硅谷银行-2020年第四季度风险监测报告.docx

<PitchBook ncasvbSWicon Valley BankContentsExecutive summary3NVCA policy highlights4Overview5Angel, seed, and first financings7Early-stage VC9Late-stage VCI IRegional spotlight15Deals by sector16SVB; Why SPACs now?20Female founders22Nontraditional investors24Velocity Global: Slow the cash burn for portco global&expansionExits29Fundraising31Q4 2020 league tables3 3Methodology35Late-stage VCLate-stage activity sets new highs of value and countUS late-stage VC deal activity (with deal count estimation)3,4542010201 I201220132014201520162017201820192020MDeal value ($B)Deal count Estimated deal countPitchBook-NVCA Venture MonitorA record 321 mega-deals closed in 2020z with late-stage companies contributing 265 to that sum. For perspective, just 242 mega-deals closed in 2019. In 2011,Deal value ($B)less than a decade ago, just 46 mega-deals closed. The closed mega-deals in 2020 accrued a total of $70.9 billion, surpassing the previous high-water mark of $64,6 billion set in 2018, and constituted 45.4% of total US VC deal value. The late stage already represents a sizable proportion of1,0009008007006005004003002001000Deal count Estimated deal countPitchBook-NVCA Venture Monitortotal US VC deal value year to year, and its share of the market has only increased as mega-deals flourish.Investors have increasingly concentrated capital into mature companies for many reasons, among them now the shift toConcentration forming at the top of the marketPitchBook-NVCA Venture MonitorInvestor demand at the stage buoys valuationsQuartile distribution of US late-stage VC pre-money valuations ($M)25th percentilePitchBook-NVCA Venture Monitorremote work and the complications to dealmaking that it produced. Late-stage companies tend to possess more concrete financial metricsand other operating data points relative to those in earlier stages of development. With this data, investors can more confidently complete a transaction without meeting the founders face to face, putting earlier-stage companies at a disadvantage. As COVID-19 vaccines roll out, we expect VC investors to return to prepandemic behaviors around due diligence in the near term.That said, we expect some deals will still close using fully digital processes, which we believe have benefited companies in venture hubs outside the Bay Area and could enable greater geographic diversity in portfolios. The Bay Area recorded a 10-yearlow in proportion of total deal count in 2020, while CSAs such as Boston and Chicago recorded improving activity.Mobility tech companies closed a handful of notable late-stage deals in Q4. Self-driving companies Nuro and TuSimple raised a $500.0 million Series C and $350.0 million Series E, respectively. Aerospace company Relativity Space raised a $500.0 million Series D to support its mission to create 3D-printed rockets. In addition to attracting ample late-stage capital, the advanced mobility tech space has become an area of concentration for SPAC combinations. In the next two years at least, we expect continued competition for deals between SPACs and late-stage investors, as SPACs try to reverse the ”privateforlonger“ trend that developed in the decade ending 2020.Average 75th percentile MedianVenture Forward is a 501(c)(3) supporting organization to NVCA.Shaping the future of venture capitalVENTUREFORWARDventu reforwa rd.orgNVCAEMPOWERSncaTHE NEXT GENERATION OF AMERICAN COMPANIESAs the leading trade organization in this country, NVCA provides a wealth of resources for VCs, including access to exclusive data, education, connecting with peers, and shaping the policy agenda.Beth SeidenbergFounding Managing Director of Westlake Village BiopartnersBecome a NVCA member today | svb >Silicon Valley BankBuilt for What's Next.Helping life science and healthcare innovators move bold ideas forward, fast.For 35 years, Silicon Valley Bank has been at the intersection of innovation and capital. We provide unique access to insights and strategies for companies of all sizes in innovation centers around the world all designed to help you find whafs next.svb ©2020 SVB Financial Group. All Rights Reserved. Silicon Valley Bank Member FDIC.Ecosystems adapt to shifting industry trendsUS VC deal activity in 2020 by CSASeattle DeaGHFit: 366、(-14.3% YoY change)/Deal value: $4.5B 1I.Minneapolis Deal cnunt: 114(-4.2% YoY change) Deal count: $1.6B +2.3% YoY change).Minneapolis Deal cnunt: 114(-4.2% YoY change) Deal count: $1.6B +2.3% YoY change)(+14.0% YoY change)IBay AreaDeal count: 2,503(-13.3% YoY change)Deal value: $61.5BIl 8.8% YoY change)DenverDeal count: 329(-1 1.1 % YoY change)Deal value: $2.6B(+4.4% YoY change)Chicag?Deal count: 273(-10.8% YoY