2022年Q3全球風險投資報告-畢馬威

VenturePulse

Q32022

Globalanalysisofventurefunding

October19,2022

Welcomemessage

WelcometotheQ3’22editionofVenturePulse—KPMGPrivateEnterprise'squarterlyreporthighlightingthekeytrends,opportunities,andchallengesfacingtheventurecapitalmarketgloballyandinkeyjurisdictionsaroundtheworld.

VCinvestmentgloballydeclinedforthethirdstraightquarterinQ3’22,despitefive$1billion+megadeals.Regionally,theAmericas,Europe,andAsiaallsawbothVCinvestmentandthenumberofVCdealsfalltolevelsnotseensinceearly2020.

Giventhemyriadofgeopoliticalandmacroeconomicchallenges,andgrowingtalkofaglobalrecession,it’snosurprisethatVCinvestorstookacautiousapproachtotheirinvestmentsthisquarter.Despitestrongfundraisingactivity—onpacetoexceedallbut2018’speakhigh—VCinvestorstookmoretimetoevaluatedealsthanseeninrecentquarters,conductingadditionalduediligenceandputtingalaserfocusonprofitabilityandbusinessmodelsustainability.

Interestinanumberofsectorsthatthrivedduringtheheightofthepandemic,includingfoodandgrocerydelivery,falteredasinflationremainedhighandinterestratesclimbed.VCinvestorsflockedtotheB2Bspace,particularlysolutionsfocusedonimprovingoperationalefficienciesandemployeeproductivity.Energy,healthtech,andcybersecurityalsoshowedresilienceinthefaceofcurrentmarketdynamics.

Withnoindicationofwhenmarketconditionswillimprove,globalVCinvestmentisexpectedtoremainsubduedinQ4’22.WhilethestrongestcompanieswillcontinuetoattractVCfunding,downroundswilllikelybecomemorecommonandsomestartupswillfailtoraisefunds.M&AactivityisexpectedtoincreaseassomecompaniesconsideralternativestoIPOexitsandasstartupsunabletoobtainadditionalfinancinglooktosell.

Inthisquarter’seditionofVenturePulse,welookattheseandanumberofotherglobalandregionaltrends,including:

?Thedeclininginterestinconsumer-drivenbusinessmodels

?Thegrowingfocusonalternativeenergysourcesandenergystorage

?Theincreasinginterestindebtandequityfinancing

?ThelackofexitactivityandthepotentialincreaseinM&Anextquarter

WehopeyoufindthiseditionofVenturePulseinsightful.Ifyouwouldliketodiscussanyoftheresultsinmoredetail,pleasecontactaKPMGadviserinyourarea.

Unlessotherwisenoted,allcurrenciesreflectedthroughoutthisdocumentareinUSdollar.

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YouknowKPMG.Youmightnotknow

KPMGPrivateEnterprise.

KPMGPrivateEnterpriseadvisersin

KPMGfirmsaroundtheworldare

dedicatedtoworkingwithyouandyour

business,nomatterwhereyouarein

yourgrowthjourney—whetheryou’re

lookingtoreachnewheights,embrace

technology,planforanexit,ormanage

thetransitionofwealthoryourbusiness

tothenextgeneration.

JonathanLavender

GlobalHead

KPMGPrivateEnterprise

KPMGInternational

ConorMoore

HeadofKPMGPrivateEnterpriseintheAmericas,

GlobalLeader,EmergingGiants,KPMGPrivateEnterprise,KPMGInternational&Partner,KPMGintheUS

