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1、Venture PulseQ12023Global analysis of venture fundingApril 19,2023 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.2#Q1VCWWelcome to the Q123 edition of KPMG Private Enterprises Venture Pulse a quar
2、terly report highlighting the major trends,opportunities,and challenges facing the venture capital market globally and in key jurisdictions around the world.What a difference a year makes.After reaching a peak of over$200 billion in Q122,global VC investment fell in each subsequent quarter.In Q123,t
3、otal VC investment globally was well under$60 billion.With the level of uncertainty in the global market intensifying from increasing interest rates to domestic and geopolitical challenges,significant economic concerns,war in Ukraine,and concerns about the stability of the global banking system no r
4、egion was particularly immune to the shifting market forces.Both startups and corporates continued to batten down the hatches in Q123,prioritizing cost-cutting and operational efficiencies and laying off staff in order to reduce their spend.VC investors also tightened their purse strings,enhancing t
5、heir scrutiny of potential deals quite significantly.The alternative energy and EV sectors were the brightest lights of the quarter,with companies from these interconnected sectors attracting the largest share of big funding rounds,including Generate($880.6 million),Zeekr($750 million),Xpansiv($525
6、million),SolarSpace($442 million),and EcoCeres($400 million).Funding for pre-seed and Series A deals showed the most resilience this quarter as VC investors focused on making smaller bets on startups with less questionable valuations.elcome messageIn addition to alternative energy,defense-focused co
7、mpanies continued to attract attention.B2B productivity also remained front of mind for investors given the growing pressure on companies to become more efficient and the continuing challenges of hybrid work.Artificial Intelligence generated the most buzz this quarter,if not investment,as the ripple
8、s from OpenAIs launch of ChatGPT made their way through all markets.Generative AI will likely be a space to watch for the rest of 2023.With no end in sight to the uncertainty in the market,Q223 is expected to be another tough quarter for VC investment globally although there is some hope for a more
9、positive second half of the year,particularly in Asia.In this quarters edition of Venture Pulse,we look at these and a number of other global and regional trends,including:The strong interest in alterative energy and EV solutionsThe continued focus on cost-cutting and finding efficienciesThe relativ
10、e resilience of early-stage dealsThe growing focus on generative AIWe hope you find this edition of Venture Pulse insightful.If you would like to discuss any of the results in more detail,please contact a KPMG adviser in your area.Unless otherwise noted,all currencies reflected throughout this docum
11、ent are in US dollar.You know KPMG.You might not know KPMG Private Enterprise.KPMG Private Enterprise advisers in KPMG firms around the world are dedicated to working with you and your business,no matter where you are in your growth journey whether youre looking to reach new heights,embrace technolo
12、gy,plan for an exit,or manage the transition of wealth or your business to the next generation.Jonathan LavenderGlobal HeadKPMG Private EnterpriseKPMG InternationalConor MooreHead of KPMG Private Enterprise in the Americas,Global Leader,Emerging Giants,KPMG Private Enterprise,KPMG International&Part
13、nerKPMG in the USLindsay HullSenior Director,Emerging Giants Global Network,KPMG Private Enterprise,KPMG International3 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q1VCContents GlobalVC investm
14、ent slows to$57.3 billion across 6030 dealsMedian deal size for series D+plummets to$47.6 millionFunding to healthcare and energy startups remain more resilientCorporate VC participation falls for 5th consecutive quarterGlobal venture fundraising stalls following strong 2022Top 10 deals dominated by
15、 Fintech(3)and cleantech(3)startups419UVaMrlaoELSC deal value plummets further to$31.7 billion cross 2217 dealsedian deal size for early series rounds remain esilient te-stage valuations plummet from$800+million to nly$250 millionxits slide to lowest quarterly tally in yearsPs concentrate capital on
16、 proven VC fundsAmericasVC-backed investment falls to$33.1 billion across 2542 dealsAfter relative resilience,dealmaking slides in CanadaVC deal value and volume fall in Mexico,mirroring global trendsBrazil sees slight bump in volume,while deal value drops in Q1Largest 10 deals in Americas all come
17、from the United States3447EuropeInvestment drops again to$9.8 billion invested on 1533 dealsVC down-rounds increase as a percentage of all dealsMedian deal size for series D+drops to$60.5 millionMedian pre-money valuations slide particularly for later stage roundsUK sees overall slowdown despite out
18、lier roundsDeal value falls in the Nordics following robust 202272AsiaVenture Capital investment falls to$13.5 billion across 1773 dealsMedian deal sizes begin to slide particularly for later roundsEarlier-stage deals stay surprisingly resilientFirst-time fundraising remains more resilient than othe
19、r regionsChinese companies pull in 8 of the top 10 deals in Asia 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.Globally,in Q123VC-backed companies raised$57.3B across 6,030 dealsGlobalUS|Americas|
20、Europe|Asia4#Q1VC5 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q1VCChallenging start to the year for VC investment globallyGlobal VC investment fell to$57 billion in Q123 a particularly low not
21、e when compared to the high of$200+billion seen in the same quarter just one year ago.A myriad of factors combined to buffet the global VC market,from the protracted war in Ukraine and other geopolitical uncertainties to concerns about the global banking system following the sudden turbulence seen i
22、n Q123.Stubbornly high inflation and still-increasing interest rates have also posed their own challenges.Both VC investment and deal volume decline in major regions as large megadeals disappearThe Americas,Europe,and Asia all saw VC investment decline further in Q123 as VC investors continued to sh
23、y away from large,late-stage deals.During the quarter,only one jurisdiction attracted a$1 billion+megaround.Deal activity on the other end of the spectrum showed far more resilience,with investment and deals activity remaining quite robust for pre-Seed and Series A deals.Generative AI comes into the
24、 spotlightIn the wake of the immense buzz created by the release of ChatGPT by OpenAI,interest in generative AI grew significantly.While this interest will likely take time to translate into additional investment,the excitement for the space was quite marked.The large global tech giants were particu
25、larly quick to announce their own generative AI offerings.During Q123,Google announced that it was integrating AI-powered writing features into Google Workspace1,while Microsoft announced plans to integrate AI into its Microsoft 365 offerings2.Generative AI is still very much an emerging area,with a
26、pplicability across many different sectors and customer activities.It is likely that the next few quarters will see an explosion of activity in the space as companies look to transform activities like customer loyalty,marketing automation,back-office management,and chatbot type offerings.Some aspect
27、s of generative AI could also however,come under increasing scrutiny due to the possible legal ramifications associated with the use of generative AI produced work.Alternative energy companies account for the largest VC deal in every region during Q123Alternative energy,including electric vehicles,w
28、as by far the biggest ticket sector in Q123 accounting for many of the largest deals of the quarter,including the largest deal in every region.In the Americas,US-based alternative energy infrastructure company Generate raised$880.6 million;in Asia,China-based EV company Zeekr raised$750 million;and
29、in Europe,Germany-based alternative energy leasing company Enpal raised$228 million.With the war in Ukraine and energy costs being a major contributor to inflation,the focus of investors on alternative energy wasnt surprising.Whether investment will continue to increase or reach a plateau as Europe
30、becomes more self-reliant will be worth watching,although the sector has attracted quite a diversity of investments which could keep investment in the space robust for some time.Cybersecurity remains top of mind for VC investorsGlobally,the risks associated with cyber attacks and data breaches conti
31、nued to evolve and grow in Q123,with no expectation that they will wane at any point in the foreseeable future.As a result,the cybersecurity space is expected to remain quite resilient despite the rocky VC market conditions being experienced by almost every jurisdiction in the world.The US continued
32、 to attract the largest VC deals in the cybersecurity space;during the quarter,US-based cloud security firms Netskope and Wiz raised$401 million and$300 million respectively,while all-in-one security firm Aura raised$205 million.1 https:/ 2 https:/ GlobalUS|Americas|Europe|Asia6 2023 Copyright owned
33、 by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q1VCChallenging start to the year for VC investment globally,contd.VC investment in consumer retail and real estate hit hard;shakeouts on the horizon VC investors contin
34、ued to shy away from the consumer retail sector in Q123.The real estate sector also took a hit given the impact of high interest rates on the real estate market more broadly.If VC investment remains focused elsewhere,hard hit sectors could see both traditional companies and startups beginning to fai
35、l or being pressured by their investors to sell in order to avoid failure.Given the robust funding environment of the last couple of years,this shakeout of the market could separate out the winners in the harder hit industries in different regions,with only the best companies managing to weather the
36、 storm while others fall by the wayside.IPO window could stay closed through the end of the year;Asia may be the exceptionThe IPO window remained firmly shut in Q123,with very little indication that a reopening will be on the horizon within the next few months.Investor sentiment,particularly in the
37、Americas and Europe suggests that the IPO window wont open until late in the year or,quite possibly,not until 2024.Given their unique position globally,China and Hong Kong could be the exceptions.While Q123 saw IPO activity decline in both cases,there is some positive sentiment that regulatory chang
38、es in both locations could spark some renewed interest.This is particularly true with respect to the new 18C listing rules in Hong Kong which make it easier for companies focused on next gen technologies,advanced hardware and software,new energy solutions,and agritech to list on the HKSE3.Trends to
39、watch for in Q223Globally,VC investment will likely remain soft heading into Q223 as VC investors across jurisdictions continue to show caution given the significant degree of uncertainty in the market.Investment in consumer retail and D2C companies will likely remain very dry.Alternative energy and
40、 greentech,defense,cybersecurity,and B2B services will likely be the most resilient areas of investment globally,while generative AI could see a spike in investment given the strong spotlight shone on the space in Q123.Longer term,drone technologies could also see strengthening interest and VC inves
41、tment not only in the defense and logistics spaces,but also in emerging areas like agtech.VC investors have become more comfortable investing in developing nations over the past few years with areas like South America,Latin America,and Africa increasingly attracting funding.While these regions many
42、not be a priority for investment in the short term,they will likely continue to grow on the radar of VC investors long term.3 https:/ 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q1VCVenture inv
