毕马威-2020年第三季度全球风险投资报告（英文）-2020.11-96页_1mb

报告摘要

Venture Pulse Q3 2020 Summary

Core Content Overview

Venture capital investment globally and in the US remained robust in Q3 2020 despite the ongoing challenges of the pandemic. The total investment reached $73.2 billion across 4,861 deals, with the US accounting for the largest share at $37.8 billion across 2,285 deals. Asia and Europe also saw strong investment growth, with Asia reaching $21.1 billion across 1,285 deals and Europe hitting $12.1 billion across 1,024 deals.

Key Trends and Insights

Global Trends

Late-stage investment surged: Median late-stage D+ valuations rose to $462 million in 2020.
Mega-deals drove investment: Three $1 billion+ deals in Q3 2020 included WM Motor in China, SpaceX in the US, and Flipkart in India.
IPO exits soared: The aggregate exit value increased due to a series of large IPOs, including Snowflake ($3.36 billion), Unity Software ($1.3 billion), and JFrog ($509 million).
Corporate venture capital (CVC) rose: CVC surpassed $6 billion for the first time, with the UK leading the charge.
Dry powder remains strong: The VC market has a lot of capital available, with fundraising reaching $80.7 billion YTD, already close to exceeding 2019 totals.

US Trends

Digital business models attracted significant investment: Companies with digital strategies, especially in fintech, healthtech, and edtech, saw strong funding.
Fintech was a major focus: Robinhood ($600M), Klarna ($650M), and Revolut ($580M) were among the top deals.
Healthcare and biotech remained hot: Startups like VillageMD ($275M) and Freenome ($270M) raised substantial capital.
Direct listings gained traction: Palantir Technologies and Asana became the first companies to do a direct listing since Slack in 2019.
Early-stage deals declined: First-time funding was significantly lower, with only $14.4 billion raised across 4,000+ rounds, showing a clear shift toward later-stage investments.

Regional Highlights

Asia rebounded: Driven by China's strong performance, including WM Motor ($1.5B) and Flipkart ($1.3B).
Europe saw a record high: Fintech and healthtech were the top sectors, with $12.1 billion invested across 1,024 deals.
Americas remained steady: At $40.0 billion across 2,477 deals, with Canada's investment dropping below $900 million and Brazil showing three consecutive quarters of growth.

Key Sectors and Themes

Healthtech and biotech: These sectors saw significant investment, especially with the pandemic driving interest in solutions for remote healthcare and vaccine logistics.
Edtech: The sector experienced a surge, with notable deals in China and India.
Fintech: Continued to be a major focus, with companies like Robinhood and Chime raising substantial funds.
Digital transformation: Investors prioritized companies that could adapt to the new normal, focusing on remote work, online services, and digital productivity tools.
Unicorn activity: Unicorns continued to raise capital, with Robinhood appearing twice in the top 10 due to multiple funding rounds.

Outlook and Future Considerations

Investor caution: While investment remains strong, early-stage deals are expected to continue declining, potentially leading to consolidation in affected sectors.
IPO market fluctuations: The IPO market is expected to see a pause before the US presidential election in November, followed by a potential rebound in Q1 2021.
Impact of upcoming events: The US presidential election and a potential hard Brexit may introduce some uncertainty, though the overall market remains resilient.
Continued interest in direct listings: New SEC rules could make direct listings more attractive, especially for companies with a market value of at least $100 million.

Conclusion

Despite the challenges posed by the pandemic, venture capital investment in Q3 2020 continued to show strength, particularly in later-stage deals and sectors aligned with digital transformation. The market remains capital-rich, with low interest rates and a strong IPO recovery, suggesting that the venture ecosystem is adapting well to the new normal.

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