2023年网络市场报告（英）-25正式版

TheStateofOnline

Marketplaces

in2023

February2024

Investinginthefutureofmarketplaces.

AdevintaVenturesistheinvestmentarmofAdevinta,a

leadingonlineclassifiedsgroupandchampionof

sustainablecommercewithafocusonEurope.Adevinta

Venturesinvestsinfast-growingEuropeanearlystage

start-upsinthemarketplacetechnologyspace-giving

promisingventuresthesupporttoacceleratetheirsuccess.

Byinvestinginearlystageinnovation,AdevintaVentures

staysontopofnewtrendsintechnologyanddrives

industrytransformation.

Globalstartup&venturecapital

intelligenceplatform.

Dealroom.coisaglobalintelligenceplatformfordiscovering

andtrackingthemostpromisingcompanies,technologies

andecosystems.Clientsincludemanyoftheworld’s

foremostorganizationssuchasSequoia,Accel,Index

Ventures,McKinsey,BCG,Deloitte,Google,AWS,Microsoft,

Stripe.

Dealroompartnerscloselywithlocaltechecosystem

developmentagenciesandenablers,tocreatea

comprehensivemulti-dimensionalblueprintofthetech

ecosystem,includingcapital,talent,innovation,

entrepreneurshipandoveralleconomicdynamism.

KeyTakeaways

Venturecapitalinvestmentin

marketplacesshiftstootherbusiness

modelslikeSaaSorhybridmodels

InvestmentsrosetowardsSaaSsolutionsandSaaS

marketplaces.Marketplacesmadeupthelowest

shareofglobalventurecapitalinoveradecade.In

2023,VCfundinginmarketplacestotalled$31.6B,a

dropdownto2014levels,primarilyduetoasharp

declineinlatestagerounds.

Verticalmarketplacesattracted90%of

thefundingoverthelastthreeyears

Specialisationiskeyasverticalmarketplaceshave

attracted90%ofthefundingoverthelast3years.

Moreover,Fintech-enabledMarketplaces,

SaaS-enabledmarketplacesandincreasingly

AI-enabledmarketplacesarebecominginherentto

thesector.

B2Bmarketplacesareontherise,being

lessimpactedbyeconomicuncertainties

B2Bmarketplacesattractedanall-time-high20%

shareofthefundinggoingtomarketplaces.B2B

marketplacesareinfactlesssubjecttoeconomic

uncertaintiesandoscillatoryconsumerspendingand

boostedbythedigitizationofsupplychains.B2B

MarketplacesarealsooftenSaaSand/orfintech

-enabledtofullymeetthespecificneedsoftheir

merchantsandclients.

GlobalVCfundingbybusinessmodelVerticalvshorizontalmarketplacesshareof

VCfundingamountandroundcount

(2020-2023)

B2BshareofmarketplacesVCfunding

Count&Fundingamount

Source:Dealroom.co

3

Theevolutionofmarketplaces

✓Thefirstgenerationofonlinemarketplacesexpandedfrom

townsquaresandbulletinboardsintoeBayandCraigslist.

Arecognisableonlinemigration.Butmarketplaceshaveevolvedmorein

thelast20yearsthanintheprevious200.

✓Theinitialwaveofmarketplacesfromthe2000stendedtobe

supply-drivenandverticallyfocused.

Thenextwaveofmarketplacesenabledthetransactiontotakeplace

ontheplatform.Inthe2010s,marketplacesbecameon-demand,

location-basedandalmostfullymanagedbytheoperatortoimprove

theuserexperience.

✓Today,weareatatimeofabundanceofcapital,e-commerce

adoptionandmillionsofunbankedconsumersingrowth

markets.

Thenextgenerationofonlinemarketplacesembedfinancialservicesto

createabettervalueforthecustomer,increaseretentionand

monetization.

✓Superchargedmarketplacesarenowbecomingthenorm.

EverythingisalreadyeitherFintech-orSaaS-enabled,andAI-enabled

marketplacesarealsoemerging.

Theevolutionofmarketplaces

1990s2000s2005-20102010-20152015-20202021+

SUPERCHARGED

MARKETPLACES

MANAGEDMARKETPLACES

ON-DEMAND

TRANSACTIONAL

VERTICALSPECIALISTS

SUPPLYAGGREGATORS

5

Capitalinvestmentinmarketplacesshiftstootherbusiness

modelslikeSaaSorhybridmodels

AkeyinfluenceistheriseofSaaS

solutionsandSaaSmarketplaces,driving

investmentstowardsthissector.

