1、PwC / CB Insights MoneyTree Report Q4 2018 PwC | CB Insights MoneyTree Report Q4 2018 2 Executive summary $100M+ deals drive 2018 global funding to highest levels since 2000, with US startups raising $99.5B over 5,536 deals. Annual US funding nears record amid falling deal activity: US VC funding ju

2、mped to $99.5B, the highest yearly funding level since 2000, over 5,536 transactions, the lowest level of deal activity since 2013. $100M mega-rounds drive funding higher: Driving the trend toward fewer, bigger deals, US companies raised a record number of mega-rounds in 2018, with 184 $100M+ fundin

3、g rounds. Seed-stage deal share continues to fall in 2018: Seed-stage deal share fell to 25%, the third consecutive yearly decline, as larger, later-stage deals take up more US funding. US sees a record number of new unicorns: 53 US VC-backed companies saw their valuation rise to over $1B in 2018 a

4、record number of new unicorns. Artificial Intelligence funding peaks in Q318: AI-related funding declined in Q418 to $2.4B, from $2.7B in Q318, after increasing in the first three quarters of 2018. 2018 Global funding surges 21% compared to 2017, approaching 2000 record. Global funding hits $207B: T

5、otal annual global VC funding increased by 21% to $207B. Deal activity rose 10%, to 14,247 transactions. Asia funding increases moderately amid surging deal activity: Asia was an exception to falling global deal activity, with 5,066 transactions in 2018, a 42% increase compared to 2017. Funding in t

6、he region increased by 11%, to $80.9B. San Francisco funding hits historical record in 2018: VC funding in San Francisco jumped by 55% in 2018 to $28B, from $18B in 2017. Quarter-over-quarter, however, Q418 saw a decline in funding (-17%) and deal activity (-5%). New York Metro funding sets historic

7、al record in 2018: VC funding in the New York Metro area reached $13B in 2018, up from $12B in 2017 which also set the record. Quarter-over-quarter, however, funding fell significantly in Q418, falling 65% to $2.1B, from a massive $5.8B in Q318. Deal activity fell slightly, to 160 transactions in Q4

8、18, from 163 in Q318. Note: Report includes all rounds to VC-backed companies. For a detailed brief on methodology, please reference page 98 of this report. PwC | CB Insights MoneyTree Report Q4 2018 Table of contents 3 4US Overall Trends 73Global Trends 56US Movers and Shakers 37US Places 16US Sect

9、ors US Overall Trends 01 4 5 In 2018 UNITED STATES VC-backed companies raised $99.5B PwC | CB Insights MoneyTree Report Q4 2018 6 Annual US financing trend US annual funding hits $99.5B amid falling deal activity Total annual funding in the US increased by 30% in 2018, as $99.5B was invested across

10、5,536 deals. US deal activity fell to its lowest level since 2013, though later-stage mega-deals pushed annual funding to its highest level since 2000. $36.4$60.5$78.1$63.8$76.4$99.5 5,176 5,998 6,098 5,679 5,824 5,536 2001620172018 Investment ($B)Deals PwC | CB Insights MoneyTree Report

11、Q4 2018 7 US deal share by stage US seed activity declines for the fourth straight year Seed activity as a percentage of all deals fell to 25%, while later- and expansion-stage activity increased for the second straight year. Increasing later-stage deals and decreasing early-stage deals are contribu

12、ting to the trend of fewer, bigger VC deals. 36%35%35% 34% 31% 25% 25% 24%25% 25% 25% 25% 21% 20% 19% 18% 19% 23% 10% 11% 10% 8% 9% 10% 8% 10% 12% 15%16% 17% 2001620172018 Seed StageEarly StageExpansion StageLater StageOther 8 In Q4 2018 UNITED STATES VC-backed companies raised $25.0B PwC

13、 | CB Insights MoneyTree Report Q4 2018 9 8-quarter US financing trend US deals and funding slip in Q418 Deal activity fell 9% in Q418, as $25B was invested across 1,211 deals. Funding fell from a record $28B in Q318. 49 mega-rounds of $100M or more added to the strong US quarterly funding total. $1

14、5.9$19.5$20.7$20.3$22.6$24.0$28.0$25.0 1,510 1,424 1,511 1,379 1,436 1,564 1,325 1,211 Q117Q217Q317Q417Q118Q218Q318Q418 Investments ($B)Deals PwC | CB Insights MoneyTree Report Q4 2018 10 US financing trends ” 2018 was a phenomenal year for US venture capital, with $99.5B invested - a record-breakin

