2020年第四季度全球风险投资报告.docx

22385176Global一 VC investment remains strong - reaching $80.8 billion一 Early-stage deal volume remains muted一 Median pre-money D+ valuations rise to $525 million in 2020 Corporate VC deal volume and value remain resilient一 Blockbuster M&A and IPOs fuel record exits一 Annual fundraising reaches near record levelsUS VC remains robust with over $38.8 billion invested across 2,526 deals Median pre-money valuation for series D+ rises to $455 million in 2020一 Pharma and biotech reach new high First-time funding (YoY) stays strong as volume slides Exit activity spikes for second consecutive quarterAmericas一 Americas remains steady at $41.0 billion invested across 2,725 deals一 Canadian deal value remains strong as deal volume plummets in Q4'20一 Deal value in Mexico reaches record levels - powered by Kavak mega deal一 Brazil sees down Q4 to close 2020 USA dominates with 9 of the top 10 deals including 3 fintech unicornsEurope 6 of top 10 financings in Venture capital finishes year with record quarter with over $14.3 billion invested一 Angel and seed deal volume contract sharply YoY Corporate venture capital value remains strong for 3rd consecutive quarter Fundraising remains strong surpassing 2019 levels by $2.2 billion一 UK attracts lion's share of large deals - including 04*20Asia Venture Capital investment mirrors Q3 results with $25.2 billion across 1,398 deals一 IPOs lead exits to close year on high note Chinese deal value increases for fourth consecutive quarter一 India ends year on strong note thanks to mega-deals一 Edtech investment surges in the region including big deals by Zuoyebang and Yuanfudao©2021 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved.bal deal share by seriesGlobal deal share by series10,CM4,qoo20,C00$30018,CH$25016,C0014,M$20012,(f0$1508,000$10000$502,qoo0Series D+ Series C Series B Series A Angel/seed Series D+ Series C Series B Series A Angel/seed2013 2014 2015$02013 2014 2015 2016 2017 2018 2019 2020*2013-2020*, number of closed deals2013-2020*, VC invested ($B)Source: Venture Pulse, Q4'20, Global Analysis of Venture Funding, KPMG Private Enterprise. *As of 12/31/20. Data provided by PitchBook, 1/20/21.Later-stage companies are safer bets during uncertain times, as a general rule of thumb. Judging by how much capital has kept flowing into later-stage rounds, whereas angel & seed financings have contracted significantly in volume, it is clear that investors have dialed back activity in pricey early-stage activity and rather are being judicious as to overall risk.PI in100HCommercial Services90%80%70%60H50%40%3瞅edia2«Other10%Pharma & Biotech0%SoftwareA2013-2020*, VC invested ($B)100clCommercial Services90,80cl70cl60cl509401ediaOtherPharma & BiotechSoftwareAco§9Consumer Goods & Recreation EnergyConsumer Goods & Recreation EnergyHC Devices & Supplies HC Services & Systems IT Hardware2013-2020*, number of closed dealsSource: Venture Pulse, Q4'20, Global Analysis of Venture Funding, KPMG Private Enterprise. *As of 12/31/20. Data provided by PitchBook, 1/20/21.colo9HC Devices & SuppliesHC Services & Systems IT Hardware寸Co20porate VC participation in global venture deals$6fl1,6001,400$5(1,200$4(1,000$3(800600$2(400$1(200$(2013201520162017201820192020Q1 Q2Q3Q4Q1 Q2Q3Q4Q1 Q2Q3Q4Q1 Q2Q3Q4Q1 Q2Q3Q4Q1 Q2Q3Q4Q1 Q2Q3Q4Q1 Q2Q3Q402014Deal value ($B)Deal countSource: Venture Pulse, 04*20, Global Analysis of Venture Funding, KPMG Private Enterprise. Data provided by PitchBook, 1/20/2021.venture capital arms invested themselves. Likewise, deal count is the number of rounds in which corporate venture firms participated.Note： The capital invested is the sum of all the round values in which corporate venture capital investors participated, not the amount that corporateDespite some variation throughout the year, 2020 once again saw corporate investors as well as their CVC arms remain active at elevated rates (relative to historical tallies) across the global venture landscape. Their primaryDtives remain intact financial gain, strategic positioning, partnerships and even potential positioning foracquisition, although that last is not yet conclusively demonstrated via PitchBook data to be a significant driver of M&A. All in all, corporate involvement in direct venture investment appears to be holding steady and unlikely to change heading into 2021.