Venture capital investments worldwide dropped 47.8% year over year in May to $18.85 billion from $36.08 billion, according to S&P Global Market Intelligence data.

The number of funding rounds slumped 38.9% to 1,129, from 1,847 a year earlier.

May totals increased slightly from the previous month, when $16.52 billion was raised across 1,057 venture capital-involved funding rounds.

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Largest funding rounds

Chinese company Nanjing Shein E-Commerce Co. Ltd. closed the largest funding round in May with a transaction value of $2.00 billion. General Atlantic Service Co. LP, Mamoura Diversified Global Holding PJSC and Sequoia Capital Operations LLC participated in the funding round.

The next-largest transaction was a $940.0 million funding round for South Korean electric vehicle battery manufacturer SK on Co. Ltd. The round involved participation from BlackRock Inc., MBK Partners, Qatar Investment Authority and SNB Capital Co.

Investment by sector

The technology, media and telecommunications industry dominated global venture capital investments in May by attracting 33.5% of the total funds, followed by the healthcare sector, which secured 19%.

The volume of funding rounds in May was the second-lowest monthly tally year to date.