下面是小编为大家整理的2020年第三季度美国风险投资报告,供大家参考。
VC investment in the US remained buoyant in Q3’20, led by a $1.9 billion raise by SpaceX. The acceleration
of digital
trends
given
the ongoing
pandemic
helped
spur
VC
investment, particularly
in
key areas
such
as
health
care, business
services, and
edtech. Renewed
IPO activity, including
Snowflake’s $3.4 billion IPO, also helped showcase the resilience of the US market.
Digital business models attracting significant VC
investment During Q3’20, digital business models were a top priority for investors, with both VC investors and corporates
embracing
solutions
aligned
with
doing
business
successfully
in
the current environment,
such as
enhancing
digital
service
channels
for consumers, enhancing
productivity
within
a
highly
remote workforce, or
helping
companies
understand
how
consumer
behaviors
are
changing.
Fintech was a primary focus of US VC investors in Q3’20, with wealthtech
Robinhood
raising
more
than
$1.2
billion
over two
deals,
alternative
payments
model
company
Affirm raising
$500
million,
and
digital
bank
Chime raising
$435
million.
During
the quarter, data
analytics
firm Palantir
Technologies
also
raised
$549
million (followed
by
their
IPO), while
digital
C2C
marketplace
OfferUp raised
$453
million.
Valuations becoming more
grounded as
VC
investors focus on profitability When
making
funding
decisions,
US-based
VC
investors
continued
to emphasize
profitability
during
Q3’20, including metrics such as unit economics and cost per dollar of revenue. This focus has had a
grounding effect on
valuations,
making
them more
realistic
and
supportable.
The intense
focus on
profitability
has
put pressure
on
companies
seeking
funding
to improve
their
financial discipline.
This has
led
many
startups to more
rigorously
examine
their
business
and
operating
models.
As a
result, several
companies
have
learned
that they can
be
as
effective with
less
resources
or
by
using
a remote
workforce, allowing
them to trim costs and
speed
up
their
path
to profitability
despite
the challenging
business
environment.
Healthcare
remains
hot for VC
investors in the US
Health
and
biotech
remained
a
very robust
area
of interest for VC
investors
in
the US. Interest extended
well
beyond
pandemic
response-related
solutions,
with
primary
care
solution
VillageMD
raising
$275
million and
cancer
screening
company
Freenome
raising $270 million during Q3’20. As potential vaccines
for COVID-19 move
closer
to approval,
there
has
also
been
increasing
recognition
of the significant
challenges associated
with
efficient vaccine
production
and
distribution.
This is
beginning
to drive
an
increase
in interest in
logistics
solutions
able
to support
rapid
and
efficient vaccine
distribution.
IPO market improves in Q3’20 as unicorns look to exit IPO activity increased significantly in the US in Q3’20 as companies looked to take advantage of the strong public
markets combined
with
a
window
of opportunity
to exit in
advance
of the US
presidential
election.
The largest IPO of the quarter
came
from cloud
software company
Snowflake,
which
raised
$3.36
billion and
saw
its share
price
more
than
double
on
its first day
of trading.
Unity
Software and
JFrog also held successful IPO exits during Q3’20, while unicorn companies AirBnb
and
Wish both
filed
confidentially.
Several
technology
companies
also
announced
plans
to IPO through
mergers
with
special
public acquisition
companies
(SPACs). In September, gaming
company
Skillz
announced
a
merger
with
blank check
company
Flying
Eagle
Acquisition
Corp 1 , while
proptech
Opendoor
announced
a
similar
strategy with
Social
Capital
Hedosophia
Holdings
II 2 .
1
https://www.pymnts.com/news/ipo/2020/mobile-gaming-firm-skillz-plans-ipo-via-spac/ 2
https://therealdeal.com/2020/09/15/opendoor-confirms-4-8-billion-ipo/
Direct
listings garner attention as
listing rules change At the end of Q3’20, both data analytics company Palantir Technologies and work management software provider
Asana
held
direct
listings,
the first companies
to do
so
since
Slack
in
mid-2019.
The Securities and
Exchange
Commission
(SEC) also
approved
new
rules
proposed
by
the New
York Stock Exchange
in
relation
to direct
listings
during
the quarter 3 . The new
rules
allow
for companies
meeting
specific criteria
(e.g., publicly
held
shares
must have
an
aggregate
market value
of at least
$100
million)
to raise new
funds
through
a
direct
listing
in
addition
to the selling
of shares
by
existing
shareholders.
Previously,
companies
were
not allowed
to raise
new
funds
as
part of a
direct
listing.
These
changes
could spur additional interest in direct listings heading into Q4’20.
Trends to watch for in the US
VC investment is expected to hold steady heading into Q4’20, although early -stage
companies
will
likely continue
to struggle
for funding
as
investors
remain
focused
on
later
stage
deals.
Investor interest in business
productivity
solutions,
health
and
biotech,
fintech, and
edtech
will
likely
remain
very high.
The pipeline for IPO exits is expected to remain strong heading into Q4’20 due to pent up demand, particularly
among
unicorn
companies.
IPO activity could
pause
as
the US
presidential
election approaches in November, before picking up again heading into Q1’21.
Given
the challenges
facing
many
businesses
due
to the protracted duration
of COVID-19, there
could be
an
increase
in
consolidation
activity in
the US, particularly
in
sectors more
negatively
affected. Acquisition
activity could
also
increase
as
investors
with
deep
pockets look
for opportunities
related
to distressed
companies.
