2021 年第三季度全球风险投资报告-263正式版.ppt

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1、State OfVentureGLOBAL|Q3 2021Global data and analysis on dealmaking,funding,and exits in private-market companiesWhat isCB Insights?CB Insights helps the worlds leadingcompanies make smarter technologydecisions with data,not opinion.Our Technology Insights Platform providescompanies with comprehensi

2、ve data,expertinsights,and work management tools thatenable them to discover,understand,andmake technology decisions.SIGN UP FOR A FREE TRIAL2With CB Insights,Microsoft canquickly identify disruptivetechnologies and pinpoint the rightmarket opportunities.This enablesus to create digital-first offeri

3、ngsthat empower our customers.Moran HavivStrategic Innovation,MicrosoftPlaidAssess and compare companiesValuations&Deal TermsCompare private companies andprice deals with speed and scale.4Dig deeper.CB Insights clients can find and trackcompanies using our analyst-curatedExpert Collections.FintechDi

4、gital HealthIn-Store Retail Tech5WEBINARBehind the Scenesof the State of VCOctober 26th,2pm ETChris BendtsenSenior IntelligenceAnalyst,FintechREGISTER HERE6UpcomingEventsDecember 8-9,2021Global OnlineExperienceREGISTER HERE7ContentsExecutive Summary9US TrendsSilicon ValleyNew YorkLos AngelesBoston12

5、6135139143147151155159163167171175179183187Canada TrendsToronto191200204Global TrendsInvestment TrendsUnicorns&ValuationsExit Trends2122576778VancouverAsia TrendsChina208217221SeattleInvestorsIndiaDenverDCSector SpotlightsFintech86Europe TrendsUnited KingdomGermany225234238242ChicagoDallas87Retail T

6、echHealthcare100113AustinFranceMiamiLatAm TrendsMexico246255259AtlantaPhiladelphiaRaleighBrazilState Of Venture8What you need to know aboutventure in Q321848$158B 409$72B 95%Total unicorns.127 added in Q3.In total funding.Up 105%vs.last year.Deals$100M.Record high.Raised in the US.the worldsventure

7、dollars.Asia funding jumps.China&Indiaroaring.Q321 saw the globalThe number of$100M+mega-rounds reached anall-time high for the 5thstraight quarter,clocking409.Mega-rounds are just4%of the global deal count,but 58%of total fundingdollars.unicorn herd reach 848.This is 311 more than thistime last yea

8、r.In Q321,127new unicorns were born the 2nd highest birth rateever after Q221s 140.Global venture fundingreached$158.2B thisquarter a 105%increaseYoY compared to Q320s$77B.US companies raised$72.3B in Q321,making up46%of global dollars themost of any region.Funding grew 90%YoY,while also topping las

9、tquarters$70.3B.Asia funding dollars rose95%YoY to reach a recordof$50.2B.Asias share ofglobal equity funding rosefrom 26%in Q221 to 32%in Q321 the only majorregion to see share growthQoQ.The last 2 quarters are the#1 and#2 quarters interms of total ventureHalf of the new unicornscame from the US,wi

10、th 69.Asia saw 30 and Europe 15.Q321 mega-round dollarstotaled$91.3B overdouble that of a year agoand 7%higher than lastquarters record$85.2B.The total number of USdeals was 3,210 thecountrys highest quarterlydeal activity on record.funding in the last decade.China funding grew 26%QoQ to reach$25.5B

11、.Indiafunding jumped 68%QoQand an astounding 195%YoY to$9.9B.State Of Venture9What you need to know aboutventure in Q321 continued$1.1B 13%$97B 1 in 3 1.5Late-stagevaluations double.Increase in exitsYTD vs.full-year2020.$1 out of$5 YTDgoes to healthcare.33%of newunicorns arein fintech.Sequoia Capita

