Led by $400m venture financing of Velocity Global, total technology industry cloud venture financing deals worth $7.9bn were announced in North America in Q2 2022, according to GlobalData’s deals database.

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The value marked an increase of 10.6% over the previous quarter and a drop of 26.8% when compared with the last four-quarter average of $10.84bn.

North America held a 59.65% share of the global technology industry cloud venture financing deal value that totalled $13.31bn in Q2 2022. With a 57.02% share and deals worth $7.59bn, the US was the top country in North America’s cloud venture financing deal value across technology industry.

In terms of deal activity, North America recorded 273 cloud deals during Q2 2022, marking a decrease of 8.08% over the previous quarter and a drop of 4.46% over the last four-quarter average. The US recorded 247 deals during the month.

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North America technology industry cloud venture financing deals in Q2 2022: Top deals

The top five cloud venture financing deals accounted for 19.4% of the overall value during Q2 2022.

The combined value of the top five technology cloud venture financing deals stood at $1.54bn, against the overall value of $7.9bn recorded for the quarter.

The top five technology cloud deals of Q2 2022 tracked by GlobalData were:

1) Eldridge and Norwest Venture Partners $400m venture financing deal with Velocity Global

2) The $350m venture financing of Near Protocol by Blockchange Ventures, Dragonfly Capital, FTX Ventures, Hashed (US), MetaWeb Ventures, ParaFi Capital, Republic Capital Group and Tiger Global Management

3) Andreessen Horowitz,Dragoneer Investment Group,DST Global,Franklin Templeton Investments,G Squared and Mubadala Investment $300m venture financing deal with SpotOn

4) The $250m venture financing of People Center by Bedrock Capital Partners,Kleiner Perkins,Sequoia Capital Operations and Y Combinator Management

5) Coatue Management,GIC,JPMorgan Chase,Lead Edge Capital Management,Lightspeed Venture Partners – US and Sequoia Capital Operations $240m venture financing deal with Grafana Labs