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1、The State of Online Marketplaces in 2023February 20242Investing in the future of marketplaces.Adevinta Ventures is the investment arm of Adevinta,a leading online classifieds group and champion of sustainable commerce with a focus on Europe.Adevinta Ventures invests in fast-growing European early st
2、age start-ups in the marketplace technology space-giving promising ventures the support to accelerate their success.By investing in early stage innovation,Adevinta Ventures stays on top of new trends in technology and drives industry transformation.Global startup&venture capital intelligence platfor
3、m.Dealroom.co is a global intelligence platform for discovering and tracking the most promising companies,technologies and ecosystems.Clients include many of the worlds foremost organizations such as Sequoia,Accel,Index Ventures,McKinsey,BCG,Deloitte,Google,AWS,Microsoft,Stripe.Dealroom partners clo
4、sely with local tech ecosystem development agencies and enablers,to create a comprehensive multi-dimensional blueprint of the tech ecosystem,including capital,talent,innovation,entrepreneurship and overall economic dynamism.3Key TakeawaysVenture capital investment in marketplaces shifts to other bus
5、iness models like SaaS or hybrid modelsVertical marketplaces attracted 90%of the funding over the last three yearsB2B marketplaces are on the rise,being less impacted by economic uncertaintiesGlobal VC funding by business modelVertical vs horizontal marketplaces share of VC funding amount and round
6、count(2020-2023)B2B share of marketplaces VC fundingSource:Dealroom.coInvestments rose towards SaaS solutions and SaaS marketplaces.Marketplaces made up the lowest share of global venture capital in over a decade.In 2023,VC funding in marketplaces totalled$31.6B,a drop down to 2014 levels,primarily
7、due to a sharp decline in late stage rounds.Specialisation is key as vertical marketplaces have attracted 90%of the funding over the last 3 years.Moreover,Fintech-enabled Marketplaces,SaaS-enabled marketplaces and increasingly AI-enabled marketplaces are becoming inherent to the sector.B2B marketpla
8、ces attracted an all-time-high 20%share of the funding going to marketplaces.B2B marketplaces are in fact less subject to economic uncertainties and oscillatory consumer spending and boosted by the digitization of supply chains.B2B Marketplaces are also often SaaS and/or fintech-enabled to fully mee
9、t the specific needs of their merchants and clients.Count&Funding amount4The evolution of marketplacesThe first generation of online marketplaces expanded from town squares and bulletin boards into eBay and Craigslist.A recognisable online migration.But marketplaces have evolved more in the last 20
10、years than in the previous 200.The initial wave of marketplaces from the 2000s tended to be supply-driven and vertically focused.The next wave of marketplaces enabled the transaction to take place on the platform.In the 2010s,marketplaces became on-demand,location-based and almost fully managed by t
11、he operator to improve the user experience.Today,we are at a time of abundance of capital,e-commerce adoption and millions of unbanked consumers in growth markets.The next generation of online marketplaces embed financial services to create a better value for the customer,increase retention and mone
12、tization.Supercharged marketplaces are now becoming the norm.Everything is already either Fintech-or SaaS-enabled,and AI-enabled marketplaces are also emerging.5The evolution of marketplaces1990s 2000s-20+SUPERCHARGED MARKETPLACESMANAGED MARKETPLACESON-DEMANDTRANSACTIONAL
13、VERTICAL SPECIALISTSSUPPLY AGGREGATORS6Capital investment in marketplaces shifts to other business models like SaaS or hybrid modelsA key influence is the rise of SaaS solutions and SaaS marketplaces,driving investments towards this sector.Pure play marketplace&e-commerce models are receiving the lo
14、west share of global venture capital in over a decade.This is part of a long historical trend which has seen marketplace funding gain greater share until it peaked in 2015-2017 and then decreased right after.In 2023,VC funding in marketplaces totalled$31.6B,a drop down to 2014 levels,primarily due t
15、o a sharp decline in late stage rounds.GLOBAL VC FUNDING BY BUSINESS MODELSupercharged marketplaces have become the norm8Most solutions are now either Fintech-or SaaS-enabled,with the added emergence of AI-enabled marketplacesBack in our 2021 report Fintech-enabled Marketplaces:The Future of Marketp
16、laces,we looked at how Fintech-enabled marketplaces are creating more value than either marketplaces and financial services alone.Today,it is much easier to embed or develop in-house Fintech or SaaS services thanks to advancements in infrastructure(embedded finance providers,APIs,no-code software et
17、c).Marketplaces take advantage of their data and online reach to offer these additional services and drive new revenue streams and higher customer retention.9“Adding financial services can make a marketplace more attractive and enhances its attractiveness by simplifying financial transactions for us
18、ers”On the other hand,SaaS features enhance marketplaces by providing seamless interactions and operational efficiency,which can boost user engagement and satisfaction.Additionally,AI streamlines operations if it is enhanced within the product.AI-first products or marketplaces(built around essential