12、lChinas deals/day.The median valuation forlate-stage deals in 2021YTD is now at unicornstatus,reaching$1.1B.Healthcare funding YTDhas reached$97.1B more than any otherindustry and 22%of totaldollars raised this year.Sequoia Capital China isthe new#1 investor formost deals in Q321 at 96.Thats 1.5 dea

13、ls perbusiness day.The total number of exits(M&A,IPOs,and SPACs)has hit 8,457 in 2021 so far,up 13%from 2020s 7,494.Fintech claims the mostunicorns among sectors at200 and saw 42 additionsin Q321 33%of totalunicorn births.This is more than 2x 2020smedian valuation of$523M(110%growth).Early-andmid-st

14、age median dealvaluations are also up forthe year.Healthcare funding inQ321 was down QoQ,butstill reached$30.5B,morethan any quarter prior tothis year.It took the crown fromTiger Global Management,Q221s winner,which wasa close second at 86 dealsthis quarter.In Q321,M&A exits brokeQ221s record level

15、toreach 2,598,while IPOsdeclined by 20%QoQ.Total fintech funding inQ321 has grown 161%YoYto reach$31B.The yearlysum so far of$91.5B isalready almost double2020s full-year total,andtheres still a quarter to go.State Of Venture10The global unicorn herd reaches 848 in Q321,with 127 additions848 unicorn

16、sQ3 202158%increase YoYQ1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q32015201620172018201920202021State Of Venture|Global Trends|Unicorns&Valuations11Global venture funding climbs to new record$180.0B$160.0B$140.0B$120.0B$100.0B$80.0B$60.0B$40.0B$20.0B$.0B$158.2BQ3 2

17、021105%increase YoYQ1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q32015201620172018201920202021State Of Venture|Global Trends|Investment Trends12$100M+global mega-rounds jump to new high,more than 2x YoY45040035030025020015010050409 mega-roundsQ3 2021136%increase YoY0

18、Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q32015201620172018201920202021State Of Venture|Global Trends|Investment Trends13US funding to startups trends up in Q321$80.0B$70.0B$60.0B$50.0B$40.0B$30.0B$20.0B$10.0B$.0B$72.3BQ3 202190%increase YoYQ1 Q2 Q3 Q4 Q1 Q2 Q3 Q

19、4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q32015201620172018201920202021State Of Venture|US Trends14Asia funding blows past previous record,up 95%YoY$60.0B$50.0B$40.0B$30.0B$20.0B$10.0B$.0B$50.2BQ3 202195%increase YoYQ1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

20、Q4 Q1 Q2 Q32015201620172018201920202021State Of Venture|Asia Trends15Late-stage median valuations double to reach unicorn status in 2021 YTD$1,100M2021 YTD110%increase2015201720192021YTDState Of Venture|Global Trends|Unicorns&Valuations16Driven by record M&As,global exits are up 13%in 2021 so far8,4

21、572021 YTD13%increase2015201620172018201920202021YTDState Of Venture|Global Trends|Exit Trends17Healthcare funding explodes,nearing$100B in 2021 so far$97.1B2021 YTD$120.0B$100.0B$80.0B$60.0B$40.0B$20.0B$.0B22%increase2015201620172018201920202021YTDState Of Venture|Sector Spotlights|Healthcare18Fint

22、ech reaches 200 unicorns,with 42 added in Q321200 fintech unicornsQ3 202194%increase YoYQ1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q32015201620172018201920202021State Of Venture|Sector Spotlights|Fintech19Sequoia Capital China is the most active investor in Q321Per

23、cent of TotalQuarter DealsCompanyCompany Count Investor GroupCountry1 Sequoia Capital China96VCChina1.0%0.9%0.8%0.8%0.8%0.6%0.6%0.6%0.5%0.5%0.5%Tiger Global Management286 Asset/Investment ManagementUnited StatesJapanSoftBank GroupSOSV379 Other475 VCUnited StatesUnited StatesChinaInsight PartnersTenc

