to 2,964 major companies
with capital of ¥1billion or more. The city also has awith capital of ¥1billion or more. The city also has a
large number of Fortune Global 500 companylarge number of Fortune Global 500 company
headquarters. According to a 2021 survey, 90% ofheadquarters. According to a 2021 survey, 90% of
companies say they will increase or maintain theircompanies say they will increase or maintain their
IT investment, indicating that the needs ofIT investment, indicating that the needs of
technology companies are very high.technology companies are very high.
Large MarketLarge Market
Tokyo, the capital of Japan, is one of the largest citiesTokyo, the capital of Japan, is one of the largest cities
in the world, with a population of approximately 14in the world, with a population of approximately 14
million. Its gross metropolitan product was $965.4million. Its gross metropolitan product was $965.4
billion in 2018. With Japan’s overall household assetsbillion in 2018. With Japan’s overall household assets
rising to $27 trillion as of 2020, the market holds greatrising to $27 trillion as of 2020, the market holds great
potential for both business-to-business and direct-to-potential for both business-to-business and direct-toconsumer
companies.consumer companies.
90
Selected Startup OrganizationsSelected Startup Organizations
"Tokyo is highlighted in the GSER, the world’s"Tokyo is highlighted in the GSER, the world’s
paramount report on enriching startup andparamount report on enriching startup and
economic growth. Ranking as #12 Global Startupeconomic growth. Ranking as #12 Global Startup
Ecosystem overall with incredible support from theEcosystem overall with incredible support from the
Tokyo Metropolitan Government and the widerTokyo Metropolitan Government and the wider
Tokyo Startup Ecosystem Consortium."Tokyo Startup Ecosystem Consortium."
Stephan Kuester, Head of Ecosystem Strategy ofStephan Kuester, Head of Ecosystem Strategy of
Startup GenomeStartup Genome
CIC Japan G.K.CIC Japan G.K.
The largest innovation center in Japan, home toThe largest innovation center in Japan, home to
250+ startups, VCs, researchers, and other250+ startups, VCs, researchers, and other
organizations passionate about innovation.organizations passionate about innovation.
Keio Innovation Initiative, Inc.Keio Innovation Initiative, Inc.
A VC firm established by Keio University, supportingA VC firm established by Keio University, supporting
startups that create innovative new businesses bystartups that create innovative new businesses by
utilizing the excellent research results of universitiesutilizing the excellent research results of universities
and research institutes.and research institutes.
Plug and Play JapanPlug and Play Japan
A subsidiary of Plug and Play that aims to build aA subsidiary of Plug and Play that aims to build a
world-class platform that drives innovation. Itworld-class platform that drives innovation. It
connects leading corporations with startups toconnects leading corporations with startups to
support them in expanding their possibilities fromsupport them in expanding their possibilities from
Japan to the world, and from the world to Japan.Japan to the world, and from the world to Japan.
The University of TokyoThe University of Tokyo
Japan's top university, a world-class center forJapan's top university, a world-class center for
research, and a vibrant academic community.research, and a vibrant academic community.
The University of Tokyo EdgeThe University of Tokyo Edge
Capital PartnersCapital Partners
VUTEC works with academia in Japan and abroad,VUTEC works with academia in Japan and abroad,
including the University of Tokyo. It supports scienceincluding the University of Tokyo. It supports science
and technology startups that are pioneeringand technology startups that are pioneering
frontiers to solve global issues with capital, talent,frontiers to solve global issues with capital, talent,
and knowledge.and knowledge.
STARTUP GENOME MEMBERSSTARTUP GENOME MEMBERS
Tokyo Metropolitan GovernmentTokyo Metropolitan Government
TMG aims to create the world’s leading ecosystem, one where innovations areTMG aims to create the world’s leading ecosystem, one where innovations are
continuously generated through the organic collaboration of players includingcontinuously generated through the organic collaboration of players including
corporations, startups, universities, and others. The Tokyo Consortium also supportscorporations, startups, universities, and others. The Tokyo Consortium also supports
creating this ecosystem.creating this ecosystem.
MEMBERMEMBER
KEY ECOSYSTEM PLAYERSKEY ECOSYSTEM PLAYERS
“Tokyo is highlighted in the GSER, the world’s
paramount report on enriching startup and economic
growth. Ranking as #12 Global Startup Ecosystem
overall with incredible support from the Tokyo
Metropolitan Government and the wider Tokyo Startup
Ecosytem Consortium.”
Stephan Kuester, Head of Ecosytem Strategy of
Startup Genome
91
United Arab EmiratesUnited Arab Emirates
Abu DhabiAbu Dhabi
MEMBERS:MEMBERS:
Hub71Hub71
"Abu Dhabi’s innovation ecosystem is an undeniable catalyst for achieving"Abu Dhabi’s innovation ecosystem is an undeniable catalyst for achieving
sustainable economic growth. Advancing diverse sectors through the creativesustainable economic growth. Advancing diverse sectors through the creative
minds of entrepreneurs stems from our work of building a self-sustainingminds of entrepreneurs stems from our work of building a self-sustaining
ecosystem that startups, investors, businesses, and government can capitalizeecosystem that startups, investors, businesses, and government can capitalize
on in the pursuit of scaling disruptive technologies with real-world impact."on in the pursuit of scaling disruptive technologies with real-world impact."
H.E. Mohamed Ali Al Shorafa Al HammadiH.E. Mohamed Ali Al Shorafa Al Hammadi
Chairman of Hub71 and the Abu Dhabi Department of Economic Development (ADDED)Chairman of Hub71 and the Abu Dhabi Department of Economic Development (ADDED)
HighlightsHighlights
According to Hub71, Abu Dhabi’s global tech ecosystem, tech startups in its community secured AED 30According 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 billionmillion ($8.2 million) across more than 20 corporate deals in 2021, with startups ramping up AED 1.5 billion
($40.8 million) in venture capital investment since the ecosystem’s inception in 2019. The aggregate($40.8 million) in venture capital investment since the ecosystem’s inception in 2019. The aggregate
valuation of Hub71 startups soared to AED 5.9 billion ($1.6 billion), demonstrating the growing impact ofvaluation 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.the local startup ecosystem on the UAE’s capital city.
Hub71and Hewlett Packard Enterprise are collaborating on a series of programs to nurture tech startups.Hub71and Hewlett Packard Enterprise are collaborating on a series of programs to nurture tech startups.
The Abu Dhabi Investment Office (ADIO) is partnering with Microsoft and Plug and Play on a range ofThe 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 Xinitiatives to help founders successfully scale their businesses. These include the Microsoft Growth X
Accelerator, a virtual accelerator program, and engagement initiative Highway to 100 Unicorns. In 2021, theAccelerator, a virtual accelerator program, and engagement initiative Highway to 100 Unicorns. In 2021, the
Khalifa Innovation Center became the first entity in the city to receive a license from the Abu DhabiKhalifa Innovation Center became the first entity in the city to receive a license from the Abu Dhabi
Department of Economic Development to operate as an incubator. As part of the Emirates BlockchainDepartment of Economic Development to operate as an incubator. As part of the Emirates Blockchain
Strategy 2021, the UAE government is adopting Blockchain technology to conduct transactions with theStrategy 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,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 totelecommunications company Etisalat launched a Blockchain-based platform to prevent fraud in relation to
trade invoices.trade invoices.
Recent fundraising news out of the ecosystem includes digital freight network TruKKer’s $96 millionRecent fundraising news out of the ecosystem includes digital freight network TruKKer’s $96 million
Series B in February 2022.Series B in February 2022.
TOTAL EARLY STAGE FUNDINGTOTAL EARLY STAGE FUNDING
(2019H2-2021)(2019H2-2021)
$97 m$97 m
ECOSYSTEM VALUEECOSYSTEM VALUE
(2019H2-2021)(2019H2-2021)
$4 bn$4 bn
MEDIAN SEED ROUNDMEDIAN SEED ROUND
(2019H2-2021)(2019H2-2021)
$1.3 m$1.3 m
GLOBALAVG.GLOBALAVG.
$671 k$671 k
MEDIAN SERIES A ROUNDMEDIAN SERIES A ROUND
(2019H2-2021)(2019H2-2021)
$14 m$14 m
GLOBALAVG.GLOBALAVG.
$4.7 m$4.7 m
SOFT. ENGINEER SALARYSOFT. ENGINEER SALARY
(2021)(2021)
$33 k$33 k
GLOBALAVG.GLOBALAVG.
$46 k$46 k
Amount ($)Amount ($) Count (#)Count (#)
ExitsExits
(2017-2021)(2017-2021)
EARLY-STAGE FUNDING GROWTH TIEREARLY-STAGE FUNDING GROWTH TIER
(2018/19 VS. 2020/21)(2018/19 VS. 2020/21)
9
Calculated on a scale ofCalculated on a scale of
1 (lowest) to 10 (highest)1 (lowest) to 10 (highest)
TOTAL VC FUNDINGTOTAL VC FUNDING
(2017-2021)(2017-2021)
$207 m$207 m
GLOBALAVG.GLOBALAVG.
$4.5 bn$4.5 bn
TIME TO EXITTIME TO EXIT
(2017-2021)(2017-2021)
10 years10 years
GLOBALAVG.GLOBALAVG.
9.4 years9.4 years
GLOBALAVG.GLOBALAVG.
$687 m$687 m
GLOBALAVG.GLOBALAVG.
$28.6 bn$28.6 bn
1.9bn1.9bn
GLOBALAVG.GLOBALAVG.
11.3bn11.3bn
99
GLOBALAVG.GLOBALAVG.
101101
9292
Sub-Sector StrengthsSub-Sector Strengths
FintechFintech
Abu Dhabi Global Market (ADGM) is the city’sAbu Dhabi Global Market (ADGM) is the city’s
international financial center and free zone. Itinternational financial center and free zone. It
embraces digital-first offerings and sustainableembraces digital-first offerings and sustainable
finance frameworks. The ADGM Digital Lab providesfinance frameworks. The ADGM Digital Lab provides
access to resources including data, APIs, andaccess to resources including data, APIs, and
reference architectures for Fintechs, financialreference architectures for Fintechs, financial
institutions, and regulators. The ADGM RegLab is ainstitutions, and regulators. The ADGM RegLab is a
regulatory framework for testing innovative Fintechregulatory framework for testing innovative Fintech
solutions. It is the world’s second most active Fintechsolutions. It is the world’s second most active Fintech
sandbox and offers the world’s first fully digitalsandbox and offers the world’s first fully digital
courtroom. ADGM also organizes a number ofcourtroom. ADGM also organizes a number of
Fintech events, including the Fintech Abu DhabiFintech events, including the Fintech Abu Dhabi
Festival and the FinTech Awards. Open bankingFestival and the FinTech Awards. Open banking
platform Tarabut Gateway has raised $25 million,platform Tarabut Gateway has raised $25 million,
including a February 2021 $13 million seed round.including a February 2021 $13 million seed round.
Agtech & New FoodAgtech & New Food
The UAE currently imports more than 85% of itsThe UAE currently imports more than 85% of its
food, making improving food security a top priority.food, making improving food security a top priority.
Abu Dhabi has been at the heart of that push. LastAbu Dhabi has been at the heart of that push. Last
year, the Abu Dhabi Investment Office announcedyear, the Abu Dhabi Investment Office announced
more than AED 500 million ($136 million) inmore than AED 500 million ($136 million) in
incentives to bring global Agtech companies to theincentives to bring global Agtech companies to the
city. ADQ recently announced plans to build ancity. ADQ recently announced plans to build an
Agtech Park in Al Ain with the aim of positioningAgtech Park in Al Ain with the aim of positioning
the UAE as the region’s leading farming hub.the UAE as the region’s leading farming hub.
Hydroponic technology company Pure HarvestHydroponic technology company Pure Harvest
Smart Farms raised $64.5 million in October 2021.Smart Farms raised $64.5 million in October 2021.
Reasons to Move Your Startup to Abu DhabiReasons to Move Your Startup to Abu Dhabi
Rule of LawRule of Law
Startups in the UAE benefit from the country’s strongStartups in the UAE benefit from the country’s strong
rule of law through the direct application of Englishrule of law through the direct application of English
common law, a strong judiciary, quick judgmentscommon law, a strong judiciary, quick judgments
facilitated by world's first e-courts, and strongfacilitated by world's first e-courts, and strong
enforceability of judgments.enforceability of judgments.
Startup SupportStartup Support
Hub71’s Incentive Program is designed to reduceHub71’s Incentive Program is designed to reduce
the cost of setting up and growing tech companiesthe cost of setting up and growing tech companies
in Abu Dhabi, offering subsidies on housing, officein Abu Dhabi, offering subsidies on housing, office
space, and insurance for seed- and growth-stagespace, and insurance for seed- and growth-stage
companies up to AED 500K ($136,000) for one year.companies up to AED 500K ($136,000) for one year.
ADGM's Tech Startup Licence provides incentivesADGM's Tech Startup Licence provides incentives
for up to three years. Three and five-year businessfor up to three years. Three and five-year business
visas are available for entrepreneurs based atvisas are available for entrepreneurs based at
Hub71. ADGM and Hub71 link founders to aHub71. ADGM and Hub71 link founders to a
growing community of venture capital funds, banks,growing community of venture capital funds, banks,
investors, regulators and corporate and governmentinvestors, regulators and corporate and government
ppaarrttnneerrss ttoo pprroovviiddee ccaappiittaall ffoorr ggrroowwtthh aanndd
ooppppoorrttuunniittiieess ttoo ssccaallee..
93
Selected Startup OrganizationsSelected Startup Organizations
"As a policy advisor and provider of research to the"As a policy advisor and provider of research to the
entrepreneurial, employment, and economicentrepreneurial, employment, and economic
growth of Abu Dhabi, we are thrilled to see thegrowth of Abu Dhabi, we are thrilled to see the
accelerated development of the startup scene inaccelerated development of the startup scene in
Abu Dhabi and to share success stories and greatAbu Dhabi and to share success stories and great
practices developed in coordination with Hub71 inpractices developed in coordination with Hub71 in
the Global Startup Ecosystem Report.”the Global Startup Ecosystem Report.”
Stephan Kuester, Head of Ecosystem Strategy ofStephan Kuester, Head of Ecosystem Strategy of
Startup GenomeStartup Genome
STARTUP GENOME MEMBERSSTARTUP GENOME MEMBERS
Hub71Hub71
Hub71 is a global tech ecosystem, a community of highly innovative tech startups andHub71 is a global tech ecosystem, a community of highly innovative tech startups and
companies at all stages of growth in Abu Dhabi.companies at all stages of growth in Abu Dhabi.
MEMBERMEMBER
“As a policy advisor and provider of research to the
entrepreneurial, employment, and economic growth
of Abu Dhabi, we are thrilled to see the accelerated
development of the startup scene in the Abu Dhabi and
to share success stories and great practices developed
in coordination with Hub71 in the Global Startup
Ecosytem Report.”
Stephan Kuester, Head of Ecosytem Strategy of
Startup Genome
94
BahrainBahrain
BahrainBahrain
MEMBERS:MEMBERS:
TamkeenTamkeen
"The growth within the ecosystem is another example in Bahrain's long history of"The growth within the ecosystem is another example in Bahrain's long history of
economic dynamism, bolstered by an attractive environment, ease of businesseconomic dynamism, bolstered by an attractive environment, ease of business
set up, dedicated and talented workforce, innovative regulation, and a readinessset up, dedicated and talented workforce, innovative regulation, and a readiness
to embrace entrepreneurship and innovation."to embrace entrepreneurship and innovation."
Husain Mohamed RajabHusain Mohamed Rajab
CEO, TamkeenCEO, Tamkeen
HighlightsHighlights
Bahrain offers an exceptional, mature regulatory framework within a unified jurisdiction. Both local andBahrain 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 welcominginternational companies benefit from a liberal business climate, zero corporate taxes, and a welcoming
culture. The InterNations Expat Insider 2021 survey named Bahrain the best place for expatriates to workculture. The InterNations Expat Insider 2021 survey named Bahrain the best place for expatriates to work
and live in the Middle East. The Golden Residency Visa, launched in early 2022, offers a new flexible optionand 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 infor investors, entrepreneurs, and other highly talented individuals looking to settle and do business in
Bahrain.Bahrain.
Bahrain has long been a regional trailblazer of economic diversification and today less than 20% of theBahrain 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 ofcountry’s GDP comes from oil and gas. In reflection of the ongoing economic change, the number of
startups in Bahrain has grown at a compound annual growth rate of 46% since 2018. Blockchain andstartups in Bahrain has grown at a compound annual growth rate of 46% since 2018. Blockchain and
cryptocurrency are fast growing areas, with Bahrain-founded crypto exchange Rain raising a $111.85 millioncryptocurrency are fast growing areas, with Bahrain-founded crypto exchange Rain raising a $111.85 million
Series B in January 2022. Bahrain is also quickly embracing NFTs — the Kingdom hosted MENA’s first NFTSeries 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 NFTsexhibition 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.with an education linked use case the same month.
Hope Ventures has launched a series of initiatives designed to support promising high-growth businessesHope 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 TVled 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,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 2021-2025which aims to drive economic growth by supporting enterprises and individuals, released a 2021-2025
strategy that includes ramping up support for startups.strategy that includes ramping up support for startups.
TOTAL EARLY STAGE FUNDINGTOTAL EARLY STAGE FUNDING
(2019H2-2021)(2019H2-2021)
$19 m$19 m
ECOSYSTEM VALUEECOSYSTEM VALUE
(2019H2-2021)(2019H2-2021)
$564 m$564 m
MEDIAN SEED ROUNDMEDIAN SEED ROUND
(2019H2-2021)(2019H2-2021)
$53 k$53 k
GLOBALAVG.GLOBALAVG.
$671 k$671 k
MEDIAN SERIES A ROUNDMEDIAN SERIES A ROUND
(2019H2-2021)(2019H2-2021)
$3.1 m$3.1 m
GLOBALAVG.GLOBALAVG.
$4.7 m$4.7 m
SOFT. ENGINEER SALARYSOFT. ENGINEER SALARY
(2021)(2021)
$30 k$30 k
GLOBALAVG.GLOBALAVG.
$46 k$46 k
Amount ($)Amount ($) Count (#)Count (#)
ExitsExits
(2017-2021)(2017-2021)
EARLY-STAGE FUNDING GROWTH TIEREARLY-STAGE FUNDING GROWTH TIER
(2018/19 VS. 2020/21)(2018/19 VS. 2020/21)
1
Calculated on a scale ofCalculated on a scale of
1 (lowest) to 10 (highest)1 (lowest) to 10 (highest)
TOTAL VC FUNDINGTOTAL VC FUNDING
(2017-2021)(2017-2021)
$145 m$145 m
GLOBALAVG.GLOBALAVG.
$4.5 bn$4.5 bn
TIME TO EXITTIME TO EXIT
(2017-2021)(2017-2021)
N/AN/A
GLOBALAVG.GLOBALAVG.
9.4 years9.4 years
GLOBALAVG.GLOBALAVG.
$687 m$687 m
GLOBALAVG.GLOBALAVG.
$28.6 bn$28.6 bn
10m10m
GLOBALAVG.GLOBALAVG.
11.3bn11.3bn
11
GLOBALAVG.GLOBALAVG.
101101
95
Sub-Sector StrengthsSub-Sector Strengths
FintechFintech
Bahrain has over 120 Fintech startups, with clustersBahrain has over 120 Fintech startups, with clusters
in payments and crypto. Bahrain’s Al Waha Fund ofin payments and crypto. Bahrain’s Al Waha Fund of
Funds is investing in the $50 million VentureSouq’sFunds is investing in the $50 million VentureSouq’s
FinTech Fund in response to a rise in demand forFinTech Fund in response to a rise in demand for
digital payments. Fintech Infinios was formed indigital payments. Fintech Infinios was formed in
2014 and is licensed and regulated by the Central2014 and is licensed and regulated by the Central
Bank of Bahrain as an ancillary services provider.Bank of Bahrain as an ancillary services provider.
Open banking platform Tarabut Gateway raised aOpen banking platform Tarabut Gateway raised a
$13 million seed round in February 2021, the largest$13 million seed round in February 2021, the largest
Fintech seed round in MENA to date. Later that year,Fintech seed round in MENA to date. Later that year,
it raised $12 million in Pre-Series A funding.it raised $12 million in Pre-Series A funding.
BlockchainBlockchain
Bahrain is a growing Blockchain hub that pioneeredBahrain is a growing Blockchain hub that pioneered
crypto-friendly regulation in the region. Blockchaincrypto-friendly regulation in the region. Blockchain
infrastructure provider Binance was granted ainfrastructure provider Binance was granted a
crypto-asset service license in Bahrain in Marchcrypto-asset service license in Bahrain in March
2022. Inablr is building a Blockchain-based2022. Inablr is building a Blockchain-based
investment platform that is set to launch in Bahraininvestment platform that is set to launch in Bahrain
in 2022. Bahrain FinTech Bay, MENA’s largestin 2022. Bahrain FinTech Bay, MENA’s largest
Fintech hub, and R3, a leading enterprise BlockchainFintech hub, and R3, a leading enterprise Blockchain
software provider, have partnered to provide toolssoftware provider, have partnered to provide tools
for MENA Blockchain-based startups to test,for MENA Blockchain-based startups to test,
validate, and implement their products andvalidate, and implement their products and
accelerate their expansion within the ecosystem.accelerate their expansion within the ecosystem.
CoinMENA raised a $9.5 million seed round inCoinMENA raised a $9.5 million seed round in
November 2021.November 2021.
Reasons to Move Your Startup to BahrainReasons to Move Your Startup to Bahrain
Business-Friendly EnvironmentBusiness-Friendly Environment
The Kingdom allows 100% foreign ownership forThe Kingdom allows 100% foreign ownership for
nearly all business activities within the nationalnearly all business activities within the national
jurisdiction. Operating costs for businesses arejurisdiction. Operating costs for businesses are
substantially lower than in much of the rest of thesubstantially lower than in much of the rest of the
GCC region, in the case of manufacturing by 20–56%.GCC region, in the case of manufacturing by 20–56%.
Low TaxesLow Taxes
The government of Bahrain doesn’t collectThe government of Bahrain doesn’t collect
corporate taxes on businesses outside the oil andcorporate taxes on businesses outside the oil and
gas industry. There are also no personal incomegas industry. There are also no personal income
taxes and no wealth or capital gains taxes in thetaxes and no wealth or capital gains taxes in the
country.country.
Skilled Labor ForceSkilled Labor Force
Bahrain is ranked first in MENA in the UN HumanBahrain is ranked first in MENA in the UN Human
Development Index, which means companies in theDevelopment Index, which means companies in the
country gain access to the most skilled local talent incountry gain access to the most skilled local talent in
the GCC. The Bahraini government supports athe GCC. The Bahraini government supports a
network of technical programs, such as the MENAnetwork of technical programs, such as the MENA
Fintech Academy, to upskill the local labor force.Fintech Academy, to upskill the local labor force.
Enterprises hiring recent university graduates canEnterprises hiring recent university graduates can
receive a wage subsidy of up to 70%. In March 2022,receive a wage subsidy of up to 70%. In March 2022,
Tamkeen established a collaboration with theTamkeen established a collaboration with the
technology training academy General Assembly andtechnology training academy General Assembly and
the Bahrain Institute of Banking & Finance to providethe Bahrain Institute of Banking & Finance to provide
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nnaattiioonnaallss..
96
Selected Startup OrganizationsSelected Startup Organizations
"We are thrilled to see Bahrain's startup ecosystem"We are thrilled to see Bahrain's startup ecosystem
ranking as a Top 10 MENA Ecosystem inranking as a Top 10 MENA Ecosystem in
Performance, Funding, and Affordable Talent. OurPerformance, Funding, and Affordable Talent. Our
local partner Tamkeen and other key stakeholderslocal partner Tamkeen and other key stakeholders
have supported founders in Bahrain for many yearshave supported founders in Bahrain for many years
with highly progressive policies and have buildwith highly progressive policies and have build
great conditions for tech entrepreneurs to start andgreat conditions for tech entrepreneurs to start and
grow their businesses from Bahrain."grow their businesses from Bahrain."
