普华永道-2021年第一季度全球风险投资报告（英文）-2021.5-92页_3mb

Venture Pulse Q1 2021 Summary

Core Content

Venture capital (VC) investment reached a record high in Q1 2021, with global investment totaling $126.9 billion across 6,508 deals. This marks a continuation of the bull market in VC financing that began in 2018. The US led the global investment, raising $69 billion across 3,042 deals, while the Americas collectively raised $74.4 billion across 3,310 deals.

Main Points

• Record Global Investment:

  • VC investment globally reached $126.9 billion in Q1 2021, the highest ever recorded.
  • The US accounted for 7 of the largest 10 deals globally, with $69 billion raised.

• Late-Stage Deals Surge:

  • The global median deal size for late-stage VC increased to $15 million, up from $60 million in 2020.
  • Series D+ deals saw the median size jump to $100 million, with a pre-money valuation of $965 million.
  • Series D+ deals accounted for nearly $1 billion in investment, marking a significant increase in late-stage activity.

• Mega Deals in Q1 2021:

  • There were 9 deals over $1 billion, contributing to nearly $17 billion in investment.
  • US-based companies like Robinhood, Rivian Automotive, and Databricks led the way, with notable investments in fintech, automotive, and healthtech.
  • Other notable deals included Xingsheng Selected in China and Klarna in Sweden.

• Unicorn Companies:

  • Unicorn companies accounted for almost 40% of all VC funding in Q1 2021, raising $49 billion across 182 rounds.
  • The US saw over 64 unicorn births, while Europe and Asia also saw new unicorns, though Asia only saw 5.

• Exit Activity Strong:

  • Exit value reached a record $284 billion across 667 deals in Q1 2021.
  • Coupang in South Korea and Auto1 in Germany had successful IPOs, while Deliveroo in the UK faced challenges.
  • SPACs and direct listings remained popular exit strategies, with Roblox and Coinbase as notable examples.

• Corporate VC Activity:

  • Corporate VC investment reached $30 billion in the US and $9.7 billion in Europe.
  • Corporate investors continued to seek innovative startups to enhance their digital offerings and internal operations.

• Sector Trends:

  • Fintech and B2B services remained top investment areas.
  • AI and data analytics were also highlighted as key focus areas, especially in healthtech.
  • Pandemic-accelerated sectors like delivery, logistics, and edtech saw continued investment, though some may see a decline as the 'new normal' emerges.

• Deal Speeds and Market Competition:

  • Deal speeds accelerated, especially for late-stage rounds, driven by FOMO (fear of missing out) and strong competition.
  • Early-stage funding remained relatively soft compared to late-stage activity.

• Fundraising Trends:

  • First-time fundraising remained relatively robust, ensuring a steady supply of capital.
  • The trend of investing in fewer, larger funds continued, with $43 billion already committed in Q1 2021.

Key Information

• Global Investment: $126.9 billion across 6,508 deals.

• US Investment: $69 billion across 3,042 deals.

• Top 10 Global Deals:

  1. Robinhood – $3.4B
  2. Xingsheng Selected – $3B
  3. Rivian Automotive – $2.65B
  4. Lalamove – $1.5B
  5. Klarna – $1.3B
  6. GoPuff – $1.15B
  7. Pacaso – $1.075B
  8. VillageMD – $1.025B
  9. Databricks – $1B
  10. SpaceX – $850M

• Unicorn Rounds: Over $49 billion raised across 182 unicorn rounds.

• Exit Value: $284 billion across 667 deals.

• SPAC Activity: Continued to grow, with companies like WeWork, Offerpad, and Grab considering SPAC mergers.

• Corporate VC: Reached $30 billion in the US and $9.7 billion in Europe.

Conclusion

Q1 2021 marked a record-breaking quarter for venture capital, with increased investment, strong exit activity, and notable unicorn births. The US remained the dominant region, with late-stage deals seeing the most significant growth. Fintech, healthtech, and AI were among the most attractive sectors, while SPACs and direct listings became popular exit options. The 'new normal' is beginning to shape investment strategies, with a shift towards sustainable and profitable business models.