普华永道-2021年第一季度全球风险投资报告（英文）-2021.5正文版.doc

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1、Venture PulseQ1 2021Global analysis of venture fundingApril 21, 2021Welcome messageWelcome to the Q121 edition of KPMG Private Enterprises Venture Pulse a quarterly report highlighting the major trends, opportunities, and challenges facing the venture capital market globally and in key jurisdictions

2、 around the world.The global VC market got off to a banner start in Q121, with record levels of VC investment globally and in Europe, the United States, and the Americas. Asia also saw robust VC investment, although the total remained well shy of the peak seen in Q218. The surge in VC funding was dr

3、iven, in part, by a significant number of $100 million+ deals in all jurisdictions, in addition to nine $1 billion+ funding rounds, including Robinhood ($3.4 billion) in the Americas, Xingsheng Selected ($3 billion) in Asia, and Klarna ($1 billion) in Europe.Valuations rose in Q121 as many VC invest

4、ors continued to shy away from early-stage deals in favour of later stage opportunities, with the fear of missing out contributing to both the fierce competition for deals and an acceleration in deal speed. Investments continued to focus on areas accelerated throughout the pandemic, including fintec

5、h, logistics and delivery, autotech and healthtech.Exits continued to accelerate in Q121, with exit value reaching a new high for the second straight quarter, led by the $4.5 billion IPO of South Korea-based e-commerce companyCoupang on the NYSE. SPACs also continued to attract significant interest.

6、 During the quarter a large number of SPACs were created, while interest in SPAC mergers grew among companies looking to go public more quickly than a traditional IPO.Heading into Q221, VC investors will likely continue to make big deals although there may be some shifting of focus as investors look

7、 to determine what companies and business models will thrive in a post-pandemic world.In this quarters edition of Venture Pulse, we look at these and a number of other global and regional trends, including: The diversity of VC deals attracting $100 million+ funding rounds The resurgence in VC deal a

8、ctivity in Latin America Valuations and the rapid rise in unicorn births The flurry of interest in SPAC mergers including outside of the USWe 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

9、area.You know KPMG, you might not know KPMG Private Enterprise.KPMG Private Enterprise advisers in KPMG 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

10、an exit, or manage the transition of wealth or your business to the next generation.Jonathan LavenderGlobal Head,KPMG Private EnterpriseConor MooreHead of KPMG Private Enterprise in theAmericas, Global Co-Leader Emerging Giants,KPMG Private EnterprisePartner, KPMG in the USKevin SmithHead of KPMG Pr

11、ivate Enterprisein EMA, Global Co-Leader Emerging Giants,KPMG Private EnterpriseThroughout 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

12、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

13、any such authority to obligate or bind any member firm. Unless otherwise noted, all currencies reflected throughout this document are US Dollar.2021 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved. The

14、 KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization.2021 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved.Partner, KPMG in the UK# Q1VCQ

15、1VC22ContentsGlobalVC investment achieves record high reaching $126.9 billionGlobal median deal size for late-stage VC hits $15 million Series D+ approachesstratospheric mark of $1 billion04Fundraising off to strong startUS brings in 7 or largest 10deals globallyUS VC hits record $69 billion investe

16、d across 3042 deals Median deal size by stage reaches $14 million for late VC Early-stage volume has strong startto the year20 Corporate VC surges to over $30billion invested Exits continue at elevated paceAmericasAmericas hits record high35$74.4 billion invested across3310 dealsLate-stage median ro

17、und sizenearly doubles year over year Canada sees 5 mega-dealsled by largest deal byDapperLabs Brazil sees over $2 billioninvested with mega deals toWeCancer, Loggi and Nubank USA dominates biggest of bigdeals including 10 over$600 million 49Europe New quarterly record in Europe - with over $21 bill

18、ion invested on 1430 deals Corporate venture capital dial up even further reaching $9.7 billion invested Exits surge to one of the highest levels on record UK, Germany, Nordics, Spain and Israel all hit new investment highs UK attracts lions share of large deals including 7 of top 10 financings2021

19、Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved.Asia72 Venture Capital investment remains strong with $31 billion across 1615 deals Surge of tech IPOs across exchanges in Asia including 12 over $1 bill

20、ion Chinese deal value nearly matches levels from Q420 India deal value dropsslightly for second consecutive quarter All top 10 deals in China led by $3 billion investment in XingshengSelected# Q1VC3GlobalUS | Americas | Europe | AsiaGlobally, in Q121 VC-backed companies raised$126.9B across 6,508 d

21、eals# Q1VC2021 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved.4GlobalUS | Americas | Europe | AsiaGlobal VC investment soars as investors make big betsGlobal VC investment rose to a record high in Q12

22、1 as investors in most regions of the world continued to focus on late-stage deals. With a significant amount of dry powder in the market, competition for VC deals was red hot, driving valuations up particularly in the US, but also in other jurisdictions.Record number of $1 billion+ dealsQ121 saw a

23、record nine $1 billion+ VC deals, which accounted for nearly $17 billion in global VC investment. The US accounted for the majority of these large funding rounds, including raises by Robinhood, Rivian Automotive, VillageMD, GoPuff, and Databricks.China-based Xingsheng Selected, Hong-Kong based Lalam

24、ove, and Sweden-based Klarna raised the others. The companies that raised these funding rounds represent an impressive diversity of sectors, including wealthtech, e-commerce, automotive, delivery, logistics, challenger banking, and healthcare.Median deal sizes grow significantlyMedian deal sizes ros

