风投脉搏,_2017年第一季度_126页_2mb

Venture Pulse Q1 2017 Summary

Core Content

This report provides an analysis of the venture capital (VC) market for the first quarter of 2017, highlighting global and regional trends, challenges, and opportunities in the VC ecosystem.

Key Trends and Insights

Global VC Activity

• Activity decline: Venture capital activity decreased for the fourth consecutive quarter, with 2,716 completed financings in Q1'17 compared to 3,201 in Q4'16.
• Investment plateau: Despite the drop in deal volume, total VC investment remained steady, rising to $27 billion in Q1'17 from $23.8 billion in Q4'16.
• Investor caution: The decline in deal volume reflects a more cautious approach by investors, who are focusing on late-stage deals and are less willing to fund early-stage startups.
• Dry powder buildup: There is a significant amount of capital available for investment, particularly in the US and Asia, which could support a rebound in deal activity if market indicators remain positive.

Regional Analysis

Americas

• Decline in deal volume: The Americas saw a continued decline in total deal volume, extending a trend that began in Q2'15.
• Canada: VC investment dropped in Q1'17, but recent government support signals potential recovery.
• Latin America: Mexican VC investment declined sharply due to uncertainty over potential US policy changes. Brazil, however, saw strong investment, especially from 99Taxis.
• US influence: US investors remained active in Latin America and Europe, seeking international opportunities for higher ROI.

Europe

• Corporate VC participation: Corporate venture capital (CVC) accounted for 17% of all venture deals in Q1'17, the highest level since 2007.
• Seed and angel rounds: These stages continued to decline in both deal count and value, with corporate investment filling the gap.
• Large fund raising: European VC funds, such as Atomico, raised substantial amounts, reflecting a trend toward fewer but larger VC funds.

Asia

• Slow start to 2017: The region saw a drop in deal volume, with the lowest quarterly level since 2012.
• China's caution: Despite strong interest in the VC market, Chinese investors remained cautious due to economic concerns and regulatory barriers.
• IPO waitlist: Over 600 companies were waiting for IPO approvals, which remained a challenge for exit opportunities.

Sector Analysis

Hot Sectors

• Deep tech, fintech, IoT: These sectors continued to attract significant investment.
• Medtech: A dominant force in VC investment, especially in the US, Israel, and Canada, due to rising healthcare costs and the need for innovation.
• Pharma & biotech: These subsectors saw a notable increase in VC investment, with $3.9 billion invested in 188 deals in Q1'17, up from $11.4 billion in 2016.

Late-Stage Focus

• Late-stage dominance: Investors increasingly focused on late-stage deals to reduce risk, which contributed to the rise in median deal sizes at earlier stages.
• Series B and A growth: The median Series B funding reached $14 million, and Series A hit $5.7 million in Q1'17, while Series C saw a slight decline to $22 million.
• Series D valuations: Pre-money valuations for Series D or later deals dropped from $180.5 million to $155 million, indicating a more cautious approach at later stages.

CVC Participation

• Rising involvement: CVC participation reached a high not seen since 2007, with a 17% share of all venture deals globally.
• Diversified rationale: Corporate investors are motivated by strategic interests rather than purely financial gains, seeking exposure to disruptive startups.

First-Time Financings

• Decline in numbers: First-time financings continued to decline, with 497 logged in Q1'17.
• Steady investment: Despite fewer first-time deals, the amount of VC invested remained stable, suggesting that investors are still willing to fund early-stage companies but with more rigorous due diligence.

Unicorns

• Peak and decline: The unicorn phenomenon peaked in 2015 and has since declined, though it is not extinct.
• Q1'17 activity: There was a mild increase in the number of unicorn rounds, with 14 such deals recorded.

IPO Market

• US market opening: The US IPO market showed signs of revival with the success of Snap, Mulesoft, and Alteryx.
• Global implications: A stronger US IPO market could boost investor confidence and encourage more VC activity globally.

Key Challenges

• Uncertainty: Political and economic uncertainty, including Brexit and US policy changes, has impacted investor behavior and deal activity.
• Regulatory hurdles: In China, regulatory barriers have prolonged the IPO approval process, limiting exit opportunities.
• CVC discipline: Larger VC funds face pressure from limited partners to deploy capital quickly, which may lead to less disciplined investment strategies.

Opportunities

• Medtech growth: Medtech is expected to continue attracting strong VC investment due to its potential to improve healthcare efficiency and reduce costs.
• IPO potential: If the US IPO market continues to open, it may spark a rebound in VC activity, especially in Asia and the US.
• CVC diversification: The increasing involvement of CVCs suggests a more diversified investment landscape.

Conclusion

The Q1'17 Venture Pulse report highlights a global VC market that is cautiously optimistic, with a focus on late-stage investments and a growing concentration of capital in fewer, larger funds. While deal volume remains low, the availability of dry powder and signs of market recovery, especially in the US and Asia, suggest that the market could rebound in the coming quarters. Key sectors like medtech and the continued participation of CVCs indicate potential for growth and innovation in the VC ecosystem.