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Venture Pulse Q3 2016 Summary

Core Content

This report provides a global analysis of venture capital (VC) funding trends in Q3 2016, highlighting key changes in investment activity, deal sizes, and sector focus. It also addresses concerns about market stability, IPO exits, and the evolving role of corporate investors in the VC ecosystem.

Main Findings

Global Funding and Deal Activity

• Total Funding: $24.1 billion was raised across 1983 deals in Q3 2016, marking the lowest quarterly funding total since Q3 2014.
• Deal Count Stability: Despite the drop in funding, deal activity remained relatively stable, suggesting a potential market recovery.
• Regional Breakdown:
  • North America: $14.4 billion in funding across 1127 deals, with a 34% drop in late-stage deal sizes and a 5-quarter low in early-stage deal share.
  • Europe: $2.3 billion in funding across 468 deals, with rising deal activity and a 48% early-stage deal share.
  • Asia: $7.2 billion in funding across 323 deals, continuing a slowdown with a sharp decline in seed deal share and a 70% drop in late-stage deal sizes.

Unicorn Valuation Trends

• The trend of companies aiming for unicorn status (valuation over $1 billion) has waned, with more realistic valuations becoming the norm.
• No new unicorns emerged in Europe for the second consecutive quarter, while Asia and North America each added four.

IPO Exits

• Renewed interest in IPO exits was sparked by Twilio's successful IPO in Q2 2016.
• Several tech firms, including Apptio and Trade Desk, initiated IPOs in Q3 2016.
• Europe, traditionally lagging in IPO activity, saw successful exits by Takeaway.com and Nets A/S.
• If other companies in the pipeline follow suit, IPO activity is expected to rebound in Q4 2016 and into 2017.

Corporate and CVC Involvement

• Corporates and corporate venture capital (CVC) accounted for 28% of global deals in Q3 2016, reaching a 5-quarter high.
• In Asia, corporate participation was particularly high at 45%, with active investments from entities like Tencent and Intel Capital.

Sector Trends

• Internet and Mobile: Continued to dominate, accounting for 66% of all VC-backed deals.
• Technology: Remained the largest sector, taking 77% to 79% of all deals.
• Healthcare: Slightly declined, with a peak of 12% in Q1 2016.
• Cybersecurity: Experienced significant investment, with $1.6 billion raised in the first two quarters of 2016. Key deals included Darktrace ($65M), Druva ($51M), and Silent Circle ($50M).
• Digital Health: Top deals included Meet You ($151M), ClearCare ($60M), and Accolade ($55M).
• Artificial Intelligence (AI): Top deals included Indigo Agriculture ($100M), Stem ($100M), and C3 IoT ($70M).
• Auto Tech: Top deals included Quanergy ($90M), MetroMile ($50M), and Aperia Technologies ($15.6M).

Regional and Market Outlook

• North America: Faced a 18% drop in funding and a 2% decline in deal count. Late-stage deal sizes fell to $22.4M, the lowest since Q3 2015.
• Europe: Showed signs of recovery with increased deal activity and a slight rise in funding, especially in the UK and Germany.
• Asia: Continued its slowdown, with a 5-quarter low in early-stage deal share and a 70% drop in late-stage deal sizes.
• Market Stability: The VC market is showing signs of stability, with a potential rebound expected in the final quarter of 2016 and into 2017, driven by liquidity and positive sentiment.
• Brexit Impact: While the UK and Europe face long-term uncertainties, the immediate effects of Brexit have not led to a significant shift in investment strategies.

Cybersecurity Insights

• Cybersecurity has become a critical area for VC investment, driven by cross-industry challenges and the increasing value of sensitive data.
• Corporate investors are showing growing interest in cybersecurity solutions, focusing on strategic integration rather than just financial returns.
• The report emphasizes the need for a holistic approach to cybersecurity, aligning security capabilities with business objectives and focusing on integrated risk governance.

Key Takeaways

• The VC market is becoming more cautious and realistic in valuations.
• IPO exits are gaining traction again, with notable successes in Q3 2016.
• Corporate and CVC investments are increasing, especially in Asia.
• Cybersecurity is a growing area of interest for VC investors, driven by the increasing threat landscape and cross-industry challenges.
• North America and Europe are showing signs of stabilization, while Asia continues to experience a slowdown in investment activity.