2021 上半年全球 CVC 投资研究报告

1、0A comprehensive, data-driven look at global corporate venture capital activity in the first half of 2021.The 2021 Mid-Year Global CVC Report1CLICK HERE TO SIGN UP FOR A FREE TRIALCB Insights helps the worlds leading companies make smarter technology decisions with data, not opinion.Our Technology I

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3、ts happening in the market so we can quickly take action.Meraj MohammadVice President, Ventures Group, ADP3Contents5Global CVC ActivityUS CVC ActivityAsia CVC ActivityEurope CVC Activity25 14 20 451Of every dollar heads to the US.US-based startups attracted just over half of every CVC-backed dollar

4、in H121.In just the first 6 months of the year, the US nearly surpassed its annual CVC-backed funding record of$40.8B.2xIncrease in Coinbases deals.Founded in 2018, Coinbases venture arm has quickly climbed the ranks of most active CVC investors.In H121, it doubled its 2020 deal total (20) and becam

5、e the 3rd most active CVC.179%Growth in mega-rounds.$100M+ mega-rounds exploded in H121, representing 10% of all CVC deals vs. just 5% in H120.Mega-rounds nearly tripled from 78 in H120 to 218 in H121.TL;DR What you need to know about corporate venture in H121$79BRecord financing.Global CVC-backed f

6、unding hit $79B in just the first 6 months of 2021, soaring past the annual record of$74B set in 2020.Global CVC-backed deal activity is expected to rebound in 2021 from a slight annual decline in 2020.Note: We use CVC-backed funding” and “CVC-backed deals to refer to corporate venture capital parti

7、cipation in these funding rounds.438CVC-backed exits.Exits of CVC-backed companies were up 95% YoY in H121,reaching a half-year record of 438.H121 saw sustained momentum for IPOs, with 120 CVC-backed companies going public a nearly 3X increase from H120.Global CVC ActivityG L O BA L C O RP O RA T EV

8、 ENT U REC A P IT A LIN H 1 2 15$78.7BO F FU N DI N G A C R O S S2,099 dealsI N T H E FI R S T H A L F O F 2 0 2 1G L OB A L L Y, C OR P OR A T EV E NT UR E C A P I T A L G R OUP S P A R T I C I P A T E DI N66CVC-backed funding surpassed 2020s annual recordCVC-backed funding reached$78.7B a 133% yea

9、r-over-year (YoY) increase and more than the$74B raised in all of 2020.CVC-backed deals were up 27% compared to the first half of 2020, reaching a half-year record of 2,099.Later-stage deals and mega- rounds contributed to the rapid rise in CVC-backed funding.CVC-backed deals reached new half-year r

10、ecordDisclosed CVC-backed deals & equity funding ($B), 2016 H121H1H2 2016H1H2 2017H1H2 2018H1H2 2019H1H2 2020H1 20217$18$15.1$19.5$19$31.1$32.5$31.9$27.6$33.8$40.4$78.71,072 1,1331,243 1,2741,681 1,735 1,7521,6091,8051,6522,0990500100015002000Deal count2500$70$60$50$40$30$20$10$0Funding amount ($B)$

11、90$808Back-to-back quarterly deal and funding records in 2021Disclosed CVC-backed deals & equity funding ($B), Q116 Q221Five consecutive quarters of deal and funding increasesThe $45B in CVC-backed funding across 1,140 deals in Q221 set new quarterly records.In Q221, CVC-backed deal count grew by 32

12、% YoY the largest increase since Q218 when deals surged by 49%.Contributing to Q2s funding high were 41 CVC-backed Series E+ deals the most in a quarter in more than 5 years.$11$7$8$7$9$11$8$11$16$15$15$18$15$17$14$14$16$18$19$22$34$45538 534570641602 633563641713896837909844826882 870789863 8989079

13、59114002004006008001000$0$10$5$20$15$30$25$40$35$45Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 201620172018201920202021Funding amount ($B)Deal count$5012009284139364147445045124120104127127147178168212181180223318201620172020CVC-backed exits trending for an all-time high in 202