GLOBALVCFUNDINGBYBUSINESSMODEL

Pureplaymarketplace&e-commerce

modelsarereceivingthelowestshareof

globalventurecapitalinoveradecade.

Thisispartofalonghistoricaltrendwhichhasseen

marketplacefundinggaingreatershareuntilit

peakedin2015-2017andthendecreasedrightafter.

In2023,VCfundinginmarketplacestotalled$31.6B,

adropdownto2014levels,primarilyduetoasharp

declineinlatestagerounds.

Superchargedmarketplaces

havebecomethenorm

MostsolutionsarenoweitherFintech-orSaaS-enabled,with

theaddedemergenceofAI-enabledmarketplaces

Backinour2021report`Fintech-enabled

Marketplaces:TheFutureofMarketplaces’,welooked

athowFintech-enabledmarketplacesarecreating

morevaluethaneithermarketplacesandfinancial

servicesalone.

Today,itismucheasiertoembedor

developin-houseFintechorSaaSservices

thankstoadvancementsininfrastructure

(embeddedfinanceproviders,APIs,

no-codesoftwareetc).Marketplacestake

advantageoftheirdataandonlinereachto

offertheseadditionalservicesanddrive

newrevenuestreamsandhighercustomer

retention.

“Addingfinancialservicescanmakeamarketplacemoreattractive

andenhancesit’sattractivenessbysimplifyingfinancial

transactionsforusers”

Ontheotherhand,SaaSfeaturesenhance

marketplacesbyprovidingseamless

interactionsandoperationalefficiency,which

canboostuserengagementandsatisfaction.

NOTABLEMARKETPLACESROUNDSIN2023

SaaS-enabledmarketplace

Additionally,AIstreamlinesoperationsifitis

enhancedwithintheproduct.AI-firstproducts

ormarketplaces(builtaroundessentialenabling

technologiesofthenewAIera)canimprovethe

overalluserexperiencewithinmarketplaces.

Fintech-enabledmarketplace

ThecombinationofSaaS,Fintech,and

AItransformsmarketplacesinto

dynamic,user-centricplatformsthat

arebetterequippedtomeetthe

diverseneedsoftheirusers.

AI-enabled

9

TheuseofAIiscreatinganewgenerationof"supercharged

marketplaces"thatsolvecomplexproblemsforcustomers,like

Shakers

“AtShakers,weareremovingthefrictionfor

companieswhenbuildingexternalteams,unlocking

talentatscale,andtransformingthewaycompanies

relatetoindependentworkers.Thisapproach

providesenhancedvalue&experienceforboth

workersandcorporations.”

HéctorMata

These"super-poweredmarketplaces"operateinthreeways:

CEO&Founder

Shakers

➔Ensuringvettedsupplyanddemand.

➔UtilizingAItooptimizeworkflowsanduserexperience.

➔Providingspecificfinancialsolutionstominimizefriction.

10

Verticalmarketplacesattracted90%ofthetotalfundingover

thelastthreeyears

VerticalvshorizontalmarketplacesshareofVCfunding

amountandroundcount(2020-2023)*

Notableverticalandhorizontal

marketplaceroundsin2023

VERTICAL

$550MGrowthEquityVC-Jul2023

$297MGrowthEquityVC-Jul2023

$150MSeriesE-Sep2023

HORIZONTAL

$600MGrowthEquityVC-Dec2023

$448MSeriesF-Jan2023

Count&Fundingamount

$340MSeriesE-Dec2023

Source:Dealroom.coDataasofJan19th2024.*Fintechisexcludedfromtheanalysis

(Hyper)VerticalmarketplaceslikeCocolihavebeenexploring

businessmodelinnovationstoboosttheircustomerexperience

“Giventhelogisticalshortcomingsforsecondhand

salesinthefurnitureindustry,afull-stackserviceis

importanttoenablecircularityandsecondlifefor

retailersandtheircustomers.

