2021年第四季度风险投资报告（英）-34正式版.pdf

The definitive review of the US venture capital ecosystemIn partnership withQ4 2021Public listings record a banner year,unlocking more than$680 billion in exit value.Page 27Capital investment in US startups nearly doubles year over year to$330 billion.Page 5Annual VC fundraising tops$100 billion for the first time on back of elevated returns.Page 292 Q4 2021 PITCHBOOK-NVCA VENTURE MONITORCredits&contactPitchBook Data,Inc.JOHN GABBERT Founder,CEO NIZAR TARHUNI Senior Director,Institutional Research&EditorialDYLAN COX,CFA Head of Private Markets ResearchRESEARCH CAMERON STANFILL,CFA Senior Analyst,VCKYLE STANFORD,CAIA Senior Analyst,VCJOSHUA CHAO,Ph.D.Senior Analyst,VC DATASUSAN HU Data AnalystReport&cover design by DREW SANDERS and JOEY SCHAFFERNational Venture Capital Association(NVCA)BOBBY FRANKLIN President&CEOMICHAEL CHOW Research Director,NVCA and Venture Forward SABRINA FANG Vice President of Communications and Marketing ROBIN CEPPOS Communications ManagerContact NVCAnvca.orgnvcanvca.org Insperity PAUL J.SARVADI Chairman and CEO LARRY SHAFFER Senior Vice President,Marketing and Business DevelopmentRANDY FISHER Senior Strategy Manager,Marketing and Business Development Contact Insperity I summary3NVCA policy highlights4Overview5Angel,seed,and first financings7Early-stage VC9Late-stage VC11Regional spotlight15Deals by sector16Insperity20Venture debt22Female founders23Nontraditional investors25Exits27Fundraising29Q4 2021 league tables312021 league tables32Methodology33ContentsNote:This report was updated on January 14,2022 to account for an error in deal data.3 Q4 2021 PITCHBOOK-NVCA VENTURE MONITORExecutive summary2021 began with a bang in VC activity and ended in spectacular fashion,producing another record-setting year.While many were bullish on the industry at the start of 2021,possibly no one predicted how remarkable the year would prove to be.US VC-backed companies raised$329.6 billion in 2021,nearly double the previous record of$166.6 billion raised in 2020.Investment activity(measured in both total dollars invested and total deal count)for seed&angel,early-,and late-stage companies all hit records,as did investment activity for companies receiving their first equity round of institutional financing and companies raising VC mega-rounds(sized$100 million or more).Total deal count also increased substantially to an estimated 17,054 deals in 2021(up from 12,173 in 2020),but the increase in deal count did not match the pace of the surge in additional capital,continuing the trend of increasing deal sizes.Exits were a huge part of the story of 2021,with approximately$774.1 billion in annual exit value created by VC-backed companies that either went public or were acquired.The overwhelming majority of these dollars,some$681.5 billion,was realized through public listings,a testament not only to the favorable conditions presented by robust public markets and strong valuations,but also to the availability of SPACs as an acceptable and popular alternative to IPOs.That VC-backed companies were able to generate such enormous exit value in 2021 during a time characterized by great uncertainty and extraordinary circumstances highlights the continued importance of VC-backed companies to US public markets.It is important to note that the strong IPO activity for VC-backed companies in 2021 was a result of early-stage investment from investors that in many cases first partnered with the founders 10+years ago.Those companies have scaled over the past decade and during a strong startup and growth environment.What partly makes 2021s VC industry activity so remarkable is that the pandemic continued despite widespread availability of vaccines and a national vaccination campaign.At the start of 2021,many investors predicted that the world would have returned to pre-pandemic ways before year-end,but an ever-evolving virus and new variants of concern prevented those forecasts from coming true.While some investors resumed business travel to meet with founders,virtual meetingsa strange novelty for many just two years agohave enabled investors to continue doing business and appear here to stay,regardless of the pandemics future trajectory.Additional adversities the industry faces are economy-wide supply chain woes and labor shortages.The microchip shortage is negatively impacting some hardware companies ability to manufacture,but supply chain constraints are slowing some companies ability to create product across virtually all sectors.Worker shortages and the war for skilled talent are also being felt broadly and pushing up expenses through salary increases.The upward pressure on labor costs is somewhat offset by the new paradigm of remote work and the associated ability to hire people from almost anywhere.Interestingly,neither a shortage of material inputs nor labor appears to have materially reduced revenues for most VC-backed companies,since prices can largely be raised without consequence in the current