2020年第三季度全球风险投资报告.pdf

1#Q3VC2020 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients. All rights reserved.21 October, 2020Venture PulseQ3 2020Global analysis ofventure funding2#Q3VCKPMG International entities provide no services to clients. All rights reserved.Welcome messageWelcome to the Q320 edition of KPMG Private Enterprises Venture Pulse, a quarterly report highlighting the key trends, opportunities, and challenges facing the venture capital market globally and in key jurisdictions around the world.Despite ongoing concerns related to COVID-19, geopolitical tensions, the upcoming US presidential election, and a potential hard Brexit, VC investment during the quarter remained robust across all regions of the world. An increasing number of mega-deals helped drive investment value up, with three deals above $1 billion. Late-stage companies in general attracted the lions share of investment in Q320, while funding for early-stage companies continued to falter across the globe. The prolonged decline in early-stage deals activity is concerning as it will likely have negative impacts on the pipeline, particularly for Series B rounds, down the road. After 2 quiet quarters, Asia saw a strong rebound in VC investment, led by a $1.5 billion raise WM Motor in China, and a $1.3 billion raise by Flipkart in India. The Americas also saw strong VC activity, led by a $1.9 billion raise by SpaceX and two $600 million plus raises by RobinHood. VC investment in Europe remained steady, led by a $650 million raise by Sweden-based Klarna, a $632 million raise by Germany-based CureVac, and a $580 million raise by Revolut in the UK.IPO activity picked up during Q320, with strong IPO exits by Snowflake, JFrog, and Unity Software, direct listings by Palantir Technologies and Asana, and the announcement of SPAC-based IPOs by Skillz and Opendoor. With China-based mega-giant Ant Financial filing IPO documents for listing on the HKSE, in addition to AirBnb and Wish in the US, IPO activity is expected to increase further in Q420. With many jurisdictions now entering a second wave of the COVID-19 pandemic, VC investors are expected to remain focused on companies able to help people and businesses adapt to and thrive within the new normal. Health and biotech investment will likely remain very high, along with investment in fintech, business productivity solutions, and digital platforms. In this quarters edition of Venture Pulse, we look at these and a number of other global and regional trends, including: The ongoing strength and resilience of the VC market despite the ongoing pandemic The ramifications of a long-term decline in early-stage deals The rising tide of IPO activity The rebound in Asia-based VC investmentWe 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 adviser in your area.Throughout this document, “we”, “KPMG”, KPMG Private Enterprise, “us” and “our” refers to the global organization or to one or more of the member firms of KPMG International Limited (“KPMG International”), each of which is a separate legal entity. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-vis third parties, nor does KPMG International have any su2ch02 a0u thCoporiyrty igtoh t ooblwignaedte bory o binned o ar nmy omree mof bethr efi KrmP.MG International entities.Unless otherwise noted, all currencies reflected throughout this document are US Dollar.2020 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients. All rights reserved.You know KPMG, you might not know KPMG Private Enterprise. KPMG Private Enterprise advisers in member firms around the world are dedicated to working with you and your business, no matter where you are in your growth journey whether youre looking to reach new heights, embrace technology, plan for an exit, or manage the transition of wealth or your business to the next generation. 2Jonathan LavenderGlobal Head, KPMG Private Enterprise, KPMG InternationalConor MooreGlobal Co-Leader Emerging Giants, KPMG Private EnterprisePartner, KPMG in the USKevin SmithHead of KPMG Private Enterprise in EMA, Global Co-Leader Emerging Giants, KPMG Private EnterprisePartner, KPMG in the UKContents2020 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients. All rights reserved.4Global Americas 3721US50Europe75AsiaVC investment remains steady reaching $73.2 billion across 4861 dealsMedian late-stage D+ valuations rise to $462 million in 2020 First-time funding struggles well off last years paceAggregate exit value soars on the wings of massive IPOsFundraising surges to $80.7 billion YTDAmericas remains steady at $40.0 billion invested across 2477 dealsDeal sizes hold steady, down rounds tick upCanadian venture financing drops below $900 millionBrazil sees third consecutive rise in VC