2017年-数据局_KPMG：风投脉搏-2017年Q1全球风险投资趋势的季度报告_126页_2mb

Venture Pulse Q1 2017 Summary

Core Content

This report provides a global analysis of venture capital (VC) activity for the first quarter of 2017, highlighting trends, opportunities, and challenges in the VC market. It covers key regions including the Americas, Europe, and Asia, and explores the impact of macroeconomic and geopolitical factors on investment behavior.

Main Trends and Key Insights

Global Venture Capital Activity

• Activity Decline: Venture capital activity declined for the fourth consecutive quarter, from 3,201 completed financings in Q4 2016 to 2,716 in Q1 2017, a 15.2% decrease.
• Capital Invested Plateau: Despite the decline in deal volume, total capital invested remained stable, reaching close to $27 billion in Q1 2017.
• Investor Caution: Investors became more cautious, focusing on late-stage deals and larger funds to reduce risk exposure.
• Dry Powder: A significant buildup of dry powder in the US and Asia suggests potential for a rebound in deal activity.
• IPO Market Signals: Positive signs of a potential revival in the US IPO market, with successful exits of companies like Snap, Mulesoft, and Alteryx, may boost global VC confidence.

Americas

• Declining Deal Volume: The Americas saw a continued decline in total deal volume, extending a trend that began in Q2 2015.
• Canada: VC investment in Canada dropped in Q1 2017, but government support for VC could signal future growth.
• Latin America: Mexican VC investment plummeted due to uncertainty around potential US policy shifts, while Brazil saw strong investment, especially in 99Taxis.
• US Influence: US investors remained active in Latin America and Europe, focusing on later-stage opportunities.

Europe

• Corporate VC Growth: Corporate venture capital (CVC) participation reached an all-time high, accounting for 17% of all venture deals.
• Seed and Angel Rounds: Seed and angel funding continued to decline, with deal volume and value both dropping.
• Large Fundraising: European VC funds, like London-based Atomico, raised substantial amounts, indicating a shift toward fewer, larger VC funds.

Asia

• Slow Start to 2017: The Asia region saw a decline in venture activity, with the total number of completed financings at its lowest since 2012.
• China's Influence: China remained a leader in VC investment, but investors remained cautious due to economic concerns and regulatory barriers.
• IPO Delays: A long wait list for IPO approvals in China continued to hinder exit opportunities for startups.

Sector Trends

• Deep Tech and Medtech: Deep tech, fintech, and IoT were highlighted as hot sectors, with medtech showing particular strength, especially in the US, Israel, and Canada.
• Pharma & Biotech: This sector attracted a significant share of VC investment, with $3.9 billion invested across 188 deals in Q1 2017.
• Medtech Subsectors: Orthopedics, imaging, diagnostics, and cardiology were the most active subsectors, with notable deals like MedLumics raising €34.4 million.

Fundraising and Deal Size

• Fundraising Trends: The number of VC funds has decreased, with a shift toward fewer but larger funds, especially in Europe and North America.
• Deal Size Growth: Median deal sizes increased at earlier stages, with Series B hitting $14 million and Series A reaching $5.7 million.
• Late-Stage Valuations: Median pre-money valuations for Series D or later deals dropped from $180.5 million to $155 million, showing investor caution at later stages.

Exit Activity

• Reduced Exit Numbers: Venture-backed company exits continued to decline, with corporate acquirers driving most of the value.
• Unicorn Activity: While the 'unicorn' phenomenon peaked in 2015, there was a mild uptick in Q1 2017, with 14 unicorns receiving funding.

Key Information

• Global VC Investment: $26.8 billion was invested across 2,716 deals in Q1 2017.
• CVC Participation: Corporate VC arms participated in 17% of all deals globally, a record high.
• IPO Market: The US IPO market showed signs of opening, with several successful exits, which could influence global VC activity.
• Regulatory and Political Factors: Brexit negotiations, US tax reform, and China's economic conditions impacted investor behavior and deal dynamics.

Conclusion

The Q1 2017 Venture Pulse Report indicates a global VC market that is cautiously optimistic, with a focus on late-stage investments and larger funds. While deal volume continues to decline, the stability of capital invested and the presence of dry powder suggest potential for a rebound in the coming quarters. Medtech and deep tech remain key areas of interest, and the performance of the US IPO market is expected to play a significant role in shaping future VC trends.