1、Venture Pulse Q3 2023 Global analysis of venture funding October 18,2023 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.2#Q3VCWelcome messageWelcome to the Q323 edition of KPMGs Venture Pulse a qua

2、rterly report highlighting the major trends,challenges,and opportunities facing the venture capital market globally and in key jurisdictions around the world.The data and insights in this report are a look back to venture capital investment during the July 1 to September 30 time frame.Global VC inve

3、stment fell to a sixteen-quarter low this quarter as the VC market continued to feel the pressure of global economic and geopolitical uncertainties,ongoing concerns about valuations and downrounds,and a protracted lack of exit opportunities.Deal speeds continued to slow as VC investors remained caut

4、ious undertaking more due diligence related to potential deals and prioritizing companies with clear paths to profitability.VC investors also continued to focus on improving the operational efficiencies of companies within their existing portfolios.On a regional basis,the US,and Asia both experience

5、d slight declines however European deal activity picked up somewhat,in both VC investment and the total number of VC deals quarter-over-quarter.Mega deals returned to the fold in Q323,led by a massive$4 billion raise by US AI startup Anthropic.The top 5 deals globally also included a$2.27 billion ra

6、ise by France-based battery producer Verkor,a$1.87 billion deal by China-based GTA Semiconductor,a$1.63 billion deal by Sweden-based H2 Green Steel and a$1 billion deal by electric vehicle producer RoxMotor in China.Overall,AI-focused startups continued to attract a significant amount of attention f

7、rom VC investors globally,in addition to companies in the energy,electric vehicles,and cleantech spaces.After a lengthy drought,the last few weeks of Q323 saw some fresh IPO activity in the US,driven by the US-based IPOs of Arm a UK-based chip designer,Instacart a US-based grocery delivery company,a

8、nd Klaviyo a US-based marketing automation firm.All three companies saw relatively positive results on the first day of trading,although their results in the days since have been more mixed.Q423 will be critical to see whether the momentum generated by these IPOs is enough to open the IPO window fur

9、ther,although a full rebound in IPO activity is not expected before mid 2024.Heading into Q423,VC investment is expected to remain relatively soft globally although AI will likely remain a very compelling area of investment in all regions of the world.Given the acceleration in AI,additional regulati

10、on in the space will also be something to watch for in the coming quarters.In this quarters edition of Venture Pulse,we examine these and a number of other global and regional trends,including:The continued softness in fundraising globallyThe acceleration of interest in AI opportunities The slowdown

11、 in VC deal speeds in most jurisdictionsThe growing focus on IPO readiness The ongoing slowdown in large,late stage dealsWe 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 otherwis

12、e noted,all currencies reflected throughout this document are in US dollars.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 whet

13、her youre looking to reach new heights,embrace technology,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

14、 Giants,KPMG Private Enterprise,KPMG International&PartnerKPMG in the USLindsay HullSenior Director,Emerging Giants Global Network,KPMG Private Enterprise,KPMG International Contents Global VC investment declines slightly to$77.05 billion across 7435 dealsDown rounds remain high relativeto historic

15、normsLate-stage global median deal size falls year over yearIPO activity increases while M&Aremains mutedTop 10 deals spread among 6 different countriesAmericas VC-backed companies fall to$34.6 billion across 3000 dealsDown and flat rounds see an uptickCanadian deal value drops to new lowsMexico see

16、s rebound Quarter on over$297 millionBrazil records another slow quarteras Mexico see strong reboundCleantech,fintech and AI draw largest deals04 34 19 47 US VC deal value falls to$36.7 billion across 2716 dealsDown rounds increase year over yearLate-stage valuations face downward pressureInvestment

17、 in Software sector increases as a percentage of overall investment YoYIPO activity shows signs of lifeFundraising remains muted in wake of record highsAsia Venture Capital investmentdrops to$20.3 billion invested across 2582 dealsEarly-stage deals remain surprisingly resilientCorporate VC pulls bac

18、k in line with general marketJapan continues to see strong dealmakingElectric vehicle ecosystem remains hot in ChinaChinese companies raise 8 oflargest 10 deals in Asia73 Europe Investment remains cool in Europe with$17.3 billion invested on 1671 dealsVC invested into D+rounds drop YoYEnterprise&hea

19、lthcare-related offerings remain robustUK benefits from bevy of larger dealsAustria and France sees surge in VC investment on mega dealsTop 10 deals split among 6 countries,with UK leading the way#Q3VC 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities

20、 provide no services to clients.All rights reserved.3 Global US|Americas|Europe|Asia Globally,in Q323 VC-backed companies raised$77.05B across 7,435 deals 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights rese

21、rved.#Q3VC 4 Global VC investment falls for the 7th consecutive quarter Global US|Americas|Europe|Asia Q323 was a particularly quiet quarter for the VC market globally,with both total VC investment and the number of VC deals dropping between Q223 and Q323.On a regional basis,while there was a declin

22、e in total investment in both the Americas and Asia,European deal activity increased slightly quarter-over-quarter.Americas attracts the most funding,but Asia and Europe dominate largest VC deals The Americas accounted for the largest share of VC investment globally in Q323,with the US accounting fo

23、r the vast majority of this total,including a 4.0 billion raise by Anthropic,and a$997 million raise by battery recycler Redwood Materials.Asia,meanwhile,accounted for the largest share of the top ten deals in Q323,including a$1.87 billion raise by GTA Semiconductor and a$500 million raise by Indone

24、sia based startup Unway.However,it was the electric vehicle space that pulled in the majority of big deals including a$969 million raise by Neta Auto,a$1 billion raise by RoxMotor,all startups based in China.Europe also experienced a spike in mega deals this quarter,including a massive$2.27 billion

25、deal by Verkor and a$1.63 billion deal by H2 Green Steel.VC deals taking more time as VC investors become more particular Given the uncertain geopolitical and macroeconomic environment including concerns about valuations,potential returns,the lack of exits,high interest rates,and other factors it wa

26、s not surprising that the time to complete VC deals slowed considerably across most regions of the world during Q323.Many VC investors took more time to evaluate deal opportunities,conduct additional levels of due diligence,and identify companies with well-defined paths to profitability.VC investors

27、 also prioritized companies within their own portfolios during the quarter,spending more time on the ground with them to help them improve their operations and financial position.Geographic diversity of VC investments more evident in Q323 During Q323,a number of jurisdictions outside of the US and o

28、ther traditional big-ticket markets attracted$100 million+deals,including France(Verkor$2.27 billion),Sweden(H2 Green Steel$1.63 billion),and Indonesia(Unway$500 million),Hong Kong(Micro Connect$458),Australia(Wollemi Capital$220 million),and Ireland(Techmet$200 million).Growing VC markets also attr

29、acted significant deals this quarter,including the UAE (Haqqex$400 million),Japan (Telexistence$170 million;Gojo&Company$101 million),and Brazil (Loft$100 million).The growing diversity of jurisdictions attracting major megarounds is a testament to the rapidly evolving global VC ecosystem and the em

30、ergence and rapid maturation of new innovation hubs and their associated startups.Interest in AI continues to accelerate among VC investors globally While VC investors globally continued to be very cautious with their investments conducting greater levels of due diligence than in recent years,pullin

31、g back from late stage deals,and focusing primarily on companies with very strong business strategies and paths to profitability AI has been a significant exception.Globally,AI has continued to see a major acceleration in VC investment,although investors have taken different approaches to the space,

32、with some choosing to make a bunch of small bets on early stage companies across the AI ecosystem and industries in order to get in early,and others taking six to nine months to understand the outside market opportunity before honing in on specific companies in which to invest.During Q323,a wide var

33、iety of AI companies raised large funding rounds,including US-based Anthropic($4 billion),Databricks ($500 million),Neuralink($280 million),Japan-based Telexistence($170 million),and Germany-based Aleph Alpha($225 million).#Q3VC 2023 Copyright owned by one or more of the KPMG International entities.

34、KPMG International entities provide no services to clients.All rights reserved.5 Global VC investment falls for the 7th consecutive quarter,contd.Global US|Americas|Europe|Asia Energy and cleantech remains attractive to VC investors globally Energy and cleantech also continued to be significant draw

35、s for VC investors globally during Q323.In addition to large deals to Chinese electric vehicle manufacturers Neta Auto,Rox Motor,and Farizon,there was significant investor interest in battery technology in Q323 ranging from the$2.27 billion investment into French battery maker Verkor to a$997 millio

36、n raise by US-based battery recycling company Redwood Materials,a$460 million raise by Ascend Elements.More broadly,large cleantech investments included a$350 million raise by Juniper Green Energy in India and a$256 million raise by UK-based energy company Ovo Energy.It is expected that both energy

37、and cleantech will remain very key areas of investment,particularly as more and more jurisdictions emphasise the energy transition.IPO market window op ens a sliver After being closed for more than a year,the IPO market globally opened a sliver late in Q323 with the US-based IPO exits of Arm,Instaca

38、rt,and Klaviyo.While all three companies held respectable IPOs,their post-IPO performance has been more mixed although it is still very early days.While there is little to suggest that the IPO market door will swing open entirely in the wake of these IPOs,there is more positivity in the IPO market t

39、han there has been in quite some time.The real test will be whether or not other startups follow in their footsteps in Q423 and into Q124.The US market will be key to watch as activity there will likely tick upward first given the strength and depth of its investor pool.While Europe and much of Asia

40、,including mainland China and Hong Kong,also saw a continued slowdown in IPO activity,Japan continued to prove itself an exception.The number of IPOs in the country were on pace to exceed 2022 results at the end of Q323,with many performing well post-IPO.That said,IPOs in Japan were quite small in c

41、omparison to other jurisdictions in terms of deal size.Trends to watch for in Q423 VC investment globally is expected to remain relatively flat in Q423,given ongoing uncertainties in the global market.AI,energy,and cleantech are expected to remain very attractive to VC investors across most jurisdic

42、tions.Globally,many VC investors will have their eyes glued to the IPO market in Q423 and into Q124,watching to see the impact of the Q323 IPOs of Arm,Instacart,and Klaviyo.While the IPO window is not expected to see a dramatic reopening before the end of the year,additional exits could spark a rene

43、wal in IPO activity heading into the first half of 2024.#Q3VC 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.6 7#Q3VCGlobal US|Americas|Europe|Asia VC activity continues to subside,but at a slower

44、pace Global venture financing 2016Q323$51.1$63.0$42.6$41.5$40.2$52.5$60.7$63.2$79.7$91.4$79.6$101.2$77.1$74.0$88.4$89.7$80.0$77.5$101.9$115.5$162.7$176.1$195.0$213.4$181.3$152.7$105.9$97.2$92.7$81.4$77.0 0 2,000 4,000 6,000 8,000$0$50$100$150$200 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q

45、3Q4Q1Q2Q3 2016 2017 2018 2019 2020 2021 2022 2023 Deal value($B)Deal count Pre-seed/Seed Early VC Later VC Venture growth Source:Venture Pulse,Q323,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of September 30,2023.Data provided by PitchBook,October 18,2023$250 For the seventh quart

