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1、1 #Q4VC 2019 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated. Venture Pulse Q4 2018 Global analysis of venture funding 15 January 2019 2 #Q4VC 2019 K
2、PMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated. Welcome Welcome to the Q418 edition of Venture Pulse KPMG Enterprises quarterly report highlighting t
3、he key issues, trends and opportunities facing the VC market globally and in major jurisdictions around the world. 2018 was a bumper year for VC investment with over $254 billion of VC funding raised globally, compared with $174 billion in 2017. Record levels of VC investment in the Americas, Asia,
4、and Europe helped propel annual results globally. The strong and diversified US market continued to attract the majority of investment, although Asia came in a close second, thanks to an ongoing wave of $1 billion+ mega-deals, including four in Q418. Despite ongoing uncertainty around Brexit, Europe
5、an VC also remained very strong in 2018, with a significant increase in VC investment year-over-year. As the median deal size globally grew, VC deal volume continued to drop, with end of year results well below the peak of the more than 20,000 deals seen in 2015. This decline only highlights the con
6、tinued importance of late-stage deals in the eyes of investors. Globally, transportation was one of the VC markets hottest investment sectors during 2018, attracting funding across numerous verticals, including autonomous driving, ride hailing and alternative energy vehicles. At the technology level
7、, artificial intelligence attracted the most significant interest, likely due to its widespread applicability across industries and functions. Heading into 2019, the IPO market will be one to watch as a number of massive unicorns prepare to go public. However, the unexpected turbulence of the public
8、 markets at the end of 2018, may give pause for thought. In this quarters edition of the Venture Pulse Report, we examine both annual and quarterly VC market results, and explore a variety of global and regional trends, including: An increase in the number of unicorn births The ongoing breadth of tr
9、ansportation investments The increasing opportunities in emerging markets, including Latin America The growth of AI investment in all regions of the world. We hope you find this edition of the Venture Pulse Report insightful. If you would like to discuss any of the results in more detail, please con
10、tact a KPMG adviser in your area. message Throughout this document, “we”, “KPMG”, “KPMG Enterprise”, “us” and “our” refer to the network of independent member firms operating under the KPMG name and affiliated with KPMG International or to one or more of these firms or to KPMG International. KPMG In
11、ternational provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. 2019 KPMG International Cooperative (“KPMG Interna
12、tional”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated. Jonathan Lavender Global Chairman, KPMG Enterprise, KPMG International Brian Hughes Co-Leader, KPMG Enterprise Innovative Startups Network, KPMG
13、International and Partner, KPMG in the US Arik Speier Co-Leader, KPMG Enterprise Innovative Startups Network, KPMG International and Partner, KPMG in Israel You know KPMG, you might not know KPMG Enterprise. KPMG Enterprise advisers in member firms around the world are dedicated to working with busi
14、nesses like yours. Whether youre an entrepreneur looking to get started, an innovative, fast growing company, or an established company looking to an exit, KPMG Enterprise advisers understand what is important to you and can help you navigate your challenges no matter the size or stage of your busin
15、ess. You gain access to KPMGs global resources through a single point of contact a trusted adviser to your company. It is a local touch with a global reach. Contents 2019 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with
16、which the independent member firms of the KPMG network are affiliated. 6 Global Americas 29 42 US 60 Europe 83 Asia VC investment reaches record $254 billion invested worldwide in 2018 Global deal volume falls from 2017 levels 2018 Median pre-money valuation jumps to record high Following robust yea
17、r, corporate VC falls in fourth quarter Volume of global first-time financings drop to lowest rate since 2010 Juul raises $12.8 billion in Q4 but Asia dominates top 10 financings VC reaches new heights with nearly $136 billion invested on 9606 deals in 2018 Massive Q4 tally driven by Juuls $12.8 bil
18、lion deal Median deal size for Series D+ hits $50 million in 2018 Annual VC Investment in Canada reaches $2.9 billion for first time ever Brazils nears $860 million in VC investment over year US reaches new heights in VC invested Deal volume remains consistent with 2017 numbers VC investment and dea
19、l volume remain strong Series D+ median pre-money valuation reaches $325 million in 2018 After reaching record highs, corporate participation plunges during Q4 Fundraising up 60 percent year over year in value Venture Capital volume drops during 2018 Deal value hits $24.4 billion in 2018 versus $22.
