1、1 #Q3VC 2017 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated. Venture Pulse Q3 2017 Global analysis of venture funding 11 October 2017 2 #Q3VC 2017 K
2、PMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated. 2017 KPMG International Cooperative (“KPMG International”). KPMG International provides no client ser
3、vices and is a Swiss entity with which the independent member firms of the KPMG network are affiliated. Welcome Welcome to the Q317 edition of the KPMG Enterprise Venture Pulse Report a quarterly report discussing the key trends, opportunities and challenges facing the venture capital market globall
4、y. While the number of VC deals globally continued to decline, the total amount of VC investment remained strong quarter over quarter. New York based WeWork raised a massive $3 billion in Series G funding in this quarters largest deal, followed by a $2 billion raise by Toutiao and a $1.6 billion rai
5、se by BAIC BJEV both in Beijing. The top 10 deals globally accounted for almost one-third of total VC funding, highlighting the pivotal role of large deals in the ongoing health of the VC market. The continued decline in the number of deals, particularly at the earliest deal stages, has also shown h
6、ow investors continue to be cautious with their investments conducting significant due diligence of potential deals even at the seed and angel funding stages. This has led to significantly fewer deals, although the companies that are getting funding are proving to be ones of high quality with strong
7、 business plans and expected paths to profitability. Healthtech and autotech remained key areas of investment during Q317, in addition to artificial intelligence (AI) and augmented reality/virtual reality. Agtech also made strong waves this quarter, with large rounds by US-based Plenty and Indigo. L
8、ooking ahead, while there appears to be a significant degree of geopolitical uncertainty around the world expected over the next few quarters amid elections, Brexit and the potential for changes to US trade and tax policies, VC investors appear to be taking a status quo approach to their activities.
9、 Barring an unexpected event or catastrophe, the VC market is expected to remain healthy into Q417 and into the beginning of 2018. In this quarters edition of the Venture Pulse Report, we explore these and a number of other global and regional trends, including: The rising number of mega-deals acros
10、s the globe The increased due diligence being conducted on deals of all sizes The evolution of virtual reality and augmented reality and its application across sectors The growing importance of corporates amid a pullback from tourist investors. We hope you find this edition of the Venture Pulse Repo
11、rt insightful. If you would like to discuss any of the results in more detail, please contact a KPMG adviser in your area. message 2017 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms
12、of the KPMG network are affiliated. Jonathan Lavender Global Chairman, KPMG Enterprise, KPMG International Brian Hughes Co-Leader, KPMG Enterprise Innovative Startups Network, KPMG International, and Partner, KPMG in the US Arik Speier Co-Leader, KPMG Enterprise Innovative Startups Network, KPMG Int
13、ernational, and Partner, KPMG in Israel You know KPMG, you might not know KPMG Enterprise. KPMG Enterprise advisers in member firms around the world are dedicated to working with businesses like yours. Whether youre an entrepreneur looking to get started, an innovative, fast growing company, or an e
14、stablished company looking to an exit, KPMG Enterprise advisers understand what is important to you and can help you navigate your challenges no matter the size or stage of your business. You gain access to KPMGs global resources through a single point of contact a trusted adviser to your company. I
15、ts a local touch with a global reach. Contents 2017 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated. 6 Global Americas 28 41 US 61 Europe 84 Asia Ove
16、rall VC invested remains extremely strong deal volume slips Median deal size rises across all stages Series D+ median pre-money valuation surges to $260 million Global first-time venture financings well off last years pace VR investment has already surpassed 2016 annual results VC invested remains s
17、trong almost matching Q2 totals Deal volume drops, particularly for Angel/Seed deals Median deal size for D+ rebounds Total venture financing in Canada rises again deal volume declines Mexico and Brazil have slow quarters macro economic and political challenges remain Capital invested in US remains