GemmaComabella

AtCOCOLI,wecollaboratewithhyperlocal,national,andpan-Europeanlogistic

partnerstooffersuperiorpackingandpick-upservicesforallsellerswhile

providingflexibleoptionssuchasconsignmentordropshipment,tailoredtomeet

thespecificneedsofeachseller.Bycreatingaseamlessandreliableverticalized

platform,weaimtodrivetheadoptionofsecond-handfurnitureasthepreferred

choice,whilesimultaneouslyreducingwasteandpromotingacirculareconomy”.

CEO&Founder

COCOLI

12

TheMajorHyper-VerticalizedMarketplacesof2023:

EXPLORETHEFULLLANDSCAPE

13

FintechisthetopfundedMarketplaceindustryin2023,closely

followedbyFood

EnergyandFashionhavebeenthe

mostresilienttothedownturn.

TOPMARKETPLACESINDUSTRIESBYFUNDINGFOR2023ANDYEAR-OVER-YEARGROWTH

VIEWONLINE

INDUSTRY2023GROWTHTOP3COMPANIES

ENERGYFASHION

Source:Dealroom.co

DataasofJan19th2024.

Averagemarketplacedrop-62%

14

TypesofB2BMarketplaces.

Two-sided

marketplaces

betweencompanies

andprofessionals

B2C

marketplaceswith

bigB2Bsegmentas

add-on

NotincludedinB2B

marketplacedefinitionforthe

analysis

Two-sided

marketplaces

betweenbusinesses

SaaS-enabled

B2Bmarketplaces

SaaS-first

withmarketplace

asadd-on

B2Bsoftwarefor

B2Cmarketplaces

MoredetailsonDealroom’smethodologyandwhatconsistsaB2Bmarketplace

canbefoundinthe“Methodology”segmentattheendofthereport.

15

20%ofMarketplaces’fundingwenttoB2BMarketplacesin2023,

thehighestshareever

B2BSHAREOFMARKETPLACESVCFUNDING

Source:Dealroom.co16DataasofJan19th2024.

However,B2Bmarketplacesraised$6.3Bin2023,a36%declinecomparedtothepreviousyear’sfundingleveland3xlessthanin2021

B2BMARKETPLACESGLOBALVCFUNDINGVIEWONLINE

€250m+

€100-250m

LATE

€40–100m(seriesC)

€15–40m(seriesB)

BREAKOUT

€4–15m(seriesA)

€1–4m(seed)

EARLY

€0–1m(pre-seed)

Source:Dealroom.co

DataasofJan19th2024.

17

Ontherise:FintechthatenablesB2BMarketplacestocaterto

vitalfinancingneedsoftheirstakeholders,suchasAria

“AtAria,wearededicatedtoinnovatingand

resolvingeverytransactionalhurdlethatB2B

marketplacesandplatformsface.Inparticular,we

allowourpartnerstoofferinstantinvoicepayouts

totheirsellerswhileempoweringtheirbuyerswith

flexiblepaymentoptionssuchaswiretransfersor

Net30terms.

ClémentCarrier

CEO&Founder

Aria

TheshiftofB2Btradetothedigitalrealmmarksasignificantadvancementinthe

industry.However,thistransitiondoesn'tfullymeetthenuancedneedsof

merchantsandtheirclients.Fintechwillstreamlineprocessesandunlocknew

possibilitiesforgrowthinB2Bcommerce”.

18

TheUnitedStatesstillleadswithmorefundingthantheUKand

Indiacombined

SaudiArabia’s

impressivegrowthcan

beattributedtoafew

mega-roundsraisedthis

year.

TOPMARKETPLACESINDUSTRIESBYFUNDINGFOR2023ANDYEAR-OVER-YEARGROWTH

VIEWONLINE

COUNTRY2023GROWTH

Source:Dealroom.co

DataasofJan19th2024.

Averagemarketplacedrop-62%

19

Marketplaceexitshavesurgedsince2022,fueledbyarisein

acquisitionsandbuyouts.Publicmarketsarestilllargelyclosedto

newlistings

NUMBEROFGLOBALMARKETPLACESEXITSBYTYPE

➔M&Aactivityremainsstrongandabovehistoricallevels.

➔Howevermostofacquisitionsaresmallticketsizesand

oftenatlowerthanhistoricalprivatevaluations.

➔Apartfromafewsuccesses,thelargestacquisitionsare

late-stagestartupsbeingboughtbymostlyPEfirmstaking

advantageoflowvaluations,challengingprivatefinancing

marketandnopossibilityofpublicmarketlisting.

