Sectors

Where venture capital flows, by sector

335 sectors · ranked by total capital raised. Momentum compares the last 12 months of capital against the prior 12; valuation pressure is the share of rankable companies modeled over- vs under-valued against same-niche peers.

Capital rotation · last 12 months

Where private capital is moving now — trailing-12-month funding versus the prior 12, for sectors with at least $25.0M raised in both windows so the swing is real.

Rotating in
Hardware / Semiconductors+2002%$106.5M → $2.2B
Airlines and Airports+1230%$68.8M → $914.6M
Legaltech+641%$79.8M → $591.9M
Environmental Services+211%$87.7M → $272.9M
Rotating out
Electric Utilities-93%$348.0M → $25.8M
Food & Beverage-91%$395.2M → $34.7M
Retailing-87%$1.3B → $163.7M
Computers-85%$1.4B → $207.9M
Macro sectors

Zoom out: each macro sector rolls up its subsectors into one capital-flow view.

SectorCompaniesRoundsCapitalMedian roundMomentum · 12moValuation pressure
Other25,01538,956$499.8B$1.5MCooling-79%24% over · 32% under
Other Technology21,30243,132$410.9B$2.0MCooling-45%26% over · 30% under
Biotechnology4,29311,279$155.0B$3.0MCooling-62%26% over · 31% under
Software / Tech3,9208,209$101.3B$2.5MCooling-48%25% over · 28% under
Other Health Care5,37710,392$99.1B$1.7MCooling-70%26% over · 34% under
Manufacturing3,2575,481$79.4B$1.3MCooling-60%25% over · 33% under
Pharmaceuticals1,6134,110$60.1B$3.1MSteady+0%24% over · 30% under
Other Energy2,0493,877$56.4B$2.0MCooling-24%23% over · 34% under
Investment Vehicle1,7932,057$56.4B$2.8MCooling-38%—
AI / ML2,0671,392$56.4B$3.5MSteady+1%24% over · 28% under
Healthtech2,1384,407$51.9B$2.5MCooling-82%24% over · 28% under
Telecommunications9291,934$40.8B$2.0MCooling-51%24% over · 30% under
Business Services2,4392,981$40.7B$1.1MCooling-78%23% over · 34% under
Retailing2,3473,790$34.2B$1.2MCooling-87%25% over · 28% under
Computers1,3712,481$23.3B$1.4MCooling-85%26% over · 31% under
Climate / Cleantech207275$23.1B$5.1MCooling-83%20% over · 24% under
Agriculture1,0561,692$17.0B$1.5MCooling-84%24% over · 33% under
Electric Utilities133185$16.7B$4.0MCooling-93%16% over · 36% under
Fintech1,063624$16.6B$3.5MCooling-20%28% over · 25% under
Space / Aerospace133169$15.6B$3.0MCooling-99%16% over · 32% under
Media & Content1,0521,362$15.3B$1.5MCooling-43%23% over · 31% under
Construction1,338876$14.2B$1.7MCooling-61%20% over · 26% under
Hospitals and Physicians599833$12.7B$1.4MCooling-100%23% over · 38% under
Restaurants2,2922,535$12.5B$841KCooling-67%24% over · 30% under
Mobility / Logistics431255$9.7B$3.1MCooling-82%31% over · 28% under
Mining & Resources7012,219$8.9B$587KSteady-8%31% over · 32% under
Pharma310521$8.8B$3.5MCooling-83%22% over · 26% under
Ecommerce / Retail12382$8.6B$4.8MCooling-91%20% over · 40% under
Robotics327441$7.5B$3.9MSteady-1%22% over · 28% under
Crypto / Web3196202$7.4B$2.9MCooling-84%21% over · 22% under
Insurance14699$7.2B$6.0MSteady-1%18% over · 18% under
Agtech / Foodtech481852$7.1B$1.8MCooling-21%24% over · 27% under
Lodging and Conventions514525$6.8B$2.4MCooling-78%21% over · 28% under
Other Travel176265$6.5B$1.8MCooling-79%22% over · 32% under
Gaming344322$6.3B$1.9MCooling-85%18% over · 27% under
Cybersecurity270442$6.1B$3.6MCooling-69%25% over · 27% under
Manufacturing / Industrial629336$5.7B$2.6MSteady-9%25% over · 28% under
Defense6168$5.7B$5.4MCooling-67%—
Biotech / Pharma227476$5.7B$3.3MCooling-51%23% over · 27% under
Consumer / Retail1,161517$5.0B$2.0MCooling-51%28% over · 32% under
HR / Worktech6327$4.2B$5.4MAccelerating+523%—
Hardware / Semiconductors130150$4.2B$3.8MAccelerating+2002%23% over · 26% under
Energy / Climate235525$3.8B$1.8MCooling-78%27% over · 25% under
Environmental Services242448$3.8B$1.3MAccelerating+211%26% over · 36% under
