风投脉搏,_2017年第二季度_109页_2mb

Venture Pulse Q2 2017 Summary

Core Content

This report provides a global analysis of venture capital (VC) trends in Q2 2017, highlighting key developments across various regions and sectors. Despite a decline in the number of deals, VC investment surged, driven by a resurgence in mega-deals and a notable increase in unicorn births. The report also discusses the impact of corporate venture capital (CVC), the role of dry powder in influencing deal sizes, and the evolving landscape of exits, particularly through IPOs and M&A activity.

Key Trends and Insights

Global Overview

• VC Investment Surge: Global VC investment increased by 55.3% in Q2 2017 compared to the previous quarter, despite a 7% decline in deal volume.
• Mega-Deals: The return of mega-deals, especially in Asia and the US, was a major driver of the investment increase. Didi Chuxing's $5.5 billion funding round was the largest ever.
• Unicorn Growth: 16 new unicorns emerged in Q2 2017, the highest since Q3 2015, indicating renewed investor confidence.
• Deal Size Increase: Median deal sizes grew, particularly in later stages, due to high dry powder levels and continued demand for high-growth assets.
• Early Stage Decline: Angel and seed stage deal volume continued to decline, although it was approaching pre-boom levels.

Regional Highlights

Americas

• Investment Recovery: VC investment value rebounded, but deal volume remained steady.
• Series D+ Valuation: The median valuation for Series D+ deals reached $250 million.
• US Dominance: The US remained a strong market, with notable exits and M&A activity. However, Canada and Latin America faced challenges.

Europe

• Stable Investment Value: VC deal value remained stable, but volume declined.
• Corporate VC Involvement: Corporate VC participation reached a decade high, with notable deals like Improbable and Auto1 Group.
• Fragmented Market Access: Despite EU efforts, market access remains fragmented, with strong activity in the UK and Switzerland.

Asia

• Record Investment Value: VC investment in Asia reached its third-highest level in a decade.
• Mega-Deals: Asian companies, especially in China, led the way with significant funding rounds.
• Winner-Take-All Dynamics: A strong focus on B2B delivery services and agritech/foodtech is emerging, with a growing interest in these sectors.

Key Sectors

• Biotech & Autotech: Continued interest in biotech and autotech, with biotech showing particular strength.
• Healthcare & Pharmaceuticals: Healthcare-related deals increased in volume, with biotech therapeutics being a hot subsector.
• Artificial Intelligence & Blockchain: Expected to remain strong areas of VC investment, with blockchain gaining attention across various industries.

Exits and IPO Activity

• IPO Recovery: After a year-long drought, the global IPO market showed signs of recovery, with several unicorns going public.
• M&A Dominance: M&A activity remained strong, indicating a shift in exit strategies.

Corporate Venture Capital

• Growing Involvement: CVC participation reached a record high, with corporate investors playing a more active role in venture deals.
• Strategic Motivations: Corporations are investing in VC to access innovative technologies and business models, especially in AI, analytics, and other emerging areas.

Dry Powder and Market Sentiment

• Dry Powder Impact: High levels of dry powder continued to exert upward pressure on deal sizes and valuations.
• First-Time Funds: First-time funds showed a potential increase in activity, indicating renewed LP confidence in the VC space.

Summary Statistics

• Global VC Investment: $40.1 billion across 2,985 deals.
• Corporate VC Participation: Reached 22.5% in Asia, 17.6% globally.
• Unicorn Rounds: 16 new unicorns emerged, with notable examples including Improbable, Otto Bock Healthcare, and MoBike.

Conclusion

Q2 2017 marked a significant rebound for the global VC market, characterized by a surge in investment, a return of mega-deals, and the emergence of new unicorns. While early-stage deal volume declined, the market showed resilience in later stages, driven by strong corporate involvement and a focus on high-growth sectors. The report underscores the importance of monitoring trends in biotech, autotech, and emerging technologies as key areas for future investment.