15、g 55 unicorn births, 184 mega-rounds, and funding levels at their highest since 2000 ($119.6B). “ Tom Ciccolella, Partner, US Ventures Leader at PwC PwC | CB Insights MoneyTree Report Q4 2018 11 US deal share by stage US seed activity rose moderately, but still within a downward trend Seed-stage act

16、ivity rose slightly to 23% of all deals, but was well below levels from a year prior. Expansion-stage deal activity was up slightly, at 24% of all deals, compared to 20% a year prior. 34% 28% 34% 29%28% 27% 22%23% 24% 27% 24% 25% 25% 25% 27% 26% 17% 19% 19% 20% 22% 21% 23% 24% 9%9% 9% 9%10%10% 11% 1

17、0% 17%17% 14% 17%16%17%17%16% Q117Q217Q317Q417Q118Q218Q318Q418 Seed StageEarly StageExpansion StageLater StageOther PwC | CB Insights MoneyTree Report Q4 2018 12 Median US deal sizes by stage Median deal sizes are up across the board in Q418, with later-stage median rising to $37.5M Expansion-stage

18、deals hit a median size of $20M, up from $16M in Q318. Later-stage median deal rose to $37.5M in Q418, up from $32.4M in Q318. $1.2 $1.8 $1.3 $2.0 $1.7 $2.0 $1.7 $2.1 $5.5 $6.0$6.0 $7.0$7.0$7.0 $6.5 $8.0 $15.0 $16.0$15.7 $18.1 $16.0 $15.4 $16.0 $20.0 $23.5 $37.0 $31.8 $25.0 $31.0 $40.0 $32.4 $37.5 Q

19、117Q217Q317Q417Q118Q218Q318Q418 Seed Stage Deal Size ($M)Early Stage Deal Size ($M)Expansion Stage Deal Size ($M)Later Stage Deal Size ($M) PwC | CB Insights MoneyTree Report Q4 2018 13 US corporate deal participation Corporate deal participation steady at 28% of all VC deals Corporate participation

20、 in US VC deals was at 28% in Q418, down 1% compared to Q318. Compared to a year prior, corporate participation was up 5% at year-end 2018. 77%75%77%77%76%75%71%72% 23% 25% 23%23% 24% 25% 29% 28% Q117Q217Q317Q417Q118Q218Q318Q418 Other InvestorsCorp / CVC Deal Participation PwC | CB Insights MoneyTre

21、e Report Q4 2018 14 US first venture financing share (Quarterly) First venture rounds as a percentage of all deal activity flat in Q418 In Q418, 34% of all US deals were first venture financings. Throughout 2018, first venture rounds stayed in the 33-36% range of all deal activity. 68%64%67%65%67%64

22、%66%66% 32% 36% 33% 35% 33% 36% 34%34% Q117Q217Q317Q417Q118Q218Q318Q418 Other% of Total First VC-Backed Deals PwC | CB Insights MoneyTree Report Q4 2018 15 US first venture financing share (Annual) Annual proportion of first venture rounds flat in 2018 In 2018, first venture rounds accounted for 34%

23、 of all deals, flat compared to 2017. 68%66%66%67%66%66% 32% 34%34%33%34%34% 2001620172018 Other% of Total First VC-Backed Deals US Sectors 02 PwC | CB Insights MoneyTree Report Q4 2018 51 Deals 111 Deals 150 Deals 162 Deals 540 Deals 17 US deals and funding by Top 5 sectors, Q418 $9.1B I

24、nvested $4.0B Invested $3.5B Invested $3.0B Invested $382M Invested Internet Mobile Healthcare falls to 13% of all US VC deals Internet deal share was up slightly at 45% of all deals, compared to 44% in Q318. Healthcare deal share fell to 13%, down from 15% in Q318. 43%44% 47% 42% 46% 43%44% 45% 15%

25、13% 14% 15% 13% 15% 15%13% 14%15% 13% 11% 12% 12%12%12% 6% 8% 8% 8% 8%9%8%9% 3% 5% 4% 6% 4% 5% 3% 4% 18% 15%15% 18% 16%16% 18% 16% Q117Q217Q317Q417Q118Q218Q318Q418 InternetHealthcareMobile Undisclosed Investors HNI HealthcareAustin, TX Software (non- internet/mobile) Healthcare Software $65M CRG Exp