(bal first-time venture financings of companies2013-2020*10,0348,7888,1497,2276,5802013201420172020*Source: Venture Pulse, 04*20, Global Analysis of Venture Funding, KPMG Private Enterprise. Data provided by PitchBook, 1/20/2021.$15.9$13.$28.1 $23.3 $21.4 $34.1 $29.4 $24.920152016Deal value20182019Deal ccuntAs anticipated, first-time financing volume did subside once again year-over-year, although the sheer sum of dollars invested was roughly in the median of the past several years, signifying that it is not so much a significant decline as likely cyclical. Although 2015 to 2017 exhibited somewhat similar trends, what is likeliest is that between 2015 and the present, there was sufficient cyclical and secular advances in major sectors that a new wave of first-time startups have yet to come, e.g. in mobility or ridesharing.)bal unicorn rounds2013-Q420$45120$40100$35$3080$2560$20$15$1020$5$00Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3Q4Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q420132014201520162017201820192020Deal value ($B)Deal countSource: Venture Pulse, Q4'20, Global Analysis of Venture Funding, KPMG Private Enterprise. Data provided by PitchBook, 1/20/2021.40Note: PitchBook defines a unicorn venture financing as a VC round that generates a post-money valuation of S1 billion or more.These are not necessarily first-time unicorn financing rounds, but also include further rounds raised by existing unicorns that maintainat Ie,that valuation of $1 billion or more.Regardless of its past variability, one trend over the past two years is clear: Unicorns are still able to raise plenty of funding even as the letter of their latest series moves into the middle of the alphabet. For the first time, unicorns both existing and freshly minted closed 100 or more rounds in back-to-back quarters, closing on billions of dollars. This represents the confluence of two trends: first, a concentration of capital in perceived safer and more lucrative outcomes by investors, and second, the ongoing maturation of the stay-private trend by companies given thesbeer accessibility of private capital, unprecedented in history.BlQ1 Q2Q3Q4Q1 Q2Q3Q4Q1 Q2Q3Q4Q1 Q2Q3Q4Q1 Q2Q3Q4Q1 Q2Q3Q4Q1 Q2Q3Q4Q1 Q2Q3Q4201320142015201620172020Exit value ($B)20182019Exit countSource: Venture Pulse, 04*20, Global Analysis of Venture Funding, KPMG Private Enterprise. Data provided by PitchBook, 1/20/2021.Note: Exit value for initial public offerings is based on post-IPO valuauon not he ss/o of Iho。斤。nng ilscli.As is clear from the chart above, 2020 closed with something extraordinary. Thanks to blockbuster M&A and huge debuts on public exchanges, multiple venture firms and other backers saw mature companies such as Airbnb and DoorDash finally go public to achieve multibillion-dollar valuations. Much like parts of 2018 and the first half of2019, the back half of 2020 saw the culmination of several unicorns, journeys as independent or privately held entities, which spurred this massive surge in liquidity. What remains to be seen is how much more is to come.Gk (#)bal venture-backed exit activity by typeGlobal venture-backed exit activity ($B) by type2013-2020*$5002,5C0$450$4002,0C0$350$3001,5C|$250$2001,0C|$150$1005C0$502013-2020*2013 2014 2015 2016 2017 2018 2019 2020*2013 2014 2015 2016 2017 2018 2019 2020*Strategic AcquisitionBuyout ElPOStrategic Acquisition E Buyout IPOSource: Venture Pulse, Q4'20, Global Analysis of Venture Funding, KPMG Private Enterprise. *As of 12/31/20. Data provided by PitchBook, 1/20/21.For the first couple editions of Venture Pulse in 2020, IPO volume had contracted. However, by a small margin, that exit route came roaring back to the tune of a record year in exit value, at nearly $450 billion. Public markettuthrmoil in the first half of the year was likely the cause of that initial slowdown, yet record market highs achieved in e back half of 2020 encouraged the debuts of several unicorns.)bal venture fundraising2013-2020*$14$12$101$8$6524$4$2$37.61,2001,000972969924800791600582400200$81.2$89.6$96.1$122.4$90.5$112.3$56.520132014201520162017201820192020*Capital raised ($B) gFund countSource: Venture Pulse, Q4'20, Global Analysis of Venture Funding, KPMG Private Enterprise. *As of 12/31/20. Data provided by PitchBook, 1/20/21.The venture asset class remains undeniably popular, although increasingly large sums concentrated in fewer vehicles does raise some interesting implications. At $112.3 billion across close to 600 vehicles closed, what is clear is that flagship venture firms are