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Globalanalysisofventurefunding
26July2023
WelcometotheQ2’23editionofKPMGPrivateEnterprise’s
VenturePulse—aquarterlyreporthighlightingthemajortrends,challenges,andopportunitiesfacingtheventurecapitalmarketgloballyandinkeyjurisdictionsaroundtheworld.
UncertaintycontinuedtopermeatetheglobalVCmarketinQ2’23amidstgeopoliticaluncertainties,stubbornlyhighinflation,andthepossibilityoffurtherincreasestointerestratesinanumberofmajorjurisdictions.Withnoendinsighttomarketchallenges,VCinvestorsgloballycontinuedtoholdbackfrommakinglargemega-dealsthisquarter—withafewexceptions:aUS$6.9billionraisebyUS-basedpaymentscompanyStripe,a$2billionraisebySingapore-basedonlineretailerSheinanda$1.3billionraisebyMicrosoft-backedAIstartupInflectioninCalifornia.
VCinvestorsgloballyremainedverycautiousduringthequarter,intensifyingtheirscrutinyofpotentialdealsandputtingalaserfocusonprofitabilityandthesustainabilityofstartupbusinessmodelswhenmakinginvestments.WhilemanyVCinvestorscontinuedtohavecashavailabletothem,concernsaboutfuturefundraisinglikelycontributedtotheirgrowingcautiongiventhesharpdeclineinfundraisingactivitysofarthisyear.
Inarelativelydimquarter,artificialintelligenceandgenerativeAIwasabrightlight,withVCinvestorsinallmajorregionsshowingkeeninterestinthespace.Thealternativeenergy,
Unlessotherwisenoted,allcurrenciesreflectedthroughoutthisdocumentareinUSdollars.
energystorage,andcleantechsectorsalsoremainedvery
attractivetoinvestors.HealthandbiotechandB2B-focusedsolutionsalsoremainedfirmlyontheradarofVCinvestors.
HeadingintoQ3’23,VCinvestmentwilllikelyremainnearthecurrentlevelasVCinvestorscontinuetoholdbackinthehopesthatmarketconditionswillimprove.WiththeglobalIPOmarketexpectedtoremainmostlyshuttered—likelythroughatleastthetheendoftheyear—VCinvestorscouldstartmakinghardchoicesaboutwhatcompaniestofundornotfundgiventhechangingmarketconditions.Consolidationsinover-saturatedindustriescouldstarttodrivesomeM&Aactivityascompanieslooktogainscaleandbecomemoreprofitable.
Inthisquarter’seditionofVenturePulse,weexaminetheseandanumberofotherglobalandregionaltrends,including:
•SkyrocketinginterestinAIandgenerativeAIsolutions
•Growingfocusonprofitabilityatalldealstages
•Continuingfocusonalternativeenergyandbatterystorage
•DecliningglobalfundraisingactivityandwhyChinaisbuckingthetrend
WehopeyoufindthiseditionofVenturePulseinsightful.Ifyouwouldliketodiscussanyoftheresultsinmoredetail,pleasecontactaKPMGadviserinyourarea.
YouknowKPMG.Youmightnotknow
KPMGPrivateEnterprise.
KPMGPrivateEnterpriseadvisersinKPMGfirmsaroundtheworldarededicatedtoworkingwithyouandyourbusiness,nomatterwhereyouareinyourgrowthjourney—whetheryou’relookingtoreachnewheights,embracetechnology,planforanexit,ormanagethetransitionofwealthoryourbusinesstothenextgeneration.
JonathanLavender
GlobalHead
KPMGPrivateEnterprise
KPMGInternational
ConorMoore
HeadofKPMGPrivateEnterprise
intheAmericas,
GlobalLeader,EmergingGiants,
KPMGPrivateEnterprise,
KPMGInternational&Partner
KPMGintheUS
LindsayHull
SeniorDirector,EmergingGiantsGlobalNetwork,KPMGPrivateEnterprise,
KPMGInternational
©2023CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.