14、1Exits (IPO or M&A) of CVC-backed companies by year, 2016 H121CVC-backed exits jumped 95% YoYIPOs of CVC-backed companies maintained momentum from H220, with 120 IPOs in H121 a nearly 3X increase from H120.Acquisitions of CVC-backed companies were also up in H121, hitting a half-year record of 318.C

15、VC-backed companies represented about 3% of all exits in H121, a figure relatively unchanged over the past 5 years.Notable H121 exits2018IPOH1H2H1H2H1H2H1H2H1H2H120192021M&A10CVC-backed deal sizes doubled in just 3.5 yearsAverage CVC-backed and VC-only deal sizes, 2016 H121Average CVC deal size jump

16、ed in H121The average CVC-backed deal size grew by 75% YoY to an all-time high of $46.9M in H121.The average VC-only-backed deal size grew by a more modest 68% YoY to $30.1M in H121.In H121, the gap between the average CVC-backed and VC-only deal sizes increased after shrinking in 2020.Average deal

17、sizes were up across all deal stages in H121.Average CVC deal size ($M)Average VC deal size ($M)H1H2 2016H1H2 2017H1H2 2018H1H2 2019H1H2 2020H1 2021$10.1$10$14.4 $14.5$19.5$17.4$15.1$15.5$17.9$23$30.1$22.3$18.1$21.4$19.8$27.6$27$25.1$21.4$29.8$26.7$46.9H121 saw nearly 3x more mega-rounds vs. H120Num

18、ber of CVC-backed mega-rounds, 2016 H12111Mega-rounds continued their rapid ascentMega-rounds in 2021 have already surpassed 2020s record 184, jumping 180% from 78 in H120 to 218 in H121.Accounting for roughly 10% of all CVC deals in H121, mega-rounds occurred across industries.For example, in finte

19、ch, Stripe raised $600M in a Series H round. In healthcare, Fractyl Health raised $100M in a Series F round.2016H1H2 2016H1H2 2017H1H2 2018H1H2 2019H1H2 2020H1 202128294755665878106218GV was the most active CVC investor in H121Google Ventures (GV) is on track to exceed its 2020 investment activity (

20、82 deals), participating in deals with 64 unique companies in H121.Salesforce Ventures invested in 59 unique companies in H121 a roughly 50% increase from H120.New to the list, Coinbase Ventures in H121 has nearly doubled the number of investments it made in 2020.RankCVC InvestorDeal CountSelect H12

21、1 Investments164Dyno Therapeutics, Flatfile, nPlan, SpyBiotech259BlocPower, Circulor, Databook, FutureFuel.io337Casa, Fractal, TaxBit, Vega Protocol428Augtera Networks, Katana Graph, MetaLenz525Artificial, Authomize, Memgraph, PARABOL625BlackCart, Ensemble, HQLAx, Solidatus723Alchemedicine, Canly, U

22、go, Willbox822Identiq, Oishii, Plunk, SiLC922FutureGen, Rgenta Therapeutics, Scivita Medical10Capital18Design Order, HOUMO.AI, Zhuizhi Technology12Salesforce Ventures maintained its unicorn prowess in H121RankCVC InvestorUnicorn CountSelect H121 Unicorn Investments118BetterUp, Flutterwave, Forter, M

23、elio, Starburst211Bowery Farming, Cameo, JoyTunes, KeepTruckin38Feedzai, HoneyBook, Trulioo, Socure47ID.me, Orca Security, Thumbtack54Bringg, Pipe, Skydio, SysdigSalesforce Ventures 18 unicorn deals in H121 already surpassed its 2020 total of 10.GV and CapitalG also already surpassed their 2020 unic

24、orn investmenttotals: 7 and 2, respectively.Citi Ventures and Siemens AGs venture arm, Next47, joined the list, with 8 and 4 unicorn investments, respectively.13US CVC ActivityREG IO NA L C O RP O RA T EV ENT U REC A P IT A LIN H 1 2 114US CVC-backed funding set to smash previous recordDisclosed CVC

