Class of 2021
The amount of money raised by 32 of last year's Top 100, since they were listed in the 2022 report.
Key Insights from 2021 companies
01
32 of the 100 companies in our 2022 Top 100 have raised follow-on funding since we showcased them last year; and given that companies usually raise within a 24-month window of their previous round, we expect more to raise or announce new rounds over the next 12-14 months.
02
The dataset was a combination of follow-on rounds, from Pre-Seed to Series B, but predominantly we're looking at Seed to Series A conversions, where the benchmark conversion rate is 19% within 36 months from announcement (source: Dealroom). We're 12 months in and already exceeding the benchmark and on track to soon double it. As of now 32% of the Cloud Challengers converted from Seed to Series A.
