PitchBook-2023年三季度电子商务报告（英）

EMERGING

TECH

RESEARCHE-

Com

merce

Repor

tVC

trendsandemergingopportunitiesQ3REPORTPREVIEWThefull

reportisavailable

throughthePitchBookPlatform.2023ContentsVertical

update3Institutional

Research

GroupAnalysisQ32023timelineE-commercelandscapeE-commerceVC

ecosystemmarketmapVC

activity6EricBellomo

Analyst,EmergingTechnology7eric.bellomo@8pbinstitutionalresearch@9DataTJ

MeiDataAnalystEmergingopportunitiesReverse

logisticsPriceoptimizationSelectcompanyhighlightsIYK18192225262728PublishingReportdesignedby

JuliaMidkiffand

ChloeLadwigPublishedonDecember15,2023LeapOptoroWe

areaddingPitchBookExit

Predictorprobabilitiesto

ourEmergingTechnologyResearchreports.PitchBook’sproprietary

VC

ExitPredictor

estimatestheprobabilitythatastartup,or

VC-backedcompany,willsuccessfullyIPO,be

acquired,or

merge.

The

toolisavailableexclusivelyto

PitchBookclients.Additionally,wehavelaunchedapre-seedreport

methodology

to

moreaccuratelyandcomprehensivelycapturedealsfromtheearliestphaseofventure.Goingforwardwewillsunset“angel”asaspecifiedstageofventureinallofPitchBook’sventure-focusedreports.Q32023

E-CommerceReportCONFIDENTIAL.

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2Q3

2023

timelineQ3

VC

dealco93total

deals-17.0%July

25September

27September

28BNPLplatformUpLiftisacquiredfor$100.0million.Thecompanyhadraised$289.2millionandmostrecentlydiscloseda$325.0millionvaluationin2019.Slope,aB2Bdigitalpaymentsstartup,raises$30.0millionasB2Bcommerceadoptiongainsmomentum.TikTok

launchesitsQoQgrowthe-commerceproductofferingintheUS.ThecompanybegantestingtheserviceinAugust.-40.8%YoY

growth-54.7%YTD

growthQ3

VC

dealv$1.6Btotal

dealvalueAugust

9September

19September

26Trove,

are-commerce-as-a-serviceplatform,raises$30.0million,reflectingtailwindsinresalemarkets.KlaviyoandInstacartTheFederalTrade

Commissionmovesto

sueAmazonformonopolisticbehavior,alleginganticompetitivebehaviorinpricing,fulfillment,andmore.announcepricingforIPOs.Thepathto

publiclistingshasbeeneffectivelyclosedfore-commercecompaniesintheprecedingtwoyears.-16.3%QoQgrowth-68.3%YoY

growth-79.7%YTD

growthQ32023

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6E-commercelandscape521Pre-purchase2Purchasevenue3Purchasemedium14Post-purchase35Horizontalplatforms4Q32023

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7VC

activ

it

yE-commerceVC

dealactivity1,078Thee-commerceenablementstartupecosystemexperiencedamodestcontractioninbothdealvalueandcountinQ3,totaling$1.6billionacross93deals,decreasesof

16.3%

and17.0%,respectively.BothfiguresreflectmoresignificantYoY

decreasesof

68.3%

and40.8%,

respectively.879693686552471394361306$5.3285216$1.1Despitethedeceleration,severalnotabledealsoccurred.Builder,anAI-poweredapplicationdevelopmentplatform,raised$250.0millioninitsSeriesD,

reflectinginvestorinterestinAI-enabledservices.Thoughtspot,ananalyticsplatform,raiseda$124.0millionSeriesFto

supportsemanticdataanalysisandvisualizationforavarietyof

industries.Tradeshiftraised$70.0millioninAugustto

buildsource-to-paysoftwareforB2Be-commerce,underscoringouroutlookthatB2Bdigitalizationande-commerceadoptionarealong-termtailwindsto

e-commerceenablement.Thepurchasevenuesegmentledallcategoriesinfunding($470.3million),

followedby

horizontalplatforms($384.9million)andpost-purchasestartups($28.1

million).

Thesubsegmentleadersincludedstorefronts&headlessAPIs($320.6million),

andfulfillment&delivery($269.3

million),andanalytics&customerdataplatforms(CDPs)

($221.8million).$5.6$4.0$2.4$3.4$10.22018$14.92019$19.02020$45.42021$30.42022201320142015201620172023*Dealvalue($B)DealcountSource:PitchBook

•

Geography:Global

•

*As

ofSeptember30,2023E-commerceVC

exit

activityLate-stagedealsaccountedforthelargestportionof

VC

investmentinQ3

($767.3

million),

edgingoutventure-growthdeals($483.5

million),

whichwasalsothecaseinQ2.

Inrecentyears,capitalhastrendedtoward

late-stagestartups,and2023hasextendedthistrend,accountingfor75.7%of

dealvalueand52.6%of

dealcount(78.2%and43.7%,respectively,in2022).

