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毕马威_2018年Q2全球风险投资报告(英文)2018.7.12_105页

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2#Q2VC 2018 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.
Welcome
Welcome to the Q2’18 edition of KPMG Enterprise’s Venture Pulse —
a quarterly report highlighting key trends, opportunities and challenges
facing the venture capital market globally and in key regions around
the world.
A record-shattering $14 billion raise by Ant Financial in China, in addition
to $1 billion+ mega-rounds to Weltmeister, Pinduoduo, Faraday Future,
and ManbangGroup helped propel VC investment in Asia and the
Americas. While VC investment in Europe remained far behind the other
regions, a rebound in investment in the UK helped to keep European
investment relatively strong quarter-over-quarter.
Artificial intelligence continued to be a hot area of investment in all
regions of the world in Q2’18, while autotech, cybersecurity, agtech
and biotech were also seen as key priorities.
The IPO market gained momentum in Q2’18 with the successful IPOs
of Ayden in the Netherlands, DocuSign in the US and a number of
other software-as-a-service companies. M&A activity was also robust,
led by the $7.5 billion acquisition of GitHub by Microsoft. With post-IPO
results showing positive returns, it is likely that other VC-backed
companies in the US, Europe and Asia could move forward with IPOs
over the next few quarters —if only as a means to create exit
opportunities for their early investors.
Looking forward to Q3’18, AI and data analytics are expected to
remain high on the radar of VC investors.It is also expected that
companies in maturing sectors, such as e-commerce, will continue to
broaden their offerings and investments in order to access new or
adjacent verticals.
In this edition of Venture Pulse, we look at these and other global and
regional trends, including:
—The implications of the plateau in seed and angel stage deals in
the US
—The major focus on artificial intelligence by both governments and
investors
—The strengthening IPO market globally and the shifting rationale for
holding IPO exits
—The evolution and rising prominence of agtech
We 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 Enterprise adviser in your area.
message
2018 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.
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
International and Partner,
KPMG in Israel
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Contents
2018 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
Americas
29
42
U.S.
61
Europe
84
Asia
―New record for VC topping $70 billion invested worldwide
―Late-stage accounts for ever increasing percentage of total investment
―Global fundraising remains strong —on pace with 2017
―Median deal size for 2018 reaches $50 million for Series D+
―Corporate VC participation surpasses 20%
―VC totals second highest quarter in the decade
―Median pre-money valuation for Series D+ jumps to $279 million
―Canadian VC remains robust —at over $700 million
―VC investment in Mexico rebounds from Q1 lows
―Over $28 billion invested on 1859 deals in Q2’18
―Another strong quarter for Corporate Venture Capital —with $14+ billion
invested
―Volume of first-time venture financings remain below historic averages
―Venture-backed exits robust —powered by IPO resurgence and strong M&A
―Over $5.6 billion invested on 631 deals in Q2’18
―Angel/seed deal volume continues downward trend in Europe
―Jump in median financing size persists —in particular for early and late-stage VC
―Corporate VC participation rate spikes —nearing 25%
―UK continues to dominate top deals, led by massive rounds in London and Cambridge
―Massive $35.9 billion invested on 466 deals in Q2’18
―Corporate venture capital participates in whopping 30% of deals
―First-time financing remains robust
―Chinese companies represent 8 of top 10 deals globally
4#Q2VC 2018 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.
The unstoppable tide of capital
The first quarter of 2018 recorded a truly massive tally of VC invested worldwide, with the final figure
landing at well over $50 billion once all data was collected. But even that mammoth sum pales in
comparison to what the second quarter of 2018 recorded: $69 billion+. It has to be noted that the outlier
company of all outlier companies —Chinese fintech giant Ant Financial —once again skewed even
annual figures significantly, raising $14 billion in a late-stage VC round that almost beggars typical
venture methodologies. Without that single transaction, VC invested would still have been a remarkable
$56 billion, give or take, which signals that the unstoppable tide of capital abundance within venture
has yet to abate.
Late-stage volume marches slowly but steadily forward
Prior to Q1 2018, even the heady period from late 2015 to the end of 2017 never saw late-stage VC
activity account for more than 20% of global venture volume, although eventually quarterly tallies crept
close. However, the first two quarters of 2018 have each seen well over 20% of global venture volume
classified as late stage. The primary implications of this trend are twofold: one, companies are staying
private longer, and two, they are still able to raise plenty of capital. But given the gradual decline in
aggregate deal count by quarter, the riskiest potential deals are less and less likely to be closed.
