Q3-2021 : State of Venture Capital Investments in the Next-11 Countries

In Q3-2021, the Next-11 countries (excluding Iran) saw at least 266 venture investments, with a reported invested capital of US$5.6 billion, across technology startups. This was a 69% increase in funding compared to Q2-2021 and reaffirmed an increased interest among global VCs in the potential of these countries. The Next Eleven (or N-11) are eleven countries—Bangladesh, Egypt, Indonesia, Iran, Mexico, Nigeria, Pakistan, Philippines, South Korea, Turkey, and Vietnam— identified by Goldman Sachs investment bank as having a high potential of becoming the world's largest economies in the 21st century along with the BRICs. Together, these countries have a population of approximately 1.5 billion, with 0.8 billion internet and social media users and a GDP of US$ 16 trillion (PPP). With a relatively young population, growing middle class, fortifying digital infrastructure and a strong pool of STEM graduates, these countries are increasingly becoming hotbeds for startups and venture capital.