Stephan Kuester, Head of Ecosystem Strategy ofStephan Kuester, Head of Ecosystem Strategy of
Startup GenomeStartup Genome
Bahrain Fintech BayBahrain Fintech Bay
FinTech Bay is one of the largest FinTechs Hub inFinTech Bay is one of the largest FinTechs Hub in
MENA that incubates impactful FinTech initiativesMENA that incubates impactful FinTech initiatives
through innovation labs, acceleration andthrough innovation labs, acceleration and
educational opportunities.educational opportunities.
Hope FundHope Fund
Hope Fund supports local youth initiatives by uniqueHope Fund supports local youth initiatives by unique
growth opportunities and access to tools andgrowth opportunities and access to tools and
resources to build a better future for themselvesresources to build a better future for themselves
through skills development and entrepreneurshipthrough skills development and entrepreneurship
support.support.
TamkeenTamkeen
Tamkeen empowers Bahrainis to become employeesTamkeen empowers Bahrainis to become employees
of choice and enables the private sector to becomeof choice and enables the private sector to become
the key engine of economic growth.the key engine of economic growth.
TenmouTenmou
“Tenmou”, is a tech-focused angel investor and“Tenmou”, is a tech-focused angel investor and
ecosystem builder, investing in Bahrain and itsecosystem builder, investing in Bahrain and its
people. Tenmou provides both mentorship andpeople. Tenmou provides both mentorship and
capital to high-potential, innovative Bahrainicapital to high-potential, innovative Bahraini
entrepreneurs from the seed stage.entrepreneurs from the seed stage.
STARTUP GENOME MEMBERSSTARTUP GENOME MEMBERS
TamkeenTamkeen
Tamkeen empowers Bahrainis to become employees of choice and enables theTamkeen empowers Bahrainis to become employees of choice and enables the
private sector to become the key engine of economic growth. It works withprivate sector to become the key engine of economic growth. It works with
enterprises to innovate, grow, transform, digitalize, and internationalize. It alsoenterprises to innovate, grow, transform, digitalize, and internationalize. It also
supports Bahraini talents with their training needs, ensuring their competitivenesssupports Bahraini talents with their training needs, ensuring their competitiveness
both locally and internationally.both locally and internationally.
MEMBERMEMBER
KEY ECOSYSTEM PLAYERSKEY ECOSYSTEM PLAYERS
“We are thrilled to see Bahrain’s startup ecosystem
ranking as a Top 10 MENA Ecosystem in Performance,
Funding, and Affordable Talent. Our local partner
Tamkeen and other key stakeholders have supported
founders in Bahrain for many years with highly
progressive policies and have build great conditions for
tech entrepreneurs to start and grow their businesses
for Bahrain.”
Stephan Kuester, Head of Ecosytem Strategy of
Startup Genome
97
HungaryHungary
BudapestBudapest
MEMBERS:MEMBERS:
Ministry of Innovation & TechnologyMinistry of Innovation & Technology // National Research, Development and Innovation OfficeNational Research, Development and Innovation Office
"We strongly believe that the abundance of local talent combined with a vibrant"We strongly believe that the abundance of local talent combined with a vibrant
startup ecosystem will significantly contribute to innovation in Hungary. We havestartup ecosystem will significantly contribute to innovation in Hungary. We have
to continue funding the investment activities of the best private technologicalto continue funding the investment activities of the best private technological
incubators."incubators."
Tibor GulyásTibor Gulyás
Deputy State Secretary, Ministry for Innovation and TechnologyDeputy State Secretary, Ministry for Innovation and Technology
HighlightsHighlights
Budapest is a lively cultural center and home to a thriving startup ecosystem. More than 900Budapest is a lively cultural center and home to a thriving startup ecosystem. More than 900 startups,startups,
over 50 angel investors, and a growing array of startup support organizations call the Hungarian capital cityover 50 angel investors, and a growing array of startup support organizations call the Hungarian capital city
home. In 2021,home. In 2021, Startups.co.ukStartups.co.uk named Budapest thenamed Budapest the number one city in which to launch a business post-number one city in which to launch a business post-
BrexitBrexit..
The government also offers strong support for startups. Hiventures is one of the largest governmentThe government also offers strong support for startups. Hiventures is one of the largest government
funded VC in Europe, managing a startup fund of over $220 million with over 400 investments. NRDIfunded VC in Europe, managing a startup fund of over $220 million with over 400 investments. NRDI
Office and Ministry for Innovation and Technology (ITM), recently launched the Startup Factory incubatorOffice 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 toprogram with approximately $6.6. million in co-funding investments of eight technological incubators to
be continued in 2022. Four thousand students have enrolled in the Startup University program at over 20be continued in 2022. Four thousand students have enrolled in the Startup University program at over 20
universities. Startup Hungary is an entrepreneur-led organization launched to supercharge the startupuniversities. Startup Hungary is an entrepreneur-led organization launched to supercharge the startup
community and to support high-growth potential tech companies in Hungary.community and to support high-growth potential tech companies in Hungary.
Incubator Design Terminal helps innovative Hungarian startups enter the international market, and CEUIncubator Design Terminal helps innovative Hungarian startups enter the international market, and CEU
iLab’s incubator program provides founders with mentorship and funding opportunities.iLab’s incubator program provides founders with mentorship and funding opportunities. Seon fraud-Seon fraudmanagement
software company has secured a $91 million investment in 2022, a valuation estimated atmanagement software company has secured a $91 million investment in 2022, a valuation estimated at
$0.5 billion.$0.5 billion. Bitrise, a platform for mobile app development, has raised five rounds, including $60 million atBitrise, a platform for mobile app development, has raised five rounds, including $60 million at
Series C in November 2021.Series C in November 2021.
TOTAL EARLY STAGE FUNDINGTOTAL EARLY STAGE FUNDING
(2019H2-2021)(2019H2-2021)
$211 m$211 m
ECOSYSTEM VALUEECOSYSTEM VALUE
(2019H2-2021)(2019H2-2021)
$1.6 bn$1.6 bn
MEDIAN SEED ROUNDMEDIAN SEED ROUND
(2019H2-2021)(2019H2-2021)
$325 k$325 k
GLOBALAVG.GLOBALAVG.
$671 k$671 k
MEDIAN SERIES A ROUNDMEDIAN SERIES A ROUND
(2019H2-2021)(2019H2-2021)
$1.4 m$1.4 m
GLOBALAVG.GLOBALAVG.
$4.7 m$4.7 m
SOFT. ENGINEER SALARYSOFT. ENGINEER SALARY
(2021)(2021)
$30 k$30 k
GLOBALAVG.GLOBALAVG.
$46 k$46 k
Amount ($)Amount ($) Count (#)Count (#)
ExitsExits
(2017-2021)(2017-2021)
EARLY-STAGE FUNDING GROWTH TIEREARLY-STAGE FUNDING GROWTH TIER
(2018/19 VS. 2020/21)(2018/19 VS. 2020/21)
2
Calculated on a scale ofCalculated on a scale of
1 (lowest) to 10 (highest)1 (lowest) to 10 (highest)
TOTAL VC FUNDINGTOTAL VC FUNDING
(2017-2021)(2017-2021)
$444 m$444 m
GLOBALAVG.GLOBALAVG.
$4.5 bn$4.5 bn
TIME TO EXITTIME TO EXIT
(2017-2021)(2017-2021)
10.6 years10.6 years
GLOBALAVG.GLOBALAVG.
9.4 years9.4 years
GLOBALAVG.GLOBALAVG.
$687 m$687 m
GLOBALAVG.GLOBALAVG.
$28.6 bn$28.6 bn
265m265m
GLOBALAVG.GLOBALAVG.
11.3bn11.3bn
2929
GLOBALAVG.GLOBALAVG.
101101
98
Sub-Sector StrengthsSub-Sector Strengths
Artificial IntelligenceArtificial Intelligence
The Continental Artificial Intelligence DevelopmentThe Continental Artificial Intelligence Development
Centre is an active player in Hungary’s AI ecosystem,Centre is an active player in Hungary’s AI ecosystem,
housing more than a thousand people working inhousing more than a thousand people working in
R&D-related activities.R&D-related activities. OTP BankOTP Bank has partnered withhas partnered with
data center AI companydata center AI company SambaNova SystemsSambaNova Systems toto
build Europe’s fastest AI supercomputer.build Europe’s fastest AI supercomputer. ViroFighter,ViroFighter,
a robot developed by the European Knowledgea robot developed by the European Knowledge
Centre in cooperation with Budapest nonprofitCentre in cooperation with Budapest nonprofit
ELTE-Soft in 2021, is capable of disinfecting a roomELTE-Soft in 2021, is capable of disinfecting a room
autonomously.autonomously.
FintechFintech
Around 24% of Hungarian Fintech companies workAround 24% of Hungarian Fintech companies work
in financial software development and systemin financial software development and system
integration, while 21% are involved in paymentintegration, while 21% are involved in payment
services and 20% in data analysis and businessservices and 20% in data analysis and business
intelligence services. The World FinTech Festival, aintelligence services. The World FinTech Festival, a
satellite event of the Singapore FinTech Festival, issatellite event of the Singapore FinTech Festival, is
held in Budapest.held in Budapest.
Reasons to Move Your Startup to BudapestReasons to Move Your Startup to Budapest
Low Cost of LivingLow Cost of Living
Compared to ecosystems in Western Europe and theCompared to ecosystems in Western Europe and the
United States, Budapest is a cheap place to foundUnited States, Budapest is a cheap place to found
and operate a startup. The Cost of Living Index forand operate a startup. The Cost of Living Index for
the city is 56.5, compared to 100 for New York. Thethe city is 56.5, compared to 100 for New York. The
cost of housing, utilities, and education are all verycost of housing, utilities, and education are all very
low compared to many other tech hubs.low compared to many other tech hubs.
Skilled WorkforceSkilled Workforce
The education system in Hungary is skill-centeredThe education system in Hungary is skill-centered
and practical, producing high-quality, workforce-and practical, producing high-quality, workforceready
graduates. 90% of students speak English andready graduates. 90% of students speak English and
two-third of the startup workforce are STEMtwo-third of the startup workforce are STEM
graduates. This has led many companies in sectorsgraduates. This has led many companies in sectors
such as pharmaceuticals, engineering, R&D, and ITsuch as pharmaceuticals, engineering, R&D, and IT
to look to Budapest when searching for talent.to look to Budapest when searching for talent.
Startup-Friendly PoliciesStartup-Friendly Policies
At just 9%, Hungary’s corporate tax rate is among theAt just 9%, Hungary’s corporate tax rate is among the
lowest in Europe, and a new company can belowest in Europe, and a new company can be
registered and receive a VAT number in 72 hours. Theregistered and receive a VAT number in 72 hours. The
KATA flat-tax system allows self-employed individualsKATA flat-tax system allows self-employed individuals
to pay a fixed monthly amount to cover all theirto pay a fixed monthly amount to cover all their
Hungarian tax obligations. As of 2020, the monthlyHungarian tax obligations. As of 2020, the monthly
amount ranged from Ft 50,000 ($165) to Ft 75,000amount ranged from Ft 50,000 ($165) to Ft 75,000
($248) for those not employed by any other company.($248) for those not employed by any other company.
99
Selected Startup OrganizationsSelected Startup Organizations
STARTUP GENOME MEMBERSSTARTUP GENOME MEMBERS
Ministry of Innovation & TechnologyMinistry of Innovation & Technology
The Ministry is responsible for creating the national RDI strategy and defining policiesThe Ministry is responsible for creating the national RDI strategy and defining policies
in the field of research, innovation, and higher education. Its responsibilities includein the field of research, innovation, and higher education. Its responsibilities include
infrastructure, energy, environmental policies, and economic and competitivenessinfrastructure, energy, environmental policies, and economic and competitiveness
strategy.strategy.
MEMBERMEMBER
National Research, Development and InnovationNational Research, Development and Innovation
OfficeOffice
The Office is responsible for the execution of research development and innovationThe Office is responsible for the execution of research development and innovation
(RDI) policies in Hungary and to ensure that Hungary adequately invests in RDI by(RDI) policies in Hungary and to ensure that Hungary adequately invests in RDI by
funding excellent research and supporting innovation.funding excellent research and supporting innovation.
MEMBERMEMBER
100
EgyptEgypt
CairoCairo
MEMBERS:MEMBERS:
Information Technology Industry Development Agency (ITIDA)Information Technology Industry Development Agency (ITIDA)
"Egypt’s digital transformation strategy had a direct impact on the betterment of"Egypt’s digital transformation strategy had a direct impact on the betterment of
the local entrepreneurship scene, making not only major cities economicallythe local entrepreneurship scene, making not only major cities economically
competitive but local communities too."competitive but local communities too."
Dr. Amr TalaatDr. Amr Talaat
Minister of ICTMinister of ICT
HighlightsHighlights
Egypt’s startup ecosystem is among the most vibrant in Africa and has been experiencing rapid growth inEgypt’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 therecent years. In its third quarter 2021 Africa Funding Report, Digest Africa reported that Egypt had the
highest number of deals in Africa and third highest total funding. The Egyptian ecosystem saw a 168%highest number of deals in Africa and third highest total funding. The Egyptian ecosystem saw a 168%
year-on-year increase in capital investment in 2021 to reach a new record of $491 million, according toyear-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.Magnitt’s 2021 Egypt Venture Investment Report.
In 2020, an investment law designated areas in need of development. Companies in these areas canIn 2020, an investment law designated areas in need of development. Companies in these areas can
deduct 50% of investment costs, and firms in certain industries, such as renewable energy, will not bededuct 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 forsubject to taxes or customs duties on equipment purchases. In April 2022, the General Authority for
Investment and Freezones, the Financial Regulatory Authority, and the Information Technology IndustryInvestment and Freezones, the Financial Regulatory Authority, and the Information Technology Industry
Development Agency signed a cooperation protocol to make it easier for local and international VCs toDevelopment Agency signed a cooperation protocol to make it easier for local and international VCs to
invest in Egyptian startups.invest in Egyptian startups.
In September 2021, Plug and Play and ITIDA announced the opening of an accelerator and incubator toIn 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 twodevelop 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-stagecycles each year, targeting a total of 60 companies. The incubator will provide support to 60 early-stage
startups each year, split into two cycles.startups each year, split into two cycles.
Four major tech funds launched in 2021: Algebra Ventures’ $90 million fund, Sawari Ventures’ $28 millionFour 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)fund, Benya and Openner’s $50 million fund, and Sequence Ventures’ EGP 500 million ($2.7 million) DeepDeep
Tech fund.Cairo Angels also announced the first close of its $5 million micro-VC fund.Tech fund.Cairo Angels also announced the first close of its $5 million micro-VC fund.
TOTAL EARLY STAGE FUNDINGTOTAL EARLY STAGE FUNDING
(2019H2-2021)(2019H2-2021)
$435 m$435 m
ECOSYSTEM VALUEECOSYSTEM VALUE
(2019H2-2021)(2019H2-2021)
$2.7 bn$2.7 bn
MEDIAN SEED ROUNDMEDIAN SEED ROUND
(2019H2-2021)(2019H2-2021)
$165 k$165 k
GLOBALAVG.GLOBALAVG.
$671 k$671 k
MEDIAN SERIES A ROUNDMEDIAN SERIES A ROUND
(2019H2-2021)(2019H2-2021)
$1.2 m$1.2 m
GLOBALAVG.GLOBALAVG.
$4.7 m$4.7 m
SOFT. ENGINEER SALARYSOFT. ENGINEER SALARY
(2021)(2021)
$7 k$7 k
GLOBALAVG.GLOBALAVG.
$46 k$46 k
Amount ($)Amount ($) Count (#)Count (#)
ExitsExits
(2017-2021)(2017-2021)
EARLY-STAGE FUNDING GROWTH TIEREARLY-STAGE FUNDING GROWTH TIER
(2018/19 VS. 2020/21)(2018/19 VS. 2020/21)
6
Calculated on a scale ofCalculated on a scale of
1 (lowest) to 10 (highest)1 (lowest) to 10 (highest)
TOTAL VC FUNDINGTOTAL VC FUNDING
(2017-2021)(2017-2021)
$836 m$836 m
GLOBALAVG.GLOBALAVG.
$4.5 bn$4.5 bn
TIME TO EXITTIME TO EXIT
(2017-2021)(2017-2021)
5.7 years5.7 years
GLOBALAVG.GLOBALAVG.
9.4 years9.4 years
GLOBALAVG.GLOBALAVG.
$687 m$687 m
GLOBALAVG.GLOBALAVG.
$28.6 bn$28.6 bn
132m132m
GLOBALAVG.GLOBALAVG.
11.3bn11.3bn
1616
GLOBALAVG.GLOBALAVG.
101101
101
Sub-Sector StrengthsSub-Sector Strengths
FintechFintech
In September 2021, the government passed a lawIn September 2021, the government passed a law
allowing the Central Bank of Egypt (CBE) to giveallowing the Central Bank of Egypt (CBE) to give
out banking licenses to Fintech firms. Egyptianout banking licenses to Fintech firms. Egyptian
Fintech companies raised $159 million across 32Fintech companies raised $159 million across 32
deals in 2021, a 300% increase on the previous year,deals in 2021, a 300% increase on the previous year,
according to the CBE. The National Bank of Egypt,according to the CBE. The National Bank of Egypt,
Banque Misr, and Banque du Caire jointly launchedBanque Misr, and Banque du Caire jointly launched
a EGP 1 billion ($55 million) Fintech fund ina EGP 1 billion ($55 million) Fintech fund in
September 2021. Cairo-based Thndr raised a $20September 2021. Cairo-based Thndr raised a $20
million Series A in February 2022.million Series A in February 2022.
Logistics &Logistics &
TransportationTransportation
Incubator Logivators launched in 2021 to supportIncubator Logivators launched in 2021 to support
Egyptian startups in the Logistics & TransportationEgyptian startups in the Logistics & Transportation
sub-sector. Egypt is home to 33 Logistics startups,sub-sector. Egypt is home to 33 Logistics startups,
88% of which are based in Cairo Fulfillment services88% of which are based in Cairo Fulfillment services
startup Flextock raised $3.25 million of pre-seedstartup Flextock raised $3.25 million of pre-seed
funding in May 2021. In September 2021, ride-funding in May 2021. In September 2021, ridehailing
app Halan closed a $120 million venturehailing app Halan closed a $120 million venture
funding round, becoming Egypt’s first ever megafunding round, becoming Egypt’s first ever mega
deal. In March 2022, Swvl became the first companydeal. In March 2022, Swvl became the first company
launched from Africa and the second in MENA tolaunched from Africa and the second in MENA to
list on the Nasdaq via a SPAC merger.list on the Nasdaq via a SPAC merger.
Reasons to Move Your Startup to CairoReasons to Move Your Startup to Cairo
Abundant ResourcesAbundant Resources
Entrepreneurs can draw talent from over 170Entrepreneurs can draw talent from over 170
universities and institutes producing 500,000 annualuniversities and institutes producing 500,000 annual
graduates, as well as access a network of over 40graduates, as well as access a network of over 40
incubators and accelerators and 80 coworkingincubators and accelerators and 80 coworking
spaces. The IT Industry Development Agency (ITIDA)spaces. The IT Industry Development Agency (ITIDA)
is also on tap to support entrepreneurs.is also on tap to support entrepreneurs.
Market AccessMarket Access
Egypt’s strategic location and extensiveEgypt’s strategic location and extensive
international trade network make it an idealinternational trade network make it an ideal
platform for companies doing business in MENAplatform for companies doing business in MENA
and Africa. With a young population of 20 millionand Africa. With a young population of 20 million
tech savvy consumers, Cairo provides a perfecttech savvy consumers, Cairo provides a perfect
testbed for innovation and an attractive market fortestbed for innovation and an attractive market for
scalability.scalability.
Young, Skilled TalentYoung, Skilled Talent
EgyptEgypt’s population of about 102 million people, is’s population of about 102 million people, is
rapidly growing, providing companies with a large andrapidly growing, providing companies with a large and
growing domestic market and vast talent pool togrowing domestic market and vast talent pool to
recruit from. Over half of the country’s population isrecruit from. Over half of the country’s population is
under 30, and many of them are multi-lingual andunder 30, and many of them are multi-lingual and
technically skilled.technically skilled.
102
Selected Startup OrganizationsSelected Startup Organizations
"Startup Genome is proud to partner with the"Startup Genome is proud to partner with the
Information Technology Industry DevelopmentInformation Technology Industry Development
Agency to review Cairo's startup ecosystemAgency to review Cairo's startup ecosystem
performance and individual ecosystem successperformance and individual ecosystem success
factors. The results, ranking Cairo as a Top 15factors. The results, ranking Cairo as a Top 15
Global Ecosystem and #2 MENA Ecosystem in theGlobal Ecosystem and #2 MENA Ecosystem in the
Affordable Talent category, combined with a largeAffordable Talent category, combined with a large
domestic market, make Cairo an excitingdomestic market, make Cairo an exciting
ecossytem for regional founders and investorsecossytem for regional founders and investors
alike."alike."
Stephan Kuester, Head of Ecosystem Strategy ofStephan Kuester, Head of Ecosystem Strategy of
Startup GenomeStartup Genome
Algebra VenturesAlgebra Ventures
Egypt’s leading tech VC firm. Algebra VenturesEgypt’s leading tech VC firm. Algebra Ventures
partners with founders to build transformativepartners with founders to build transformative
companies, and supports them by providing multi-companies, and supports them by providing multistage
capital, assisting with strategy and operations,stage capital, assisting with strategy and operations,
and helping to build star teams.and helping to build star teams.
American University in Cairo -American University in Cairo Venture
LabsVenture Labs
Egypt's first university-based startup acceleratorEgypt's first university-based startup accelerator
program and leading accelerator in Africa andprogram and leading accelerator in Africa and
Middle East.Middle East.
Cairo AngelsCairo Angels
Egypt’s first formal angel investment network.Egypt’s first formal angel investment network.
Formed in 2012, it invests in and supports early-Formed in 2012, it invests in and supports earlystage
startups in Egypt and across MENA. Cairostage startups in Egypt and across MENA. Cairo
Angels facilitates due diligence, negotiates terms,Angels facilitates due diligence, negotiates terms,
and finalizes deal closing.and finalizes deal closing.
Cubit VenturesCubit Ventures
An early-stage venture fund backing tech startupsAn early-stage venture fund backing tech startups
driving digital transformation in Egypt. Cubitdriving digital transformation in Egypt. Cubit
Ventures is capitalizing on Egypt’s imminentVentures is capitalizing on Egypt’s imminent
Technology Innovation andTechnology Innovation and
Entrepreneurship CenterEntrepreneurship Center
(TIEC)(TIEC)
Information Technology Industry DevelopmentInformation Technology Industry Development
Agency (ITIDA)Agency (ITIDA)
The IT Industry Development Agency (ITIDA) is the executive arm of the EgyptianThe IT Industry Development Agency (ITIDA) is the executive arm of the Egyptian
Ministry of Communication and Information Technology. Established in 2004, ITIDA’sMinistry of Communication and Information Technology. Established in 2004, ITIDA’s
core mission is to spearhead the development of Egypt’s IT industry to increase itscore mission is to spearhead the development of Egypt’s IT industry to increase its
global competitiveness and make it a key contributor to the country’s economicglobal competitiveness and make it a key contributor to the country’s economic
growth.growth.
MEMBERMEMBER
SSTTAARRTTUUPP GGEENNOOMMEE MMEEMMBBEERRSS
KKEEYY EECCOOSSYYSSTTEEMM PPLLAAYYEERRSS
eeccoonnoommiicc aasscceenntt ccoouupplleedd wwiitthh aann aacccceelleerraatteedd ddiiggiittaall
aaddooppttiioonn aaccrroossss aallll sseeccttoorrss..