investedUSA dominates with all of the top 10 deals including $1.9 billion to SpaceXVC remains robust with over $37.8 billion invested across 2285 deals Median pre-money valuation for series D+ rises to $425 million in 2020Venture capital floods into healthcareFirst-time fundings remain muted well below 2019 numbers Exit activity spikes driven by series of massive IPOsVenture capital reaches new heights with over $12.1 billion across 1024 dealsLate stage surge while down rounds riseCorporate venture capital surpasses $6 billion for first timeFundraising (YTD) remains strong poised to surpass 2019VC spikes in Nordics, reaching over $1.8 billion investedVenture Capital investment rebounds with $21.1 billion across 1285 dealsCorporate participation continues upward for second consecutive quarterIPO exits roar back led by Xpeng, Qi Anxin, Li Auto, and Big Hit EntertainmentIndia has strong quarter powered by mega dealsEdtech investment surges in the region including big deals by BJYU and Z2020 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients. All rights reserved.Globally, in Q320 VC-backed companies raised$73.2Bacross4,861 dealsGlobalUSAmericasEuropeAsia5#Q3VC2020 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients. All rights reserved.Global VC investment continued to be very strong in Q320, defying concerns of a potential drop-off in investment due to the challenges associated with getting deals completed during a pandemic.While the number of VC deals dropped for a sixth straight quarter, the level of investment remained high, as VC investors continued to focus on late-stage companies. Three $1 billion+ mega-deals helped to propel the global investment total in Q320, including raises by WM Motor in China, SpaceX in the US, and Flipkart in India.Early-stage companies feeling the pressureWhile the number of early-stage funding rounds was already declining in most regions of the world in advance of the pandemic, the last 2 quarters have only intensified the situation. Companies at the earliest deal stages are only finding it more difficult to raise funding, particularly early-stage pre revenue startups. Even early-stage companies that are making sales have felt the impact due to longer buying cycles and the challenges associated with closing sales remotely. With this trend expected to continue into 2021, there could be a significant impact on the deal pipeline for Series B deals down the road.All regions see increase in VC investmentThe US accounted for the largest amount of VC investment globally during Q320 at $37.8 billion raised, although both Asia and Europe also saw increases compared to the previous quarter. In the US, a diverse range of companies with digital business models attracted large funding rounds, including SpaceX ($1.9 billion) wealthtech Robinhood ($600m), online marketplace Offerup ($452m), egamingcompany Vindex ($300m), and online retail company Thrasio ($260m).After 2 relatively weak quarters of investment, VC investment in Asia bounced back, driven by a resurgence of activity in China. China accounted for seven of the regions top deals during Q320, including the largest deal of the quarter, a $1.5 billion raise by Shanghai-based automotive company WM Motor. Other areas of Asia, especially India, also attracted significant deals, including India (Flipkart: $1.2 billion) and edtech provider BYJU ($500m), as well as Singapore based Grab ($200m), and Indonesia (Traveloka: $250m). Following a record high in Q220, Europe continued to see robust VC investment this quarter. Fintech and healthtech were among the hottest areas of investment this quarter. Corporate investment was quite strong in Europe, particularly in the UK which set a new quarterly record high for CVC investment by a large margin.Investors focused on companies able to adapt and respond to the new normalCOVID-19 has changed the game when it comes to digital trends, driving a significant acceleration in consumer behaviors and in the digital strategies of companies that have had to respond or be left behind. During Q320, VC investors in most regions of the world focused their investments on companies well aligned to the needs of people and businesses within the new normal, including tech-driven companies focused on enabling remote working and home learning or on enhancing online service capabilities. Health and biotech were also big bets for VC investors in Q320, not only startups focused specifically on COVID-19 related mitigation or management, but also on those addressing broader health issues such as cancer screening and access to care. Strong VC investment globally continues to defy expectationsGlobalUSAmericasEuropeAsia6#Q3VC2020 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients. All