Total technology industry cloud venture financing deals worth $3.2bn were announced in North America in May 2022, led by $400m venture financing of Velocity Global, according to GlobalData’s deals database.

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The value marked an increase of 14.1% over the previous month of $2.77bn and a drop of 12% when compared with the last 12-month average of $3.59bn.

North America held a 63.45% share of the global technology industry cloud venture financing deal value that totalled $4.98bn in May 2022. With a 60.04% share and deals worth $2.99bn, the US was the top country in North America’s cloud venture financing deal value across technology industry.

In terms of cloud venture financing deal activity, North America recorded 81 deals during May 2022, marking a decrease of 10.99% over the previous month and a drop of 13.83% over the 12-month average. The US recorded 74 deals during the month.

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

The top five technology industry cloud venture financing deals accounted for 43.03% of the overall value during May 2022.

The combined value of the top five technology cloud venture financing deals stood at $1.36bn, against the overall value of $3.2bn recorded for the month.

The top five technology industry cloud venture financing deals of May 2022 tracked by GlobalData were:

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

2) The $300m venture financing of SpotOn by Andreessen Horowitz,Dragoneer Investment Group,DST Global,Franklin Templeton Investments,G Squared and Mubadala Investment

3) Bedrock Capital Partners,Kleiner Perkins,Sequoia Capital Operations and Y Combinator Management $250m venture financing deal with People Center

4) The $210m venture financing of Abnormal Security by Greylock Partners,Insight Venture Management and Menlo Ventures

5) Atrium Health Strategic Fund,Insight Partners,KKRInc,Paladin Capital Group,Tech Pioneers Fund and Ten Eleven Ventures $200m venture financing deal with Semperis