inflationary environment.The Q4 data also highlights the tale of nontraditional investor participation in the VC industryone of the big stories of the year.In 2021,$253.5 billion in deal value had nontraditional investors such as corporate VC funds,hedge funds,PE firms,and sovereign wealth funds participate(76.9%of total annual deal value),and deals worth$138.9 billion were led by at least one nontraditional investor(42.1%of total annual deal value).While interest in VC by investors typically focused on other asset classes generally occurs whenever VC outperforms,such interest is usually transient in nature.It is not clear that such is the case this go-around,and certain nontraditional investors may be here to stay.Looking to 2022,nontraditional investor interest and momentum will likely continue,partly due to the continued strong outperformance of VC portfolios.At the same time,traditional VC investors are flush with capital to deploy;VC fundraising topped$100 billion in 2021 for the first time ever,with$128.3 billion raised across 730 funds$40 billion more than 2020s previous record high.The good news for entrepreneurs is that there is a deeper and wider pool of capital sources available to fund and scale the next generation of innovative companies.The cohort of companies raising early-stage funding in 2022 and the environment under which they will scale their businesses over the coming years will determine the longevity and strength of future exit activity.4 Q4 2021 PITCHBOOK-NVCA VENTURE MONITORNVCA policy highlightsAs 2021 drew to a close,policymaking in DC was centered around passage of the Build Back Better Act,a budget reconciliation bill being considered on a party-line basis.NVCA is making the case in Washington on how the programs in the package can bridge the lab-to-market divide and deliver jobs and innovation to the American public.At the same time,we are warning against the counterproductive consequences of misguided tax policy,such as increasing taxes on carried interest capital gains and harmful changes to Qualified Small Business Stock(QSBS).Below are the key issues on which we are focused.Build Back Better ActNVCA continues to engage on the QSBS provision in the Build Back Better Act.We are meeting with key lawmakers to raise concerns about its inclusion and point out issues with the current drafting of the provision,including the retroactive nature of the tax increase and that the capital gains exclusion under the proposal will actually be 30%rather than 50%.NVCA joined a coalition letter with 31 innovation and entrepreneurship organizations against the QSBS provision.We are also remaining vigilant and closely monitoring any possible amendments on carried interest capital gains.Presently,there are no changes to carried interest in the language,but we will be prepared should any changes arise via an amendment on the Senate floor or otherwise.There are other promising proposals in the reconciliation package for which NVCA has advocated,including providing a direct pay mechanism for the clean energy tax credits and creating a new energy storage credit;$7.5 billion for National Science Foundation research grants,technology commercialization support and scholarships;a new micro-SBIC program;and$30 billion for workforce development,including technology skills.Bipartisan Infrastructure LawSigned into law the week before Thanksgiving,the bipartisan infrastructure package includes dozens of programs to incorporate technology into a range of infrastructure-related systems,accelerate research and technology demonstration projects,and re-shore advanced technology manufacturing.These include programs for cybersecurity,energy storage,transportation and mobility,climate,and smart city technology.NVCA continues to engage on these programs as the implementation process gets underway.Antitrust and acquisition restrictionsAntitrust scrutiny of large tech companies continues in Washington,and one element has been proposals to restrict or ban acquisitions.Given the importance of acquisitions to the startup ecosystem,NVCA has focused its efforts in this area.In particular,we are concerned about the Platform Competition and Opportunity Act from Senators Amy Klobuchar(D-MN)and Tom Cotton(R-AR),which is an effective ban on acquisitions for certain large tech companies.A similar version of the bill passed the House Judiciary Committee in June.NVCA issued a formal opposition letter expressing our concerns with the legislation and discussing the importance of acquisitions to the startup ecosystem.We have met directly with the authors of the bill and many Senate offices to share our concerns.We have written op-eds(here and here)to argue against the bill.Our activities will continue in 2022 as policymakers consider action on antitrust.Endless Frontier Act/US Innovation and Competition ActFollowing a strong Senate bipartisan vote in June,House Speaker Nancy Pelosi and Senate Majority Leader Charles Schumer announced in November an