Cbinsights-2023年第三季度风险状况报告（英）-243页_7mb

State of Venture Q3 2023 Summary

Overview

Q3 2023 saw a rebound in global venture funding, reaching $64.6 billion, a 11% increase from Q2, while deal volume decreased by 11% to 6,111 transactions. The IPO market showed signs of improvement with 126 companies going public, a 24% rise from Q2. However, M&A activity remained subdued, and unicorn births dropped to the lowest quarterly level since 2016.

Global Trends

• Funding: Global venture funding reached $64.6B, with the US accounting for 50% ($32.1B) and Asia contributing 22%. Mega-rounds of $100M+ accounted for 46% of funding, up from the prior quarter.
• Deals: Deal volume fell to 6,111, the sixth consecutive decline, with early-stage rounds dominating at 68% of deals.
• Valuations: Median deal size declined in most regions, reflecting a shift toward larger, mega-deals.

Investment Trends

• Mega-Rounds: Funding in mega-deals rose 47% QoQ to $29.6B, driven by deals in industries like electric vehicles and energy storage.
• Deal Stages: Early-stage rounds made up 68% of deals, while median deal size decreased across regions.
• Investors: VCs led deal participation at 30%, with the US and Europe showing strong growth in specific sectors.

Unicorn and Exit Trends

• Unicorns: Only 12 unicorns were born in Q3, a 40% decline from Q2, with the US leading but still showing a downturn.
• Exits: Global exits totaled 577, with Europe leading at 38% share. IPOs increased due to a 24% rise in companies going public.

Sector Spotlight: Fintech

• Funding dropped to $7.4 billion, with the US accounting for 47% of deals. Early-stage companies represented 71% of fintech deals, but deal sizes shrank.

Geographic Trends

• US: Funding rose 9% to $32.1B, with early-stage dominance holding steady.
• Europe: Exit activity led globally at 38%, with a surge in funding driven by billion-dollar deals.
• Asia: Total funding increased 12%, with China and India showing resilience amid policy shifts.
• LatAm and Africa: latAm funding doubled, but deal volume fell; Africa saw stable funding despite no IPOs.

Key Takeaways

The quarter highlighted a "bifurcation" in the market, with strong mega-rounds in select industries offset by declining early-stage deals and unicorn births. Regional disparities persist, with the US and Europe leading venture activity, while emerging markets like Asia and LatAm show promise amid global economic headwinds.