2019年Q1美国和全球风险投资报告-PwC、CB_Insights-2019.4-78页_1mb

MoneyTree™ Report Summary - Q1 2019

Core Content Overview

The MoneyTree™ Report Q1 2019 provides a detailed analysis of venture capital (VC) funding and deal activity in the United States and globally. It highlights trends across various sectors, regions, and stages of investment, along with the performance of key players and the impact of corporate participation.

Key Findings

US VC Funding and Deal Activity

• US VC funding fell by 36% in Q1 2019 to $24.6B, with 4% fewer deals compared to Q4 2018.
• Q4 2018 had $39B in funding and 2018 reached $115B, making them the second-largest quarter and year, respectively.
• US mega-rounds (greater than $100M) were down from a record Q4 2018, but still above historical levels with 46 rounds.
• Seed-stage deals continued their decline, representing 24% of total deals in Q1 2019, down from 36% in Q3 2017.
• Artificial Intelligence (AI) funding fell for the second consecutive quarter, totaling $2B, a 22% decrease from Q4 2018.
• FinTech funding remained elevated at $3.3B, a 3% decrease from Q4 2018, but 13% more deal activity.

Global Funding and Deal Activity

• Global VC funding dropped by 22% in Q1 2019 to $52.2B, with 3,327 deals.
• Deal activity globally fell by 5% compared to Q4 2018.
• Asia-based funding decreased by 12% to $18B, with 1,128 deals, the second-straight quarterly drop.
• North America saw 10 new unicorns, surpassing Asia's 5.
• Silicon Valley funding fell by 19% to $4B, with 118 deals, the third consecutive quarterly decline.
• NY metro area funding increased by 110% to $4.5B, with 6 mega-rounds, including a $1B round by WeWork.

US Sector Activity

Top 5 Sectors by Funding

• Internet: $10.6B invested, 562 deals
• Healthcare: $2.8B invested, 175 deals
• Mobile & Telecommunications: $1.4B invested, 148 deals
• Software (Non-Internet/Mobile): $0.5B invested, 141 deals
• Consumer Products & Services: $0.5B invested, 57 deals

Sector Trends

• Software (Non-Internet/Mobile) saw an increase in deal share to 11%, the first increase in five quarters.
• AI deals increased slightly to 116, but funding dropped to $2B, the second consecutive quarterly decline.
• Cybersecurity funding remained flat at $1B, but deal activity declined to 48 transactions.
• FinTech funding fell slightly to $3.3B, while deal activity increased by 13% to 170 transactions.

US Regional Trends

Top 5 Regions by Deals

• California: 461 deals, $13.175B invested
• New York: 201 deals, $3.882B invested
• Massachusetts: 117 deals, $2.716B invested
• Texas: 66 deals, $1.164B invested
• Washington: 45 deals, $472M invested

Regional Highlights

• New York Metro saw a 110% increase in funding compared to Q4 2018.
• California had a 53% decrease in funding, while New York saw a 100% increase.
• Silicon Valley (South Bay Area) had 118 deals and $664M in funding.
• San Francisco (North Bay Area) had 236 deals and $4.455B in funding.

US Movers and Shakers

Mega-Rounds

• 46 mega-rounds ($100M+) were raised in Q1 2019, down from the Q3 2018 record but still above historical levels.
• Later-stage companies raised significant rounds, including $1B rounds by WeWork and Flexport.

New Unicorns

• 10 new unicorns were created in Q1 2019, including Casper and Glossier.
• The total number of US unicorns reached a record 147, with a combined valuation of $582B.

IPO Activity

• 15 companies had IPOs in Q1 2019, down from 16 in Q4 2018.
• The median years to exit decreased to 5 years from 6.5 years in Q4 2018.
• Top IPOs included Lyft ($24.3B), Alector ($1.2B), and Gossamer Bio ($966M).

Most Active VC Firms

• Sequoia Capital raised $17.6B in Q1 2019, with notable investments in Glossier and Percolate Industries.
• Insight Venture Partners raised $11.1B, with investments in Aqua Security and ezCater.
• New Enterprise Associates raised $6.5B, with investments in Casper and OpenDoor Labs.

Global Trends

• Global funding fell by 22% to $52.2B, with 3,327 deals.
• Asia had a 12% decrease in funding to $18B, and deal activity fell to 1,128.
• Europe saw a 48% increase in funding to $8B, with 724 deals.
• Corporate participation increased slightly globally to 32%, with North America seeing 30% and Europe 27%.

Largest Deals of Q1 2019

US

• WeWork ($1B) - New York, US
• Flexport ($1B) - San Francisco, US
• Nuro ($940M) - Mountain View, CA
• Aurora ($530M) - Palo Alto, CA
• Clover Health ($500M) - Jersey City, NJ
• DoorDash ($400M) - San Francisco, CA

Global

• Chehaoduo ($1.5B) - Beijing, China
• Grab ($1.46B) - Singapore
• OneWeb ($1.25B) - London, UK
• Figure Technologies ($65M) - San Francisco, CA
• Ojo Labs ($45M) - Austin, TX

Key Statistics

• Total US funding: $24.6B
• Total US deals: 1,279
• Total global funding: $52.2B
• Total global deals: 3,327
• Top US VC firms by funds raised:
  • Sequoia Capital: $17.6B
  • Insight Venture Partners: $11.1B
  • Summit Partners: $9.1B
  • New Enterprise Associates: $6.5B
  • Technology Crossover Ventures: $5.6B

Summary

The Q1 2019 MoneyTree™ Report highlights a decline in US VC funding and deal activity compared to the near-record levels of Q4 2018. While seed-stage deals continued to decline, later-stage deals and mega-rounds remained strong, with 46 rounds exceeding $100M. New York emerged as a key player with a 110% increase in funding, while California saw a 53% drop. AI and FinTech sectors showed mixed trends, with AI funding declining for the second quarter in a row, and FinTech funding remaining elevated despite a slight drop. Global funding also fell by 22%, with Asia experiencing the most significant decline. North America saw the most new unicorns, while Europe had a notable increase in funding. The largest deals were led by WeWork, Flexport, and Nuro in the US, and Chehaoduo, Grab, and OneWeb globally.