KPMG’s quarterly venture capital report shows global investments reached US$671 billion across 38,644 deals for the year, up from US$347 billion over 31,623 deals in 2020. The fourth quarter closed with US$171 billion raised for the period, just shy of beating the US$180-billion quarterly record set in the third quarter. (The Logic)

Talking point: The year saw a surge in large deals at higher valuations. There were nine deals worth more than US$1 billion in the U.S. and Asia in the fourth quarter alone. The report noted that in Canada, deals began taking longer to close in the final quarter relative to earlier in the year. KPMG partner Conor Moore attributed the overall banner year to “the wealth of dry powder, combined with the continued involvement of non-traditional investors.” Investors and founders say the pace and volume of deal-making is unlike anything they’ve seen before, and there are early signs 2022 may be even frothier. Already this year, a string of venture firms have raised new funds worth more than US$1 billion and several companies’ valuations have topped US$10 billion.