19、 enabling technologies of the new AI era)can improve the overall user experience within marketplaces.The combination of SaaS,Fintech,and AI transforms marketplaces into dynamic,user-centric platforms that are better equipped to meet the diverse needs of their users.NOTABLE MARKETPLACES ROUNDS IN 202
20、3SaaS-enabled marketplaceFintech-enabled marketplaceAI-enabled10The use of AI is creating a new generation of supercharged marketplaces that solve complex problems for customers,like ShakersHctor MataCEO&FounderShakers“At Shakers,we are removing the friction for companies when building external team
21、s,unlocking talent at scale,and transforming the way companies relate to independent workers.This approach provides enhanced value&experience for both workers and corporations.”Ensuring vetted supply and demand.Utilizing AI to optimize workflows and user experience.Providing specific financial solut
22、ions to minimize friction.These super-powered marketplaces operate in three ways:11Vertical marketplaces attracted 90%of the total funding over the last three yearsVertical vs horizontal marketplaces share of VC funding amount and round count(2020-2023)*Source:Dealroom.co Data as of Jan 19th 2024.*F
23、intech is excluded from the analysisNotable vertical and horizontal marketplace rounds in 2023VERTICALHORIZONTAL$550M Growth Equity VC-Jul 2023$297M Growth Equity VC-Jul 2023$150M Series E-Sep 2023$600M Growth Equity VC-Dec 2023$448M Series F-Jan 2023$340M Series E-Dec 2023Count&Funding amount12(Hyp
24、er)Vertical marketplaces like Cocoli have been exploring business model innovations to boost their customer experienceGemma ComabellaCEO&FounderCOCOLI“Given the logistical shortcomings for second hand sales in the furniture industry,a full-stack service is important to enable circularity and second
25、life for retailers and their customers.At COCOLI,we collaborate with hyperlocal,national,and pan-European logistic partners to offer superior packing and pick-up services for all sellers while providing flexible options such as consignment or drop shipment,tailored to meet the specific needs of each
26、 seller.By creating a seamless and reliable verticalized platform,we aim to drive the adoption of second-hand furniture as the preferred choice,while simultaneously reducing waste and promoting a circular economy”.13The Major Hyper-Verticalized Marketplaces of 2023:EXPLORE THE FULL LANDSCAPE14Fintec
27、h is the top funded Marketplace industry in 2023,closely followed by FoodEnergy and Fashion have been the most resilient to the downturn.TOP 3 COMPANIESENERGYFASHIONTOP MARKETPLACES INDUSTRIES BY FUNDING FOR 2023 AND YEAR-OVER-YEAR GROWTH INDUSTRY2023GROWTHAverage marketplace drop-62%Source:Dealroom
28、.coData as of Jan 19th 2024.VIEW ONLINE15Types of B2B Marketplaces.SaaS-enabled B2B marketplacesTwo-sided marketplaces between businesses Two-sided marketplaces between companies and professionalsB2C marketplaces with big B2B segment as add-onSaaS-first with marketplace as add-onB2B software for B2C
29、 marketplacesMore details on Dealrooms methodology and what consists a B2B marketplace can be found in the“Methodology”segment at the end of the report.Not included in B2B marketplace definition for the analysis1620%of Marketplaces funding went to B2B Marketplaces in 2023,the highest share everB2B S
30、HARE OF MARKETPLACES VC FUNDING Source:Dealroom.co Data as of Jan 19th 2024.17However,B2B marketplaces raised$6.3B in 2023,a 36%decline compared to the previous years funding level and 3x less than in 2021 Source:Dealroom.co Data as of Jan 19th 2024.B2B MARKETPLACES GLOBAL VC FUNDINGVIEW ONLINE 250m
31、+100-250m40100m(series C)1540m(series B)415m(series A)14m(seed)01m(pre-seed)LATEBREAKOUTEARLY18On the rise:Fintech that enables B2B Marketplaces to cater to vital financing needs of their stakeholders,such as AriaClment CarrierCEO&FounderAria“At Aria,we are dedicated to innovating and resolving ever
32、y transactional hurdle that B2B marketplaces and platforms face.In particular,we allow our partners to offer instant invoice payouts to their sellers while empowering their buyers with flexible payment options such as wire transfers or Net 30 terms.The shift of B2B trade to the digital realm marks a
33、 significant advancement in the industry.However,this transition doesnt fully meet the nuanced needs of merchants and their clients.Fintech will streamline processes and unlock new possibilities for growth in B2B commerce”.19The United States still leads with more funding than the UK and India combi
34、nedSaudi Arabias impressive growth can be attributed to a few mega-rounds raised this year.TOP MARKETPLACES INDUSTRIES BY FUNDING FOR 2023 AND YEAR-OVER-YEAR GROWTH COUNTRY2023GROWTHAverage marketplace drop-62%Source:Dealroom.coData as of Jan 19th 2024.VIEW ONLINE20Marketplace exits have surged sinc
35、e 2022,fueled by a rise in acquisitions and buyouts.Public markets are still largely closed to new listingsSource:Dealroom.co Data as of Jan 19th 2024.NUMBER OF GLOBAL MARKETPLACES EXITS BY TYPEM&A activity remains strong and above historical levels.However most of acquisitions are small ticket size