20、3 billion in 2017 Dramatic rise in median deal sizes at all stages Corporate participation rate peaks just shy of 25 percent during Q4 YoY deal volume slides dramatically in the UK and France Venture Capital investment a solid $15 billion in Q4 Fundraising drops from $9.8 billion (2017) to $9.2 bill
21、ion (2018) Corporate participation remains near 30 percent Robust year for India with over $7 billion in VC investment Deal volume plunges in China for second consecutive quarter 4 #Q4VC 2019 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is
22、 a Swiss entity with which the independent member firms of the KPMG network are affiliated. Ventures new normal meets shifting global trends The venture industry has evolved markedly in the past decade. Funds increasingly focus upon particular stages as the capital stack has grown more segmented, wh
23、ile a significant increase in capital committed to private equity and venture capital in general has also transformed market conditions, with more players chasing more opportunities. Concurrently, successes on the part of early venture funds and startups launched in the wake of the global financial
24、crisis also encouraged even more competition and a gradual trend toward slightly fewer deals overall, coupled with significant increases in median financing sizes and valuations. However, this evolution of the venture industry now is progressing against a backdrop of intensifying economic and market
25、 turmoil, from trade policies to increased volatility for companies that recently went public. It remains to be seen whether the venture environment will respond swiftly or slowly to the uptick in uncertainty, but even greater caution seems most probable. 2018 closes on high notes across the board W
26、orldwide, the tally of VC invested in the final quarter of 2018 hit a remarkable $64.4 billion, across over 3,000 transactions. The second-highest mark ever, it is worthwhile putting that quarterly sum in context of year-end figures. 2018 saw over $250 billion in VC invested across 15,000+ transacti
27、ons on the whole; the next highest sum of the decade, 2017s $174.6 billion, pales in comparison. The Americas saw their highest tally yet invested in Q4 2018; Europe and Asia-Pacific regions remained robust on a historical basis. Underpinned by the amount of dry powder available, deal metrics stay a
28、t all-time highs As volume has slowly flatlined or at least diminished in its rate of increase, median financing sizes have only risen across all series for some years, culminating in highs for full-year 2018 tallies from angel and seed stages to Series D or later. A classic supply-and-demand phenom
29、enon is in play the proliferation of capital committed to venture funds has resulted in a massive hoard of dry powder available for firms to invest, while the number of viable opportunities has not soared in tandem, resulting in increased competition. Whats intriguing is this has occurred across all
30、 stages; the level of competition has elevated for every segment of the capital stack. Is the early-stage reversion complete? Since the start of 2015, the earliest stage of venture financing has seen the most significant contraction in count of completed deals. The slide seemed irreversible at first
31、 but, on the global stage, has evened out until the most recent quarters. Due in part to deal size inflation shifting not only traditional round nomenclature, but also discouraging investors from backing startups at such a risky stage, the decline has been important to track, as it could impact the
32、width of the deal funnel in the future. However, now it has appeared to even out the most recent dip is likely due to data lags more than anything else. What this portends is that the venture ecosystem has nearly completed its reversion to longer-run historical means at the early-stage; only additio
33、nal macroeconomic and political shocks could derail that trend. All currency amounts are in USD, unless otherwise specified, data provided by PitchBook. Q418 summary 5 #Q4VC 2019 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss enti
34、ty with which the independent member firms of the KPMG network are affiliated. The future of fundraising Given its tenure, the fundraising cycle is hard to gauge on a purely quarterly basis, but looking at longer-term trends, it is clear that venture players have more than enough capital to dispense