#Q2VC
2
3
Global
•VCinvestmentdeclinesslightlyto$77.4billionacross7783deals
•Uproundsdeclineasapercentageofalldeals
•Latestageinvestmentcontinuestosoften
•Globalfirst-timefinancingswellofflastyear’space
•Top10dealsspreadamong
8differentcountries
Americas
•VC-backedcompaniesfallto$42.9billionacross3360deals
•Downandflatroundsseeanuptick
•Business,energyandhealthcareseemodestgrowth
•TotalCanadiandealvaluedropsrebounds
•BrazilrecordsanotherslowquarterasMexicoseesstrongrebound
Europe
US
•VCdealvaluefallsto$39.85billionacross3011deals
•Investmentinsoftwaresectorincreasesasapercentageofoverallinvestment
•Exitsremainslowacrossallareas
•Corporatesjoinbackintentatively
•Fundraisingremainsmutedinwakeofrecordhighs
Asia
•VentureCapitalinvestmentdropsfor6thconsecutivequarter
•Early-stagedealsremainresilient
•Investmentinsoftwaredeclinesasapercentageofoveralldeals
•ExitactivityincreasesslightlyonIPOresilience
•Chinesecompaniesraise5oflargest10dealsinAsia
•InvestmentremainscoolinEurope—with$13.5billioninvestedon1861deals
•Enterpriseandhealthcarerelatedofferingsdrawinvestorattention
•First-timefinancingvolumestrongerthananticipated
•Capitalcontinuestoconcentrateinfollow-onfunds
•Germany,UKandSwitzerlanddominatetop10deals
#Q2VC
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4
Global
US
|
Americas
|
Europe
|
Asia
#Q2VC
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5
Global
US
|
Americas
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Europe
|
Asia
GlobalVCinvestmentheldrelativelysteadyinQ2’23,ledbya$6.8billionraisebyUS-basedStripe,a$2billionraisebySingapore-basedShein,a$1.3billionraiseby
US-basedAIstartupInflection,anda$700millionraisebyIndia-basedByju.
Lesstraditionalinvestorsprioritizingsaferassetclasses
Asinterestratescontinuedtoriseinmanyregionsoftheworld,lesstraditionalVCinvestorshaverecognizedtheincreasingavailabilityoflowerriskinvestmentalternatives,includingbondsandsimpledepositaccounts.GiventheuncertaintyintheVCmarket,manyinvestorsindifferentregionsarelookingatthesealternativesasmoreattractivethaninrecentyearsinordertosecureaknownreturn.
Toughtimeforfundraising
FundraisingbyVCfirmsgloballyremainedincrediblysubduedinQ2’23,withmanyestablishedVCfirmslikelyholdingbackonraisingnewfundsuntilsomeoftheuncertaintyinthemarketbeginstodissipate.Theimpactoftheslowdowninfundraisingactivityhasbeencushionedsomewhatbytheamountofdrypowderthatremainsinthemarket—withmanyVCfirmsdeployingthefundstheyraisedpreviouslyatamuchslowerratethantheyhaveinrecentyears.
China’suniqueVCecosystem,includingrobustparticipationbycentralandlocalgovernmentsinVCdealsinordertodriveinvestmentinpriorityareas,likelycontributedtotheincreasingfundraisingactivity.
InvestmentinAIcontinuestobered-hot
InvestmentinAIandgenerativeAIremainedhotinQ2’23asstartupsaroundtheworldlookedtoaccentuatetheirAIcapabilitiesandVCinvestorsenhancedtheirfocusontheAIspace,seeingitasoneofthefewresilientareasofinvestmentinthecurrentmarket.CorporateinvestorsshowedthemostinterestinthegenerativeAIspace,particularlyglobaltechgiantswiththemassivedatasetsrequiredtounderpinrobustgenerativeAIsolutions.