finding unprecedented success in raising ever-larger funds, and thus will continue to be able to hold commanding positions across later stages of the market. However, plenty of other smaller firms are still closing, thus suggesting general availability of VC across lifecycles will persist.)bal venture fundraising (#) by size2013-2020*Global first-time vs. follow-on venture funds (#)2013-2020*800100%70090%80%60070%50060%40050%40%30030%20020%10010%00%2013 2014 2015 2016 2017 2018 2019 2020*Under $50M$50M-$1 OOM $100M-$250M$250M-$500Mt $500M-$1 B C$1 B+Follow-on9CO寸9I-I-T-oooCMCJCJzCO6l-T-I-oooCMCMCMFirst-timeSource: Venture Pulse, Q4'20, Global Analysis of Venture Funding, KPMG Private Enterprise. *As of 12/31/20. Data provided by PitchBook, 1/20/21.At nearly 20 percent of 2020 fundraising volume, first-time vehicles set a record proportion unforeseen when the year began. This is promising in several ways, chiefly as brand-new vehicles often target underserved segments of the market, and also because emerging managers, although very risky, can often generate the largest gains for their backers, dollar for dollar. $L7B, NanjingLogistics Early-stage VC$1.6B, BeijingEducational softwareSeries E1$1B, BeijingEducational software Series G $907,1 M, ShenzhenInternet retailSeries A$735,85M, ShanghaiAutomotive Series B $725M, San Diego PharmaceuticalsSeries B $668,3M, Menlo ParkFintechSeries GI/ $660M, GurugramFoodtechLate-stage VCH z一 $533,8M, San FranciscoFintechSeries F1一 $500M, Long BeachAerospace & defense Series DSource: Venture Pulse, 04*20, Global Analysis of Venture Funding, KPMG Private Enterprise. Data provided by PitchBook, 1/20/2021.Private EnterpriseGlobally, in Q4 '20 VC-backed companies raisedacross5,418 deals©2021 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All nghts reserved.心.Q. 曲< o >Private EnterpriseGlobalUSIn Q420 US VC-backed companies raisedacross2,526 deals©2021 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved.AmericasEuropeAsiaVC investment in the US stayed robust in Q4'20, helping drive total annual VC investment to a new record high of $156.2 billion in 2020, compared to $138 billion last year. While the US faced a number of uncertainties during the quarter, including the presidential election in November, a seemingly endless supply of cash on the sidelines and an ample exit market helped to keep confidence in the VC market relatively robust through the end of the year.During Q4'20, VC investment in the US remained focused on key sectors relevantin the current pandemic environment, including fintech, health and biotech, and transportation. These sectors accounted for many of the quarter's largest funding rounds, including Resilience ($725 million), Robinhood ($668 million), Chime ($533 million), Nuro ($500 million), Tempos Labs ($450 million), and Hippo Insurance ($350 million).Fundraising activity in the US reached a near-record high in 2020. In Q4'20, in particular, Andreessen Horowitz announced two mega funds totalling $4.5 billion https:/www.finsmes.eom/2020/11/andreessen-horowitz-closes-two-funds-totalling-4-5-billion.html. Over the course of the year, large US VC funds attracted the lion's share of capital, while some smaller funds had difficulties with capitalization. This trend towards larger funds has been building for a couple of years, although it accelerated in recent quarters as investors increased their focus on metrics like cash-flow, unit economics, and the long-term sustainability of target companies. With a lot of capital sitting on the sidelines, large institutional investors and pension funds moved to put their capital into safe and knowledgeable hands - which predominantly meant larger VC firms with proven fund managers offering a consistent track record for delivering high returns over the lifespan of their funds.The health and biotech sector continued to be a hot priority for US-based VC and corporate investors in Q4'20, with interest stretching well beyond COVID-19 specific activities. Over the last few quarters, the pandemic highlighted significant gaps in the healthcare ecosystem in the US ripe for disruption, which has led to an uptick in investor interest in a wide-range of health and biotech areas, including remote diagnostics, medical imaging solutions, fitness, and wellness. The wellness industry in particular saw significant growth throughout 2020 as consumers became more concerned about their health a