26、ansion Stage Early Stage Later Stage Seed Stage PwC | CB Insights MoneyTree Report Q4 201831 Fintech PwC | CB Insights MoneyTree Report Q4 2018 32 Fintech: US annual funding Fintech-related funding jumps 38% in 2018 amid rising deal activity Total annual funding to US Fintech companies jumped 38% in

27、 2018 to over $11B, the second straight yearly increase. Deal activity rose to 627 transactions, up from 571 in 2017. $2,441$5,689$8,802$5,769$7,983$10,988 406 506 578 558 571 627 2001620172018 Investment ($B)Deals PwC | CB Insights MoneyTree Report Q4 2018 33 Fintech: US quarterly fundin

28、g Fintech funding and deal activity fall for the second straight quarter Fintech-related funding fell 13% in Q418 to $2.5B, down from $2.9B in Q318. Deal activity fell for the second straight quarter, to 123 transactions in Q418. $1,473$2,070$2,037$2,404$2,278$3,250$2,920$2,539 146 140 145 140 185 1

29、67 152 123 Q117Q217Q317Q417Q118Q218Q318Q418 Investments ($M)Deals PwC | CB Insights MoneyTree Report Q4 2018 34 Fintech: US deal share over time Seed-stage deal share increases slightly in Q418 Seed-stage Fintech companies accounted for 25% of all deals in the space in Q418, up from 22% in Q318. 38%

30、 34% 36% 34%35% 24% 22% 25% 18% 29% 19% 26%25% 30% 32% 28% 18% 18% 22% 21% 20% 20% 24%25% 11% 9%13% 9% 10% 11% 11%9% 14% 11% 10%9% 11% 15% 12% 13% Q117Q217Q317Q417Q118Q218Q318Q418 Seed StageEarly StageExpansion StageLater StageOther PwC | CB Insights MoneyTree Report Q4 2018 35 Fintech: Top states b

31、y deals 53 deals $1,518M Invested 1. CA 25 deals $189M Invested 10 deals $400M Invested 2. NY 3. MA PwC | CB Insights MoneyTree Report Q4 2018 36 Fintech: Largest US deals of Q418 CompanyLocationSectorIndustry Stage of Funding $ Value of Deal Select Investors CoinbaseSan Francisco, CAInternet Intern

32、et Software the last six years being the most active years ever $7$16$26$19$18$28 1,018 1,255 1,287 1,180 1,120 1,088 2001620172018 Investment ($B)Deals PwC | CB Insights MoneyTree Report Q4 201842 8-quarter financing trend: San Francisco (North Bay Area) Q418 funding, deal activity decli

33、ne in San Francisco San Francisco companies saw VC funding decline sharply in Q418, falling 17% to $6.8B. Deal activity also fell in Q418, to 241, from 254 in Q318. $3,904$4,279$3,918$5,623$6,663$5,973$8,142$6,754 307 274 290 249 293 300 254 241 Q117Q217Q317Q417Q118Q218Q318Q418 Investments ($M)Deals

34、 PwC | CB Insights MoneyTree Report Q4 2018 43 Annual financing trend: New York Metro New York funding ticks up, deal activity declines Funding to New York-based VC-backed companies increased slightly to $13B, the biggest funding year ever. Deals declined to 735, from 841 in 2017 which set the all-t

35、ime record. $4$6$9$9$12$13 672 795 823 795 841 735 2001620172018 Investment ($B)Deals PwC | CB Insights MoneyTree Report Q4 2018 44 8-quarter financing trend: New York Metro Q418 funding declines sharply in New York New York Metro-based companies saw funding fall by 65% in Q418 to $2.1B,

36、following a massive Q318. Deal activity fell to 160 transactions over the same time period. $1,823$2,937$4,526$2,978$2,653$2,812$5,807$2,057 208 196 220 217 203 209163 160 Q117Q217Q317Q417Q118Q218Q318Q418 Investments ($M)Deals PwC | CB Insights MoneyTree Report Q4 2018 45 Annual financing trend: Sil

37、icon Valley (South Bay Area) Funding to Silicon Valley companies ticks up in 2018 Funding to Silicon Valley-based VC-backed companies increased in 2018, as $18B the biggest year since 2000. Deals declined by 5% to 645 in 2018, from 682 in 2017. $7$12$10$8$13$18 702 798 775 681682 645 2001