Valuations persevere atop the flood of capital
Venture valuations are difficult in practice, and even somewhat so in theory. Given their degree of
uncertainty, it is still intriguing that they remain so consistently high across the board. Such persistence
argues significant capital abundance and consequent competition as well as investors’ belief that such
valuations will eventually pay off. That belief should not necessarily be met with skepticism; software
M&A multiples and the rip-roaring performance of technology stocks over the past several years should
always be borne in mind when analyzing VCs’ willingness to take huge, even if risky, bets. That said,
there is still plenty of talk around increasing caution.
European venture still characterized by late-stage-focused funds
As this edition of the KPMG Venture Pulse was being finalized, news broke of Highland Europe, a
growth-stage VC firm, closing its third fund at $540 million (based on exchange rates at that time).
Such a sizable close for the European fundraising ecosystem exemplifies the European venture scene
as it currently stands: A cadre of often late-stage-focused VC firms still successfully close the bulk of
capital within the continent, and invest across key metros, bolstering aggregate VC invested even if the
tally of early-stage activity continues to decline. Although early-stage fundraising will experience bouts
of bullishness, that market within Europe continues to face systemic hurdles more owing to the very
nature of early-stage VC than anything else, as well as interplay between EU agencies or national
governments as to specific roles.
Skewed by Ant Financial, capital flow surges to a new high
As Ant Financial’smammoth and skewing financing were already remarked upon earlier, it’s important
to note for the Asia-Pacific venture ecosystem that quarterly VC invested came in quite below the
staggering highs previously reached in just the prior year. That said, the steadiness in late-stage
volume as well as historical robustness of capital represents another notch in the maturation of the
regional venture and technology scene. Ongoing political and trade concerns that look set to intensify
could result in some hiccups in the flow of capital to VC in particular, but thus far, things remain robust.
All currency amounts are in USD, unless otherwise specified, data provided by PitchBook.
Q2'18 summary
5#Q2VC 2018 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.
Corporate participation continues to be a highly important driver
In this and the previous edition of the Venture Pulse, corporate financings of companies that otherwise
meet all other criteria for venture-backed financings are included for the first time. Given the evolution
of private markets and the venture industry in general, most notably, the significant increase in
corporate VC participation rates, this change was necessary to truly reflect the importance of the role
that strategic acquirers and related investment arms are playing in the current landscape. Especially as
private companies continue to elect to grow while staying private, more and more companies are
looking to gain or maintain exposure to innovation within the private sphere, whether it be financial or
related to intellectual property. Participation rates are at all-time highs.
Still highly cyclical on a quarterly basis, fundraising suggests ongoing alternatives commitment
Midway through the year, fundraising volume is on pace to match the tally observed in 2017, roughly
speaking, at 234 closed vehicles. Total capital committed, however, is quite healthy, having increased
steadily on a quarter-over-quarter basis. What these data points suggest, in the context of the
remarkably strong fundraising cycle over the prior several years, is that the shift toward alternatives’
allocations on the part of institutional investors is as momentous as some in the industry have declared.
Increased allocation to VC by family offices, mutual funds (those often taking direct stakes) and others
as part of an overall augmentation of alternatives’ portions of portfolios has directly underpinned the
bullishness of the VC cycle this past half-decade. If this trend continues, it will likely only further
encourage highs in VC invested on a historical basis, as well as late-stage exposure. As fundraising
volume is still skewing toward the mid-sized and large segments of the market, pure fund should
continue to exert upward pressure across the investing side of affairs.
Liquidity is all about timing
Private capital strategies are all about the premiums given to patient investors. With that in mind, the
fact exit volume has steadily slid since peaks in 2014 and 2015 should not yet spark concern,
especially as global exit value tallies have been fairly steady. What should spark concern is that there
have been few notable surges in exit value, driven by unicorns finally going public or being acquired.
The steady trickle of such exits still could pay off for many backers, as exemplified by Microsoft’s
acquisition of Githuband some recent notable IPO filings, such as that of Domo. The key therein is the
steadiness of such payoffs and consequent payouts to venture backers. As long as the timeline does
not become overly protracted, investors are expected to still take delayed exits of sufficient size over
less-robust liquidity events at the preplanned time. And, as the unicorn boom kicked off in earnest in
the early years of the 2010s, there is still runway for typical late-stage venture fund timelines —it is
probable that non-traditional VCs that looked for quicker exits amid exposure to fast-growing tech
companies may be those left most disappointed, but all in all, from here on out it is the steadiness, not
the surge, in late-stage companies’ exits that matters the most.
All currency amounts are in USD, unless otherwise specified, data provided by PitchBook.
Q2'18 summary。