➔AnotherkeytrenddrivingM&Aactivityisstartup

consolidation.Startupsinastrongcashpositionandwith

solidfinancialbackingareacquiringcompetitorstolockin

marketdominance.

➔Wearealsoseeingalargenumberoffiresalesand

bankruptciesofcash-starvedandunprofitablestartups.

Source:Dealroom.coDataasofJan19th2024.

In2023,withfewerVCfundingavailable,Marketplacesareincreasingly

reliantondebt.Over$14Bindebtwasraised,arecord-high30%of

totalprivatefinancingraised

TOTALDEBT*FUNDINGANDASAPERCENTAGEOFGLOBALMARKETPLACEFUNDINGTOPDEBTROUNDSOF2023VIEWONLINE

$550MDebt-Dec2023

£500MLendingCapital-Sep2023

$640MDebt-May2023

$470MDebt-Aug2023

$400MLendingCapital-Jun2023

£300MDebt-Sep2023

*Debtincludesherealsolendingcapital.

Source:Dealroom.coDataasofJan19th2024.

Privatevaluationshavenotyetrepricedofficiallyinmostcases,duetoariseininternalbridgeroundswhichlimitexternalvaluationinformation.

Publicmarketsvaluationsbouncedback,butstillbelow2021levels.

GLOBALCOMBINEDMARKETPLACEENTERPRISEVALUEBYOWNERSHIP

%OFVCBACKEDPRIVATEMARKETPLACESWHICHRAISEDAROUNDIN2023

VIEWONLINE

14%ofVCbacked

marketplacesstartups

haveraisedcapitalin

2023*.

86%

ofprivatestartups

havenotadjustedtheir

valuationsrecently.

+0.85%YoY▲+46.74%YoY▲

Source:Dealroom.coDataasofJan19th2024.

22

ThefuturemarketoutlookforMarketplacestartupsremainsuncertain.

Althoughsignificantcapitalisaccessible,itsdeploymentmay

proceedatamoremeasuredpaceoverthenext12-18months

CAPITALAVAILABILITYISUNCERTAINSTARTUPSUCCESS

ThereisalotofdrypowderinVCfunds.

Over$500BhasbeenraisedbyVCfundssince2021,evenif

2023isshowingastrongslowdowninfundraisingpace,with

VCfundraisingdownnearly50%fromlastyear.

Butdeploymenttimesaregettinglonger.

WhileVCsweredeployinginlessthan2yearsinthe

2020-2021bullmarket,deploymenttimesarenowbeing

stretchedduetomorecautioninevolvingmarketconditions

andstrongerduediligence.Therearehoweverlimitstothis

duetofeesandreturnexpectations.

Investorsareshiftingtheirstrategy,movingawayfrom

spreadingbetsthinlyandinsteadconcentratingeffortson

identifyingpotentialwinnersatevenearlierstages.The

influenceofhottrendshasbecomemorepronouncedin

shapinginvestmentdecisions.

Startupsuccessratehasnotchangedmuch

historically.

Startupshaveonaveragenotbecomemoresuccessfulto

reachnextstagesingrowth(conversionrateshaveremained

mostlyunchangedhistorically*).Thelargernumberofbig

successesinrecentyearscamefromtheincreasedsizeofthe

funnel.

Fundingavailabilityandstartupsuccessdonot

necessarilycorrelate.

ThelastdecadeandmoreofVCfundinghoweverhappenedin

alow-interestenvironmentandfreeofeconomicdownturns.

Lookingbacktothe2007-2008cohortofmarketplace

startupstheyhaveshownhigherconversionratesdespite

beingmorecapitalconstrainedatinception.Thestartup

environmentwashoweververydifferent,withamuchsmaller

cohortandlessintra-startupcompetitionsocomparisonsare

hardtobemade.

Source:Dealroom.coDataasofJan19th2024.

Methodologyanddefinitions

Startups,scaleups,

grownupsandtech

Venturecapital

investment

Marketplaces

definitions

Underlying

data

Companiesdesignedtogrowfast.

Generally,suchcompaniesare

VC-investablebusinesses.Sometimesthey

canbecomeverybig(e.g.$1B+valuation).

Whensta