毕马威-2018年Q2全球风险投资报告（英文）-2018.7.12-105页-3mb

Venture Pulse Q2 2018 Summary

Core Content

The Venture Pulse Q2 2018 report provides a comprehensive overview of global venture capital (VC) investment trends, highlighting the continued strength of the VC market despite a decline in deal volume. It emphasizes the growing role of corporate VC, the increasing focus on late-stage investments, and the persistent high valuations in the sector.

Main Points

Global Overview

• Record-breaking investment: In Q2 2018, global VC investment reached a new high of $69.8 billion, surpassing the previous record set in Q1 2018.
• Late-stage dominance: Late-stage investments accounted for over 20% of total global venture financing, marking a significant shift from earlier years.
• Corporate VC participation: Corporate VC participation exceeded 20% of all deals, indicating a growing trend of strategic investors entering the venture space.
• Median deal size: The median deal size for Series D+ reached $50 million, showing a clear upward trend in investment sizes.
• Ant Financial's impact: Ant Financial's $14 billion late-stage raise was a major contributor to the overall surge in investment, making it the largest VC deal in history.

Americas

• Strong performance: The Americas saw the second-highest quarter for VC investment in a decade.
• High valuations: Median pre-money valuation for Series D+ reached $279 million, showing continued confidence in tech startups.
• Canada and Mexico: Canadian VC remained robust, while Mexican investment rebounded from Q1 lows.

U.S.

• $28 billion raised: Over $28 billion was invested in 1,859 deals in the U.S. during Q2 2018.
• Corporate VC: Corporate VC activity was strong, with $14 billion invested.
• Exit activity: Venture-backed exits remained robust, driven by the resurgence of the IPO market and strong M&A activity, such as Microsoft's acquisition of GitHub.

Europe

• $5.6 billion invested: Europe saw $5.6 billion invested in 631 deals.
• Late-stage focus: European VC remains heavily focused on late-stage investments, with firms like Highland Europe raising significant capital.
• UK dominance: London and Cambridge continued to lead in the largest deals, despite a decline in early-stage activity.

Asia

• $35.9 billion raised: Asia-Pacific saw $35.9 billion invested in 466 deals, with corporate VC participation reaching 30%.
• China's influence: Chinese companies accounted for 8 of the top 10 deals, including Ant Financial's $14 billion raise.
• AI investment: AI technologies, especially in China, experienced rapid investment growth, with Sensetime becoming the world's most valuable AI company.

Key Information

Market Trends

• Capital flow: Despite global macroeconomic uncertainty, capital flow into VC remained robust.
• Cyclical nature: The VC market is highly cyclical, with fundraising volume and deal counts fluctuating significantly.
• Valuation concerns: High valuations persist, but there is increasing caution among investors, particularly for companies with no tangible assets.
• Exit market: The exit market is strengthening, with a notable increase in IPO activity and M&A deals.

Future Outlook

• Q3 2018 expectations: Autonomous driving, healthtech, biotech, and blockchain are expected to be key areas of growth.
• IPO and M&A: The IPO market is showing signs of revival, with companies like Dropbox, Spotify, and DocuSign going public.
• Early-stage decline: Early-stage fundraising continues to face challenges, with a decline in deal volume and a shift toward late-stage investments.

Conclusion

The Q2 2018 VC market demonstrates a continued surge in investment, especially in late-stage deals and in regions like Asia. Corporate VC participation is on the rise, and the market is showing signs of maturation. While there are concerns about valuations and the sustainability of high investment levels, the overall trend remains positive. The VC industry is evolving, with a growing emphasis on strategic investments and long-term value creation.