2023-02-21-PitchBook-2022年美国风险投资评估报告（英）_28页_11mb

Summary of US VC Valuations Report (February 2023)

Core Content

This report provides an analysis of venture capital (VC) valuations in the United States for the year 2022, highlighting trends across different stages of investment and the impact of market uncertainty on deal activity and liquidity.

Key Takeaways

• Dealmaking at the angel and seed stages showed robustness throughout 2022, with annual pre-money valuations increasing.
• Early-stage VC valuations maintained strength but experienced a quarterly decline, with the Q4 median valuation falling 33.3% from Q1.
• Late-stage VC valuations saw a significant drop, with the median pre-money valuation declining by 25.0% to $60.0 million in Q4.
• Venture-growth valuations also declined, with the annual median pre-money valuation falling 17.1% to $290.0 million.
• Nontraditional investors played a key role in late-stage and venture-growth financing, but their reduced participation in 2022 worsened the valuation decline.
• Liquidity events faced challenges, with a drop in tender offers and secondary transactions, although shareholder participation increased.
• Morgan Stanley at Work emphasizes the importance of transaction readiness and liquidity management for private companies, especially in uncertain market conditions.

Main Stages of VC Valuations

Angel and Seed

• Deal values increased for both stages, with the median angel pre-money valuation rising 9.7% to $4.9 million and seed valuations increasing 16.7% to $10.5 million.
• Annual seed step-up increased to 1.9x, up from 1.79x in 2021, while quarterly seed step-up fluctuated, peaking at 2.5x in Q1.
• Velocity of value creation (VVC) for seed-stage companies increased by 43.1% to $4.6 million, nearly doubling the 2020 figure.

Early-Stage VC

• Deal value remained largely unchanged, with the median early-stage deal value at $60.0 million in Q1, but a 33.3% decline to $40.0 million in Q4.
• Early-stage VVC fell by 15.0% YoY to $22.2 million, and the median RVVC dipped to a nine-quarter low.
• Despite quarterly declines, the annual figures for early-stage valuations narrowly surpassed those of 2021 and were almost double 2020 levels.

Late-Stage VC

• Deal values fell significantly, with the Q4 median deal value at $13.5 billion, down 28.0% from the total number of deals.
• Median pre-money valuation dropped to $60.0 million in Q4, a 25.0% decline from Q4 2021.
• The top-decile valuation for late-stage companies in Q4 was $470.0 million, the lowest since Q4 2020.
• Median VVC for late-stage companies fell by 36% to $22.2 million, and median RVVC dropped to 1.60x, a 10-quarter low.
• The decline in nontraditional investor participation had a significant negative impact on late-stage and venture-growth valuations.

Venture Growth

• Deal sizes declined in 2022, with the annual median pre-money valuation dropping 17.1% to $290.0 million.
• Q4 median valuation fell to $132.0 million, the lowest since Q1 2020.
• VVC growth slowed, with an annualized increase of only 37.9%, and RVVC was the lowest among all stages.
• Venture-growth valuations are closely tied to public market performance, and the decline in public market premiums has affected this sector.

Biotech & Pharma

• Seed and early-stage deal values grew, while late-stage valuations declined.
• Median pre-money valuation for late-stage biotech & pharma companies dropped significantly, with the annual median falling to $60.0 million.
• Median VVC for early-stage companies fell by 15.0% YoY, and RVVC was the lowest among all stages.

Fintech

• Late-stage deal values fell by 29%, while seed and early-stage valuations increased.
• Median VVC for early-stage fintech companies was the highest among all stages.
• Median share acquired saw a slight decline across all stages, indicating tighter capital allocation.

Enterprise Tech

• Late-stage deal sizes were robust, with the median deal value at $60.0 million.
• Growth-stage valuations fell considerably, with the annual median pre-money valuation declining to $600.0 million.
• Valuation step-ups remained near historical highs, suggesting continued investor confidence in this sector.

Consumer Tech

• Growth deal sizes returned to pre-pandemic norms.
• Late-stage stakes increased sharply, with the median share acquired rising to new levels.
• Valuation step-ups for consumer tech companies remained strong, indicating resilience in this space.

Key Insights

• Market uncertainty has led to a shift in investor behavior, with a focus on early-stage companies and reduced participation from nontraditional investors.
• Transaction readiness is emphasized as a critical factor for companies to prepare for future liquidity events, such as IPOs or acquisitions.
• Liquidity strategies are becoming more complex, with companies using targeted secondary transactions and tailored liquidity programs to manage stakeholder demands.
• Morgan Stanley at Work offers comprehensive solutions for liquidity management, including secondary transaction desks and equity compensation tools.

Conclusion

The VC market in 2022 experienced significant volatility, with early-stage companies showing more resilience than their late-stage counterparts. As the market continues to evolve, companies must focus on maintaining accurate cap tables, extending cash runways, and preparing for potential liquidity events. Morgan Stanley at Work provides valuable tools and expertise to support companies through these challenges, ensuring they remain agile and prepared for future opportunities.