change)Deal value: $2.8B(+21.5% YoY change)% YoY change) Deal value: $19.3B (-16.9% YoY change)Los Angeles *1 count: 1,126*2必Qange)AtlantaDeal count:：(+l.l%YoYcjDeal value:1AustinDeal count: 260(-15.3% YoY change)Deal value: $2.3BYoY change)PitchBook-NVCA Venture MonitorDespite record year for fundraising, capital still consolidates in main tech hubsFundraising trends largely unchangedoooCMCMCMoooCMCMCNCMO CMNashville Salt Lake City MiamiSeattle Los Angeles New York Chicago Washington, DC Boston Bay Area OtherPitchBook-NVCA Venture MonitorPitchBook-NVCA Venture MonitorRecord-shattering year for biotech & pharmaUS VC biotech & pharma deal activityNear-even split of biotech & pharma deals across stagesUS VC biotech & pharma deals (#) by stage Late VC Early VCAngel & seedS 寸 C9C86。 1<1OOOOOOOO 77nzz ZCNC1% ooooo oooooo 0987654321FEEDeal value ($B)Deal count。一。ePitchBook-NVCA Venture MonitorPitchBook-NVCA Venture Monitor$30$25$20$15$10$5$0ooooooooooo$0Notable increases seen in both median and average deal sizeMedian and average US VC biotech & pharma deal sizes ($M) $35Median and average valuations sitting at all- time highsMedian and average US VC biotech & pharma pre-money valuations ($M) $160$140$120$100$80$60$40$20Fintech VC deals exceed $20B in record yearUS VC fintech deal activityAngel and seed deal contraction offset by expansion of I a testa ge dealsUS VC fintech deals (#) by stage198359281780637699649493寸SS 寸一 S 5OS9107 SIOZ 寸I0Z E-oz z-oz 二 0Z 0I0ZDeal value ($B)1,029 1031寸 寸 为Deal count938O ci so g Cl100%90%80%70%60%50%40%Late VC Early VC Angel & seed(NON 6 一 ON 810Z ZJOC 9I0Z s-oe 寸一 oe E-oe zioe 二 oe o 一 ON % % % % o o o o 3 2 1PitchBook-NVCA Venture MonitorPitchBook-NVCA Venture MonitorSeveral outsized deals push average higherMedian and average US VC fintech deal sizes ($M)Frothy fintech valuations cause average to skyrocketMedian and average US VC fintech pre-money valuations ($M)“o 5,428 4,友oeoCN6 一 OZ8 1 oeZJOZ9 1 oes-oz寸一 ONE-oezioe二 ON。一oeDeal value ($B)Deal countoooooooooooPitchBook-NVCA Venture MonitorB2B tech received record investment value in 2020US VC B2B tech deal activityPitchBook-NVCA Venture Monitor32% of B2B deals completed at late stageAverage deal value up significantlyMedian and average US VC B2Btech deal sizes ($M)Average valuation surgedMedian and average US VC B2Btech pre-money valuations ($M)Headwinds hit consumer techBroader stage trends match B2ctechUS VC B2C tech deals (#) by stageUS VC B2C tech deal activityDeal value ($B)Deal count100%90%80%70%60%50%40%30%20% Late VC Early VC Angel & seedoeoe6 一 ON8I0NZJOZs-oz寸一 0(Ns-oz(N-oz二 oz。一ONPitchBook-NVCA Venture MonitorPitchBook-NVCA Venture MonitorDeal sizes see bounce in 2020Median and average US VC B2C tech deal sizes ($M)$25$308.9Average pre-money valuation reaches new highMedian and average US VC B2C tech pre-money valuations ($M)$350$300$250$200$150$100$50$0SVB: Why SPACs now?The return of the SPAC certainly made waves in 2020, leading many high-profile investors to sponsor tech-focused SPACs. We are taking a look at the phenomenon through the lens of whats in it for longterm investors. Exit activity across the board is making for a lot of happy investors, and SPACs have a lot to do with the tsunami of capital raised in the public markets in the second half of a most unpredictable 2020.At the dawn of 2020, there was a lot of talk about direct listings and other alternative paths to take companies public. The traditional IPO had run its course, or so some opined. But few predicted how companies are SPACing their way to billion-dollar-plus valuations or how, even amid a pandemic, traditional IPOs are springing back to life.SPAC activity in 2020 smashed records, involving 250 companies that collectively raised $75.1 billion, compared to 2019 when 53 SPACs raised $11.1 billion. In 2020z 102 traditional IPOs raised $222 billion.Why SPACs now? The IPO process has seen little innovation, and for some companies thinking about going public, SPACs can provide useful tools to raise capital quicker and with fewer hurdles based on current market conditions. SPACs may offer an opportunity to obtain more price certainty and give founders a better idea of who the investors will bez helping the company weigh the value of short-term investors seeking a pop versus those with a longer-term goal to help a company grow over time.Reid Hoffman, SPAC sponsor and Linkedln co-founderz recently sat down with Silicon Valley Bank and clients to discuss this trend. In the second half of 2020, Hoffman and Mark Pincus, Zynga founder, launched two SPACsReinvent TechnologyPartnersand Reinvent Technology Partners Z-targeting tech company mergers. Investors are looking