46、er in a row,venture activity continued to subside in Q3 2023.Both venture financing volume and aggregate deal value worldwide hit tallies once again in line with the boom period observed in the early 2020s.All that said,it is important to note that subsiding from record tallies is to be expected in

47、market cycles,especially given the array of shocks that economies and global financial systems have endured over the past three years and counting.In addition,there are signs of a moderation in the pace of slowing investment,i.e.,a plateau may be in the offing.When additional data is collected,aggre

48、gate deal value could be closer to Q2s tally than current figures suggest.Moreover,dealmakers seem to be further adapted to all the multiple volatile factors that have slowed the pace of investment thus far,while financing metrics are moderating to levels that may be more doable for many fund manage

49、rs.It remains to be seen if a plateau does emerge,but there are at least some promising indicators.18,000 16,000 14,000 12,000 10,000 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.“While overall i

50、nvestment remains somewhat muted globally,we continue to see mega rounds into Artificial Intelligence startups,both through corporate venture capital and traditional players.B eyond the hype,companies are actively piloting AI across the board to identify the most disruptive applications,where they c

51、an drive the greatest return on investment.We anticipate continue investment into all things AI,and in particular startups at the intersection of AI and productivity software.”Jonathan Lavender Global Head KPMG Private Enterprise KPMG International#Q3VC 7 Global US|Americas|Europe|Asia Down rounds r

52、emain high as financing metrics moderate Global median deal size ($M)by stage 20162023*$30$25$20$15$10.9$10$5$5.1$2.9$1.9$0 2016 2017 2018 2019 2020 2021 2022 2023*Pre-seed/Seed Early VC Later VC Venture growth Global up,flat or down rounds 20162023*100%90%Up 80%70%60%50%Flat 40%30%20%Down 10%0%2016

53、 2017 2018 2019 2020 2021 2022 2023*#Q3VC 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.8 Source:Venture Pulse,Q323,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of September 30,2

54、023.Data provided by PitchBook,October 18,2023 Global US|Americas|Europe|Asia The later stages see metrics slide,others hold steady Global median deal size ($M)by series 20162023*$120$100$80$60$50.0$40$30.0$20$19.3$9.90$2.2$0$0.5$0.3 2016 2017 2018 2019 2020 2021 2022 2023*Pre-seed Seed Angel A B C

55、D+Source:Venture Pulse,Q323,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of September 30,2023.Data provided by PitchBook,October 18,2023#Q3VC 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights

56、 reserved.9 Global US|Americas|Europe|Asia Later-stage valuations continue to correct Global median pre-money valuation($M)by series 20162023*$1,000$900$800$700$600$500$400$300$200$100$0$4.0$9.0$3.1$394.3$171.7$75.0$30.0 2016 2017 2018 2019 2020 2021 2022 2023*Pre-seed Seed Angel A B C D+Source:Vent

57、ure Pulse,Q323,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of September 30,2023.Data provided by PitchBook,October 18,2023#Q3VC 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.10

58、Deal shares revert to historical averages Global US|Americas|Europe|Asia Global deal share by series 20162023*,number of closed deals 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 2016 2017 2018 2019 2020 2021 2022 2023 D+C B A Angel Seed Pre-seed Global deal share by series 20162023*,VC

59、invested ($B)$700$600$500$400$300$200$100$0 2016 2017 2018 2019 2020 2021 2022 2023*D+C B A Angel Seed Pre-seed Source:Venture Pulse,Q323,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of September 30,2023.Data provided by PitchBook,October 18,2023#Q3VC 2023 Copyright owned by one or

60、 more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.11 Since 2019,healthcare&energy have commanded more capital Global US|Americas|Europe|Asia Global financing trends to VC-backed companies by sector 20162023*,number of closed deals

61、 2016 Global financing trends to VC-backed companies by sector 20162023*,VC invested ($B)100%90%80%70%60%50%40%30%20%10%0%“Transportation Commercial Products&Services Consumer Goods&Services Software Pharma&Biotech Other Media IT Hardware HC Services&Systems HC Devices&Supplies 100%90%80%70%60%50%40

62、%30%20%10%0%2017 2018 2019 2020 2021 2022 2023*Energy 2016 2017 2018 2019 2020 2021 2022 2023*Source:Venture Pulse,Q323,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of September 30,2023.Data provided by PitchBook,October 18,2023#Q3VC 2023 Copyright owned by one or more of the KPMG

63、International entities.KPMG International entities provide no services to clients.All rights reserved.12 Corporates e ven out at low level while first-time financing stays healthy Global US|Americas|Europe|Asia Corporate VC participation in global venture deals 2016Q323$140$120$100$80$60$40$20$27.1$

64、39.9$20.0$19.3$17.3$24.2$31.2$28.9$39.5$56.8$42.7$51.1$38.9$35.3$37.9$46.9$41.6$40.2$56.4$61.2$83.1$84.8$111.4$118.2$92.0$75.3$50.6$51.8$50.6$39.1$40.4$0 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3 2016 2017 2018 2019 2020 2021 2022 2023 Deal value($B)Deal count 0 1,000 1,500 2,00

65、0 2,500 3,000 3,500 4,000 4,500$27.1$26.7$37.3$69.2$60.2$27.2 0 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 0$20$30$40$50$60$70$80 2016 2017 2018 2019 2020 2021 2022 2023*$10 500$34.4$38.4 2,000 Deal value($B)Deal count Source:Venture Pulse,Q323,Global Analysis of Venture Funding,KPM

66、G Private Enterprise.*As of September 30,2023.Data provided by PitchBook,October 18,2023 Note: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 themselves.Likewise,deal count i

67、s the number of rounds in which corporate venture firms participated.Global first-time venture financings of companies 20162023*$Source:Venture Pulse,Q323,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of September 30,2023.Data provided by PitchBook,October 18,2023#Q3VC 2023 Copyrigh

68、t owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.13 Exits regain small bump back up Global US|Americas|Europe|Asia Global unicorn rounds 2016Q323$80 300$450 1,400 0 50 100 150 200 250$0$10$20$30$40$50$60$70$33.1$

69、29.0$43.5$27.4$46.5$39.9$36.6$69.3$30.1$126.5$114.4$58.7$66.5$158.3$78.5$61.1$46.3$82.9$213.2$240.7$353.2$378.1$317.4$396.8$96.7$74.2$84.6$60.4$40.0$53.3$82.8 0 200 400 600 800 1,000 1,200$100$150$200$250$300$350$400$12.4$28.7$7.2$5.1$4.9$11.6$18.0$13.7$21.8$29.4$22.9$40.4$20.7$20.4$30.9$26.0$21.3$2

70、1.2$30.4$33.5$59.4$62.1$72.5$74.1$53.9$45.7$18.8$21.8$28.1$14.9$15.8$50 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3 2016 2017 2018 2019 2020 2021 2022 2023 2016 2017 2018 2019 2020 2021 2022 2023 Deal value($B)Deal coun

71、t Exit value($B)Exit count Source:Venture Pulse,Q323,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of September 30,2023.Data provided by PitchBook,October 18,2023 Note:PitchBook defines a unicorn venture financing as a VC round that generates a post-money valuation of$1 billion or m

72、ore.These are not necessarily first-time unicorn financing rounds,but also include further rounds raised by existing unicorns that maintain at least that valuation of$1 billion or more.Global venture-backed exit activity 2016Q323$0 Source:Venture Pulse,Q323,Global Analysis of Venture Funding,KPMG Pr

73、ivate Enterprise.*As of September 30,2023.Data provided by PitchBook,October 18,2023 Note:Exit value for initial public offerings is based on pre-IPO valuation,not the size of the offering itself.#Q3VC 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities

74、 provide no services to clients.All rights reserved.14 15 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q3VCIPOs return somewhat,while M&A remains most common but mutedGlobal venture-backed exit

75、activity(#)by type20162023*05001,0001,5002,0002,5003,0003,5004,0004,5005,0002000222023*AcquisitionBuyoutPublic listingGlobal venture-backed exit activity($B)by type20162023*$0$200$400$600$800$1,000$1,200$1,400$1,6002000222023*AcquisitionBuyoutPublic listin

76、gSource:Venture Pulse,Q323,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of September 30,2023.Data provided by PitchBook,October 18,2023“There has been a belief held by many,me included,that private company valuations have not fully aligned with public.The cracking open of an IPO wi

77、ndow will hopefully rectify this so that potential valuation gaps that exist between investors and founders get closed to a degree.In the long run this would be good for everyone.”Conor Moore Head of KPMG Private Enterprise in the Americas,Global Leader,Emerging Giants,KPMG Private Enterprise,KPMG I

78、nternational&PartnerKPMG in the USGlobalUS|Americas|Europe|Asia15#Q3VC The fundraising cycle continues to see a reset Global venture fundraising 20162023*4,000$400 Global US|Americas|Europe|Asia$181.1$202.7$353.2$277.9$261.4$338.7$291.8$110.6 0 1,000 1,500 2,000 2,500 3,000 3,500$0$50$100$150$200$25

79、0$300$350 2016 2017 2018 2019 2020 2021 2022 2023*Capital raised($B)Fund count 500 Source:Venture Pulse,Q323,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of September 30,2023.Data provided by PitchBook,October 18,2023#Q3VC 2023 Copyright owned by one or more of the KPMG Internation

80、al entities.KPMG International entities provide no services to clients.All rights reserved.16 The denominator effect of the 2010s has transformed into the numerator effect of the 2020s,wherein equities decline has led to the need to rightsize private market allocations at the portfolio level among i

81、nstitutional managers.Fund allocators of capital are waiting to see how even top venture fund managers are navigating the current environment,especially as returns remain in question given liquidity crunches.As a result,the fundraising cycle is experiencing a reset that has yet to turn around.2023 c

82、ontinues to see headwinds affecting fund investors appetite for exposure,with nearly$111 billion committed thus far as the reset continues.17 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q3VCMor

83、e reasonably sized funds keep closingGlobal venture fundraising(#)by size20162023*05001,0001,5002,0002,5003,0003,5002000222023*$1B+$500M-$1B$250M-$500M$100M-$250M$50M-$100MUnder$50MGlobal first-time vs.follow-on venture funds(#)20162023*0%10%20%30%40%50%60%70%80%90%100%20162017

84、2002120222023*First-timeFollow-onSource:Venture Pulse,Q323,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of September 30,2023.Data provided by PitchBook,October 18,2023GlobalUS|Americas|Europe|Asia 2023 Copyright owned by one or more of the KPMG International entities.KPM

85、G International entities provide no services to clients.All rights reserved.Chips,transport&cleantech aboundTop 10 global financings in Q32318#Q3VC67103415298GlobalUS|Americas|Europe|Asia111.Anthropic$4B,San Francisco,US AI&ML Late-stage VC2.Verkor$2.3B,Grenoble,France Cleantech Series C3.GTA Semico