BothMicrosoftandGooglehavealreadymademajorinroadsintothespace,includingMicrosoft’s
$10billioninvestmentinOpenAIduringQ1’23,alongwithChina’stechgiants—Alibaba,Baidu,andTencent.AsofQ2’23,AlibabasaidthatithadreceivedasignificantnumberoftrialaccessrequestsforitsgenerativeAItoolTongyiQianwen,whileBaiduannouncedthatithadsubmitteditsowngenerativeAItoolErniebotforregulatoryapproval.1
RegulatorsgloballyhavealsoenhancedtheirfocusonAI,withagrowingnumberinvestigatinghowbesttoregulatethesector.DuringQ2’23,theEuropeanUnionpassedanAIAct,whichsetsoutregulationsrelatedtotheuseofAIintheregion.Inparticular,thenewregulationsrequirethatanygenerativeAIsystemsbereviewedpriortobeingputintocommercialuse.2
DownroundsgrowinggloballyasVCinvestorscontinuetoshyawayfromlate-stagedeals
VCinvestorscontinuedtoholdbackfrommakinglarge,late-stagedealsinmostjurisdictionsduringQ2’23,withacoupleofexceptions.US-basedglobalpaymentsprocessorStriperaiseda$6.8billion,whileSingapore-basedonlinefashionretailerSheinraised$2billion.Bothcompaniestookmajorhitstotheirvaluationsasaresultoftheirnewfundingrounds.Morebroadly,thesteepdeclineinlate-stagedealvalueandnumberofdeals—particularlyforSeriesD+deals—continuedinQ2’23.Thiscontinuedpullbackwasnotasurprisegivenongoinginvestorconcernsaboutvaluationsandalackofexitopportunities.
WithIPOwindowstillclosed,interestedstartupsfocusingonimprovingtheir
attractiveness
TheIPOmarketgloballyremainedindroughtmodeduringQ2’23,particularlyintheUS.GiventhegrowingnumberofcompanieslookingtoIPOoncethewindowreopens,somehaveturnedtheirattentiontoimprovingtheirattractivenesstothemarketinadvance—improvingtheiroperational
1/2023/05/23/chinas-tencent-alibaba-bank-on-ai-for-growth-as-competition-heats-up.html
2/2023/06/14/eu-lawmakers-pass-landmark-artificial-intelligence-regulation.html
efficiencies,reducingunnecessaryheadcountandothercosts,andimprovingtheirfinancialmetricsandprofitability.
#Q2VC
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Internationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.
6
Global
US
|
Americas
|
Europe
|
Asia
VCinvestorsprioritizingfinancialmetrics
Globally,VCinvestorshavebecomefarmorecautiouswiththeirspend,prioritizingcompanieswellpositionedtogrowandthriveeveninthechangedbusinessenvironment.Increasinglytheyarelookingforcompaniesthatarealreadyprofitableratherthansimplyhavingaplantomoveinthatdirection.Evenwithearly-stagecompanies,VCinvestorsarebeginningtolookbeyondthespecificproductorsolutiontodeterminewhetheracompany’sproposedbusinessmodelisunderpinnedbysoundfinancialassumptionsandmetrics,suchasclearuniteconomics.
VCfirmsmakingchangestoadjusttoshiftingmarket
Withfundraisingbecomingmorelimited,manyglobalVCfirmshaveincreasinglylookedforuniquewaystobettermanagetheircapital,includingtheirexistingfunds,andtheirownoperationalactivities.InQ2’23,Sequoiaannouncedplanstospinofftwopartsofitsoperationsintoseparatefirms—China-focusedHongShanandIndiaandSoutheastAsia-focusedPeakXVPartners—inparttoavoidconflictsbetweeninvestmentportfoliosandtobettermanageregulatorycomplianceobligations.3
Alternativeenergy,energystorage,andcleantechremainattractivetoVCinvestors
TrendstowatchforinQ3’23
VCinvestmentgloballyisnotexpectedtochangeradicallyheadingintoQ3’23,althoughthispredictionisinnowayacertainbet.Giventhecontinuedgeopoliticalchallenges,thelackofconfidenceinexits,ongoinguncertaintyastowhethertheworldisorisnotinarecession,andthepossibilityoffutureinterestratehikes,thereremainsthepotentialforVCinvestmenttotakeanotherhitinQ3’23.
