2018年Q3风投脉搏（英文版）-3mb

Venture Pulse Q3 2018 Summary

Core Content

This edition of KPMG Enterprise's Venture Pulse provides a comprehensive overview of the global venture capital (VC) market trends in Q3 2018. It highlights the continued growth and transformation of the VC industry, with a focus on investment activity, exit opportunities, and regional dynamics.

Key Trends and Highlights

Global Investment Activity

• Global VC investment reached a new annual high, surpassing the previous record set in 2017, with $52 billion invested in Q3 2018.
• The decline in investment quarter over quarter was not surprising due to the massive $14 billion deal by Ant Financial in Q2 2018.
• Total VC investment for 2018 is expected to exceed $171 billion, driven by strong activity in the Americas, Asia, and Europe.
• Median deal size for Series D rounds almost doubled since 2016, reaching $50 million in 2018.
• Corporate VC participation reached over 20% for 2018, showing increased collaboration between corporations and startups.

Regional Performance

• Americas: $28.9 billion invested across 2,056 deals in Q3, with Latin America and Canada surpassing 2017 annual totals.
• US: $27.9 billion in Q3, with total YTD investment reaching $84 billion, exceeding 2017 annual totals.
• Asia: Captured 9 of the 13 largest deals globally, with India raising over $2.5 billion in Q3.
• Europe: Deal volume fell by 36.6% quarter over quarter, but remained relatively steady compared to historical norms.

Exit Activity

• The IPO market is showing renewed interest, with over 20 unicorns already issuing IPOs in 2018, far exceeding totals from the previous two years.
• Exit values have surged, especially in light of changes in how IPO values are reported (using pre-valuations instead of offering sizes).
• M&A remains the primary exit mechanism, with IPOs and other exits showing promise but not yet sufficient to replace M&A as the main exit path.

Emerging Sectors

• Urban mobility and autonomous driving continue to attract significant investor interest, with companies like Uber investing in Lime and Didi Chuxing integrating bike-sharing services.
• Healthtech and biotech remain strong areas of investment, with companies like One Medical, 23andMe, and BioNTech raising over $100 million.
• Food delivery and co-working spaces are also showing ongoing appeal to VC investors.

Market Dynamics

• The VC market appears to be entering a new normal, with high investment levels persisting despite a drop in deal volume.
• First-time VC financings have reached an all-time low in volume and value, likely due to a shift in investment focus toward more mature companies and a more cautious approach to early-stage investments.
• The resurgence of unicorn companies is evident, with 18 new unicorns emerging in Q3, including notable entries from Latin America (Rappi) and Europe (Celonis).

Challenges and Opportunities

• Trade tensions, particularly between the US and China, have raised concerns among investors, but optimism for the remainder of 2018 and into 2019 remains strong.
• Cross-border investments are still robust, with VC investors expanding into new technology hubs to diversify their portfolios.
• Mega-funds continue to play a significant role in driving investment, with the potential for more such funds to emerge in the coming quarters.

Methodology Changes

• The report now includes pre-valuations in place of offering sizes for IPOs, providing a more accurate reflection of liquidity and company valuations.
• This change is particularly relevant for Hong Kong and other markets where large pre-valuation exits are common.

Conclusion

The global VC market in Q3 2018 is marked by strong investment activity, a shift in focus toward later-stage deals, and a growing number of unicorns. While early-stage investment has seen a plateau, the overall market remains robust and shows signs of a new normal. Investors are advised to keep a close eye on liquidity trends and the sustainability of current investment patterns.