毕马威-2020年第三季度美国风险投资报告（英文）-2020.10-24页_756kb

Venture Pulse Q3 2020 Summary

Core Content

The Venture Pulse Q3 2020 report provides an in-depth analysis of venture capital (VC) investment trends in the US during the third quarter of 2020, highlighting the resilience of the venture ecosystem amid the ongoing impact of the COVID-19 pandemic.

Key Highlights

• VC Investment Strength:
  US VC-backed companies raised $37.8 billion across 2,285 deals in Q3 2020, marking the third-highest quarterly tally of VC investment of the decade. This reflects continued strength in the venture market.

• Top Deals:

  • SpaceX raised $1.9 billion, leading the quarter.
  • Snowflake had a successful $3.4 billion IPO, with its share price doubling on the first day.
  • Robinhood raised $1.2 billion through two deals.
  • Affirm and Chime each raised $500 million and $435 million, respectively.
  • Palantir Technologies raised $549 million, followed by its IPO.
  • OfferUp raised $453 million.

• Digital Business Models:
  Digital solutions, especially in healthcare, fintech, and edtech, attracted significant VC investment. These sectors are seen as critical for adapting to the new normal driven by the pandemic.

• Focus on Profitability:
  VC investors emphasized profitability metrics such as unit economics and cost per dollar of revenue. This focus has led to more grounded valuations and increased financial discipline among startups.

• IPO and Direct Listing Trends:

  • The IPO market improved, with Snowflake, Unity Software, and JFrog achieving successful exits.
  • Unicorn companies like AirBnb and Wish filed for IPOs confidentially.
  • Direct listings gained attention, with Palantir Technologies and Asana being the first companies to do so since Slack in 2019.
  • The SEC approved new rules allowing companies with $100 million in market value to raise funds through direct listings.

• Sector Trends:

  • Healthcare and biotech remained a top focus, with VillageMD and Freenome raising $275 million and $270 million, respectively.
  • Pharma and biotech saw a surge in VC investment, driven by ongoing interest in biotech innovations.

• Corporate Venture Capital (CVC):
  CVC activity declined in Q3 2020, reflecting a shift in corporate investment strategies. However, corporate participation in venture deals has been a notable trend since March 2018.

• First-Time Funding:
  Despite the pandemic's economic impact, first-time venture financings in the US were still robust, with 2020 outperforming 2019 even before the year's end.

• Exit Activity:
  Exit values remained strong, with unicorn debuts in Q3 pushing exit valuations to near-record highs. The report notes a surge in IPO activity and increased interest in liquidity events.

Key Trends and Outlook

• VC Investment Trends:

  • Late-stage rounds saw sustained strength, with larger deal sizes.
  • Follow-on fundraising predominated, indicating a preference for established companies over early-stage startups.
  • Valuations remained high, but more realistic due to the focus on profitability.

• IPO and Exit Outlook:

  • The IPO market is expected to remain strong into Q4 2020, with pent-up demand among unicorns.
  • IPO activity may pause before the US presidential election in November, but is expected to resume in Q1 2021.
  • Direct listings and SPAC mergers are becoming more attractive options for startups seeking liquidity.

• Consolidation and Distressed Companies:
  The report suggests an increase in consolidation activity in sectors heavily impacted by the pandemic, such as travel and hospitality. Investors are also looking for opportunities in distressed companies.

• Methodology Notes:

  • The report uses PitchBook data for venture activity.
  • Exits are defined as the first majority liquidity event, including IPOs and acquisitions.
  • Corporate rounds are included in the Venture Pulse since March 2018.
  • The MESA and Africa regions are not included due to limited data availability.
  • Growth-stage vehicles are classified as PE funds and excluded from the report.

Conclusion

Q3 2020 demonstrated resilience in the US venture market, with strong investment and robust exit activity despite the challenges posed by the pandemic. Digital transformation and focus on profitability were key drivers, while healthcare and fintech emerged as particularly attractive sectors. The IPO and direct listing markets showed renewed interest, and corporate venture capital activity, though declining, remains a significant part of the ecosystem. As the year progresses, the report anticipates a moderation in deal volume but continued strength in value and increased consolidation in affected sectors.