Food & Beverage567723$3.8B$915KCooling-91%28% over · 29% under
Biotech233199$3.7B$2.3MCooling-73%26% over · 18% under
Coal Mining76112$3.6B$4.0MNew6% over · 17% under
Airlines and Airports76102$3.4B$1.9MAccelerating+1230%16% over · 53% under
Public Safety & Security3018$3.4B$9.7MCooling-98%—
Energy Conservation254546$3.2B$1.6MCooling-62%21% over · 34% under
Medical Devices233573$3.2B$1.0MCooling-77%27% over · 25% under
Regtech2923$3.0B$7.0MCooling-100%—
Edtech262360$2.8B$2.0MCooling-79%25% over · 24% under
Proptech / Real Estate395293$2.6B$2.5MAccelerating+52%19% over · 29% under
Energy6966$2.5B$4.2MCooling-97%0% over · 20% under
Sports & Fitness214306$2.0B$1.0MCooling-90%31% over · 28% under
SaaS / Software38194$1.6B$4.5MCooling-100%19% over · 19% under
Tourism and Travel Services172237$1.2B$1.1MCooling-85%20% over · 38% under
Hospitality / Travel1,02798$883.6M$2.5MAccelerating+461%29% over · 29% under
Legaltech438$772.8M$43.6MAccelerating+641%—
Data / Analytics4112$208.0M$2.2MCooling-100%—
Govtech / Public Sector4631$129.4M$2.3MAccelerating+40%—
Developer Tools5211$122.6M$8.5MCooling-100%—
fintech21$48.0M$48.0M——
Insurtech1615$23.0M$1.2M—20% over · 40% under
educational technology11$2.0M$2.0M——
diamond industry10————
dietary supplement10————
digital banking20————
digital media10————
domain name registrar10————
e-commerce80————
economics of banking90————
education30————
Education1150————
education industry10————
electrical grid10————
electricity generation40————
electricity supply company40————
electric power distribution30————
electric power industry70————
electric power transmission30————
electronics10————
emergency medical services10————
encouragement10————
energy industry30————
energy supply40————
Energy / Utilities80————
engineering10————
engineering consulting10————
entertainment30————
entertainment industry20————
fashion30————
fast food80————
fast food industry10————
fast-moving consumer goods10————
film distribution40————
film industry80————
film production20————
finance20————
financial institution10————
financial sector20————
financial service activities, except insurance and pension funding40————
financial services350————
Financial Services1640————
flooring10————
food10————
food industry70————
food processing10————
food retail sector30————
food service30————
forestry10————
franchising10————
freight transport10————
freight transport industry10————
gambling20————
gambling business10————
gambling industry10————
game farm10————
game industry10————
gas industry10————
gastronomy50————
glass production20————
gold mining10————
grocery store20————
health care20————
Healthcare2410————
health club10————
higher education20————
holding company30————
horse breeding10————
hospital20————
Hospitality / Food2040————
hospitality industry60————
hotel50————
hotel chain10————
human resource management10————
human resources10————
ice cream10————
industrial manufacturing40————
infant product10————
information technology70————
information technology industry10————
insurance180————
insurance company20————
insurance industry40————
Internet industry10————
internet service provider20————
investment10————
joinery10————
journalism40————
legal tech10————
life insurance10————
logistics60————
mail20————
manufacture of bakery and farinaceous products10————
manufacture of cement10————
manufacture of glass and glass products10————
manufacture of paper and paperboard10————
manufacture of prepared meals and dishes10————
manufacture of pulp, paper and paperboard10————
mass-market retailing20————
mass media40————
mattress10————
meat industry10————
meatpacking industry10————
media company10————
media economy10————
metal industry60————
mining140————
mining industry10————
