毕马威-2017年Q2全球风险投资（英文）-110页__3mb

Venture Pulse Q2 2017 Summary

Core Content

The Q2 2017 edition of the KPMG Enterprise Venture Pulse Report highlights the global venture capital (VC) market's resilience and transformation despite a decline in deal volume. Key themes include the return of mega-deals, the rise of unicorns, the role of corporate venture capital (CVC), and the evolving focus on emerging technologies.

Main Trends and Opportunities

• Global VC Investment Surge: Despite a decline in the number of deals, global VC investment increased by 55.3% in Q2 2017 compared to the previous quarter, driven by a surge in mega-deals.
• Mega-Deals Return: The largest ever VC round, $5.5 billion for Didi Chuxing, and other significant rounds in China, the US, and Europe marked a return of large-scale investments.
• Unicorn Growth: 16 new unicorns emerged in Q2 2017, the highest number since Q3 2015, with notable entries from the UK, Germany, China, Switzerland, and the US.
• Corporate VC Participation: Corporate VC involvement reached a decade high, with over 22.5% of deals in Asia and 17.6% globally, showing increased interest in innovation and growth-stage opportunities.
• Dry Powder Impact: Strong dry powder levels continued to exert upward pressure on deal sizes and valuations, even as deal volume remained subdued.
• Regional Activity:
  • Asia saw a 130% increase in VC investment, with mid and late-stage deals gaining traction.
  • Americas experienced a 38% increase in investment value, though deal volume remained steady.
  • Europe had a slight increase in investment value but a 44% drop in deal volume, with early-stage deals being the most affected.

Key Sectors and Technologies

• Autotech and Biotech: These sectors attracted continued investor interest, with biotech showing strong global appeal due to its potential in health, agroscience, and genetic engineering.
• AI, Analytics, and VR: These technologies are expected to remain hot areas of investment throughout 2017.
• Blockchain: Expected to continue gaining traction, with applications expanding beyond financial services into other sectors.
• Agritech and Foodtech: These industries are gaining attention as investors look toward food security and sustainability, despite being relatively small segments currently.

Exits and Market Dynamics

• IPO Activity Revived: After a year-long drought, the IPO market saw a rebound, with five major unicorns going public in Q2 2017, including Cloudera, China Rapid Finance, and Okta.
• M&A Dominates Exits: M&A activity remains strong, but a period of internal consolidation is expected as the market digests recent acquisitions.
• Early Exits: Some biotech companies are pursuing early IPOs not as a final exit but to secure additional capital for growth.

Challenges

• Early-Stage Decline: Angel and seed-stage deal volume continues to decline, reflecting a more cautious investor environment.
• Biotech Funding Challenges: Due to long development cycles and low success rates, biotech startups face difficulties in securing early-stage funding, leading to early exits or reliance on US markets.
• Regional Disparities: While the US remains the dominant player in biotech, Europe and Latin America struggle with lower deal volumes and fragmented market access.

Conclusion

The Q2 2017 report underscores a global VC market that is rebounding after a period of decline, fueled by mega-deals and renewed interest in high-growth sectors. While deal volume remains low, especially at the early stages, the investment value is rising, and corporate involvement is increasing. The report also highlights the growing focus on emerging technologies and the potential for future growth in sectors like agritech and foodtech, as well as the resilience of healthcare-related investments.