24、ent HoldingsAccel573 VC660 Other756 VCUnited StatesUnited StatesGermanyAndreessen HorowitzGlobal Founders CapitalHillhouse Capital ManagementSequoia Capital853 VC951 VC101048 Asset/Investment Management48 VCChinaUnited StatesState Of Venture|Global Trends|Investors20Global TrendsQ3 202121Investment

25、TrendsGLOBAL:Q3 202122Global funding blows past last years 12-month total$500.0B$450.0B$400.0B$350.0B$300.0B$250.0B$200.0B$150.0B$100.0B$50.0B35,00030,00025,00020,00015,00010,0005,0000Funding$437.7B29,28428,051Deals24,95126,12426,14322,12920,682$286.0B$284.2B$257.2B$209.7B$169.8B$153.5B$.0B201520162

26、0172018201920202021YTDState Of Venture|Global Trends|Investment Trends23Global deals and dollars reach all-time highs in Q321Deals9,363$180.0B$160.0B$140.0B$120.0B$100.0B$80.0B$60.0B$40.0B$20.0B$.0B10,000$151.0B9,000Funding7,741$158.2B7,6487,5978,0007,0006,0005,0004,0003,0002,0001,00007,1357,1417,16

27、17,0397,9916,7606,9546,8386,7166,7106,6316,506$128.5B6,2716,2566,0955,8435,3925,5975,3705,2975,202$40.6BQ45,1454,965$89.8B$82.0B$79.0B$77.0B$64.5B$56.5B$68.5B$68.1B$59.6B$64.2B$55.7B$56.5B$60.4B$57.8B$56.3B$39.0B$47.7B$37.5B$44.5B$41.2B$38.5B$38.6B$37.1BQ1Q2Q3Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4

28、Q1Q2Q32015201620172018201920202021State Of Venture|Global Trends|Investment Trends24Global regional comparison Q321Canada$2.9B212 DealsAsia$50.2BEurope$24.2B3815 Deals1590 DealsUS$72.3B3210 DealsAll OtherRegionsLatAm$5.3B$3.2B281 Deals255 DealsState Of Venture|Global Trends|Investment Trends25US lea

29、ds in global funding in Q321,followed by Asia and EuropeUSAsiaEuropeLatAmCanadaAll Other Regions$72.3B$70.3B$67.8B$50.2B$41.4B$38.1B$39.9B$35.5B$33.4B$32.1B$24.2B$31.4B$27.8B$25.7B$19.7B$17.3B$15.1B$5.3B$11.8B$10.1B$8.2$B 8.3B$2.9B$7.3B$3.2B$4.1B$2.2B$1.9$B1.5$B2.1B$1.3B$.7B$.9B$.9B$1.5B$.8B$1.2$B1.

30、2B$.6B$.4B$.8B$.5BQ12020Q3Q12021Q3Q12020Q3Q12021Q3Q12020Q3Q12021Q3Q12020Q3Q12021Q3Q12020Q3Q12021Q3Q12020Q3Q12021Q3State Of Venture|Global Trends|Investment Trends26Asias deal share overtakes the US in Q3212%1%2%2%2%2%3%2%2%2%2%2%2%2%2%2%3%3%3%2%3%3%3%3%2%3%All Other Regions,3%2%3%2%12%3%3%12%3%12%2%

31、12%2%3%2%2%2%2%3%2%2%2%3%3%2%2%2%2%3%3%3%3%2%2%3%1%1%1%1%3%2%2%3%2%3%Canada,2%LatAm,3%Europe,17%2%2%2%3%15%16%17%18%17%18%20%21%19%22%24%22%21%22%20%20%22%20%22%22%22%22%22%22%23%23%28%27%30%30%32%29%29%32%31%29%30%37%39%Asia,41%33%33%34%36%30%35%35%33%31%34%33%32%34%51%50%49%47%45%45%43%40%41%41%41