36、s and often at lower than historical private valuations.Apart from a few successes,the largest acquisitions are late-stage startups being bought by mostly PE firms taking advantage of low valuations,challenging private financing market and no possibility of public market listing.Another key trend dr
37、iving M&A activity is startup consolidation.Startups in a strong cash position and with solid financial backing are acquiring competitors to lock in market dominance.We are also seeing a large number of fire sales and bankruptcies of cash-starved and unprofitable startups.21In 2023,with fewer VC fun
38、ding available,Marketplaces are increasingly reliant on debt.Over$14B in debt was raised,a record-high 30%of total private financing raised Source:Dealroom.co Data as of Jan 19th 2024.TOTAL DEBT*FUNDING AND AS A PERCENTAGE OF GLOBAL MARKETPLACE FUNDING*Debt includes here also lending capital.TOP DEB
39、T ROUNDS OF 2023 VIEW ONLINE$550M Debt-Dec 2023500M Lending Capital-Sep 2023$640M Debt-May 2023$470M Debt-Aug 2023$400M Lending Capital-Jun 2023300M Debt-Sep 202322Private valuations have not yet repriced officially in most cases,due to a rise in internal bridge rounds which limit external valuation
40、 information.Source:Dealroom.co Data as of Jan 19th 2024.GLOBAL COMBINED MARKETPLACE ENTERPRISE VALUE BY OWNERSHIPVIEW ONLINEPublic markets valuations bounced back,but still below 2021 levels.+0.85%YoY +46.74%YoY%OF VC BACKED PRIVATE MARKETPLACES WHICH RAISED A ROUND IN 202314%of VC backed marketpla
41、ces startups have raised capital in 2023*.86%of private startups have not adjusted their valuations recently.23The future market outlook for Marketplace startups remains uncertain.Although significant capital is accessible,its deployment may proceed at a more measured pace over the next 12-18 months
42、Source:Dealroom.co Data as of Jan 19th 2024.CAPITAL AVAILABILITY IS UNCERTAINSTARTUP SUCCESS There is a lot of dry powder in VC funds.Over$500B has been raised by VC funds since 2021,even if 2023 is showing a strong slowdown in fundraising pace,with VC fundraising down nearly 50%from last year.But d
43、eployment times are getting longer.While VCs were deploying in less than 2 years in the 2020-2021 bull market,deployment times are now being stretched due to more caution in evolving market conditions and stronger due diligence.There are however limits to this due to fees and return expectations.Inv
44、estors are shifting their strategy,moving away from spreading bets thinly and instead concentrating efforts on identifying potential winners at even earlier stages.The influence of hot trends has become more pronounced in shaping investment decisions.Startup success rate has not changed much histori
45、cally.Startups have on average not become more successful to reach next stages in growth(conversion rates have remained mostly unchanged historically*).The larger number of big successes in recent years came from the increased size of the funnel.Funding availability and startup success do not necess
46、arily correlate.The last decade and more of VC funding however happened in a low-interest environment and free of economic downturns.Looking back to the 2007-2008 cohort of marketplace startups they have shown higher conversion rates despite being more capital constrained at inception.The startup en
47、vironment was however very different,with a much smaller cohort and less intra-startup competition so comparisons are hard to be made.24Methodology and definitionsMarketplaces definitionsStartups,scaleups,grownups and techUnderlying dataCompanies designed to grow fast.Generally,such companies are VC
48、-investable businesses.Sometimes they can become very big(e.g.$1B+valuation).When startups are successful,they develop into scaleups(50 people),grownups(500 people)and result in big companies,like Arrival or Northvolt.Only companies founded since 1990 are included in this report.Investment numbers r
49、efer to rounds such as Seed,Series A,B,C,.late stage,and growth equity rounds.Venture capital investment figures exclude debt or other non-equity funding,lending capital,grants and ICOs.Buyouts,M&A,secondary rounds,and IPOs are treated as exits:excluded from funding data.Investment rounds are source
50、d from public disclosures including press releases,news,filings and verified user-submitted information.The marketplaces&e-commerce used in the reports include startups operating marketplaces or platforms connecting buyer(s)and seller(s)where goods or services are bought,sold or exchanged.Direct-to-
51、consumer and e-commerce businesses are also included.Some SaaS startups are also included in marketplace&e-commerce when they provide software to operate marketplaces/online stores,such as Shopify.We consider a marketplace B2B where the exchanges/transactions happen between two businesses.Our defini
52、tion of business includes professionals and freelancers.Dealrooms proprietary database and software aggregate data comes from multiple sources:harvesting public information,user-submitted data verified by Dealroom,data engineering.All data is verified and curated with an extensive manual process.Most underlying data from the report is available online via https:/dealroom.co/For more info please visit dealroom.co or contact supportdealroom.coVenture capital investmentGlossary&Definitions