TTIIEECC ddrriivveess eeccoonnoommiicc ggrroowwtthh bbyy pprroovviiddiinngg
kknnoowwlleeddggee aanndd ffiinnaanncciiaall ssuuppppoorrtt ttoo eennttrreepprreenneeuurrss
aanndd ssttaarrttuuppss.. SSiinnccee 22001100,, iitt hhaass ssoouugghhtt ttoo uunnlleeaasshh
ccrreeaattiivvee ssoolluuttiioonnss aanndd iinnnnoovvaattiivvee iiddeeaass tthhaatt mmaakkee
iimmppaacctt iinn EEggyypptt..
103
CanadaCanada
CalgaryCalgary
MEMBERS:MEMBERS:
Calgary Economic DevelopmentCalgary Economic Development // Platform CalgaryPlatform Calgary
"Calgary is an exciting place to be for those in the tech and innovation space."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 techNot only is the city breaking VC records, we’re leading the continent in tech
talent growth. Momentum is on Alberta’s side."talent growth. Momentum is on Alberta’s side."
Doug SchweitzerDoug Schweitzer
Minister of Jobs, Economy and InnovationMinister of Jobs, Economy and Innovation
HighlightsHighlights
Calgary is rapidly transforming into a global tech hub. Almost 90% of venture capital investment in AlbertaCalgary 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-came from 66 Calgary companies, totaling $500 million in deals. From Amazon Web Services’ multibilliondollar
investment in a Data Center Region in Calgary to tech giants Infosys and Mphasis, Calgary isdollar investment in a Data Center Region in Calgary to tech giants Infosys and Mphasis, Calgary is
attracting major investments from global companies. These big fish poise Calgary’s startup ecosystem forattracting major investments from global companies. These big fish poise Calgary’s startup ecosystem for
big things.big things.
Accelerators and incubators are also flocking to Calgary. The likes of Thrive by SVG Ventures, Plug andAccelerators and incubators are also flocking to Calgary. The likes of Thrive by SVG Ventures, Plug and
Play, Avatar Innovations, Creative Destruction Labs – Rockies, Life Sciences Innovation Hub, and AlbertaPlay, 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. TheCatalyzer are all part of Calgary’s tech ecosystem supporting the burgeoning startup scene. The
innovation ecosystem is further strengthened by support from all orders of governments, includinginnovation ecosystem is further strengthened by support from all orders of governments, including
funding for an Energy Transition Centre located in the city’s downtown core and the Platform Innovationfunding 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 ofCentre, 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.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 byAttracting 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 StartupCalgary’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 inVisa 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 whereNorth 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.bright minds and big ideas come together with an unmatched spirit to solve global challenges.
TOTAL EARLY STAGE FUNDINGTOTAL EARLY STAGE FUNDING
(2019H2-2021)(2019H2-2021)
$247 m$247 m
ECOSYSTEM VALUEECOSYSTEM VALUE
(2019H2-2021)(2019H2-2021)
$2.5 bn$2.5 bn
MEDIAN SEED ROUNDMEDIAN SEED ROUND
(2019H2-2021)(2019H2-2021)
$555 k$555 k
GLOBALAVG.GLOBALAVG.
$671 k$671 k
MEDIAN SERIES A ROUNDMEDIAN SERIES A ROUND
(2019H2-2021)(2019H2-2021)
$799 k$799 k
GLOBALAVG.GLOBALAVG.
$4.7 m$4.7 m
SOFT. ENGINEER SALARYSOFT. ENGINEER SALARY
(2021)(2021)
$68 k$68 k
GLOBALAVG.GLOBALAVG.
$46 k$46 k
Amount ($)Amount ($) Count (#)Count (#)
ExitsExits
(2017-2021)(2017-2021)
EARLY-STAGE FUNDING GROWTH TIEREARLY-STAGE FUNDING GROWTH TIER
(2018/19 VS. 2020/21)(2018/19 VS. 2020/21)
9
Calculated on a scale ofCalculated on a scale of
1 (lowest) to 10 (highest)1 (lowest) to 10 (highest)
TOTAL VC FUNDINGTOTAL VC FUNDING
(2017-2021)(2017-2021)
$930 m$930 m
GLOBALAVG.GLOBALAVG.
$4.5 bn$4.5 bn
TIME TO EXITTIME TO EXIT
(2017-2021)(2017-2021)
10 years10 years
GLOBALAVG.GLOBALAVG.
9.4 years9.4 years
GLOBALAVG.GLOBALAVG.
$687 m$687 m
GLOBALAVG.GLOBALAVG.
$28.6 bn$28.6 bn
790m790m
GLOBALAVG.GLOBALAVG.
11.3bn11.3bn
6666
GLOBALAVG.GLOBALAVG.
101101
104
Sub-Sector StrengthsSub-Sector Strengths
CleantechCleantech
Home to Canada’s energy sector, Calgary is one ofHome to Canada’s energy sector, Calgary is one of
the world’s top Cleantech markets. Startupthe world’s top Cleantech markets. Startup
Genome’s 2021Genome’s 2021 GSER: Cleantech EditionGSER: Cleantech Edition namednamed
Calgary an “Ecosystem to Watch” and ranked it inCalgary an “Ecosystem to Watch” and ranked it in
the top 30 of 280 cities worldwide. Calgary is homethe top 30 of 280 cities worldwide. Calgary is home
to over 70% of Alberta’s Cleantech firms, which areto over 70% of Alberta’s Cleantech firms, which are
supported by sector-specific laboratories and centerssupported by sector-specific laboratories and centers
of excellence, research institutions, and acceleratorsof excellence, research institutions, and accelerators
and incubators. Local tech companies are gettingand incubators. Local tech companies are getting
noticed, including Validere, a Blackrock-backednoticed, including Validere, a Blackrock-backed
Calgary-based company, which raised $43 million inCalgary-based company, which raised $43 million in
Series B funding in March 2022.Series B funding in March 2022.
FintechFintech
Calgary is a fast-growing Fintech hub, withCalgary is a fast-growing Fintech hub, with
companies developing solutions in debtcompanies developing solutions in debt
management, insurtech, and paytech that attractmanagement, insurtech, and paytech that attract
capital and world-class talent. Building on thecapital and world-class talent. Building on the
momentum of unicorns Solium Capital by Morganmomentum of unicorns Solium Capital by Morgan
Stanley Shareworks and Benevity, Neo FinancialStanley Shareworks and Benevity, Neo Financial
also reached unicorn status in 2022. Bright starsalso reached unicorn status in 2022. Bright stars
Symend and Helcim have raised over $215 millionSymend and Helcim have raised over $215 million
combined and are cementing Calgary’s place ascombined and are cementing Calgary’s place as
one of Canada’s hottest Fintech ecosystems.one of Canada’s hottest Fintech ecosystems.
Reasons to Move Your Startup to CalgaryReasons to Move Your Startup to Calgary
Global TalentGlobal Talent
Calgary, the third most multicultural city in Canada,Calgary, the third most multicultural city in Canada,
attracts and retains top minds from around the world.attracts and retains top minds from around the world.
Federal programs including theFederal programs including the Global Talent StreamGlobal Talent Stream
expedite visas, and theexpedite visas, and the Startup Visa programStartup Visa program hashas
helped Calgary welcome newcomers from 150helped Calgary welcome newcomers from 150
countries in the last decade. This influx of talentcountries in the last decade. This influx of talent
helps growth-stage startups to get started in Calgaryhelps growth-stage startups to get started in Calgary
and scale globally.and scale globally.
Low Cost of Doing BusinessLow Cost of Doing Business
A transportation hub with connections to globalA transportation hub with connections to global
markets, Calgary offers cost advantages includingmarkets, Calgary offers cost advantages including
the lowest corporate tax rate in Canada, as well asthe lowest corporate tax rate in Canada, as well as
no payroll tax, health care premiums, or provincialno payroll tax, health care premiums, or provincial
sales tax. This means that residents pay the lowestsales tax. This means that residents pay the lowest
overall taxes in Canada. Average home prices, rent,overall taxes in Canada. Average home prices, rent,
and energy costs are far lower than in other largeand energy costs are far lower than in other large
Canadian cities.Canadian cities.
105
Selected Startup OrganizationsSelected Startup Organizations
Bow Valley College Centre forBow Valley College Centre for
Entertainment ArtsEntertainment Arts
A Centre for Entertainment Arts providing studentsA Centre for Entertainment Arts providing students
with the skills and knowledge to enter the globalwith the skills and knowledge to enter the global
animation, visual effects (VFX), and gaminganimation, visual effects (VFX), and gaming
industries.industries.
Mount Royal UniversityMount Royal University
Institute of Innovation andInstitute of Innovation and
EntrepreneurshipEntrepreneurship
The Institute develops capabilities of high-impactThe Institute develops capabilities of high-impact
talent through program learning, co-operativetalent through program learning, co-operative
education, entrepreneurship, live-client case studies,education, entrepreneurship, live-client case studies,
community service learning and field schools.community service learning and field schools.
Plug and Play AlbertaPlug and Play Alberta
A global accelerator offering three streams:A global accelerator offering three streams:
sustainability, health and a sector agnostic stream.sustainability, health and a sector agnostic stream.
SAIT School for AdvancedSAIT School for Advanced
Digital Technology (SADT)Digital Technology (SADT)
SADT offers fast-track digital learning for newSADT offers fast-track digital learning for new
students, recent grads and alumni, and upskillingstudents, recent grads and alumni, and upskilling
through Continuing Education, Professional Studiesthrough Continuing Education, Professional Studies
and Corporate Training.and Corporate Training.
University of Calgary HunterUniversity of Calgary Hunter
Hub for EntrepreneurialHub for Entrepreneurial
ThinkingThinking
A community hub that supports entrepreneurialA community hub that supports entrepreneurial
student experiences via programming and events,student experiences via programming and events,
funding opportunities, cultivating networks, and afunding opportunities, cultivating networks, and a
dedicated collision space.dedicated collision space.
STARTUP GENOME MEMBERSSTARTUP GENOME MEMBERS
Calgary Economic DevelopmentCalgary Economic Development
Calgary Economic Development works with business, government, and communityCalgary Economic Development works with business, government, and community
partners to position Calgary as the location of choice for the purpose of attractingpartners to position Calgary as the location of choice for the purpose of attracting
business investment, fostering trade, and growing Calgary’s workforce.business investment, fostering trade, and growing Calgary’s workforce.
MEMBERMEMBER
Platform CalgaryPlatform Calgary
Platform Calgary brings together the resources of Calgary's tech ecosystem to helpPlatform Calgary brings together the resources of Calgary's tech ecosystem to help
startups launch and grow. Through collaboration and targeted programming, we arestartups launch and grow. Through collaboration and targeted programming, we are
a hub for technology-focused economic diversification and job creation.a hub for technology-focused economic diversification and job creation.
MEMBERMEMBER
KEY ECOSYSTEM PLAYERSKEY ECOSYSTEM PLAYERS
106
DenmarkDenmark
DenmarkDenmark
MEMBERS:MEMBERS:
Digital Hub DenmarkDigital Hub Denmark
"Denmark is one of the most digitalized countries in the world, making it an"Denmark is one of the most digitalized countries in the world, making it an
attractive market to foster innovation and adopt disruptive technologies. Withattractive market to foster innovation and adopt disruptive technologies. With
growing international interest, we will continue to adopt new measures togrowing international interest, we will continue to adopt new measures to
facilitate entry into the Danish ecosystem."facilitate entry into the Danish ecosystem."
Simon KollerupSimon Kollerup
Minister for Industry, Business, and Financial AffairsMinister for Industry, Business, and Financial Affairs
HighlightsHighlights
Internationally, Denmark’s startup scene may be best known for Copenhagen-founded unicorns includingInternationally, 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 techZendesk, Trustpilot, and Pleo, but there are several other flourishing clusters of specialized tech
knowledge. Aarhus is Denmark’s youngest city by population, Odense is a hub for robotics, and Jutlandknowledge. Aarhus is Denmark’s youngest city by population, Odense is a hub for robotics, and Jutland
offers both urban life and nature. Collectively, Denmark’s cities form a vibrant and nurturing startupoffers 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.ecosystem that in 2021 was home to more than 4,300 startups and scaleups and 30 active VC investors.
The nation has produced 10 unicorns to date.The nation has produced 10 unicorns to date.
The robust ecosystem, educated talent pool, and relatively low tax rate of 22% for foreign investors haveThe 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 inattracted the interest of international corporations. IBM has a software development center in
Copenhagen, Apple built a sustainably-powered data center in Viborg, and in December 2021,Copenhagen, Apple built a sustainably-powered data center in Viborg, and in December 2021,
Meta/Facebook announced plans to expand its Odense data center campus.Meta/Facebook announced plans to expand its Odense data center campus.
Denmark has a formal governance model across its strongest digital tech ecosystems (Fintech, Healthtech,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 theRobotics, 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. TogetherDanish 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 thethey work to attract talent, investors, and customers to the 1,100 tech startups and scaleups in the
ecosphere.ecosphere.
In July 2021, Copenhagen-based Dixa, which creates customer engagement software, raised $105 million inIn July 2021, Copenhagen-based Dixa, which creates customer engagement software, raised $105 million in
a Series C round. Aarhus-foundeda Series C round. Aarhus-founded ViaBillViaBill has raised $177.3 million over four rounds, including $120 million athas raised $177.3 million over four rounds, including $120 million at
an unknown series round in February 2022.an unknown series round in February 2022.
TOTAL EARLY STAGE FUNDINGTOTAL EARLY STAGE FUNDING
(2019H2-2021)(2019H2-2021)
$1.1 bn$1.1 bn
ECOSYSTEM VALUEECOSYSTEM VALUE
(2019H2-2021)(2019H2-2021)
$38 bn$38 bn
MEDIAN SEED ROUNDMEDIAN SEED ROUND
(2019H2-2021)(2019H2-2021)
$1.2 m$1.2 m
GLOBALAVG.GLOBALAVG.
$671 k$671 k
MEDIAN SERIES A ROUNDMEDIAN SERIES A ROUND
(2019H2-2021)(2019H2-2021)
$4.7 m$4.7 m
GLOBALAVG.GLOBALAVG.
$4.7 m$4.7 m
SOFT. ENGINEER SALARYSOFT. ENGINEER SALARY
(2021)(2021)
$74 k$74 k
GLOBALAVG.GLOBALAVG.
$46 k$46 k
Amount ($)Amount ($) Count (#)Count (#)
ExitsExits
(2017-2021)(2017-2021)
EARLY-STAGE FUNDING GROWTH TIEREARLY-STAGE FUNDING GROWTH TIER
(2018/19 VS. 2020/21)(2018/19 VS. 2020/21)
5
Calculated on a scale ofCalculated on a scale of
1 (lowest) to 10 (highest)1 (lowest) to 10 (highest)
TOTAL VC FUNDINGTOTAL VC FUNDING
(2017-2021)(2017-2021)
$5.9 bn$5.9 bn
GLOBALAVG.GLOBALAVG.
$4.5 bn$4.5 bn
TIME TO EXITTIME TO EXIT
(2017-2021)(2017-2021)
10.6 years10.6 years
GLOBALAVG.GLOBALAVG.
9.4 years9.4 years
GLOBALAVG.GLOBALAVG.
$687 m$687 m
GLOBALAVG.GLOBALAVG.
$28.6 bn$28.6 bn
21bn21bn
GLOBALAVG.GLOBALAVG.
11.3bn11.3bn
258258
GLOBALAVG.GLOBALAVG.
101101
107
Sub-Sector StrengthsSub-Sector Strengths
Life SciencesLife Sciences
Denmark is one of the fastest-growing EuropeanDenmark is one of the fastest-growing European
nations for biotech investment, second only to thenations for biotech investment, second only to the
Netherlands for pace of growth in 2021. HealthNetherlands for pace of growth in 2021. Health
Tech Hub Copenhagen is a community andTech Hub Copenhagen is a community and
coworking space for leading Healthtech startups.coworking space for leading Healthtech startups.
BioInnovation Institute, an initiative of the NovoBioInnovation Institute, an initiative of the Novo
Nordisk Foundation, operates an incubator andNordisk Foundation, operates an incubator and
supports early-stage Life Sciences projects andsupports early-stage Life Sciences projects and
startups. Cancer therapy developer IO Biotechstartups. Cancer therapy developer IO Biotech
raised $100.1 million in its November 2021 IPO, andraised $100.1 million in its November 2021 IPO, and
Bioproduction startup 21st.Bio raised $97.1 million inBioproduction startup 21st.Bio raised $97.1 million in
December 2021.December 2021.
AdvancedAdvanced
Manufacturing &Manufacturing &
RoboticsRobotics
Odense, Denmark, is one of the top robotics hubs inOdense, Denmark, is one of the top robotics hubs in
Europe, hosting 175 startups and scaleups, 40Europe, hosting 175 startups and scaleups, 40
higher education programs, and 10 researchhigher education programs, and 10 research
institutes. Robotics cluster Odense Roboticsinstitutes. Robotics cluster Odense Robotics
achieved the EU-certified Gold Label for Clusterachieved the EU-certified Gold Label for Cluster
Management Excellence. DTU Skylab is theManagement Excellence. DTU Skylab is the
Technical University of Denmark’s living lab forTechnical University of Denmark’s living lab for
innovation and entrepreneurship where students,innovation and entrepreneurship where students,
researchers, and corporate partners can collaborateresearchers, and corporate partners can collaborate
on innovative solutions for real-world challenges.on innovative solutions for real-world challenges.
Blue Ocean Robotics raised DKK 335 million ($51Blue Ocean Robotics raised DKK 335 million ($51
million) in January 2022.million) in January 2022.
FintechFintech
In 2015, Denmark was home to 70 FintechIn 2015, Denmark was home to 70 Fintech
companies. By the end of 2021, it was home tocompanies. By the end of 2021, it was home to
more than 250. Copenhagen Fintech is one of themore than 250. Copenhagen Fintech is one of the
leading Fintech hubs in the Nordics, with moreleading Fintech hubs in the Nordics, with more
than 200 members, strong connections to thethan 200 members, strong connections to the
corporate sector, and a lively coworking space.corporate sector, and a lively coworking space.
Expense management tools developer Pleo raised aExpense management tools developer Pleo raised a
$350 million Series C in December 2021, putting the$350 million Series C in December 2021, putting the
company's pre-money valuation at $4.35 billion.company's pre-money valuation at $4.35 billion.
Digital bank Lunar has raised $371.3 million inDigital bank Lunar has raised $371.3 million in
funding over nine rounds.funding over nine rounds.
Reasons to Move Your Startup to DenmarkReasons to Move Your Startup to Denmark
Ease of Doing BusinessEase of Doing Business
You can register a company In Denmark in 15 minutesYou can register a company In Denmark in 15 minutes
with an electronic application and just DKK 1 ($0.15).with an electronic application and just DKK 1 ($0.15).
Companies are tax exempt until their working capitalCompanies are tax exempt until their working capital
exceeds DKK 50,000 ($7,300). The government’sexceeds DKK 50,000 ($7,300). The government’s
Start-up Denmark initiative is a one-point-of-entry forStart-up Denmark initiative is a one-point-of-entry for
both EU and non-EU entrepreneurs to relocate andboth EU and non-EU entrepreneurs to relocate and
grow high-impact startups in Denmark. If accepted togrow high-impact startups in Denmark. If accepted to
the program, up to two founders receive a residencethe program, up to two founders receive a residence
and work permanent for up to two years, with theand work permanent for up to two years, with the
possibility of a three-year extension.possibility of a three-year extension.
Educated TalentEducated Talent
Copenhagen is home to the Technical University ofCopenhagen is home to the Technical University of
Denmark, one of the leading engineeringDenmark, one of the leading engineering
institutions in Europe; Copenhagen Businessinstitutions in Europe; Copenhagen Business
School, one of Europe’s largest business schools;School, one of Europe’s largest business schools;
the IT University; and Aalborg University, which hasthe IT University; and Aalborg University, which has
been ranked as Europe’s best engineeringbeen ranked as Europe’s best engineering
university for five years in a row. Thanks to theseuniversity for five years in a row. Thanks to these
institutions and more, there is an abundance ofinstitutions and more, there is an abundance of
highly qualified talent to hire in Denmark.highly qualified talent to hire in Denmark.
Supportive CommunitySupportive Community
Denmark has a tight-knit startup ecosystem that isDenmark has a tight-knit startup ecosystem that is
easy to tap into. There are numerous platforms thateasy to tap into. There are numerous platforms that
assist startups looking to enter the Danish market andassist startups looking to enter the Danish market and
soften the transition. Copenhagen Fintech,soften the transition. Copenhagen Fintech,
Copenhagen Health Tech Hub, Odense Robotics,Copenhagen Health Tech Hub, Odense Robotics,
Vision Denmark, Proptech Denmark, Edtech Denmark,Vision Denmark, Proptech Denmark, Edtech Denmark,
Agro Food Park, and the national industry associationAgro Food Park, and the national industry association
for startups are some examples.for startups are some examples.
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Selected Startup OrganizationsSelected Startup Organizations
"We are excited to see Denmark's rapid progress in"We are excited to see Denmark's rapid progress in
developing a united and well-coordinated startupdeveloping a united and well-coordinated startup
ecosystem. In each of Denmark's core areas ofecosystem. In each of Denmark's core areas of
innovation, be it Proptech or Robotics, you will findinnovation, be it Proptech or Robotics, you will find
truly inspiring and highly innovative companiestruly inspiring and highly innovative companies
that are scaling globally."that are scaling globally."
Marc Penzel, Founder & President of StartupMarc Penzel, Founder & President of Startup
GenomeGenome
Matrikel1Matrikel1
Houses some of the most promising Danish startupsHouses some of the most promising Danish startups
and the most prominent investors from pre-seed toand the most prominent investors from pre-seed to
Series A.Series A.
Odense RoboticsOdense Robotics
Denmark’s national robotics, automation, and droneDenmark’s national robotics, automation, and drone
cluster brings together the entire ecosystem to drivecluster brings together the entire ecosystem to drive
innovation and growth in the industry nationwide.innovation and growth in the industry nationwide.
TechBBQTechBBQ
The largest startup event in Scandinavia. TechBBQThe largest startup event in Scandinavia. TechBBQ
brings together talent, entrepreneurial minds, andbrings together talent, entrepreneurial minds, and
international investors to foster innovation in theinternational investors to foster innovation in the
Danish ecosystem.Danish ecosystem.
The Association of TechThe Association of Tech
Startups in DenmarkStartups in Denmark
A member-driven political organization that works toA member-driven political organization that works to
create the best conditions for tech startups andcreate the best conditions for tech startups and
scaleups, and ensure the growth of tech companiesscaleups, and ensure the growth of tech companies
in Denmark.in Denmark.
The KitchenThe Kitchen
Aarhus University’s startup hub, dedicated toAarhus University’s startup hub, dedicated to
helping entrepreneurs and innovators grow.helping entrepreneurs and innovators grow.
STARTUP GENOME MEMBERSSTARTUP GENOME MEMBERS
Digital Hub DenmarkDigital Hub Denmark
Digital Hub Denmark works to make Denmark an even better digital playground. TheDigital Hub Denmark works to make Denmark an even better digital playground. The
hub will support the digital ecosystem in Denmark by matching private companies,hub will support the digital ecosystem in Denmark by matching private companies,
researchers, tech-entrepreneurs, and students in the development of new digitalresearchers, tech-entrepreneurs, and students in the development of new digital
products, services, and business models. Digital Hub Denmark connects great ideasproducts, services, and business models. Digital Hub Denmark connects great ideas
with robust experience.with robust experience.
MEMBERMEMBER
KEY ECOSYSTEM PLAYERSKEY ECOSYSTEM PLAYERS
“We are excited to see Denmark’s rapid progress in
developing a united and well-coordinated startup
ecosystem. In each of Denmark’s core areas of
innovation, be it Proptech or Robotics, you will find truly
inspiring and high innovative companies that are scaling
globally.”
Marc Penzel, Founder & President of Startup Genome
109
QatarQatar
DohaDoha
MEMBERS:MEMBERS:
Qatar Development BankQatar Development Bank
"In line with Qatar National Vision 2030, QDB’s strategy is focused on promoting"In line with Qatar National Vision 2030, QDB’s strategy is focused on promoting
the private sector and the local entrepreneurship ecosystem, while offeringthe private sector and the local entrepreneurship ecosystem, while offering
access to capital, capabilities, and international markets."access to capital, capabilities, and international markets."
