毕马威-2020年第四季度全球风险投资报告（英文）-2021.1-97页_1mb

Venture Pulse Q4 2020 Summary

Core Content

The Q4 2020 edition of Venture Pulse highlights the resilience of the global venture capital (VC) market despite the challenges posed by the pandemic, political events, and economic uncertainties. The report provides an overview of key trends, investment patterns, and exit activities across various regions and sectors.

Main Points

Global VC Investment

• Total Investment: Global VC investment reached $80.8 billion in Q4 2020, with the total annual investment hitting a record high of $156.2 billion in 2020.
• Deal Volume: The total number of VC deals globally dropped sharply, but late-stage deals and portfolio companies saw increased investment.
• Valuations: Median pre-money valuations for D+ series reached $525 million, indicating a strong market for mature companies.
• IPO Activity: The IPO market surged, with major unicorns like Airbnb and DoorDash achieving significant valuations. The US and Asia saw strong IPO activity, although Ant Financial's dual-IPO was canceled.

Regional Highlights

• Asia: VC investment rebounded, with China leading in deal value, especially in logistics and edtech. Hong Kong and Shanghai also saw robust IPO activity.
• Americas: The region remained steady, with the US dominating the top 10 deals. Canada and Mexico saw strong deal values, while Brazil's activity declined.
• Europe: Investment reached record levels, with the UK attracting a significant share of large deals. Corporate VC activity remained strong, especially in the fintech and healthtech sectors.

Key Sectors

• Tech-Driven Solutions: Sectors such as fintech, health and biotech, logistics, and edtech were heavily funded due to their relevance in the pandemic context.
• Health and Biotech: These sectors saw continued investment, with companies like Resilience, Tempus Labs, and JD Health raising substantial amounts. The focus extended beyond pandemic-related solutions to broader healthcare innovations.
• Corporate VC: Corporate investors increased their participation in VC deals, focusing on strategic positioning and partnerships. This trend is expected to continue in 2021.

Trends and Outlook

• Mega Funds: The rise of mega funds (over $1 billion) is a notable trend, with firms like Andreessen Horowitz raising significant amounts.
• Dry Powder and Low Interest Rates: The presence of large amounts of dry powder and low interest rates is expected to sustain VC investment and IPO activity in Q1 2021.
• Early-Stage Challenges: Early-stage deals faced funding challenges as investors prioritized late-stage and portfolio companies, potentially affecting the deal pipeline in the medium term.

Key Information

Investment Figures

• Global VC Investment (Q4'20): $80.8 billion across 5,418 deals.
• Global VC Investment (2020): $156.2 billion, up from $138 billion in 2019.
• Exit Value (2020): Reached a record $448 billion globally, with the US seeing $290 billion in exit value.

Notable Deals

• Manbang Group: Raised $1.7 billion in China.
• Zuoyebang and Yuanfudao: Raised $1.6 billion and $1 billion respectively in China's edtech sector.
• Airbnb and DoorDash: Achieved successful IPOs in the US, with Airbnb raising $3.5 billion and DoorDash raising $3.3 billion.
• C3.ai: Raised $651 million in its IPO, with a 170% share price increase.

Corporate VC

• Corporate VC investment remained robust, with a focus on digital transformation and strategic partnerships.
• The number of corporate VC deals increased, and the value of these deals stayed strong, indicating continued corporate interest in venture-backed companies.

Fundraising

• Global fundraising reached $112 billion in 2020, with first-time funds accounting for a record 20% of the total volume.
• Large VC funds attracted the majority of capital, while smaller funds faced challenges in capitalization.

Market Outlook

• The momentum of tech-driven investment is expected to continue into Q1 2021.
• Early-stage investment decline may affect the long-term deal pipeline.
• The success of unicorn IPOs and M&A activity suggests a strong exit market.

Conclusion

The VC market demonstrated remarkable resilience in 2020, driven by a focus on late-stage investments and the continued growth of tech-driven sectors. Despite the challenges of the pandemic and other global uncertainties, the market remained robust, with record investments and exits. The trend towards mega funds and corporate VC activity is expected to continue, while early-stage funding remains a concern for the future.