• Like what has occurred in 2021 in the venture capital sector of Clean Tech, 2021 total investment has already eclipsed 2020 over fewer deals. Despite increasing total investment by 29 percent from 2020 to 2021, the number of deals has fallen 38 percent during the same time to 148. When the number of deals is adjusted to year-to-date format, there would still have been more deals in 2020 with 169.
  • There were 31 Early Stage VC deals completed in 2021 as of September 1st. This is only four fewer than in 2018, when total investment was over $8 billion less than the 2021 total. This could be for any number of reasons. One obvious explanation would be that the space has attracted larger investors recently who are interested in funding more established firms, but it has not yet been able to successfully appeal to larger Early Stage VC investors.
  • There has been little growth in Early Stage venture capital over the past two years. This is a bit surprising given the contemporaneous explosion in Later Stage VC. In 2021, 75 percent of all investment in Clean Tech was Later Stage venture capital, but only four percent was Early Stage VC.