LindsayHull

Director,EmergingGiantsGlobal

Network,KPMGPrivateEnterprise,

KPMGInternational

#Q3VC

2

3

Asia

?VentureCapitalinvestmentdropsto$21.7billionacross2352deals

?Valuationsholdsteady

?VCactivityremainsresilientinChina,IndiaandJapan

?CorporateVCpullsbackinlinewithbroadermarket

?Exitactivityincreasesfor3rdconsecutivequarter

?Chinesecompaniesraise8oflargest10dealsinAsia

Contents

Global

?VCinvestmentslowsto$87billionacross7817deals

?First-timefinancingsremainresilient

?Totalexitvaluedropsfor3rdconsecutivequarter

?Globalfundraisingonpacefornear-recordyear

?Top10dealsgloballyspreadamong

5differentcountries

Americas

?VC-backedcompaniesfallto$45.6billionacross3368deals

?Healthytotalscontinueforangelandseeddeals

?TotalCanadiandealvaluedropsto2020levels

?MexicoexperiencessuddendropafterstrongQ2

?9oftop10dealsfromtheUnitedStates

4

34

19

47

Europe

US

?VCdealvalueplummetsto$43billionacross

3076deals

?Drypowderunderpinsmediandealsizeincreases

?Energysectorseessignificantincreaseinaveragedealsize

?CorporateVCdropstolowestlevelssinceQ3’20

?Mega-fundsgrowinsizeandvolumeYoY

72

?InvestmentfinallycoolsinEurope—to$18.7billioninvestedon1920deals

?Valuationsremainunaffectedbyvolatility

?Investorsretreatintosoftwaresector

?FinancingfinallytailsoffintheUK

?Mega-dealspowerNordicstoanotherstrongquarter

#Q3VC

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Global

US

|

Americas

|

Europe

|

Asia

Globally,inQ3'22

VC-backedcompanies

raised$87.0Bacross

7,817deals

#Q3VC

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4

5

AsglobalVCinvestmentsfalls,talkofaglobalrecessionloomslarge

US

|

Americas

|

Europe

|

Asia

DuringQ3’22,VCinvestmentgloballydroppedtoalownotseensinceQ2’20,despiteallmajorregionsattractingatleastone$1billion+megadeal.Duringthequarter,US-basedSpaceXraised$1.9billion,Germany-basedCelonisraised$1.4billion,China-basedSunwodaEVBraised$1.2billion,Sweden-basedNorthvoltraised$1.1billion,andUS-basedTerraWattInfrastructureraised$1billion

Americas,Europe,andAsiaseeVCinvestmentdroptolowsnotseensince2020

BothVCinvestmentandthenumberofVCdealsinalljurisdictionsfelltolevelsnotseesince2020duringQ3’22.TheAmericassawVCinvestmentfallsharply,from$76billioninQ2’22to$45billioninQ3’22.Europesawasimilarlysharpdecline,from$31billionto$18billionquarter-over-quarter.AfterexperiencingasteepdropinQ2’22,VCinvestmentinAsiafellevenfurther—from$26billionto$21billion.

EnergysectorgainsevenmoresteaminQ3’22

Globally,theenergysectorwasoneofthebiggestwinnersintermsofVCinvestmentglobally,withnumerouscompaniesaroundtheworldattractinglargefundingrounds.Inadditiontobattery-makerNorthvoltandelectricvehicleinfrastructurecompanyTerraWatt’s$1billion+megadeals,US-basedpowerdevelopmentcompanyTerraPowerraised$750millionandChina-basedGokinSolarraised$369million.

ESGmorebroadlyalsocontinuedtoattractVCinvestmentinQ3’22,ledbyUS-basedcarbonoffsetcompanyXpansiv’s$500millionraise.

Fooddeliveryandotherconsumer-focusedcompanieslosingtraction

Withinflationhigh,interestratesrising,andtalkofaglobalrecessionstrengthening,consumer-focusedcompanies—particularlyinsectorsthatgrewsignificantlyduringtheCOVID-19pandemic,suchasrapidfoodandgrocerydelivery—havecomeunderincreasingscrutiny.VCinvestorsgloballyarequestioningthedegreetowhichconsumer-buyingbehavioursthatshiftedduringthepandemicwillsurvivegivencurrentmacroeconomicchallengesandassessingwhetherbusinessmodelswillbetrulysustainablelong-term.Overthenextfewquarters,therecouldbeashakeoutintherapiddeliveryspaceasthemoreresilientcompaniessetthemselvesapartandothersdisappear.

Startupsconsideringalternativefinancingtoavoiddownrounds

Overthelasttwoquarters,manycompaniesaroundtheworldhaveseentheirvaluationstumble.InQ2’22,decliningvaluationsweremorenoticeableamongpubliclytradedcompanies.DuringQ3’22,however,theVCmarketgloballysawanumberofdownrounds,includingbuy-now-pay-latercompanyKlarna’s$800millionraiseata$6.7billionvaluation—downfrom$45.6billionin20211.