86、nductor$1.87B,Shanghai,China Semiconductors Late-stage VC4.H2 Green Steel$1.6B,Stockholm,Sweden Cleantech Early-stage VC5.Rox Motor$1B,Shanghai,China Automotive Late-stage VC6.Redwood Materials$997.2M,Carson City,US Cleantech Series D7.Neta Auto$969.4M,Shanghai,China Automotive Late-stage VC8.Conigi

87、tal$631.6M,Birmingham,UK Automotive Series A9.Farizon$600M,Hangzhou,China Automotive Series A10.Databricks$500M,San Francisco,US Database software Series I11.Uway$500M,Jakarta,Indonesia E-commerce Early-stage VCSource:Venture Pulse,Q323,Global Analysis of Venture Funding,KPMG Private Enterprise.*As

88、of September 30,2023.Data provided by PitchBook,October 18,2023 Global US Americas|Europe|Asia In Q323,US VC-backed companies raised$36.7B across 2,716 deals#Q3VC 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rig

89、hts reserved.19 VC investment in the US remains soft Global US Americas|Europe|Asia VC investment in the US fell marginally in Q323 as investors continued to shy away from making large deals.A$4.0 billion raise by Anthropic and a$997 million raise by lithium-ion battery recycling company Redwood Mat

90、erials accounted f or the largest deals of the quarter,followed distantly by a$500 million raise by AI-company Databricks,a$460 million raise by Battery recycler Ascend Elements,and a$460 million raises by Axiom Space.IPO window opens a fraction;companies working to prepare The IPO window in the US

91、has been firmly closed for well over a year.In the latter half of Q323,the window opened a fraction as UK-based AI chip design firm Arm and US-based grocery delivery company Instacart conducted IPOs on the Nasdaq,while US-based marketing automation firm Klaviyo listed on the NYSE.All three IPOs were

92、 reasonably successful.Arm raised over$4.8 billion in the largest IPO of the year,with its shares rising more than 25 percent on the first day of trading;1,2 Instacart raised$660 million,with its shares closing over 12 percent higher;3 and Klaviyo raised$576 million,with its shares closing 9 percent

93、 ahead.4 As of the end of Q323,the post IPO performance of all three companies has been mixed,although their ongoing performance is something that will need to be watched heading into Q423 and Q124.While Q423 may bring additional IPOs,its more likely that any complete opening of the IPO market will

94、not be until 2024.A number of mature startups in the US and their investors,however,are looking at the IPO market with cautious optimism,and are working to ensure they will be ready to take advantage should IPO market conditions improve.VC firms taking a stronger hand with their portfolio companies

95、Given the challenging market conditions and economic environment over the last few quarters,many VC investors in the US have been slow making deals,choosing instead to focus more of their attention on their current portfolio companies.This continued to be the case in Q323,with a growing number of ge

96、neral partners spending significant time on the ground with their portfolio companies in order to provide more concrete guidance on improving different aspects of their business,from business and operational strategies to marketing approaches and product and technical roadmaps.These activities have

97、focused primarily on startups where VCs have deployed a significant amount of capital,or on highly promising startups in an effort to help them evolve to a point where they can begin to demonstrate a path to profitability.Ongoing concerns about valuations keeping M&A activity at bay M&A activity in

98、the US remained very dry in Q323,primarily driven by ongoing concerns about valuations given the growing number of downrounds,the cost of debt being meaningly higher and the lack of significant exits.Once valuations have stabilized and been proven in the public markets,M&A activity will likely pick

99、up.Corporate M&A activity will likely pick up first as companies look at whether writing a check for an existing company would be better than building innovative solutions in house.#Q3VC 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no ser

100、vices to clients.All rights reserved.20 1.https:/ 2.https:/ 3.https:/www.ctvnews.ca/business/instacart-s-ipo-surges-as-the-grocery-delivery-company-goes-from-the-supermarket-to-the-stock-market-1.6569334 4.https:/ investment in the US remains soft,contd.Global US Americas|Europe|Asia First time VC f

101、unds facing greater challenges as LPs put pressure on VC firms With interest rates up and more options at their fingertips,LPs are starting to get more selective with their investments.They are also putting significantly more pressure on the VC firms they invest with to show results.This has led to

102、VC firms conducting fewer deals and substantially more due diligence.It has also led LPs to become more cautious about investing in new funds particularly first time funds without having a proven track record.During Q323,a number of first time funds struggled to raise funds a distinct change compare

103、d to a year or two ago,when proven investors rarely found it difficult to fundraise,even for first time funds.Trends to watch for in Q423 Heading into Q423,many eyes in the US will be on the IPO market to see whether other tech startups follow in the footsteps of Arm,Instacart,and Klaviyo.If the IPO

104、 market opens up more broadly,M&A activity could also experience a rebound as investors receive more certainty as to whether valuations have stabilized at a healthier level.While fundraising activity is expected to remain slow across the US in Q423 and into Q124,as exits start to materialize in grea

105、ter numbers and liquidity gets back to the investor base,fundraising will likely begin picking up again.Within the US,AI is expected to continue to attract significant attention from VC investors,particularly AI focused on specific sectors like health and biotech and legal and other professional ser

106、vices.ESG,meanwhile,could see some pullback over the next few quarters as an overarching focus of companies,although environment-focused solutions,such as alternative energy and cleantech,are expected to remain attractive.#Q3VC 2023 Copyright owned by one or more of the KPMG International entities.K

107、PMG International entities provide no services to clients.All rights reserved.21 Financing activity could be even ing out Global US Americas|Europe|Asia Venture financing in the US 2016Q323$120 6,000$100 5,000$21.6$26.9$18.6$17.1$18.9$22.6$25.6$23.3$31.0$32.0$35.3$48.9$40.8$38.0$37.8$34.3$40.2$37.5$

108、48.2$47.1$79.3$83.7$87.3$97.0$81.5$76.9$46.4$39.6$52.1$37.0$36.7$0$20$40$60$80 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2016 2017 2018 2019 2020 2021 2022 2023 Deal value($B)Deal count Pre-seed/Seed Early VC Later VC Venture growth Source:Venture P

109、ulse,Q323,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of September 30,2023.Data provided by PitchBook,October 18,2023 3,000 4,000 2,000 1,000 0 After a steep slide from the heights of venture activity in 2021 and early 2022,deal flow could be evening out in the US.This is to be ex

110、pected as market participants engaged in the ongoing process of pricing in multiple risks and overall the potential for slower economic growth if not a recession.However,it remains to be seen if this is now the new normal,as tallies have returned to levels seen before the boom of the early 2020s,or

111、if there remain further ripple effects that have not yet been felt.For the US in particular,as monetary policy could be now better priced into the overall cost of capital and implications for pathways to revenue generation and fund timelines,there may be a bit more certainty than elsewhere.However,t

112、he US still also faces the most competitive atmosphere for capital deployment,so fund managers must continue to grapple with striking the right balance between winning deals and being judicious with capital infusions.2023 Copyright owned by one or more of the KPMG International entities.KPMG Interna

113、tional entities provide no services to clients.All rights reserved.#Q3VC 22 Financing metrics&down rounds suggest harder hurdles to raise Global US Americas|Europe|Asia Median deal size ($M)by stage in the US 20162023*$35$30$25$20$15$11.4$10$5.8$4.9$5$2.6$0 2016 2017 2018 2019 2020 2021 2022 2023*Pr

114、e-seed/Seed Early VC Later VC Venture growth Up,flat or down rounds in the US 20162023*100%90%80%70%60%50%40%30%20%10%0%Up Flat Down 2016 2017 2018 2019 2020 2021 2022 2023*#Q3VC 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to

115、 clients.All rights reserved.23 Source:Venture Pulse,Q323,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of September 30,2023.Data provided by PitchBook,October 18,2023 24#Q3VCGlobal US Americas|Europe|Asia Later-stage sizes moderate further Median deal size ($M)by series in the US 2

116、0162023*$120$100$80$60$60.0$40$35.0$23.8$20$10.5$0.5$3.0$0$0.2 2016 2017 2018 2019 2020 2021 2022 2023*Pre-seed Seed Angel A B C D+Source:Venture Pulse,Q323,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of September 30,2023.Data provided by PitchBook,October 18,2023 Note:Figures rou

117、nded in some cases for legibility.“Investors are doing a lot more seed and early stage deals right now as opposed to late stage deals.They re trying to make more bets earlier with the intent that they will double or triple down on the ones that survive.It s definitely a bit of a change in strategy c

118、ompared to the last few years,but not a surprising one given the pressure on valuations for late stage companies.”Jules Walker Managing Director Business Development KPMG in the US#Q3VC 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no serv

119、ices to clients.All rights reserved.24 25#Q3VCGlobal US Americas|Europe|Asia Valuations hold steady at earlier stages Median pre-money valuation($M)by series in the US 20162023*$1,000$900$800$700$600$500$400$400.0$300$200$200.0$100$82.5$33.0$5.7$11.0$0$4.5 2016 2017 2018 2019 2020 2021 2022 2023*Pre

120、-seed Seed Angel A B C D+Source:Venture Pulse,Q323,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of September 30,2023.Data provided by PitchBook,October 18,2023 Note:Figures rounded in some cases for legibility.“Overall,I think were starting to see the market shift to a more positiv

121、e course here in the US.VC investment levels have stabilized for the most part if at lower levels than the last few years.Valuations appear to be stabilizing as well.In the VC market,theres more acceptance of downrounds as investors and startups come to terms with reality.To a degree,a lot of what w

122、ere seeing is simply the unwinding of some of the hype associated with fifteen years of cheap money.”Sam Lush Director,Private Equity Group KPMG in the US#Q3VC 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights

123、 reserved.25 Series D+is back at pre-2018 levels in VC invested Global US Americas|Europe|Asia Deal share by series in the US 20162023*,number of closed deals 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 2016 2017 2018 2019 2020 2021 2022 2023 D+C B A Angel Seed Pre-seed Deal share by serie

124、s in the US 20162023*,VC invested ($B)$350$300$250$200$150$100$50$0 2016 2017 2018 2019 2020 2021 2022 2023*D+C B A Angel Seed Pre-seed Source:Venture Pulse,Q323,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of September 30,2023.Data provided by PitchBook,October 18,2023#Q3VC 2023 C

125、opyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.26 Perceived recession-resilient areas continue to draw investment Global US Americas|Europe|Asia Venture financing by sector in the US 20162023*,number of

126、closed deals 100%90%80%70%60%50%40%30%20%10%0%Transportation Commercial Products&Services Consumer Goods&Services Software Pharma&Biotech Other Media IT Hardware HC Services&Systems HC Devices&Supplies 100%90%80%70%60%50%40%30%20%10%Venture financing by sector in the US 20162023*,VC invested ($B)0%2

127、016 2017 2018 2019 2020 2021 2022 2023*Energy 2016 2017 2018 2019 2020 2021 2022 2023*Source:Venture Pulse,Q323,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of September 30,2023.Data provided by PitchBook,October 18,2023#Q3VC 2023 Copyright owned by one or more of the KPMG Internat