25、-backed deals & equity funding ($B) to the US, 2016 H121CVC-backed deals and dollars to US-based companies grew YoYIn H121, CVC-backed funding to US-based companies increased 111% YoY to nearly $40B just shy of 2020s $40.8B annual total.The number of CVC-backed deals to US-based companies grew 38% Y

26、oY to 823 in H121.Mega-rounds drove the surge in total funding, with CVC-backed mega-rounds in the US reaching 136 in H121, up 172% YoY.Deal countH1H2 2016H1H2 2017H1H2 2018H1H2 2019H1H2 2020H1 202115$10.8$7.1$11.6$10.7$14.1$15.2$17.7$14.7$18.9$21.9$39.9481485529508592590675583598639823-900800700600

27、500400300200100$30$25$20$15$10$5$0Funding amount ($B)$45$40$35CVC-backed funding to SV in H121 nearly exceeded 2020 totalDisclosed CVC-backed deals & equity funding ($B) to Silicon Valley (SV), 2016 H121CVC-backed deals hit new half-year record in Silicon ValleyCVC-backed deals to Silicon Valley-bas

28、ed companies continued their rise and reached a record 279 in H121 a 34% YoY increase.CVC-backed funding to Silicon Valley-based companies grew 97% YoY to $16B in H121.Supporting the rise in CVC-backed funding was the jump in mega- rounds, which increased 132% inDeal countH1H2 2016H1H2 2017H1H2 2018

29、H1H2 2019H1H2 2020H1 2021H121 to 51.16$4.2$3.5$6.2$5.8$7.3$6.8$9$6.9$8.1$8.6$16213184205190264204257218208222279-50100150200250300$14$12$10$8$6$4$2$0Funding amount ($B)$18$16CVC activity in NYC reached record heightsDisclosed CVC-backed deals & equity funding ($B) to New York City, 2016 H121NYC fund

30、ing exceeded 2020 total in H121New York City-based companies received record CVC-backed funding in H121 the fourth consecutive funding high.CVC-backed deals to companies in the tech hub jumped 45% YoY, putting it on pace to reach a new all-time high by years end.Wellness company Nooms $540M Series F

31、 round was the largest in H121.H1H2 2016H1H2 2017H1H2 2018H1H2 2019H1H2 2020H1 202117$1.9$0.8$1.5$0.9$1.8$1.6$2.5$2.0$2.3$3.1$6.1747977697778100698390-20406080100120Deal count140120$0$1$2$3$4$5$6Funding amount ($B)$7CVC activity in Boston took off in H121Disclosed CVC-backed deals & equity funding (

32、$B) to Boston, 2016 H121CVC-backed funding to Boston hit new recordIn the first 6 months of 2021, CVC- backed funding to Boston-based companies reached $5.4B, surpassing 2020s annual record of $5.1B.H121 saw 22 mega-rounds more than triple the number in H120.Biotech companies EQRx, Adagio, and Inari

33、 had the largest rounds in H121, attracting a combined$1.04B in CVC-backed funding.Deal countH1H2 2016H1H2 2017H1H2 2018H1H2 2019H1H2 2020H1 202118$1.0$0.6$1.0$1.0$1.8$2.0$1.7$1.3$2.4$2.7$5.436415144405856436365-85908070605040302010$0$1$2$3$4$5Funding amount ($B)$6CVC-backed funding matched the H220

34、 record high in LAUp 176% from H120, CVC-backed funding in H121 matched the$1.2B record high set in the second half of 2020.CVC-backed deals declined 15% from H120 to 35 in H121 the lowest level since H118.LA-based companies saw a 5+ year high with 3 mega-rounds. Cybersecurity company Orca Securitys

35、 $210M Series C round was among the largest in H121.CVC-backed deals fell to lowest level since H118Disclosed CVC-backed deals & equity funding ($B) to Los Angeles, 2016 H121Funding amount ($B)Deal countH1H2 2016H1H2 2017H1H2 2018H1H2 2019H1H2 2020H1 202119$0.6$0.3$0.6$0.3$0.3$0.7$0.7$0.5$0.4$1.2$1.

