![]() However, we are also tracking a 150% increase in patient capital (7+ year horizon) from 2020, a good indicator that more investors are comfortable with the longer technology and market development times that are likely required for the maturation of the emerging Circular Carbon economy. Notable Increase in Patient Capital: The majority of investors indicate a typical horizon of between 3-7 years.Increase in Target Check Sizes: The majority of investors in the Index reported being able to deploy an initial investment of $1MM or more into a single company, while 29% are looking to invest $10MM or more.This is perhaps reflecting the growing rush of equity capital into earlier-stage Circular Carbon solutions that are coming to market. Increase in Corporate Equity Focused on the Sector: Corporate Equity is the largest investment type reported in the index, having increased by 46% from 2020.All of these different factors can be filtered and viewed in the Capital Index here. Overall, the firms in the Index are managing a significant amount of capital and express a high level of interest in a wide spectrum of Circular Carbon opportunities. The emerging Circular Carbon investor landscape is already quite diverse and includes a broad range of institutions, types, and size of investments. Total revenue reported by companies in the Index ranged from $562MM to $1.425B. At the same time, 44% are still pre-revenue. Growing Revenue Traction: Of the companies that we have revenue information on, over half are already generating revenue.Nearly half of those report as highly advanced (TRL 8 & 9). Wide Distribution of Technology Readiness, Including Growing Cohort of Mature Companies: While 42% of the reporting companies in our Index classified themselves as early-stage TRL’s of 1-5, even more (58%) classify themselves as somewhat technologically advanced at a TRL of 6 or above.Company Formation Picking Up Pace: Of the companies we have founding year data for, 52% report they were established in 2015 or later, and 9% of all companies with founding year data were started in 2021 alone.This strongly suggests that increased general interest in the sector (by entrepreneurs, investors, policymakers, and corporates) is now leading to rising valuations, something to watch carefully in the coming year(s). ![]() This is a significant increase from 2020 - by $5.4B - and this number is likely understated. Valuations Increasing: The total pre-money valuation for all the companies in the Deal Hub (62/110 companies) comes to over $6.9B.Our Deal Hub tracked 105 companies (roughly a quarter of the entire Innovator Index) seeking over $816MM in capital in 2021. Meaningful Increase in Total Investment Opportunities: There was a 14% increase in capital sought (by slightly fewer companies) compared to 2020 numbers.Since our 2020 report, this is an increase totaling $884 million. Significant Increase in Capital Raised: We were able to identify investment-to-date totals for 185 out of 403 companies in the Index of approximately $3 billion.The same is true for the increasing depth and breadth of the investment opportunities we are seeing on the Deal Hub, where we find a diversity of deals across investment stages, type and size of investments sought, valuations, target investors, and other key factors. Moreover, even though the sector is still relatively young, there are meaningful numbers of companies at all stages of technology maturity, commercial deployment, and revenue generation, from new startups doing their first pilots to successful growth stage businesses. There is a broad spectrum of companies from around the world developing and commercializing a varied range of innovative Circular Carbon solutions for applications in different end markets. The Circular Carbon innovator landscape is diversifying and growing rapidly. The Innovator Index and its companion database, our Deal Hub, tracks key technology, product, commercial, and capital data about the solution provider landscape for potential investors, commercial partners, and other key stakeholders. INNOVATOR & DEAL LANDSCAPE The Innovator Index and Deal Hub
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