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Venture Pulse Q4 2017 Summary

Core Content

The Q4 2017 edition of KPMG Enterprise's Venture Pulse Report provides a comprehensive overview of global venture capital (VC) market trends and performance. It highlights the robust growth in VC funding, shifts in investor focus, and the evolving landscape of the industry.

Main Trends and Key Insights

Global VC Funding

• Total VC investment in 2017 reached $155 billion, the highest annual total of the decade.
• Q4 2017 saw a record $46 billion in global VC investment, the second-highest quarterly total ever.
• The number of deals declined, with a focus on quality over quantity, as investors concentrated on a smaller number of high-potential companies.
• Median deal size increased across all stages, indicating a shift toward larger investments.
• Global median pre-money valuation for Series D+ rounds peaked at $275 million, reflecting the continued inflation in late-stage valuations.
• Corporate VC participation rose to 18.7%, showing growing involvement of corporate entities in the VC ecosystem.

Regional Highlights

• Americas:
  • Q4 investment hit a record high.
  • The US led with over $23 billion invested.
  • The US also had three $1 billion+ rounds, including Lyft, Grail, and Faraday Future.
• Asia:
  • Q4 investment reached $15.5 billion, the third-highest quarterly total ever.
  • China dominated with $4 billion+ mega-deals, including Didi-Chuxing and Meituan-Dianping.
  • India had seven transactions over $100 million.
• Europe:
  • Q4 investment reached $5 billion, with the UK leading at $2.5 billion, highlighted by Deliveroo’s $482 million round.
  • France emerged as a prominent innovation center.
  • Corporate VC participation reached 21%, the highest in Europe.

Sector Performance

• Software sector continued to dominate VC investment.
• Biotech and healthtech sectors experienced strong growth, with pharma & biotech raising over $16 billion globally.
• Artificial intelligence (AI) saw a doubling of investment, reaching $12 billion, with notable deals like Nio’s $1 billion Series D and Grail’s $1.2 billion Series B.
• Healthtech also saw a record high of over $4.5 billion in global investment.

Market Dynamics

• Secondary market activity increased, providing liquidity to early-stage investors and employees.
• IPO activity remained weak, with modest step-up valuations and concerns over inflated private valuations.
• Unicorn companies increased in number, with 93 fundings in 2017, and the average age of unicorns rose to 8.8 years, indicating a trend of companies staying private longer.
• Early-stage deal volume declined, but median deal sizes remained robust, suggesting a focus on high-quality startups.

Future Outlook

• 2018 is expected to be robust, with continued interest in AI, biotech, agtech, and autotech.
• IPO activity may improve, but the market remains tenuous.
• VC firms may raise larger global funds to compete with the $100 billion SoftBank Vision Fund.
• Cross-industry innovation and technology applications are becoming more prominent in investor strategies.
• Regulatory scrutiny on alternative financing mechanisms, such as ICOs, is expected to increase, potentially affecting their future viability.

Key Figures

• Global VC investment in Q4 2017: $46 billion
• Total number of deals in Q4 2017: 2,662
• Corporate VC participation in Q4 2017: 18.7%
• Global median pre-money valuation for Series D+: $275 million
• Total VC investment in 2017: $155 billion
• Pharma & biotech investment in 2017: Over $16 billion
• AI investment in 2017: $12 billion
• Unicorn financing in Q4 2017: $46 billion

Conclusion

The Q4 2017 Venture Pulse Report underscores a global VC market that is both robust in investment and evolving in strategy, with a clear shift toward late-stage, high-valuation deals and increased corporate participation. While the number of deals continues to decline, the overall capital invested remains strong, driven by a focus on innovation, technology, and profitability potential. The report also highlights the growing importance of alternative financing and the continued dominance of the US in the VC market, with Asia and Europe also showing strong growth. As the market moves into 2018, the emphasis is on sustained innovation and liquidity solutions for private companies.