毕马威-2017年Q4全球风险投资趋势报告（英文）-2018.1.16-105页-2mb

Venture Pulse Q4 2017 Summary

Core Content Overview

The Q4 2017 Venture Pulse report provides a comprehensive analysis of global venture funding trends, highlighting key developments in deal volume, valuation levels, corporate venture participation, and market dynamics across different regions and stages of investment.

Key Trends and Insights

Global Trends

• Overall VC Investment: Reached a record high in 2017, totaling $155 billion.
• Deal Volume: Continues to decline, with a slight drop in the number of completed financings.
• Median Deal Size: Increased year-over-year across all stages, indicating a shift towards larger, later-stage deals.
• Pre-Money Valuations: The global median pre-money valuation for Series D+ rounds peaked at $275 million, showing the influence of concentrated capital.
• Corporate VC Participation: Reached 18.7%, with increased involvement in late-stage deals, signaling the evolution of the VC industry.

Regional Highlights

Americas

• Q4 Investment: Hit a record high, with $46 billion invested.
• Deal Volume: Continued to fall, but late-stage deals dominated.
• Series D+ Valuations: Spiked to $250 million in 2017.
• Canada: Experienced a sharp drop in deal volume, but deal values remained strong.
• Brazil: Saw a strengthening venture financing scene, driven in part by fintech.

US

• Dominance: The US led global VC investment, accounting for over $23 billion in Q4.
• Mega Deals: The US had three $1 billion+ rounds (Lyft, Grail, Faraday Future).
• Fundraising: The fundraising cycle showed signs of slowing, with 300+ funds closed in 2017 compared to 400+ in previous years.
• Early-Stage Funding: Continued to decline, with a focus on high-quality companies despite fewer deals.

Europe

• Q4 Investment: Reached a new high, with $5 billion invested.
• Corporate VC: Participated in 21% of all deals, showing increased importance.
• UK: Highlighted by Deliveroo's $482 million round, contributing to $2.5 billion in Q4.
• Market Fragmentation: Some areas saw inflation in round sizes and valuations, while others lagged.

Asia

• Q4 Investment: Surpassed $15 billion, the third-highest ever.
• China: Dominated with $4 billion mega-deals to Didi-Chuxing and Meituan-Dianping, and $1 billion to Nio.
• Corporate Participation: Reached over 30% in the year, with government support and big tech investors driving growth.
• India: Experienced seven transactions over $100 million in value.
• Healthtech & Biotech: Saw record investments, with $16 billion in biotech and $4.5 billion in healthtech.

Sector Trends

• Software: Dominated VC investment, with $46 billion invested in 2017.
• Artificial Intelligence (AI): Experienced a bumper year, with $12 billion invested globally, up from $6 billion in 2016.
• Pharma & Biotech: Grew significantly, with $16 billion in 2017, led by Grail's $1.2 billion Series B.
• AR/VR: Gained interest, with mobile AR and CV/ML becoming innovation opportunities.

Market Dynamics

• Exit Cycle: Continued to subside, with fewer exits in 2017. However, M&A activity remained strong.
• IPO Activity: Remained weak, with slight step-up valuations post-IPO. Companies like Okta and Snap are being monitored for future performance.
• Secondary Markets: Provided much-needed liquidity for early-stage investors and employees, as companies stayed private longer.
• Unicorn Companies: The number of unicorn fundings increased to 93, with an average age of 8.8 years, indicating a trend of companies remaining private longer due to late-stage funding availability.

Future Outlook

• 2018 Expectations: A positive outlook for the global VC market, with larger funds expected to be raised to compete with the SoftBank Vision Fund.
• Focus Areas: Healthtech, biotech, and autotech are expected to gain more attention, while foodtech and agtech are poised for growth.
• Cross-Industry Solutions: Increasing focus on AI applications across sectors and blockchain as a key investment area.
• IPO Prospects: The IPO window may open in 2018, with companies like Pinterest and Airbnb being closely watched.

Key Statistics

• Global VC Investment in Q4 2017: $46 billion
• Total Deals in Q4 2017: 2,662
• Mega Deals: The five largest VC deals accounted for $16 billion in funding.
• Corporate VC Participation: Exceeded 18.7% in Q4, with significant deal value.
• Unicorn Rounds in Q4 2017: The fourth-highest sum of unicorn VC investment ever.

Conclusion

The venture capital market in 2017 was characterized by record investment, declining deal volume, and increased focus on late-stage and high-valuation deals. Corporate VC participation and the rise of AI and biotech were notable trends. Despite a slowdown in the IPO market, the overall market sentiment remained positive, with 2018 expected to see a potential rebound in VC activity and exits.