43、estment continues to face significant headwindsGlobal venture financing2015Q123$41.4$40.9$57.4$40.8$51.0$62.5$42.3$40.4$39.3$53.3$59.3$58.7$79.3$94.9$78.5$99.8$79.5$72.8$89.3$86.2$78.2$76.4$100.5$113.2$158.7$177.6$194.0$210.7$177.6$151.7$104.0$86.0$57.302,004,006,008,0010,012,014,016,0$0$50$100$150$
44、200$250Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q020202120222023Deal value($B)Deal countAngel&seedEarly VCLater VCVenture growSource:Venture Pulse,Q123.Global Analysis of Venture Funding,KPMG Private Enterprise.Data provided by PitchBook,April 19,2023The
45、first quarter of 2023 recorded an even steeper downturn in the volume of venture financing worldwide,across all stages.Although the downturn has been ongoing for some time now,markets and players are still grappling with assessing overall conditions and various factors,which has led to a lack of res
46、olution thus far.Key challenges still include:Any further economic slowing to the point of recession in the US and the UK,and any other economic slowdowns in emerging economies such as China and IndiaThe ongoing ramifications of international tensions,especially as they pertain to trade and collabor
47、ationVolatility in financial markets leading to an unwelcoming climate for public listingsChanges in regulations and other policies that could impede cross-border dealmaking or complexify M&A000000000000th“There are so many things happening at once right now that its difficult to even try to predict
48、 where the world is going.Its not only the geopolitical challenges.Its also the way the world reacted to those,to rising gas prices,and to the impact of inflation on everything.For the VC market,the rise in interest rates is also an enormous factor.Cash is quickly becoming more expensive.Heading int
49、o the second quarter the strong interest in alternative energy,EV solutions and the growing focus on generativ”e AI will be areas to watch.Jonathan LavenderGlobal HeadKPMG Private EnterpriseKPMG InternationalGlobalUS|Americas|Europe|Asia7#Q1VC8 2023 Copyright owned by one or more of the KPMG Interna
50、tional entities.KPMG International entities provide no services to clients.All rights reserved.#Q1VCFinancing metrics begin to show impact of cautionGlobal median deal size($M)by stage20152023*$1.5$4.4$6.0$13.8$0$5$10$15$20$25$3020002120222023*Angel&seedEarly VCLater VCVenture
51、growthGlobal up,flat or down rounds20152023*0%10%20%30%40%50%60%70%80%90%100%20002120222023*UpFlatDownSource:Venture Pulse,Q123,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of March 31,2023.Data provided by PitchBook,April 19,2023GlobalUS|Americas|Europe|Asia9
52、 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q1VCThe latest stages continue to see the greatest impactGlobal median deal size($M)by series20152023*$2.1$0.3$9.2$20.00$34.0$47.6$0$20$40$60$80$100
53、$20020202120222023*SeedAngelABCD+Source:Venture Pulse,Q123,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of March 31,2023.Data provided by PitchBook,April 19,2023GlobalUS|Americas|Europe|Asia10 2023 Copyright owned by one or more of the KPMG International entit
54、ies.KPMG International entities provide no services to clients.All rights reserved.#Q1VCSome earlier-stage metrics remain somewhat healthierGlobal median pre-money valuation($M)by series20152023*$9.1$2.6$28.1$68.3$143.0$394.3$0$100$200$300$400$500$600$700$800$900$1,000200021202
55、22023*SeedAngelABCD+Source:Venture Pulse,Q123,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of March 31,2023.Data provided by PitchBook,April 19,2023GlobalUS|Americas|Europe|Asia11 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities pro
56、vide no services to clients.All rights reserved.#Q1VCInvestors retreat from the riskier stagesGlobal deal share by series20152023*,number of closed deals05,00010,00015,00020,00025,00030,00035,00020002120222023*Series D+Series CSeries BSeries AAngel&seedGlobal deal share by seri
57、es20152023*,VC invested($B)$0$100$200$300$400$500$600$70020002120222023*Series D+Series CSeries BSeries AAngel&seedSource:Venture Pulse,Q123,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of March 31,2023.Data provided by PitchBook,April 19,2023GlobalUS|Americas
58、|Europe|Asia12 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q1VCHealthcare&energy see gradual increasesGlobal financing trends to VC-backed companies by sector20152023*,number of closed deals0%1
59、0%20%30%40%50%60%70%80%90%100%20002120222023*Transportation&CommercialProducts&ServicesConsumerGoods&ServicesSoftwarePharma&BiotechOtherMediaIT HardwareHC Services SystemsHC Devices&SuppliesEnergyGlobal financing trends to VC-backed companies by sector20152023*,VC invested($B)0
60、%10%20%30%40%50%60%70%80%90%100%20002120222023*Source:Venture Pulse,Q123,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of March 31,2023.Data provided by PitchBook,April 19,2023GlobalUS|Americas|Europe|Asia“Generative AI is a hugely exciting space.More and more
61、companies are launching with various offerings so I would expect increased investment in the space and the development of a robust ecosystem for how to use generative AI for good.At the same time,were also going to see a lot of focus on the more concerning facets of generative AI including both lega
62、l and ethical.Itll definitely be an interesting space to watch over the next few quarters.”12#Q1VCConor Moore Head of KPMG Private Enterprise in the Americas,Global Leader,Emerging Giants,KPMG Private Enterprise,KPMG International&PartnerKPMG in the US13 2023 Copyright owned by one or more of the KP
63、MG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q1VCCorporates&first-time deal flow pull back as wellCorporate VC participation in global venture deals2015Q123$17.9$18.3$30.9$17.6$26.3$39.7$19.7$18.9$16.1$25.2$30.7$24.4$39.2$59.7$41.8$50.5$35
64、.1$33.4$38.3$42.9$41.3$39.7$52.0$57.5$81.4$82.6$105.8$110.7$88.1$75.1$50.6$42.1$22.805001,0001,5002,0002,5003,0003,5004,000$0$20$40$60$80$100$120Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q020202120222023Deal value($B)Deal countSource:Venture Pulse,Q123,Glo
65、bal Analysis of Venture Funding,KPMG Private Enterprise.*As of March 31,2023.Data provided by PitchBook,April 19,2023Note:The capital invested is the sum of all the round values in which corporate venture capital investors participated,not the amount that corporate venture capital arms invested them
66、selves.Likewise,deal count is the number of rounds in which corporate venture firms participated.Global first-time venture financings of companies20152023*$30.0$28.1$25.7$37.5$33.8$37.0$69.6$56.0$5.81,90602,0004,0006,0008,00010,00012,00014,00016,00018,000$0$10$20$30$40$50$60$70$8020018201
67、92020202120222023*Deal value($B)Deal countSource:Venture Pulse,Q123,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of March 31,2023.Data provided by PitchBook,April 19,2023GlobalUS|Americas|Europe|Asia14 2023 Copyright owned by one or more of the KPMG International entities.KPMG Inte
68、rnational entities provide no services to clients.All rights reserved.#Q1VCUnicorn rounds diminish as liquidity prospects dimGlobal unicorn rounds2015Q123$8.9$6.7$18.5$8.4$12.7$28.3$6.8$4.0$4.9$11.8$17.3$13.8$22.0$28.0$22.6$39.6$21.4$18.5$31.9$25.9$20.8$21.1$30.8$33.8$55.8$64.2$70.3$69.2$50.5$44.8$1
69、8.6$18.8$11.90500300$0$10$20$30$40$50$60$70$80Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q020202120222023Deal value($B)Deal countSource:Venture Pulse,Q123,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of March 31,2023.Data provid
70、ed by PitchBook,April 19,2023Note:PitchBook defines a unicorn venture financing as a VC round that generates a post-money valuation of$1 billion or more.These are not necessarily first-time unicorn financing rounds,but also include further rounds raised by existing unicorns that maintain at least th
71、at valuation of$1 billion or more.Global venture-backed exit activity2015Q123$23.8$37.1$32.3$46.0$26.9$30.0$69.3$23.6$46.5$39.4$37.1$72.0$30.0$125.5$112.1$55.8$65.0$158.2$78.1$58.4$45.4$76.9$171.9$239.8$304.7$439.2$302.5$405.9$83.9$73.7$89.6$46.4$20.302004006008001,0001,200$0$50$100$150$200$250$300$
72、350$400$450$500Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q020202120222023Exit value($B)Exit countSource:Venture Pulse,Q123,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of March 31,2023.Data provided by PitchBook,April 19,2023Note:Exit val
73、ue for initial public offerings is based on pre-IPO valuation,not the size of the offering itself.GlobalUS|Americas|Europe|Asia15 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q1VCM&A remains mos
74、t prolific route in sluggish first quarterGlobal venture-backed exit activity(#)by type20152023*05001,0001,5002,0002,5003,0003,5004,0004,50020002120222023*Public listingBuyoutAcquisitionGlobal venture-backed exit activity($B)by type20152023*$0$200$400$600$800$1,000$1,200$1,400$
75、1,60020002120222023*PubliclistingBuyoutAcquisitionSource:Venture Pulse,Q123,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of March 31,2023.Data provided by PitchBook,April 19,2023GlobalUS|Americas|Europe|Asia16 2023 Copyright owned by one or more of the KPMG In
76、ternational entities.KPMG International entities provide no services to clients.All rights reserved.#Q1VCAfter an exceptional period,a slowdownGlobal venture fundraising20152023*$147.0$191.3$210.3$326.8$268.4$241.5$308.4$280.9$20.505001,0001,5002,0002,5003,0003,500$0$50$100$150$200$250$300$350201520
77、00222023*Capital raised($B)Fund countSource:Venture Pulse,Q123,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of March 31,2023.Data provided by PitchBook,April 19,2023The denominator effect of the 2010s has transformed into the numerator effect of the 2020s,wher
78、ein equities decline has led to the need to rightsize private market allocations at the portfolio level among institutional managers.That,and remaining concerns around ventures outperformance as an asset class persisting plus current volatility,have led to a slowdown in the pace of commitments world
79、wide.The start of 2023 saw a significant slowdown in sums committed while the volume of completed fundraises continued its cooling,with just over$20 billion committed to the asset class.GlobalUS|Americas|Europe|Asia17 2023 Copyright owned by one or more of the KPMG International entities.KPMG Intern
80、ational entities provide no services to clients.All rights reserved.#Q1VCFollow-on funds remain more popular while$1B+vehicles disappearGlobal venture fundraising(#)by size20152023*05001,0001,5002,0002,5003,00020002120222023*Under$50M$50M-$100M$100M-$250M$250M-$500M$500M-$1B$1B
81、+Global first-time vs.follow-on venture funds(#)20152023*0%10%20%30%40%50%60%70%80%90%100%20002120222023*Follow-onFirst-timeSource:Venture Pulse,Q123,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of March 31,2023.Data provided by PitchBook,April 19,2023GlobalUS
82、|Americas|Europe|Asia 2022 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.Cleantech&fintech remain popularTop 10 global financings in Q1231.Stripe$6.5B,San Francisco,US Fintech Series I2.Generate$880.6M
83、,San Francisco,US Cleantech Late-stage VC3.Zeekr$750M,Ningbo,China Mobility tech Series A4.Zwift$620M,Long Beach,US Specialty retail Late-stage VC5.Abound$602M,London,UK Fintech Early-stage VC6.Xpansiv$525M,San Francisco,US Fintech Late-stage VC7.PhonePe$445.6M,Bengaluru,India Mobile/fintech Late-st
84、age VC8.SolarSpace$442M,Xuzhou,China Cleantech Series B9.Netskope$401M,Santa Clara,US Cybersecurity Late-stage VC10.EcoCeres$400M,Hong Kong Cleantech Series BSource:Venture Pulse,Q123,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of March 31,2023.Data provided by PitchBook,April 19,
85、202318#Q1VCGlobalUS|Americas|Europe|Asia67982415310 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.In Q123,USVC-backed companies raised$31.7B across2,217deals19#Q1VCGlobalUS Americas|Europe|Asia20
86、2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q1VCMarket challenges stifle VC investment in the US in Q123VC investment in the US remained very subdued for the third consecutive quarter,falling f