Abdulrahman Hesham Al SuwaidiAbdulrahman Hesham Al Suwaidi
Acting CEO, Qatar Development BankActing CEO, Qatar Development Bank
HighlightsHighlights
Qatar is one of the richest countries in the world in terms of GDP per capita. Thanks to investment fromQatar 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.both the public and private sectors, Doha’s startup ecosystem has been growing steadily in recent years.
To achieve Qatar’s 2030 vision of diversifying the economy away from reliance on hydrocarbons, theTo achieve Qatar’s 2030 vision of diversifying the economy away from reliance on hydrocarbons, the
Qatari government has invested heavily in founders and innovators. It has been joined by many startupQatari government has invested heavily in founders and innovators. It has been joined by many startup
support organizations in nurturing Doha’s ecosystem.support organizations in nurturing Doha’s ecosystem.
2021 marked the second consecutive year of growth of Qatar’s VC ecosystem. Funding grew by 92%2021 marked the second consecutive year of growth of Qatar’s VC ecosystem. Funding grew by 92%
compared to 2020, to reach a record high. Startups graduating from accelerator programs accounted forcompared to 2020, to reach a record high. Startups graduating from accelerator programs accounted for
46% of the 24 deals in Qatar in 2021.46% of the 24 deals in Qatar in 2021.
Qatar Development Bank (QDB) provides financial and advisory services, as well as acceleration andQatar 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,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.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’aIthmar, 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 thecompliant. 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 Fundecosystem’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 26provides up to 50% of the total budget of local high-tech startups, and has awarded grants to 26
companies.companies.
The Research to Startup program was created by QSTP to support the research community in Qatar byThe 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 intellectualbridging 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.property and launch startups. So far 45 startups have participated in the program.
TOTAL EARLY STAGE FUNDINGTOTAL EARLY STAGE FUNDING
(2019H2-2021)(2019H2-2021)
$12 m$12 m
ECOSYSTEM VALUEECOSYSTEM VALUE
(2019H2-2021)(2019H2-2021)
$123 m$123 m
MEDIAN SEED ROUNDMEDIAN SEED ROUND
(2019H2-2021)(2019H2-2021)
$302 k$302 k
GLOBALAVG.GLOBALAVG.
$671 k$671 k
MEDIAN SERIES A ROUNDMEDIAN SERIES A ROUND
(2019H2-2021)(2019H2-2021)
$5 m$5 m
GLOBALAVG.GLOBALAVG.
$4.7 m$4.7 m
SOFT. ENGINEER SALARYSOFT. ENGINEER SALARY
(2021)(2021)
$39 k$39 k
GLOBALAVG.GLOBALAVG.
$46 k$46 k
Amount ($)Amount ($) Count (#)Count (#)
ExitsExits
(2017-2021)(2017-2021)
EARLY-STAGE FUNDING GROWTH TIEREARLY-STAGE FUNDING GROWTH TIER
(2018/19 VS. 2020/21)(2018/19 VS. 2020/21)
10
Calculated on a scale ofCalculated on a scale of
1 (lowest) to 10 (highest)1 (lowest) to 10 (highest)
TOTAL VC FUNDINGTOTAL VC FUNDING
(2017-2021)(2017-2021)
$64 m$64 m
GLOBALAVG.GLOBALAVG.
$4.5 bn$4.5 bn
TIME TO EXITTIME TO EXIT
(2017-2021)(2017-2021)
N/AN/A
GLOBALAVG.GLOBALAVG.
9.4 years9.4 years
GLOBALAVG.GLOBALAVG.
$687 m$687 m
GLOBALAVG.GLOBALAVG.
$28.6 bn$28.6 bn
70k70k
GLOBALAVG.GLOBALAVG.
11.3bn11.3bn
11
GLOBALAVG.GLOBALAVG.
101101
110
Sub-Sector StrengthsSub-Sector Strengths
FintechFintech
One third of all funding deals in Qatar in 2021 wereOne third of all funding deals in Qatar in 2021 were
in Fintech. Investors in all of these deals were basedin Fintech. Investors in all of these deals were based
locally, with Qatar Fintech Hub leading the charge.locally, with Qatar Fintech Hub leading the charge.
Fintech was identified as crucial to the long–termFintech was identified as crucial to the long–term
development of Qatar’s financial sector in thedevelopment of Qatar’s financial sector in the
country’s Second National Development Strategycountry’s Second National Development Strategy
2018–2022. The Qatari Fintech market is projected to2018–2022. The Qatari Fintech market is projected to
grow at a compound annual growth rate of 19.6% togrow at a compound annual growth rate of 19.6% to
reach $2 billion by 2025, according to the Globalreach $2 billion by 2025, according to the Global
Islamic Fintech Report 2021. The government isIslamic Fintech Report 2021. The government is
streamlining regulations and providing funding tostreamlining regulations and providing funding to
boost the sub-sector.boost the sub-sector.
Logistics &Logistics &
TransportationTransportation
Qatar’s growing population and hosting of globalQatar’s growing population and hosting of global
events including the FIFA World Cup 2022 have ledevents including the FIFA World Cup 2022 have led
to a huge infrastructure boom. The Doha Metro, ato a huge infrastructure boom. The Doha Metro, a
new road network, Hamad Port, and Hamadnew road network, Hamad Port, and Hamad
International Airport are all being constructed orInternational Airport are all being constructed or
expanded. The Al Wukair Logistics Park supportsexpanded. The Al Wukair Logistics Park supports
SMEs with light industrial workshops, storage units,SMEs with light industrial workshops, storage units,
and open yards. Logistics & Transportationand open yards. Logistics & Transportation
accounted for 26% of all capital deployed in Qataraccounted for 26% of all capital deployed in Qatar
in 2021. Logistics and supply chain solutionsin 2021. Logistics and supply chain solutions
company GWC was announced as the officialcompany GWC was announced as the official
logistics provider for the FIFA World Cup Qatarlogistics provider for the FIFA World Cup Qatar
2022.2022.
Reasons to Move Your Startup to DohaReasons to Move Your Startup to Doha
Access to CapitalAccess to Capital
Qatar offers startups diverse sources of funding,Qatar offers startups diverse sources of funding,
including venture capital, regulator-backedincluding venture capital, regulator-backed
accelerator and incubator programs, and angelaccelerator and incubator programs, and angel
investors. Qatar Development Bank facilitates fundinginvestors. Qatar Development Bank facilitates funding
through its QAR 365 million ($100 milion) VC fund.through its QAR 365 million ($100 milion) VC fund.
ELV8, a 12-month growth accelerator program fromELV8, a 12-month growth accelerator program from
Qatar Science and Technology Park in partnershipQatar Science and Technology Park in partnership
with Plug and Play, provides mentorship and fundingwith Plug and Play, provides mentorship and funding
opportunities for Qatari startups to expandopportunities for Qatari startups to expand
internationally.internationally.
111
Selected Startup OrganizationsSelected Startup Organizations
"Qatar Development Bank worked in collaboration"Qatar Development Bank worked in collaboration
with Startup Genome to showcase Doha’s growingwith Startup Genome to showcase Doha’s growing
entrepreneurial ecosystem in the Global Startupentrepreneurial ecosystem in the Global Startup
Ecosystem Report. Based on QDB's strategic effortEcosystem Report. Based on QDB's strategic effort
to enhance economic diversivitation and facilitateto enhance economic diversivitation and facilitate
growth opportunities, Startup Genome is verygrowth opportunities, Startup Genome is very
proud to finally put this emerging startupproud to finally put this emerging startup
ecosystem on the global map."ecosystem on the global map."
Marc Penzel, Founder & President of StartupMarc Penzel, Founder & President of Startup
GenomeGenome
Digital Incubation CenterDigital Incubation Center
DIC was created to boost ICT innovation in Qatar,DIC was created to boost ICT innovation in Qatar,
particularly among young people at the critical earlyparticularly among young people at the critical early
stages of starting or growing a technology-relatedstages of starting or growing a technology-related
business.business.
Doha TechAngelsDoha TechAngels
DTA is Qatar’s first private angel fund and isDTA is Qatar’s first private angel fund and is
registered with Qatar Financial Center (QFC). It’sregistered with Qatar Financial Center (QFC). It’s
focused on providing seed funding for early stagefocused on providing seed funding for early stage
technology startups in Qatar, the Middle East, andtechnology startups in Qatar, the Middle East, and
beyond.beyond.
Qatar Business IncubationQatar Business Incubation
Center (QBIC)Center (QBIC)
QBIC is a unique mixed-use business incubationQBIC is a unique mixed-use business incubation
center providing support services to helpcenter providing support services to help
entrepreneurs and companies who either have anentrepreneurs and companies who either have an
idea to start a business or want to grow an existingidea to start a business or want to grow an existing
business.business.
Qatar Fintech HubQatar Fintech Hub
QFTH brings together talented entrepreneurs,QFTH brings together talented entrepreneurs,
investors and enablers to develop disruptiveinvestors and enablers to develop disruptive
technologies so that great visions become reality. Ittechnologies so that great visions become reality. It
launches incubation and acceleration programs forlaunches incubation and acceleration programs for
Fintech startups.Fintech startups.
Qatar Science & TechnologyQatar Science & Technology
ParkPark
QSTP provides a free zone and technology park thatQSTP provides a free zone and technology park that
hosts leading global tech companies, mentor andhosts leading global tech companies, mentor and
support a network of startups and rising techsupport a network of startups and rising tech
STARTUP GENOME MEMBERSSTARTUP GENOME MEMBERS
Qatar Development BankQatar Development Bank
Qatar Development Bank was established in 1997 under the name Qatar IndustrialQatar Development Bank was established in 1997 under the name Qatar Industrial
Development Bank, and it is a development entity 100% owned by the government. ItDevelopment Bank, and it is a development entity 100% owned by the government. It
was established to support investment in and develop local industries, and to drivewas established to support investment in and develop local industries, and to drive
economic development and diversification in the State of Qatar with a focus on theeconomic development and diversification in the State of Qatar with a focus on the
private sector.private sector.
MEMBERMEMBER
KEY ECOSYSTEM PLAYERSKEY ECOSYSTEM PLAYERS
vveennttuurreess,, aanndd hhaavvee aa vvaalluuee cchhaaiinn ooff aacccceelleerraattiioonn,,
iinnccuubbaattiioonn,, aanndd ffuunnddiinngg pprrooggrraammss..
112
GermanyGermany
FrankfurtFrankfurt
MEMBERS:MEMBERS:
StartHub HessenStartHub Hessen // TechQuartierTechQuartier
"Frankfurt has a dynamic and increasingly mature ecosystem. A first unicorn in"Frankfurt has a dynamic and increasingly mature ecosystem. A first unicorn in
2021 is an expression of this. With numerous talents, innovative ideas and2021 is an expression of this. With numerous talents, innovative ideas and
promising start-ups the region has great potential."promising start-ups the region has great potential."
Tarek Al-WazirTarek Al-Wazir
Minister of Economics, Energy, Transport and Housing and Vice Minister-President, State of HessenMinister of Economics, Energy, Transport and Housing and Vice Minister-President, State of Hessen
HighlightsHighlights
Frankfurt is the economic and geographical center of the FrankfurtRheinMain region and one of the mostFrankfurt 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 salesimportant data traffic hubs in the world. Its 43,000 companies employ 650,000 people. Over 40% of sales
revenue attributable to the 100 highest-grossing software companies in Europe is generated in therevenue attributable to the 100 highest-grossing software companies in Europe is generated in the
Frankfurt region. Cosmopolitan and fast-growing, Frankfurt is an ideal home for innovative startups lookingFrankfurt region. Cosmopolitan and fast-growing, Frankfurt is an ideal home for innovative startups looking
for world-class talent and industry partners.for world-class talent and industry partners.
Entrepreneurs in Frankfurt are supported by a range of government and university programs. StartHubEntrepreneurs in Frankfurt are supported by a range of government and university programs. StartHub
Hessen and TechQuartier are key players that connect founders, investors, mentors, and corporateHessen 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, practiceinnovators. The Hessian Center for AI brings together 13 universities to drive research, education, practice
and leadership in AI, including the AI Startup Rising project, which supports startups from the ideation toand leadership in AI, including the AI Startup Rising project, which supports startups from the ideation to
scaling stage.scaling stage.
Some of Frankfurt’s biggest startup success stories include drone manufacturer Wingcopter and cloudSome 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 infoundation 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 inEurope 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 —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.is based in the nearby city of Mainz.
In December 2021, Wingcopter received an undisclosed amount of funding from a Japan-based ventureIn 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 thecapital firm dedicated exclusively to investments within the drone technology ecosystem, further to the
$22 million Series A it raised in January 2021.$22 million Series A it raised in January 2021.
TOTAL EARLY STAGE FUNDINGTOTAL EARLY STAGE FUNDING
(2019H2-2021)(2019H2-2021)
$242 m$242 m
ECOSYSTEM VALUEECOSYSTEM VALUE
(2019H2-2021)(2019H2-2021)
$11 bn$11 bn
MEDIAN SEED ROUNDMEDIAN SEED ROUND
(2019H2-2021)(2019H2-2021)
$549 k$549 k
GLOBALAVG.GLOBALAVG.
$671 k$671 k
MEDIAN SERIES A ROUNDMEDIAN SERIES A ROUND
(2019H2-2021)(2019H2-2021)
$4.7 m$4.7 m
GLOBALAVG.GLOBALAVG.
$4.7 m$4.7 m
SOFT. ENGINEER SALARYSOFT. ENGINEER SALARY
(2021)(2021)
$60 k$60 k
GLOBALAVG.GLOBALAVG.
$46 k$46 k
Amount ($)Amount ($) Count (#)Count (#)
ExitsExits
(2017-2021)(2017-2021)
EARLY-STAGE FUNDING GROWTH TIEREARLY-STAGE FUNDING GROWTH TIER
(2018/19 VS. 2020/21)(2018/19 VS. 2020/21)
7
Calculated on a scale ofCalculated on a scale of
1 (lowest) to 10 (highest)1 (lowest) to 10 (highest)
TOTAL VC FUNDINGTOTAL VC FUNDING
(2017-2021)(2017-2021)
$1.3 bn$1.3 bn
GLOBALAVG.GLOBALAVG.
$4.5 bn$4.5 bn
TIME TO EXITTIME TO EXIT
(2017-2021)(2017-2021)
10.2 years10.2 years
GLOBALAVG.GLOBALAVG.
9.4 years9.4 years
GLOBALAVG.GLOBALAVG.
$687 m$687 m
GLOBALAVG.GLOBALAVG.
$28.6 bn$28.6 bn
7bn7bn
GLOBALAVG.GLOBALAVG.
11.3bn11.3bn
8989
GLOBALAVG.GLOBALAVG.
101101
113
Sub-Sector StrengthsSub-Sector Strengths
FintechFintech
As an international financial hub Frankfurt offersAs an international financial hub Frankfurt offers
Fintech startups proximity to established banks andFintech startups proximity to established banks and
a large talent pool. The City of Frankfurt and thea large talent pool. The City of Frankfurt and the
State of Hesse are actively promoting the sub-State of Hesse are actively promoting the subsector.
FinTech Digital Hub Frankfurt bringssector. FinTech Digital Hub Frankfurt brings
together talent from the financial and startuptogether talent from the financial and startup
sectors. The Safe Financial Big Data Cluster,sectors. The Safe Financial Big Data Cluster,
managed by TechQuartier, enables cross-managed by TechQuartier, enables crossinstitutional
use of financial market data whileinstitutional use of financial market data while
preserving data sovereignty. Fintech investorpreserving data sovereignty. Fintech investor
CommerzVentures closed its third fund at €300CommerzVentures closed its third fund at €300
million ($327 million) in March 2022. The fund hasmillion ($327 million) in March 2022. The fund has
invested in 28 companies to date.invested in 28 companies to date.
CybersecurityCybersecurity
Digital Hub Cybersecurity, based in Darmstadt, isDigital Hub Cybersecurity, based in Darmstadt, is
linked to the Fraunhofer SIT and Germany'slinked to the Fraunhofer SIT and Germany's
National Center for Applied Research ATHENE,National Center for Applied Research ATHENE,
Europe's largest cluster for applied cybersecurity.Europe's largest cluster for applied cybersecurity.
Incubation and funding programs includingIncubation and funding programs including
StartUpSecure|ATHENE have contributed toStartUpSecure|ATHENE have contributed to
growth in the number of Frankfurt Cybersecuritygrowth in the number of Frankfurt Cybersecurity
startups. The city also hosts the European Cyberstartups. The city also hosts the European Cyber
Security Summit.Security Summit.
CleantechCleantech
Frankfurt was among the first German cities toFrankfurt was among the first German cities to
adopt a Master Plan to achieve 100% renewableadopt a Master Plan to achieve 100% renewable
energy supply by 2050. This continued interest inenergy supply by 2050. This continued interest in
sustainability has helped Frankfurt become asustainability has helped Frankfurt become a
prominent hub for Cleantech talent andprominent hub for Cleantech talent and
companies. Approximately one third of the region’scompanies. Approximately one third of the region’s
startups are focused on sustainability and climate.startups are focused on sustainability and climate.
The Green and Sustainable Finance ClusterThe Green and Sustainable Finance Cluster
Germany, co-managed by the Frankfurt School,Germany, co-managed by the Frankfurt School,
brings together key players. Impact Festival is thebrings together key players. Impact Festival is the
flagship event for B2B sustainability startups inflagship event for B2B sustainability startups in
Hessen. Examples of local Cleantech companiesHessen. Examples of local Cleantech companies
include Africa GreenTec, which delivers solarinclude Africa GreenTec, which delivers solar
powered containers to rural areas of Africa.powered containers to rural areas of Africa.
Reasons to Move Your Startup to FrankfurtReasons to Move Your Startup to Frankfurt
Access to Major PlayersAccess to Major Players
A major European financial center, Frankfurt is homeA major European financial center, Frankfurt is home
to the European Central Bank, Deutsche Bundesbank,to the European Central Bank, Deutsche Bundesbank,
Frankfurt Stock Exchange, Deutsche Bank, DZ Bank,Frankfurt Stock Exchange, Deutsche Bank, DZ Bank,
KfW, and Commerzbank, as well as major players inKfW, and Commerzbank, as well as major players in
other industries.other industries.
Access to TalentAccess to Talent
Frankfurt is home to some 230,000 studentsFrankfurt is home to some 230,000 students
studying at 53+ research institutes and 25+studying at 53+ research institutes and 25+
universities, including several excellent universitiesuniversities, including several excellent universities
like TU Darmstadt and Goethe University. As alike TU Darmstadt and Goethe University. As a
result the region boasts a highly qualifiedresult the region boasts a highly qualified
workforce. A dense network of ties connectsworkforce. A dense network of ties connects
universities and innovative companies ensuringuniversities and innovative companies ensuring
close links between research and industry.close links between research and industry.
Strategic ConnectionsStrategic Connections
Frankfurt has built bridges with nearby startupFrankfurt has built bridges with nearby startup
clusters and talent pools. The city joined withclusters and talent pools. The city joined with
neighboring Darmstadt, also home to renownedneighboring Darmstadt, also home to renowned
universities and a strong financial sector, to create auniversities and a strong financial sector, to create a
tech hub and to connect technical talent with thetech hub and to connect technical talent with the
banking industry. Frankfurt’s central location inbanking industry. Frankfurt’s central location in
Europe also makes it a logistics hub, with data, people,Europe also makes it a logistics hub, with data, people,
and goods streaming through the city continually.and goods streaming through the city continually.
114
Selected Startup OrganizationsSelected Startup Organizations
ATHENE Digital HubATHENE Digital Hub
CybersecurityCybersecurity
A project of the National Research Centre forA project of the National Research Centre for
Applied Cyber Security ATHENE in Darmstadt, whichApplied Cyber Security ATHENE in Darmstadt, which
has become Germany's leading innovationhas become Germany's leading innovation
community for cybersecurity startups.community for cybersecurity startups.
Frankfurt ForwardFrankfurt Forward
A project of the Frankfurt Economic DevelopmentA project of the Frankfurt Economic Development
Agency, Frankfurt Forward is the independentAgency, Frankfurt Forward is the independent
matchmaker and innovation driver for thematchmaker and innovation driver for the
FrankfurtRhineMain startup ecosystem.FrankfurtRhineMain startup ecosystem.
Impact FestivalImpact Festival
Europe's largest B2B platform for sustainableEurope's largest B2B platform for sustainable
innovation and technology, accelerating greeninnovation and technology, accelerating green
transformation and connecting innovators,transformation and connecting innovators,
companies, and investors.companies, and investors.
STARTUP GENOME MEMBERSSTARTUP GENOME MEMBERS
StartHub HessenStartHub Hessen
StartHub Hessen is the central platform for startups and the Hessen startupStartHub Hessen is the central platform for startups and the Hessen startup
ecosystem. We help startups and other players with networking and visibility, andecosystem. We help startups and other players with networking and visibility, and
provide an overview of funding options.provide an overview of funding options.
MEMBERMEMBER
TechQuartierTechQuartier
TechQuartier is a community-based innovation manager and ecosystem builder forTechQuartier is a community-based innovation manager and ecosystem builder for
startups and corporates to develop digital solutions together.startups and corporates to develop digital solutions together. Our community consistsOur community consists
of more than 500 startups plus scaleups, corporates, investors, universities, regulators,of more than 500 startups plus scaleups, corporates, investors, universities, regulators,
public administration and institutions.public administration and institutions.
MEMBERMEMBER
KEY ECOSYSTEM PLAYERSKEY ECOSYSTEM PLAYERS
115
TurkeyTurkey
IstanbulIstanbul
MEMBERS:MEMBERS:
Istanbul Development AgencyIstanbul Development Agency
"The last decade has witnessed the rise of a resilient, attractive, and rapidly"The last decade has witnessed the rise of a resilient, attractive, and rapidly
evolving startup ecosystem in Istanbul. Out of this dynamism, Istanbul willevolving startup ecosystem in Istanbul. Out of this dynamism, Istanbul will
emerge as a leading attraction spot for global technology startups."emerge as a leading attraction spot for global technology startups."
Mustafa VarankMustafa Varank
Minister of Industry and TechnologyMinister of Industry and Technology
HighlightsHighlights
Turkey is home to nearly 42 million digitally savvy young people, and Istanbul is the hotspot for theseTurkey 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 anddigital natives. More than 80 active organizations supporting startups call the city home, including Plug and
Play Istanbul and Endeavor. The city also hosts various startups events, including pitching competitionPlay Istanbul and Endeavor. The city also hosts various startups events, including pitching competition
Take-Off, aerospace festival TEKNOFEST, and international gaming exhibit GAMING ISTANBUL.Take-Off, aerospace festival TEKNOFEST, and international gaming exhibit GAMING ISTANBUL.
The state is nurturing this growing ecosystem through various means. Istanbul Development Agency’sThe state is nurturing this growing ecosystem through various means. Istanbul Development Agency’s
$30 million regional venture capital fund expands funding opportunities, retaining Development and$30 million regional venture capital fund expands funding opportunities, retaining Development and
Investment Bank of Turkiye’s $95.5 million fund of funds. Following the legalization of equity-basedInvestment 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 incrowdfunding, six new platforms are set to begin operations. 2021 was a record year for fundraising in
Istanbul, both in the number of deals and total investment. With 294 deals totaling $1.55 billion, IstanbulIstanbul, both in the number of deals and total investment. With 294 deals totaling $1.55 billion, Istanbul
was second in MENA for both metrics, and fourth in Europe for number of deals. Total investmentwas 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.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 aAmongst 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 insecondary 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 2021,2020, 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 ideabecoming Turkey’s first decacorn. Grocery delivery startup Getir has become “the hottest new idea
in online retail,â€ according to the Financial Times. It was the country’s second decacorn. AI-poweredin online retail,â€ 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.digital marketing platform Insider is the latest addition to the unicorn club.