at all these great private companies beginning to come out in the markets and asking,'''How do we have a starting position in them. How do we have a potentially larger position?" And that's part of the reason why there is. a sharp increase in the attention to SPACs, now also increasingly amongst more interesting investors/says Hoffman. In essence, SPAC investors are putting money into financial structures that act like buyout fundsin this case for a single company. A sponsor investor forms a shell company (sometimes called a blank-check company) through an IPO and sometimes includes additional investors, known as private investment in public equity (PIPE) investors, with the sole intent of buying a yet-to-be-identified company. In most cases, the SPAC has two years to identify a target company and take the company public through a reverse merger (referred toasdeSPACing).In other ways, the SPAC investor can be a public-market extension of the venture capitalist, an investor with a long-term vision who is not risk-averse and prefers to stick around for a whilein this case, after a company hits the public marketsto help it evolve. As Hoffman sees itz SPAC investing is ''venture capital at scale/The recent first-day price pops led by Airbnb and DoorDash have everyone rethinking pricing strategies. The huge gap between supply of public-ready companies and investor demand has become increasingly obvious. Consider that 19 IPOs by mid-December 2020 had doubled their share prices on the first day of tradinga feat not achieved in two decades.SPACs provide an alternative pathway for strong but non-household name companies to enter the public markets.DEVIKA PATIL Managing Director of Venture Capital Relationships at Silicon Valley BankDEVIKA PATIL Managing Director of Venture Capital Relationships at Silicon Valley BankDevika is a Managing Director in SVB's Venture Capital RelationshipGroup. Her financial wheelhouse includes tailored strategic capital solutionsand proprietary, operational, tactical industry insights. Prior to joining SVBin 2018, Devika was a VP and West Coast Corporate Banking head of the gaming and homebuilding group at The Royal Bank of Scotland. She launched her career at J. P. Morgan as an investment banker.SUSAN WINTER Head of Syndications at Silicon Valley BankSUSAN WINTER Head of Syndications at Silicon Valley BankSusan is Head of SVB's Global Loan Capital Markets, overseeing all lead distribution forTechnology, Life Sciences, Sponsor Finance, Project Finance and Global Fund Banking syndicated financings. Priortojoining SVB in 2010, Susan was in investment banking atJPMorgan； Barclaysand Blackstone, focusing on Sponsor Finance and High Yield Capital Markets, and in M&A.For companies going public,''the IPO is not the end game. The IPO is actually the beginning of the next major phase," Hoffman says. But many traditional IPO investors today view their investments with an eye toward minimizing risk; they seek well-established companies that have thrived on huge VC and PE cash infusions. In contrast, Hoffman says, the SPAC process enables long-term investors, with a five- to 10-yearviewz to help companies reinvent themselves over time and adapt to changing marketplaces. ''Taking smart risks to capitalize upon new opportunities that technologies are opening up. is in fact what is really important, and we need to be set up for that next decade/ he adds.Executive summaryDespite facing macro headwinds from the CO VID-19 pandemic for most of 2020, the US VC industry remained resilient on a broad level. Overall, 2020 posted record investment into high-growth startups, record capital raised by VC funds, and the second-highest year for VC-backed exit value. However, underneath the surface of those topline stats exists an increasingly concentrated industry with divergent outcomes for established playersand newcomers.Although late-stage deal count and value dipped in Q4, both metrics reached record annual highs, and late-stage companies accounted for 28.8% of total VC deal count and 66.7% of value in 2020. Their increased share of activity may have stemmed partly from investors turning much of their attention to supporting existing portfolio companies with capital infusions to maintain operations and accelerate growth. At the same time, mega-deals (largely buoyed by large, late-stage companies) also reached annual record highs for deal count and value, helping to drive up the median deal size across all investment stages.On the other end of the investment cycle, seed-stage and first-time financing activity fell sharply, proving a more challenging fundraising environment for newer entrepreneurs. Female founders and ent