WhilestartupsthathavestrongorprofitablebusinessmodelswilllikelycontinuetoraisetraditionalVCfundingrounds,othersareshowingincreasinginterestinalternativefinancingsolutionsasameanstoavoidordelaytheirnextfundinground.Thechallengewithdebtfinancingisthatitismuchmoreexpensive,particularlyforstartupswithlittletonohardassets.

CorporateVCinvestmentpullsback,butinterestremainshigh

GlobalCVCinvestmentpulledbacksomewhatinQ3’22,asCVCinvestorsshowedmuchofthesamecautionastheirinstitutionalcounterparts.Whilecorporateinvestorsoftenpullbackquicklywhenmarketconditionsworsen,currentdriversofinvestmenthavehelpedkeepfundingsolid,iflowerthanthepeaksseenin2020and2021.Inmanyregions,companiesinkeysectors—suchasenergy,automotive,andfinancialservices—arestandingatacrossroads,pressuredbytheneedtoinnovate.ThisishelpingtokeepcorporateVCactivitymoving,ifmoreconservativelyandataslowerpacethaninrecentquarters.

Anumberofcorporatesarelikelyalsolookingatthechallengesfacedbystartupsandatthedecliningvaluationsenvironmenttodeterminewhethertheymightbeabletomakestrategicacquisitionsatmorerealisticpricesoverthenextfewquarters.

1

/2022/07/11/klarna-valuation-plunges-85percent-as-buy-now-pay-later-hype-fades.html

#Q3VC

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6

AsglobalVCinvestmentsfalls,talkofaglobalrecessionloomslarge,cont’d.

US

|

Americas

|

Europe

|

Asia

Increasingfocusonbusinessproductivity

Betweenchallengingmarketconditionsandthedesireofcompaniestogetthemostoutoftheirpeopleregardlessoftheirworklocation,therehasbeenanupswellininvestorinterestinbusinessproductivitysolutions,particularlyinEuropeandtheUS.DuringQ3’22,Germany-basedprocessefficiencytoolsproviderCelonisraised$1.4billion,whileUS-basedcontractsautomationcompanyJuroSystemraised$500million.

B2B-focusedcompaniesmorebroadlyalsoattractedattentioninQ3’22asVCinvestorssteeredclearoftheB2Cspace.Duringthequarter,France-basedcustomerinsightsplatformContentSquareraised$600million,Germany-basedindirect-distributionfocusedinsurtechWefoxraised$400million,andUS-basedblockchaininfrastructurecompanyBlockdaemonraised$253million.

HealthcareandbiotechcontinuingtoattractVCinvestors

HealthcareandbiotechhavealwaysbeenhotareasofVCinvestment,evenbeforethepandemicpushedVCinvestmentinthesectortonewheights.Whileactivityinthespacehasslowedsomewhat,agingpopulations,talentshortages,andhealthsystemsneedingmodernizationareexpectedtokeepinvestorsinterestedfortheforeseeablefuture.AI-enabledbiotechcontinuedtobeparticularlyattractivetoinvestorsinQ3’22,inadditiontoareaslikeathometestingandcare,whileinterestinmentalhealthsolutionsgrew.Duringthequarter,

US-basedvirtualcareandat-hometherapeuticscompanyBioformisraised$320million,UK-basedat-homecarecompanyCeraHealthcareTechnologySystemsraised$312million,andChina-basedbiotechfirmSironaxraised$200million.

Early-stagecompaniesfacingfundingchallenges

Overthelastfewyears,manyVCinvestors,PEfirms,andprivateofficesgloballyhavefocusedtheirinvestmentsonmidandlate-stagedeals,ratherthanonearly-stageones.Withmarketconditionsdeteriorating,thisfocusisexpectedtoescalateasinvestorsincreasetheirfocusoncompanieswithprovenbusinessmodelsandcompaniesabletoshowrevenue.Newstartupsinmanyregionswilllikelyfinditincreasinglydifficulttoattractinvestmentsbeyondangelandseedstage.Thiscouldhavelong-termramificationsasalowervolumeofearly-stagecompaniesnowwillaffectthehealthoftheVCmarketgloballylong-term.