TOTAL EARLY STAGE FUNDINGTOTAL EARLY STAGE FUNDING 
(2019H2-2021)(2019H2-2021)
$475 m$475 m
ECOSYSTEM VALUEECOSYSTEM VALUE 
(2019H2-2021)(2019H2-2021)
$17 bn$17 bn
MEDIAN SEED ROUNDMEDIAN SEED ROUND 
(2019H2-2021)(2019H2-2021)
$250 k$250 k
GLOBALAVG.GLOBALAVG.
$671 k$671 k
MEDIAN SERIES A ROUNDMEDIAN SERIES A ROUND 
(2019H2-2021)(2019H2-2021)
$1.7 m$1.7 m
GLOBALAVG.GLOBALAVG.
$4.7 m$4.7 m
SOFT. ENGINEER SALARYSOFT. ENGINEER SALARY 
(2021)(2021)
$15 k$15 k
GLOBALAVG.GLOBALAVG.
$46 k$46 k
Amount ($)Amount ($) Count (#)Count (#)
ExitsExits
(2017-2021)(2017-2021)
EARLY-STAGE FUNDING GROWTH TIEREARLY-STAGE FUNDING GROWTH TIER
(2018/19 VS. 2020/21)(2018/19 VS. 2020/21)
9
Calculated on a scale ofCalculated on a scale of
1 (lowest) to 10 (highest)1 (lowest) to 10 (highest)
TOTAL VC FUNDINGTOTAL VC FUNDING
(2017-2021)(2017-2021)
$2 bn$2 bn
GLOBALAVG.GLOBALAVG.
$4.5 bn$4.5 bn
TIME TO EXITTIME TO EXIT
(2017-2021)(2017-2021)
8.5 years8.5 years
GLOBALAVG.GLOBALAVG.
9.4 years9.4 years
GLOBALAVG.GLOBALAVG.
$687 m$687 m
GLOBALAVG.GLOBALAVG.
$28.6 bn$28.6 bn
8bn8bn
GLOBALAVG.GLOBALAVG.
11.3bn11.3bn
5454
GLOBALAVG.GLOBALAVG.
101101
116
Sub-Sector StrengthsSub-Sector Strengths
GamingGaming
When San Francisco-based Zynga bought TurkishWhen San Francisco-based Zynga bought Turkish
mobile gaming company Peak for $1.8 billion inmobile gaming company Peak for $1.8 billion in
June 2020, the acquisition created Turkey’s firstJune 2020, the acquisition created Turkey’s first
unicorn. Istanbul’s Gaming ecosystem hasunicorn. Istanbul’s Gaming ecosystem has
become the second-largest gaming cluster inbecome the second-largest gaming cluster in
Europe, with 165 studios. Turkish Gaming companiesEurope, with 165 studios. Turkish Gaming companies
closed $265 million in funding in 2021, withclosed $265 million in funding in 2021, with
valuations up 80% year-over-year. Dream Gamesvaluations up 80% year-over-year. Dream Games
raised a $225 million Series C in January 2022 toraised a $225 million Series C in January 2022 to
become the sub-sector’s second unicorn with abecome the sub-sector’s second unicorn with a
value of $2.75 billion. Spyke Games received $55value of $2.75 billion. Spyke Games received $55
million in Seed funding in January 2022.million in Seed funding in January 2022.
AI, Big Data & AnalyticsAI, Big Data & Analytics
Istanbul is home to 73% of Turkey’s AI startups.Istanbul is home to 73% of Turkey’s AI startups.
The National AI Strategy released recently a five-The National AI Strategy released recently a fiveyear
plan to modernize regulations and expandyear plan to modernize regulations and expand
access to quality data and infrastructureaccess to quality data and infrastructure
advantages through Turkey’s tech base,advantages through Turkey’s tech base,
Informatics Valley. AI-focused higher educationInformatics Valley. AI-focused higher education
continues to grow in the city, which now has threecontinues to grow in the city, which now has three
bachelors degrees and nine masters-level programsbachelors degrees and nine masters-level programs
on AI and data science. The state-backed Tech-on AI and data science. The state-backed TechInvesTR
VC Program nurtures early-stageInvesTR VC Program nurtures early-stage
companies. AI-supported real estate startupcompanies. AI-supported real estate startup
Tiko’s 2021 $65 million round is the country’sTiko’s 2021 $65 million round is the country’s
largest Series A to date. No-code AI platformlargest Series A to date. No-code AI platform
Cameralyze raised a $3 million seed round inCameralyze raised a $3 million seed round in
February 2022. Logistics company Yolda.com raisedFebruary 2022. Logistics company Yolda.com raised
a $5 million seed round in December 2021.a $5 million seed round in December 2021.
FintechFintech
Fintech is the busiest sub-sector in the country,Fintech is the busiest sub-sector in the country,
with 589 active startups targeting 70.3 millionwith 589 active startups targeting 70.3 million
digital banking customers. Approximately 9% of alldigital banking customers. Approximately 9% of all
new Turkish startups are in Fintech. Türkiyenew Turkish startups are in Fintech. Türkiye
Wealth Fund forecasts that the annual value ofWealth Fund forecasts that the annual value of
Turkish financial services exports will increase fromTurkish financial services exports will increase from
$2 billion to $16 billion by 2036. Regulatory reforms$2 billion to $16 billion by 2036. Regulatory reforms
enabling branchless and service model bankingenabling branchless and service model banking
were completed by the start of 2022. Fifteen VCwere completed by the start of 2022. Fifteen VC
funds and startup support mechanisms owned byfunds and startup support mechanisms owned by
financial institutions are set to invest in the sub-financial institutions are set to invest in the subsector.
The Istanbul Financial Center aims tosector. The Istanbul Financial Center aims to
become a major business district serving Fintechsbecome a major business district serving Fintechs
and financial firms.and financial firms. Fintech Tarfin raised an $8Fintech Tarfin raised an $8
million Series A in December 2021.million Series A in December 2021.
Reasons to Move Your Startup to IstanbulReasons to Move Your Startup to Istanbul
Globally ConnectedGlobally Connected
With various accelerator programs and a wide rangeWith various accelerator programs and a wide range
of international events, Istanbul acts as a bridgeof international events, Istanbul acts as a bridge
connecting east and west and local players withconnecting east and west and local players with
global entrepreneurial networks. Examples includeglobal entrepreneurial networks. Examples include
the state-led startup summit, Take-Off, andthe state-led startup summit, Take-Off, and
StartupIstanbul, which hosts over 500 startups andStartupIstanbul, which hosts over 500 startups and
300 investors from 80 countries. Istanbul Technical300 investors from 80 countries. Istanbul Technical
University’s incubation center, ITU Seed, is gearingUniversity’s incubation center, ITU Seed, is gearing
up to launch an international startup acceleratorup to launch an international startup accelerator
program.program.
Supportive CommunitySupportive Community
Traditional Turkish values like generosity, loyalty,Traditional Turkish values like generosity, loyalty,
and strong community networks mean successfuland strong community networks mean successful
tech entrepreneurs maintain strong relationshipstech entrepreneurs maintain strong relationships
with the Istanbul ecosystem, acting as mentors,with the Istanbul ecosystem, acting as mentors,
angels, or serial entrepreneurs. The CEOs ofangels, or serial entrepreneurs. The CEOs of
Yemeksepeti, Pozitron, and Mynet founded theYemeksepeti, Pozitron, and Mynet founded the
country’s first angel investor network, Galatacountry’s first angel investor network, Galata
Business Angels, and serve as board members andBusiness Angels, and serve as board members and
managers of startup support organizations.managers of startup support organizations.
Young Tech TalentYoung Tech Talent
With half of the population under the age of 32,With half of the population under the age of 32,
Turkey has the largest youth population in Europe.Turkey has the largest youth population in Europe.
Many of those tech-savvy young people selectMany of those tech-savvy young people select
Istanbul as a destination for higher education,Istanbul as a destination for higher education,
creating a vast pool of talent for employers. State-ledcreating a vast pool of talent for employers. State-led
1 Million Coders initiative is1 Million Coders initiative is entering its third year, andentering its third year, and
global coder training platform 42’s Istanbul branchglobal coder training platform 42’s Istanbul branch
has joined it to nurture the talent pool with freshhas joined it to nurture the talent pool with fresh
minds.minds.
117
Selected Startup OrganizationsSelected Startup Organizations
“Startup Genome is thrilled to see more and“Startup Genome is thrilled to see more and
more global startup success stories born out ofmore global startup success stories born out of
Istanbul. The on-demand delivery company GetirIstanbul. The on-demand delivery company Getir
is a great example but there is so much moreis a great example but there is so much more
happening. The dedication of the Istanbulhappening. The dedication of the Istanbul
Development Agency helped place Istanbul as aDevelopment Agency helped place Istanbul as a
Top 15 Emerging Ecosystem."Top 15 Emerging Ecosystem."
Marc Penzel, Founder & President of StartupMarc Penzel, Founder & President of Startup
GenomeGenome
BTMBTM
A social structure that offers all kinds of support onA social structure that offers all kinds of support on
entrepreneurship and innovation in the processes ofentrepreneurship and innovation in the processes of
commercialization of new business ideas and theircommercialization of new business ideas and their
growth after commercialization.growth after commercialization.
Endeavor TurkiyeEndeavor Turkiye
Endeavor Turkiye aims to create multiplier effect byEndeavor Turkiye aims to create multiplier effect by
inspiring high-growth entrepreneurs to dreaminspiring high-growth entrepreneurs to dream
bigger, supporting and investing in them to scalebigger, supporting and investing in them to scale
faster, and providing a platform to pay it forward.faster, and providing a platform to pay it forward.
ITU SeedITU Seed
ITU Seed supports tech-based incentives as anITU Seed supports tech-based incentives as an
ecosystem prescribing pre-incubation, acceleration,ecosystem prescribing pre-incubation, acceleration,
Big Bang, and incubation phases to entrepreneurs atBig Bang, and incubation phases to entrepreneurs at
the idea or development stage.the idea or development stage.
TEKNOFESTTEKNOFEST
TEKNOFEST is Turkey's aerospace and technologyTEKNOFEST is Turkey's aerospace and technology
festival, organized with the partnership of numerousfestival, organized with the partnership of numerous
organizations. It hostis technology competitions inorganizations. It hostis technology competitions in
35 different categories.35 different categories.
startups.watchstartups.watch
A research platform that provides a fullA research platform that provides a full
understanding on trends, transactions, andunderstanding on trends, transactions, and
what’s next via tracking startup ecosystems.what’s next via tracking startup ecosystems.
STARTUP GENOME MEMBERSSTARTUP GENOME MEMBERS
Istanbul Development AgencyIstanbul Development Agency
Istanbul Development Agency is a government agency with a view to expeditingIstanbul Development Agency is a government agency with a view to expediting
regional development, providing sustainability, and closing interregional andregional development, providing sustainability, and closing interregional and
intraregional gaps by improving collaboration among public sector and privateintraregional gaps by improving collaboration among public sector and private
industry and non-governmental organizations, fostering opportune and efficient useindustry and non-governmental organizations, fostering opportune and efficient use
of resources and galvanizing the local potential. It implements programs and supportsof resources and galvanizing the local potential. It implements programs and supports
projects and activities for the development and strengthening of Istanbul’s startupprojects and activities for the development and strengthening of Istanbul’s startup
ecosystem to make it a prominent international entrepreneurship hubs.ecosystem to make it a prominent international entrepreneurship hubs.
MEMBERMEMBER
KEY ECOSYSTEM PLAYERSKEY ECOSYSTEM PLAYERS
“Startup Genome is thrilled to see more and more global
startup success stories born out of Istanbul. The ondemand
delivery company Getir is a great example but
there is so much more happening. The dedication of the
Istanbul Development Agency helped place Istanbul as
a Top 15 Emerging Ecosystem.”
Marc Penzel, Founder & President of Startup Genome
118
MalaysiaMalaysia
Kuala LumpurKuala Lumpur
MEMBERS:MEMBERS:
Cradle FundCradle Fund
"Malaysia offers a safe, conducive and vibrant environment for startups to initiate"Malaysia offers a safe, conducive and vibrant environment for startups to initiate
and grow their business. Through the SUPER roadmap, there are variousand grow their business. Through the SUPER roadmap, there are various
initiatives and interventions such as funding, talent, innovation, policies, andinitiatives and interventions such as funding, talent, innovation, policies, and
market access that enhance the ecosystem and ensure startups in Malaysiamarket access that enhance the ecosystem and ensure startups in Malaysia
experience a fantastic growth journey."experience a fantastic growth journey."
Rafiza GhazaliRafiza Ghazali
Group CEO, Cradle FundGroup CEO, Cradle Fund
HighlightsHighlights
Kuala Lumpur offers startups a strategic location to over 674 million potential customers within theKuala 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 governmentASEAN market.1 The city’s unrivaled connectivity, infrastructure, and talent, as well as strong government
support, provide an ideal environment for companies to grow.2 As such, the city has been consistentlysupport, provide an ideal environment for companies to grow.2 As such, the city has been consistently
ranked as one of the world’s most promising emerging startup hubs.3 Kuala Lumpur is currently home toranked 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,several successful startups including drone technology company Aerodyne, Fintechs Jirnexu and Capbay,
and e-commerce unicorn Carsome.and e-commerce unicorn Carsome.
Several government agencies support the ecosystem with funding, including Cradle Fund, MDeC, PenjanaSeveral government agencies support the ecosystem with funding, including Cradle Fund, MDeC, Penjana
Kapital, Malaysia Venture Capital Management, Modal Perdana, and Malaysia Debt Ventures. To furtherKapital, Malaysia Venture Capital Management, Modal Perdana, and Malaysia Debt Ventures. To further
encourage innovation, the government has adopted policies including the National Technology andencourage innovation, the government has adopted policies including the National Technology and
Innovation Sandbox to nurture and encourage innovation in the country. Malaysia’s 2022 budget allocatesInnovation Sandbox to nurture and encourage innovation in the country. Malaysia’s 2022 budget allocates
RM 230 million ($54 million) to support women entrepreneurs. Another RM 150 million ($35 million) hasRM 230 million ($54 million) to support women entrepreneurs. Another RM 150 million ($35 million) has
been set aside to promote entrepreneurship among young people.been set aside to promote entrepreneurship among young people.
The Malaysia Startup Ecosystem Roadmap (SUPER) 2021–2030 is a key government initiative. ByThe 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 thecoordinating 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,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 toeffective, and efficient environment for startups. Under SUPER, the Mystartup platform was initiated to
serve as a central depository of information on Malaysia's ecosystem.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.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.MyDIGITAL's goals include attracting unicorns and increasing the number of startups.
TOTAL EARLY STAGE FUNDINGTOTAL EARLY STAGE FUNDING
(2019H2-2021)(2019H2-2021)
$198 m$198 m
ECOSYSTEM VALUEECOSYSTEM VALUE
(2019H2-2021)(2019H2-2021)
$72 bn$72 bn
MEDIAN SEED ROUNDMEDIAN SEED ROUND
(2019H2-2021)(2019H2-2021)
$215 k$215 k
GLOBALAVG.GLOBALAVG.
$671 k$671 k
MEDIAN SERIES A ROUNDMEDIAN SERIES A ROUND
(2019H2-2021)(2019H2-2021)
$3.3 m$3.3 m
GLOBALAVG.GLOBALAVG.
$4.7 m$4.7 m
SOFT. ENGINEER SALARYSOFT. ENGINEER SALARY
(2021)(2021)
$16 k$16 k
GLOBALAVG.GLOBALAVG.
$46 k$46 k
Amount ($)Amount ($) Count (#)Count (#)
ExitsExits
(2017-2021)(2017-2021)
EARLY-STAGE FUNDING GROWTH TIEREARLY-STAGE FUNDING GROWTH TIER
(2018/19 VS. 2020/21)(2018/19 VS. 2020/21)
3
Calculated on a scale ofCalculated on a scale of
1 (lowest) to 10 (highest)1 (lowest) to 10 (highest)
TOTAL VC FUNDINGTOTAL VC FUNDING
(2017-2021)(2017-2021)
$6.6 bn$6.6 bn
GLOBALAVG.GLOBALAVG.
$4.5 bn$4.5 bn
TIME TO EXITTIME TO EXIT
(2017-2021)(2017-2021)
8.2 years8.2 years
GLOBALAVG.GLOBALAVG.
9.4 years9.4 years
GLOBALAVG.GLOBALAVG.
$687 m$687 m
GLOBALAVG.GLOBALAVG.
$28.6 bn$28.6 bn
4.5bn4.5bn
GLOBALAVG.GLOBALAVG.
11.3bn11.3bn
4646
GLOBALAVG.GLOBALAVG.
101101
119
Sub-Sector StrengthsSub-Sector Strengths
GamingGaming
Kuala Lumpur is a budding regional Gaming hub.Kuala Lumpur is a budding regional Gaming hub.
According to Report Linke, it is currently among theAccording to Report Linke, it is currently among the
six most significant countries for mobile gaming insix most significant countries for mobile gaming in
Southeast Asia. Several global companies, includingSoutheast Asia. Several global companies, including
PlayStation Studios, have recently opened offices inPlayStation Studios, have recently opened offices in
the city. Malaysia hosts LEVEL UP KL, the largestthe city. Malaysia hosts LEVEL UP KL, the largest
conference for game developers in Southeast Asia,conference for game developers in Southeast Asia,
and Galaxy Racer, the largest esports and Gamingand Galaxy Racer, the largest esports and Gaming
organization in the world, will open its Asia Pacificorganization in the world, will open its Asia Pacific
headquarters here in 2022. The company plans toheadquarters here in 2022. The company plans to
invest RM 42 million ($10 million) in the countryinvest RM 42 million ($10 million) in the country
within the next five years and will organize esportswithin the next five years and will organize esports
events and tournaments to boost its Gamingevents and tournaments to boost its Gaming
ecosystem.ecosystem.
FintechFintech
The Network Readiness Index 2021 ranked MalaysiaThe Network Readiness Index 2021 ranked Malaysia
38 out of 134 countries in readiness to transition to38 out of 134 countries in readiness to transition to
a digitized economy. According to Mordora digitized economy. According to Mordor
Intelligence, the highly competitive MalaysianIntelligence, the highly competitive Malaysian
Fintech market is among the largest in Asia. TheFintech market is among the largest in Asia. The
awarding of digital banking licenses to fiveawarding of digital banking licenses to five
consortiums by Bank Negara Malaysia is expectedconsortiums by Bank Negara Malaysia is expected
to bring new interest to the Kuala Lumpur Fintechto bring new interest to the Kuala Lumpur Fintech
industry. These digital banks will cater to theindustry. These digital banks will cater to the
region’s previously underserved market, estimatedregion’s previously underserved market, estimated
to be over 290 million unbanked adults.to be over 290 million unbanked adults.
E-commerceE-commerce
Malaysia is an attractive market for e-commerce inMalaysia is an attractive market for e-commerce in
Southeast Asia due to its dynamic economy andSoutheast Asia due to its dynamic economy and
developed infrastructure for digital technologies.developed infrastructure for digital technologies.
eCommerce revenue in Malaysia reached a total ofeCommerce revenue in Malaysia reached a total of
$4 billion in 2020. According to GlobalData’s$4 billion in 2020. According to GlobalData’s
eCommerce Analytics, Malaysia’s eCommerceeCommerce Analytics, Malaysia’s eCommerce
marketsaw a 24.7% growth in 2021. The market ismarketsaw a 24.7% growth in 2021. The market is
expected to reach $12.6 billion by 2024, increasingexpected to reach $12.6 billion by 2024, increasing
at a CAGR of 14.3%t between 2020 and 2024. 9at a CAGR of 14.3%t between 2020 and 2024. 9
Unicorn Carsome raised $290 million in a Series EUnicorn Carsome raised $290 million in a Series E
funding, valuing the used-car online marketplacefunding, valuing the used-car online marketplace
at $1.7 billion.at $1.7 billion.
Reasons to Move Your Startup to Kuala LumpurReasons to Move Your Startup to Kuala Lumpur
Educated WorkforceEducated Workforce
With nearly 40% of Malaysia’s population under theWith nearly 40% of Malaysia’s population under the
age of 25, the Kuala Lumpur region has a strongage of 25, the Kuala Lumpur region has a strong
pipeline of skilled young talent. Over 330,000 studentspipeline of skilled young talent. Over 330,000 students
are enrolled in more than 240 institutions of higherare enrolled in more than 240 institutions of higher
learning. This talent pool is diverse, and multilingual.learning. This talent pool is diverse, and multilingual.
Most Malaysians speak English fluently.Most Malaysians speak English fluently.
Supportive BusinessSupportive Business
EnvironmentEnvironment
Malaysia offers startups well-developedMalaysia offers startups well-developed
infrastructure, advanced telecommunicationinfrastructure, advanced telecommunication
services, high broadband penetration, a robustservices, high broadband penetration, a robust
financial sector, and a business-friendly regulatoryfinancial sector, and a business-friendly regulatory
framework. The country has a mobile penetrationframework. The country has a mobile penetration
rate of 142.1% and 127.4% internet penetration rate,rate of 142.1% and 127.4% internet penetration rate,
making Malaysians a digitally savvy market segmentmaking Malaysians a digitally savvy market segment
for startups to penetrate.for startups to penetrate.
120
Selected Startup OrganizationsSelected Startup Organizations
"We celebrate the success stories and progress in"We celebrate the success stories and progress in
the Malaysian ecosystem showing great strides inthe Malaysian ecosystem showing great strides in
entrepreneurship, high quality employment, andentrepreneurship, high quality employment, and
economic growth. It's thrilling to see the hard workeconomic growth. It's thrilling to see the hard work
of Cradle Fund, MDEC, and other key players in thisof Cradle Fund, MDEC, and other key players in this
vibrant ecosystem come to fruition, with thevibrant ecosystem come to fruition, with the
ecosystem ranking as a Top 25 Emergingecosystem ranking as a Top 25 Emerging
Ecosystem globally."Ecosystem globally."
Stephan Kuester, Head of Ecosystem Strategy ofStephan Kuester, Head of Ecosystem Strategy of
Startup GenomeStartup Genome
Cradle FundCradle Fund
With a mandate to fund high-caliber technology,With a mandate to fund high-caliber technology,
Cradle Fund has supported over 1,000 startupsCradle Fund has supported over 1,000 startups
across multiple sectors. Cradle Fund's programacross multiple sectors. Cradle Fund's program
offerings include fuinding, commercializationofferings include fuinding, commercialization
support, and various other value-added services tosupport, and various other value-added services to
accelerate growth.accelerate growth.
Malaysia Digital EconomyMalaysia Digital Economy
Corporation (MDEC)Corporation (MDEC)
MDEC’s aspiration is to firmly establish Malaysia asMDEC’s aspiration is to firmly establish Malaysia as
the Heart of Digital ASEAN, a regional digitalthe Heart of Digital ASEAN, a regional digital
powerhouse launching global champions to lead thepowerhouse launching global champions to lead the
Fourth Industrial Revolution.Fourth Industrial Revolution.
Malaysia Venture CapitalMalaysia Venture Capital
Management (MAVCAP)Management (MAVCAP)
Mavcap supports the development of the MalaysianMavcap supports the development of the Malaysian
VC ecosystem via public-private partnership, locallyVC ecosystem via public-private partnership, locally
and internationally, investing and championing localand internationally, investing and championing local
techpreneur to the global scale.techpreneur to the global scale.
Malaysian Business AngelMalaysian Business Angel
Network (MBAN)Network (MBAN)
MBAN is the official trade association and governingMBAN is the official trade association and governing
body for angel investors and angel clubs in Malaysia.body for angel investors and angel clubs in Malaysia.
It aims to put forward the agenda of angel investingIt aims to put forward the agenda of angel investing
in an all inclusive manner for the benefit ofin an all inclusive manner for the benefit of
members, the angel ecosystem and start-ups.members, the angel ecosystem and start-ups.