mint10————
Motion Picture Production and Services10————
movie theater20————
music10————
music industry30————
news10————
news agency10————
news media30————
newspaper industry10————
online pharmacy10————
organisation of conventions and trade shows10————
outdoor equipment store10————
outsourcing10————
paint industry10————
passenger rail transport10————
pension fund10————
petroleum10————
petroleum industry110————
pet store20————
pharmaceutical industry60————
pharmacy20————
physical fitness10————
pornography industry20————
production company30————
Professional Services7910————
professional services firm10————
property management10————
public sector10————
Public Sector130————
public transport190————
public utility10————
publishing20————
pulp and paper industry20————
rail freight transport170————
rail infrastructure10————
rail transport350————
rail vehicle manufacturer10————
railway10————
railway company10————
railways rolling stock leasing10————
Real Estate5660————
real estate company10————
real estate development10————
regulatory technology10————
renewable energy10————
renewable energy industry10————
restaurant140————
restaurant industry20————
retail1040————
retail sale in non-specialised stores10————
self storage10————
Services3470————
services for the disabled10————
sex industry10————
shipbuilding90————
skin care10————
soft drink10————
software as a service10————
software development20————
software industry70————
solar industry10————
sovereign wealth fund10————
sporting goods industry10————
sporting goods retailer10————
steelmaking10————
streaming media10————
strip club10————
subscription television10————
system catering10————
tax consultancy10————
technology industry10————
Technology / Media4320————
telecommunications420————
television10————
television production20————
textile industry30————
theme restaurant10————
third-party logistics10————
tire10————
tourism40————
towing service10————
trade30————
trade of electricity20————
transport50————
transport industry30————
used car dealership10————
Utilities / Environment130————
video game industry60————
video game store10————
water collection, treatment and supply10————
water services10————
water transport50————
weapon10————
weapons industry50————
web hosting service40————
wholesale30————
wine10————
accident insurance10————
winemaking10————
accounting20————
advertising20————
aerospace industry20————
agribusiness10————
agriculture30————
Agriculture / Fishing810————
air transport10————
alcoholic beverage20————
alcohol industry10————
alcohol monopoly20————
animation20————
architecture10————
art10————
artificial intelligence50————
Arts & Entertainment1280————
asset management10————
automotive industry110————
aviation60————
bakery10————
bank80————
beauty salon10————
beverage industry90————
bicycle dealer10————
biotechnology140————
board game development10————
book distribution20————
book publishing10————
bookselling20————
brewery120————
brewing10————
brewing industry3870————
Broad-Based Black Economic Empowerment10————
broadcasting10————
building material10————
business process outsourcing10————
business travel10————
cannabis industry10————
car glass10————
car manufacturing10————
carsharing10————
chemical industry20————
Chemistry10————
Cinema10————
cinematography30————
civil engineering10————
clothing industry40————
cloud computing10————
clown10————
coal industry20————
commercial aviation10————
commercial fishing10————
computer animation10————
computer security10————
confectionery30————
confectionery store chain10————
conservation10————
construction10————
construction industry20————
consumer cooperative10————
consumer electronics industry20————
courier service10————
creation20————
creative industries30————
crop production30————
design10————