2016年-数据局_CBinsightsKPMG：2016第三季度风险投资报告_EN_103页_3mb

Venture Pulse Q3 2016 Summary

Core Content

The Venture Pulse Q3 2016 report, a collaboration between KPMG Enterprise and CB Insights, provides a comprehensive overview of global venture capital (VC) funding trends and market dynamics during the third quarter of 2016. The report highlights the continued caution among investors, the decline in unicorn valuations, and the resurgence of interest in IPO exits. It also explores the evolving landscape of cybersecurity and other key sectors, as well as the impact of geopolitical events like Brexit on the VC market.

Main Trends and Key Findings

Global Funding and Deal Activity

• Total Funding: $24.1 billion across 1,983 deals, marking an 14% drop from the previous quarter.
• Lowest Level Since Q3 2014: This is the lowest quarterly funding total since Q3 2014.
• Deal Count Stability: Despite the drop in funding, deal activity remained relatively stable, with Europe showing the most significant increase in deal count, surpassing Asia.

Regional Analysis

• North America:

  • Funding dropped to $14.4 billion, an 18% decrease from Q2'16.
  • Late-stage deal sizes fell to $22.4 million, a 34% decline from Q3'15.
  • Seed-stage deal share hit a 5-quarter low at 49%.
  • California saw a 38% drop in funding, while Massachusetts experienced a 96% increase due to mega-rounds.

• Europe:

  • Total funding reached $2.3 billion across 468 deals.
  • Seed-stage deals accounted for 48% of all deals.
  • Early-stage deal sizes dropped to $1.5 million, a 2-quarter decline.
  • UK funding and deal activity showed slight recovery after declines since Q4'15.

• Asia:

  • Funding and deal activity continued to decline, with total funding at $7.2 billion across 323 deals.
  • Seed deal share fell to 29%, a sharp decline from the previous quarter.
  • Late-stage deal sizes plummeted to $30 million, a 70% drop from the prior quarter.
  • Corporate and CVC participation reached 45% of all deals in Asia.

Unicorn Status and Valuations

• Unicorn Birth Rate Low: No new unicorns were added in Europe for the second consecutive quarter.
• Asia's Consistency: Asia has produced 4 to 5 unicorns per quarter since Q3'15, with Q3'16 seeing 8 new unicorns.
• Realistic Valuations: Companies are now receiving more realistic valuations rather than rushing for unicorn status.

IPO Exits and Market Confidence

• Renewed Interest in IPOs: Twilio's successful IPO in Q2'16 sparked renewed interest in IPO exits globally.
• Successful IPOs in Q3'16: Apptio and Trade Desk also had successful IPOs, with Europe showing signs of catching up.
• Potential for Growth: If other IPOs succeed in Q4'16, the market may rebound into 2017.

Corporate and CVC Participation

• Growing Role of Corporates: Corporates and CVCs made up 28% of all global deals, a 5-quarter high.
• Strategic Investments: Corporates are increasingly investing in startups for innovation, data analytics, and new sales channels.

Sector Analysis

• Internet and Mobile Dominance: These sectors accounted for 66% of all deals, with non-internet/mobile software at 5%.

• Cybersecurity Focus:

  • Top deals included Darktrace ($65M), Druva ($51M), and Silent Circle ($50M).
  • The US and Israel were the top countries for cybersecurity investments.
  • Cybersecurity is becoming more cross-industry, with threats increasing across sectors.
  • VC investors are now focusing on strategic integration of cybersecurity technologies with existing systems and risk governance.

• Digital Health:

  • Top deals included Meet You ($151M), ClearCare ($60M), and Accolade ($55M).
  • The US remained the top country for digital health investment.

• Artificial Intelligence:

  • Top deals included Indigo Agriculture ($100M), Stem ($100M), and C3 IoT ($70M).
  • The US led in AI investment with 46 deals totaling $540.8 million.

• Auto Tech:

  • Top deals included Quanergy ($90M), MetroMile ($50M), and Aperia Technologies ($15.6M).
  • The US dominated auto tech investment with 8 deals totaling $165.7 million.

Outlook and Implications

• Market Stability: The VC market is showing signs of stabilization, with liquidity and growing positivity.
• Interest Rate and Election Impact: The US presidential election and potential interest rate hikes may signal a turning point for the market.
• Brexit Effects: While the UK and Europe face uncertainty, the market has not seen abrupt changes in investment strategy.
• Cybersecurity Evolution: The sector is expected to evolve with a focus on security analytics, cloud anti-malware, and privileged access platforms.

Conclusion

The Q3 2016 VC market is characterized by a shift toward more realistic valuations, a decline in unicorn creation, and a renewed interest in IPO exits. While North America and Europe showed signs of stabilization, Asia continued to see a slowdown. Corporate and CVC involvement has increased, and cybersecurity remains a key area of focus for VC investors. The report suggests that the market may rebound in 2017 as uncertainties resolve and IPO activity picks up.