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KPMG Venture Pulse Q2 2017 Summary

Core Content

The Q2 2017 edition of the KPMG Enterprise Venture Pulse Report highlights key trends and developments in the global venture capital (VC) market, emphasizing both opportunities and challenges. Despite a decline in the number of VC deals, investment surged, driven by a resurgence in mega-deals and the emergence of new unicorns.

Main Points

Global Trends

• VC Investment Surge: Global VC investment increased by 55.3% quarter-over-quarter, reaching $40.1 billion across 2,985 deals, although it was 14.2% lower than Q2 2016.
• Mega-Deals Return: The top 10 global deals accounted for $10.83 billion, with notable examples including Didi Chuxing's $5.5 billion funding round (the largest ever) and Toutiao's $1 billion round in China. The US and Europe also saw significant mega-deal activity.
• Unicorn Revival: 16 new unicorns were born in Q2 2017, the highest since Q3 2015, including Improbable (UK), Otto Bock Healthcare (Germany), MoBike (China), Avoloq Group (Switzerland), and Outcome Health (US).
• Investor Sentiment: Investors are showing renewed interest in AI, analytics, virtual reality, and blockchain technologies, with a growing focus on blockchain applications across various sectors.
• Corporate VC Growth: Corporate VC participation reached a decade high, with over 22.5% of deals involving corporate investors, especially in Asia and Europe.

Regional Highlights

Americas

• VC Investment Recovery: The Americas saw a 38% increase in total VC investment, with the US leading the charge.
• Deal Volume Stable: Despite a global decline in deal volume, the Americas maintained a steady level.
• US Market Dynamics: The US reached its second-highest total investment since 2010, with M&A dominating exits and IPO activity showing signs of recovery.

Europe

• Stable Investment, Declining Volume: VC investment remained stable, while deal volume declined by 44% year-over-year.
• Corporate VC Involvement: Corporate VC participation exceeded 20%, with notable deals like Improbable's $502 million raise and Auto1 Group's $400 million round.
• Early-Stage Decline: Angel and seed stage deal volume continued to decline, though not as sharply as in previous quarters.

Asia

• Significant Investment Growth: Asian VC investment surged to the third-highest level of the decade, driven by China's biotech and autotech sectors.
• Mega-Deals in Asia: The $5.5 billion Didi Chuxing round and $1 billion Toutiao round were pivotal in this growth.
• B2B Focus: There is a growing interest in B2B delivery services, with companies like Delivery Hero and 99Taxis receiving substantial funding.

Key Insights

• Dry Powder Impact: The presence of hefty dry powder continues to influence deal sizes and valuations, pushing median deal sizes higher.
• Early-Stage Challenges: The decline in early-stage deal volume persists, with angel and seed rounds still experiencing downward pressure.
• IPO Market Recovery: The global IPO market showed signs of recovery, with five major unicorns going public in Q2 2017, including Cloudera, China Rapid Finance, and Okta.
• Biotech and Autotech Interest: These sectors continue to attract significant investment, with biotech showing particular promise in diagnostics, neuroscience, and advanced therapies.
• Geographic Shifts: Asia and the US are leading the investment surge, while Europe remains fragmented and faces challenges such as Brexit-related immigration restrictions.

Summary of Investments

• Global VC Investment: $40.1 billion across 2,985 deals
• First-Time Funds: 26 first-time funds closed in Q2 2017, indicating a potential recovery in this area.
• Corporate VC Participation: Reached a decade high, with over 22.5% of deals involving corporate investors.
• Mega-Deals: Top 10 deals totaled $10.83 billion, with Asia and the US leading the way.

Conclusion

The Q2 2017 Venture Pulse Report underscores a rebound in VC investment despite a decline in deal volume. The return of mega-deals, the emergence of new unicorns, and the focus on emerging technologies such as AI and blockchain signal a positive turning point in the global VC market. However, challenges such as early-stage funding difficulties, regional fragmentation, and cyclical market trends remain important factors to consider.