Malaysian ResearchMalaysian Research
Accelerator for Technology &Accelerator for Technology &
Innovation (MRANTI)Innovation (MRANTI)
MRANTI is focused on accelerating growth andMRANTI is focused on accelerating growth and
nurturing partnerships; to generate impactfulnurturing partnerships; to generate impactful
STARTUP GENOME MEMBERSSTARTUP GENOME MEMBERS
Cradle FundCradle Fund
Established in 2003 with a mandate to fund high-caliber technology, Cradle Fund hasEstablished in 2003 with a mandate to fund high-caliber technology, Cradle Fund has
supported over 1,000 Malaysian Technology-Based companies across multiple sectorssupported over 1,000 Malaysian Technology-Based companies across multiple sectors
and holds the highest commercialization rate amongst funding agencies in theand holds the highest commercialization rate amongst funding agencies in the
country. Cradle Fund's program offerings are not restricted to monetary aid, but alsocountry. Cradle Fund's program offerings are not restricted to monetary aid, but also
include commercialization support and various other value-added services toinclude commercialization support and various other value-added services to
accelerate growth.accelerate growth.
MEMBERMEMBER
KKEEYY EECCOOSSYYSSTTEEMM PPLLAAYYEERRSS
rreesseeaarrcchh,, vviiaabbllee iinnvveennttiioonnss,, aanndd rreeaaddyy--ttoo--uussee
tteecchhnnoollooggiieess..
“We celebrate the success stories and progress in
the Malaysian ecosystem showing great strides in
entrepreneurship, high quality employment, and
ecomonic growth. It’s thrilling to see the hard work
of Cradle Fund, MDEC, and other key players in this
vibrant ecosystem come to fruition, with the ecosystem
ranking as a Top 25 Emerging Ecosystem globally.”
Stephan Kuester, Head of Ecosytem Strategy of
Startup Genome
121
PhilippinesPhilippines
ManilaManila
MEMBERS:MEMBERS:
Department of Trade and IndustryDepartment of Trade and Industry
"The Philippine startup ecosystem is thriving in the new normal as seen in the"The Philippine startup ecosystem is thriving in the new normal as seen in the
unfettered growth of investments. Home to a great pool of creative talents andunfettered growth of investments. Home to a great pool of creative talents and
with more focused government support, the Philippines is now a real emergingwith more focused government support, the Philippines is now a real emerging
startup destination."startup destination."
Dr. Rafaelita M. AldabaDr. Rafaelita M. Aldaba
Undersecretary for Competitiveness and Innovation Group, Department of Trade and IndustryUndersecretary for Competitiveness and Innovation Group, Department of Trade and Industry
HighlightsHighlights
Over the last few years, a number of regulatory reforms have helped enhance the competitiveness of theOver 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 thePhilippine startup ecosystem. In 2021, the ecosystem raised $1 billion in funding, a 179% growth on the
previous year. Two local Fintech startups are valued at more than $1 billion, with Mynt achieving "doubleprevious year. Two local Fintech startups are valued at more than $1 billion, with Mynt achieving "double
unicorn" status in November 2021 after raising $300 million and Voyager Innovations raising a total of $210unicorn" 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-commercemillion in its latest funding round. Kumu raised a $73.6 million Series C and GrowSari, an e-commerce
startup, raised $77.5 million in its latest funding round.startup, raised $77.5 million in its latest funding round.
With the potential contribution of startups to the economy, the Philippine government has been focusingWith 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 Doingon building a robust startup ecosystem through the implementation of such policies as the Ease of Doing
Business Act, which streamlined government processes, systems, and procedures; the RevisedBusiness Act, which streamlined government processes, systems, and procedures; the Revised
Corporation Code, which allows the incorporation of one-person corporations; and the Innovative StartupCorporation Code, which allows the incorporation of one-person corporations; and the Innovative Startup
Act and Philippine Innovation Act, which provide benefits and incentives for startup and innovativeAct and Philippine Innovation Act, which provide benefits and incentives for startup and innovative
enterprises.enterprises.
To continue fostering innovation and collaboration, the annual Philippine Startup Week (PHSW), theTo 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 startupcountry’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 threecommunity. 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, themain 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 ofDepartment 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,Trade and Industry’s Slingshot Conference. The IGNITE innovation conference by TechShake, dentsu X,
and Brainsparks also supports the startup ecosystem.and Brainsparks also supports the startup ecosystem.
TOTAL EARLY STAGE FUNDINGTOTAL EARLY STAGE FUNDING
(2019H2-2021)(2019H2-2021)
$292 m$292 m
ECOSYSTEM VALUEECOSYSTEM VALUE
(2019H2-2021)(2019H2-2021)
$2 bn$2 bn
MEDIAN SEED ROUNDMEDIAN SEED ROUND
(2019H2-2021)(2019H2-2021)
$150 k$150 k
GLOBALAVG.GLOBALAVG.
$671 k$671 k
MEDIAN SERIES A ROUNDMEDIAN SERIES A ROUND
(2019H2-2021)(2019H2-2021)
$5 m$5 m
GLOBALAVG.GLOBALAVG.
$4.7 m$4.7 m
SOFT. ENGINEER SALARYSOFT. ENGINEER SALARY
(2021)(2021)
$8 k$8 k
GLOBALAVG.GLOBALAVG.
$46 k$46 k
Amount ($)Amount ($) Count (#)Count (#)
ExitsExits
(2017-2021)(2017-2021)
EARLY-STAGE FUNDING GROWTH TIEREARLY-STAGE FUNDING GROWTH TIER
(2018/19 VS. 2020/21)(2018/19 VS. 2020/21)
10
Calculated on a scale ofCalculated on a scale of
1 (lowest) to 10 (highest)1 (lowest) to 10 (highest)
TOTAL VC FUNDINGTOTAL VC FUNDING
(2017-2021)(2017-2021)
$575 m$575 m
GLOBALAVG.GLOBALAVG.
$4.5 bn$4.5 bn
TIME TO EXITTIME TO EXIT
(2017-2021)(2017-2021)
8.4 years8.4 years
GLOBALAVG.GLOBALAVG.
9.4 years9.4 years
GLOBALAVG.GLOBALAVG.
$687 m$687 m
GLOBALAVG.GLOBALAVG.
$28.6 bn$28.6 bn
411m411m
GLOBALAVG.GLOBALAVG.
11.3bn11.3bn
1919
GLOBALAVG.GLOBALAVG.
101101
122
Sub-Sector StrengthsSub-Sector Strengths
FintechFintech
Philippines Fintech Map 2022 identifies more thanPhilippines Fintech Map 2022 identifies more than
220 Fintech companies in the country, of which 27%220 Fintech companies in the country, of which 27%
are in lending. With sustained demand for digitalare in lending. With sustained demand for digital
banking solutions and a shift towards digitalbanking solutions and a shift towards digital
transformation, the Philippines mobile wallet andtransformation, the Philippines mobile wallet and
payment market is expected to record a CAGR ofpayment market is expected to record a CAGR of
24.1%, reaching $19.8 billion by 2025. The PayMongo24.1%, reaching $19.8 billion by 2025. The PayMongo
Accelerator Program, launched in 2021, is the firstAccelerator Program, launched in 2021, is the first
such program in the Philippines, and is backed bysuch program in the Philippines, and is backed by
Silicon Valley-based Y Combinator. Philippine DigitalSilicon Valley-based Y Combinator. Philippine Digital
Asset raised a $50 million Series B in FebruaryAsset raised a $50 million Series B in February 20222022..
The same month, PayMongo raised $31 million inThe same month, PayMongo raised $31 million in
Series BSeries B funding.funding.
E-commerceE-commerce
E-commerce adoption in the Philippines increasedE-commerce adoption in the Philippines increased
to 80% in 2021, up from 70% in 2019 and 76% into 80% in 2021, up from 70% in 2019 and 76% in
2020.2020. The E-commerce Philippines 2022 RoadmapThe E-commerce Philippines 2022 Roadmap
envisions one million e-commerce businesses by theenvisions one million e-commerce businesses by the
end of 2022, as well as a digitally literate workforceend of 2022, as well as a digitally literate workforce
to support the expanding sub-sector. In 2021, theto support the expanding sub-sector. In 2021, the
Philippines had over a million thriving e-commercePhilippines had over a million thriving e-commerce
enterprises, exceeding the Roadmap's target. Greatenterprises, exceeding the Roadmap's target. Great
Deals e-commerce, a Filipino end-to-end e-Deals e-commerce, a Filipino end-to-end ecommerce
service platform, raised a $30 million incommerce service platform, raised a $30 million in
Series B funding in May 2021.Series B funding in May 2021.
Reasons to Move Your Startup to ManilaReasons to Move Your Startup to Manila
Government Startup ProgramsGovernment Startup Programs
The government provides assistance to startupsThe government provides assistance to startups
through incubation and acceleration programs. Thethrough incubation and acceleration programs. The
IDEA, ADVANCE, and Global Acceleration ProgramsIDEA, ADVANCE, and Global Acceleration Programs
were designed to help startups validate theirwere designed to help startups validate their
solutions, commercialize, scale up, and expandsolutions, commercialize, scale up, and expand
globally. The government also provides fundingglobally. The government also provides funding
support through the Startup Grant Fund, which helpssupport through the Startup Grant Fund, which helps
startups in overcoming R&D roadblocks, and thestartups in overcoming R&D roadblocks, and the
Startup Venture Fund, which provides equity fundingStartup Venture Fund, which provides equity funding
to startups.to startups.
Support for ForeignersSupport for Foreigners
Foreign businesses employing foreign nationalsForeign businesses employing foreign nationals
enjoy fiscal incentives, and in March 2022, theenjoy fiscal incentives, and in March 2022, the
Foreign Investment Act was amended to allowForeign Investment Act was amended to allow
foreign nationals to own an MSME with a minimumforeign nationals to own an MSME with a minimum
paid-in capital of $100,000.paid-in capital of $100,000.
Tax IncentivesTax Incentives
The 2021 Corporate Recovery and Tax Incentives forThe 2021 Corporate Recovery and Tax Incentives for
Enterprises Act (CREATE Act) provides export-Enterprises Act (CREATE Act) provides exportoriented
enterprises and domestic enterprisesoriented enterprises and domestic enterprises
engaged in strategic activities as defined under theengaged in strategic activities as defined under the
Strategic Investment Priority Plan (SIPP) with theStrategic Investment Priority Plan (SIPP) with the
following incentives: income tax holiday, VAT andfollowing incentives: income tax holiday, VAT and
customs duty exemptions to be followed by a Specialcustoms duty exemptions to be followed by a Special
Corporate Income Tax or Enhanced Deductions up toCorporate Income Tax or Enhanced Deductions up to
a maximum period of 17 years.a maximum period of 17 years.
123
Selected Startup OrganizationsSelected Startup Organizations
"Startup Genome and the Department of Trade"Startup Genome and the Department of Trade
and Industry, Philippines have been workingand Industry, Philippines have been working
closely together to highlight Manila in the GSER.closely together to highlight Manila in the GSER.
We are excited to capture their progress in fundingWe are excited to capture their progress in funding
as a Top 25 Asian Ecosystem and Top 15 Asianas a Top 25 Asian Ecosystem and Top 15 Asian
Emerging Ecosystem for early stage funding andEmerging Ecosystem for early stage funding and
investor activity."investor activity."
Stephan Kuester, Head of Ecosystem Strategy ofStephan Kuester, Head of Ecosystem Strategy of
Startup GenomeStartup Genome
Foxmont Capital PartnersFoxmont Capital Partners
A VC firm dedicated to investing in Filipino-focusedA VC firm dedicated to investing in Filipino-focused
or Filipino-founded early-stage technology startupsor Filipino-founded early-stage technology startups
that have proven that they can scale effectively andthat have proven that they can scale effectively and
lead the Philippine digital evolution.lead the Philippine digital evolution.
Gobi-Core PH FundGobi-Core PH Fund
A joint-venture partnership between Gobi PartnersA joint-venture partnership between Gobi Partners
and Core Capital with a $10-million fund. Gobi-Coreand Core Capital with a $10-million fund. Gobi-Core
PH Fund aims to invest in seed-stage and pre-SeriesPH Fund aims to invest in seed-stage and pre-Series
A startups in the Philippines.A startups in the Philippines.
National Development CouncilNational Development Council
NDC was created to function as the government’sNDC was created to function as the government’s
investment arm. It has allocated a venture fund forinvestment arm. It has allocated a venture fund for
Philippine startups in the seed to Series B stage.Philippine startups in the seed to Series B stage.
Phildev FoundationPhildev Foundation
A nonprofit innovation organization that acceleratesA nonprofit innovation organization that accelerates
science and technology for national developmentscience and technology for national development
through initiatives, programs, and partnerships.through initiatives, programs, and partnerships.
QBOQBO
The Philippines' first public-private partnershipThe Philippines' first public-private partnership
platform, which serves as an innovation hub forplatform, which serves as an innovation hub for
Filipino startups.Filipino startups.
STARTUP GENOME MEMBERSSTARTUP GENOME MEMBERS
Department of Trade and IndustryDepartment of Trade and Industry
The Department of Trade and Industry is the agency of the Philippine governmentThe Department of Trade and Industry is the agency of the Philippine government
responsible for realizing the country’s goal of developing globally competitive andresponsible for realizing the country’s goal of developing globally competitive and
innovative industry and services sectors that contribute to inclusive growth andinnovative industry and services sectors that contribute to inclusive growth and
sustainable development. Its Competitiveness and Innovation Group has beensustainable development. Its Competitiveness and Innovation Group has been
established to grow and develop the Philippine innovation and entrepreneurship andestablished to grow and develop the Philippine innovation and entrepreneurship and
startup ecosystems towards generating more and better opportunities forstartup ecosystems towards generating more and better opportunities for
employment and entrepreneurship in the country.employment and entrepreneurship in the country.
MEMBERMEMBER
KEY ECOSYSTEM PLAYERSKEY ECOSYSTEM PLAYERS
“Startup Genome and the Department of Trade and
Industry, Phillipines have been working closely together
to highlight Manila in the GSER. We are excited to
capture their progress in funding as a Top 25 Asian
Ecosystem and Top 15 Asian Emerging Ecosystem for
early stage funding and investor activity.”
Stephan Kuester, Head of Ecosytem Strategy of
Startup Genome
124
AustraliaAustralia
MelbourneMelbourne
MEMBERS:MEMBERS:
LaunchVicLaunchVic
"A globally renowned creative and education hub with access to world-class"A globally renowned creative and education hub with access to world-class
education, Melbourne is now home to numerous unicorns. Our talent, creativity,education, Melbourne is now home to numerous unicorns. Our talent, creativity,
and thriving startup community make Melbourne a great place to build and scaleand thriving startup community make Melbourne a great place to build and scale
global startups."global startups."
Dr Kate CornickDr Kate Cornick
CEO, LaunchVicCEO, LaunchVic
HighlightsHighlights
Victoria is home to more than 2,600 startups that are rapidly becoming the beating heart of a newVictoria 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,economy — the startup sector is now the same size as Victoria’s tourism sector. The state capital,
Melbourne is a thriving hub for startups across an array of sub-sectors including Life Sciences, SaaS, AI,Melbourne is a thriving hub for startups across an array of sub-sectors including Life Sciences, SaaS, AI,
Blockchain, Advanced Manufacturing, IoT, Big Data, and Fintech.Blockchain, Advanced Manufacturing, IoT, Big Data, and Fintech.
Victoria consistently ranks highly for the quality of its educational institutions. It’s home to the UniversityVictoria consistently ranks highly for the quality of its educational institutions. It’s home to the University
of Melbourne, Australia’s highest ranked university at #37, along with Monash University at #58 in the topof Melbourne, Australia’s highest ranked university at #37, along with Monash University at #58 in the top
400 universities according to the QS World University Rankings 2022. RMIT University has been ranked #2400 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 Blockchainin the world for research that has impacted the development of Blockchain technology, and its Blockchain
Innovation Hub is the world’s first research center focused on the social science of Blockchain.Innovation Hub is the world’s first research center focused on the social science of Blockchain.
LaunchVic, the state’s lead startup agency, continues to create infrastructure to support the growth ofLaunchVic, 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-the ecosystem. Its initiatives include the AU$10 million Alice Anderson Fund, an angel sidecar for womenled
startups, and the Victorian Startup Capital Fund, a fund of funds set to unlock AU$240 million ($168led 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 helpedmillion) 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 Agriculturelaunch 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 willVictoria, 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.each receive AU$600,000 ($420,000) to run pre-accelerator programs.
TOTAL EARLY STAGE FUNDINGTOTAL EARLY STAGE FUNDING
(2019H2-2021)(2019H2-2021)
$816 m$816 m
ECOSYSTEM VALUEECOSYSTEM VALUE
(2019H2-2021)(2019H2-2021)
$17 bn$17 bn
MEDIAN SEED ROUNDMEDIAN SEED ROUND
(2019H2-2021)(2019H2-2021)
$670 k$670 k
GLOBALAVG.GLOBALAVG.
$671 k$671 k
MEDIAN SERIES A ROUNDMEDIAN SERIES A ROUND
(2019H2-2021)(2019H2-2021)
$3.9 m$3.9 m
GLOBALAVG.GLOBALAVG.
$4.7 m$4.7 m
SOFT. ENGINEER SALARYSOFT. ENGINEER SALARY
(2021)(2021)
$63 k$63 k
GLOBALAVG.GLOBALAVG.
$46 k$46 k
Amount ($)Amount ($) Count (#)Count (#)
ExitsExits
(2017-2021)(2017-2021)
EARLY-STAGE FUNDING GROWTH TIEREARLY-STAGE FUNDING GROWTH TIER
(2018/19 VS. 2020/21)(2018/19 VS. 2020/21)
6
Calculated on a scale ofCalculated on a scale of
1 (lowest) to 10 (highest)1 (lowest) to 10 (highest)
TOTAL VC FUNDINGTOTAL VC FUNDING
(2017-2021)(2017-2021)
$3.1 bn$3.1 bn
GLOBALAVG.GLOBALAVG.
$4.5 bn$4.5 bn
TIME TO EXITTIME TO EXIT
(2017-2021)(2017-2021)
9.3 years9.3 years
GLOBALAVG.GLOBALAVG.
9.4 years9.4 years
GLOBALAVG.GLOBALAVG.
$687 m$687 m
GLOBALAVG.GLOBALAVG.
$28.6 bn$28.6 bn
7bn7bn
GLOBALAVG.GLOBALAVG.
11.3bn11.3bn
185185
GLOBALAVG.GLOBALAVG.
101101
125
Sub-Sector StrengthsSub-Sector Strengths
Life SciencesLife Sciences
In 2021, CBRE ranked Melbourne as one of the topIn 2021, CBRE ranked Melbourne as one of the top
five Life Sciences hubs in Asia-Pacific, and thefive Life Sciences hubs in Asia-Pacific, and the
University of Melbourne as second globally forUniversity of Melbourne as second globally for
university-related biomedical research. Five ofuniversity-related biomedical research. Five of
Australia’s largest medical research institutes areAustralia’s largest medical research institutes are
located here, and there are several research andlocated here, and there are several research and
innovation initiatives, includinginnovation initiatives, including incubator Melbourneincubator Melbourne
Connect and Bio Innovation Hub. RegenerativeConnect and Bio Innovation Hub. Regenerative
medicine company Mesoblast has raised $412.3medicine company Mesoblast has raised $412.3
million over seven rounds. Medtech startupmillion over seven rounds. Medtech startup SeerSeer
raised a AU$34 million ($24 million) Series A inraised a AU$34 million ($24 million) Series A in
August 2021, and Ena Respiratory has raised a totalAugust 2021, and Ena Respiratory has raised a total
ofof AU$50AU$50 million ($35 million).million ($35 million).
FintechFintech
Melbourne is home to more than 400 FintechMelbourne is home to more than 400 Fintech
startups, and unicorns AfterPay, Airwallex, Judostartups, and unicorns AfterPay, Airwallex, Judo
Bank, MYOB, and PEXA were all founded here.Bank, MYOB, and PEXA were all founded here.
Melbourne is also the location of the annualMelbourne is also the location of the annual
Intersekt conference, which brings the AustralianIntersekt conference, which brings the Australian
Fintech community together. In 2021, globalFintech community together. In 2021, global
banking-as-a-service platform Railsbank establishedbanking-as-a-service platform Railsbank established
its first office in Melbourne, and financial servicesits first office in Melbourne, and financial services
platform Airwallex raised a $100 million Series E.platform Airwallex raised a $100 million Series E.
Business payments startup Zeller raised an AU$100Business payments startup Zeller raised an AU$100
million ($70 million) Series B in March 2022.million ($70 million) Series B in March 2022.
Reasons to Move Your Startup to MelbourneReasons to Move Your Startup to Melbourne
Dynamic, Educated WorkforceDynamic, Educated Workforce
Melbourne is projected to become the largestMelbourne is projected to become the largest
Australian city by 2031 and is home to one of theAustralian city by 2031 and is home to one of the
most educated workforces in the country. More thanmost educated workforces in the country. More than
half of all Victorians aged 20–64 hold some form ofhalf of all Victorians aged 20–64 hold some form of
post-secondary qualification, while almost 30% agedpost-secondary qualification, while almost 30% aged
15–74 have a university degree. It’s also a15–74 have a university degree. It’s also a
multicultural city with close links to Asian markets.multicultural city with close links to Asian markets.
Government SupportGovernment Support
The Victorian government reduced the employerThe Victorian government reduced the employer
rate of payroll tax from 2.02% to 1.2125% in 2021.rate of payroll tax from 2.02% to 1.2125% in 2021.
The Business Event Sponsorship Program providesThe Business Event Sponsorship Program provides
up to AU$10,000 ($7,400) to support those hostingup to AU$10,000 ($7,400) to support those hosting
conferences.conferences. The 2021–2022 Victorian budgetThe 2021–2022 Victorian budget
allocates AU$484.5 million ($361 million) throughallocates AU$484.5 million ($361 million) through
2025 towards new job creation initiatives, with2025 towards new job creation initiatives, with
dedicated funds for small business services anddedicated funds for small business services and
support initiatives and funds to revitalizesupport initiatives and funds to revitalize
Melbourne’s central business district. The AU$2Melbourne’s central business district. The AU$2
billion ($1.49 billion) Breakthrough Victoria Fund isbillion ($1.49 billion) Breakthrough Victoria Fund is
investing in projects in health and Life Sciences,investing in projects in health and Life Sciences,
World-Class UniversitiesWorld-Class Universities
The University of Melbourne is the highest-rankedThe University of Melbourne is the highest-ranked
university in Australia and #33 in the world. Theuniversity in Australia and #33 in the world. The
Financial Times ranked Melbourne Business SchoolFinancial Times ranked Melbourne Business School
the highest among Australian MBA programs. QS Bestthe highest among Australian MBA programs. QS Best
Student Cities Rankings 2022 named MelbourneStudent Cities Rankings 2022 named Melbourne
Australia’s best student city.Australia’s best student city.
AAddvvaanncceedd MMaannuuffaaccttuurriinngg,, ddiiggiittaall tteecchhnnoollooggiieess,,
AAggtteecchh && NNeeww FFoooodd,, aanndd cclleeaann eeccoonnoommiieess..
126
Selected Startup OrganizationsSelected Startup Organizations
“Startup Genome is honored to work with“Startup Genome is honored to work with
LaunchVic in accelerating ecosystem growth, jobLaunchVic in accelerating ecosystem growth, job
creation and impact in Melbourne. We are excitedcreation and impact in Melbourne. We are excited
about Melbourne's startup community's futureabout Melbourne's startup community's future
because of the increasing investment in itsbecause of the increasing investment in its
innovative entrepreneurs.”innovative entrepreneurs.”
JF Gauthier, Founder & CEO of Startup GenomeJF Gauthier, Founder & CEO of Startup Genome
Giant LeapGiant Leap
Giant Leap Fund is Australia’s first venture capitalGiant Leap Fund is Australia’s first venture capital
fund that is 100% dedicated to investing in impactfund that is 100% dedicated to investing in impact
startups – rapidly scalable businesses that blendstartups – rapidly scalable businesses that blend
financial returns with real and measurable socialfinancial returns with real and measurable social
and environmental benefits.and environmental benefits.
Hatch QuarterHatch Quarter
Melbourne-Based Innovation Hub and StartupMelbourne-Based Innovation Hub and Startup
Incubator.Incubator.