128、ional entities.KPMG International entities provide no services to clients.All rights reserved.27 28 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q3VCGlobal USAmericas|Europe|AsiaFirst-time finan

129、cings pacing to pre-2021 levelsCorporate participation in venture deals in the US2016Q323$9.8$15.3$8.0$6.9$7.7$9.1$10.5$9.9$13.4$16.7$17.8$27.0$22.3$17.7$16.2$13.7$19.9$18.8$26.8$22.6$40.4$40.3$43.7$49.5$37.8$37.1$21.6$17.1$32.9$17.1$20.8001,0001,200$0$10$20$30$40$50$60Q1 Q3 Q1 Q3 Q1 Q3 Q

130、1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q32000222023Deal value($B)Deal countFirst-time venture financings of companies in the US20162023*$9.9$10.0$15.4$15.6$15.1$24.4$24.0$10.201,0002,0003,0004,0005,0006,000$0$5$10$15$20$25$302000222023*Deal value($B)Deal countSource:Ve

131、nture Pulse,Q323,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of September 30,2023.Data provided by PitchBook,October 18,2023“During the pandemic,companies learned how to pivot relatively quickly to cash conservation mode.That muscle memory is coming in handy right now.Companies ar

132、e pausing growth plans and working to get their unit economics squared,so that they can either hit profitability or accelerate the path to profitability.The question will likely be whether theyve made sufficient progress to generate the next level of investor interest.”r#Q3VC28Scott BurgerPartnerKPM

133、G in the US A slight bump in Q3 exit value belies overall volume still sliding 600$300 Global US Americas|Europe|Asia Venture-backed exit activity in the US 2016Q323$13.0$18.7$22.1$11.1$32.9$19.8$16.5$34.4$19.7$37.2$33.3$38.2$53.2$128.5$45.1$25.0$16.8$35.4$103.3$173.2$125.5$267.1$204.8$198.0$33.0$18

134、.0$16.4$9.3$9.1$6.6$35.8 0 100 200 300 400 500$0$50$100$150$200$250 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2016 2017 2018 2019 2020 2021 2022 2023 Exit value($B)Exit count Source:Venture Pulse,Q323,Global Analysis of Venture Funding,KPMG Private

135、Enterprise.*As of September 30,2023.Data provided by PitchBook,October 18,2023#Q3VC 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.2929 30 2023 Copyright owned by one or more of the KPMG Internatio

136、nal entities.KPMG International entities provide no services to clients.All rights reserved.#Q3VCIPOs rebound ever so slightlyVenture-backed exit activity(#)by type in the US20162023*05001,0001,5002,0002,5002000222023*AcquisitionBuyoutPublic listingVenture-backed exit activity(

137、$B)by type in the US20162023*$0$100$200$300$400$500$600$700$800$9002000222023*AcquisitionBuyoutPublic listingSource:Venture Pulse,Q323,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of September 30,2023.Data provided by PitchBook,October 18,2023Global USAmericas

138、|Europe|Asia Fundraising remains muted in the wake of rec ord highs Global US Americas|Europe|Asia US venture fundraising 20162023*$200$51.0$46.5$71.5$163.4$172.5$42.7$0$20$40$60$80$100$120$140$160$180 2016 2017 2018 2019 2020 2021 2022 Capital raised($B)Fund count$70.4$93.2 0 2023*1,600 1,400 1,200

139、 1,000 800 600 400 200 Source:Venture Pulse,Q323,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of September 30,2023.Data provided by PitchBook,October 18,2023#Q3VC 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services

140、to clients.All rights reserved.31 The sheer decline in fundraising activity speaks to multiple factors,especially for US fund managers:1)LPs rebalancing of portfolios;2)concerns around the viability of venture fund performance against equities and other private asset classes;3)satiated market demand

141、 given the degree of commitments from 2021 and 2022.All in all,a reset or a prolonged pause is occurring.as fundraising volume has slowed drastically,2023 continues to see much lower tallies of capital committed.32 2023 Copyright owned by one or more of the KPMG International entities.KPMG Internati

142、onal entities provide no services to clients.All rights reserved.#Q3VCProportions are back to normalVenture fundraising(#)by size in the US20162023*02004006008001,0001,2001,4002000222023*$1B+$500M-$1B$250M-$500M$100M-$250M$50M-$100MUnder$50MVenture fundraising($B)by size in the

143、 US20162023*$0$20$40$60$80$100$120$140$160$180$2002000222023*$1B+$500M-$1B$250M-$500M$100M-$250M$50M-$100MUnder$50MSource:Venture Pulse,Q323,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of September 30,2023.Data provided by PitchBook,October 18,2023Global USAm

144、ericas|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.#Q3VCFirst-time funds maintain a surprising bounce back in capital raisedFirst-time vs.follow-on funds(#)in the US20162023*0%10%2

145、0%30%40%50%60%70%80%90%100%2000222023*First-timeFollow-onFirst-time vs.follow-on funds($B)in the US20162023*0%10%20%30%40%50%60%70%80%90%100%2000222023*First-timeFollow-onSource:Venture Pulse,Q323,Global Analysis of Venture Funding,KPMG Private Enterprise.

146、*As of September 30,2023.Data provided by PitchBook,October 18,2023Global USAmericas|Europe|Asia Global|US Americas Europe|Asia In Q323,VC-backed companies in the Americas raised$38.6B across 3,001 deals#Q3VC 2023 Copyright owned by one or more of the KPMG International entities.KPMG International e

147、ntities provide no services to clients.All rights reserved.34 Dealmaking remains slow across Americas Global|US Americas Europe|Asia Both VC investment and the number of VC deals remained subdued in the Americas during Q323,with the number of VC deals in particular dropping to a thirteen-quarter low

148、.The decline in VC deal volume and value was mirrored across much of the Americas,with numbers dropping in the US a nd Canada and only slight increases in Brazil,and Mexico.Similar to previous quarters,the US att racted the vast majority of VC funding in the Americas during Q323,including large rais

149、es by AI startup Anthropic($4.0 billion),battery recycling company Redwood Materials($997 million),AI firm Databricks($500 million),battery recycler Ascend Elements($460 million)as well as Axiom Space ($460 million).Other large raises this quarter included construction equipment provider EquipmentSh

150、are($440 million)and gene therapy firm Kriya Therapeutics ($430 million).AI chip company Tenstorrent raised Canadas largest deal of Q323($100 million),while proptech Loft raised the largest deal in Brazil ($100 million).Fundraising remains muted across the Americas Fundraising across the Americas re

151、mained quite muted in Q323,following a trend seen globally.The dearth of fundraising activity likely reflects a number of factors,including the incredibly high fundraising activity seen in recent years,a slowdown in deal speed causing a complimentary slowdown in the need to bring in additional capit

152、al,the lack of perceived exit opportunities,and high interest rates providing investors with alternative investment options.Downrounds becoming more prevalent;private company valuations still a question During Q323,the number of downrounds climbed in the Americas,particularly in the US,with more com

153、panies taking cuts to their valuations in order to attract new capital.Some startups also accepted more challenging deal terms in order to raise necessary rounds particularly flat rounds such as the use of ratchets or recognition of seniority among investors in the event of a near-term liquidation o

154、f a given startup.The lack of exit opportunities over recent quarters has not helped to settle valuation concerns.Should the IPO window open wider in the wake of the Q323 IPOs of Arm,Instacart,and Klaviyo in the US,private company valuations could start to stabilize as the alignment of public and pr

155、ivate valuations becomes increasingly clear.Unicorn births still soft across Americas;AI well represented The number of new unicorn births in the Americas has slowed considerably over the course of 2023,with Q323 being no exception.A number of existing unicorns,particularly those sitting right at or

156、 near the$1 billion valuation mark have also struggled to raise additional funding.This has led to some thinning of the herd as companies accepted lower valuations in order to raise new rounds.Of the companies that have reached unicorn status in the Americas so far in 2023,AI-focused startups have b

157、een among the most well represented,including companies like US-based AI agent focused startup Imbue,AI-focused biotech Truebinding,GenAI firm Runway,and Canada-based natural language processing firm Cohere.AI is expected to remain a key sector for new unicorns over the next few quarters given the i

158、ncredibly strong interest in the space.#Q3VC 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.35 Dealmaking remains slow across Americas,contd.Global|US Americas Europe|Asia Despite slowdown in VC in

159、vestment,long-term optimism in Canada VC investment slowed considerably in Canada during Q323 as VC investors grew more cautious with their investments,taking more time to make deals and putting more of an emphasis on finding companies with the right fit.Despite the slowdown,optimism remains quite s

160、trong in Canada given the strength of its innovation ecosystem and the growing maturity of startups,particularly in highlight attractive and resilient sectors like AI,cleantech,and health and biotech.Corporate investment continued to show strong resilience in Canada during Q323;at the end of the qua

161、rter,while total CVC investment was well off pace compared to the outlier years of 2021 and 2023,it was already ahead of the level seen in 2020 and well-positioned to match 2019s total.Brazil continues to attract interest from VC investors,despite soft Q323 VC investment in Brazil remained slow in Q

162、323,driven primarily by global macroeconomic factors and a slowdown in the amount of time required to get deals done.Despite the current slowdown,VC investors and corporates have continued to show interest in the rapidly maturing startup ecosystem in Brazil and in the countrys market growth potentia

163、l.Following on previous quarters,fintech continued to be the most attractive sector for investment in Brazil.During Q323,Brazils largest VC deals included a$100 million raise by real estate firm Loft and a$40 million raise by financial platform company Principia.Cleantech solutions continue to attra

164、ct interest Energy and greentech continued to attract solid interest and investment across the Americas during Q323.The US attracted the largest deal in the space(Redwood Materials$1 billion).Investment in Canada was also notable due to the broad diversity of greentech companies that attracted small

165、-to-medium sized investments,including AI-powered sustainable technology firm Dcbel($53 million),space-based GHG monitoring firm GHGsat($44 million),decarbonization-focused company Carbon Upcycling ($26 million),plant-based seafood company Konscious($26 million),and fusion power development company

166、General Fusion($25 million).In Brazil,VC investors also continued to show interest in the clean energy sector,particularly in solutions related to solar power from production and commercialization to financing.Trends to watch for in Q423 Looking forward to Q423,VC investment in the Americas is expec

167、ted to remain relatively steady quarter over quarter.VC investment in AI is expected to remain incredibly robust,although there could be a growing focus on differentiating startups focused on truly innovative use cases of AI.Cleantech and energy will likely also continue to attract investment,in add

168、ition to fintech in Brazil and Latin America.M&A activity is expected to remain quite dry in Q423.However,should IPO activity pick up in Q423 and Q124,M&A activity will likely follow suit particularly in the US as potential buyers gain more confidence in the valuations of possible targets.#Q3VC 2023

169、 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.36 37 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserve

170、d.#Q3VCThe pace of decline could be weakeningVenture financing in the Americas2016Q323$22.4$27.6$19.4$18.0$19.8$24.0$26.9$24.5$32.9$33.7$36.7$51.2$42.6$40.9$41.0$36.7$42.4$39.4$50.8$49.9$84.0$93.5$97.0$104.7$90.9$82.1$49.5$42.7$54.3$39.8$38.601,0002,0003,0004,0005,0006,0007,000$0$20$40$60$80$100$120

171、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 Q1 Q2 Q32000222023Deal value($B)Deal countPre-seed/SeedEarly VCLater VCVenture growthSource:Venture Pulse,Q323,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of September 30,2023

172、.Data provided by PitchBook,October 18,2023After 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.dealmaking could still be

173、 evening out;2022 took the brunt of the plunge in financing activity,and now figures are still steadying around pre-2021 levels.Global|US AmericasEurope|Asia38 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights

174、 reserved.#Q3VCDown&flat rounds see an uptickMedian deal size($M)by stage in the Americas20162023*$2.5$4.3$5.8$10.8$0$5$10$15$20$25$30$352000222023*Pre-seed/SeedEarly VCLater VCVenture growthUp,flat or down rounds in the Americas20162023*0%10%20%30%40%50%60%70%80%90%100%2016201

175、72002120222023*UpFlatDownSource:Venture Pulse,Q323,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of September 30,2023.Data provided by PitchBook,October 18,2023Global|US AmericasEurope|Asia39 2023 Copyright owned by one or more of the KPMG International entities.KPMG Inte

176、rnational entities provide no services to clients.All rights reserved.#Q3VCFinancing metrics continue to exhibit normalizationMedian deal size($M)by series in the Americas20162023*$0.5$3.0$0.2$10.2$24.0$35.7$63.0$0$20$40$60$80$100$2002120222023*Pre-seedSeedAngelABCD+Source:Vent

177、ure Pulse,Q323,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of September 30,2023.Data provided by PitchBook,October 18,2023Global|US AmericasEurope|Asia40 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clien

178、ts.All rights reserved.#Q3VCValuations decline at the highest levelsMedian pre-money valuation($M)by series in the Americas20162023*$5.7$11.0$4.5$33.0$83.8$200.0$400.0$0$200$400$600$800$1,000$1,2002000222023*Pre-seedSeedAngelABCD+Source:Source:Venture Pulse,Q323,Global Analysis

179、 of Venture Funding,KPMG Private Enterprise.*As of September 30,2023.Data provided by PitchBook,October 18,2023.The angel figure for 2023 YTD is based on a non-normative sample.Global|US AmericasEurope|Asia41 2023 Copyright owned by one or more of the KPMG International entities.KPMG International e

180、ntities provide no services to clients.All rights reserved.#Q3VCDealmaking returns to longer-running historical proportionsDeal share by series in the Americas20162023*,number of closed deals02,0004,0006,0008,00010,00012,00014,00016,00018,0002000222023*D+CBAAngelSeedPre-seedDea

181、l share by series in the Americas20162023*,VC invested($B)$0$50$100$150$200$250$300$3502000222023*D+CBAAngelSeedPre-seedSource:Venture Pulse,Q323,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of September 30,2023.Data provided by PitchBook,October 18,2023Global

182、|US AmericasEurope|Asia42 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q3VCBusiness,energy&healthcare see modest growthVenture financing of VC-backed companies by sector in the Americas20162023*

183、,#of closed deals0%10%20%30%40%50%60%70%80%90%100%2000222023*TransportationCommercialProducts&ServicesConsumerGoods&ServicesSoftwarePharma&BiotechOtherMediaIT HardwareHC Services&SystemsHC Devices&SuppliesEnergyVenture financing of VC-backed companies by sector in the Americas2

184、0162023*,VC invested($B)0%10%20%30%40%50%60%70%80%90%100%2000222023*Source:Venture Pulse,Q323,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of September 30,2023.Data provided by PitchBook,October 18,202342Global|US AmericasEurope|Asia43 2023 Copyright owned by

185、one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q3VCQ3 sees a slump after healthy tallies for most the past two yearsVenture financing in Canada2016Q323$585.6$487.3$546.8$714.1$353.9$789.8$995.7$896.3$856.5$1,392.0$756.6$

186、1,071.3$1,248.7$1,128.4$1,858.7$1,486.3$1,312.0$1,141.9$966.6$1,266.6$2,978.0$5,114.1$2,489.5$3,182.5$4,365.5$2,431.8$1,655.0$2,043.1$1,524.3$1,705.4$913.50500300350400450$0$1,000$2,000$3,000$4,000$5,000$6,000Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q32001920

187、20202120222023Deal value($M)Deal countSource:Venture Pulse,Q323,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of September 30,2023.Data provided by PitchBook,October 18,202343#Q3VCGlobal|US AmericasEurope|Asia“Theres still optimism in Canada.The ecosystem is good,corporate activity

188、has remained relatively strong,and theres still money to be spent overall in the VC funds its only that theyre trying to find the right companies with the right fit at the right dollar value.While deal value and volume in Q423 will likely remain on the lower side,hopefully well start to see the numb

189、er tick up as we get into 2024.”Ryan ForsterPartner,KPMG in Canada44 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q3VCMexico sees an outlier quarter in customary variabilityVenture financing in

190、Mexico2016Q323$13.4$54.4$71.9$21.2$26.4$120.6$104.7$13.4$300.9$70.3$273.9$81.5$320.6$1,146.9$155.8$273.4$80.9$53.3$359.8$651.7$284.5$1,155.0$2,157.6$519.9$855.3$735.4$382.4$191.8$85.5$69.7$297.9007080$0$500$1,000$1,500$2,000$2,500Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q

191、2Q32000222023Deal value($M)Deal countSource:Venture Pulse,Q323,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of September 30,2023.Data provided by PitchBook,October 18,2023Global|US AmericasEurope|Asia45 2023 Copyright owned by one or more of the KPMG Internati

192、onal entities.KPMG International entities provide no services to clients.All rights reserved.#Q3VCBrazil records another slow quarter in ongoing subdued environmentVenture financing in Brazil2016Q323$120.6$97.5$66.5$165.3$232.1$218.5$88.8$267.2$463.8$122.9$283.2$1,018.6$127.9$551.1$1,139.7$414.1$603

193、.7$579.6$883.8$671.7$946.0$2,624.4$2,000.9$2,379.9$2,447.7$946.8$611.3$326.8$328.3$435.7$466.40500$0$500$1,000$1,500$2,000$2,500$3,000Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q32000222023Deal value($M)Deal countSource:Venture Pulse,Q323,Global Anal

194、ysis of Venture Funding,KPMG Private Enterprise.*As of September 30,2023.Data provided by PitchBook,October 18,202345#Q3VCGlobal|US AmericasEurope|Asia“Brazil and Latin America as a whole is a booming economy.We have a very good and growing startup ecosystem,with tens of thousands of active startups

195、.We also have plenty of large businesses,many of which need help with modernizing their operations or improving their productivity.Despite current market challenges,the long-term outlook for VC investment remains good,particularly in growing areas like B2B and SaaS B2B solutions.”Daniel MalandrinPar

196、tner,Venture Capital&Corporate VenturesKPMG in Brazil 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.Cleantech,fintech,logistics&AI predominateTop 10 financings in Q323 in Americas46#Q3VC8743526911

197、01.Anthropic$4B,San Francisco,US AI&ML Late-stage VC2.Redwood Materials$997.2M,Carson City,US Cleantech Series D3.Databricks$500M,San Francisco,US Database software Series I4.Ascend Elements$460.1M,Westborough,US Cleantech Series D5.Axiom Space$460M,Houston,US Aerospace Series C6.Equipment Share$440

198、M,Columbia,US Industrials software Series E7.Kriya Therapeutics$430M,Redwood City,US Drug discovery Series C8.Lvrch Capital Advisory$400M,Los Angeles,US Financial services Series D9.PayJoy$360M,San Francisco,US Fintech Series C10.Cardurion Pharma$300M,Burlington,US Biotech Series ASource:Venture Pul

199、se,Q323,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of September 30,2023.Data provided by PitchBook,October 18,2023Global|US AmericasEurope|Asia 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All ri

200、ghts reserved.#Q3VCIn Q323,EuropeanVC-backed companies raised$17.3B across 1,671 deals47Global|US|Americas EuropeAsia48 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q3VCEurope sees VC investment

201、 strengthenVC investment in Europe increased slightly quarter-over-quarter,powered by a series of mega-deals.Overall,there were 10 deals of$225 million plus in Q323 including a$2.27 billion raise by France-based battery recycler Verkor,a$1.63 billion raise by H2 Green Steel in Sweden and a$631 milli

202、on deal by UK driverless vehicle firm Conigital.Fresh dog food company Butternut Box raised$355 million,followed by$325 million raise by Switzerland-based Atlas Agro.As investors raise the bar,not all companies will survive In light of the uncertain market conditions,many VC investors in Europe have

203、 raised the bar in terms of their investment criteria.This has likely contributed to some of the slowdown in deal volume as VC investors narrowed their focus to supporting the biggest bets and highest quality companies in more mature sectors and ones that have shown more resilience in the current ma

204、rket climate.AI has been one notable exception;VC investor interest in the space only continued to accelerate during Q323,with quite a range of startups raising funds,including France-based AI platform company Poolside($126 million)Fintech investment softens in Europe Fintech investment in Q323 was

205、quiet in Europe as late stage fintechs in the region continued to avoid funding rounds given current economic conditions and concerns about depressed valuations.Many have also been working to get their own house in order,improving the efficiency of their operations amidst increasing pressure from th

206、eir investors to achieve or accelerate the path to profitability.France-based embedded finance company Defactos$182 million raised the largest fintech deal of the quarter,followed by a$150 million raise by UK-based investment firm Astaris Capital Management.VC investors did continue to show interest

207、 in B2B-focused fintechs during Q323,particularly solutions aimed at improving the back office financial activities of small businesses.Cleantech and energy solutions remain hot in the eyes of VC investors in EuropeCleantech and energy solutions remained attractive to VC investors in Q323,with inves

208、tments showing diversity both from a product and geographic perspective.Companies that attracted investments during the quarter ranged the gamut from zero carbon fertilizer company Atlas Grow in Switzerland and biotech-focused sustainable protein provider Unibio in Denmark to Field a battery develop

209、er and storage company based in the UK.VC investment in UK soft during Q323;ecosystem activity remains strongWhile VC investment in the UK remained subdued in Q323,ecosystem activity continued apace.During the quarter,UK FinTech Growth Partners announced the launch of a FinTech Growth Fund aimed at

210、filling a recognized funding gap by providing support to growth stage fintechsworking to scale.5The UK government also announced a bespoke deal to allow for UK scientists to participate in Horizon Europe a collaborative research program they have been unable to participate in since the UK exited the

211、 EU.It is expected that the program will help spur scientific collaboration and innovation efforts and increase access to research opportunities and funding.6The EV and automotive space also saw continued activity;in recent quarters,a number of large automakers announced or made major investments in

212、 EV vehicle production,ancillary activities,and EV battery production in the UK including BMW,which announced a 600 million investment in EV production.7,8Global|US|Americas EuropeAsia5.https:/ 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide

213、 no services to clients.All rights reserved.#Q3VCEurope sees VC investment strengthen,contd.Germany VC investment remains mutedVC investment in Germany remained muted in Q323 as VC investors enhanced their focus on due diligence and took a tougher stance on making potential deals.In particular,VC in

214、vestors have become more risk averse,increasingly scrutinizing startups expected milestones and planned pathways to profitability.During Q323,AI focused startups attracted significant investments in Germany,including GenAI focused Aleph Alpha($109 million)and AI-powered robotics firm Neura Robotics.