87、rom$40,75 billion in Q422 to$31.7 billion in Q123.The decline was driven by a number of factors,including the protracted geopolitical uncertainty globally,the continued rise in interest rates,the ripples caused by the FTX bankruptcy and other crypto sector challenges in 2022,ongoing concerns about t
88、ech sector valuations,and the recent turbulence experienced by the global banking system.Q123 VC investment in the US less than half the amount seen in Q122Given the significant amount of uncertainty in the market both in the US and globally,it was no surprise that US-based VC investors continued to
89、 pull back from making large deals in Q123.While the decline in VC investment was relatively modest quarter-over-quarter,the level of VC investment in the US was less than 50 percent of the total amount invested during the same quarter in 2022.The decline in the total number of VC deals was even mor
90、e pronounced from a peak of 5196 deals in Q122 to a low of 2217 in Q123.Alternative energy and greentech attracted some of the largest rounds in Q123,including an$800 million raise by low carbon infrastructure company Generate Capital and a$525 million raise by carbon and environmental commodities t
91、rading company Xpansiv.Despite availability of dry powder,VC investors in US extremely cautiousWhile VC investors continued to have a large contingency of dry powder available to them as a result of the robust funding environment in the US during 2021 and 2022,Q123 saw investors showing significant
92、caution with respect to their investments.Deal speeds slowed significantly as many VC investors conducted additional due diligence on potential deals in light of current market challenges and the ever-changing market conditions.In particular,VC investors enhanced their scrutiny of the valuations of
93、startups looking to attract funding,their profitability,and the long-term sustainability of their business models.VC investors in the US also held off from supporting first time deals during the quarter,with many focusing primarily on companies within their existing portfolios.Startups working to ma
94、ximize efficiencies,negotiate bridge fundingDuring Q123,startups of all sizes continued to cut costs and conduct significant layoffs in a bid to conserve cash,maximize operational efficiencies,and extend their financial runway to delay potential fundraising activities.Startups valued at the$1 billio
95、n unicorn threshold were particularly reticent about new funding rounds given concerns about valuation cuts and the potential negative impacts associated with losing unicorn status.This led to a spate of inside deals during the quarter,with companies giving up concessions in order to obtain addition
96、al funding to bridge the gap until market conditions hopefully improve,valuations rebound,and the IPO window reopens.Defense technologies remain attractive to VC investors in USOver the past several quarters,defense related technologies gained significant traction among VC investors in the US,with i
97、nvestments going into a wide range of related technologies,including AI powered defense platforms,autonomous military vehicles,and smart monitoring technologies.During Q123,the sector continued to attract large funding rounds,including a$230 million raise by autonomous drone manufacturer Skydio.Cons
98、umer-focused technology companies continued to bear the brunt of the pullback in VC investment during Q123,although a few companies bucked the trend,including gamification-focused online cycling and running platform Zwift which raised$620 million.GlobalUS Americas|Europe|Asia21 2023 Copyright owned
99、by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q1VCMarket challenges stifle VC investment in the US in Q123,contd.IPO door remains shuttered;take private activity strengthensIPO activity in the US remained effectively
100、 dead during Q123,with little to suggest an imminent rebound.While a number of companies remained IPO ready,having already filed confidentially over the past twelve months,these companies have effectively pressed pause on their plans.Should the market and valuations stabilize,there could be some ren
101、ewed IPO activity towards the end of 2023,although it could take time before a startup is confident enough to lead the way out the door.Health modernization remains strong focus for investors The COVID-19 pandemic shone a spotlight on the need to modernize the US healthcare sector.In the post pandem
102、ic world,both health system modernization and personalized medicine have continued to attract interest and VC investment,particularly in areas like physician interfaces,practice management,care management,and revenue and billing.During Q123,Monogram Health a company focused on benefits management an
103、d care delivery for patients with kidney disease raised$375 million4,while Paradigm a company focused on improving the integration of clinical trials into the broader health system in the US raised$203 million5.M&A activity remains softM&A activity remained soft in Q123 as potential buyers juggled c
104、ompeting business priorities and concerns about target company valuations.M&A activity is still expected to rebound as valuations stabilize,companies in hard-hit sectors run out of cash,and strategic investors look to acquire companies at more economical valuations.Trends to watch for in Q223With no
105、 end in sight to the current market uncertainty,VC investment in the US is expected to remain weak heading into Q223.Energy,cybersecurity,and defense will likely continue to attract investment,while generative AI will likely see investor interest grow significantly.In the wake of the unexpected bank
106、ing challenges experienced during Q123,fintech could also see renewed interest as startups look to elevate fintech-as-a-function solutions.4 https:/ https:/ Americas|Europe|Asia22 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services t
107、o clients.All rights reserved.#Q1VCThe first quarter of 2023 sees continuation of slide in the pace of investingVenture financing in the US2015Q123$21.4$21.5$22.7$21.1$21.6$26.9$18.8$16.8$18.7$22.8$25.2$23.3$30.7$32.0$35.1$48.7$40.4$37.4$38.3$33.8$38.8$37.8$48.5$46.2$78.8$83.1$88.6$94.7$81.3$76.6$46
108、.8$40.7$31.701,0002,0003,0004,0005,0006,000$0$10$20$30$40$50$60$70$80$90$100Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q020202120222023Deal value($B)Deal countAngel&seedEarly VCLater VCVenture growthSource:Venture Pulse,Q123,
109、Global Analysis of Venture Funding,KPMG Private Enterprise.*As of March 31,2023.Data provided by PitchBook,April 19,2023Multiple economic and financial indicators still remain mixed as to whether the US is likely to enter a recession in the next several months,or perhaps even early 2024.That overlyi
110、ng economic backdrop is just one more factor that is leading to significant concern on the part of venture investors right now,which is why the pace of investing has slowed considerably.In addition,even though financing metrics are reversing somewhat for the first time in years,the competitive lands
111、cape also remains both intense and murky,as incumbents are holding onto market share especially with the reserves to spend in a down market,yet regulatory action and the latest in tech policies continues to exert ripple effects across the entire tech landscape,however slowly.Given the array of risks
112、,investors are pulling back and battening down the hatches to the extent they can with their existing portfolio companies.GlobalUS Americas|Europe|Asia23 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reser
113、ved.#Q1VCFlat rounds nearly double in proportion as metrics dropMedian deal size($M)by stage in the US20152023*$2.1$6.3$5.6$10.3$0$5$10$15$20$25$30$3520002120222023*Angel&seedEarly VCLater VCVenture growthUp,flat or down rounds in the US20152023*0%10%20%30%40%50%60%70%80%90%100
114、%20002120222023*UpFlatDownSource:Venture Pulse,Q123,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of March 31,2023.Data provided by PitchBook,April 19,2023GlobalUS Americas|Europe|Asia24 2023 Copyright owned by one or more of the KPMG International entities.KPM
115、G International entities provide no services to clients.All rights reserved.#Q1VCEarlier series remain a bit more resilientMedian deal size($M)by series in the US20152023*$3.0$0.2$10.0$24.0$30.0$54.3$0$20$40$60$80$100$20020202120222023*SeedAngelABCD+Source:Venture Pulse,Q123,Gl
116、obal Analysis of Venture Funding,KPMG Private Enterprise.*As of March 31,2023.Data provided by PitchBook,April 19,2023.The Series D+figure is based on non-normative sample sizes for 2023 YTD.Note:Figures rounded in some cases for legibility.“The need for cybersecurity is never going away.Every day b
117、rings news of new attacks and thats just the ones made public.New attack technologies are going to keep coming out and new solutions will continue to be developed to thwart them.Cybersecurity definitely has one of the highest upsides of any subsector.Another interesting one that I think will continu
118、e to grow although it likely has some ebbs and flows ahead is the whole area of space exploration and space related offerings.Its a long term play,but I do think its a technology and investment trend thats going to continue.”Jules WalkerSenior Director Business Development KPMG in the USGlobalUS Ame
119、ricas|Europe|Asia24#Q1VC25 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q1VCValuations plummet at the latest stagesMedian pre-money valuation($M)by series in the US20152023*$13.00$4.03$30.0$70.0
120、$135.5$250.0$0$200$400$600$800$1,000$1,20020002120222023*SeedAngelABCD+Source:Venture Pulse,Q123,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of March 31,2023.Data provided by PitchBook,April 19,2023.The angel and Series D+figures for 2023 YTD are based on non
121、-normative sample sizes.Note:Figures rounded in some cases for legibility.“Theres been a significant drop in VC fundraising in Q123 for certain.And theres still a lot of money that needs to be put to work in existing VC funds and PE funds,so its not surprising that fundraising has fallen off.Fundrai
122、sing targets are no longer oversubscribed unlike in previous years.Investors see debt as a more attractive asset class given that rates rises are now baked in.So,were seeing a bit of a flight to assets higher up the pecking order,and an increase in the popularity of private credit over riskier equit
123、y capital which”will be challenging for VCs.Sam LushDirector,Private Equity GroupKPMG in the USGlobalUS Americas|Europe|Asia25#Q1VC26 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q1VCProportions
124、 revert to align more with historical norms,with angel&seed slidingDeal share by series in the US20152023*,number of closed deals02,0004,0006,0008,00010,00012,00014,00016,00020002120222023*Series D+Series CSeries BSeries AAngel&seedDeal share by series in the US20152023*,VC inv
125、ested($B)$0$50$100$150$200$250$300$35020002120222023*Series D+Series CSeries BSeries AAngel&seedSource:Venture Pulse,Q123,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of March 31,2023.Data provided by PitchBook,April 19,2023GlobalUS Americas|Europe|Asia27 2023
126、 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q1VCPerceived recession-resilient areas continue to draw investmentVenture financing by sector in the US20152023*,number of closed deals0%10%20%30%40%50%
127、60%70%80%90%100%20002120222023*TransportationCommercialProducts&ServicesConsumer Goods&ServicesSoftwarePharma&BiotechOtherMediaIT HardwareHC Services&SystemsHC Devices&SuppliesEnergyVenture financing by sector in the US20152023*,VC invested($B)0%10%20%30%40%50%60%70%80%90%100%2
128、0002120222023*Source:Venture Pulse,Q123,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of March 31,2023.Data provided by PitchBook,April 19,2023GlobalUS Americas|Europe|Asia28 2023 Copyright owned by one or more of the KPMG International entities.KPMG Internatio
129、nal entities provide no services to clients.All rights reserved.#Q1VCFirst-timers&corporates pull back in tandemCorporate participation in venture deals in the US2015Q123$9.4$9.3$11.0$8.9$9.8$15.4$8.0$6.6$6.9$9.1$10.4$9.8$13.3$15.5$17.1$26.3$16.6$16.0$16.9$12.3$19.8$18.8$23.5$19.9$38.9$38.0$40.7$44.
