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It’s been a big year for U.S. startups. Though last year resulted in less funding than we’re used to seeing, 2021 brought back investor confidence. We looked at research firm to check out the numbers for ourselves as the year comes to an end. Note that while the numbers demonstrate trends on the whole, the data does not capture VC trends through the end of the year, so we’ll get an even better snapshot of VC funding after the new year.

Following global trends, U.S. funding in 2021 exceeded the full total of 2020 funding by the third fiscal quarter. Even before the end of the year, there had been 8,869 deals with $210 billion in venture funding in the U.S., according to CB Insights data. Deals and dollars both peaked in the third quarter, with 3,210 deals and $72 billion in funding.

This year saw U.S. mid-stage deals hit a new high, too, comprising 17% of dealflow this year — that's compared to 15% in 2020, the previous high. U.S. exits in 2021 surpassed 2020's totals before the year's end as well. In total, CB insights counts 70 SPACs, 186 IPOs, and 3,381 other M&A deals. And while M&A staying elevated is part of a broader, quarters-long trend, SPACs surged 82% in the third fiscal quarter.

But next year may look different. Looking ahead to next year, less traditional tech investors — mutual funds, private equity, hedge funds — will likely invest more in private tech companies than typical Sand Road style venture capitalists. There’s no doubt this year has looked incredible on paper — we’ve seen a sustained bull market across all asset groups, and that includes venture capital. But as they've done before when the market gets frothy, VCs are bracing for a correction next year, . “There’s no question that all of us are bracing for a correction in 2022 in the private market,” Hans Tung, managing partner of GGV Capital, told Fortune.