32、%38%38%37%38%39%39%40%37%38%37%37%37%37%US,34%35%35%Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q32015 2016 2017 2018 2019 2020 2021State Of Venture|Global Trends|Investment Trends27VC leads investor deal share in Q321Other,19%19%21%24%10%24%24%25%25%24%25%24%24%24%

33、24%23%23%23%23%25%26%25%26%25%26%26%25%25%8%5%7%Incubator/Accelerator,6%Private Equity,8%5%6%5%7%8%7%8%6%6%6%6%9%5%8%6%7%6%7%6%6%6%7%9%6%9%9%8%5%7%11%6%7%5%10%6%6%6%7%10%5%6%6%8%6%10%5%10%4%6%7%6%6%7%6%5%7%10%10%Angel,9%5%5%9%5%6%8%7%8%6%8%7%8%7%8%6%8%5%10%4%8%5%9%4%9%5%10%4%10%5%8%5%10%4%10%4%10%4%

34、9%4%6%Asset/Investment Management,10%6%8%16%17%17%17%12%13%13%14%34%15%16%16%13%34%14%15%16%17%17%17%16%16%16%Corp and CVC,16%15%15%13%14%15%36%35%35%34%34%33%34%34%33%34%34%33%33%33%VC,31%32%32%32%32%32%32%32%32%32%31%Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q32

35、015 2016 2017 2018 2019 2020 2021State Of Venture|Global Trends|Investment Trends28Average global deal size reaches$25M$25M$16M$15M$14M$11M$11M$9M$4M$3M$2M$2M$2M$2M$2M2015201620172018201920202021YTDAve rage De alMedian DealState Of Venture|Global Trends|Investment Trends29Median deal size up in all

36、regions in 2021 so far,Asia leadsUSAsiaEuropeLatAmCanadaAll Other Regions$6M$5M$4M$4M$3M$3M$3M$3M$3M$3M$3M$2M$2M$2M$2M$2M$2M$1M$2M$2M$2M$2M$2M$2M$2M$1M$1M$1M$1M$1M$1M$1M$1M$1M$1M$1M$1M$1M$0M$1M$1M$0M2015 2017 2019 2021YTD2015 2017 2019 2021YTD2015 2017 2019 2021YTD2015 2017 2019 2021YTD2015 2017 201

37、9 2021YTD2015 2017 2019 2021YTDState Of Venture|Global Trends|Investment Trends30Median deal size up for all investor categories in 2021 so far,PE leadsAngelAsset/InvestmentManagementCorp and CVCPrivate EquityVCOther$35M$32M$24M$23M$21M$17M$15M$16M$15M$14M$14M$13M$12M$12M$12M$11M$9M$10M$8M$8M$9M$8M$

38、8M$8M$8M$6M$5M$4M$4M$6M$3M$2M$2M$2M$2M$2M$2M$3M$2M$2M$1M$1M2015 2017 2019 2021YTD2015 2017 2019 2021YTD2015 2017 2019 2021YTD2015 2017 2019 2021YTD2015 2017 2019 2021YTD2015 2017 2019 2021YTDState Of Venture|Global Trends|Investment Trends31$100M+mega-rounds account for record$253B in funding so far

39、 this yearDeals1,132$300.0B$250.0B$200.0B$150.0B$100.0B$50.0B$.0B1,2001,0008006004002000Funding$252.7B624$144.6B472$131.2B$115.9B486$95.4B336$70.1B287$57.5B2282015201620172018201920202021YTDState Of Venture|Global Trends|Investment Trends32Q321 mega-round dollars over double compared to Q320Funding$

40、91.3B$100.0B$90.0B$80.0B$70.0B$60.0B$50.0B$40.0B$30.0B$20.0B$10.0B$.0B$85.2B$76.2BDeals409377$44.5B 346$45.7B$43.0B$38.4B173217$34.1B$32.9B135$22.1B122$28.4B89$28.9B127$27.6B130$26.3B88$26.2B112$25.0B91$25.3B104$22.9B88$20.4B90126125$19.4B76123$16.1B61$15.7B68$15.5B55$15.0B62$14.2B60$13.5B58$13.6B53

