20150713-高盛-Views_from_the_Valley_–_Volume_2_–_100_unicorns_and_counting_17页_308kb

Americas: Technology Summary

Core Content

This report provides an overview of venture capital (VC) investment trends in the Americas, with a focus on the software and internet sectors in the first quarter of 2015 (1Q15) and the second quarter (2Q15). It highlights the growth in funding, the dominance of the software industry, and the evolution of the WSJ Billion Dollar Startup Club, also known as the "Unicorn Club."

Main Points

• VC Investment Growth: In 1Q15, LTM VC investment in private and emerging companies in the US reached $52bn, a 51% increase year-over-year (yoy), marking the highest level since $55bn in 3Q01. This was the highest level since 2001, with $13.4bn in 1Q15.

• Software Dominance: Companies in the software industry received $5.6bn, which is 42% of the total VC investment in 1Q15. Application Software continued to be the most funded category, receiving 28% of the total $8.1bn in 2Q15, which is the second consecutive quarter and third of the last four quarters.

• Unicorn Club Growth: The number of unicorns (companies valued at over $1bn) in the WSJ Billion Dollar Startup Club increased from 77 in January 2015 to 100 in June 2015. The total value of these companies rose by $115.7bn, or 39%, to $412.0bn.

• Exit Trends: The pace of unicorn exits slowed significantly in 2015 compared to 2014. Only 3 unicorns exited through June 2015 (1 IPO, 1 merger, 1 acquisition), compared to 6 unicorns exiting by the end of June 2014. The valuation of most exiting companies was equal to or below their pre-exit valuation.

• VC Activity: In 2Q15, only six companies received funding from more than one of the top VCs. Slack Technologies was notable for receiving funding from three VCs in 2014.

Key Information

Funding Breakdown (2Q15)

• Application Software: $2,315mn (28% of total $8.1bn), with Affirm Inc ($275mn) and Illumio ($100mn) as top recipients.
• Enterprise Software/Services: $1,045mn (123% increase from 1Q15), with Slack Technologies ($160mn) and MuleSoft ($128mn) leading the way.
• Internet Application Software: $618mn (-42% from 1Q15), with Domo Inc ($200mn) and Lyft Inc ($150mn) as top recipients.
• Internet Content-Entertainment: $592mn (31% increase from 1Q15), with Pinterest Inc ($553mn) as the top recipient.
• E-Commerce/Products: $546mn (39% increase from 1Q15), with Purch Inc ($135mn) and Munchery Inc ($85mn) as top recipients.

New Unicorns in 2Q15

• 14 new unicorns joined the club, with 5 being software companies.
• The two highest-valued additions were Zhong An Online ($8,000mn) and DJI ($8,000mn), both based in Asia.
• Notable additions include Zenefits ($4,500mn), ContextLogic (Wish) ($3,000mn), and Domo ($2,000mn).

Exit Trends (2014–2015)

• Exits: 42 unicorns started in 2014, with 6 exiting by the end of June 2014 (4 IPOs, 2 acquisitions).
• 2015 Exits: 77 unicorns started in 2015, with only 3 exiting by June 2015 (1 IPO, 1 merger, 1 acquisition).
• Valuation Trends: The average unicorn valuation rose from $2.8bn in January 2014 to $4.1bn in June 2015, with a median of $1.6bn to $1.9bn.
• Exit Valuation: Most exits occurred at or below the pre-exit valuation, indicating a more cautious market.

VC Activity

• Top VCs: The five most active VCs in 2Q15 were measured by early-stage investments.
• Overlap in Funding: Only six companies received funding from more than one of these VCs.
• Early Stage Focus: Early stage investments are seen as more indicative of emerging trends due to the higher success rate compared to seed-stage investments.

Appendix Highlights

• WSJ Billion Dollar Startup Club Members (June 30, 2015):

  • Top 10 Members: Includes major companies like Xiaomi, Uber, Airbnb, Snapchat, Flipkart, Palantir, SpaceX, Pinterest, WeWork, and Dropbox.
  • Industry Distribution: Software and E-Commerce dominate, with notable entries from Asia and Europe.

• Unicorn Valuation by Region:

  • Asia had the highest valuation for some unicorns, including Zhong An Online and DJI.
  • The US had a significant number of unicorns, with several in the E-Commerce and Financial Services sectors.

• Key Exits:

  • Didi Dache: Merged with Kuaidi Dache, with a joint valuation that increased after the initial valuation.
  • Other Exits: Companies like Nest Labs, Fisker Automotive, and Lending Club exited through acquisition or IPO, with varying valuations.

Summary Table

Conclusion

The report highlights the continued dominance of the software industry in VC funding, with Application Software leading the way. The Unicorn Club saw a significant increase in members and total valuation, but the pace of exits slowed. The data suggests a more cautious approach to valuation in 2015, with many exits occurring at or below previous valuations. Early-stage VC activity remained a key indicator of emerging trends, with limited overlap in funding among top VCs.