Scale InvestorsScale Investors
Scale Investors is Australia’s first and only networkScale Investors is Australia’s first and only network
of angel investors committed to investing in andof angel investors committed to investing in and
empowering exceptional women entrepreneurs.empowering exceptional women entrepreneurs.
StartmateStartmate
We accelerate the most ambitious founders,We accelerate the most ambitious founders,
operators and investors through our programs,operators and investors through our programs,
propelled by a highly-trusted mentor-drivenpropelled by a highly-trusted mentor-driven
community, and backed by the best angels, venturecommunity, and backed by the best angels, venture
funds and tech startups in the region.funds and tech startups in the region.
Startup VictoriaStartup Victoria
Startup Victoria exists to create more founders,Startup Victoria exists to create more founders,
better foundersbetter founders
STARTUP GENOME MEMBERSSTARTUP GENOME MEMBERS
LaunchVicLaunchVic
LaunchVic is fuelling the growth of Victoria’s startup ecosystem. Through ourLaunchVic is fuelling the growth of Victoria’s startup ecosystem. Through our
expertise, we help to build the capability and confidence of Victoria’s most importantexpertise, we help to build the capability and confidence of Victoria’s most important
asset — its people — to start, grow, invest in, or work for globally ambitious startups.asset — its people — to start, grow, invest in, or work for globally ambitious startups.
MEMBERMEMBER
KEY ECOSYSTEM PLAYERSKEY ECOSYSTEM PLAYERS
“Startup Genome is honored to work with LaunchVic in
accelerating ecosystem growth, job creation and impact
in Melbourne. We are excited about Melbourne’s startup
community’s future in its innovative entrepreneurs.”
JF Gauthier, Founder & CEO of Startup Genome
127
CanadaCanada
MontréalMontréal
MEMBERS:MEMBERS:
CentechCentech // Montréal InternationalMontréal International // Startup MontréalStartup Montréal // Ville de MontréalVille de Montréal
"Montréal demonstrates a strong dynamic of innovation and a high level of"Montréal demonstrates a strong dynamic of innovation and a high level of
performance and attractiveness for both entrepreneurs and investors. Access toperformance and attractiveness for both entrepreneurs and investors. Access to
capital, talent, and high quality support from key private and public stakeholderscapital, talent, and high quality support from key private and public stakeholders
working together allows our ecosystem to stand out globally in several cutting-working together allows our ecosystem to stand out globally in several cuttingedge
sectors."edge sectors."
Guillaume CaudronGuillaume Caudron
CEO Reseau Capital, Quebec VC & PE associationCEO Reseau Capital, Quebec VC & PE association
HighlightsHighlights
Montréal offers a strategic location and highly educated talent. With its world-renowned cultural life andMontréal 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 othersafe neighborhoods, it’s a great place to live and work. A strategic gateway to European markets and other
North American startup hubs, Montréal is just 90 minutes by air from New York, Boston, and Toronto, andNorth American startup hubs, Montréal is just 90 minutes by air from New York, Boston, and Toronto, and
less than an hour from the U.S. border. It is home to seven universities and more than 200,000 students,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, takingincluding 35,500 international students. These universities rank first in Canada for research funding, taking
in more than $1.34 billion yearly. Local companies recruit from a bilingual, tech-savvy talent pool.in more than $1.34 billion yearly. Local companies recruit from a bilingual, tech-savvy talent pool.
Montréal’s startups attracted $1.6 billion in funding in 2021, a new record for the city. BKR Capital, theMontréal’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-first Canadian VC fund dedicated to Black-led businesses, recently opened an office in Montréal. Femaleled
fund Accelia Capital is also based here.led fund Accelia Capital is also based here.
With dedicated task forces, collective briefs, monthly meetings, and an annual ecosystem partners’ event,With dedicated task forces, collective briefs, monthly meetings, and an annual ecosystem partners’ event,
founders benefit from a host of startup support organizations that collaborate on a daily basis. MILA, thefounders 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 groupQuebec 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 theAéro Montréal and incubator Centech are working together to foster sustainable innovation within the
aerospace supply chain.aerospace supply chain. Aéro Montréal also organizes the Global Aerospace Supply Chain Summit. CycleAéro Montréal also organizes the Global Aerospace Supply Chain Summit. Cycle
Momentum and Innovacorp have allied to boost their mentoring and networking offerings. WomenMomentum and Innovacorp have allied to boost their mentoring and networking offerings. Women
Techmakers Montréal was created by Google to highlight women in technology.Techmakers Montréal was created by Google to highlight women in technology.
TOTAL EARLY STAGE FUNDINGTOTAL EARLY STAGE FUNDING
(2019H2-2021)(2019H2-2021)
$857 m$857 m
ECOSYSTEM VALUEECOSYSTEM VALUE
(2019H2-2021)(2019H2-2021)
$24 bn$24 bn
MEDIAN SEED ROUNDMEDIAN SEED ROUND
(2019H2-2021)(2019H2-2021)
$1 m$1 m
GLOBALAVG.GLOBALAVG.
$671 k$671 k
MEDIAN SERIES A ROUNDMEDIAN SERIES A ROUND
(2019H2-2021)(2019H2-2021)
$6.8 m$6.8 m
GLOBALAVG.GLOBALAVG.
$4.7 m$4.7 m
SOFT. ENGINEER SALARYSOFT. ENGINEER SALARY
(2021)(2021)
$63 k$63 k
GLOBALAVG.GLOBALAVG.
$46 k$46 k
Amount ($)Amount ($) Count (#)Count (#)
ExitsExits
(2017-2021)(2017-2021)
EARLY-STAGE FUNDING GROWTH TIEREARLY-STAGE FUNDING GROWTH TIER
(2018/19 VS. 2020/21)(2018/19 VS. 2020/21)
5
Calculated on a scale ofCalculated on a scale of
1 (lowest) to 10 (highest)1 (lowest) to 10 (highest)
TOTAL VC FUNDINGTOTAL VC FUNDING
(2017 - 2021)(2017 - 2021)
$5 bn$5 bn
GLOBALAVG.GLOBALAVG.
$4.5 bn$4.5 bn
TIME TO EXITTIME TO EXIT
(2017 - 2021)(2017 - 2021)
10.4 years10.4 years
GLOBALAVG.GLOBALAVG.
9.4 years9.4 years
GLOBALAVG.GLOBALAVG.
$687 m$687 m
GLOBALAVG.GLOBALAVG.
$28.6 bn$28.6 bn
8.3bn8.3bn
GLOBALAVG.GLOBALAVG.
11.3bn11.3bn
196196
GLOBALAVG.GLOBALAVG.
101101
128
Sub-Sector StrengthsSub-Sector Strengths
Life SciencesLife Sciences
The Montréal Life Sciences cluster links government,The Montréal Life Sciences cluster links government,
research, and industry. Home to 16 research centersresearch, and industry. Home to 16 research centers
and 14 world-class university research chairs in Lifeand 14 world-class university research chairs in Life
Sciences-related fields,Sciences-related fields, CA$590 million was investedCA$590 million was invested
in Life Sciences in Montréal in 2021, representingin Life Sciences in Montréal in 2021, representing
30% of all VC investment in the region during the30% of all VC investment in the region during the
period. Montréal General Hospital launched a newperiod. Montréal General Hospital launched a new
health tech incubator in September 2021.health tech incubator in September 2021.
Congruence Therapeutics’ raised a CA$63 millionCongruence Therapeutics’ raised a CA$63 million
Series A in February 2022, and Ventus TherapeuticsSeries A in February 2022, and Ventus Therapeutics
raised a $140 million Series C the same month.raised a $140 million Series C the same month.
AI, Big Data & AnalyticsAI, Big Data & Analytics
More than 600 researchers and 14,000 universityMore than 600 researchers and 14,000 university
students in AI-related programs call Montréalstudents in AI-related programs call Montréal
home. The International Center of Expertise for thehome. The International Center of Expertise for the
Advancement of Artificial Intelligence (ICEMAI) isAdvancement of Artificial Intelligence (ICEMAI) is
one of two global centers of expertise. It supportsone of two global centers of expertise. It supports
the responsible use of AI and analyzes Canada’sthe responsible use of AI and analyzes Canada’s
capacity to commercialize and adopt AI-relatedcapacity to commercialize and adopt AI-related
technologies. The Quebec government made atechnologies. The Quebec government made a
CA$100 million investment in SherbrookeCA$100 million investment in Sherbrooke
Quantique, an innovation zone focused onQuantique, an innovation zone focused on
quantum computing. Concordia University isquantum computing. Concordia University is
launching an Applied AI Institute. AI-based travellaunching an Applied AI Institute. AI-based travel
app Hopper raised a Secondary Market round ofapp Hopper raised a Secondary Market round of
$35 million in February 2022. 2022 saw a new$35 million in February 2022. 2022 saw a new
partnership between AI Sweden and AI-researchpartnership between AI Sweden and AI-research
institute MILA.institute MILA.
FintechFintech
Montréal is a hotbed for sustainable finance. TheMontréal is a hotbed for sustainable finance. The
city ranked first in Canada and third in Northcity ranked first in Canada and third in North
America among the 78 financial centers consideredAmerica among the 78 financial centers considered
for the Global Green Finance Index 7. Montréal willfor the Global Green Finance Index 7. Montréal will
host the second annual Sustainable Financehost the second annual Sustainable Finance
Summit in 2022.Summit in 2022. Fintech Cadence has partneredFintech Cadence has partnered
with Fintel Connect to support startups in the sub-with Fintel Connect to support startups in the subsector.
The CA$120 million the Station FinTechsector. The CA$120 million the Station FinTech
Montréal Accelerator launched in 2021.Montréal Accelerator launched in 2021.
Opportunity Fund invests in later-stage FintechOpportunity Fund invests in later-stage Fintech
startups. Fintech platform Zapper raised a $15startups. Fintech platform Zapper raised a $15
million Series A in May 2021. Crypto exchangemillion Series A in May 2021. Crypto exchange
Shakepay raised a CA$44 million Series A inShakepay raised a CA$44 million Series A in
January 2022.January 2022.
Reasons to Move Your Startup to MontréalReasons to Move Your Startup to Montréal
Educated TalentEducated Talent
Montréal is home to several ofMontréal is home to several of CanadaCanada's best's best
universities, includinguniversities, including McGill UniversityMcGill University (currently(currently
ranked joint 27th in the world and second in Canada).ranked joint 27th in the world and second in Canada).
Five new programs have been created in recentFive new programs have been created in recent
months to further support the transfer of academicmonths to further support the transfer of academic
talent towards entrepreneurship. In February 2022,talent towards entrepreneurship. In February 2022,
the startup ecosystem welcomed hyper-growththe startup ecosystem welcomed hyper-growth
program Hypercroissance Québec to provide tailoredprogram Hypercroissance Québec to provide tailored
support to its most promising scaleups.support to its most promising scaleups.
Government SupportGovernment Support
Montréal offers strong governmental support,Montréal offers strong governmental support,
funding programs, and three new provincialfunding programs, and three new provincial
strategies to support innovation. Quebec’s 2022–23strategies to support innovation. Quebec’s 2022–23
budget extended a temporary increase in the taxbudget extended a temporary increase in the tax
credit relating to investment and innovationcredit relating to investment and innovation
through 2023. The increase was implemented tothrough 2023. The increase was implemented to
accelerate the province’s post-pandemic economicaccelerate the province’s post-pandemic economic
recovery. In February 2022, Quebec announced tworecovery. In February 2022, Quebec announced two
new innovation zones, one specializing in quantumnew innovation zones, one specializing in quantum
science and one in digital technologies. Thescience and one in digital technologies. The
Quality of LifeQuality of Life
Montréal is a hub for creativity, arts and culture.Montréal is a hub for creativity, arts and culture.
Extremely safe and dynamic, the city offers residentsExtremely safe and dynamic, the city offers residents
excellent public transportation and easy access toexcellent public transportation and easy access to
nature. The cost of living in Montréal is lower than innature. The cost of living in Montréal is lower than in
other major Canadian cities including Vancouver andother major Canadian cities including Vancouver and
Toronto. Montréal tied for first place in North AmericaToronto. Montréal tied for first place in North America
with Boston in the QS Best Student Cities 2022with Boston in the QS Best Student Cities 2022
Rankings, and it ranked ninth globally.Rankings, and it ranked ninth globally.
ggoovveerrnnmmeenntt ppllaannss ttoo iinnvveesstt mmoorree tthhaann $$115500 mmiilllliioonn
iinn tthheessee iinnnnoovvaattiioonn zzoonneess..
129
Selected Startup OrganizationsSelected Startup Organizations
Montréal InternationalMontréal International
For 25 years, Montréal International has contributedFor 25 years, Montréal International has contributed
to building Greater Montréal’s internationalto building Greater Montréal’s international
reputation and prosperity by acting as a drivingreputation and prosperity by acting as a driving
force for economic development.force for economic development.
Réseau CapitalRéseau Capital
The venture capital and private equity associationThe venture capital and private equity association
that brings together all stakeholders involved in thethat brings together all stakeholders involved in the
Quebec investment chain.Quebec investment chain.
Startup MontréalStartup Montréal
Startup Montréal is a not-for-profit organizationStartup Montréal is a not-for-profit organization
created through the merger of Bonjour Startupcreated through the merger of Bonjour Startup
Montréal with Montréal inc. Through collaborativeMontréal with Montréal inc. Through collaborative
projects, it extends Montréal's startup ecosystemprojects, it extends Montréal's startup ecosystem
outreach and multiplies its positive impact.outreach and multiplies its positive impact.
STARTUP GENOME MEMBERSSTARTUP GENOME MEMBERS
CentechCentech
Centech is dedicated to accelerate theCentech is dedicated to accelerate the
creation and growth of deep-techcreation and growth of deep-tech
companies that market globally.companies that market globally.
MEMBERMEMBER
Montréal InternationalMontréal International
For the past 25 years, MontréalFor the past 25 years, Montréal
International (MI) has contributed toInternational (MI) has contributed to
building Greater Montréal’s internationalbuilding Greater Montréal’s international
reputation and prosperity by acting as areputation and prosperity by acting as a
driving force for economic development.driving force for economic development.
MEMBERMEMBER
Startup MontréalStartup Montréal
Startup Montréal is a not-for-profitStartup Montréal is a not-for-profit
organization born from the merger oforganization born from the merger of
Bonjour Startup Montréal with MontréalBonjour Startup Montréal with Montréal
inc. Through collaborative projects, weinc. Through collaborative projects, we
extend Montreal’s startup ecosystemextend Montreal’s startup ecosystem
outreach and multiply its positive impact.outreach and multiply its positive impact.
MEMBERMEMBER
Ville de MontréalVille de Montréal
As a higher education town and aAs a higher education town and a
cosmopolitan city, Montréal is a breeding-cosmopolitan city, Montréal is a breedingground
for talents and an economic hubground for talents and an economic hub
of knowledge. It also stands out becauseof knowledge. It also stands out because
of it's exceptional cultural vitality andof it's exceptional cultural vitality and
world-renowned creative force.world-renowned creative force.
MEMBERMEMBER
KEY ECOSYSTEM PLAYERSKEY ECOSYSTEM PLAYERS
130
131Copyright © 2022 Startup Genome LLC. All Rights Reserved.
Methodology &
References
132		Methodology
137		References
131Learn more and get connected at startupgenome.com
132Copyright © 2022 Startup Genome LLC. All Rights Reserved.
Methodology
GSER 2022: Fintech Edition
The Startup Genome quantitative data infrastructure includes data on over 3
million companies, 280+ ecosystems, and survey data from close to 100,000
startup executives and founders across the globe.
These are the main datasets that make up this data science infrastructure:
•	 Startup Genome proprietary data:
•	 Interviews with 100+ experts
•	 2017–2022 Startup Ecosystem Survey with close to 100,000 participants
overall
•	 Crunchbase: global dataset on funding, exits, and locations of startups and
investors
•	 Dealroom: global dataset on funding, exits, and locations of startups and
investors
•	 PitchBook: private capital market data provider
•	 Local partners (accelerators, incubators, startup hubs, investors):
•	 list of startups
•	 list of local exits and funding events
•	 CB Insights: global dataset on unicorns
Sub-Sector Definition
Definition: For the purposes of this report, Fintech describes a business that aims
at developing a scalable financial services business by making use of software
and modern technology. Financial technology (Fintech) companies use internet,
blockchain and software technologies, as well as algorithms, to offer or facilitate
financial services traditionally offered by banks. These services include digital
banking, loans, payments, investments, and wealth management. Fintech also
includes software that automates financial processes or addresses financial firms’
core business needs.
Below are the product categories under Fintech:
Alternative Lending
Alternative lending consists primarily of nonbank companies or platforms that
provide a range of consumer loans, business loans, and related underwriting
services. This does not include companies that offer point-of-sale (POS) financing
services, which we include in our consumer finance segment. Alternative lending
providers often utilize artificial intelligence and machine learning (AI & ML),
data mining, and predictive modeling technologies for loan underwriting and
incorporate alternative data, such as education history and phone records, into
credit risk models.
133Copyright © 2022 Startup Genome LLC. All Rights Reserved.
Consumer Finance
The consumer finance industry includes everyday consumer financial services,
such as checking and savings accounts, debit cards, credit cards, and other
point-of-sale credit products. Startups in this space provide services similar to
traditional retail banking and tools for personal financial management (PFM).
PFM tools are designed to help users manage, spend, and budget their expenses.
Some companies also may provide other revolving credit $14 accounts or
loyalty and rewards services. Companies in this segment differentiate primarily
by focusing on distinct customer demographics and by providing personalized
offerings, wages, and other required financial compensation. EPLI provides
coverage for claims made by employees for violation of legal rights, including
wrongful termination, harassment, and employment-related lawsuits.
Digital Assets
Companies in the digital assets space provide the access, buying, selling,
exchanging, storing, and transferring of cryptocurrencies and tokens through
exchanges, wallets, networks, and other technologies. Cryptocurrencies and
other types of digital assets offer an alternative to traditional fiat exchange,
presenting a decentralized, low-fee, instant settlement solution that functions via
the internet and is available to just about anybody with an internet connection.
Cryptocurrencies have the potential to improve how money is traditionally used
by reducing fees associated with cross-border payments, providing real-time
settlement of transactions, and reducing the costs of handling cash. These digital
assets could also revolutionize how goods are traded and exchanged, providing
more transparency and eliminating costs associated with middle-man services.
Financial Services IT
These companies offer cloud-based banking platforms that allow banks and other
financial institutions to white label and deploy online signup processes, mobile
banking applications, personal finance management, and other retail banking
services directly to their customers.
Payments
The payments segment includes startups developing technology focused on
a broad range of digital money-movement opportunities including payments
acceptance, authorization, processing, card issuing, settlement services, debt
collection, remittance, and foreign exchange. Startups are also focused on
several retail-related opportunities including retail POS technology, e-commerce
enablement, sales data analytics, online fraud mitigation, and transaction security.
Regtech
Regulatory technology (regtech) providers develop solutions to standardize and
automate regulatory compliance, reduce fraud, and manage enterprise risk,
allowing financial institutions to spend more time on their core businesses.
Cryptocurrencies have the potential to improve how
money is traditionally used by reducing fees associated
with cross-border payments, providing real-time settlement
of transactions, and reducing the costs of handling cash.
134Copyright © 2022 Startup Genome LLC. All Rights Reserved.
Data Sources
Primary Data Sources
•	 Startup Genome LLC (2017-2022). StartupGenome.com Database
•	 Dealroom.co BV. (2017-2022). Dealroom.co Database
•	 Crunchbase (2017-2022). Crunchbase.com Database
•	 CB Insights (2019-2022). CBInsights.com Database
•	 PitchBook (2018-2022), a private capital market data provider Database
Secondary Data Sources
•	 Shanghai Rankings
•	 USPTO
•	 WIPO
Fintech Ranking Methodology
Overall Ranking
The overall global ecosystem ranking is a weighted average of the following factor
scores:
•	 Performance: 25%
•	 Funding: 20%
•	 Startup Experience: 5%
•	 Knowledge: 10%
•	 Talent: 5%
•	 Focus: 25%
•	 Legacy: 10%
The success factors are weighted by the above percentages to establish the
overall rank of each ecosystem. The time frame considered for each factor score
is detailed in the ranking details below.
The weights of the factors were determined from research and experience. This
method takes into account what is deemed to be of importance in ecosystem
mapping and analysis overall and across all ecosystem sizes. We have used
our research in the period of 2009-2020 and correlation analysis and modeling
work based on linear regression analyses, using factor indexes as independent
variables with the performance index as dependent variable.
Adding the actual Performance Index to the ranking formula serves to include the
influence of unobserved factors on the performance of an ecosystem.
Ranking Details
Performance
Captures the actual leading, current, and lagging indicators of ecosystem
performance.
•	 50% number of exits of $50M+ in time period of Apr 1, 2017 to Mar 31, 2022
•	 25% number of exits all in time period of Apr 1, 2017 to Mar 31, 2022
•	 25% log of output (number of startups in Fintech) in the time period of Jan 01,
2012 to Dec 31, 2021).
135Copyright © 2022 Startup Genome LLC. All Rights Reserved.
Funding
Quantifies funding metrics important to the success of early-stage startups.
•	 10% log of number of Series B funding deals in the time period of Apr 1, 2017
to Mar 31, 2022
•	 10% log of number of Series B funding deals in the time period of Apr 1, 2017
to Mar 31, 2022
Knowledge
Quantifies the activity of technology knowledge space by measuring the published
innovation.
•	 80% Number of Patents (log of number of patents related to the sub-sector) in
the time period of Jan 1, 2011 to Dec 31, 2020.
•	 10% Technology Potential, a measure calculated at the technology class level
globally and calculated for each ecosystem based on the technologies it
produces in the time period of Jan 1, 2011 to Dec 31, 2020.
•	 10% Ecosystem Complexity, a measure of the capacity of the ecosystem for
producing patents in complex technology classes, calculated by measuring the
diversity and commonness of the published patents globally.
Talent
Assesses the talent that relevant startups have access to. For this Factor, we
analyzed all subjects included in Shanghai Rankings and matched to the relevant
Startup Sub-Sectors to calculate the following metrics:
•	 35% Average of TOP score from Shanghai Rankings
•	 30% Average of CNCI score from Shanghai Rankings
•	 30% Average Q1 Score from Shanghai Rankings
•	 5% Number of Degree Program
Experience
•	 90% Venture A Funding (log of number of historical Series A funding deals, as
a proxy for number of teams that raised funds in the ecosystem in the time
period of Apr 1, 2012 to Mar 31, 2022
•	 10% Exits (log of number of historical $50M+ exits, as a proxy for number of
scaled teams in the ecosystem in the time period of Apr 1, 2012 to Mar 31, 2022
Focus
Quantifies the concentration of early startups and the availability of
infrastructures to support their mentorship and scaling.
•	 50% share of startups in the sub-sector, shows the concentration of startups
in the sub-sector in the time period of Jan 01, 2012 to Dec 31, 2021. (This time
frame is different to other metrics because the registration of companies on
the global databases has a 6-24 month lag.)
•	 50% Number of Fintech Focused Accelerators and Incubators.
Legacy
Quantifies the backbone and large companies in the ecosystems, which are
important sources of network, partnership, mentorship, and attract investor
attention.
•	 40% log sum of market value for public companies in Financial Services for all
time
136Copyright © 2022 Startup Genome LLC. All Rights Reserved.
•	 35% log normalized market value for Financial Services public companies by
population for all time
•	 20% log of number of financial Services public companies with more than 250
employees for all time
•	 5% log of the normalized count of financial Services public companies by
population with more than 250 employees for all time
Key Concepts and Definitions
Ranking Score
The ranking is primarily driven by one question: In which ecosystems do earlystage
startups have the best chance of building global success?
Startup
A technology-enabled business that is less than 10 years old. Steve Blank defines
a startup as a “temporary organization in search of a repeatable and scalable
business Model. We use this definition to look across sectors and sub-sectors,
including software, hardware, health, energy, and others, and we use these
parameters for data collection purposes.
