2020年第三季度风险投资报告

1、Mega-roundsDeals and DollarsMetrosUnicornsStatesEmerging areasExitsContentsSectorsGlobalSource: PwC/CB Insights MoneyTree Report Q3 20203Deals and DollarsSource: PwC/CB Insights MoneyTree Report Q3 20201,5761,6281,7571,6471,4711,4161,4401,461$40.5$27.6$31.1$29.8$25.1$27.7$28.1$36.5Q418Q119Q219Q319Q4

2、19Q120Q220Q320US VC funding in Q320 is second highest everUS deals and dollars QuarterlyHistorical recordSecond highestInvestments ($B)# of dealsSource: PwC/CB Insights MoneyTree Report Q3 20205$52$121$114$9220012005201020152020 YTD4,317US deals and dollars Annual6,932 6,5075,0162020 funding pace is

3、 near record levels while deals fall shortSecond highest everHistorical recordInvestments ($B)# of dealsSource: PwC/CB Insights MoneyTree Report Q3 20206Q320 is the strongest third quarter in over six yearsUS funding Quarterly seasonality$12.4$19.1$17.2$16.5$23.7$27.6$27.7$17.3$21.0$19.1$20.7$25.6$3

4、1.1$28.1$14.1$21.1$17.1$22.0$31.0$29.8$36.5$17.7$18.3$12.7$21.7$40.5$25.1$61.6$79.4$66.1$80.9$113.7$92.32014201520162017201820192020 $120.8Second highest(all-time)Investments ($B):Q1Q2Q3Q4TotalSource: PwC/CB Insights MoneyTree Report Q3 20207Source: PwC/CB Insights MoneyTree Report Q3 20208Q315Q316Q

5、317Q318Q319Q320Seed deal activity rises for second consecutive quarterUS deal activity by roundNote: “All deals includes additional round types1,568547177641,461 All deals414 Seed189Series B124Series C54Series D60Series E+9Q315Q316Q317Source: PwC/CB Insights MoneyTree Report Q3 2020Series D median d

6、eal size jumps in Q320US median deal size by round$50.0M Series D$18.0M$13.3MQ318Q319Q320Note: “Overall median includes additional round typesEmerging Company SolutionsTurn vision into reality.Were focused on helping you clear the path for your next move, so you can act fast and grow.Lets get going

7、at Source: PwC/CB Insights MoneyTree Report Q3 2020Mega-rounds5652676341617288Number of quarterly mega-rounds climbs to a new highUS mega-rounds Investments and deal count$25.5$12.6$13.9$15.6$8.8$12.5$12.9$19.8Q418Q119Q419Q120Q220Q320Historical recordQ219Q319Mega-round investments ($B)# of mega-roun

8、dsHistorical recordSecond highestSecond highestSource: PwC/CB Insights MoneyTree Report Q3 2020Note: Mega-rounds are $100M+ deals1263%46%45%52%35%45%46%54%US mega-rounds Funding and share of total fundingMore than half of Q320 funding comes from mega-rounds$25.5$12.6$13.9$15.6$12.5$12.9$19.8$14.9$15

9、.0$17.3$14.2$16.3$15.2$15.2$16.7Q418$8.8Q319Q419Q120Q220Q320Historical recordQ119Q219Mega-round investments ($B)Non-mega-round investments ($B)Mega-round shareSource: PwC/CB Insights MoneyTree Report Q3 2020Note: Mega-rounds are $100M+ deals132020 mega-round investments are growing at record pace$2.

10、9$6.9$4.5$4.4$8.2$12.6$12.5$4.6$7.2$7.4$7.5$8.6$13.9$12.9$3.5$7.8$5.9$9.3$15.6$15.6$19.8$6.9$6.6$8.7$25.5$8.8$17.9$28.4$20.2$2.4$30.0$57.9$50.9$45.22014201520162017201820192020Second largest yearUS mega-rounds Quarterly seasonalityHistoricalrecord yearMega-round investments ($B):Q1Q2Q3Q4TotalSource:

11、 PwC/CB Insights MoneyTree Report Q3 2020Note: Mega-rounds are $100M+ deals14Top 2 funding rounds in the US raise over $1B eachLargest US deals of Q3203AffirmSan Francisco, CA$500M Series E+Lightspeed Venture Partners, Spark Capital, Founders FundMobile & Telecommunications Mobile Software & Service

