2019年Q1美国和全球风险投资报告-PwC_CB_Insights-2019.4-78页_2mb

MoneyTree™ Report - Q1 2019 Summary

Core Content

The MoneyTree™ Report for Q1 2019 provides an overview of venture capital (VC) financing and deal activity in the United States and globally. It highlights key trends across various sectors, regions, and stages of funding, along with notable companies and VC firms.

US Overall Trends

• Total Funding: US VC-backed companies raised $24.6B across 1,279 deals in Q1 2019.
• Funding Decline: Overall funding decreased by 36% compared to Q4 2018, with deal activity declining for the third consecutive quarter.
• Unicorn Deals: Several US-based unicorns raised significant rounds, including Flexport, Nuro, and WeWork, each securing over $900M in funding.
• Deal Stage Distribution: Seed-stage deals reached 24% of all deals, the lowest in recent quarters, while early-stage deals slightly decreased to 26%.
• Median Deal Sizes: Later-stage median deal size increased to $40M, up from $32M in Q4 2018. Expansion-stage median deal size remained flat at $20M.
• Corporate Participation: Corporate participation in US deals increased to 30%, the highest level in recent quarters.
• First Venture Rounds: First venture rounds accounted for 35% of total US deals, remaining flat compared to previous quarters.

US Sectors

• Top 5 Sectors:
  • Internet: 562 deals, $4.2B invested
  • Healthcare: 175 deals, $2.8B invested
  • Mobile & Telecommunications: 148 deals, $1.4B invested
  • Software (Non-Internet/Mobile): 141 deals, $0.5B invested
  • Consumer Products & Services: 57 deals
• Artificial Intelligence:
  • Deal activity increased after three consecutive quarterly declines, with 116 deals.
  • Funding dropped to $2B, largely due to a $940M investment in Nuro by SoftBank Group.
  • Seed-stage AI deals increased to 32%, the first increase in five quarters.
• Cybersecurity:
  • Funding was flat at $1B, with a slight decline in deal activity.
  • Later-stage cybersecurity deals increased to 25% of all cybersecurity deals.
  • Top deals included Cloudflare and OneLogin.
• FinTech:
  • Funding decreased slightly to $3.3B, while deal activity increased.
  • Later-stage FinTech deals accounted for 42% of total FinTech funding.
  • Clover Health raised a $500M Series E+ round, marking the largest FinTech deal of the quarter.

US Places

• Top Regions by Deals:
  • New York Metro saw a sharp increase in funding, rising from $2B to $4.5B, with 201 deals.
  • California experienced a significant decline in funding, from $28B to $13B, a 53% decrease.
• Regional Comparison:
  • California and New York dominated later-stage deals.
  • New York had the highest deal activity, with 201 deals compared to 164 in Q4 2018.
• Top States by Deals:
  • California: 562 deals
  • New York: 175 deals
  • Massachusetts: 148 deals
  • Texas: 141 deals
  • Florida: 57 deals

US Movers & Shakers

• Mega-Rounds:
  • There were 46 $100M+ rounds in Q1 2019, down from the Q3 2018 record but still elevated.
  • Notable mega-rounds included WeWork and Flexport, each raising over $1B.
• Unicorns:
  • 10 new unicorns were created in Q1 2019, including Casper and Glossier.
  • The total number of US unicorns reached 147, the highest on record.
  • The aggregate valuation of US unicorns reached $582B, a new record.
• Top VC Firms:
  • Sequoia Capital was the most active, raising $17.6B and investing in Glossier, Percolate Industries, and Comprehend Systems.
  • New Enterprise Associates, Insight Venture Partners, and Summit Partners also had significant activity.

Global Trends

• Global Funding: Decreased by 22% to $52B, with 3,327 deals compared to 3,508 in Q4 2018.
• Corporate Participation: Increased slightly to 32% of all global deals.
• Regional Activity:
  • North America: Funding and deal activity fell, with $26B raised and 1,375 deals.
  • Europe: Funding increased by 48% to $8B, despite a 4% drop in deal activity.
  • Asia: Funding and deal activity both declined, with $18B raised and 1,128 deals.
• Mega-Rounds:
  • North America and Asia saw a decline in mega-rounds.
  • Europe increased to 10 $100M+ rounds, up from 6 in Q4 2018.
• Global Unicorns:
  • North America saw 10 new unicorns, compared to 5 in Asia.
  • Global Seed-Stage Median Deal Size: Flat across regions.
  • Early-Stage Median Deal Size: Increased to $5.2M in Europe.
  • Expansion-Stage Median Deal Size: Increased to $15.6M in Asia.

Key Highlights

• Funding Trends: US funding decreased, but certain sectors and regions still saw notable activity.
• Deal Activity: Declined in several regions, but increased in New York Metro.
• Mega-Rounds: Continued to be a significant driver of funding, especially in later stages.
• Unicorn Growth: The US unicorn population grew to a record high, with notable new entries.
• Corporate Involvement: Increased in both the US and globally, particularly in later-stage deals.
• VC Activity: Major firms like Sequoia Capital and New Enterprise Associates remained active in the market.

Summary

The Q1 2019 MoneyTree™ Report highlights a mix of decline and growth in US and global venture capital activity. While overall funding and deal activity in the US declined, certain sectors like Artificial Intelligence and FinTech saw increases in deal activity. New York Metro emerged as a key region with significant growth, while California experienced a sharp drop in funding. The report also notes the continued prominence of mega-rounds and the expansion of the unicorn population. Globally, Europe saw a notable increase in funding, and Asia continued to experience declines. The role of corporate participation and the activity of major VC firms were also emphasized as important factors in shaping the investment landscape.