agreement for the two legislative bodies to begin conference negotiations on the US Innovation and Competition Act(USICA),which includes the NVCA-endorsed Endless Frontier Act(EFA).Over the last several months,NVCA provided recommendations to sponsors Majority Leader Schumer(D-NY)and Sen.Todd Young(R-IN)that would encourage the participation of the venture capital industry through prioritization of new company formation.NVCA has weighed in with key decisionmakers to urge House action.We continue to advocate for prioritization of entrepreneurship in the negotiated package,including in the implementation process if the bill passes.The next several months of policymaking will be incredibly impactful for the future of the startup ecosystem.NVCA will keep a watchful eye for proposals that would harm our ecosystem and work closely with policymakers to grow our innovation economy.Bobby Franklin is the President&CEO of the National Venture Capital Association(NVCA),the venture communitys trade association focused on empowering the next generation of transformative US-based companies.Based in Washington,DC,with an office in San Francisco,NVCA acts as the voice of the US VC and startup community by advocating for public policy that supports the US entrepreneurial ecosystem.5 Q4 2021 PITCHBOOK-NVCA VENTURE MONITOROverview$45.4$41.6$49.1$74.0$85.8$82.6$88.4$144.2$144.5$166.6$329.66,9008,0269,51010,71311,34410,21511,10911,60612,49012,17317,05420112012201320142015201620172018201920202021*Deal value($B)Deal countEstimated deal count$10.4$4.3$6.9$19.4$25.7$26.4$24.1$64.8$59.7$76.5$190.646263988108861132142533358192011201220132014201520162017201820192020 2021*Deal value($B)Deal countVC investment nearly doubles YoYUS VC deal activityGrowth in mega-deal activity outpaces broader market US VC mega-deal activityCapital availability is king.A fair portion of the new VC investment records in 2021 can be attributed to the record levels of capital cycling through the system.VC dry powder continues to hit all-time highs,and an increasing number of nontraditional investors continue to foray into venture to participate in,or even lead,VC deals.Only time will tell whether these investors are here to stay or whether macroeconomic catalysts will draw the swaths of crossover investors away from the venture strategy.Public listings continue to dominate the VC exit market.An astonishing$774.1 billion in exit value became liquid during 2021,of which$681.5 billion was attributed to 296 public listings.The acceleration of SPAC acquisition activity was another tailwind for the market recording a post-2000 record.Looking forward to 2022,we have seen an uptick in public market volatility over the last few months,especially within recent IPOs and growth businesses,which introduces greater uncertainty to the public listing market.PitchBook-NVCA Venture Monitor*As of December 31,2021PitchBook-NVCA Venture Monitor*As of December 31,20216 Q4 2021 PITCHBOOK-NVCA VENTURE MONITORElevated VC returns drive uptick in fundraising totals.VC firms raised a record-shattering$128.3 billion in new capital over the course of the year,representing a 47.5%YoY increase.The median and average fundraising value in 2021 also saw a notable jump to$50.0 million and$188.1 million,respectively.Venture as an asset class has outperformed in recent years.Our data shows that one-year and three-year horizon IRRs for venture have significantly outpaced every other private capital asset class,encouraging LPs to continue to allocate capital toward venture at unprecedented rates and allow VCs to raise new funds with relative ease.$42.1$50.0$156.9$188.1$0$20$40$60$80$100$120$140$160$180$20020112012201320142015201620172018201920202021*MedianAverage139310138273654230556$0$20$40$60$80$100$120$140$16020112012201320142015201620172018201920202021*Total amount raised($B)Exit countLarger funds find success during 2021 US median and average VC fund size($M)SPAC IPOs have tapered off since Q1 but remain at elevated pace US SPAC IPO activityPitchBook-NVCA Venture Monitor*As of December 31,2021PitchBook-NVCA Venture Monitor*As of December 31,2021$0$50$100$150$200$250$300Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4201620172018201920202021BuyoutPublic listingAcquisitionPitchBook-NVCA Venture Monitor*As of December 31,2021Public listing activity sustains dominant streak within VC exit marketQuarterly US VC exit value($B)by type$5.0$6.3$7.0$9.5$30.0$46.0$65.0$114.5$0$20$40$60$80$100$12020112012201320142015201620172018201920202021*AngelSeedEarly VCLate VCPitchBook-NVCA Venture Monitor*As of December 31,2021Valuations continue relentless climb across all stagesUS VC median pre-money valuations($M)by stage7 Q4 2021 PITCHBOOK-NVCA VENTURE MONITORAngel,seed,and first financingsDuring 2021,roughly the same amount of capital was invested in seed deals($13.1 billion)as was invested in the early stage(Series A and B)during 2011($13.8 billion).These figures highlight the massive change the industry has gone th