12、s Payments3Bright Health Minneapolis, MN$500M Series E+New Enterprise Associates, Bessemer Venture Partners, GreenspringHealthcare Health PlansAssociates3DiligentNew York, NY$500M PrivateEquityInsight Partners, Blackstone, Clearlake Capital GroupInternetInternet Software & ServicesCollaboration & Pr

13、ojectManagementSource: PwC/CB Insights MoneyTree Report Q3 202015CompanyInvestment RoundSelect investorsVertical1SpaceXHawthorne, CA$1.9B Series E+Fidelity Investments, Legendary VenturesIndustrialAerospace & Defense2Epic GamesCary, NC$1.5B PrivateEquityLightspeed Venture Partners, Fidelity Investme

14、nts, KKRSoftware (non-internet/mobile) GamingSectorsSource: PwC/CB Insights MoneyTree Report Q3 2020Sector# of DealsFunding1Internet$12.7B2Healthcare$8.0B3Mobile & Telecommunications$4.3B4Software (non-internet/mobile)$3.8B5Consumer Products & Services$0.5B61Source: PwC/CB Insights MoneyTree Report

15、Q3 202017127166271578Internet startups continue to receive outsized financingDeals and dollars US sectorsMonitoring and security deals grow more than double in Q320Top 10 US verticals by deal activitySource: PwC/CB Insights MoneyTree Report Q3 202018Investments in four verticals more than doubled th

16、is quarterTop 10 US verticals by investmentsSource: PwC/CB Insights MoneyTree Report Q3 202019UnicornsSource: PwC/CB Insights MoneyTree Report Q3 202017211716131117Q418Q119Q219Q319Q419Q120Q220Q320US unicorn births rebound in Q320Unicorns New US VC-backed unicorns by quarterHistorical record23Source:

17、 PwC/CB Insights MoneyTree Report Q3 2020Note: Unicorns are startups valued at $1B or more21The total US unicorn population continues to climbUnicorns Total unicorn populationHistorical record166151Source: PwC/CB Insights MoneyTree Report Q3 2020Note: Unicorns are startups valued at $1B or more22178

18、189202209214216Q418Q119Q219Q319Q419Q120Q220Q320$577$626$577$594$594$593$628$646Q418Q119Q219Q120Q220Q320Q319Q419Unicorn valuations ($B)Aggregate valuation rises for the second consecutive quarterUnicorns US aggregate unicorn valuationSource: PwC/CB Insights MoneyTree Report Q3 2020Note: Unicorns are

19、startups valued at $1B or more23Source: PwC/CB Insights MoneyTree Report Q3 2020241SpaceXHawthorne, CA$46.0B IndustrialAerospace & DefenseSpace TechFidelity Investments, Google2Stripe$36.0B InternetFinTechTiger Global ManagementSan Francisco,Internet Software & ServicesCAPayments3Airbnb$18.0B Intern

20、etOn-DemandSequoia Capital, Andreessen Horowitz,San Francisco,E-CommerceGreylock Partners, General CatalystCATravel4Epic Games$17.0B Software (non-internet/mobile)GamingLightspeed Venture Partners, KKR,Cary, NCGamingSmash Ventures, Tencent Holdings5DoorDash$16.0B InternetOn-DemandSequoia Capital, DS

21、T Global, KhoslaSan Francisco,E-CommerceVenturesCAFood & GroceryCompanyValuation VerticalEmerging areasSelect investorsSpaceX rises to highest-valued unicorn after $1.9B funding roundTop 5 highest-valued US unicorns Q320Note: Most recently disclosed valuations associatedwith a funding round are incl

22、udedEpic Games joins top 5 funded US startups after Palantir IPOTop 5 most-funded US-based companies Q320CompanySource: PwC/CB Insights MoneyTree Report Q3 202025Funding VerticalEmerging areasSelect investors1Juul LabsSan Francisco, CA$15.0B Consumer Products & Services Consumer ElectronicsConsumer

23、HardwareCoatue Management, D1 Capital Partners, Tiger Global Management2SpaceX Hawthorne, CA$5.1B IndustrialAerospace & DefenseSpace TechFounders Fund, Threshold Ventures, Fidelity Investments, Google3AirbnbSan Francisco, CA$3.6B InternetE-Commerce TravelOn-DemandSequoia Capital, Andreessen Horowitz

24、, Greylock Partners, General Catalyst4Epic GamesCary, NC$3.4B Software (non-internet/mobile) GamingGamingLightspeed Venture Partners, KKR, Smash Ventures, Tencent Holdings5Magic Leap Plantation, FL$3.0B Software (non-internet/mobile) Scientific, Engineering SoftwareAR/VRAlibaba Group, Fidelity Inves