215、Business productivity solutions providers and companies focused on cleantech,energy,and medtech also continued to attract attention from VC investors.Tough quarter for VC investment in the Nordics,made better by$1.6 billion H2 Green Steel dealWhile VC investment in the Nordics region continued to be

216、 soft in Q323,there were a number of indications that suggested that the tide might be ready to turn heading into Q423 and Q124.In particular,the quarter saw Sweden-based Green Steel raise$1.6 billion in equity funding.9From a fundraising perspective,the Nordics region saw two major new funds closed

217、 during the quarter,including the 1.1 billion hard cap close of Verdanes Capital XI fund focused on supporting growth companies looking to digitalize and decarbonize the economy in Europe.10NordicNinja also announced a$214 million fund focused on supporting Series A round companies with a focus on c

218、limatech,deeptech and digital society.11Ireland continues to see deal activity at smaller deal sizesWith the exception of a major$200 million raise by critical minerals investment company TechMet,VC deals in Ireland were quite small this quarter.While companies continued to attract attention and fun

219、ding,deal sizes were particularly modest as investors remained cautious and hesitant about writing significant cheques given the current environment.Investor caution has likely also been partly responsible for the slowdown in fundraising activity as VC firms look to avoid pressure to spend funds rai

220、sed.Trends to watch for in Q423 VC investment in Europe is expected to remain soft in Q423,as companies continue to face difficulties raising funding.The high interest rate environment could also see VC fundraising activity remain subdued,which could have long-term consequences for the VC market.If

221、the VC market remains tight,there will likely be more focus on consolidation as industry winners continue to raise funds and other startups lose momentum or fade into obsolescence.Despite a general slowdown in investment,AI will likely remain very attractive to VC investors,in addition to cleantech

222、and health and biotech.It will be important to watch the IPO market over the next quarter or two;while the IPO of UK based Arm was a positive signal after a lengthy drought,more successful exits are needed to revitalize the market and give LPs more confidence in potential exit opportunities.9.https:

223、/ EuropeAsia50 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q3VCVenture activity cools but VC invested indicates a plateauVenture financing in Europe2016Q323$6.6$5.0$4.8$5.5$5.7$7.1$7.1$9.7$10.5

224、$8.9$8.0$11.9$11.3$12.3$10.9$11.5$11.5$12.1$17.6$18.4$29.2$39.3$30.0$32.7$40.6$32.1$21.0$23.5$14.0$16.4$17.305001,0001,5002,0002,5003,0003,5004,0004,500$0$5$10$15$20$25$30$35$40$45Q1 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 Q3200022

225、2023Deal value($B)Deal countPre-seed/SeedEarly VCLater VCVenture growthSource:Venture Pulse,Q323,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of September 30,2023.Data provided by PitchBook,October 18,2023Venture financing volume slid quarter over quarter by mid year but that tally

226、 is likely to tick upward once additional undisclosed deals are brought to light and further financing metrics are confirmed.And on top of that,some outsized deals did help propel quarter-over-quarter VC invested to grow,in a promising sign for key segments.after sustained volatility,it could be tha

227、t European startup ecosystems are beginning to see priced-in dealmaking levels as outlier deals returnGlobal|US|Americas EuropeAsia51 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q3VCDown&flat r

228、ounds tick upward while financing metrics moderateMedian deal size($M)by stage in Europe20162023*$1.6$1.5$4.0$6.6$0$1$2$3$4$5$6$7$8$9$002120222023*Pre-seed/SeedEarly VCLater VCVenture growthUp,flat or down rounds in Europe20162023*0%10%20%30%40%50%60%70%80%90%100%200

229、0222023*UpFlatDownSource:Venture Pulse,Q323,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of September 30,2023.Data provided by PitchBook,October 18,2023Global|US|Americas EuropeAsia52 2023 Copyright owned by one or more of the KPMG International entities.KPMG Internation

230、al entities provide no services to clients.All rights reserved.#Q3VCOnly later-stage metrics have declined muchMedian deal size($M)by series in Europe20162023*$0.7$1.9$0.6$10.0$22.0$42.0$59.45$0$20$40$60$80$100$120$2002120222023*Pre-seedSeedAngelABCD+Source:Venture Pulse,Q323,G

231、lobal Analysis of Venture Funding,KPMG Private Enterprise.*As of September 30,2023.Data provided by PitchBook,October 18,2023The Series D+figure for 2023 YTD are based on non-normative sample sizes.Global|US|Americas EuropeAsia53 2023 Copyright owned by one or more of the KPMG International entities

232、.KPMG International entities provide no services to clients.All rights reserved.#Q3VCValuations are returning to previous mediansMedian pre-money valuation($M)by series in Europe20162023*$2.7$5.4$3.2$22.3$48.4$106.8$356.2$0$200$400$600$800$1,000$1,2002000222023*Pre-seedSeedAnge

233、lABCD+Source:Venture Pulse,Q323,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of September 30,2023.Data provided by PitchBook,October 18,2023The figures for Series C and D or later valuations in 2023 to date are based on non-normative sample sizes.Global|US|Americas EuropeAsia54 202

234、3 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q3VCAfter a boom period,dealmaking proportions have normalizedDeal share by series in Europe20162023*,number of closed deals01,0002,0003,0004,0005,0006,

235、0007,0008,0009,0002000222023*D+CBAAngelSeedPre-seedDeal share by series in Europe20162023*,VC invested($B)$0$10$20$30$40$50$60$70$80$90$2002120222023*D+CBAAngelSeedPre-seedSource:Venture Pulse,Q323,Global Analysis of Venture Funding,KPMG Private Enterprise

236、.*As of September 30,2023.Data provided by PitchBook,October 18,2023Global|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.#Q3VCEnterprise&healthcare-related offerings still

237、 draw capitalEuropean venture financings by sector20162023*,number of closed deals0%10%20%30%40%50%60%70%80%90%100%2000222023*TransportationCommercialProducts&ServicesConsumer Goods&ServicesSoftwarePharma&BiotechOtherMediaIT HardwareHC Services&SystemsHC Devices&SuppliesEnergyE

238、uropean venture financings by sector20162023*,VC invested($B)0%10%20%30%40%50%60%70%80%90%100%2000222023*Source:Venture Pulse,Q323,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of September 30,2023.Data provided by PitchBook,October 18,2023Global|US|Americas Eu

239、ropeAsia56 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q3VCFirst-time financing volume healthy while CVCs join back inCorporate VC participation in venture deals in Europe2016Q323$2.8$2.1$1.8$2

240、.0$1.9$2.7$2.1$2.8$3.9$3.4$3.6$4.3$3.9$5.7$5.1$4.1$4.5$6.4$8.7$8.3$14.4$16.9$14.2$14.4$17.3$14.0$9.5$13.9$6.2$6.4$9.8005006007008009001,000$0$2$4$6$8$10$12$14$16$18$20Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q32000222023Deal value($B)Deal countFirs

241、t-time venture financings of companies in Europe20162023*$3.0$3.9$5.3$4.3$5.4$11.3$8.5$4.805001,0001,5002,0002,5003,0003,5004,0004,5005,000$0$2$4$6$8$10$002120222023*Deal value($B)Deal countSource:Venture Pulse,Q323,Global Analysis of Venture Funding,KPMG Private Enterprise.*As

242、 of September 30,2023.Data provided by PitchBook,October 18,2023Global|US|Americas EuropeAsia57 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q3VCExits remain stalledVenture-backed exit activity

243、in Europe2016Q323$6.8$5.7$4.2$6.1$5.2$7.9$3.4$4.3$2.0$39.2$12.9$5.5$3.3$2.4$5.2$8.2$1.8$5.5$10.0$10.9$35.3$31.8$66.2$29.4$16.2$16.2$4.6$6.1$3.1$2.4$4.60500300350400$0$10$20$30$40$50$60$70Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q32000222023Exit val

244、ue($B)Exit countSource:Venture Pulse,Q323,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of September 30,2023.Data provided by PitchBook,October 18,2023Global|US|Americas EuropeAsia58 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities p

245、rovide no services to clients.All rights reserved.#Q3VCM&A remains primary avenue in a moribund marketVenture-backed exit activity(#)by type in Europe20162023*02004006008001,0001,2001,4002000222023*AcquisitionBuyoutPublic listingVenture-backed exit activity($B)by type in Europe

246、20162023*$0$20$40$60$80$100$120$140$160$2002120222023*AcquisitionBuyoutPublic listingSource:Venture Pulse,Q323,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of September 30,2023.Data provided by PitchBook,October 18,2023Global|US|Americas EuropeAsia59 2023 Copy

247、right owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q3VCFundraising finally takes a blow,but not as badly as maybe fearedEuropean venture fundraising20162023*$19.0$24.7$19.0$23.6$31.3$34.5$29.4$15.00

248、250300350400450$0$5$10$15$20$25$30$35$402000222023*Capital raised($B)Fund countSource:Venture Pulse,Q323,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of September 30,2023.Data provided by PitchBook,October 18,2023After a record-breaking stretch for capital com

249、mitted,the slowdown has finally hit the European continent,with the pace of commitments slowing dramatically and total capital pledged on pace for tallies similar to pre-2020 figures.Current volatility may be actually exacerbated by the natural slowdown in fundraising cycles after LPs garnered their

250、 desired exposure.at$15.1 billion,2023is now seeing a bit more health in the fundraising market,indicating LPs are becoming reassured59#Q3VCGlobal|US|Americas EuropeAsia“We are seeing some positive signs here in the UK.After a period of decline particularly in the second half of 2022 total VC invest

251、ment has remained relatively stable for the third consecutive quarter.That said,deal activity is still slow;where a deal once could have been completed in six months,now it might take twice that.Everything is simply taking longer.Investors are more cautious,asking more questions,and doing more due d

252、iligence than they might have in recent years.”Robert BaxterHead of Corporate FinanceKPMG in the UK60 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q3VCCapital continues to concentrate in follow-

253、on&modestly sized fundsVenture fundraising(#)by size in Europe20162023*05003002000222023*$1B+$500M-$1B$250M-$500M$100M-$250M$50M-$100MUnder$50MFirst-time vs.follow-on venture funds(#)in Europe20162023*0%10%20%30%40%50%60%70%80%90%100%2000222023*