GenerativeAIwilllikelyremainaveryhotareaofVCinvestmentglobally,particularlyamonglargecorporateslookingtoavoidmissingoutonwhatmanyseeasamajormulti-industrygamechanger.Alternativeenergyandenergystoragearealsoexpectedtoremainacriticalfocusareaforinvestors,alongwithhealthandbiotech.
TheextendedconflictbetweenRussiaandtheUkraine,ongoingconcernsaboutenergy
availabilityandenergycosts,andgrowingcommitmenttoandfundingforcleantechinnovation
inmanycountrieshasdrivensignificantinterestintheenergyspaceoverthelasteighteen
months.ThisinterestcontinuedinQ2’23,withVCinvestorsshowingbroadeningtheirinterest
acrossagrowingdiversityofenergysolutions—fromsolarpowertechnologies,offshorewind
farms,andhydrogenandatomicenergyapplicationstoEVinfrastructure,decarbonization
solutions,andgreenfinancefocusedofferings.Batterystoragealsocontinuedtoattracta
significantamountofVCinvestment.
3SequoiaIsSplittingIntoThreeVCFirms()
#Q2VC
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#Q2VC
7
tothinkaboutastheymoveforward.
”
Globalventurefinancing
2016–Q2'23
$250
$200
$150
$100
$50
$0
$50.6
$62.8
$42.3
$41.5
$39.8
$52.4
$60.1
$62.5
$79.4
$91.8
$79.1
$104.9
$76.9
$73.7
$89.2
$88.0
$79.2
$77.3
$101.1
$115.6
$161.4
$176.8
$193.9
$213.0
$152.9
$104.0
$90.7
$86.2
$77.4
$178.2
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
Bynow,thesofteninginventurefinancing
activityiswellestablished.Anarrayofkeyfactorsthatventureplayersarefacingandmustconsiderremainintact,namely:
•Ongoingconcernsandmixedindicatorspertainingtothehealthoftheglobaleconomy,especiallyamongkeycountries
•Complexitiesincross-bordertransactionsaspoliticaltensionsremaintautandgrowthinexposurecanbequestioned
•Necessaryincreasesinhurdlestofundingandprovingoutoftimelinesforrevenuegenerationifnotprofitability,andrelatedimplicationsforfundreturntimelines
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2
20162017201820192020202120222023
Dealvalue($B)DealcountAngel&seedEarlyVCLaterVCVenturegrowth
Source:VenturePulse,Q2'23.GlobalAnalysisofVentureFunding,KPMGPrivateEnterprise.DataprovidedbyPitchBook,July26,2023
©2023CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.
Global
US
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Americas
|
Europe
|
Asia
Shortterm,AImaybelessofa
hypergrowthinvestmentareathanpeoplethinkbecauseithastogettothestagewhereitisbeingcommercializedandpeopleandbusinessesarewillingtopayforit.Long-term,thepotentialforAIgloballyisdramatic.Itcouldreallycutdownontherepetitiveworkthatpeopledoandremoveinefficienciesfromallkindsofprocess.ThebigquestionIhavelongtermiswhatwillcuttingalotofjuniorstaffdototheleadershippipelineofcompanies?Thisisthekindofquestioncompaniesneed
“
JonathanLavender
GlobalHead
KPMGPrivateEnterprise
KPMGInternational
#Q2VC7
8
Global
US
|
Americas
|
Europe
|
Asia
Globalmediandealsize($M)bystage
2016–2023*
$30
$25
$20
$15
$10
$5
$0
$10.8
$6.0
$4.0
$1.5
20162017201820192020202120222023*
Angel&seedEarlyVCLaterVCVenturegrowth
Globalup,flatordownrounds
2016–2023*
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
20162017201820192020202120222023*
Up
Flat
Down
Source:VenturePulse,Q2'23,GlobalAnalysisofVentureFunding,KPMGPrivateEnterprise.*AsofJune30,2023.DataprovidedbyPitchBook,July26,2023
#Q2VC
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9
Global
US
|
Americas
|
Europe
|
Asia
Globalmediandealsize($M)byseries
2016–2023*
$120
$100
$80
$60
$40
$20
$0
$50.0
$33.35
$20.0
$9.8
$0.3
$2.0
2016
A
2017
2018
Angel
2019
B
2020
C
2021
D+
2022
Seed
2023*
Source:VenturePulse,Q2'23,GlobalAnalysisofVentureFunding,KPMGPrivateEnterprise.*AsofJune30,2023.DataprovidedbyPitchBook,July26,2023
#Q2VC
©2023CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.