25、e substantially across all deal stages in Q121, with the median deal size for Series D+ deals rising from $60 million in 2020 to $100 million in Q121. The median global pre-valuation for deals was also up significantly, particularly for Series C and Series D+; for Series C, median global pre-valuati

26、on for deals rose from $192 million in 2020 to almost $278 million in Q121, while for Series D+, it almost doubled from $489 million in 2020 to $965 million in Q121.Unicorn companies attract significant fundingUnicorn companies were the big winners for VC investment globally in Q121, accounting for

27、almost 40% of all VC funding. The quarter saw over $49 billion raised across 182 unicorn funding rounds, compared to $100.5 billion raised across 403 unicorn rounds during all of 2020. The funding reflects the ongoing focus of investors on mature late-stage companies.Deal speeds accelerate, helping

28、drive valuationsThe global VC market saw an explosion of activity in Q121 as investors across the globe competed for the biggest and best deals. With numerous companies appearing to raise pre-IPO rounds, there appeared to be a significant amount of FOMO the fear of missing out in the market as inves

29、tors looked to make deals. The strong competition and numerous oversubscribed rounds helped accelerate deal activity quite significantly, at least for late-stage deals. in addition to driving valuations upwards. While deal speeds primarily accelerated in the US, Europe also saw a quickened pace of d

30、eal making.# Q1VC2021 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved.5GlobalUS | Americas | Europe | AsiaGlobal VC investment soars as investors make big bets, contd.Investors continue to focus on pan

31、demic accelerated sectors, but new normal also in sightAs was seen in 2020, COVID-19 has not stopped VC investment. The pandemic actually increased funding in many areas as investors looked to get in on tech companies seeing a rapid acceleration in demand, including areas like software-as-a-service,

32、 delivery, and a wide-range of consumer-focused digital solutions from edtech and gaming to digital health services. Q121 saw a continuation of this trend. Fintech was a big winner in most regions of the world during Q121, in addition to logistics, food delivery, edtech, and B2B solutions.With vacci

33、nes now being distributed, however, many investors are looking longer-term to determine the companies and business models likely to thrive in the new normal post-pandemic. While B2B solutions and fintech will likely remain high on the radar of investors, others might see interest wan. There could al

34、so be a bump in interest related to industries devastated by the pandemic but expected to make a strong comeback such as travel and tourism focused companies.Unicorn births go into high gearGlobally, there were almost 100 unicorn companies created during Q121 a major surge compared to historical tre

35、nds. The US accounted for more than half of these new unicorns, including companies ranging from Clubhouse and Sidecar Health to Axiom Space and Socure. The Americas more broadly also saw new unicorns, including Canada-based PointClickCare and Dapper Labs and Brazil-based MadeiraMadeira. The ongoing

36、 maturation and expansion of Europes VC market was also on display, with the region birthing almost 20 new unicorns across eight jurisdictions including lesser-known innovation centers like Austria (BitPanda), Turkey (Getir), and Switzerland (Nexthink).Despite solid VC investment activity, Asia saw

37、only five new unicorns born in Q121, including Digit Insurance and Five Star Business Finance in India, WeBull and Yunxuetang in China, and PatSnap in Singapore. In part, this is likely due to focus of VC investors on already existing unicorns during the quarter.Exit value reaches record high for se

38、cond-straight quarterExit activity globally continued to surge, with exit value reaching a record $284 billion across 667 deals in Q121 compared to $472 billion across 2,219 deals during all of 2020. During Q121, South Korea e-commerce giant Coupang saw the most valuable IPO raising $4.5 billion on

39、the NYSE. In Europe, Germany-based Auto1 and Denmark-based Trustpilot held successful IPOs. UK-based Deliveroo, however, had a rocky IPO; its sub-par performance could drive investors to take a deeper look at companies in the red-hot delivery sector enhancing their focus on profitability.Direct list

40、ings continued to be a viable exit option, as evidenced by US-based video game platform Roblox. Cryptoexchange Coinbase also announced plans to go public using a direct listing, with its shares scheduled to start trading early in Q2211.Secondary listings, meanwhile, were robust in Asia, driven by Ch

41、inese companies looking to minimize risks associated with changes to US-listing rules. During the quarter, China-based mega-giant Baidu raised $3.1 billion and vehicle platform Autohome raised $688 million through secondary listings on the SEHK.1# Q1VC2021 Copyright owned by one or more of the KPMG

42、International entities. KPMG International entities provide no services to clients. All rights reserved.6GlobalUS | Americas | Europe | AsiaGlobal VC investment soars as investors make big bets, contd.SPAC frenzy continues begins to proliferate outside of USInterest in SPACs grew almost exponentiall

43、y during Q221 with companies all over the world considering ways to get in on the phenomenon that has been building in the US in recent quarters. During Q121, numerous SPACs were created. A number of diverse companies also announced plans for SPAC mergers in Q121, including US-based WeWork2, proptec

44、h Offerpad3, and foodtech AeroFarms4, Israel-based trading platform eToro5, and India-based Grab6. SPACs are viewed by many startups as a means to go public more quickly than a traditional IPO.Trends to watch for globallyVC investment is expected to remain robust globally heading into Q221, particul

45、arly in sectors like fintech and B2B services. Artificial intelligence, robotics, and blockchain related solutions - including non-fungible tokens, are also expected to be priorities for VC investors.Exit activity is expected to remain very strong. SPAC mergers will likely continue to gain steam as

46、an option for companies to go public in key regions during Q221, although whether they will be a hot trend long term will likely depend on the performance of announced SPAC mergers over the next few quarters.Corporates remain critical source of VC investmentCorporate VC investment remained very high globally as many established businesses continuedto accelerate their digital efforts