254、First-timeFollow-onSource:Venture Pulse,Q323,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of September 30,2023.Data provided by PitchBook,October 18,2023Global|US|Americas EuropeAsia61 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entitie

255、s provide no services to clients.All rights reserved.#Q3VCThe UK benefits from bevy of larger dealsVenture financing in the United Kingdom2016Q323$1.7$1.6$1.5$1.7$1.6$2.6$2.8$4.4$3.5$2.5$2.8$5.0$4.0$3.7$3.3$3.7$3.2$3.9$4.5$6.4$10.7$9.3$9.9$8.5$16.2$8.7$6.9$5.3$4.2$5.6$5.2#N/A02004006008001,0001,200$

256、0$2$4$6$8$10$12$14$16$18Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q42000222023Deal value($B)Deal countSource:Venture Pulse,Q323,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of September 30,2023.Data provided by PitchBook,October 18,202361#Q

257、3VCGlobal|US|Americas EuropeAsia“Rising interest rates have dampened some of the enthusiasm globally for venture capital investments.While we continue to see record amounts of dry powder around the world,much of this has previously been driven by the influx of tourist investors seeking higher return

258、s in a low interest rate environment.In the current market,higher interest rates,we may see the opposite effect,giving many tourist investors pause before doubling down on VC.Nicole UK Head of Emerging GiantsKPMG in the UK Lowe”62 2023 Copyright owned by one or more of the KPMG International entitie

259、s.KPMG International entities provide no services to clients.All rights reserved.#Q3VCLondon sees tallies back to pre-2021 levelVenture financing in London2016Q323$0.9$1.0$0.9$0.8$0.9$2.1$2.0$3.7$1.8$1.2$1.7$3.6$2.6$2.8$1.8$2.6$1.9$2.5$3.2$4.0$7.8$6.4$7.0$5.4$13.8$6.5$4.5$3.5$2.8$4.1$2.60

260、0500600700$0$2$4$6$8$10$12$14$16Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q32000222023Deal value($B)Deal countSource:Venture Pulse,Q323,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of September 30,2023.Data provided by PitchBook,October 18,20

261、23Global|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.#Q3VCIreland sees moderate jump in VC investedVenture financing in Ireland2016Q323$303.1$46.7$169.9$240.0$189.1$123.

262、9$178.4$131.6$427.7$370.5$88.3$440.7$108.4$154.3$100.5$126.5$93.8$291.2$295.3$625.5$392.1$888.4$343.0$426.0$463.9$580.2$128.8$284.5$183.2$177.1$244.60204060800180200$0$100$200$300$400$500$600$700$800$900$1,000Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q32001920

263、20202120222023Deal value($M)Deal countSource:Venture Pulse,Q323,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of September 30,2023.Data provided by PitchBook,October 18,202363#Q3VCGlobal|US|Americas EuropeAsia“Similar to most other countries and regions,investment in Ireland has bee

264、n reasonably muted this quarter.While good companies are still being funded,deal sizes are modest,reflecting the cautious nature of investors right now.Most deal sizes this quarter have been sub$10 million the$200 million TechMet raise being a very significant outlier.On a more positive note,there h

265、as been a perceptible uptick in M&A activity,where companies and investors with deep pockets are taking advantage of depressed valuations and the limited exit options available.”Anna ScallyPartner,Head of Technology&MediaKPMG in Ireland64 2023 Copyright owned by one or more of the KPMG International

266、 entities.KPMG International entities provide no services to clients.All rights reserved.#Q3VCVC invested evens out in Germany as activity moderatesVenture financing in Germany2016Q323$623.3$576.8$536.8$635.0$541.4$1,293.3$908.4$921.9$1,758.9$916.2$837.5$1,503.8$1,255.5$1,476.3$1,983.9$1,595.4$1,463

267、.7$1,942.8$2,126.8$2,037.7$3,433.0$4,023.8$3,813.4$6,670.5$3,078.0$5,630.9$2,982.9$1,851.2$2,145.6$2,045.5$1,639.20500300350400450$0$1,000$2,000$3,000$4,000$5,000$6,000$7,000$8,000Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q32000222023Deal value($M)D

268、eal countSource:Venture Pulse,Q323,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of September 30,2023.Data provided by PitchBook,October 18,202364#Q3VCGlobal|US|Americas EuropeAsia“Here in Germany,were still seeing VC investors showing interest in a lot of business models related to

269、 sustainability,climate change,and energy in addition to AI,and business productivity.There also continues to be good traction for healthcare so biotech and medical products.At the same time,VC investors are really focusing on profitability asking hard questions of companies to understand what their

270、 strategies are and what their milestones are on the path to profitability.”Tim Dmichen Partner KPMG in Germany65 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q3VCThe Berlin venture ecosystem ha

271、s entered a plateauVenture financing in Berlin2016Q323$234.6$350.4$173.0$360.2$307.7$1,037.3$417.5$430.8$1,207.2$411.8$200.9$828.8$522.7$1,251.0$395.0$698.2$644.2$1,304.6$783.7$1,280.2$1,804.2$2,103.2$2,162.8$4,795.1$1,507.1$3,763.9$1,045.8$603.6$992.5$817.3$407.80204060800180$0$1,000$2,0

272、00$3,000$4,000$5,000$6,000Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q32000222023Deal value($M)Deal countSource:Venture Pulse,Q323,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of September 30,2023.Data provided by PitchBook,October 18,2023Glob

273、al|US|Americas EuropeAsia66 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q3VCAustrian ecosystem sees surge in VC investedVenture financing in Austria2016Q323$65.9$26.3$11.0$42.5$32.8$44.5$13.9$5

274、0.2$31.4$64.6$20.3$33.4$40.5$69.1$139.1$18.7$121.5$47.4$106.5$68.8$120.0$514.1$567.1$96.2$655.8$267.7$70.2$59.8$156.4$118.3$241.900$0$100$200$300$400$500$600$700Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q32000222023Deal value($M)Deal countSource:Ven

275、ture Pulse,Q323,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of September 30,2023.Data provided by PitchBook,October 18,2023Global|US|Americas EuropeAsia67 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clie

276、nts.All rights reserved.#Q3VCDealmaking moderates further across SpainVenture financing in Spain2016Q323$222.0$356.6$81.7$154.5$163.0$287.4$225.6$160.8$373.6$750.1$342.6$191.3$188.7$507.3$402.1$357.7$505.5$322.9$530.8$510.8$1,555.3$549.1$725.2$1,524.7$1,229.0$793.6$701.6$829.6$519.7$520.9$370.505010

277、0150200250$0$200$400$600$800$1,000$1,200$1,400$1,600$1,800Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q32000222023Deal value($M)Deal countSource:Venture Pulse,Q323,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of September 30,2023.Data provided

278、by PitchBook,October 18,2023Global|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.#Q3VCFrance sees jump in VC invested thanks to a mega-dealVenture financing in France2016Q

279、323$872.0$552.3$698.8$992.7$923.4$758.2$811.4$962.6$1,370.0$1,393.7$891.7$1,352.7$1,493.0$1,356.1$1,204.6$1,339.4$1,924.5$1,402.6$2,833.1$2,068.7$1,996.0$3,955.0$4,029.8$2,643.9$6,240.9$3,305.4$2,580.1$2,313.4$2,604.7$2,131.8$3,682.900500600$0$1,000$2,000$3,000$4,000$5,000$6,000$7,000Q1Q2

280、Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q32000222023Deal value($M)Deal countSource:Venture Pulse,Q323,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of September 30,2023.Data provided by PitchBook,October 18,2023Global|US|Americas EuropeAsia69 20

281、23 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q3VCParis sees proportion of deal value dwindleVenture financing in Paris2016Q323$289.7$328.3$503.1$510.0$351.7$492.7$494.9$290.5$715.2$940.3$437.3$677

282、.3$844.1$881.3$662.2$910.7$1,107.9$1,027.0$2,080.9$879.2$1,125.1$2,859.8$2,287.2$1,646.4$3,599.5$2,131.3$1,892.0$1,255.2$1,344.9$1,063.1$783.30500$0$500$1,000$1,500$2,000$2,500$3,000$3,500$4,000Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q32000222023D

283、eal value($M)Deal countSource:Venture Pulse,Q323,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of September 30,2023.Data provided by PitchBook,October 18,2023Global|US|Americas EuropeAsia70 2023 Copyright owned by one or more of the KPMG International entities.KPMG International ent

284、ities provide no services to clients.All rights reserved.#Q3VCQ3 2023 sees resurgence in VC investedVenture financing in the Nordics2016Q323$1,300.7$312.8$352.1$580.6$664.2$550.6$541.0$834.8$725.5$802.2$613.0$878.8$1,148.3$2,159.3$1,039.9$972.0$1,599.5$1,023.5$2,561.7$1,961.6$4,221.5$6,248.2$2,089.0

285、$2,350.1$2,974.1$2,757.5$2,495.6$8,072.9$1,301.0$1,380.1$2,338.700500600$0$1,000$2,000$3,000$4,000$5,000$6,000$7,000$8,000$9,000Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q32000222023Deal value($M)Deal countSource:Venture Pulse,Q323,Global Analysis o

286、f Venture Funding,KPMG Private Enterprise.*As of September 30,2023.Data provided by PitchBook,October 18,202370#Q3VCGlobal|US|Americas EuropeAsia“VC deal volume in the Nordics has pulled back a fair bit from its highs,although areas like cleantech and energy continue to attract a lot of attention.Bi

287、otech has also continued to see good activity.Weve also seen some excellent fundraising activity this quarter between Verdanes new growth fund which is over$1 billion and Nordic Ninjas$214 million fund aimed at Series A stage companies.”Jussi PaskiHead of Startup&Venture ServicesKPMG in Finland71 20

288、23 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q3VCIsrael sees activity moderate much like elsewhere,even as VC invested ticks upVenture financing in Israel2016Q323$767.8$572.0$518.0$278.8$658.6$569

289、.2$732.2$748.4$1,049.4$793.2$944.3$1,261.8$1,063.2$1,111.0$1,101.3$1,149.4$1,108.7$1,135.2$1,651.5$1,618.3$2,194.1$2,858.3$2,731.0$5,046.5$3,213.3$2,943.3$1,766.5$1,384.5$886.4$1,067.3$1,345.50500300$0$1,000$2,000$3,000$4,000$5,000$6,000Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2

290、Q3Q4Q1Q2Q32000222023Deal value($M)Deal countSource:Venture Pulse,Q323,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of September 30,2023.Data provided by PitchBook,October 18,202371#Q3VCGlobal|US|Americas EuropeAsia“In Q3 2023,Israeli high-tech companies raised

291、$1.68 billion in 85 deals.Though the amount raised,and the number of transactions,reflect an approximately 40 percent decrease compared to the corresponding quarter last year,the local ecosystem is showing first signs of stabilization.An increase in the amount of capital raised in seed rounds,after