Startup Ecosystem
A shared pool of resources, generally located within a 60-mile (100-kilometer)
radius around a center point in a given region, with a few exceptions based on
local realities. Resources typically include policymakers, accelerators, incubators,
coworking spaces, educational institutions and funding groups.
Ecosystem Success Factors Model
Our principal analytical tool, this measures different dimensions that support
the performance of local startups. We look at multiple factors for our rankings:
one measuring actual performance, with other Success Factors associated
with performance, each comprising sub-factors and metrics. These factors are
highlighted in our Ranking Methodology section, as well as in each rankings
section.
•	 Performance: A combination of leading, lagging, and current indicators that
capture economic outcomes in a startup ecosystem.
•	 Funding: The level and growth of early-stage funding, looking at both access
and quality.
•	 Startup Experience: The depth and diversity of the pool of prior startup
experience in an ecosystem.
•	 Talent: Measures the accessibility, quality, and cost of software engineering
expertise.
In which ecosystems do earlystage
startups have the best chance of
building global success?
137Copyright © 2022 Startup Genome LLC. All Rights Reserved.Copyright © 2022 Startup Genome LLC. All Rights Reserved.
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152Copyright © 2022 Startup Genome LLC. All Rights Reserved.Copyright © 2022 Startup Genome LLC. All Rights Reserved.
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153Copyright © 2022 Startup Genome LLC. All Rights Reserved.Copyright © 2022 Startup Genome LLC. All Rights Reserved.
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156Copyright © 2022 Startup Genome LLC. All Rights Reserved.Copyright © 2022 Startup Genome LLC. All Rights Reserved.
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Amsterdam Delta
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157Copyright © 2022 Startup Genome LLC. All Rights Reserved.Copyright © 2022 Startup Genome LLC. All Rights Reserved.
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158Copyright © 2022 Startup Genome LLC. All Rights Reserved.Copyright © 2022 Startup Genome LLC. All Rights Reserved.
with the listing of Mercari. (2019, December 4), https://diamond.jp/arti-
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KYO | Supports for foreign companies | Invest Tokyo, https://www.startup-sup-
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Frankfurt
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160Copyright © 2022 Startup Genome LLC. All Rights Reserved.Copyright © 2022 Startup Genome LLC. All Rights Reserved.
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Abu Dhabi
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https://the-ken.com/sea/story/malaysias-pixel-sized-video-game-sector-in-a-glob-
al-boss-fight/
The gaming industry: A new game of growth. (2020, December 8), https://www.
mida.gov.my/the-gaming-industry-a-new-game-of-growth/
PREMIER ONLINE GAME DEVELOPERS CONFERENCE IN SOUTHEAST ASIA. (2021,
October 1), https://mdec.my/levelupkl/
George Miller. (2022, January 13). Galaxy racer to invest RM42 million (US$10
million) into Malaysia’s Esports ecosystem, https://europeangaming.eu/portal/
latest-news/2022/01/13/107100/galaxy-racer-to-invest-rm42-million-us10-million-
into-malaysias-esports-ecosystem/
Malaysia — Network readiness index, https://networkreadinessindex.org/country/
malaysia/
Business friendly environment - Why greater KL, https://www.investkl.gov.my/
why-greater-kl/business-friendly-environment
Istanbul
Turkish startups snag $1.55B funding in 2021. (2022, January 25), https://www.
pymnts.com/startups/2022/turkish-startups-snag-record-1-55b-funding-in-2021-a-
948-pct-increase/
Timur Sırt. (2022, January 21). Turkish startups notch record $1.5B funding in
buoyant 2021, https://www.dailysabah.com/business/tech/turkish-startups-notch-
record-15b-funding-in-buoyant-2021
171Copyright © 2022 Startup Genome LLC. All Rights Reserved.
Acknowledgments
& Partners
171Learn more and get connected at startupgenome.com
172Copyright © 2022 Startup Genome LLC. All Rights Reserved.
Acknowledgments
GSER 2022: Fintech Edition
A project like the Global Startup Ecosystem Report: Fintech Edition can only
be realized with an enormous effort from both the project team and external
supporters. Several partners have invested significant resources into the project.
Numerous advisors, founders, investors, and industry experts have given us
access to their knowledge, networks, and time because they support our vision
and want to move their ecosystem and the whole startup sector forward. Startup
Genome and Global Entrepreneurship Network (GEN) would like to express our
deep gratitude and appreciation to everyone who contributed towards making
this project possible.
Startup Genome Authors
JF Gauthier, Chief Executive Officer
Marc Penzel, President
Stephan Keuster, Head of Ecosystem Strategy
Hazel Boydell, Editor-in-Chief
External Authors
Jimmy Chen, Founder & CEO, Propel
Walid Hassouna, CEO, valU
Ahmed Wagueeh, co-founder & CTO, Khazna
Project Team
Startup Genome
JF Gauthier, Founder & CEO
Marc Penzel, Founder & President
Stephan Keuster, Head of Ecosystem Strategy
Tricia (Whitlock) Naik, Chief Operations Officer
Dr. Christopher Haley, Head of Research
Hazel Boydell, Editor-in-Chief
Rahul Chatterjee, Director, Global Operations & MD, Delhi
173Copyright © 2022 Startup Genome LLC. All Rights Reserved.
Adam Bregu, Director of Business Development & Partnerships
Dr. Farshad Fahimi, Director of Data Strategy
Pranav Arya, Senior Consultant
Sama Siddiqui, Member Relationship Lead
Anastasia Ilcov, Growth Marketing Manager
Ethan Webster, Innovation Policy Specialist
Utkarsh Jain, Consultant
Aditya Thakkar, Consultant
Shreesh Dubey, Senior Operations Coordinator
Anshika Gandhi, Senior Business Analyst
Nimisha Mendiratta, Business Analyst
Parshant Sharma, Project Manager, Data Science
Rahul Kumar, Data Scientist
Aman Bansal, Data Scientist
Parth Arora, Business Analyst
Tanishq Malik, Business Analyst
Hana Javurkova, PR & Events Expert
Pavan Kumar, Manager of Sales Operations & CRM Administrator
Shekhar Parihar, Process Lead, Lead Generation & CRM Support
Neha Thapliyal, Business Development Assistant
Ana Lucia Osorio, Executive Assistant to the CEO
Vasken Spiru, Data Science Intern
Gaurav Bhardwaj, Operations Intern
Avdhi Mehta, Member Relations Intern
Anna Chadwell, Business Development Manager
Litslink, Website Development
Indulge Media, Design
Kritivity Web Solutions, Design
MyStartupCFO, Finance & Accounting
Contributing Authors
Leigh Buchanan
Anthony Griffin
Leena ElDeeb
Jessica Stillman
Image Credits
Expect Best via Pexels
Pixabay via Pexels
Matthew Simmonds via Pexels
Onlyyouqj via Freepik
174Copyright © 2022 Startup Genome LLC. All Rights Reserved.
Partners
Global Partners
TNW
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 co-working label, a global
startup database, and delivers custom innovation programs to corporates and
governments.
Bella Private Markets
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.
Crunchbase
Everyday investors, journalists, founders, and the global business community turn
to Crunchbase for information on startups and the people behind them.
Dealroom.co
Provides data-driven intelligence on high-growth companies.
Tech Nation (formerly Tech City UK)
Empowers ambitious tech entrepreneurs through growth programs, digital
entrepreneurship skills, a visa scheme for exceptional talent, and by championing
the U.K. digital sector through data, stories, and media campaigns.
Startup Genome Network Members
Startup Genome provides its members with innovation policy advice and exclusive
research. Members also gain access to a global network of policymakers,
government representatives, and other leaders to further support and accelerate
the growth of innovation ecosystems.
Abu Dhabi
Hub71
Amsterdam
Techleap.nl
Atlantic Canada
Innovacorp
Atlantic Canada Opportunities Agency (ACOA)
Bahrain
Tamkeen
175Copyright © 2022 Startup Genome LLC. All Rights Reserved.
Belgrade & Novi Sad
Cabinet of the Minister for Innovation and Technological Development
Digital Serbia Initiative
Biscay Startup Bay
Diputación Foral de Bizkaia
Bogotá
iNNpulsa
District Secretariat of Economic Development (DSED)
Invest in Bogotá
Budapest
National Research, Development and Innovation Office
Ministry of Innovation and Technology
Cairo
Information Technology Industry Development Agency
Calgary
Platform Calgary
Calgary Economic Development
Cape Town
City of Cape Town
WESGRO
Silicon Cape for Cape Town
Denmark
Digital Hub Denmark
Doha
Qatar Development Bank
Edmonton
City of Edmonton
Frankfurt
TechQuartier
StartHub Hessen
Helsinki Metropolitan Area
City of Helsinki
City of Espoo
City of Vantaa
176Copyright © 2022 Startup Genome LLC. All Rights Reserved.
Hesse
Hessian Ministry for Economic Affairs, Energy, Transport and Housing
Indiana
Indiana Economic Development Corporation
Israel
Israel Innovation Authority
Istanbul
Istanbul Development Agency
Bangalore - Karnataka
Karnataka Innovation and Technology Society
Bangalore Bioinnovation Centre
Kerala
Kerala Startup Mission
KIC InnoEnergy SE
Kuala Lumpur
Cradle Fund
Kyoto
Kyoto Wisdom Industry Creation Center
London
Tech Nation
Lille
EuraTechnologies
Luxembourg
The Government of the Grand Duke Luxembourg
Mannheim-Heidelberg
Technologiepark Heidelberg
Manila
Department of Trade and Industry
Melbourne
LaunchVic
La Trobe University
Metro Rhein-Ruhr
Ministry for Economy, Innovation, Digitization and Energy of the State of North
Rhine-Westphalia
Miami
Knight Foundation
177Copyright © 2022 Startup Genome LLC. All Rights Reserved.
Mid-East Region Ireland
Meath Enterprise
Mississippi
Mississippi Development Authority
Montreal
Startup Montréal
Centech
Montréal International
Ville de Montréal
New South Wales
Investment NSW
New York City
New York City Economic Development Corporation
Tech:NYC
New Zealand
New Zealand Startup Partnership
Novarium
Ocean Super Cluster
Ontario
Government of Ontario
Osaka
Osaka Business Development Agency
Palestine
The Innovative Private Sector Development (IPSD)
Philadelphia
Ben Franklin Technology Partners
University City Science Center
Drexel University
Pittsburgh
InnovatePGH Partnership
Pittsburgh Regional Alliance
Innovation Works
Portugal
Startup Portugal
Québec City
Québec International
178Copyright © 2022 Startup Genome LLC. All Rights Reserved.
Ras Al Khaimah
Office of Strategic Studies, Government of Ras Al Khaimah
Rotterdam
Up!Rotterdam
Rotterdam Partners
São Paulo
ABStartups
Seoul
Seoul Business Agency
Sharjah
Sharjah Entrepreneurship Center (Sheraa)
Singapore
Enterprise Singapore
Sri Lanka
Information and Communication Technology Agency of Sri Lanka
Sweden
Vinnova
Tel Aviv
Tel Aviv Global
Telangana
T-Hub Foundation
Tokyo
Tokyo Metropolitan Government
Deloitte Japan
Toronto-Waterloo
MaRS Discovery District
Communitech Corporation
Tunisia
Smart Capital
CDC
Turin
Intesa Sanpaolo Innovation Center
Fondazione Compagnia di San Paolo
Western Balkan Region
German Society for International Cooperation (GIZ)
179Copyright © 2022 Startup Genome LLC. All Rights Reserved.
Ecosystem Partners
Atlantic Canada, Canada
Startup Zone
New Brunswick Innovation Foundation
Innovacorp
Genesis Centre
New Brunswick Innovation Foundation (NBIF)
Propel
Innovation PEI
Bounce Health Innovation
Concrete Ventures
Saint Mary’s University
Venn
Ignite
Build Ventures
Dal Innovates
Volta
Centre for Women in Business
Navigate Startup House
Halifax Innovation District
Atlantic FinTech
Cape Breton Partnership-Innovation District
Bahrain
Bahrain Fintech Bay
500 Startups
Al Doseri Investments
Bahrain Development Bank
Bahrain Fashion Incubator
Brinc
C5 Capital & C5 Accelerate
Corporate Hub
Economic Development Board
Environment Arabia
Flat6Labs Bahrain
Kickstart Bahrain
Middle East Venture Partners
Kickstart Bahrain
Level Z
Nest Accelerator
Osool
180Copyright © 2022 Startup Genome LLC. All Rights Reserved.
Rowad Program
Social Media Club
StartupBahrain
Startup MGZN
Tenmou - The Bahrain Business Angels Company
UNIDO - Bahrain
Yo Startups
Bangalore-Karnataka, India
91springboard
Kyron Global
Microsoft Ventures
Global Incubation Services
Microsoft
Tlabs
Nasscom
The India Network
Beijing, China
91Maker
Creative Young Community
Cyzone Innoway BJ
Makes-global
Noodle & Meetup
Startup Grind
Suhehui
Technode
Belgrade & Novi Sad, Serbia
Business Incubator (BITF)
Business Incubator Novi Sad
ICT Hub
Innovation Fund
SC Ventures
Science Technology Park Belgrade
Serbian Games Association
Serbian Blockchain Initiative
Startit
The Office of the Minister without Portfolio Responsible for Innovation and
Technological Development of the Republic of Serbia
UNICEF Innovation Fund
Vojvodina ICT Cluster
181Copyright © 2022 Startup Genome LLC. All Rights Reserved.
Cairo, Egypt
Technology Innovation and Entrepreneurship Center (TIEC)
500 Startups
A15
Flat6 Labs Cairo
Falak Startups
AUC Venture Lab
Innoventures
Algebra Ventures
EdVentures
Sawari Ventures
FEPS Business Incubator
Seedstars
Endure
HIM angel
Kamelezer
The Cairo Angels
Ideavelopers
Calgary, Canada
A100
Alberta Enterprise Corporation
Alberta Innovation Corridor
Bow Valley College
Calgary Innovation Coalition
Creative Destruction Lab - Rockies
Innovate Calgary
Mount Royal University, Institute for Innovation and Entrepreneurship
National Angel Capital Organization
Rainforest Alberta
Southern Alberta Institute of Technology (SAIT)
Startup Calgary
University of Calgary, Hunter Hub for Entrepreneurial Thinking
Venture Capital Association of Alberta
Chicago, United States
Catapult Chicago
University of Chicago
Matter Chicago
mHUB
182Copyright © 2022 Startup Genome LLC. All Rights Reserved.
The Shift Chicago
1871
WorldChicago
Denmark
#CPHFTW
AalborgSyndikatet
AAU Incubator (SEA), Aalborg University
Accelerace (and Symbion)
Agro Food Park Inkubator/Agro Business Park
AI Innovation House
Arsenalet
Brains Business
Business Factory
Center for Industri
Copenhagen Fintech
Danske Commodities (DC) Business Accelerator
Digital Hub Denmark
DTU Skylab
Ecopark
Filmby Aarhus incl. Ideas Lab
Food ehub
Green Tech Center
Growing Investors
Ideas Lab
Incuba Science Parks incl. Incuba Startup Lab
InnoFounder
It-forum (netværk)
Leo Innovation Lab
Lynfabrikken
Novi
Odense Robotics
Odense Robotics Startup Hub
Office Lab
PreSeed Venture
Robo Cluster
Startup Factory - Navitas
StartupWorks
Talent Garden Rainmaking
TechBBQ
The City of Aarhus, Business Development
The Creators Community
183Copyright © 2022 Startup Genome LLC. All Rights Reserved.
The Danish Growth Fund
Thinkubator (and SingularityU)
UAS Denmark
Venture Cup
VIA studentervæksthus Aarhus C
WeLoveStartups
Edmonton, Canada
Innovate Edmonton
Startup Edmonton
TEC Edmonton
University of Alberta Health Accelerator
Startup TNT
Valhalla Private Capital
Advanced Technology Centre
Edmonton Regional Innovation Network
Frankfurt, Germany
Frankfurt Economic Development
Goethe University Frankfurt
Hessen Trade & Invest (HTAI)
Hessian Ministry of Economics, Energy, Transport and Housing
HIGHEST TU Darmstadt
ING-DiBa
Station FRM
WIBank
Greater Helsinki, Finland
Aalto Entrepreneurship Society (Aaltoes)
A Grid
Business Espoo
Enter Espoo, Kiuas, Junction
Maria01
Slush
Helsinki Education Hub
Terkko Health hub
Arctic15
Indiana
Elevate Ventures
gBETA
Techpoint
Purdue Research Foundation
The Mill
184Copyright © 2022 Startup Genome LLC. All Rights Reserved.
Flywheel Fund
Southbend-Elkhart Regional Partnership
Indiana SBDC
DeveloperTown
Endeavor
Society of Innovators at Purdue Northwest
Speakeasy
STARedUP Foundation
The Northeast Indiana Innovation Center
AgriNovus
Kosciusko EDC
NEXT Studios
Sixty8 Capital
University of Notre Dame
London, United Kingdom
MassChallenge
Techstars London
Balderton Capital
Wayra London
Accelerator Network
City of London
KPMG
TechUK
GSMA
Level39
Tech London Advocates
GEN
Microsoft Ventures
Northzone
Microsoft for Startups
Manila, Philippines
Department of Science and Technology
Department of Information and Communications Technology
Intellectual Property Office of the Philippines
Small Business Corporation
National Development Company
Philippine Exporters Confederation, Inc.
QBO Innovation Hub
AIM-Dado Banatao Incubator
IdeaSpace Foundation
185Copyright © 2022 Startup Genome LLC. All Rights Reserved.
Startup Village
Launchgarage
Brainsparks
Philippine Fintech Association
Fintech Alliance of the Philippines
Melbourne, Australia
Potential(x)
ygap First Gens Accelerator Program
ASTN HeadStart
Cyrise
SBE Australia, Springboard Tech
SBE Australia, Springboard Life Sciences
SBE Australia, E3
Runway Hq
ACMI X
BioMelbourne Network
Inspire9
Runway Geelong
Rome2Rio
Startup Bootcamp
Startup Victoria
York Butter Factory
Miami, United States
500 Startups
Miami Angels
Endeavor Miami
eMerge Americas
Venture Cafe Miami
Refresh Miami
Venture for America
Florida International University
University of Miami
LAB Miami
Babson WIN
Idea Center at Miami Dade College
CIC Miami
Code Fever
The Venture City
WeWork
WhereBy.Us
186Copyright © 2022 Startup Genome LLC. All Rights Reserved.
Mid-East Region, Ireland
EO Accelerator
Meath Enterprise Centre
Boyne Valley Food Hub
Arklow Enterprise Centre
Athy Enterprise Centre
Clane Project Centre
Kells Tech Hub
Maynooth Works
Wicklow Enterprise Centre
Kells Enterprise & Technology Centre
PFS Accelerator
Meath County Council
Meath Local Enterprise Office
Meath County Chamber
Louth-Meath Education & Training Board
Maynooth University
Kildare Chamber of Commerce
Kildare County Council
Kildare Local Enterprise Office
Kildare-Wicklow Education & Training Board
Wicklow Chamber of Commerce
Wicklow County Council
Wicklow Local Enterprise Office
Enterprise Ireland
Mid-East Regional Skills Forum
Mid-East Action Plan for Jobs Committee
Industrial Development Authority - IDA
Media Ireland
Montréal, Canada
BCF Ventures
CEIM
CEuMontréal
Creative Destruction Lab
Cycle Momentum
District 3
Esplanade
EVOL
Fintech Cadence
Founder Institute
FounderFuel
187Copyright © 2022 Startup Genome LLC. All Rights Reserved.
Futurpreneur Canada
Groupe 3737
HEC Montréal
Investissement Québec International
IVADO
Ministère de l’Économie et de l’Innovation du Québec
MILA
Montréal InVivo
Montréal NewTech
MT Lab
Next AI
Notman House
PME MTL
Polytechnique Montréal
Quartier de l’innovation
Réseau Mentorat
Startupfest
TandemLaunch
Techstars AI
V1 studio
Zu
New York City, United States
Starta Venture Accelerator
Blue Ridge Labs
Brooklyn Chamber of Commerce
Bunker Labs
Cela
Civic Hall
Coindesk/Consensus
Company
Entrepreneurs Roundtable Accelerator
Flatiron Partnership
Gary’s Guide
Innovative Collective
Mayor’s Office of International Affairs
MeetUp
New Lab
New York Angels
NY Fashion Tech Lab
NY Tech Alliance
NYC Blend
SAP
188Copyright © 2022 Startup Genome LLC. All Rights Reserved.
Techstars
URBAN-X
VentureOut
New Zealand
Angel HQ
Angel Association New Zealand
ArcAngels
BizDojo
Blackbird Ventures
Brandon Capital Partners
Bridgewest Ventures
Callaghan Innovation
Creative HQ
COIN South
Flux Accelerator
Lightning Lab
Enterprise Angels
Equitise
Flying Kiwi Angels
GD1
Global Entrepreneurship Network
Icehouse Ventures
KiwiNet
Kōkiri
Ministry of Awesome
Movac
New Zealand Trade and Enterprise
New Zealand Growth Capital Fund
Northland Inc
SODA Inc
Sprout
Startup Dunedin
StartupWeekend
Startup Queenstown Lakes
The Factory
ThincLab
TIN Network
WNT Ventures
ZeroPoint Ventures
189Copyright © 2022 Startup Genome LLC. All Rights Reserved.
Québec City, Canada
BDC
PwC Québec
ROBIC
Ville de Québec
Québec City Group if incubators
Quantino
Entrepreneuriat Laval
Metro Rhein-Ruhr, Germany
1stMOVER
:agile Accelerator
Axa Startup Center
BLSW
Capnamic
Coparion
Founders Institute
Future Champions Accelerator
Gateway Gründungsservice der Universität zu Köln
Getstarted, Bitkom
Gründerzentrum RWTH Aachen
HEADQUARTER[S] Cologne
High-Tech Gründerfonds
Hub Aachen
Intelligent Venture Capital Management
MWIDE
NRW Bank Business Angel Initiative WIN
NRWalley
NUK — Neues Unternehmertum Rheinland
Pirate Summit / Jolly Rogers UG
S-UBG
STARTPLATZ
Startup Dorf
Startup Unit Düsseldorf
Tengelmann Ventures
Vodafone Uplifts
Seattle, United States
Startup Seattle
ARI
Lighter Capital
New Tech Northwest
190Copyright © 2022 Startup Genome LLC. All Rights Reserved.
Techstars
Fledge
Microsoft Ventures
Seattle Angel Conference
Alliance of Angels
Startup Grind
Seven Peaks Ventures
Angel Resource Institute
Microsoft for Startups
SURF Incubator
Shanghai, China
ChinaAccelerator
Ether Capital
Innoclub
Innospace+
NakedHub
People Square
Startup Grind
Technode
Xnode
Sharjah, UAE
Sharjah Media City (Shams)
Singapore
Action Community for Entrepreneurship
500 Startups
FocusTech Ventures
Starburst Accelerator
500 Ecosystems Singapore PTE. LTD.
Startup X PTE. LTD.
Trendlines Medical Singapore
Tel Aviv, Israel
Future Block Programs
Future Block Coworking
Techstars
Startup Nation Central
Geektime
SOSA
Microsoft Ventures
Microsoft for Startups
191Copyright © 2022 Startup Genome LLC. All Rights Reserved.
Tokyo, Japan
Plug n Play
Japan Venture Capital Association (KII, UTEC),
Keidanren,
Keio University,
Mitsubishi Estate,
Mitsui Fudosan,
Mori Building,
Tokyo Chamber of Commerce and Industry,
Tokyu,
Tokyu Land Corporation,
The University of Tokyo,
Waseda University
Toronto-Waterloo, Canada
Centre for Social Innovation
Invest Toronto
Next 36
OneEleven
DMZ
City of Toronto
World Canada
Brook eld Institute
The Founder City Project
Venture Lab
RIC Centre
Innovation Factory
Haltech
Creative Destruction Lab
Turin, Italy
VeM Venture Capital Monitor
Iban Italian Business Angel Network
Torino City Lab
Unione Industriale Torino
I3P
LIFTT
192Copyright © 2022 Startup Genome LLC. All Rights Reserved.
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.