PITCHBOOK-2020年Q3美国风险投资报告（英文）-2020.11-23页_6mb

US VC Valuations Report - Q3 2020 Summary

Core Content

The Q3 2020 US Venture Capital (VC) Valuations Report provides an overview of the venture capital landscape, highlighting trends in valuations, deal activity, and investor behavior across different stages of investment. The report notes that while the market has shown resilience, there are significant shifts in investor strategies and valuation dynamics.

Key Takeaways

• Late-stage valuations have increased significantly, with the average valuation rising by $240 million compared to 2019. Nontraditional investors have played a crucial role in this growth.
• The proportion of down rounds decreased after a spike in Q2, indicating some recovery in the market, though the pandemic still poses challenges.
• Angel and seed-stage valuations have been mixed, with angel valuations declining and seed valuations remaining stable, though step-up multiples have increased.
• Early-stage VC valuations have seen a record high median, but average valuations have dropped, and the rate of value creation has slowed.
• Nontraditional investors, including hedge funds and mutual funds, have become more active in late-stage investments, influencing market trends and deal sizes.
• Public market activity, particularly large tech IPOs, has positively impacted exit valuations, while acquisition valuations have remained flat or declined.
• Deal terms have generally remained founder-friendly, with a decline in protectionist terms like cumulative dividends and liquidation participation.

Angel & Seed Stage

• The median angel pre-money valuation for 2020 YTD is $5.0 million, showing a -16.7% YoY decline.
• Angel deal activity has remained resilient, but equity ownership stakes have increased, with a 20.0% median stake, the highest in nearly seven years.
• Seed-stage valuations have remained steady at $7.5 million, with slight increases in the bottom and top quartiles.
• The annualized growth in seed valuations (RVVC) has been robust at 44%, despite the economic impact of the pandemic.

Early-Stage VC

• The median early-stage VC pre-money valuation is at a record high of $30.0 million.
• The average early-stage valuation has dropped from $72.6 million in 2019 to $63.2 million in 2020.
• The rolling four-quarter step-up multiple for early-stage deals has decreased by -6.8% YoY to 2.38x.
• The velocity of value creation (VVC) and RVVC have both declined, indicating a slowdown in valuation growth.
• The median time between rounds for early-stage deals is 1.2 years, with companies extending cash runways through cost-cutting and venture debt.

Late-Stage VC

• Late-stage deals have driven the majority of deal value in 2020, accounting for 69% of total deal value despite representing only 22% of completed rounds.
• The average late-stage valuation has increased by $240 million YoY, largely due to the surge in mega-deals.
• The median late-stage deal size remains at $10.0 million, while the top quartile has surged to $31.0 million and the average to over $37 million.
• Nontraditional investors have been heavily involved in late-stage deals, with over 95% of mega-deals including their participation.
• The median VVC and RVVC for late-stage deals have both declined, suggesting companies may have raised capital earlier than planned due to pandemic pressures.

Nontraditional Investors

• Nontraditional investors have become a dominant force in late-stage financing, with 96% of mega-deals involving their participation.
• Corporate VC (CVC) has seen increased activity, with new programs launched by companies like Amazon and T-Mobile.
• CVCs have participated in more late-stage deals than early-stage ones for the first time since 2010, reflecting a shift in investment strategies.
• Despite the surge in late-stage activity, nontraditional investors allocate only a small portion of their AUM to venture investments.

Liquidity

• IPO activity in Q3 2020 was strong, with large tech IPOs driving significant liquidity, accounting for 64.8% of all exit value.
• The average IPO size has approached 2019 levels, with step-up multiples increasing from 1.08x in Q4 2019 to 1.15x in Q3 2020.
• Acquisition valuations have remained flat or declined, particularly at the 25th percentile, with a 19.8% YoY decline.
• Acquisition step-ups have also declined, suggesting a potential shift toward earlier and less favorable exits due to pandemic challenges.

Deal Terms

• Participation rights and cumulative dividends have continued their downward trend, indicating a preference for founder-friendly terms.
• The proportion of down rounds in 2020 has slightly increased compared to 2019 but remains well below levels seen during the 2008 financial crisis.
• The median dividend size for early-stage deals is at 8.0%, with a concentration around this figure.

Spotlights

Enterprise Tech

• Seed-stage valuations have shown a slight uptick in the top quartile.
• Early-stage valuations have remained relatively stable, with a focus on growth and scalability.

Consumer Tech

• Seed and early-stage valuations have seen a mix of stability and growth, with notable step-ups in late-stage deals.
• The market has shown a shift toward more mature and scalable startups, especially in the consumer tech sector.

Biotech & Pharma

• Valuations have remained stable, with a focus on long-term growth and innovation.
• The sector has seen a mix of growth and stability, with late-stage deals commanding higher valuations.

AI/ML

• The sector has shown resilience, with stable valuations and a focus on technological advancement.
• Late-stage deals have seen higher valuations, reflecting increased investor confidence in the sector's potential.

Conclusion

The venture capital market in Q3 2020 has experienced a mix of growth and caution, with late-stage valuations and deal sizes reaching record levels, while early-stage and angel investments have faced more pressure. Nontraditional investors have become increasingly active, and public market activity has provided a boost to private market confidence. Despite macroeconomic uncertainties, the market has shown resilience, particularly in sectors like enterprise tech, consumer tech, biotech, and AI/ML.