毕马威-2017全球风险投资基金分析报告(英文版).pdf

1#Q1VC 2017 KPMG International Cooperative(“KPMG International”).KPMG International provides no clientservices and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.Global analysis ofventure funding11 April 2017每日免费获取报告1、每日微信群内分享5+最新重磅报告；2、每日分享当日华尔街日报；3、每周分享经济学人4、每月汇总1200+份当月重磅报告（增值服务）扫一扫二维码或加微信：qidianmax加入“起点财经”微信群，已有微信群的不用重复添加。备注：研究报告2#Q1VC 2017 KPMG International Cooperative(“KPMG International”).KPMG International provides no clientservices and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.Welcome to the Q12017 edition of KPMGs Venture Pulse Report,highlighting the current trends,opportunities and challenges faced by the venture capital(VC)market,both globally and in key regions around the world.This edition takes a close look at some of the key events in the first quarter and anticipate trends and opportunities in venture capital investing for the remainder of the year.Caution tempered investor activity throughout Q1,continuing the trend from Q416.Global investor activity remained steady,if down from the highs seen in 2015 and 2016,with numbers buoyed by large deals in the US and Asian markets.The total number of deals continued to decline.The first quarter saw a continued focus on safer bets,resulting in longer decision cycles and increased attention on late-stage deals in most markets worldwide.In a related trend,Q1 has seen a continued concentration of capital in a smaller number of large VC funds,especially in the US and Europe,as investors reduce their risk exposure by focusing on a broader range of investments over a long fund lifespan.Angel and seed investment remained down in most global markets,with new startups needing to demonstrate more than a visionary idea to gain investor backing.Despite continued lows,there are positive signs for a turnaround in coming quarters.A significant buildup of dry powder in Asia and the US,coupled with signs that the US IPO market may be opening,bode well for activity during the rest of the year.Increasing clarity on global issues,such as Brexit negotiations following the triggering of Article 50,potential US tax reform and the state of Chinas economy should also begin to strengthen investor confidence.This edition takes a closer look at these and other global and regional trends in this quarters Venture Pulse,including:Hot sectors,including deep tech,fintech and Internet of Things(IoT)US investors impact in Latin America The effects of the Chinese governments shifting priorities The opportunities of the growing medtech subsector,especially in the US and Europe.We hope you find this edition of the Venture Pulse Report insightful.If you would like to discuss any of the results in more detail,please contact a KPMG adviser in your area.2017 KPMG International Cooperative(“KPMG International”).KPMG International provides no clientservices and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.Dennis FortnumGlobal Chairman,KPMG Enterprise,KPMG InternationalBrian HughesCo-Leader,KPMG Enterprise Innovative Startups Network,Partner,KPMG in the USArik SpeierCo-Leader,KPMG Enterprise Innovative Startups Network,Partner,KPMG in IsraelYou 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 established company looking to an exit,KPMG Enterprise advisers understand what is important to you and can help you navigate your challenges no matter the size or stage of your business.You gain access to KPMGs global resources through a single point of contact a trusted adviser to your company.Its a local touch with a global reach.4Summary6Global Americas 3349US72Europe101Asia 2017 KPMG International Cooperative(“KPMG International”).KPMG International provides no clientservices and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.4#Q1VC 2017 KPMG International Cooperative(“KPMG International”).KPMG International provides no clientservices and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.Activity decreases again,yet total VC invested enters a plateauGlobally,venture capital activity slid for the fourth consecutive quarter,from 3,201 completed financings in the final quarter of 2016 to 2,716 in Q117,representing a decrease of 15.2%.Across the same timeframe,however,total capital invested resurged,as$23.8 billion was invested in Q4 2016 and close to$27 billion in the first quarter of 2017.As the median transaction size worldwide has either steadily ramped up or stayed flat over those same 2 quarters,it is clear that investors appetite for cutting deals did not wane,nor did the supply of capital available to deploy but,rather,they grew more cautious.Activity across the Americas variesThe Americas saw a decline in total deal volume,extending a trend that began in Q215.During the quarter,non-traditional investors such as hedge or mutual funds continued to hold back on financings