25、tments, GoogleExitsSource: PwC/CB Insights MoneyTree Report Q3 20207.26.37.66.76.36.96.57.2192173169174154161120154Q418Q119Q219Q319Q419Q120Q220Q320US M&A exits QuarterlyQ320 M&A exits rebound after a fall in activity in Q220Historical recordM&A exitsYears to liquidationSource: PwC/CB Insights MoneyT

26、ree Report Q3 2020Note: Average years to liquidate from first funding277.05.47.56.17.27.26.76.91715342218142451Q418Q119Q219Q319Q419Q120Q220Q320IPO activityYears to IPOUS IPOs QuarterlyUS IPO exits more than double in Q320 to reach new highSecond highest quarter everSource: PwC/CB Insights MoneyTree

27、Report Q3 2020Note: Average years to liquidate from first funding287.26.37.66.76.36.96.57.27.05.47.27.56.17.26.76.9Q418Q119Q219Q319Q419Q120Q220Q320IPO and M&A time-to-exit tick upward in Q320US M&A exits and IPOs Time-to-exitYears to IPOYears to M&ASource: PwC/CB Insights MoneyTree Report Q3 2020Not

28、e: Average years to liquidate from first funding291921731691741541611201541715342218142451209188203196172175144205Q418Q119Q219Q319Q419Q120Q220Q320Both M&A and IPO exits see significant quarterly rise in Q320US M&A exits and IPOs Number of exitsIPO exitsM&A exitsSource: PwC/CB Insights MoneyTree Repo

29、rt Q3 202030Healthcare startup GRAIL is the top M&A exit of Q320Top 5 US M&A exits of Q320CompanyValuation Last roundVerticalSelect prior investorsBuyer1GRAIL$8.0B Series DHealthcareARCH Venture Partners,IlluminaMenlo Park, CADisease DiagnosisKleiner Perkins Caufield &Byers2OSIsoft$5.0B SecondaryInt

30、ernetKleiner Perkins Caufield &AVEVASan Leandro, CAMarketInternet & Software ServicesByers, TechnologyBusiness Intelligence, AnalyticsCrossover Ventures& Performance Mgmt3Postmates$2.7B Series HMobile & TelecommunicationsAngelPad, Founders Fund,UberSan Francisco, CAMobile Software & ServicesTiger Gl

31、obal ManagementSupply Chain & Logistics4CradlePoint$1.1B Series CInternetOVP Venture Partners,EricssonBoise, IDInternet Software & ServicesHighway 12 VenturesNetworking & Connectivity5Silver Peak Systems$0.9B GrowthMobile & TelecommunicationsGreylock Partners, DAGHewlettSanta Clara, CAEquityTelecom

32、ServicesVenturesPackardWirelessEnterpriseSource: PwC/CB Insights MoneyTree Report Q3 202031CompanyValuationLast roundVerticalSelect prior investors1Snowflake Computing$33BSecondary MarketInternetInternet & Software ServicesSutter Hill Ventures, Altimeter Capital, Redpoint Ventures, SequoiaSan Mateo,

33、 CADatabase ManagementCapital2Palantir Technologies Denver, CO$22BCorporate MinoritySoftware (non-internet/mobile) Business Intelligence, AnalyticsFounders Fund, Tiger Global Management& Performance Mgmt Software3UnitySan Francisco, CA$14BSeries E+Software (non-internet/mobile) Multimedia & Graphics

34、Sequoia Capital, Silver Lake4GoodRxSanta Monica, CA$13BOption/WarrantInternetInternet & Software ServicesFounders Fund, Highland Capital Partners, Upfront VenturesInformation Providers & Portals5Oak Street Health Chicago, IL$5BUnattributed VCHealthcareMedical Facilities & ServicesGeneral Atlantic, A

35、berdare VenturesLong-term CareSource: PwC/CB Insights MoneyTree Report Q3 202032Snowflake Computings IPO is the largest exit in Q320Top 5 US IPOs of Q320MetrosSource: PwC/CB Insights MoneyTree Report Q3 2020Majority of the top metros grow investments despite declines in deal activity in several area

36、sSource: PwC/CB Insights MoneyTree Report Q3 202034LA and Seattle deals grow by over 30% QoQTop 10 Metros by deal activitySource: PwC/CB Insights MoneyTree Report Q3 202035Majority of the top metros grow investments in Q320Top 10 Metros by investmentsSource: PwC/CB Insights MoneyTree Report Q3 20203

