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Venture Pulse Q4 2017 Summary

Core Content

The Q4 2017 edition of KPMG Enterprise's Venture Pulse Report highlights the global venture capital (VC) market trends, opportunities, and challenges. Despite a decline in the number of deals, the overall VC investment reached a record high in 2017, with $155 billion in total funding. The report underscores a shift in investor behavior toward quality over quantity, with a growing focus on late-stage and mega-deals.

Main Trends

• Global VC Investment:

  • Total global VC investment in Q4 2017 reached $46 billion, marking a new quarterly high.
  • The annual total of $155 billion is the highest in the decade.
  • The number of deals declined, but the median deal size increased across all stages, reflecting a concentration of capital in fewer, more promising companies.

• Sector Highlights:

  • Software continued to dominate VC funding.
  • Biotech and healthtech saw significant growth, with pharma & biotech raising over $16 billion in 2017.
  • Artificial Intelligence (AI) experienced a bumper year, with $12 billion in global investment.

• Mega Deals:

  • Q4 2017 featured six $1 billion+ rounds, including notable deals like Didi-Chuxing ($4 billion), Meituan-Dianping ($4 billion), and Nio ($1 billion).
  • The US also saw three $1 billion+ rounds, such as Lyft, Grail, and Faraday Future.

• Corporate Venture Capital (CVC):

  • Corporate VC participation reached 18.7% in Q4 2017, signaling the growing influence of corporate players in the VC ecosystem.
  • CVC involvement is driven by the desire to invest in innovation and technology, especially in areas like autonomous vehicles.

• IPO and Exit Trends:

  • IPO activity remained weak in 2017, with only slight increases in valuations.
  • The exit cycle continued to subside, with fewer exits in terms of both count and value.
  • Secondary markets became more prominent, offering liquidity to early-stage investors and employees.

• Geographic Highlights:

  • The US led the global VC market, raising over $23 billion in Q4.
  • Asia saw the highest amount of VC investment in Q4, with $15.5 billion invested, including three $1 billion+ deals.
  • Europe experienced a record high in VC investment, with the UK leading at over $2.5 billion, highlighted by Deliveroo's $482 million round.
  • France emerged as a major innovation center, with a growing VC presence.

• Early-Stage Challenges:

  • The number of angel and seed stage deals continued to decline, reflecting a long-term trend.
  • However, median deal sizes for early-stage remained robust, indicating continued investor confidence in high-quality startups.

• Unicorn Companies:

  • The number of unicorn fundings increased to 93 in 2017, compared to 77 in 2016.
  • The average age of unicorns rose to 8.8 years, showing a trend of companies staying private longer due to late-stage funding availability and a slow IPO market.

• Future Outlook (2018):

  • The VC market is expected to remain robust, with AI, biotech, agtech, and autotech being key areas of focus.
  • There is likely to be a modest increase in IPO activity, especially in biotech.
  • Secondary market activity is expected to rise to provide liquidity to early-stage investors.
  • Alternative financing mechanisms, such as ICOs, gained traction, though regulatory scrutiny is expected to increase.

Key Information

• Total VC investment in Q4 2017: $46 billion
• Total annual global VC investment in 2017: $155 billion
• Median pre-money valuation for Series D+: $275 million
• Corporate VC participation in Q4 2017: 18.7%
• Top VC deals in Q4 2017:
  • Didi-Chuxing: $4 billion
  • Meituan-Dianping: $4 billion
  • Nio: $1 billion
  • Grail: $1.2 billion
• Unicorn financing trends:
  • 93 unicorn fundings in 2017
  • 4th highest unicorn investment in history in Q4
  • Average unicorn age: 8.8 years
• IPO activity:
  • Global IPO activity was weak in 2017
  • Some companies may have inflated pre-IPO valuations

Conclusion

The Q4 2017 Venture Pulse Report illustrates a mature and concentrated VC market, with a growing emphasis on late-stage investments, mega-deals, and cross-industry innovation. While early-stage deal volume has declined, the quality and valuations of these deals remain strong. Corporate VC participation has increased significantly, signaling a shift in the VC landscape. As the market moves into 2018, AI, biotech, and other emerging sectors are expected to drive further investment, and secondary markets may play a crucial role in providing liquidity.