of high-growth,late stage businesses.After a very strong 2016,VC investment in Canada dropped in Q117.However,the Canadian Governments recent announcements in support of VC may bode well for the future.In Latin America,Mexican VC investment dropped off a cliff this quarter in what can likely be attributed to uncertainty associated with potential US policy shifts.Total VC investment in Brazil was solid in Q117,powered largely by a massive funding round to 99Taxis.Outlier financings in the US,paired with first-time financings decline,suggest VC glutNo fewer than 497 first-time financings were logged in the US during the first quarter of 2017,combining for a total of$1.6 billion in VC invested.In the same timeframe,overall US deal flow diminished considerably to just over 1,800 completed rounds.Outlier financings led to an uptick in total capital invested with total VC invested exceeding$17 billion.Analyzing these trends in tandem underlines the narrative of increased investor caution paired with plenty of dry powder on hand.European seed and angel rounds continue to dropWhile deal value in Europe remained fairly steady in Q117 at$3.4 billion invested,deal volume slumped to a five quarter low.Angel and seed stage deals volume continued to be the hardest hit,with Q117 results remaining below the number of early stage VC investments for the second consecutive quarter.Despite declining deal volume,corporate VC participation remained strong in Europe.In Q117,corporates participated in 22%of all venture deals in Europe the highest percentage seen over the last 7 years.Q117 also saw strong investment into European VC funds,as exemplified by London-based VC Atomico,which raised a massive$765 million fund.This and other similar fundraises reflect a growing trend for capital to be concentrated in a smaller number of VCs with proven portfolios.Asia sees slow start to 2017After registering a record 2016 in terms of total capital invested(owing considerably to outlier financings like that of Ant Financial)the Asia region has seen a historically healthy sum invested in the first quarter of 2017.However,a decline in total venture activity that began in the final quarter of 2016 has only steepened,with the total number of completed financings dropping to the lowest quarterly level since 2012.All currency amounts are in USD,unless otherwise specified,data provided by PitchBook.5#Q1VC 2017 KPMG International Cooperative(“KPMG International”).KPMG International provides no clientservices and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.Corporate venture capital participation rises as a percent of overall VC dealsWhile the overall volume of VC deals has declined over the past 8 quarters,Corporate Venture Arms have continued to invest at a steadier pace.The result in Q117,CVCs participated in almost 17%of all venture backed deals globally an all-time high.The increased participation rate by CVCs has been evident in the Americas and particularly in Europe,in part due to the rapid decline in total number of deals in those areas.This is understandable given the rationale behind many corporate investments goes beyond immediate financial gain and is often more reflective of the need for corporations to maintain exposure to potentially disruptive startups within their fields or related niches.Plenty of capital still exerting upward pressure on deal metricsIn the wake of healthy fundraising,venture investors still have plenty of dry powder to deploy in opportunities they deem worthwhile.The global median deal size at the earlier stages of venture financing continued to rise in the first quarter of 2017.The median Series B funding hit$14 million,the Series A counterpart climbed to$5.7 million,and even the seed stage increased to$1.4 million.However,late-stage financings saw either a plateau or decrease in median sizes,as the Series C metric actually slid from$23 million in Q416 to$22 million in Q117.It is worth noting that the median pre-money valuation at Series D or later dropped substantially between 2016 and Q117,declining from$180.5 million to$155 million.Venture-backed sales continue to slide in numberAfter 3 straight years of elevated exit value tallies,the most recent 2 quarters have seen much more subdued aggregates worldwide,as exit activity overall has also declined.With corporate acquirers still driving the majority of value achieved,the potential for unicorns to finally go public in 2017 is one of the primary topics of conversation within the industry,as several have filed and public markets remain high in general.The timing of the fundraising cycle could contribute to a winding down in 2017After 3 straight years of fundraising activity eclipsing 400 closed pools of capital,and especially in light of the hefty totals raised in the prior 5 quarters,lower