18、strong number of deals decline Angel and seed financings stabilizing after steady decline Valuations persist at historically high levels Corporate participation grows to 16% of all deals Exits remain few and far between some IPO activity returns Angel/Seed deal volume continues to drop Late stage me
19、dian deal sizes rise Corporate VC participation achieves new peak of 21%+ First time financings continue to struggle Exit activity slides to levels reminiscent of 201013 Angel/Seed volume drops below number of late stage deals Trend towards middle and later stages remains pronounced Corporate partic
20、ipation hits almost 25% of all deals Beijing contributes 7 of top 12 deals, representing over $5.3 billion 4 #Q3VC 2017 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG netw
21、ork are affiliated. Deal volume gently declines as capital invested continues to climb With one quarter left in the year, it is easier to assess macro trends with greater confidence. Accordingly, even though the tally of completed venture financings slid between Q2 and Q317 by 23.3%, the VC industry
22、 appears to be entering more of a subdued plateau in terms of deal volume, far below the heights observed throughout 2014 and 2015, yet by no means an alarming crash. What is especially telling in the context of this gentle decline in completed financings is the still-mammoth sum of capital invested
23、. The past two quarters are the third and fourth highest when it comes to aggregate VC invested worldwide, of the past nearly 8 years. There is still plenty of money for venture investors to deploy; they are simply investing more cautiously, on the whole, in the later stages of a maturing investment
24、 cycle. The Americas remain high-priced, with regional variability As early-stage and late-stage deal volume tapers off into a slightly lower plateau, so have the aggregate quarterly counts for the Americas on the whole. That said, VC invested still stands at historic highs, significantly boosted by
25、 large financings in the US. This is typical of a high-priced environment in the later stages of an investing cycle. With plenty of money sloshing around in the industry, certain areas can still experience a significant skew in volume or VC invested on a quarterly basis. Even though less-mature vent
26、ure markets, such as Mexico or Brazil saw slow quarters, Canada came just shy of matching its second-highest quarter for VC invested ever, logging $795.3 million across 77 transactions. Valuations hold steady at an elevated level, competition remains intense After a decline between 2015 and 2016, th
27、e median round size for the latest stageSeries D or later soared once more in 2017 to date to its highest tally ever of $40 million. Moreover, every other series either held steady or increased as well. By now, the longer term trend in 2017 is becoming clearer. The late-stage remains characterized b
28、y massive fundings as more and more mature companies are still able to rake in significantly sized rounds via private sources. Meanwhile, the early-stage has become even more competitive, with a significant spread in the year thus far between Series A and B rounds, resulting in fewer companies being
29、 able to meet the metrics investors demand for such sums. European venture scene steadies For the third quarter in a row, VC invested rose in Europe, albeit by 9.2%. In tandem with declining aggregate volume, particularly at the angel and seed stages, it is clear that European and international VCs
30、have reframed their focus along more cautious terms, especially given general macroeconomic and political variables. Late-stage outliers such as Deliveroo or Tricentis can still raise massive sums, with those two alone raising a combined $550 million in Q317. Evidently, plenty of capital remains awa
31、iting the right targets. Back-to-back quarters of massive sums invested It is still too early to say if the Asian venture scene on the whole clearly marked a turning point of maturity and capital depth in the past few years, but VC invested easily overtopping $12 billion in Q2 and Q317 apiece certai
32、nly speaks to the maturation of at least a few key metro areas. Beijing leads the way, followed by a handful of other cities in China and India, in hosting companies that continually top the charts when it comes to raking in VC hand over fist to underpin spurts of growth from a mix of traditional an
33、d non-traditional investors. All currency amounts are in USD, unless otherwise specified, data provided by PitchBook. Q317 summary 5 #Q3VC 2017 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent membe