rights reserved.Healthy beverage companies also attracted some attention globally in Q320, with alternative milk companies Perfect Day in the US and Oatly in Sweden raising $200M in PE funding during the quarter. Oatlys deal earned the company coveted unicorn status with a $1 billion+ valuation.Increasing participation by less traditional VC investorsGlobally, there has been increasing interest in the VC market by less traditional investors, including family offices and Middle Eastern Sovereign Funds. Given these newer categories of investors have less experience making investments in the VC investment space, many have taken a more risk-averse approach to making investments, focusing primarily on later-stage deals.Corporate investment increases significantly in Q320Global corporate VC investment remained robust in Q320. Corporates showed a hunger for adopting digital technologies and solutions able to supplement their existing service offerings. Large tech giants, continued to make significant investments in order to expand their reach and product offerings. Fundraising on path to exceed 2019 totalGlobally, there continued to be significant dry powder in the VC market during Q320. While the number of new VC funds was well off the pace seen in 2019, VC fund sizes increased. At the end of Q320, capital raised during 2020 was already close to exceeding the total raised during all of 2019. Capital continued to be cheap, with low interest rates in many jurisdictions, making the VC market particularly attractive to investors. IPO market surges in Q320During Q320, a number of technology companies held highly successful IPO exits. In September, US-based companies Snowflake and gaming platform Unity Software raised $3.36 billion and $1.3 billion respectively, while Israel-US DevOps platform JFrog raised $509 million. All three companies saw strong gains on their first day of trading, with Snowflakes share price more than doubling. US-based unicorns Palantir Technologies and Asana, meanwhile, chose to go the direct listing route, the first companies to do so since Slack in December 2019. In Q320, several other unicorns also filed IPO documents indicating their intent to exit, including Airbnb and Wish in the US and Ant Financial on the Hong Kong Stock Exchange.Trends to watch for globallyVC investment is expected to remain steady headed in Q420, although the US presidential election and the possibility of a hard Brexit on December 31, 2020 could cause some investor concern. While the IPO market is rebounding, it could see a pause in advance of the November presidential election like trends seen with in the past.COVID-19 is expected to remain a key driver of both investor caution and investment heading into Q420. As some jurisdictions enter a second wave of COVID-19 cases, VC investors will likely continue to focus on solutions aimed at addressing the needs of businesses and consumers using digital approaches. Healthtechand fintech are expected to remain key areas of investment, in addition to B2B solutions and edtech. The drop off in early-stage deals is expected to continue, which could drive an increase in early-stage companies running out of cash. This will likely drive some consolidation, particularly in the sectors most negatively affected by the pandemic. It could also drive increased strategic and distressed investment activity. Strong VC investment globally continues to defy expectations, contd.GlobalUSAmericasEuropeAsia7#Q3VC2020 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients. All rights reserved.Source: Venture Pulse, Q320. Global Analysis of Venture Funding, KPMG Private Enterprise. Data provided by PitchBook, 10/21/2020. Note: Refer to the Methodology section at the end of this report to understand any possible data discrepancies between this edition and previous editions of Venture Pulse.Venture remains undauntedGlobal venture financing2013Q320For some time now, the slowdown in venture funding volume worldwide has been apparent. One would think that the onset of the COVID-19 pandemic would have also caused deal volume to contract further. However, the diminishing seen in 2020 to date is not steep enough to suggest anything besides moderate caution, and moreover, VC invested tallies continue to remain nearly as high as ever. It appears that many of the companies VCs are still funding either have benefited or remain insulated from the economic ripple effects of the pandemic, and the buoyancy induced by the sheer amount of dry powder within the venture industry continues to keep competition for good deals elevated.01,0002,0003,0004,0005,0006,0007,0008,0009,000$0$10$20$30$40$50$60$70$80$90$100Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q32013201420152016