130、5$37.3$36.5$21.7$17.0$10.402004006008001,0001,200$0$5$10$15$20$25$30$35$40$45$50Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q02020212022 2023Deal value($B)Deal countFirst-time venture financings of companies in the US20152023*$9.5$9.8$9.9$15.9$15.5$15.1$25.5$24.5$3.001,0002
131、,0003,0004,0005,0006,000$0$5$10$15$20$25$302015 2016 2017 2018 2019 2020 2021 2022 2023*Deal value($B)Deal countSource:Venture Pulse,Q123,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of March 31,2023.Data provided by PitchBook,April 19,2023“One interesting question here in the US i
132、s what will happen with all the newly unemployed developers,technologists,and the like?Will they start their own companies?Will they accept lower salaries?Will they move to some other location or embrace remote work?We dont have the answer right now,but it could be quite exciting,particularly if it
133、means a new cohort of startups appear in 2023.”Peter KehrliPartnerKPMG in the US#Q1VC28GlobalUS Americas|Europe|Asia29 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q1VCExits slide to lowest quar
134、terly tally in yearsVenture-backed exit activity in the US2015Q123$12.3$19.3$23.7$22.2$13.1$18.7$22.0$11.0$33.3$20.7$16.5$31.7$19.6$36.9$33.3$38.1$51.5$128.5$45.1$24.3$16.8$35.6$104.5$173.3$86.9$267.8$200.6$213.0$32.2$18.0$16.4$6.2$5.700500600$0$50$100$150$200$250$300Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q
135、3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q020202120222023Exit value($B)Exit countSource:Venture Pulse,Q123,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of March 31,2023.Data provided by PitchBook,April 19,202329GlobalUS Americas|Europe|Asia30 2023 Copyright
136、owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q1VCExit value shrunk to virtually nothing in Q1Venture-backed exit activity(#)by type in the US20152023*05001,0001,5002,0002,5002000212022202
137、3*Public listingBuyoutAcquisitionVenture-backed exit activity($B)by type in the US20152023*$0$100$200$300$400$500$600$700$800$90020002120222023*PubliclistingBuyoutAcquisitionSource:Venture Pulse,Q123,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of March 31,202
138、3.Data provided by PitchBook,April 19,2023GlobalUS Americas|Europe|Asia31 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q1VCAfter recent highs,a new slowdown for fundraisingUS venture fundraising
139、20152023*$43.5$51.0$45.6$62.1$72.5$91.6$158.5$170.8$11.702004006008001,0001,2001,4001,600$0$20$40$60$80$100$120$140$160$20020202120222023*Capital raised($B)Fund countSource:Venture Pulse,Q123,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of March 31,2023.Data p
140、rovided by PitchBook,April 19,2023After a record year,fundraising activity finally slowed down in the first quarter of 2023.It remains to be seen how the combined effects of so many negative macro factors across markets and economies will continue to impact venture fundraising,but the sheer heft of
141、commitments in the prior two years also complicate matters.as fundraising volume has slowed drastically,2023 starts off with just$11.7 billion,back to a quarterly pace reminiscent of pre-2018.GlobalUS Americas|Europe|Asia32 2023 Copyright owned by one or more of the KPMG International entities.KPMG
142、International entities provide no services to clients.All rights reserved.#Q1VCAllocators seek refuge in smaller funds,in quirk of timingVenture fundraising(#)by size in the US20152023*02004006008001,0001,20020002120222023*Under$50M$50M-$100M$100M-$250M$250M-$500M$500M-$1B$1B+V
143、enture fundraising($B)by size in the US20152023*$0$20$40$60$80$100$120$140$160$20020202120222023*Under$50M$50M-$100M$100M-$250M$250M-$500M$500M-$1B$1B+Source:Venture Pulse,Q123,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of March 31,2023.Data provided by Pitc
144、hBook,April 19,2023GlobalUS Americas|Europe|Asia33 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q1VCCapital commitments concentrate in proven playersFirst-time vs.follow-on funds(#)in the US2015
145、2023*0%10%20%30%40%50%60%70%80%90%100%20002120222023*Follow-onFirst-timeFirst-time vs.follow-on funds($B)in the US20152023*0%10%20%30%40%50%60%70%80%90%100%20002120222023*Follow-onFirst-timeSource:Venture Pulse,Q123,Global Analysis of Venture Funding,KPMG
146、Private Enterprise.*As of March 31,2023.Data provided by PitchBook,April 19,2023GlobalUS Americas|Europe|Asia 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.In Q123,VC-backed companies in the Ameri
147、casraised$33.1B across2,542 deals34#Q1VCGlobal|US Americas Europe|Asia35 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q1VCVC investment in the Americas drops to low not seen since Q417VC investm
148、ent in the Americas continued to decline in Q123 amid deepening concerns about rising interest rates,high levels of inflation,and ongoing geopolitical challenges.The unexpected turbulence in the global banking sector during the quarter likely also sparked concern among VC investors in the region.US
149、remains key driver of VC investment in Americas in Q123While the US continued to account for the vast majority of VC funding in the Americas this quarter,the country was not immune to the worsening macroeconomic conditions;both VC investment and the number of VC deals in the US declined for the fift
150、h straight quarter in Q123.Canada attracted the largest deals outside of the US during Q123,including a$125 million raise by blockchain-based Bitcoin infrastructure company Blockstream and a$100 million raise by small business-focused operations management company Jobber.VC investment in Latin Ameri
151、ca was relatively quiet to start the year.Brazil,in particular,saw VC investment drop for the sixth straight quarter,with mobile application delivery company Daki raising the countrys largest round($50 million)in Q123.Fundraising activity falls off a cliff in Q123After a stellar fundraising environm
152、ent in 2021 and 2022,fundraising activity by VC firms fell sharply in the Americas during Q123.Despite the drop-off in fundraising,VC firms continued to have a wealth of capital at their fingertips,although the speed at which they deployed this capital slowed considerably during the first quarter of
153、 2023 due to the heightened level of market uncertainty and the growing pressure to strengthen their due diligence processes.In contrast to many other jurisdictions,Brazil saw its number of new funds increase in recent quarters,suggesting that the country,and the Latin American region more broadly,w
154、ill remain attractive to VC investors long-term despite the current slowdown.Canadas health and biotech sector continues to attract deals Within Canada,a number of sectors saw significant drops in VC investment during Q123,including fintech and ecommerce.By comparison,health and biotech showed more
155、resilience,with a variety of companies attracting funding if at relatively smaller deal sizes.During the quarter,Toronto-based Smile Digital Health raised$30 million,while Westmount-based LAmAband Montreal-based Puzzle Medical Devices raised$25 million each.Interest in the agtech space continued to
156、grow in Canada during Q123,although it is still considered a very emerging area of investment.During the quarter,Vancouver-based Terramera a startup focused on removing synthetic chemicals from agriculture raised$7.5 million.Pre-seed and seed deals maintain traction in BrazilVC investment in Brazil
157、was soft in Q123,driven both by global macroeconomic circumstances and by uncertainties related to change in government.While large deals were virtually absent in Brazil this quarter,pre-seed and seed deal activity remained active as VC investors focused on companies with good growth and return pote
158、ntial and that had more realistic valuations compared to later stage startups.VC investments in Brazil during the quarter were spread out in a number of sectors,with largest rounds in grocery retail delivery,“green”mobility,healthcare,financial software and logtech companies.The Web3 gaming space al
159、so came into the spotlight in Brazil for the first time during the quarter thanks to a$6 million raise by blockchain-enabled gaming development company Jungle.Global|US Americas Europe|Asia36 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide n
160、o services to clients.All rights reserved.#Q1VCAmericas sees VC investment and the number of VC deals slide for the fourth-straight quarterCorporates increasingly willing to work togetherCorporate VC investment in the Americas fell for the fifth straight quarter in Q123 as corporates focused on othe
161、r priorities,including improving the efficiency of their own operations.While the continued pullback in CVC funding was expected given the changing market conditions,corporate activity is expected to remain a key contributor to overall VC funding in the region given how many corporates use strategic
162、 VC investment to drive their R&D activities.One growing trend seen in recent quarters in the Americas is the willingness of corporates to pull together to support certain startups given their similar technology needs and requirements.While competitors historically may have supported different start
163、ups,they are now more willing to buy into the same opportunities.This has led to VC funds being set up to work as the investment arm of like-minded corporates.Governments remain supportive of VC investment and ecosystem growthGovernments across the Americas continued to support VC market activity an
164、d the evolution and maturation of tech ecosystems.BNDES,the Brazilian Development Bank participated in one of the largest funding rounds in the quarter making it one of the countrys most relevant investors during 2023.In Canada,the federal government announced$700 million in funding during Q123 to s
165、upport the growth of identified global innovation clusters in the country,including advanced manufacturing,protein industries(i.e.,plant-based food and feed),digital technologies,AI,and ocean-focused solutions aimed at improving the health of the planet6.Trends to watch for in Q223With the level of
166、uncertainty expected to remain through mid-year,VC investment across the Americas will likely remain subdued heading into Q223.In the US,energy is expected to remain a big ticket for investors.In Canada,VC deal activity is expected to remain relatively stable quarter-over-quarter,with activity likel
167、y to center around small and mid-sized deals rather than on larger deals.In Brazil,startups will likely remain focused on the rationalization of their operations,teams and costs in Q223.M&A activity among Brazil-based startups could also see an increase.6 https:/www.canada.ca/en/innovation-science-e