292、five consecutive quarters of declines,and the only slight decrease,compared to the second quarter,in the number of transactions carried out by foreign investors,which the local tech sector relies on heavily,are among the positive trends seen in this quarters financing data.Dina Pasca-RazHead of Tech

293、nology,Head of International TaxKPMG in Israel”2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.72#Q3VCThe UK sees a resurgence in top deals for Q3Top 10 financings in Q323 in Europe241095631781.Verk

294、or$2.3B,Grenoble,France Cleantech Series C2.H2 Green Steel$1.6B,Stockholm,Sweden Cleantech Early-stage VC3.Conigital$631.6M,Birmingham,UK Automotive Series A4.Butternut Box$355.1M,London,UK Pet tech Late-stage VC5.Atlas Agro$325M,Zug,Switzerland Agtech Series A6.Ovo Energy$256.4M,Bristol,UK Cleantec

295、h Late-stage VC7.Field$253M,London,UK Cleantech Early-stage VC8.Cato Networks$238M,Tel Aviv,Israel Network management software Series F9.Apollo Therapeutics$226.5M,Cambridge,UK Drug discovery Series C10.Helsing$225.9M,Munich,Germany Aerospace Series BSource:Venture Pulse,Q323,Global Analysis of Vent

296、ure Funding,KPMG Private Enterprise.*As of September 30,2023.Data provided by PitchBook,October 18,2023Global|US|Americas EuropeAsia 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q3VCIn Q323,VC-b

297、acked companies in the Asia region raised$20.3B across 2,582 deals73Global|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.#Q3VCVC investment in Asia remains subdued in Q323

298、VC investment in Asia fell for the seventh straight quarter in Q323.Despite soft investment compared to historical norms,China continued to account for the largest share of VC funding in Asia in Q323,including a$1.87 billion raise by GTA Semiconductor and a$1 billion raise by Rox Motor.India saw VC

299、investment slide further during Q323,with Juniper Green Energy raising the largest deal of the quarter($350 million).VC investment in Japan,however,remained quite resilient in Q323,likely a tribute to the countrys rapidly growing VC market.IPO market in Japan bucks trends;Continued slowdown China an

300、d Hong KongIPO activity in Japan has been strong in recent quarters,bucking trends seen globally.At the end of Q323,the number of IPOs for the year was well positioned to exceed 2022.The positive activity may be a reflection of the smaller IPO deal sizes in Japan compared to other jurisdictions.The

301、Japanese government is proactively encouraging M&A activity in order to help scale companies prior to IPOs.Stock market performance in mainland China remained lacklustre in Q323,in part due to concerns related to the countrys property sector.IPO activity remained soft,with the IPOs that did occur fo

302、cused primarily on the new materials and semiconductor spaces.During Q323,the China Securities Regulatory Commission(CSRC)introduced a number of measures to help improve the performance of its stock market,support the secondary market in the country,improve liquidity,and support innovative companies

303、 in specific industries.IPO activity in Hong Kong was also quiet in Q323,although the HKSE continued to focus on improving its attractiveness to companies across the ASEAN region.During the quarter,Hong Kong Exchanges and Clearing Limited(HKEX)opened an office in London in order to expand its reach,

304、better engage with investors and funds in the UK and Europe,and foster a more connected investment environment globally.China introduces new regulations for GenAIThe interest of VC investors in AI continued to grow in Asia during Q323,mirroring interest in other regions globally.The rapid evolution

305、of GenAI over the last few quarters,however,has led to an increasing regulatory focus on the space,particularly in China.During Q323,the Cyberspace Administration of China enacted high level guidance in order to help foster and govern the evolution of GenAI in the country,with a particular focus on

306、ensuring data security and appropriate controls.12VC investment in India dips significantlyVC investment was very slow in India during Q323 as VC investors continued to shy away from making large megadeals.Juniper Green Energy raised the largest deal of the quarter($350 million)followed by grocery f

307、irm Zepto which raised$200 million,electric scooter company Ola($140 million)and e-scooter manufacturer Ather Energy($108 million,via a rights issue as opposed to equity).Fish and seafood supply chain platform Captain Fresh also raised$71 million during the quarter.Japans VC ecosystem continues to g

308、row;startups raising larger roundsVC investment in Japan was relatively strong during Q323,with a growing number of companies able to raise larger funding rounds,including Telexistence($170 million),Gojo&Company($101 million),Josys($93 million),Mujin($85 million),and CADDi($89 million).Global|US|Ame

309、ricas|EuropeAsia12.https:/ 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q3VCVC investment in Asia remains subdued in Q323,contd.Global|US|Americas|EuropeAsiaThe VC ecosystem in Japan continues t

310、o evolve rapidly,with increasing participation from corporates and financial institutions.During Q323,megabank Sumitomo Mitsui Financial Group(SMFG)announced plans to launch a$210 million fund aimed at helping startups grow into unicorn companies.13Other financial institutions also increasingly acce

311、lerated loans to startups and provided debt financing to venture backed companies.Fintech a key sector of focus in Hong Kong in Q323Fintech gained some attention in Hong Kong during Q323,driven by a$458 million raise by wealthtech Micro Connect.During the quarter,the Hong Kong Monetary Authority als

312、o released a new fintech promotion roadmap,including key actions to be undertaken by the HKMA,the Securities and Futures Commission,and the Insurance Authority over the next year to support and foster fintech adoption.14As Hong Kong continues to encourage a more digitized financial services environm

313、ent,there will likely be additional fintech investments.Heath and biotech continued to attract VC investment in Hong Kong during Q323,although investors increasingly prioritized companies with best-in-class technologies and good results from clinical trials.EV,advanced materials,and energy still hot

314、 sectors in China Within China,EV continued to be a big ticket for VC investors during Q323.EV-focused companies in China have matured quite rapidly in recent quarters,with a number now starting to look beyond the domestic market to fuel growth.VC investors in China also showed significant interest

315、in new materials,from materials used in EVs and semiconductors to materials related to chemicals.Broader energy solutions also remained high on the radar of VC investors in China,with some solar-focused companies considering expansion efforts,investments,and partnerships in Southeast Asia and in the

316、 Middle East.Deeptech solutions focused on robotics and biotech see significant interest in JapanOver the past few quarters,Japan has seen growing interest from VC investors in a wide range of areas,including ESG,energy,and AI.In Q323,VC investors showed significant interest in a diversity of deepte

317、ch solutions,including those focused on the robotics,autonomous driving,and biotech and healthcare spaces;During the quarter,AI-driven robotics firms Telexistence and Mujinraised$170 million and$85 million respectively.Trends to watch for in Q423 VC investment in Asia is expected to remain soft in Q

318、423 given ongoing economic and geopolitical uncertainties,although Japan is well positioned to remain an outlier as it continues to mature its VC market and ecosystem.In China,should the liquidity challenges faced by the real estate market be resolved,VC investment could begin to improve over the ne

319、xt couple of quarters.13.https:/ Roadmap to Promote Fintech Adoption in Financial Services Sector(hkma.gov.hk)76 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q3VC2023 sees a potential beginning

320、to moderating deal flowVenture financing in Asia2016Q323$21.6$30.1$18.2$17.9$14.2$20.5$26.6$28.8$35.9$47.0$34.6$37.4$22.7$20.4$36.1$40.9$25.4$25.4$33.2$46.5$48.6$42.3$65.8$73.9$47.5$35.5$33.7$29.7$23.1$24.2$20.305001,0001,5002,0002,5003,0003,5004,0004,5005,000$0$10$20$30$40$50$60$70$80Q1 Q2 Q3 Q4 Q1

321、 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 Q32000222023Deal value($B)Deal countPre-seed/SeedEarly VCLater VCVenture growthSource:Venture Pulse,Q323,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of September 30,2023.Data provided

322、 by PitchBook,October 18,2023VC dealmaking continues to moderate,but at a slower pace than before.VC invested in aggregate,however,continues to decline or shift in much more reasonable variance.As a result,it is likely that a plateau could be emerging barring significant risks of recession or worsen

323、ing of geopolitical tensions.76#Q3VCGlobal|US|Americas|EuropeAsia“We continue to see sizeable investments into the areas that align with the long term strategic priorities of the Chinese central government.From semiconductors to clean technology to electric vehicle production venture capital investm

324、ent continues to focus on key industries that support Chinas long-term ambitions and desire for self reliance.”Egidio ZarrellaPartner,Clients and InnovationKPMG China77 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.A

325、ll rights reserved.#Q3VCDown rounds still hit highest mark in yearsMedian deal size($M)by stage in Asia20162023*$1.0$4.2$6.7$14.7$0$5$10$15$20$25$30$35$40$452000222023*Pre-seed/SeedEarly VCLater VCVenture growthUp,flat or down rounds in Asia20162023*0%10%20%30%40%50%60%70%80%90

326、%100%2000222023*UpFlatDownSource:Venture Pulse,Q323,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of September 30,2023.Data provided by PitchBook,October 18,2023Global|US|Americas|EuropeAsia78 2023 Copyright owned by one or more of the KPMG International entiti

327、es.KPMG International entities provide no services to clients.All rights reserved.#Q3VCDeal sizes slide to more modest levelsMedian deal size($M)by series in Asia20162023*$0.30$1.2$0.2$7.2$14.4$21.6$31.9$0$10$20$30$40$50$60$70$80$902000222023*Pre-seedSeedAngelABCD+Source:Ventur

328、e Pulse,Q323,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of September 30,2023.Data provided by PitchBook,October 18,2023Global|US|Americas|EuropeAsia79 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients

329、.All rights reserved.#Q3VCValuations have slid somewhat,primarily at the most expensive stagesMedian pre-money valuation($M)by series in Asia20162023*$1.78$5.2$2.0$25.0$49.2$148.3$388.7$0$100$200$300$400$500$600$7002000222023*Pre-seedSeedAngelABCD+Source:Venture Pulse,Q323,Glob

330、al Analysis of Venture Funding,KPMG Private Enterprise.*As of September 30,2023.Data provided by PitchBook,October 18,20232023 figures for pre-seed are based on non-normative datasets.Global|US|Americas|EuropeAsia80 2023 Copyright owned by one or more of the KPMG International entities.KPMG Internat

331、ional entities provide no services to clients.All rights reserved.#Q3VCEarlier-stage deals stay surprisingly resilientDeal share by series in Asia20162023*,number of closed deals02,0004,0006,0008,00010,00012,0002000222023*D+CBAAngelSeedPre-seedDeal share by series in Asia201620

332、23*,VC invested($B)$0$20$40$60$80$100$120$140$160$2002120222023*D+CBAAngelSeedPre-seedSource:Venture Pulse,Q323,Global Analysis of Venture Funding,KPMG Private Enterprise.*As of September 30,2023.Data provided by PitchBook,October 18,2023Global|US|Americas|EuropeAsia81 2023 Cop

333、yright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q3VCVC invested increasingly flows to formerly less-active sectorsAsia venture financings by sector20162023*,number of closed deals0%10%20%30%40%50%60%70%80%90%100%2000222023*TransportationCommercial Products&ServicesConsumer Goods&Ser