Chinese startups raise $80.6bn VC funding during January-October 2021, reveals GlobalData

Even as several key markets across the world continue to grapple with gloomy investor sentiment amid the rising COVID-19 cases, China emerged as the most preferred investment destination for global venture capital (VC) investors in the Asia-Pacific (APAC) region. Startups in the country raised $80.6bn in VC funding during January-October 2021, the highest in the region during the period, according to GlobalData, a leading data and analytics company.

An analysis of GlobalData’s Financial Deals Database reveals that a total of 3,340 VC funding deals were announced in China during the first 10 months of 2021.

Aurojyoti Bose, Lead Analyst at GlobalData, comments: “While VC funding activity across several key global markets remained subdued during October, China was among the very few markets to defy the global trend. October witnessed growth in VC funding value in China after a decline in September despite a decline in deal volume.”

In contrast, key markets such as the US, and India witnessed decline in VC funding value as well as volume in October compared to the previous month.

Bose continues: “Globally, investor sentiments seem to have taken a hit as several key markets are reporting growth in new COVID-19 cases. However, several Chinese startups managed to attract big investments during October 2021, which drove growth in VC funding value during the month.”

Some of the notable big-ticket VC funding deals announced during October 2021 in China include $1.2bn raised by T3 Travel, $563m raised by Dreame and $500m raised by HT Aero.

Bose concludes: “China continues to be the most prolific market with about 50% share in the APAC VC funding landscape, in terms of deal volume and value, so far in 2021. It also remains the second top market for VC investment globally after the US. Expanding consumer market, rapid increase in entrepreneurial spaces, and affordable labor costs make the East Asian country a favorable destination for startups in the long-run.”

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