34、r firms of the KPMG network are affiliated. Corporate participation shows no sign of stopping Starting in the middle of 2015, even as global VC financing volume by count began to decline slowly, corporate VC participation began an inexorable rise. Q317 has seen the latest high, 17.7% of worldwide ve
35、nture financings included a corporate venture arm or related entity participating. Such a significant uptick has been chalked up to a variety of factors, from regional monetary policies encouraging alternate forms of investment to the influence of the first major technology corporations that themsel
36、ves once benefited from injections of VC at the early-stage. It appears that the corporate VC model is still adapting to the ongoing transformation of traditional business lines by information technology first and related innovations second. While engaging in traditional research and development (R
37、significant inflation $3.0 $3.4 $3.0$3.2 $3.5 $4.0 $4.8 $5.6 $6.1 $7.0 $7.9 $8.6 $11.0 $12.8 $14.2 $15.9 $19.3 $20.4 $20.9 $25.0 $31.1 $39.0 $37.0 $40.0 2000162017* SeedSeries ASeries B $37.4 $46.8 $48.9 $52.0 $58.3 $76.0 $80.0 $91.8 $66 $84 $91 $98 $143 $185 $175 $260 20102011
38、2001520162017* Series CSeries D+ 13 #Q3VC 2017 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated. Global deal share by series 2010 2017*, nu
39、mber of closed deals Global deal share by series 2010 2017*, VC invested ($B) Diminishing angel/seed activity still continues to be the predominant driver in overall global VC deal counts sliding. Investors are simply more cautious nowadays, although it is worth noting the traditional nomenclature o
40、f different series has changed to the point certain rounds that would once have been seed are being priced into Series A territory. Source: Venture Pulse, Q317, Global Analysis of Venture Funding, KPMG Enterprise. *As of 9/30/2017. Data provided by PitchBook, October 11, 2017. Caution entails slowin
41、g early-stage volume 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 2010 2011 2012 2013 2014 2015 2016 2017* Series D+ Series C Series B Series A Angel/seed $0 $20 $40 $60 $80 $100 $120 $140 2010 2011 2012 2013 2014 2015 2016 2017* Series D+ Series C Series B Series A Angel/seed 14 #Q3VC 2017
42、 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated. Global financing trends to VC-backed companies by sector 2013 2017*, number of closed deals Global
43、financing trends to VC-backed companies by sector 2013 2017*, VC invested ($B) Analyzing the pace of financings by sector compared to those of 2016, amid the overall decline in volume, healthcare remains a key area of focus, resilient amid a downturn that is affecting even softwares totals. That sai
44、d, the continued significant share of industries that fall outside traditional norms when it comes to primary industry classification only further indicates the blurring of customary business lines as technology advances. Source: Venture Pulse, Q317, Global Analysis of Venture Funding, KPMG Enterpri
45、se. *As of 9/30/2017. Data provided by PitchBook, October 11, 2017. Traditional hotbeds stay centers of focus 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2013 2014 2015 2016 2017* Commercial Services Consumer Goods with strong hubs in Ontario, Quebec and British Columbia each attracting significant
46、funding. Despite relatively weak VC investment, Brazil continues to evolve as a startup hub While VC investment in Brazil accounts for only a small percentage of the investment seen across the Americas, interest continues to grow for the countrys expanding startup ecosystem. Global corporate VC inte
47、rest in particular appears to be growing, with major investments in Brazil by Softbank, Cisco and Didi Chuxing over the past few quarters. Startup accelerators and incubators are thriving in Brazil amidst the focus on encouraging technology innovation. During Q317, Cubo a major accelerator based in
48、So Paulo announced plans to quadruple its size. This expansion will make the accelerator one of the biggest in all of Latin America. This, combined with the existing presence of global tech leaders Google, Airbnb and Uber suggest So Paulo will only become increasingly attractive to VC investors over
49、 the next few quarters. VC investment in the Americas on pace to exceed 2016 totals 6 http:/news.cvca.ca/cvcas-h1-2017-canadian-vc-pe-market-overview/2017/08/23/ 30 #Q3VC 2017 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated. Startup activity in Latin America increases As a less mature market for technology innovation, it is no surprise that many startups in Latin America have
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