CBInsights-2019科技公司上市管道（英文）-2018.12-38页-3mb

2019 Tech IPO Pipeline Summary

Core Content

The 2019 Tech IPO Pipeline report by CB Insights highlights the landscape of 286 highly valued and promising private tech companies in the United States. The report analyzes trends in tech IPO activity, investment patterns, and the role of venture capital (VC) and private equity (PE) firms in shaping the future of tech exits.

Main Points

Tech IPO Trends

• Tech IPO activity in 2018 did not see a major spike, but investment in potential IPO candidates continued to grow significantly.
• Private market activity remained robust, with almost six times more $100M+ private financings than IPOs for US venture-backed tech companies in 2018.
• The median time between first funding and IPO increased from 6.9 years (2013) to 10.1 years (2018 YTD), indicating a longer path to public listing.
• 2018 was a record fundraising year for Tech IPO Pipeline companies, with $30.5 billion raised in equity financing.
• 45 companies in the 2019 Tech IPO Pipeline became unicorns in 2018, showing the rapid growth of private tech firms.

M&A Activity

• Big tech M&A increased in 2018, with both tech and non-tech buyers driving billion-dollar acquisitions.
• Some potential IPOs were replaced by M&A deals, as large companies acquired promising startups instead of allowing them to go public.

Mega-Rounds

• Mega-rounds (i.e., $100M+ financing rounds) outpaced IPO activity in 2018, showing that private capital is still dominant in funding tech startups.

Key Information

Top Tech IPO Prospects (Ranked by Mosaic Score)

Investor Trends

• Andreessen Horowitz moved to the top of the list of investors with the most investments in the Tech IPO Pipeline, with 23 unicorns in its portfolio.
• Kleiner Perkins Caufield & Byers and Google Ventures remained in the top 5, while Sequoia Capital and Accel also showed strong performance.
• SV Angel and New Enterprise Associates were among the top investors with a high percentage of companies first raising funds at the seed or Series A stage.
• Y Combinator and Thrive Capital made their debut in the top 20, signaling a growing role in the tech IPO pipeline.

Notable Investments

• SoftBank led $100M+ financings to 16 US companies, totaling over $10.8B in 2018 YTD.
• Some notable companies receiving large funding rounds include:
  • wework: $4B
  • Uber: $1.25B
  • View: $1B
  • KATERRA: $535M
  • DoorDash: $400M
  • Zymergen: $400M
  • Compass: $400M
  • Opendoor: $375M
  • Automation Anywhere: $300M
  • Wag!: $300M
  • Getaround: $250M
  • Cohesion: $240M
  • Brandless: $200M
  • Roivant Sciences: $121M

Summary

The 2019 Tech IPO Pipeline report provides a comprehensive overview of the U.S. tech startup landscape, focusing on the companies most likely to go public in the coming year. While tech IPO activity did not boom in 2018, investment in private tech companies continued to grow, with a notable increase in $100M+ financing rounds. The median time to IPO increased over the years, reflecting a longer path to public listing.

The report highlights that 2018 was a record fundraising year, with $30.5 billion raised by companies in the pipeline. 45 companies became unicorns in 2018, indicating strong private market growth. SoftBank was a major player in this trend, investing over $10.8B in 16 companies.

In terms of investors, Andreessen Horowitz led the way with the highest number of portfolio companies in the pipeline, followed by Kleiner Perkins Caufield & Byers, Google Ventures, and Sequoia Capital. Y Combinator and Thrive Capital also emerged as key players, showing the increasing influence of startup accelerators and newer PE firms.

The report suggests that 2019 could be a blockbuster year for tech IPOs, especially if companies like Uber, Lyft, Slack, and Pinterest go public at their rumored valuations. However, it also notes that many companies may not IPO, as they continue to seek alternative funding sources or are acquired by larger firms.