35、 for years to come. Such an embarrassment of riches will continue to prop up capital invested and deal volume tallies, but not to record extents, should additional shocks to markets occur throughout 2019; rather, slight corrections will be likely. However, as stage-specific fundraising is likely to
36、continue, each segment of the capital stack will also see more localized competition, maintaining robustness in metrics across every stage for at least some time, until sufficient shocks occur that funds have to wind down. A strong year for sellers, but cause for uncertainty remains Due primarily to
37、 some significant debuts on public exchanges resulting in massive market caps, 2018 saw a decade high of $300 billion+ in aggregate exit value. That is a mammoth sum, higher than any other year in some time, and should help refill the coffers of both financial backers and founders, prompting recycli
38、ng of capital back into the global venture ecosystem. It should be noted, however, that exit volume has essentially plateaued in the past 3 years, even as valuations have continued to rise. Thus, mega-valuations persisting upon exit is likelier from the start; the question becomes whether such valua
39、tions can persist. Market conditions are growing shakier, although that is unlikely to dissuade companies from going public, it could impact market caps for some time. M biotechnology boosted ever higher It would appear software is still eating the world, as venture investors, as well as non-traditi
40、onal funds, such as SoftBanks Vision Fund, continue feeding software businesses gargantuan sums of capital to keep doing so. No less than $100 billion was invested in software businesses throughout 2018, spanning all stages of investment. Key aspects of software have translated into horizontals rath
41、er than verticals, and continue to permeate every sector; as use cases and niches proliferate, investors are looking to fund the startups that can cater to a hopefully brand-new, addressable market. Hence, the significant rise of the other category in investment by sector, as traditional industry li
42、nes continue to be blurred. However, another sector has seen a meteoric rise in dollars invested, namely, pharmaceuticals and biotechnology. Over $23 billion was invested in 2018 in pharma they have had to provide stronger business cases, proof-of-concepts, and paths to profitability. A number of pr
43、ograms have worked to bridge early-stage funding gaps, including TechCrunch in the US. However, the sharp decline in early-stage deals globally could cause pipeline issues later down the road. Global VC investment rises for the sixth straight year 1 8 #Q4VC 2019 KPMG International Cooperative (“KPMG
44、 International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated. 2 Rebound in number of unicorn births Globally, the number of new unicorns skyrocketed from 53 in 2017 to over 94 in 2018. The US account
45、ed for 53 of these new unicorns almost double the 26 new unicorns seen in Asia and five times the 10 seen in Europe. This, combined with the number of $100 million+ mega-rounds, likely speaks to the strength of the US pipeline of innovative startups, including companies at the pre-unicorn stage (i.e
46、. those with valuations under $1 billion but over $500 million). The US has been very successful at creating an environment where a variety of businesses can graduate to unicorn status2. While Europes number of new unicorns paled in comparison to other jurisdictions, the number tripled from the thre
47、e seen in 2017. The class of 2018 was also more diversified; in 2017, all new unicorns were born in the UK, while in 2018 the UK, Spain, Germany, Portugal, Israel, and Estonia all saw at least one unicorn birth. This mix highlights the maturation of European innovation ecosystems and startups outsid
48、e of historical leaders a trend that bodes well for the robustness of Europes innovation economy as a whole on a long-term basis despite the uncertainty plaguing individual countries. Emerging economies draw substantial interest from VC investors In 2018, emerging economies moved onto the radar of V
49、C investors at a rapid rate. Countries such as Brazil, Colombia, Mexico, India, Malaysia, Indonesia, and others together attracted well over $8 billion in investment. Indonesia-based e-commerce company Tokopedia even landed among Q418s top global deals with its $1 billion raise. The increasing number of deals in emerging economies likely reflects investor sentiment that these markets hold a wealth of potential for companies able to provide services that cater to the needs of underbanked and unbanked populations such as microl