41、Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q32015201620172018201920202021State Of Venture|Global Trends|Investment Trends33Global$100M+mega-round comparison Q321Canada$1.6BEurope$12.9BAsia10 Deals$31.1B54 DealsUS128 Deals$40.5B193 DealsAll OtherRegionsLatAm$3.6B$1.6B9 Deals15 DealsState Of

42、Venture|Global Trends|Investment Trends34Asia mega-rounds see increase in Q321,US remains in the lead200198US,193101Asia,12890 8787648873693858456729644362 61596049578Europe,54LatAm,15522823747334141404203938 393734343323343493121 21 222826 5823234Canada,10All Other Regions,91990184141 014 144151521

43、111110112 0 11249091 0892 0 126676643542 12 01 03 0 12 01 031 033 12 03 11 00 10Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q32015 2016 2017 2018 2019 2020 2021State Of Venture|Global Trends|Investment Trends35$100M+global mega-rounds make up small share of total de

44、als95%95%Non-mega-rounds,96%99%99%98%99%99%99%99%99%99%99%99%99%99%98%98%98%98%98%98%98%98%98%97%97%5%5%Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3Mega-rounds,4%2015 2016 2017 2018 2019 2020 2021State Of Venture|Global Trends|Investment Trends36Mega-rounds accoun

45、t for 60%of total dollars invested globallyNon-mega-rounds,42%42%41%44%49%48%50%50%50%53%52%56%57%56%57%55%56%58%60%60%61%59%62%62%62%65%64%Mega-rounds,58%58%59%56%51%52%50%50%50%47%48%44%43%44%43%45%44%42%40%40%39%41%38%38%38%35%36%Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q

46、3 Q4 Q1 Q2 Q32015 2016 2017 2018 2019 2020 2021State Of Venture|Global Trends|Investment Trends37Global:Top 10 equity deals in Q321Percent ofTotalRound RoundAmount DateLatestValuationIndustrySubindustryCompanySelect InvestorsCountrySectorQuarterFundingElectrical ProductDistributionPower Generation&S

47、torageAVIC LithiumBatteryUndisclosed2021-09-0612$1,858MN/A N/AChinaElectronicsInternet1.2%1.1%Corporate$1,700M Minority2021-07-09E-commerceTravel(internet)Yanolja$1.0B SoftBank GroupSouth KoreaTiger Global Management,Internet Software&ServicesData&DocumentManagementSeries H2021-08-31T.Rowe Price,Bla

48、ckRock,Andreessen Horowitz,Franklin TempletonDatabricksArticulateGopuff345$1,600M$1,500M$1,000M$38.0B$3.8BUnited StatesUnited StatesUnited StatesInternetInternet1.0%0.9%0.6%Internet Software&ServicesEducation&TrainingSeries A2021-07-01General Atlantic,Blackstone,ICONIQ GrowthBlackstone,Adage Capital

49、Management,Eldridge,Guggenheim Investments,MSD PartnersSeries H2021-07-30Mobile&TelecommunicationsMobile CommerceMulti-Product$15.0BState Of Venture|Global Trends|Investment Trends38Global:Top 10 equity deals in Q321Percent ofTotalRound RoundAmount DateLatestValuationIndustrySubindustryCompanySelect

50、 InvestorsCountrySectorQuarterFundingDST Global,TencentHoldings,Delivery Hero,Coatue Management,A-StarGroupSeries C2021-09-23Mobile&TelecommunicationsMobile CommerceFood&GroceryGorillas67$950M$900M$3.0BGermany0.6%0.6%Internet Software&ServicesAsset&FinancialManagement&TradingNew Enterprise Associate