硅谷银行-2021Q3早期风险投资的历史性运行（英）-2021.10-26页_5mb

Summary of The State of U.S. Early-Stage Venture & Startups: 3Q21

Core Content

This report provides an analysis of the U.S. early-stage venture market in the third quarter of 2021, focusing on capital flows, valuations, deal activity, and sector-specific trends. The data is sourced from AngelList and Silicon Valley Bank (SVB), offering insights into how startups are performing and how capital is being allocated.

Main Points

Early-Stage Venture Activity

• The early-stage venture market remained highly active, with 87% of events in 3Q21 being positive (markups or positive exits), slightly below the record-breaking 90% in 1Q21 but still the second-highest positive rate ever recorded.
• Founders are raising larger rounds earlier in the company lifecycle, as reflected by increased average valuations across all stages.
• The rate of dealmaking decreased modestly from 12% in 2Q21 to 11.3% in 3Q21, yet it remains elevated compared to historical norms.

Valuation Trends

• Average valuations for startups on AngelList increased across all stages, with notable jumps:
  • Pre-seed: $11.1M (up 14% from 2Q21)
  • Seed: $22.2M (up 22%)
  • Series A: $84M (up 18%)
  • Series B: $375M (up 31%)
  • Series D: $1.6B (up 22%)
• Series C valuations decreased by 43% to $594M, aligning more with historical trends than the previous quarter.
• Median valuations also rose, with Series B companies raising at $200M, and the broader trend indicating that startups are securing larger capital at earlier stages.

Funding to Female Founders

• Female-founded startups received 14.88% of all deployed capital in 3Q21, up from a sharp decline in 2Q21.
• Their deal share increased to 17.95%, nearing the all-time high of 1Q21.
• This indicates a positive rebound in funding for women-led startups.

Deals by Instrument

• SAFEs remained the dominant instrument for early-stage deals (pre-seed and seed), with a 2.8% increase in usage compared to 2Q21.
• Equity rounds dominated later-stage financing, consistent with historical patterns.
• The shift from SAFEs to equity rounds suggests a move toward more formalized fundraising in later stages.

Deal Count by Round

• A record 8.97% of deals on AngelList in 3Q21 were at Series B or later, an increase of 0.88% from 2Q21.
• This reflects a growing trend toward later-stage fundraising, with the proportion of later-stage deals rising from 6% in 2020 to nearly 9% in 3Q21.

Startup Spend Trends

• Overall startup spend increased in 3Q21, with consumer and fintech sectors showing the most significant growth.
• Payroll spend increased across all sectors, but it became a smaller portion of overall spend in consumer and enterprise startups, while it made up 50% of fintech budgets.
• Payroll spend was increasingly allocated to recruiting, with a 27% share of the payroll budget in 3Q21, indicating a hiring surge.

Spend by Vendor

• Big tech vendors (e.g., AWS, Google Ads, GSuite, Slack, Intuit) remained the top spenders for early-stage startups.
• Google Ads emerged as the second most popular vendor in 3Q21, signaling a renewed focus on paid marketing as an acquisition channel.

Location Spotlight: New York City

• New York City is now the second-largest tech ecosystem in the world, with over 9,000 startups, numerous incubators, and co-working spaces.
• Fintech, insurtech, e-commerce, and health/wellness are prominent industries in NYC.
• The city has a strong support system for its tech ecosystem, including public-private partnerships like CS4All, NYC EDC, WE Ventures, and Brooklyn Navy Yard.

Key Information

• Total startups tracked: 4,920 (primarily at seed or early-stage).
• Positive activity rate: 87% (second-highest ever).
• Capital deployed to female founders: 14.88% of total capital.
• Top vendors: Amazon Web Services, Google Ads, GSuite, Slack, Intuit.
• Fintech growth: Overall spend increased by 45%, and payroll spend rose by 20%.
• Consumer growth: Payroll spend more than tripled since 2020, with a 28% increase in median total spend in 3Q21.
• Enterprise growth: Payroll spend increased by 6% compared to the previous quarter.
• Series B deals: Represented the largest share of later-stage activity, with a 31% increase in average valuations.
• Series C valuations: Dropped significantly, but this is more in line with historical trends.
• Recruiting vs. outsourcing: Recruiting became the dominant category in payroll spend, with 27% of the budget allocated to it in 3Q21.
• Blockchain / crypto: Captured 16.6% of all deployed capital, despite making up only 5% of deals.
• AngelList and SVB partnership: Combined datasets to provide a unique view of capital flows and startup spending.

Conclusion

The U.S. early-stage venture market in 3Q21 continued its strong performance, with increased deal activity, higher valuations, and a notable rebound in funding for female founders. The shift toward larger early-stage rounds and increased hiring activity highlights a growing confidence in the startup ecosystem. Fintech and consumer sectors led the way in spending growth, while blockchain and crypto startups saw a significant rise in capital deployment. New York City emerged as a major hub for tech innovation, with a diverse and expanding startup landscape.