2017年Q3风投脉搏（英文版）_103页_2mb

Venture Pulse Q3 2017 Summary

Core Content Overview

This report provides a global analysis of venture funding trends for Q3 2017, highlighting key developments in deal volume, capital investment, valuation trends, corporate participation, and emerging technologies such as VR and AI.

Main Points

Global Trends

• VC Investment Strength: Despite a decline in deal volume, overall venture capital (VC) investment remains extremely strong, with the past two quarters being the third and fourth highest in the past 8 years.
• Median Deal Size Increase: The median deal size across all stages has increased, indicating a more selective investment climate.
• Series D+ Valuations Surge: The median pre-money valuation for Series D and later rounds surged to $260 million.
• First-Time Fundings: Global first-time venture financings are well off last year’s pace, but VC investment has already surpassed 2016 annual results.
• Exit Cycle Decline: The exit cycle continues to wind down, with completed exit volume subsiding, though still within historical bounds.

Regional Analysis

Americas

• VC investment remains strong, almost matching Q2 totals.
• Deal volume dropped, especially for Angel/Seed deals.
• Canada saw a rise in total venture financing, nearing its second-highest quarter.
• Mexico and Brazil experienced slow quarters due to macroeconomic and political challenges.

US

• Capital invested in the US remains strong, though the number of deals declined.
• Angel and seed financings are stabilizing after a steady decline.
• Valuations remain historically high, with corporate participation reaching 16% of all deals.
• Exits remain few and far between, but some IPO activity is returning.

Europe

• VC investment rose by 9.2% for the third quarter in a row.
• Angel/Seed deal volume continues to decline.
• Corporate VC participation reached a new peak of 21%+.
• Late-stage deals such as Deliveroo and Tricentis raised significant sums.

Asia

• Angel/Seed volume dropped below late-stage deal numbers.
• Corporate participation reached almost 25% of all deals.
• Beijing led with 7 of the top 12 deals, totaling over $5.3 billion.
• The region saw a resurgence in unicorn value and volume, driven by a boom in Asian unicorns.

Key Insights

Investment Cycle Dynamics

• The venture industry is entering a subdued plateau, with investors more cautious in later stages.
• The timeline of the typical venture fund life cycle is expected to lengthen due to the evolution of private markets.

Corporate VC Growth

• Corporate participation in the VC market has been growing since mid-2015, reaching 17.7% globally in Q3.
• Corporates are increasingly investing in VC to access emerging technologies without heavy R&D investment.
• This trend is expected to continue into Q4 and 2018.

Emerging Tech Investment

• VR and AI: These technologies are among the hottest areas of investment, with applications across multiple sectors.
• HealthTech and Biotech: These sectors also saw significant investment, with notable deals such as Intarcia Therapeutics and Auris Surgical Robotics.
• Unicorn Growth: The number of unicorns has increased, with China rapidly catching up to the US in this regard.

Market Shifts

• M&A Activity: Emerging tech companies saw a record pace of M&A activity in Q3.
• IPO Market: The IPO market is slowly rebounding, with positive post-IPO results, though not expected to return to historical highs soon.
• Secondary Transactions: These have increased as companies seek to provide liquidity to employees and early investors.

Funding Trends

• Deal Volume Decline: Deal volume is gently declining globally, with the lowest levels since 2011.
• Dry Powder: Despite lower deal volume, the amount of capital available (dry powder) remains high, indicating continued investor confidence.
• First-Time Fundings: More first-time funds were closed in Q3 than in 2015 or 2016, reflecting ongoing interest in new investment theses.

Key Figures

• Global VC Invested in Q3'17: $39.4 billion across 2,672 deals.
• Top Deals: The top 10 deals globally accounted for almost $10 billion in funding.
• Unicorn Rounds: China led with more than $5 billion in its top 6 unicorn deals.
• Corporate Participation: Reached 21%+ in Europe and 25% in Asia.

Outlook

• Q4'17 and 2018: VC investment is expected to remain relatively steady, barring unforeseen global events.
• Trends to Watch: AI, robotics, blockchain, and Agtech are expected to gain traction, with VR/AR continuing to be a hot area.
• IPO Rebound: The IPO market is expected to continue improving, though not returning to previous levels soon.

Conclusion

The global venture market in Q3 2017 shows a shift toward more cautious investment, with a focus on later-stage deals and emerging technologies. Despite declining deal volume, the amount of capital invested remains high, driven by corporate participation and the continued growth of unicorns, particularly in China. The market is evolving, with a new normal of high valuations and increased focus on due diligence and strategic innovation.