In2020,58.3%of

investmentswentto

early-stage,seed,andangeldeals.Thisslidslightlyin2021and2022beforecontractingmoresharplyin2023(47.4%

of

deals),

indicatinginvestorswereseekingthesecurityof

maturestartups,merchantsscrutinizingtheirsoftwarespend,andvendorsfocusingonprofitabilityandbusinessfundamentals.Geographically,startupsinNorth

Americahave

attractedthemostcapitalin2023($2.4billion),

followedby

Asia($1.5billion)andEurope($1.2billion).6762242111$0.818185$4.33$1.03$0.13$0.8$5.3$2.6$10.32018$5.5$28.72021$0.7201320142015201620172019202020222023*Exitvalue($B)ExitcountSource:PitchBook

•

Geography:Global

•

*As

ofSeptember30,2023CONFIDENTIAL.

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9Q32023

E-CommerceReportVC

ACTIVITYTo

pstrategic

acquirersof

e-commercecompaniessince2019*Top

VC

investors

in

e-commercecompaniessince2019*NameDeal

countInvestor

typeNameDeal

countInvestoWalmart654333333CorporationTigerGlobalManagementFJ

Labs11571VCVCVCVCVCVCCVCVCVCVCCVC-backed

companyCorporationShopifyAccel64595651AppHubPE-backed

companyPE-backed

companyCorporationAlumni

VenturesSequoiaCapitalIndexVenturesSalesforceVenturesPeakXV

PartnersGaingelsNielsenIQPayPalHoldingsPDITechnologiesAscentialGroupBigCommercePE-backed

companyCorporation51474744CorporationSource:PitchBook

•

Geography:Global

•

*As

ofSeptember30,2023AndreessenHorowitzSource:PitchBook

•

Geography:Global

•

*As

ofSeptember30,2023Q32023

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16SELECT

COMPANY

HIGHLIGHTS:

IYKpartnershipswithIYKincludingAdidas,AtlanticRecords,andBillionaireBoysClub,amongothers.Thestartupisalsoanalumniof

A16Z’s

CryptoStartupSchool,anacceleratorforWeb3

startups.Usecaseswithproducttrackingandauthenticationinadditionto

supplychainmanagementareviableusecasesnear-term,

butmerchantsareincreasinglyscrutinizingtheirsoftwarespendamidmacroeconomicheadwinds,andshoppershave

becomeaccustomedto

near-frictionlessshoppingexperiences.Long-term,“phygial”experiencesthatblend“in-real-life”transactionswithapplicationsinvideogamesorphysicalgoodsassociatedwithnonfungibletokens(NFTs)

thatunlockexclusiveexperienceswilllikelygaintractionlong-term.Founded2021Total

raised$18.9MLastfinancingRaised$18.9MLeadershipHQlocationNewYorkIYKwasco-foundedby

jointCEOsChristopherLeeandRyanOuyang.LeeholdsadegreeinbusinessadministrationfromCarnegieMellonUniversityandhasheldbothquantitativeandtechnicalpositions.Accordingto

LinkedIn,LeewasafinancialmarketsanalystatCitibeforetransitioningto

softwareengineeringrolesatConstantContactandMajorLeagueBaseball.24OuyangachievedacomputersciencedegreefromtheUniversityof

Waterlooandheldavarietyof

engineering,research,andtechnicaladvisorrolesatfirmssuchasFaire,

KPMG,andothers.TheduofirstmetviaDiscordbeforeenrollinginA16Z’s

CryptoStartupSchool.OverviewIYKisablockchain-basedstartupusedto

verifytheauthenticityof

consumer-facingproducts,includingclothing,art,

toys,andmore.Productauthenticitycontinuesto

beapainpointine-commerce,andseveralincumbentplatformshave

investedresourcesto

mitigatethechallenge.Amazonrecentlylaunchedaprogramto

trackcounterfeiters,EbayacquiredCertilogoforfashionidentification,andbrandssuchasUniqloandPacSunareusingradiofrequencyidentification(RFID)

technologyto

improveitemtracking.Severalhigh-visibilitybrandshave

announcedFinancing

historyThestartupcloseditsfirstroundof

fundinginAugustof

2023,aseeddealfor$18.9millionata$45.0millionpre-moneyvaluation.24:

“Christopher

Lee,”

LinkedIn,

Christopher

Lee,

n.d.,

accessed

December

5,

2023.Q32023

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27PitchBook

Data,Inc.John

Gabbert

Founder,CEONizarTarhuni

VicePresident,InstitutionalResearchPaulCondraHeadofEmergingTechnologyResearchAbout

PitchBookAdditional

researchEricBellomoeric.bellomo@GamingE-CommerceDerekHernandezderek.hernandez@EnterpriseSaaIndustr

y

and

Technolog

yInfrastructureResearchBrendanBurkebrendan.burke@InternetofThingsInformationSecurityArtificialIntelligence&MachineLearningAliJavaheriali.javaheri@EmergingSpacRobertLeIndependent,objective,

andtimely

market

intelrobert.le@InsurtechAaronDeGagneaaron.degagne@MedtechCryptoAs

theprivatemarketscontinueto

growincomplexityandcompetition,it’sessentialforinvestorsto

understandtheindustries,sectorsandcompaniesdrivingtheassetclass.JohnMacDonaghDigitalHealthjohn.macdonagh@Carbon&EmisOurIndustryandTechnologyResearchprovidesdetailedanalysisofnascenttechsectorssoyoucanbetternavigatethechangingmarketsyouoperatein—andpursuenewopportunitieswithconfidence.AlexFr