36、23727283428364041464535-5045403530252015105$0.0$0.2$0.4$0.6$0.8$1.0$1.2$1.4Asia CVC ActivityREG IO NA L C O RP O RA T EV ENT U REC A P IT A LIN H 1 2 120CVC-backed funding to Asia on track for new recordDisclosed CVC-backed deals & equity funding ($B) to Asia, 2016 H121CVC-backed deals hit new half-

37、year all-time highCVC-backed deals to Asia-based companies increased 17% YoY for H121, hitting an all-time high of 767.CVC-backed funding for H121 is up nearly 100% YoY and on track for a new annual record.Deals to China-based companies spurred growth on the continent, while Japan saw a slowdown, wi

38、th H121 deals down nearly 20% compared to H120.H1H2 2016H1H2 2017H1H2 2018H1H2 2019H1H2 2020H1 202121$6$4$6$6$14$12$9$8$10$12$20373371401504634700665761655751 7678007006005004003002001000Deal count900$0$5$10$15$20Funding amount ($B)$25CVC-backed activity in China on pace for a record yearDisclosed C

39、VC-backed deals & equity funding ($B) to China, 2016 H121CVC-backed funding in China doubled in H121CVC-backed deals to China-based companies jumped 54% YoY in H121, while CVC-backed funding doubled.If H121 CVC activity levels continue through H221, then funding and deals should surpass the all-time

40、 highs set in 2018.The number of mega-rounds to China-based companies increased 47% YoY in H121 to a record 19 deals.H1H2 2016H1H2 2017H1H2 2018H1H2 2019H1H2 2020H1 202122$4.4$2.3$4.3$2.9$9.9$5.5$4.4$2.4$4.6$7.1$9.2139124162194246212158209155254238-50100150200250Deal count300$0$2$4$6$8$10Funding amo

41、unt ($B)$12CVC-backed deals headed for consecutive annual declineDisclosed CVC-backed deals & equity funding ($B) to Japan, 2016 H121CVC-backed funding to Japan fell flat YoYCVC-backed deals to Japan-based companies were down 18% YoY in H121, setting it up for another annual decline in deals.CVC-bac

42、ked funding to Japan- based companies was largely unchanged in H121 from H120.Japan saw 0 mega-rounds in H121, continuing a 5+ year trend.H1H2 2016H1H2 2017H1H2 2018H1H2 2019H1H2 2020H1 202123$0.3$0.4$0.3$0.7$0.8$1.0$0.7$1.4$0.9$0.7$0.9112117106155210234217235218-50100150182 178200Deal count250$0.0$

43、0.2$0.4$0.6$0.8$1.0$1.2$1.4Funding amount ($B)$1.6CVC-backed funding to India-based companies roseDisclosed CVC-backed deals & equity funding ($B) to India, 2016 H121CVC-backed funding to India on track for a new annual recordCVC-backed deals to India-based companies were flat YoY in H121, but CVC-b

44、acked funding grew by 22% to $2.8B.Mega-rounds supported the increase in CVC-backed funding to India-based companies, doubling to 6 in H121 from 3 in H120.Food delivery company Swiggy notched Indias largest deal in H121 an $800M Series J round.H1H2 2016H1H2 2017H1H2 2018H1H2 2019H1H2 2020H1 202124$0

45、.2$0.2$0.3$1.4$0.7$2.7$1.0$1.4$2.3$1.6$2.82121293129435656565856-102030405060Deal count70$0.0$0.5$1.0$1.5$2.0$2.5Funding amount ($B)$3.0Europe CVC ActivityREG IO NA L C O RP O RA T EV ENT U REC A P IT A LIN H 1 2 12526CVC-backed deals rose to half-year record highDisclosed CVC-backed deals & equity