10
$30.0
$3.2
Global
US
|
Americas
|
Europe
|
Asia
Globalmedianpre-moneyvaluation($M)byseries
2016–2023*
$1,000
$900
$800
$700
$600
$500
$400
$300
$200
$100
$0
$316.0
$180.0
$75.0
$8.6
20162017201820192020202120222023*
AAngelBCD+Seed
Source:VenturePulse,Q2'23,GlobalAnalysisofVentureFunding,KPMGPrivateEnterprise.*AsofJune30,2023.DataprovidedbyPitchBook,July26,2023
#Q2VC
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11
Global
US
|
Americas
|
Europe
|
Asia
Globaldealsharebyseries
2016–2023*,numberofcloseddeals
40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0
2016
SeriesD+
20172018
SeriesC
2019
SeriesB
20202021
SeriesA
20222023*
Angel&seed
Globaldealsharebyseries
2016–2023*,VCinvested($B)
$700
$600
$500
$400
$300
$200
$100
$0
20162017201820192020202120222023*
SeriesD+SeriesCSeriesBSeriesAAngel&seed
Source:VenturePulse,Q2'23,GlobalAnalysisofVentureFunding,KPMGPrivateEnterprise.*AsofJune30,2023.DataprovidedbyPitchBook,July26,2023
#Q2VC
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12
2016
2017
2018
2019
2020
2021
2022
2023*
“
Global
US
|
Americas
|
Europe
|
Asia
GlobalfinancingtrendstoVC-backedcompaniesbysector
2016–2023*,numberofcloseddeals
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2016
2017
2018
2019
2020
2021
2022
2023*
Transportation
CommercialProducts&ServicesConsumerGoods&Services
Software
Pharma&Biotech
Other
Media
ITHardware
HCServices&Systems
HCDevices&
Supplies
Energy
GlobalfinancingtrendstoVC-backedcompaniesbysector
2016–2023*,VCinvested($B)
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Source:VenturePulse,Q2'23,GlobalAnalysisofVentureFunding,KPMGPrivateEnterprise.*AsofJune30,2023.DataprovidedbyPitchBook,July26,2023
#Q2VC
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13
Global
US
|
Americas
|
Europe
|
Asia
CorporateVCparticipationinglobalventuredeals
2016–Q2'23
$140
$120
$100
$80
$60
$40
$20
$0
$25.5
$39.9
$19.7
$19.1
$16.7
$24.2
$30.9
$28.7
$39.6
$57.3
$42.1
$50.5
$33.4
$33.2
$37.8
$44.6
$41.3
$39.4
$53.5
$58.7
$82.2
$84.9
$107.1
$114.5
$89.6
$74.5
$51.1
$44.7
$45.9
$39.7
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2
20162017201820192020202120222023
Globalfirst-timeventurefinancingsofcompanies
2016–2023*
$80
$70
$60
$50
$40
$30
$20
$10
$0
$27.3
$26.0
$36.9
$34.2
$38.5
$70.5
$58.5
$17.1
20162017201820192020202120222023*
20,000
18,000
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
Dealvalue($B)DealcountDealvalue($B)Dealcount
Source:VenturePulse,Q2'23,GlobalAnalysisofVentureFunding,KPMGPrivateEnterprise.*AsofJune30,2023.DataprovidedbyPitchBook,July26,2023Source:VenturePulse,Q2'23,GlobalAnalysisofVentureFunding,KPMGPrivateEnterprise.*AsofJune30,2023.DataprovidedbyPitchBook,July26,2023
Note:Thecapitalinvestedisthesumofalltheroundvaluesinwhichcorporateventurecapitalinvestorsparticipated,nottheamountthatcorporateventurecapital
armsinvestedthemselves.Likewise,dealcountisthenumberofroundsinwhichcorporateventurefirmsparticipated.