37、6Emerging Company SolutionsGrowth is within reach.Realize your growth ambitions with the experience, know-how and mindset you need to innovate and disrupt.See how at LA MetroSource: PwC/CB Insights MoneyTree Report Q3 2020381189811412310510886115$2.0$1.7$2.3$2.9$1.6$1.9$1.1$3.9Q418Q119Q219Q319Q419Q1

38、20Q220Q320Investments ($B)# of dealsLos Angeles Metro financing rebounds in Q320LA Metro deals and dollars QuarterlySource: PwC/CB Insights MoneyTree Report Q3 202039Aerospace & Defense startups see major funding in Q320Top LA Metro deals Q320Source: PwC/CB Insights MoneyTree Report Q3 2020401SpaceX

39、Hawthorne, CA$1.9B Series E+Fidelity Investments, Legendary VenturesIndustrialAerospace & Defense2ZwiftLong Beach, CA$450M Series CKKR, Amazon Alexa Fund, Zone 5 VenturesInternetInternet Software & ServicesSports3AndurilIrvine, CA$200M Series CFounders Fund, General Catalyst, Andreessen HorowitzIndu

40、strialAerospace & Defense3Surf AirSanta Monica, CA$200M PrivateEquityGlobal Emerging MarketsAutomotive & Transportation Air5Beyond Limits Glendale, CA$113M Series CBP Ventures, G42Software (non-internet/mobile) Scientific, EngineeringSoftwareCompanyInvestment RoundSelect investorsVerticalRaleigh Met

41、roSource: PwC/CB Insights MoneyTree Report Q3 202041Source: PwC/CB Insights MoneyTree Report Q3 202042138201214151413$1.3$0.1$0.4$0.0$0.3$0.1$0.1$1.9Q418Q119Q219Q319Q419Q120Q220Q320Investments ($B)# of dealsEpic Games $1.5B mega-round lifts funding in Raleigh MetroRaleigh Metro deals and dollars Qua

42、rterlyNote: Mega-rounds are $100M+ dealsEpics billion-dollar raise surpasses their Q418 $1.25B raiseTop 5 Raleigh Metro deals Q320Source: PwC/CB Insights MoneyTree Report Q3 202043CompanyInvestment RoundSelect investorsVertical1Epic Games$1.5B PrivateLightspeed Venture Partners, FidelitySoftware (no

43、n-internet/mobile)Cary, NCEquityInvestments, KKRGaming2ServiceTrade$49M GrowthFrontier Growth, Bull City VentureMobile & TelecommunicationsDurham, NCEquityPartnersMobile Software & ServicesBusiness Intelligence, Analytics &Performance Mgmt3Metabolon Morrisville, NC$22M Series E+Sevin Rosen Funds, EW

44、 Healthcare PartnersHealthcare Biotechnology4Levitate Raleigh, NC$6M Seed / AngelBull City Venture Partners, Tippet Venture PartnersInternetInternet Software & ServicesAdvertising, Sales & Marketing5BioAesthetics Durham, NC$5M Series AHemi VenturesHealthcareMedical Devices & EquipmentSurgical Device

45、sSeattle MetroSource: PwC/CB Insights MoneyTree Report Q3 2020444260486247484357$0.3$0.7$0.7$0.6$1.0$0.4$0.9$1.2Q418Q119Q219Q319Q419Q120Q220Q320Investments ($B)# of dealsQ320 financing rises in SeattleSeattle Metro deals and dollars QuarterlySource: PwC/CB Insights MoneyTree Report Q3 202045Seattle

46、Metro top deals go to later-stage startups in Q320Top 5 Seattle Metro deals Q320Source: PwC/CB Insights MoneyTree Report Q3 2020461OfferUp$294M Series DAndreessen HorowitzMobile & Telecommunications Bellevue, WAMobile CommerceAuction & Classifieds2Qumulo$125M Series E+Kleiner Perkins Caufield & Byer

47、s,Computer Hardware & ServicesSeattle, WAHighland Capital Partners, AmityIT ServicesVenturesData Storage & Security3Auth0$120M Series E+Bessemer Venture Partners,InternetBellevue, WASapphire Ventures, SalesforceInternet Software & ServicesVenturesMonitoring & Security4Kymeta$85.2M Series E+Bill Gate

48、sMobile & TelecommunicationsRedmond, WATelecom Devices & EquipmentSatellite & Broadcast Network Equipment5Remitly$85M Series E+Threshold Ventures, Owl RockMobile & TelecommunicationsSeattle, WACapital PartnersMobile Software & ServicesPayments5Silverback$85M Series CU.S. Venture Partners, HuntHealth

