The $200m venture financing of Solugen was the oil & gas industry’s top venture financing deal as total deals worth $708.9m were announced globally in November 2022, according to GlobalData’s deals database.

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The value marked an increase of 228.2% over the previous month of $216.01m and a rise of 183.3% when compared with the last 12-month average, which stood at $250.18m.

Comparing venture financing deals value in different regions of the globe, North America held the top position, with total announced deals in the period worth $703.36m. At the country level, the US topped the list in terms of deal value at $703.36m.

In terms of volumes, North America emerged as the top region for oil & gas industry venture financing deals globally, followed by Europe and then Asia-Pacific.

The top country in terms of venture financing deals activity in November 2022 was the US with 22 deals, followed by the China with three and the UK with two.

In 2022, as of November, oil & gas venture financing deals worth $2.8bn were announced globally, marking a decrease of 24.8% year on year.

oil & gas industry venture financing deals in November 2022: Top deals

The top five oil & gas industry venture financing deals accounted for 39.7% of the overall value during November 2022.

The combined value of the top five oil & gas venture financing deals stood at $281.18m, against the overall value of $708.9m recorded for the month.

The top five oil & gas industry venture financing deals of November 2022 tracked by GlobalData were:

1) Baillie Gifford, Kinnevik, Lowercarbon Capital, Refactor Capital and Temasek International’s $200m venture financing deal with Solugen

2) The $76m venture financing of Syzygy Plasmonics by Aramco Ventures, Carbon Direct Capital Management, Chevron Technology Ventures, Equinor Ventures, Evok Innovations, GOOSE Capital, Horizons Ventures, Lotte Chemical, Pan American Energy, Sumitomoof America, The Engine and Toyota Ventures

3) Azolla Ventures, Gaingels Matternet, Plug and Play Venture, Rest Seed Fund and Virya’s $3m venture financing deal with Carbon Reform

4) The $1.55m venture financing of Emulseo by Aquiti Gestion and Finaqui

5) High-Tech Grunderfonds Management’s $0.62m venture financing deal with ESy Labs