valuation boosts from large scale US investment, and greater levels of retail investor certainty in later stage, venture capital backed firms. Trends seen in climate tech over the last five years, from 2017 mirror other rapid maturing sectors such as deeptech, and in the early 2010s, fintech. In the first five years of progressive emerging tech evolution, there tends to be an increase in the largest late stage rounds, often including a small number of deals over $250mn, which make up a high proportion of the total investment figure. This trend then tends to even out - with a proliferation of mid-stage investments, between Series B and C; those companies, perhaps, whose business model, or market has been validated by the liquidity event of a later stage firm with similar characteristics. Climate tech is arguably between the last two stages of maturity - between the noisy, large deal landscape of the teen years of an emerging sector, and the even keel established with heightened investor appetite, and the beginning of exit activity. This trend, though synchronous with maturity, is one to watch and prospectively take action to address. Across the UK tech sector as a whole, in 2011 seed and pre-seed VC investment made up over 15% of the total investment mix in UK tech, by 2021 that proportion had dropped to 4.8%. This