49、careTherapeuticsTechnology VenturesBiotechnologySeattle, WACompanyInvestment RoundSelect investorsVerticalChicago MetroSource: PwC/CB Insights MoneyTree Report Q3 202047Source: PwC/CB Insights MoneyTree Report Q3 2020484353404238312833$402$425$533$368$303$479$253$938Q418Q119Q219Q319Q419Q120Q220Q320I

50、nvestments ($M)# of dealsChicago Metro deals and dollars QuarterlyChicago Metro funding sees an 8-quarter highNote: Mega-rounds are $100M deals or largerTop 2 deals make up 63% of Chicago Metros funding in Q320Top 5 Chicago Metro deals Q320Source: PwC/CB Insights MoneyTree Report Q3 202049CompanyInv

51、estment RoundSelect investorsVertical1Ryan Specialty Group$317M PrivateEquityOnex CorporationFinancial InsuranceChicago, ILInsurance Broker2VillageMDChicago, IL$275M Series CKinnevik, Walgreens Boots AllianceHealthcareMedical Facilities & ServicesMedical Practice Management &Services3ShipBob Chicago

52、, IL$68M Series DSoftBank GroupInternetInternet Software & ServicesSupply Chain & Logistics4Keeper Security Chicago, IL$60M GrowthEquityInsight PartnersInternetInternet Software & ServicesMonitoring & Security5Kin Insurance Chicago, IL$35M Series BQED Investors, Commerce Ventures, Alpha Edison, Univ

53、ersity of ChicagoMobile & Telecommunications Mobile CommerceComparison ShoppingMinneapolis MetroSource: PwC/CB Insights MoneyTree Report Q3 202050141416101661113$294$120$48$38$750$103$79$600Q418Q119Q219Q319Q419Q120Q220Q320Investments ($M)# of dealsMinneapolis Metro total funding saw a significant in

54、creaseMinneapolis Metro deals and dollars QuarterlySource: PwC/CB Insights MoneyTree Report Q3 202051Healthcare startups are 4 of the 5 top deals in Minneapolis MetroTop 5 Minneapolis Metro deals Q320Source: PwC/CB Insights MoneyTree Report Q3 202052CompanyInvestmentRoundSelect investorsVertical1Bri

55、ght HealthMinneapolis, MN$500MSeries E+New Enterprise Associates, Bessemer Venture Partners, TigerHealthcareHealthcare PlansGlobal Management2CVRxMinneapolis, MN$50MSeries E+New Enterprise Associates, Gilde Healthcare Partners, Johnson &HealthcareMedical Devices & EquipmentJohnson InnovationSurgical

56、 Devices3NuvairaMinneapolis, MN$17MSeries E+U.S. Venture Partners, Endeavour Vision, Lightstone VenturesHealthcareMedical Devices & EquipmentTherapeutic Devices4DispatchBloomington, MN$11MSeries BTrinity Private Equity Group, Labora Group, Great North LabsInternet eCommerceTravel (internet)5Monteris

57、 MedicalMinneapolis, MN$9MSeries DThe Vertical Group, 3x5 Partners, Vensana CapitalHealthcareMedical Devices & EquipmentSurgical DevicesDallas MetroSource: PwC/CB Insights MoneyTree Report Q3 202053151917816181316$63$280$148$67$85$178$115$472Q418Q119Q219Q319Q419Q120Q220Q320Investments ($M)# of deals

58、Dallas Metro deals and dollars QuarterlyDallas Metro funding rises to 8-quarter highSource: PwC/CB Insights MoneyTree Report Q3 202054Source: PwC/CB Insights MoneyTree Report Q3 202055Two mega-rounds boost funding in Dallas MetroTop Dallas Metro deals Q320CompanyInvestment RoundSelect investorsVerti

59、cal1Instil BioDallas, TX$170M Series BVenrock, Vivo CapitalHealthcare Biotechnology2Alkami TechnologyPlano, TX$140M Series E+S3 Ventures, Fidelity Investments, D1 Capital PartnersInternetInternet & Software ServicesAccounting & Finance3Taysha Gene Therapies$95M Series BGoogle Ventures, Venrock, Blac

60、kRockHealthcare BiotechnologyDallas, TX4K2View Dallas, TX$28M Series AGenesis Partners, Forestay CapitalComputer Hardware & Services IT ServicesIT Solutions & SoftwareDevelopment5Goodman Solutions Frisco, TX$16M OtherUndisclosed Investor(s)Mobile & Telecommunications Telecom ServicesWirelessNote: Me