168、conomic-development/news/2023/02/government-of-canada-announces-renewed-funding-for-the-global-innovation-clusters.htmlGlobal|US Americas Europe|Asia37 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserve
169、d.#Q1VCAll venture volume continues to declineVenture financing in the Americas2015Q123$22.2$22.5$23.6$21.6$22.3$27.5$19.5$17.7$19.6$24.3$26.5$24.5$32.6$33.8$36.4$51.0$42.1$40.3$41.5$36.2$41.1$39.8$50.9$48.9$83.1$92.7$98.3$102.7$91.1$81.7$49.9$44.0$33.101,0002,0003,0004,0005,0006,0007,000$0$20$40$60
170、$80$100$120Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q020202120222023Deal value($B)Deal countAngel&seedEarly VCLater VCVenture growthSource:Venture Pulse,Q123,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of
171、 March 31,2023.Data provided by PitchBook,April 19,2023After softening to levels seen pre-2021 boom,now venture dealmaking appears to have plummeted to new lows.Although those figures may tick up somewhat,activity definitely has cooled to resemble pre-2018 figures,even,in some measures.it now remain
172、s to be seen just how much more dealmaking may cool;2022 saw softening in the pace of dealmaking overall,and now figures are approaching pre-2018 levels.Global|US Americas Europe|Asia38 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no serv
173、ices to clients.All rights reserved.#Q1VCMetrics slide while flat rounds proliferateMedian deal size($M)by stage in the Americas20152023*$2.0$6.2$5.7$10.4$0$5$10$15$20$25$30$3520002120222023*Angel&seedEarly VCLater VCVenture growthUp,flat or down rounds in the Americas20152023*
174、0%10%20%30%40%50%60%70%80%90%100%20002120222023*UpFlatDownSource:Venture Pulse,Q123,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of March 31,2023.Data provided by PitchBook,April 19,2023Global|US Americas Europe|Asia39 2023 Copyright owned by one or more of th
175、e KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q1VCEarlier financing sizes slide less,likely due to lower inflation ratesMedian deal size($M)by series in the Americas20152023*$2.8$0.2$10.0$23.8$30.0$55.0$0$20$40$60$80$100$2017
176、2002120222023*SeedAngelABCD+Source:Venture Pulse,Q123,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of March 31,2023.Data provided by PitchBook,April 19,2023.The Series D+figure is based on non-normative sample sizes for 2023 YTD.Global|US Americas Europe|Asia40 2023 Copy
177、right owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q1VCValuations decline at the highest levelsMedian pre-money valuation($M)by series in the Americas20152023*$12.7$3.7$30.0$70.0$136.0$250.0$0$200$400$600$800$
178、1,000$1,20020002120222023*SeedAngelABCD+Source:Venture Pulse,Q123,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of March 31,2023.Data provided by PitchBook,April 19,2023.The angel and Series D+figures are based on non-normative sample sizes for 2023 YTD.Global|
179、US Americas Europe|Asia41 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q1VCRiskier stages see proportionate pullbackDeal share by series in the Americas20152023*,number of closed deals02,0004,00
180、06,0008,00010,00012,00014,00016,00020002120222023*Series D+Series CSeries BSeries AAngel&seedDeal share by series in the Americas20152023*,VC invested($B)$0$50$100$150$200$250$300$35020002120222023*Series D+Series CSeries BSeries AAngel&seedSource:Venture
181、Pulse,Q123,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of March 31,2023.Data provided by PitchBook,April 19,2023Global|US Americas Europe|Asia42 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All ri
182、ghts reserved.#Q1VCSoftware remains predominant amid mild growth in energy&healthcarGlobael|Venture financing of VC-backed companies by sector in the Americas20152023*,#of closed deals0%10%20%30%40%50%60%70%80%90%100%20002120222023*TransportationCommercialProducts&ServicesConsu
183、mer Goods&ServicesSoftwarePharma&BiotechOtherMediaIT HardwareHC Services&SystemsHC Devices&SuppliesEnergyVenture financing of VC-backed companies by sector in the Americas20152023*,VC invested($B)0%10%20%30%40%50%60%70%80%90%100%20002120222023*Source:Venture Pulse,Q123,Global A
184、nalysis of Venture Funding,KPMG Private Enterprise.*As of March 31,2023.Data provided by PitchBook,April 19,202342US Americas Europe|Asia43 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q1VCAfter
185、 relative resilience,dealmaking finally slidesVenture financing in Canada2015Q123$537.4$526.9$529.1$418.3$573.9$469.2$545.7$676.7$335.4$776.6$963.2$895.0$902.4$1,403.6$728.2$927.8$1,161.5$1,151.4$1,875.1$1,490.2$1,405.9$1,141.2$867.4$1,247.2$2,680.9$5,032.9$2,537.5$3,186.2$4,637.1$2,263.0$1,649.8$2,
186、116.8$907.30500300350400450$0$1,000$2,000$3,000$4,000$5,000$6,000Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q020202120222023Deal value($M)Deal countSource:Venture Pulse,Q123,Global Analysis of Venture Funding,KPMG
187、Private Enterprise.*As of March 31,2023.Data provided by PitchBook,April 19,2023“While I was glad to see a couple of larger deals earlier in this quarter here in Canada,I think these bigger deals arent going to happen as frequently during the rest of 2023 given how much uncertainty is in the market
188、and how much interest rates are rising.Instead,were going to see VC investors focusing on smaller,mid-sized deals involving companies that”have more trusted valuations.Ryan ForsterPartner,KPMG in CanadaGlobal|US Americas Europe|Asia43#Q1VC44 2023 Copyright owned by one or more of the KPMG Internatio
189、nal entities.KPMG International entities provide no services to clients.All rights reserved.#Q1VCMexico sees similar downturn in venture activityVenture financing in Mexico2015Q123$25.7$143.9$32.3$21.8$13.4$54.5$71.9$18.3$26.3$69.2$22.6$13.7$52.2$70.5$56.4$81.5$320.7$146.7$80.1$274.5$203.5$52.9$63.0
190、$652.5$284.8$1,154.1$1,624.0$570.9$865.5$714.8$270.6$193.7$89.7007080$0$200$400$600$800$1,000$1,200$1,400$1,600$1,800Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q020202120222023Deal value($M)Deal countSource:Venture Pulse,Q123,Global Analysis of V
191、enture Funding,KPMG Private Enterprise.*As of March 31,2023.Data provided by PitchBook,April 19,2023Global|US Americas Europe|Asia45 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q1VCBrazil sees
192、slight bump in venture financing volumeVenture financing in Brazil2015Q123$157.9$275.1$135.3$119.2$124.7$103.2$70.0$149.2$239.4$214.6$85.0$257.0$460.3$112.3$281.9$978.3$126.8$542.9$1,080.6$368.4$507.5$574.9$874.7$672.1$957.7$2,586.5$1,954.9$2,504.2$2,051.5$992.3$620.1$240.7$163.9020406080
193、0180200$0$500$1,000$1,500$2,000$2,500$3,000Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q020202120222023Deal value($M)Deal countSource:Venture Pulse,Q123,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of March 3
194、1,2023.Data provided by PitchBook,April 19,2023“One trend,not only here in Brazil but globally,is that investors are looking for returns right now rather than high growth.And when you look at pre-seed and seed companies valuations generally are more realistic and the ticket sizes are usually signifi
195、cantly lower.When you put these two factors together,you see some good companies with nice profiles of growth versus return.We saw the great majority of the Q1 rounds taking place in these stages.”Rodrigo GuedesManaging DirectorKPMG in BrazilGlobal|US Americas Europe|Asia45#Q1VC 2023 Copyright owned
196、 by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.Key sectors of cleantech,security&AI hold strongTop 10 financings in Q123 in Americas1.Stripe$6.5B,San Francisco,US Fintech Series I2.Generate$880.6M,San Francisco,US Cle
197、antech Late-stage VC3.Zwift$620M,Long Beach,US Specialty retail Late-stage VC4.Xpansiv$525M,San Francisco,US Fintech Late-stage VC5.Netskope$401M,Santa Clara,US Cybersecurity Late-stage VC6.Monogram Health$375M,Brentwood,US Healthtech Series C7.Adept$350M,San Francisco,US AI&ML Series B8.ONE$300M,No
198、vi,US Cleantech Series B9.Wiz$300M,New York,US Cybersecurity Series D10.Anthropic$300M,San Francisco,US AI&ML Early-stage VCSource:Venture Pulse,Q123,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of March 31,2023.Data provided by PitchBook,April 19,202346#Q1VCGlobal|US Am
199、ericas Europe|Asia 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.In Q123,EuropeanVC-backed companies raised$9.8B across 1,533deals47#Q1VCGlobal|US|Americas EuropeAsia48 2023 Copyright owned by one
200、 or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q1VCVC investment in Europe sinks to four-year low in Q123Both the number of VC deals and the total VC investment in Europe fell for the fourth straight quarter,dropping from$1
201、5.7 billion in Q422 to$9.8 billion in Q123.The decline was particularly stark when set against the record number of VC deals and VC investment seen during the same quarter in 2022.Consumer-focused businesses take big hitMacroeconomic conditions,the ongoing war in Ukraine,high levels of inflation,and
202、 sky-high energy costs created a perfect storm of challenges for both companies and consumers in Europe.Many D2C businesses that thrived under pandemic conditions found their business models much less resilient within the current market climate.Several consumer-focused sectors saw VC investors pull
203、back significantly during Q123,including ecommerce,BNPL,and last mile delivery.B2B-focused SaaS and AI companies continued to attract investor interest,in addition to companies focused on Energy,ESG,and mobility.Even in these sectors,however,deal sizes dropped compared to recent quarters.VC investor
204、s more stringent with portfolio companies VC investors in Europe were increasingly cautious in Q123,taking a heavier hand with their portfolio companies scrutinizing their internal budgets,pressuring them to cut costs and become more efficient,and holding them accountable to agreed-upon milestones.O
205、ver the next couple of quarters,VC investors could begin to pick and choose between their portfolio companies,pulling back from making follow-on investments in companies they dont believe can survive.This could spur M&A activity as startups look to sell in order to avoid failing.Governments enhancin
206、g supports for startupsSeveral government-backed initiatives were initiated in Europe during Q123 to support startup growth.The UKs budget included 3.5 billion to help the country become a scientific and technologic superpower,including funding to support next-gen supercomputing and AI research7.The