figures for the first quarter of 2017 are primarily due to timing more than anything else.The fundraising cycle can vary more significantly on a quarterly basis,due,simply,to its nature.Further quarters will reveal whether the winding down of fundraising in Q117 is more typical of past quarterly variations or may be more prolonged due to industry dynamics and the deal-making environment.All currency amounts are in USD,unless otherwise specified,data provided by PitchBook.Globally,in Q117 VC-backed companies raised$26.8B$26.8Bacross2,716 deals7#Q1VC 2017 KPMG International Cooperative(“KPMG International”).KPMG International provides no clientservices and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.Globally,the VC market appears ready to make a comeback after a quiet 2016,with VC investor interest returning across key markets.While caution continued to drive investor sentiment for the first half of the quarter,a number of large deals(e.g.Airbnb:$1 billion,Grail:$914 million,SoFi:$454 million)in the second half of Q117 brought life back to the VC market globally.These,in addition to a slow opening of the US IPO market,are positive signs that VC deal activity may be rebounding.With a significant amount of dry powder in the market,particularly in the US and Asia,there could be a rebound in VC deals activity over the next quarter or 2 should market indicators remain on a positive trend.Angel and seed funding down as late-stage deals remain key priorityDuring Q117,late-stage deals continued to gain the lions share of attention in the VC market,as investors remained focused on their existing portfolios as a way to de-risk.Meanwhile,angel and seed-stage funding continued to experience a pullback in most areas of the world,with decreases in both deal count and deal value.The ongoing focus on late-stage deals reflects a number of factors,including concerns about the next steps of Brexit following the triggering of Article 50,the Chinese economy,and the implications of the US presidential election and potential ramifications associated with changes to American tax,trade and immigration policies.Shift toward fewer but larger VC fundsOver the past quarter and more,there has been a noticeable shift in the number and size of VC funds,particularly in Europe and North America,with a smaller number of larger funds being developed rather than a larger number of smaller funds.More investors appear to be limiting their risk by focusing on developing larger funds that can be used to do a broader range of investments over a larger fund lifespan.This can help funds better absorb losses without affecting the long-term return on investment(ROI)associated with a fund.A challenge with these larger funds is the pressure that can be placed on them by limited partners who would prefer that capital to be spent rather than held back.This can lead to difficulty maintaining discipline when deploying capital,turning into a shotgun exercise rather than a measured and thoughtful capital deployment.While the trend towards larger funds is expected to continue over the near-term,there could also be some movement at the opposite end of the VC spectrum.Q117 saw an uptick in total VC commitments raised by the smallest categories of funds,even though deal count among this group was down.https:/ 2017 KPMG International Cooperative(“KPMG International”).KPMG International provides no clientservices and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.US IPO market opening bodes well for VC in all regionsFollowing a mediocre 2016,the IPO market in the US provided hope to international investors in Q117 with the successful IPOs of unicorn companies Snap,Mulesoft and Alteryx.The success of the latter two companies,both software-as-a-service providers,suggests that the IPO market may be opening again following a year-long dormancy.Should market indicators remain positive,other companies may soon follow on the heels of these frontrunners.Already,a number of other companies have filed for an IPO in 2017.While the success of US IPOs may not directly impact companies in other jurisdictions,any confidence in the US IPO market is likely to resonate across the global VC market.As investors in the US become more confident in exit strategies,they will likely invest more,which could help spur investment internationally.The opportunity for IPO exits in other jurisdictions did not change dramatically in Q117.In China,in particular,IPO exits continued to be hampered by regulatory barriers,leaving hundreds of companies waiting for their opportunities.Caution continues to drive Asia-based VC investment in Q117While China remains a clear leader in VC investment in Asia,investors in the country remained cautious throughout Q117.While overall interest in the Chinese VC market was strong,VC investors conti