PitchBook-2024年四季度企业SaaS风险投资趋势（英）_10页_6mb

报告摘要

Enterprise SaaS VC Trends Summary

Core Content

This report provides an overview of venture capital (VC) activity in the enterprise SaaS sector as of Q4 2024, highlighting investment trends, deal summaries, and exit activity. It is designed to offer insights into the current state of the market and the opportunities for emerging technologies.

Main SaaS Segments

The enterprise SaaS sector is divided into several key segments:

Customer Relationship Management (CRM)
Enterprise Resource Planning (ERP)
Supply Chain Management (SCM)
Analytic Platforms (AP)
Knowledge Management Systems (KMS)
Other Application Software (OAS)

Each segment represents a different area of enterprise software, with varying levels of investment and activity.

Key VC Activity in Q4 2024

Total Deal Value and Count

Total deal value increased by over $10 billion from Q3 2024 to $28.6 billion.
Deal count rose marginally to 695 deals, up 3.4% QoQ.
The market showed remarkable health, despite a significant drop in deal value after two megadeals.

Megadeals

OpenAI raised $6.6 billion.
xAI raised $6 billion.
These two deals significantly impacted the quarter’s deal value, with the next-largest deal at $500 million.

Exit Activity

Exits increased to 98, up from 89 in Q3 2024, reaching the highest level since 2021.
Exit value dropped to $9.5 billion, down from $12.1 billion in Q3 2024.
Notable exits included:
- ServiceTitan via IPO at $5.6 billion.
- Rubrik via IPO at $4,877.9 million.
- AuditBoard via buyout at $3,000 million.
- Rezolve Ai via reverse merger at $1,810 million.
- OpenGov via M&A at $1,800 million.
- MicroCMS via M&A at $1,500 million.
- LianLian Digitech via IPO at $1,325.6 million.
- Zhendao Group via IPO at $1,318.6 million.
- Best Wonder via IPO at $1,080.6 million.
- Influential via M&A at $1,000 million.

Exit Value Concentration

ERP was the most overrepresented segment in exits, with 25 exits (25.5% of total).
CRM followed with 31 exits (31.6% of total).
OAS had 17 exits, AP had 13 exits, KMS had 8 exits, and SCM had 4 exits.
Exit value disclosures were most concentrated in ERP, representing 66.4% of the total disclosed exit value.

Regional Breakdown

ServiceTitan exited in North America with a valuation of $5.6 billion.
LightOn exited in Europe with a valuation of $53.7 million.
BlackBuck, Terra Drone, Gva Tech, and Synapsoft exited in Asia with valuations ranging from $17.3 million to $506.5 million.

Deal Value by Segment

ERP led in deal value with $6 billion (21% of total).
CRM followed with $3.5 billion (12.1% of total).
Analytic Platforms (AP) had $2.6 billion (18.4% of total).
Supply Chain Management (SCM) had $1.6 billion (5.5% of total).
Knowledge Management Systems (KMS) had $1.3 billion (4.5% of total).
Other Application Software (OAS) had $1.3 billion (4.5% of total).

Deal Value by Stage

Late-stage VC accounted for 45.4% of Q4 2024 deal value.
Venture growth represented 38.4% of total deal value.
Early-stage VC had 14.3% of total deal value.
Pre-seed/seed had 1.9% of total deal value.

Comparison with Previous Years

2024 averaged 91 deals per quarter, a significant increase compared to 66 in 2022 and 61 in 2023.
Total exits in 2024 increased by 49.6% YoY.
Exit value in 2024 was $9.5 billion, down from $12.1 billion in Q3 2024.

Key Early-Stage VC Deals in Q4 2024

Company	Close Date	Segment	Subsegment	Deal Value ($M)	Post-Money Valuation ($M)	Lead Investor(s)	Valuation Step-Up (post to pre)
Kapital	November 21	ERP	Manufacturing & operations	$188.2	N/A	Tribe Capital	N/A
Sierra	November 1	CRM	Customer service & support	$175.0	$4,500.0	Greenoaks Capital Partners	4.0x
Aiwyn	December 19	ERP	Financial management systems	$113.0	$434.0	Bessemer Venture Partners, Kohlberg Kravis Roberts	2.5x
Nelly	October 9	KMS	Email & authoring	$110.9	N/A	N/A	N/A
Upwind	December 2	OAS	Other security	$100.0	$900.0	Craft Ventures	2.7x
Auger	October 8	SCM	Supply chain execution	$100.0	N/A	N/A	N/A
Luma AI	December 11	KMS	Content services	$90.0	$267.6	Andreessen Horowitz	1.8x
Partior	November 27	ERP	Manufacturing & operations	$80.0	N/A	Peak XV Partners	N/A
Seekr	October 18	AP	Analytics & business intelligence platforms	$74.0	N/A	N/A	N/A
Gigs	December 12	CRM	Digital commerce	$73.0	N/A	Ribbit Capital	N/A

Key Takeaways

The enterprise SaaS sector continues to attract significant VC investment, with ERP and CRM leading in both deal count and value.
OAS had the highest concentration of investments due to the megadeals by OpenAI and xAI.
IPOs remain a significant exit pathway, though valuations and disclosures have decreased compared to 2021.
2025 is expected to see a rebound in IPO activity due to more favorable market dynamics.
Venture growth and late-stage VC saw the most growth in deal value, while pre-seed/seed saw a decline.
Exit value remains pressured, with only 27% of exits disclosing valuations, indicating a weaker environment for sellers.