Chinese startups continued to raise the highest venture capital (VC) funding amount among the Asia-Pacific (APAC) countries during Q1 2022. A total of 1,006 VC funding deals were announced in China during January-March 2022 while the disclosed funding value of these deals stood at US$18.6bn, according to GlobalData, a leading data and analytics company.

China, which witnessed a dip in deal activity in value as well as volume terms in February 2022 compared to the previous month, registered a solid rebound in March with deal volume growing by 41.1% and deal value growing by 24.2%.

Aurojyoti Bose, Lead Analyst at GlobalData, comments: “While investor cautiousness is prevailing across most of the key markets globally, China managed to stage a solid comeback. In fact, the country also witnessed several big-ticket deals during Q1 2022. ”

Some of the notable VC funding deals announced during the period in China include US$785.7m funding raised by Chongqing Changan New Energy Automobile, US$472.6m funding raised by Innoscience, US$400m capital raising by Jidu Auto, US$400m capital raised by Hong Kong Asia Medical and US$400m raised by WeRide.