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+2282%$94.5M$2.3B
Airlines and Airports+1230%$68.8M$914.6M
Legaltech+641%$79.8M$591.9M
Crypto / Web3+222%$630.4M$2.0B
Rotating out
Electric Utilities-98%$1.4B$25.8M
HR / Worktech-97%$3.4B$91.5M
Hospitals and Physicians-96%$1.6B$57.2M
Gaming-77%$473.5M$107.3M
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-51%24% over · 32% under
Other Technology21,30243,132$410.9B$2.0MSteady-8%26% over · 30% under
Biotechnology4,29311,279$155.0B$3.0MCooling-45%26% over · 31% under
Software / Tech3,9208,209$101.3B$2.5MSteady-19%25% over · 28% under
Other Health Care5,37710,392$99.1B$1.7MCooling-61%26% over · 34% under
Manufacturing3,2575,481$79.4B$1.3MCooling-46%25% over · 33% under
Pharmaceuticals1,6134,110$60.1B$3.1MSteady+17%24% over · 30% under
Other Energy2,0493,877$56.4B$2.0MSteady-4%23% over · 34% under
Investment Vehicle1,7932,057$56.4B$2.8MSteady-19%
AI / ML2,0671,392$56.4B$3.5MAccelerating+116%24% over · 28% under
Healthtech2,1384,407$51.9B$2.5MCooling-50%24% over · 28% under
Telecommunications9291,934$40.8B$2.0MSteady+20%24% over · 30% under
Business Services2,4392,981$40.7B$1.1MCooling-63%23% over · 34% under
Retailing2,3473,790$34.2B$1.2MCooling-44%25% over · 28% under
Computers1,3712,481$23.3B$1.4MAccelerating+38%26% over · 31% under
Climate / Cleantech207275$23.1B$5.1MCooling-73%20% over · 24% under
Agriculture1,0561,692$17.0B$1.5MCooling-77%24% over · 33% under
Electric Utilities133185$16.7B$4.0MCooling-98%16% over · 36% under
Fintech1,063624$16.6B$3.5MAccelerating+66%28% over · 25% under
Space / Aerospace133169$15.6B$3.0MCooling-97%16% over · 32% under
Media & Content1,0521,362$15.3B$1.5MAccelerating+61%23% over · 31% under
Construction1,338876$14.2B$1.7MCooling-48%20% over · 26% under
Hospitals and Physicians599833$12.7B$1.4MCooling-96%23% over · 38% under
Restaurants2,2922,535$12.5B$841KCooling-66%24% over · 30% under
Mobility / Logistics431255$9.7B$3.1MCooling-53%31% over · 28% under
Mining & Resources7012,219$8.9B$587KSteady-5%31% over · 32% under
Pharma310521$8.8B$3.5MCooling-58%22% over · 26% under
Ecommerce / Retail12382$8.6B$4.8MCooling-90%20% over · 40% under
Robotics327441$7.5B$3.9MAccelerating+44%22% over · 28% under
Crypto / Web3196202$7.4B$2.9MAccelerating+222%21% over · 22% under
Insurance14699$7.2B$6.0MAccelerating+33%18% over · 18% under
Agtech / Foodtech481852$7.1B$1.8MCooling-35%24% over · 27% under
Lodging and Conventions514525$6.8B$2.4MCooling-43%21% over · 28% under
Other Travel176265$6.5B$1.8MAccelerating+124%22% over · 32% under
Gaming344322$6.3B$1.9MCooling-77%18% over · 27% under
Cybersecurity270442$6.1B$3.6MCooling-58%25% over · 27% under
Manufacturing / Industrial629336$5.7B$2.6MAccelerating+32%25% over · 28% under
Defense6168$5.7B$5.4MCooling-67%
Biotech / Pharma227476$5.7B$3.3MCooling-69%23% over · 27% under
Consumer / Retail1,161517$5.0B$2.0MCooling-36%28% over · 32% under
HR / Worktech6327$4.2B$5.4MCooling-97%
Hardware / Semiconductors130150$4.2B$3.8MAccelerating+2282%23% over · 26% under
Energy / Climate235525$3.8B$1.8MCooling-31%27% over · 25% under
Environmental Services242448$3.8B$1.3MAccelerating+175%26% over · 36% under
Food & Beverage567723$3.8B$915KAccelerating+29%28% over · 29% under
Biotech233199$3.7B$2.3MCooling-83%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-49%21% over · 34% under
Medical Devices233573$3.2B$1.0MAccelerating+27%27% over · 25% under
Regtech2923$3.0B$7.0MNew
Edtech262360$2.8B$2.0MCooling-58%25% over · 24% under
Proptech / Real Estate395293$2.6B$2.5MCooling-33%19% over · 29% under
Energy6966$2.5B$4.2MAccelerating+222%0% over · 20% under
Sports & Fitness214306$2.0B$1.0MCooling-70%31% over · 28% under
SaaS / Software38194$1.6B$4.5MCooling-100%19% over · 19% under
Tourism and Travel Services172237$1.2B$1.1MAccelerating+536%20% over · 38% under
Hospitality / Travel1,02798$883.6M$2.5MAccelerating+169%29% over · 29% under
Legaltech438$772.8M$43.6MAccelerating+641%
Data / Analytics4112$208.0M$2.2MCooling-100%
Govtech / Public Sector4631$129.4M$2.3MAccelerating+6531%
Developer Tools5211$122.6M$8.5MCooling-100%
fintech21$48.0M$48.0M
Insurtech1615$23.0M$1.2M20% 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