2023-10-25-CBInsights-2023年第三季度风险状况报告_243页_6mb

报告摘要

Global venture funding reached $64.6B in Q3 2023, marking an 11% quarter-on-quarter increase but the lowest deal volume since Q4 2016.
Deal volume decreased to 6,111 deals, reflecting a sustained decline in merger and acquisition activity.
The United States dominated global funding, accounting for 50% of total capital raised, while Asia showed strong growth in investment.
Early-stage financing continued to outpace later-stage funding, with early-stage deals comprising over 60% of global transactions.
Unicorns saw their lowest quarterly births since 2016 (12 new unicorns), concentrated in the U.S. and Asia.
Exits via IPO and M&A improved slightly, with Europe maintaining its lead in exit destinations.

Deal Volume: 6,111 deals in Q3, lowest level since Q4 2016, continuing a six-quarter decline.
Funding Amount: $64.6B raised, up 11% from Q2 and surpassing 2022 levels year-to-date; mega-rounds (>$100M) increased 47% QoQ to $29.6B.
Deal Size: Median deal size declined to $3.1M, while average deal size fell to $23.4M.
Mega-rounds: Accounted for 46% of total funding, up from prior quarters.
Global Variations: While deals decreased globally, U.S. funding rose 9%, indicating regional resilience.

Unicorn Births: Only 12 unicorns created in Q3, lowest quarterly total since 2016; U.S. led with 5 new unicorns, followed by Asia (3) and Europe (2).
IPOs: Increased to 126 deals (+24% QoQ), with Europe (38%) and U.S. (35%) as top exit regions.
M&A: Declined to 88 deals (-14% QoQ), lowest in six quarters.
Public Market: Europe-based unicorns significantly favored EV industry, with notable exits to major players like Tesla, SpaceX, and Shopify.

Stage Distribution: Early-stage deals made up 68% of all transactions, mid-stage at 11%, late-stage at 8%.
Investor Types: Venture capital led with a 30% share, followed by private equity (7%) and corporations (7%).
Sector Focus: Technology, healthcare, and e-commerce dominated investment, with provisions for diversified deal sizes across sectors.
Sector Spotlights: Fintech and retail tech saw funding declines despite high early-stage engagement, reflecting broader market adjustments.

U.S.: Fundraising rose by 9%, with early-stage dominance; key sectors include AI, automation, and health tech.
Europe: Funding surged 24% QoQ, driven by strategic investment in green energy and health; exits skewed toward infrastructure.
Asia: Investment jumped 12% QoQ, with strong early-stage activity in India and China.
Emerging Regions: Africa and LatAm showed modest stability, with leadership from金融科技 and health sectors respectively.
Sectors:
- Fintech: $7.4B funding, down 19% from Q2; US and Asia top destinations.
- Retail Tech: $3.9B raised, lowest in nearly a decade; early-stage focus on e-commerce.
- Digital Health: Continued decline in deals and funding ($3.0B), with Europe and US leading early-stage adoption.
- Other: Digital health remains resilient in later stages.

Market consolidation challenges are easing with improved exit opportunities, yet deal volume remains below pre-pandemic levels.
Geographically, the U.S. and emerging Asian markets drive growth, while Europe shows strong exits and strategic investment.
Sectors face headwinds, but early-stage opportunities persist across technology and healthcare.
Overall, Q3 2023 reflects cautious optimism post-IPO rebound, with megatrends shaping investment landscape.

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