46、funding ($B) to Europe, 2016 H121CVC-backed funding to Europe surged in H121CVC-backed funding quadrupled YoY and exceeded 2020s annual funding record of $9.1B in less than 6 months.CVC-backed deals to Europe- based companies also increased, but by a comparatively modest 24% YoY.Behind the surge in

47、funding were mega-rounds, which grew 313% YoY to 33.$1.2$3.4$1.8$1.6$2.5$3.2$4.1$3.7$4.0$5.1$16.4167217250214262281317319316324392-40035030025020015010050Deal count450$8$6$4$2$0$10$12$14Funding amount ($B)$18$16H1H2H1H2 20162017H1H2H1H2 20182019H1H2H1 2020202127UK CVC activity expected to reach an a

48、ll-time highDisclosed CVC-backed deals & equity funding ($B) to the UK, 2016 H121UK CVC-backed funding climbed to a record highCVC-backed funding to UK-based companies grew 178% YoY and has already surpassed 2019s annual record of $3.4B.CVC-backed deals blew past the prior half-year record and are o

49、n track to reach an all-time annual high up 53% in H121 vs. H120.Mega-rounds in the UK increased by 233% YoY to 10 in H121.H1H2 2016H1H2 2017H1H2 2018H1H2 2019H1H2 2020H1 2021$0.5$1.9$0.5$0.5$0.7$1.1$2.1$1.3$1.4$1.8$3.949476249687476698983136-20806040120100140Deal count160$2.5$2.0$1.5$1.0$0.5$0.0Fun

50、ding amount ($B)$4.5$4.0$3.5$3.028CVC-backed funding to Germany soared in H121Disclosed CVC-backed deals & equity funding ($B) to Germany, 2016 H121CVC-backed mega- rounds drove funding growth in GermanyIn just 6 months, CVC-backed funding to Germany-based companies has more than doubled 2020s annua

51、l total.An increase in mega-rounds drove the rapid rise in funding, jumping from 0 in H120 to 7 in H121.CVC-backed deals grew by comparatively modest 17% YoY to 54.$0.2$0.5$0.3$0.4$0.7$0.5$0.6$0.9$0.6$0.8$3.43938494853526166465054-102030405060Deal count70$0.0$1.0$0.5$2.5$2.0$1.5$3.5$3.0Funding amoun

52、t ($B)$4.0H1H2H1H2 20162017H1H2H1H2 20182019H1H2H1 20202021CVC-backed funding to France in H121 topped 2020 totalDisclosed CVC-backed deals & equity funding ($B) to France, 2016 H121Mega-rounds lifted CVC-backed funding to new high across FranceCVC-backed funding to France- based companies nearly tr

53、ipled from H120, reaching $1.6B in H121.However, deal count dropped by 19% YoY in H121.Cryptocurrency wallet company Ledger and electronics marketplace Back Market picked up $300M+ funding rounds accounting for more than a third of CVC-backed funding in H121.H1H2 2016H1H2 2017H1H2 2018H1H2 2019H1H2

54、2020H1 202129$0.2$0.6$0.4$0.1$0.3$0.4$0.4$0.4$0.6$0.5$1.62234433133284232482839-1020304050Deal count60$0.0$0.5$1.0$1.5Funding amount ($B)$2.0CB Insights encourages you to review the methodology and definitions employed to better understand the numbers presented in this report. If you have any questi

55、ons about the definitions or methodological principles used, we encourage you to reach out to CB Insights directly. Additionally, if you feel your firm has been under-represented, please send an email to info and we can work together to ensure your firms investment data is up to date.30MethodologyWh

56、at is excluded:No contingent funding. If a company receives a commitment for $20M subject to hitting certain milestones but first gets $8M, only the $8M is included in our data.No business development/R&D arrangements, whether transferable into equity now, later, or never. If a company signs a $300M R&D partnership with a larger corporation, this is not equity financing, nor is it from a venture capital firm. As a result, it is not included.No buyouts, consolidations, and/or recapitalizations. All three of these transaction types are commonly employed by private equity firms and are track