207、 UK also released a whitepaper on the regulation of AI8.During the quarter,the German government also launched a 1 billion fund to support growth stage deeptech and climatetechcompanies9,while the European Investment Bank Group and five EU member states announced the European Technology Champions In
208、itiative:a$3.75 billion fund to address funding gaps and support late-stage growth companies in the region10.Q123 VC investment in UK pales compared to Q122After slowing down significantly in Q422 as a result of both global issues and an unsettled domestic political environment,VC investment in the
209、UK remained subdued in Q123,particularly compared to Q122.A$601 million raise by fintech player Abound(Consumer Finance)was the UKs largest deal of Q123,followed by a$160 million raise by B2B focused fintech the Bank of London,a$149 million raise by EV automotive company One Moto,and a$140.3 million
210、 raise by autonomous vehicle software firm Oxbotica.Carmoola rounded out the largest of deals with a$126 million series A deal.Business services and energy transition continued to attract significant attention from VC investors in Q123,while interest in consumer retail and real estate remained dry.L
211、ooking forward,B2B technology enablement is likely to remain a key driver of investment,not only in areas like financial and health services but across every sector imaginable.7 https:/www.gov.uk/government/news/government-commits-up-to-35-billion-to-future-of-tech-and-science8 https:/www.gov.uk/gov
212、ernment/news/uk-unveils-world-leading-approach-to-innovation-in-first-artificial-intelligence-white-paper-to-turbocharge-growth9 https:/sifted.eu/articles/germany-1bn-deeptech-climate-fund-news/10 https:/www.eib.org/en/events/european-tech-champions-initiativeGlobal|US|Americas EuropeAsia49 2023 Cop
213、yright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q1VCVC investment in Europe sinks to four-year low in Q123,contd.Investor sentiment in the UK appeared to turn slightly during Q123 with some cautious positi
214、vity that the worst of the market turbulence might be over.While VC investment is expected to remain soft into Q223,there is hope that some renewed activity will be seen in the second half of the year.Alternative energy remains big ticket in GermanyVC investment in Germany remained soft relative to
215、historical norms in Q123,despite attracting two of Europes largest deals in the quarter,including a$228 million raise by alternative energy leasing company Enpal and a$151 million raise by PE investment platform Moonfare.Corporates in Germany remained active,although they showed far more caution tha
216、n in recent quarters focusing their energy,attention,and investments only on startups with very clear value.Alterative energy continued to be a big draw for VC investors in Germany,driven not only by regional energy concerns but also by the German governments decision to shut down its nuclear plants
217、 and by the growing focus of domestic automotive companies on new energy vehicles.Uncertainty in Israel causing VC investors to hold backVC investment in Israel remained subdued in Q123 as both global and domestic macroeconomic,and market challenges caused a significant amount of uncertainty.Among t
218、he companies that attracted investment in Israel this quarter were hypertension-focused medtechSoniVie($60 million),subsurface imaging platform Exodigo($41 million),cloud security company.Sentra($30 million)and B2B productivity company Titan DXP($30 million).Given the uncertain policy environment in
219、 Israel,VC investment in the country will likely remain soft heading into Q223.Ireland continues to attract diverse range of investmentsA diverse range of startups continued to attract VC funding in Ireland during Q123,although at relatively small deal sizes.Arterial closure medical device company V
220、ivasure Medical raised the largest deal in Ireland during the quarter($32 million)11,followed by AI-powered digital pathology company Deciphex($16 million),social media tracking and predictions company NewsWhip($13 million),and cybersecurity firm Siren($12 million).Nordics region has quiet start to
221、the yearQ123 was a very quiet quarter of VC investment in the Nordics.Denmark-based biotech company Hemab Therapeutics$135 million raise was the largest round of the quarter,highlighting the growing biotech sector in the region.Other VC deals during Q123 were much smaller primarily under$20 million
222、as less International late-stage investments occurred and local investors completed primarily smaller early-stage deals.Given the uncertain geopolitical and macroeconomic environment,many late-stage companies in the Nordics have adjusted their plans to defer new equity funding rounds in to late 2023
223、 or 2024.Trends to watch for in Q223Q223 will likely be another challenging quarter for VC investment in Europe,given the unrelenting amount of uncertainty permeating the market.Traditional VC investors will likely remain cautious,scrutinizing deals carefully to assess whether business models will b
224、e resilient,while also putting more pressure on their portfolio companies to cut costs.Some well-capitalized corporates may start to see the current environment as an opportunity rather than a challenge,particularly when it comes to making acquisitions.Non-core carveouts and bolt-on deals could also
225、 increase.Should market challenges intensify over the next few quarters,governments in Europe could step up their supports for startups.11 https:/ EuropeAsia50 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights
226、 reserved.#Q1VCVC activity cools furtherVenture financing in Europe2015Q123$5.3$5.1$5.8$5.3$6.2$5.0$4.7$5.6$5.7$7.4$7.1$9.5$10.5$8.4$7.8$10.5$11.6$12.0$11.0$11.4$11.4$12.0$17.0$17.1$29.2$38.8$30.1$34.4$39.0$34.6$21.8$15.7$9.805001,0001,5002,0002,5003,0003,5004,000$0$5$10$15$20$25$30$35$40$45Q1 Q2 Q3
227、 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q020202120222023Deal value($B)Deal countAngel&seedEarly VCLater VCVenture growthSource:Venture Pulse,Q123,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of March 31,2023.Data
228、 provided by PitchBook,April 19,2023After record-breaking highs,venture financing volume has slid in both count and VC invested to lows last seen in 2018.It is important to stress that fact,while also being mindful that multiple factors driving caution on the part of investors as well as concern aro
229、und the health of growth prospects remain intact,so it remains to be seen whether or not further cooling can be anticipated.the impact of volatility both economic and political is now apparent,yet European startup ecosystems have not seen cataclysmic declines as of yetGlobal|US|Americas EuropeAsia51
230、 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q1VCDown rounds jump up somewhatMedian deal size($M)by stage in Europe20152023*$1.6$2.5$5.1$10.5$0$2$4$6$8$10$0020202120222023
231、*Angel&seedEarly VCLater VCVenture growthUp,flat or down rounds in Europe20152023*0%10%20%30%40%50%60%70%80%90%100%20002120222023*UpFlatDownSource:Venture Pulse,Q123,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of March 31,2023.Data provided by PitchBook,April
232、 19,2023Global|US|Americas EuropeAsia52 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q1VCFinancing metrics begin to show unmistakable declineMedian deal size($M)by series in Europe20152023*$2.15
233、$0.6$9.4$24.7$54.3$60.5$0$20$40$60$80$100$120$140$20020202120222023*SeedAngelABCD+Source:Venture Pulse,Q123,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of March 31,2023.Data provided by PitchBook,April 19,2023.The Series C and D+figures for 2023 YTD are based
234、 on non-normative sample sizes.Global|US|Americas EuropeAsia53 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q1VCValuations begin to slide at the highest levelMedian pre-money valuation($M)by ser
235、ies in Europe2015-2023*$4.9$3.9$26.91$43.8$450.0$735.9$0$200$400$600$800$1,000$1,20020002120222023*SeedAngelABCD+Source:Venture Pulse,Q123,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of March 31,2023.Data provided by PitchBook,April 19,2023.The figures for Se
236、ries D or later valuations in 2015 and 2023 to date are based on non-normative sample sizes.Q1 2023 figures for Series B and C are also based on non-normative sample sizes.Global|US|Americas EuropeAsia54 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entiti
237、es provide no services to clients.All rights reserved.#Q1VCRelative proportions revert to normalcyDeal share by series in Europe20152023*,number of closed deals01,0002,0003,0004,0005,0006,0007,0008,00020002120222023*Series D+Series CSeries BSeries AAngel&seedDeal share by serie
238、s in Europe20152023*,VC invested($B)$0$10$20$30$40$50$60$70$80$90$20020202120222023*Series D+Series CSeries BSeries AAngel&seedSource:Venture Pulse,Q123,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of March 31,2023.Data provided by PitchBook,April 19,2023Globa
239、l|US|Americas EuropeAsia55 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q1VCHealthcare shows some resilienceEuropean venture financings by sector20152023*,number of closed deals0%10%20%30%40%50%
240、60%70%80%90%100%20002120222023*TransportationCommercialProducts&ServicesConsumer Goods&ServicesSoftwarePharma&BiotechOtherMediaIT HardwareHC Services&SystemsHC Devices&SuppliesEnergyEuropean venture financings by sector20152023*,VC invested($B)0%10%20%30%40%50%60%70%80%90%100%2
241、0002120222023*Source:Venture Pulse,Q123,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of March 31,2023.Data provided by PitchBook,April 19,2023Global|US|Americas EuropeAsia56 2023 Copyright owned by one or more of the KPMG International entities.KPMG Internatio
242、nal entities provide no services to clients.All rights reserved.#Q1VCFirst-time financiers&corporates press pauseCorporate VC participation in venture deals in Europe2015Q123$1.2$2.2$1.5$1.6$2.8$2.2$1.8$2.0$1.9$3.1$2.2$2.8$3.5$3.3$3.6$4.3$4.1$5.4$5.2$4.0$4.4$6.3$8.1$7.7$14.0$17.0$14.0$14.7$16.7$16.5
243、$10.3$7.6$4.000500600700800900$0$2$4$6$8$10$12$14$16$18Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q020202120222023Deal value($B)Deal countFirst-time venture financings of companies in Europe20152023*$3.1$3.1$4.0$5.0$4.3$4.6$12.2$7.9$0.905001,0001
244、,5002,0002,5003,0003,5004,0004,5005,000$0$2$4$6$8$10$12$0020202120222023*Deal value($B)Deal countSource:Venture Pulse,Q123,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of March 31,2023.Data provided by PitchBook,April 19,2023Global|US|Americas EuropeAsia57 202
245、3 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q1VCExit volume continues to diminish as value remains very lowVenture-backed exit activity in Europe2015Q123$5.8$5.2$4.1$8.2$6.8$6.5$4.2$2.6$5.3$7.5$3.