©2023CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.
#Q2VC
14
Global
US
|
Americas
|
Europe
|
Asia
Globalunicornrounds
2016–Q2'23
$80300
$70
$60
$50
$40
$30
$20
$10
$0
$12.1
$28.6
$6.7
$5.1
$4.9
$11.6
$17.6
$13.7
$21.9
$28.3
$22.8
$40.5
$20.5
$20.3
$31.3
$26.0
$20.9
$21.2
$30.4
$33.6
$59.1
$62.0
$71.9
$68.7
$52.5
$45.3
$19.8
$21.5
$21.8
$24.2
250
200
150
100
50
0
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2
20162017201820192020202120222023
Dealvalue($B)Dealcount
Source:VenturePulse,Q2'23,GlobalAnalysisofVentureFunding,KPMGPrivateEnterprise.*AsofJune30,2023.DataprovidedbyPitchBook,July26,2023
Note:PitchBookdefinesaunicornventurefinancingasaVCroundthatgeneratesapost-moneyvaluationof$1billionormore.Thesearenotnecessarilyfirst-timeunicornfinancingrounds,butalsoincludefurtherroundsraisedbyexistingunicornsthatmaintainatleastthatvaluationof$1billionormore.
Globalventure-backedexitactivity
2016–Q2'23
$500
$450
$400
$350
$300
$250
$200
$150
$100
$50
$0
$26.7
$29.8
$71.3
$23.5
$46.5
$39.8
$37.2
$66.6
$30.2
$126.1
$112.2
$58.5
$64.7
$158.5
$78.5
$60.6
$46.3
$82.9
$215.6
$240.2
$307.6
$441.6
$313.2
$413.9
$87.1
$74.3
$85.2
$56.1
$45.5
$51.5
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2
1,400
1,200
1,000
800
600
400
200
0
20162017201820192020202120222023
Exitvalue($B)Exitcount
Source:VenturePulse,Q2'23,GlobalAnalysisofVentureFunding,KPMGPrivateEnterprise.*AsofJune30,2023.DataprovidedbyPitchBook,July26,2023
Note:Exitvalueforinitialpublicofferingsisbasedonpre-IPOvaluation,notthesizeoftheofferingitself.
#Q2VC
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Globalventure-backedexitactivity(#)bytype
2016–2023*
Globalventure-backedexitactivity($B)bytype
2016–2023*
5,000
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
$1,600
$1,400
$1,200
$1,000
$800
$600
$400
$200
$0
20162017201820192020202120222023*
AcquisitionBuyoutPubliclisting
20162017201820192020202120222023*
AcquisitionBuyoutPubliclisting
Source:VenturePulse,Q2'23,GlobalAnalysisofVentureFunding,KPMGPrivateEnterprise.*AsofJune30,2023.DataprovidedbyPitchBook,July26,2023
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Global
US
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Americas
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Europe
|
Asia
Ibelievewearelookingaheadatoneofthemostinteresting12–18monthperiodsofventureinvesting.Wearguablyhaveneverseenthislevelofeconomicandgeopoliticaluncertaintymatchedagainstsuchan
excitingworldchangingphenomenon—AI.Thecompetitionbetweenthesetwocompetingforceswillbe
fascinatingtowatch.
ConorMoore
HeadofKPMGPrivateEnterprise
intheAmericas,
GlobalLeader,EmergingGiants,
KPMGPrivateEnterprise,
KPMGInternational&Partner
KPMGintheUS
#Q2VC
15
“
”
16
Global
US
|
Americas
|
Europe
|
Asia
Globalventurefundraising
2016–2023*
$400
$350
$300
$250
$200
$150
$100
$50
$0
$191.7
$204.1
$349.6
$280.6
$260.3
$331.1
$291.1
$93.4
20162017201820192020202120222023*
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