38、620172018 Investment ($B)Deals PwC | CB Insights MoneyTree Report Q4 2018 46 8-quarter financing trend: Silicon Valley (South Bay Area) Silicon Valley funding increases by 7% in Q418, as deal activity falls slightly Deals activity fell to 139 in Q418, down from 144 in Q318. Total quarterly funding i

39、ncreased to $5.3B in Q418, up from $4.9B in Q318. $3,090$4,216$2,448$2,965$3,901$3,939$4,922$5,271 174 158 175175 179 183 144 139 Q117Q217Q317Q417Q118Q218Q318Q418 Investments ($M)Deals PwC | CB Insights MoneyTree Report Q4 2018 47 Annual financing trend: New England New England funding activity incr

40、eases for the second straight year Funding to New England-based VC-backed companies hit $11B in 2018, as deals increased to 536 transactions. 2018 was the biggest year of investments for New England since 2000. $4$6$7$7$8$11 526 571 587 519 526 536 2001620172018 Investment ($B)Deals PwC |

41、 CB Insights MoneyTree Report Q4 2018 48 8-quarter financing trend: New England New England deal activity, funding decline for the second straight quarter New England deal activity sunk to 123 transactions, while total funding decreased to $2.4B. $2,084$1,548$1,965$2,170$2,748$3,111$2,457$2,372 145

42、127 132 122 133 147 133 123 Q117Q217Q317Q417Q118Q218Q318Q418 Investments ($M)Deals PwC | CB Insights MoneyTree Report Q4 2018 49 Annual financing trend: LA/Orange County Full year funding in LA/Orange County increases, deal activity down Deal activity decreased to 419 transactions in LA/Orange Count

43、y from 2017s level (432) which was the most active year since 2000. 2018 was the biggest year of investment funding ($6B) for LA/Orange County since 2000. $2$4$6$5$5$6 325 360 414 367 432 419 2001620172018 Investment ($B)Deals PwC | CB Insights MoneyTree Report Q4 2018 50 8-quarter financ

44、ing trend: LA/Orange County LA/Orange County funding jumps in Q418 LA/Orange County funding jumped by 130% in Q418 to $2B. Deal activity fell slightly from 97 transactions in Q318 to 94 in Q418. $1,065$1,065$1,615$959$1,789$1,775$858$1,976 98 111 120 103 118 110 97 94 Q117Q217Q317Q417Q118Q218Q318Q41

45、8 Investments ($M)Deals PwC | CB Insights MoneyTree Report Q4 2018 51 Annual financing trend: DC/Metroplex Deal and dollar activity down in 2018 in DC/Metroplex Total annual funding to DC/Metroplex-based VC-backed companies declined to $2B in 2018, from $3B in 2017. Deal activity declined to 178, fr

46、om 209 in 2017. $1$1$3$3$3$2 189 249 225 221 209 178 2001620172018 Investment ($B)Deals PwC | CB Insights MoneyTree Report Q4 2018 52 8-quarter financing trend: DC/Metroplex Funding in DC/Metroplex jumps amid falling deal activity $692M was raised in the DC/Metroplex in Q418, up from $571

47、M in Q318. Deal activity fell for the second straight quarter to 22 transactions. $486$420$311$1,290$525$557$571$692 63 4545 56 49 62 45 22 Q117Q217Q317Q417Q118Q218Q318Q418 Investments ($M)Deals PwC | CB Insights MoneyTree Report Q4 201853 US: Top 10 states of Q418 by deals 509 deals $14,756M 155 de

48、als $2,054M 111 deals $2,313M 50 deals $429M 37 deals $244MM 1. CA 2. NY 3. MA 4. TX 5. CO 6. WA36 deals $252M 33 deals $427M 25 deals $193M 23 deals $155M 20 deals $58M 7. IL 8. PA 9. FL 9. OH PwC | CB Insights MoneyTree Report Q4 2018 54 Q418 Regional comparison: Deals CA vs. NY vs. MA Deal activi

49、ty down across the board in CA, NY, and MA Deal activity declined in all three regions in Q418. California and New York saw deal activity below levels a year ago in Q417. 623 582 626 567 617 646 531 509 205 185 209206 202204 156155 127 113116110 118 125 117 111 Q117Q217Q317Q417Q118Q218Q318Q418 CaliforniaNew YorkMassachusetts PwC | CB Insights MoneyTree Report Q4 2018 55 Q418 Regional comparison: Financing CA vs. NY vs. MA Q418 funding down across the board in CA, NY, and MA Funding fell in Q418 in CA, NY, and MA. Compared to