246、4$4.3$1.9$38.7$12.7$5.5$3.3$2.6$5.2$8.5$1.8$5.5$11.1$10.8$34.7$31.7$66.7$29.5$15.8$16.6$3.4$5.2$1.80500300350400$0$10$20$30$40$50$60$70$80Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q020202120222023Exit value($B)Exi
247、t countSource:Venture Pulse,Q123,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of March 31,2023.Data provided by PitchBook,April 19,2023Exits remained significantly sluggish in Q1,thanks to ongoing volatility and concerns around broader economic growth prospects going forward.As of
248、yet,it remains to be seen if things will cool even further.after a strong stretch for exit value,a clear slowdown is evident,while prospects remain murky.Global|US|Americas EuropeAsia58 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no serv
249、ices to clients.All rights reserved.#Q1VCM&A remains primary avenue in a moribund marketVenture-backed exit activity(#)by type in Europe20152023*02004006008001,0001,2001,40020002120222023*Public listingBuyoutAcquisitionVenture-backed exit activity($B)by type in Europe20152023*$
250、0$20$40$60$80$100$120$140$160$20020202120222023*Public listingBuyoutAcquisitionSource:Venture Pulse,Q123,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of March 31,2023.Data provided by PitchBook,April 19,2023Global|US|Americas EuropeAsia59 2023 Copyright owned
251、by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q1VCFundraising finally takes a blowEuropean venture fundraising20152023*$12.8$18.8$25.3$19.9$24.2$29.0$30.9$28.8$3.70500300350400$0$5$10$15$20$25$30$352015201
252、620020202120222023*Capital raised($B)Fund countSource:Venture Pulse,Q123,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of March 31,2023.Data provided by PitchBook,April 19,2023After a record-breaking stretch for capital committed,the slowdown has finally hit the European
253、continent,with the pace of commitments slowing dramatically and total capital pledged on pace for tallies similar in 2015.at$3.7 billion,2023 isoff to a slow start,although in the direct wake of significant recent tallies.“Were seeing some boldness creeping into the corporate world.The larger corpor
254、ates,having navigated the multiple challenges of COVID,perceive the current environment as relatively benign although an inflationary environment is not plain sailing,through the pandemic many corporates strengthened their balance sheets and changed their operating models they now feel more confiden
255、t about themselves,if not the economy overall.On the other hand with institutional investors constrained by the availability of credit and more fearful of the investment environment,could it be a buyers market for corporates right now?Any corporate boldness will not be enough to make up for the redu
256、ced participation of private”equity,but it is very interesting.Robert BaxterHead of Corporate FinanceKPMG in the UK59Global|US|Americas EuropeAsia#Q1VC60 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reser
257、ved.Allocators seek refuge in follow-on,experienced managersVenture fundraising(#)by size in Europe20152023*050030020002120222023*Under$50M$50M-$100M$100M-$250M$250M-$500M$500M-$1B$1B+First-time vs.follow-on venture funds(#)in Europe20152023*0%10%20%30%40%50%60%70%80
258、%90%100%20002120222023*Follow-onFirst-timeSource:Venture Pulse,Q123,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of March 31,2023.Data provided by PitchBook,April 19,2023Global|US|Americas EuropeAsia#Q1VC61 2023 Copyright owned by one or more of the KPMG Inter
259、national entities.KPMG International entities provide no services to clients.All rights reserved.#Q1VCUK sees slowdown even amid some outlier roundsVenture financing in the United Kingdom2015Q123$1.6$1.1$2.3$2.1$1.7$1.6$1.5$1.7$1.6$2.8$2.8$4.4$3.6$2.5$2.8$3.7$4.0$3.6$3.2$3.4$3.2$3.8$4.3$5.5$10.2$8.7
260、$9.5$9.5$15.2$8.6$6.6$4.2$3.602004006008001,0001,200$0$2$4$6$8$10$12$14$16Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q020202120222023Deal value($B)Deal countSource:Venture Pulse,Q123,Global Analysis of Venture Funding,KPMG Pr
261、ivate Enterprise.*As of March 31,2023.Data provided by PitchBook,April 19,2023“The end of 2021 and into early 2022 was really an outlier period.Now,were somewhat coming back to normal except its being compounded by a number of other factors that have come up.So it looks like,more of an adjustment th
262、an perhaps we would have seen if this would have happened in isolation of the economic environment.The dynamic of the two factors together is making the disparity even bigger.”Warren MiddletonLead Partner for Emerging Giants,Center of Excellence in the UKKPMG in the UK61#Q1VCGlobal|US|Americas Europ
263、eAsia62 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q1VCLondon sees tallies back to pre-2021 levelVenture financing in London2015Q123$1.0$0.6$1.3$1.1$0.9$1.0$0.9$0.9$0.9$2.1$2.0$3.5$2.5$1.2$1.7
264、$2.3$2.1$2.8$1.7$2.4$1.8$2.5$3.1$3.2$7.4$5.7$6.7$6.4$12.8$6.3$4.7$2.7$2.400500600700$0$2$4$6$8$10$12$14Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q020202120222023Deal value($B)Deal countSource:Venture Pulse,Q123,Global Analysis of Venture Funding
265、,KPMG Private Enterprise.*As of March 31,2023.Data provided by PitchBook,April 19,2023Global|US|Americas EuropeAsia63 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q1VCIreland has a slow quarterV
266、enture financing in Ireland2015Q123$176.1$235.0$134.7$41.3$303.1$51.5$168.1$238.0$187.0$124.1$178.4$131.1$415.8$368.4$90.0$440.2$108.0$125.2$124.6$118.1$103.2$215.3$291.5$589.2$386.0$707.3$348.4$431.7$446.8$472.6$73.0$233.3$124.60204060800180200$0$100$200$300$400$500$600$700$800Q1 Q2 Q3 Q
267、4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q020202120222023Deal value($M)Deal countSource:Venture Pulse,Q123,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of March 31,2023.Data provided by PitchBook,April 19,2023“One t
268、hing that is fairly positive at the moment is that we havent seen a complete drop off in early-stage deals.Notwithstanding the inherent risks,and uncertainty about the future,VCs realize that still need to invest in early stage companies.Otherwise,they risk missing out on the next wave of growth com
269、panies.”Anna ScallyPartner,Head of Technology&MediaKPMG in IrelandGlobal|US|Americas EuropeAsia63#Q1VC64 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q1VCVC invested evens out but volume remains
270、 downVenture financing in Germany2015Q123$1,069.9$642.4$871.2$829.9$623.9$578.7$533.9$668.0$548.9$1,273.0$899.7$912.8$1,750.6$938.7$835.2$1,460.3$1,209.0$1,472.2$1,988.6$1,542.9$1,343.8$1,899.1$2,168.4$1,956.7$3,375.1$4,009.7$3,960.3$6,544.8$2,620.1$7,412.9$3,856.4$1,394.2$1,079.805003003
271、50400450$0$1,000$2,000$3,000$4,000$5,000$6,000$7,000$8,000Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q020202120222023Deal value($M)Deal countSource:Venture Pulse,Q123,Global Analysis of Venture Funding,KPMG Private Enterprise
272、.*As of March 31,2023.Data provided by PitchBook,April 19,2023“In the coming year,I believe we are going to see more value creation in Germany.Historically,a lot has been designed here and produced elsewhere,but now we have technologies like 3D printing and moulding techniques.Companies dont need hu
273、ndreds of people;they just need space.In 2023 we should see more investment in this space in smart manufacturing that capitalizes on German engineering capabilities.”Tim Dmichen Partner KPMG in GermanyGlobal|US|Americas EuropeAsia64#Q1VC65 2023 Copyright owned by one or more of the KPMG Internationa
274、l entities.KPMG International entities provide no services to clients.All rights reserved.#Q1VC2023 sees slightest bump in VC invested in first quarterVenture financing in Berlin2015Q123$923.2$538.1$741.6$332.6$235.2$352.7$178.4$395.2$319.4$1,024.4$409.4$414.5$1,211.6$406.5$190.1$830.3$513.0$1,249.4
275、$417.1$683.7$639.1$1,256.2$862.3$1,224.4$1,870.9$2,066.7$2,273.9$4,807.8$1,540.8$3,680.5$1,044.7$380.2$679.00204060800180$0$1,000$2,000$3,000$4,000$5,000$6,000Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q020202120222023Deal value($M)Deal countSour
276、ce:Venture Pulse,Q123,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of March 31,2023.Data provided by PitchBook,April 19,2023Global|US|Americas EuropeAsia66 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clie
277、nts.All rights reserved.#Q1VCAfter bump in Q4 2022,Spain sees slowdownVenture financing in Spain2015Q123$95.5$127.5$136.6$96.1$221.3$363.8$71.8$162.2$158.1$282.6$220.9$153.6$379.9$265.7$330.6$188.1$179.2$502.1$397.1$385.2$478.5$317.9$516.7$498.5$1,539.7$484.1$694.6$1,506.3$1,142.9$816.3$670.2$746.7$
278、370.00204060800180200$0$200$400$600$800$1,000$1,200$1,400$1,600$1,800Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q020202120222023Deal value($M)Deal countSource:Venture Pulse,Q123,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of Ma
279、rch 31,2023.Data provided by PitchBook,April 19,2023Global|US|Americas EuropeAsia67 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q1VCThe general slowdown hits France,to a slightly lesser extentV
280、enture financing in France2015Q123$445.4$544.3$607.2$350.0$483.6$549.6$580.3$983.4$904.2$738.3$808.4$965.8$1,179.9$1,364.6$883.4$1,287.8$1,490.0$1,344.3$1,196.9$1,454.9$1,916.5$1,521.3$2,807.3$2,107.5$2,119.7$4,181.1$4,042.2$2,774.7$6,181.1$3,225.0$2,873.5$1,720.1$1,412.605003003504004505
281、00$0$1,000$2,000$3,000$4,000$5,000$6,000$7,000Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q020202120222023Deal value($M)Deal countSource:Venture Pulse,Q123,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of March 31,2023.Data provided by Pitch
282、Book,April 19,2023Global|US|Americas EuropeAsia68 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q1VCParis sees proportion of deal value dwindleVenture financing in Paris2015Q123$134.5$276.3$367.2
283、$101.7$285.5$324.9$378.8$507.1$443.9$479.0$493.0$289.2$706.0$911.8$448.1$677.1$828.3$874.1$660.5$910.2$1,126.6$1,163.4$2,017.9$924.3$1,111.3$3,290.0$2,248.3$1,582.2$3,500.0$2,126.3$2,251.5$851.1$447.30500$0$500$1,000$1,500$2,000$2,500$3,000$3,500$4,000Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q
284、3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q020202120222023Deal value($M)Deal countSource:Venture Pulse,Q123,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of March 31,2023.Data provided by PitchBook,April 19,2023Global|US|Americas EuropeAsia69 2023 Copyright owned by one or mo
285、re of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q1VCAfter some outlier quarters,2023 starts off slowVenture financing in the Nordics2015Q123$442.5$877.5$375.3$429.8$1,310.2$302.6$349.0$568.6$658.9$548.8$521.6$825.6$710.5$808.4$582
286、.1$813.4$1,161.0$2,099.1$1,012.2$852.3$1,577.2$1,007.2$2,390.5$1,877.6$4,206.6$5,626.8$2,143.6$2,796.7$2,705.2$2,662.4$2,588.8$3,235.4$740.70500300350400450500$0$1,000$2,000$3,000$4,000$5,000$6,000Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
287、 Q4 Q020202120222023Deal value($M)Deal countSource:Venture Pulse,Q123,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of March 31,2023.Data provided by PitchBook,April 19,2023“Were not seeing many companies raising growth rounds at the moment in the Nordics.The e
288、nvironment is far too uncertain for them.In fact some are deferring any new equity rounds until late this year or into 2024.Theres more rounds being raised at the early stages here right now although also the deployment of capital for early-stage companies slowed down somewhat in Q123.”Jussi PaskiHe
289、ad of Startup&Venture ServicesKPMG in FinlandGlobal|US|Americas EuropeAsia69#Q1VC70 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q1VCAfter a record rise throughout 2021,the gradual slide continu
290、esVenture financing in Israel2015Q123$784.8$309.5$307.9$636.9$773.0$528.9$528.7$289.4$645.6$875.7$738.6$691.7$1,036.8$855.2$931.8$1,245.0$1,087.6$1,058.1$1,097.0$1,381.1$1,028.1$1,141.9$1,457.4$1,688.0$2,444.0$2,744.5$3,074.0$5,022.1$3,217.7$3,586.1$1,666.7$1,232.1$698.30500$0$1,000$2,000