3
https://www.natlawreview.com/article/direct-listing-new-york-stock-exchange-undertaking-underwriting
V e ntur e
financing in th e
U S 2013 –Q 3 " 20
$50
3 ,5 00
$45
$40
$35
3 ,0 00
2 ,5 00
$30
$25
$20
2 ,0 00
1 ,5 00
$15
1 ,0 00
$10
$5
500
$0
0
Q1 Q2 Q3 Q4 Q1Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1Q2 Q3 2013
2014
2015
2016
2017
2018
2019
2020
Deal
v alue
($ B) Deal
c oun t Angel /Se ed
Earl y VC
La ter VC
Source: Venture Pulse, Q3’20, Global Analysis of Venture Funding, KPMG Private Enterprise. Data provided by PitchBook, 10/21/2020.
V C
in v e st ed
st a y ed
v ery s t rong
in
t he
U S on c e
again , in
f a ct no tc hing
t he
t hird-highe st quar t erl y t all y o f V C in v e st ed
o f t he
de c ade . T he
c on t inued
s lide
in
v olume
m a y ameliora t e
s omewha t when
addi t ional , c urren t l y undi sc lo s ed
da t a s e ts are
t allied , bu t all
in
all
i t i s li k el y a
m odera t ion
due
t o
c au t ion
on
t he
par t o f in v e st ors i s st ill dri v ing
down
t he
r a t e
o f f inan c ing s.
$10 .0 $10 .0 $10 .0 $9 .0 $9 .0 $8 .4 $8 .3 $6 .5 $6
. 0
$6 . 0
$6 .0 $5 .0 $4 .0 $4 .5 $3 .0 $3 .5 $1 .0 $1 .1 $1 .2 $1 .1
Me dian de a l s ize ($M) by stage in the US
2013 – 2020*
$0 .6 $0 .6 $0 .7 $0 .9
2013
2014
2015
2016
2017
2018
2019
2020*
Angel /s eed
Earl y VC
La ter VC
Up , flat or down round s
in the US
2013 – 2020*
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Up
Fla t
Down
2013
2014
2015
2016
2017
2018
2019
2020*
Source: Venture Pulse, Q3’20, Global Analysis of Venture Funding, KPMG Private Enterprise. *As of 9/30/20. Data provided by PitchBook, 10/21/20.
$20 .9 $18 .2 $16 .0 $13 .7 $11 .0 $10 .9 $9 .0 $9 .0 $7 .0 $7 .5 $8 .0 $5 .5 $3 .0 $0 .6 $3 .5 $4 .0 $5 .0 $0 .8 $1 .0 $1 .4 $1 .5 $1 .9 $2 .0 $2 .2
Me dian de a l s ize ($M) by series
in the US
2013 – 2020*
2013
2014
2015
2016
2017
2018
2019
2020*
Seed
Serie s A Serie s B
2013
2014
2015
2016
2017
2018
2019
2020*
Serie s C
Serie s D +
Source: Venture Pulse, Q3’20, Global Analysis of Venture Funding, KPMG Private Enterprise. *As of 9/30/20. Data provided by PitchBook, 10/21/20. Note: Figures rounded in some cases for legibility. $60.0 $50.4 $42.1 $40.0 $30.0 $30.0 $25.0 $25.0 $25.0 $27.5 $22.0 $16.0 $12.1 $20.0 $14.1 $16.1
Me dian pre-mone y
va luation ($M) by ser ie s
in the US
2013 – 2020*
2013
2014
2015
2016
2017
2018
2019
2020*
Seed
Serie s A Serie s B
2013
2014
2015
2016
2017
2018
2019
2020*
Serie s C
Serie s D +
Source: Venture Pulse, Q3’20, Global Analysis of Venture Funding, KPMG Private Enterprise. *As of 9/30/20. Data provided by PitchBook, 10/21/20. Note: Figures rounded in some cases for legibility. T hree
qua rters in to a
t umul tu ou s y ear (t o
s a y t he
lea st), v alua ti on s are
sti ll
holding
ste ad y a t re c ord
high s a c ro ss th e
board . Recen tly, th ere
wa s ta l k o f th e
new
normal
indu c ed
b y re c ord
dry powder a c ro ss th e
v en tu re
indu stry a s well
a s th e
sc ale
a c hie v able
b y pri v a te c ompanie s. T ha t new
normal
appears to e ss en ti all y be
now
th e
normal , a s line s c on ti nue
to blur be tw een
pri v a te and
publi c m arke ts.
$72.3 $66.5 $55.0 $37.0 $40.0 $35.5 $30.5 $25.0 $25.0 $19.6 $21.0 $15.0 $8.5 $4.4 $10.6 $4.8 $12.3 $5.1 $14.0
$5.5 $6.0 $7.0 $7.5 $7.5 $425.0 $380.0 $275.0 $200.0 $200.0 $165.0 $136.4 $137.0 $130.0 $97.4 $55.1 $110.0 $78.8 $54.2 $70.0 $80.0
Dea l s ha re
by series
in the US
2013 – 2020* , number o f c lo s ed
deal s 10 ,0 00
9 ,0 00
8 ,0 00
7 ,0 00
6 ,0 00
5 ,0 00
4 ,0 00
3 ,0 00
2 ,0 00
1 ,0 00
0
2013
2014
2015
2016
2017
2018
2019
2020*
Dea l s ha re
by series
in th e
US
2013 – 2020* , V C
in v e st ed
( $ B) $120
$100
Serie s D +
Serie s C
Serie s B
Serie s A
Angel /s eed
Serie s D +
$80
Serie s C
$60
Serie s B
$40
$20
Serie s A
$0
2013
2014
2015
2016
2017
2018
...
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