291、$3,000$4,000$5,000$6,000Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q020202120222023Deal value($M)Deal countSource:Venture Pulse,Q123,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of March 31,2023.Data provide
292、d by PitchBook,April 19,2023“Q1 2023 saw the global stagnation in venture activity also affecting Israel.This trend is amplified due to the current political uncertainty,raising concerns as to their economic ramifications on the local market.The number of investment deals decreased substantially(app
293、roximately half of those in Q1 2022),the majority in early-stage rounds(Seed and Round A).M&A deals dominate the exits scene(several were large scale$100M and more),while IPOs have nearly diminished.Looking forward to the next quarter,we believe that the instability in the global banking sector,coup
294、led with the local political unrest,will have a major impact on local tech companies,at a scope yet to be ascertained.”Dina Pasca-RazHead of Technology,Head of International TaxKPMG in IsraelGlobal|US|Americas EuropeAsia70#Q1VC 2023 Copyright owned by one or more of the KPMG International entities.K
295、PMG International entities provide no services to clients.All rights reserved.Cleantech,fintech&healthcare dominateTop 10 financings in Q123 in Europe1.Abound$602M,London,UK Fintech Early-stage VC2.Enpal$228.4M,Berlin,Germany Cleantech Series D3.The Bank of London$160M,London,UK Fintech Series C4.Mo
296、onfare$151.7M,Berlin,Germany Fintech Series C5.One Moto$148.9M,London,UK Cleantech Late-stage VC6.Oxbotica$140.3M,Oxford,UK Mobility tech Series C7.Amolyt Pharma$138M,Lyon,France Drug discovery Series C8.Hemab Therapeutics$135M,Copenhagen,Denmark Biotechnology Series B9.Carmoola$125.95M,London,UK Fi
297、ntech Series A10.Noema Pharma$110.7M,Basel,Switzerland Drug discovery Series BSource:Venture Pulse,Q123,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of March 31,2023.Data provided by PitchBook,April 19,202371#Q1VCGlobal|US|Americas EuropeAsia24810751639 2023 Copyright owned by one
298、or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.In Q123,VC-backed companies in the Asia region raised$13.5B across 1,773 deals72#Q1VCGlobal|US|Americas|EuropeAsia73 2023 Copyright owned by one or more of the KPMG International
299、 entities.KPMG International entities provide no services to clients.All rights reserved.#Q1VCChallenging time for VC investment in Asia during Q123VC investment in Asia fell from$25.5 billion in Q422 to just$13.5 billon in Q123 the lowest quarter of VC investment seen in the region since Q215.The q
300、uarter was challenging from multiple angles,as several factors combined to stifle VC investment across the region.In China,a surging COVID-19 wave hindered VC activity in advance of its New Year holidays,while Hong Kong felt the impact of rising interest rates and a slowdown in IPO activity,and Indi
301、a saw investors becoming pickier with their investments.Only Japan saw increasing investment in Q123,although the total remained far below Q122.Alternative energy hot across Asia,particularly in China and Hong KongVC investment in alternative energy and electric vehicles remained very robust across
302、Asia in Q123,with China and Hong Kong accounting for the largest deals in the space,including a$750 million raise by EV vehicle manufacturer Zeekr,a$445 million raise by AI company PhonePe,a$442 million raise by solar energy technology company SolarSpace,a$400 million raise by fossil fuels decarboni
303、zation company EcoCeres,and a$290 million raise by United Aircraft.Interest in alternative energy also remained robust in India during Q123,with VC investors particularly focused on the two-wheel EV market.Given Indias role as a major automotive manufacturing hub,it is expected that alternative ener
304、gy will remain a key priority for VC investors for some time.Indias government has also been very supportive of the EV space,introducing subsidies to support EV adoption.VC investment in China falls sharply quarter-over-quarterVC investment in China was particularly hard hit this quarter as the coun
305、try battled a major COVD-19 wave in the wake of its autumn reopening,although VC activity picked up somewhat in the second half of the quarter once the wave diminished.VC investment during Q123 totalledonly$7.4 billion less than half of the$15 billion seen in Q422.As VC investors questioned high val
306、uations,late-stage funding in China dropped considerably in Q123;by comparison,pre-seed and Series A funding was much more stable.Corporate VC investment in China also declined considerably during the quarter as corporates focused their capital on supporting their own operations rather than on growt
307、h and expansion.VC investment in India remains subdued,but long-term outlook positiveVC investment in India remained relatively soft in Q123 as VC investors intensified their scrutiny of potential deals.While FOMO drove a lot of VC investment in India in 2021 and early 2022,VC investors have since e
308、nhanced their focus on startup performance and profitability.Fintech continued to drive many of the largest deals in India in Q123,including a$445 million raise by PhonePe,a$218 million raise by NoBroker,a$200 million raise by KreditBee,and a$150 million raise by Insurance Dekho.India also saw growi
309、ng interest in agtech and gaming during the quarter.After a long period of euphoria,interest in edtech in India died down considerably during Q123.Despite the current slowdown in VC funding,macro factors in India remained relatively strong compared to other jurisdictions,which is driving optimism th
310、at the country will see a bounce back in VC investment in the later half of 2023.Global|US|Americas|EuropeAsia74 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q1VCChallenging time for VC investme
311、nt in Asia during Q123,contd.Japan sees slight uptick in VC investment in Q123Japanese VC investment saw slight increase during the quarter compared to global downward trend in VC investment,although it remained soft compared to the level of investment seen during the same quarter in 2022.VC investo
312、rs in Japan became more selective with respect to post Series C deals during Q123,although appetite for seed and Series A deals remained quite robust.The Government of Japan made a strong commitment to fostering innovation in its Integrated Innovation Strategy 202212.In Q123,it moved forward with se
313、veral of the initiatives included in this strategy,including funding for R&D at universities and centers of excellence and funding to support local governments as they establish startup hubs and clusters.In addition to Tokyo,Sapporo and Sendai have rapidly emerged as startup hubs in Japan.Osaka,Hiro
314、shima,and Fukuoka are also aggressively using funds to attract startups to their prefectures.AI gaining significant attention,particularly in Hong KongInvestor interest in AI has been relatively robust in Asia historically,although it increased further in Q123 in the wake of the global buzz generate
315、d by ChatGPT.The applicability of AI to many diverse sectors makes it a particularly attractive area for investment.In Hong Kong,AI solutions are maturing quite rapidly,particularly in building management such as the use of AI to manage building operations,energy use,and security,and in health and b
316、iotech including the use of AI for drug discovery and the modeling of disease spread.Trends to watch for in Q223There is cautious optimism across much of Asia heading into Q223,with several jurisdictions seeing some positive signs for the future,if no actual pick-up in deals at present.While VC inve
317、stment in the region is not expected to bounce back remarkably over the next quarter,should the sense of positivity continue,VC activity could begin to see some recovery heading into the second half of the year.While IPO activity was slow in Asia during Q123,it could see some renewed interest as a r
318、esult of the new Chapter 18C listing rules in Hong Kong.China is also working to strengthen the attractiveness of its mainland stock exchanges for tech-driven businesses in sectors like deeptech,EV,and biotech.12 https:/www.japan.go.jp/kizuna/2022/06/integrated_innovation_strategy.htmlGlobal|US|Amer
319、icas|EuropeAsia75 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q1VC2023 sees a slow startVenture financing in Asia2015Q123$13.7$12.8$27.8$13.6$21.9$29.7$17.9$17.0$13.8$20.9$25.5$24.5$35.9$52.2$3
320、4.0$37.6$25.2$20.2$36.5$38.1$25.1$24.1$32.3$46.6$45.6$45.1$63.5$71.7$44.6$32.6$31.1$25.5$13.505001,0001,5002,0002,5003,0003,5004,0004,5005,000$0$10$20$30$40$50$60$70$80Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q020202120222023Deal value($B)Deal countAngel&
321、seedEarly VCLater VCVenture growthSource:Venture Pulse,Q123,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of March 31,2023.Data provided by PitchBook,April 19,2023VC invested remained relatively healthy,especially in the broader context of historical tallies,up to the end of 2022.Ho
322、wever,this year has begun in a markedly slow fashion,even if figures do tick up somewhat.Given that multiple macro and market factors are still in place that are producing an environment marked by caution,it remains to be seen how much further activity may diminish.EV,alternative energy,Greentech al
323、l of these areas are still doing very well right now.Investment in the space is quite big and I think its just going to get bigger and bigger every day.Its such a positive area,such a good news story,that everyone is trying to get in on it.The other area that is getting a lot of attention right now
324、is AI.Not just the consumer applications,but the real deeptech solutions.Its a really exciting space.”Egidio ZarrellaPartner,Clients and InnovationKPMG China“Global|US|Americas|EuropeAsia75#Q1VC76 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities prov
325、ide no services to clients.All rights reserved.#Q1VCDown rounds tick upward as metrics begin to subsideMedian deal size($M)by stage in Asia20152023*$0.6$4.6$7.50$17.0$0$10$20$30$40$50$60$7020002120222023*Angel&seedEarly VCLater VCVenture growthUp,flat or down rounds in Asia2015
326、2023*0%10%20%30%40%50%60%70%80%90%100%20002120222023*UpFlatDownSource:Venture Pulse,Q123,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of March 31,2023.Data provided by PitchBook,April 19,2023.2023 figures for up,down or flat rounds are based on non-normative s
327、ample sizes.Global|US|Americas|EuropeAsia77 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q1VCDeal sizes begin to slideMedian deal size($M)by series in Asia20152023*$0.79$0.1$7.3$14.6$29.3$30.0$0
328、$10$20$30$40$50$60$70$80$9020002120222023*SeedAngelABCD+Source:Venture Pulse,Q123,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of March 31,2023.Data provided by PitchBook,April 19,2023.The Series D+figure for 2023 YTD is based on non-normative sample sizes.Glo
329、bal|US|Americas|EuropeAsia78 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q1VCAlthough sample sizes introduce variability,some metrics have begun to slideMedian pre-money valuation($M)by series
330、in Asia20152023*$3.5$1.6$25.0$75.0$323.0$520.0$0$100$200$300$400$500$600$70020002120222023*SeedAngelABCD+Source:Venture Pulse,Q123,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of March 31,2023.Data provided by PitchBook,April 19,2023.The 2023 YTD figures for A
331、ngel,Series B,C and D+are all based on non-normative sample sizes.Global|US|Americas|EuropeAsia79 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q1VCEarlier-stage deals stay surprisingly resilient
332、Deal share by series in Asia20152023*,number of closed deals01,0002,0003,0004,0005,0006,0007,0008,0009,00010,00020002120222023*Series D+Series CSeries BSeries AAngel&seedDeal share by series in Asia20152023*,VC invested($B)$0$20$40$60$80$100$120$140$200202
333、02120222023*Series D+Series CSeries BSeries AAngel&seedSource:Venture Pulse,Q123,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of March 31,2023.Data provided by PitchBook,April 19,2023Global|US|Americas|EuropeAsia80 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q1VCVC invested