Companiesatotherdealstagesthatarenotgeneratingrevenueorshowingprofitarealsolikelytostruggleastheymovetoraisetheirnextfundinground.Thiscoulddrivesomecleanupinmaturingindustrieswithnumerousplayersasthebestfindwaystosurviveandthriveandothersfallbythewayside.

TrendstowatchforinQ4’22

WithchallengesexpectedtocontinueintoQ4’22,VCinvestorsgloballyareexpectedtoremainveryconservativewiththeirinvestments,focusingprimarilyonprovencompanieswithresilientbusinessmodelsandthoseabletoshowprofitability.Dealswilllikelytakemoretimetocompleteasinvestorsconductrobustduediligence,particularlyonforecasts.Startupswilllikelyalsoplacemoreemphasisonrightsizingtheirbusinesssotheycanconservecashandbetterpositionthemselvesforanewfundinground.

WhiletheIPOdoorisexpectedtoremainfirmlyshut,therecouldbeanupswinginM&Aactivityascompaniesconsideralternativeexitplans,somesectorsbegintoseeconsolidation,andcompaniesunabletoraisenewfundingroundslookforpotentialbuyers.

#Q3VC

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$25.5

$32.4

$29.0

$34.0

$40.4

$40.1

$57.3

$39.7

$49.3

$61.4

$42.3

$38.7

$38.1

$50.0

$59.7

$57.4

$75.9

$91.7

$76.7

$95.3

$82.0

$70.0

$88.3

$81.0

$75.5

$72.8

$110.0

$110.4

$156.2

$175.8

$190.1

$197.6

$165.9

$136.8

$87.0

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Global

US

|

Americas

|

Europe

|

Asia

6,000

$100

4,000

$50

2,000

$0

0

201420152016201720182019202020212022

Dealvalue($B)DealcountAngel&seedEarlyVC

LaterVC

Ventureinvestmentdeclinesfurther

Globalventurefinancing

2014–Q3'22

$250

14,000

12,000

$200

10,000

$150

8,000

As2022headsintoitsfinalquarter,itis

clearthatventuredealmakingworldwidehas

cooledsignificantly.EventhoughQ3tallies

arelikelytoberevisedupwardoncefinal

dataiscollected,asitstands,bothtotalVC

investedandvolumeofcompleted

transactionsareslumpingquarterover

quarter.Thisrapidlyevolvingmarket

scenariopossessesmultipleimplicationsfor

playersacrosstheglobalventure

ecosystem,suchas:

?Amidsignificantpublicmarkets’volatilityandgeopoliticalandeconomicturmoil,conservativevaluationsandspendaretopofmindforinvestorsandexecutivesalike

?However,recorddrypowderremainsasignificantfactoratplay,underpinningsizableinvestmentsthatarestillclosing,albeitataslowerpacethaninthepast

?Theextentofmanyrisksremainsunknown,aseconomicvariablescontinuetocounterplayeachother.Asaresult,duediligenceisascomplexanddynamicasever,butcautionisintheoffing.

Source:VenturePulse,Q3’22.GlobalAnalysisofVentureFunding,KPMGPrivateEnterprise.DataprovidedbyPitchBook,October19,2022.

DuringQ3’22,VCinvestmentgloballydroppedtoalownotseensinceQ2’20,despiteallmajorregionsattractingatleastone$1billion+megadeal.Companiesthathavehighvaluationswillhavetoworkhardtokeepthem.Onthepositiveside,there’sstillalotofdrypowderinthemarket.Thestrongcompaniesandtheresilient

oneswillcontinuetoattract

fundingandtheywillprosper.

JonathanLavender

GlobalHead

KPMGPrivateEnterprise

KPMGInternational

#Q3VC

7

“

”

#Q3VC

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7

8

Thelate-stageseestheslightestsignsofsoftening

US

|

Americas

|

Europe

|

Asia

Globalmediandealsize($M)bystage

2014–2022*

$12

$10.0

$10

$8

$6

$5.5

$4

$2

$1.7

$0201420152016201720182019202020212022*

Angel&seedEarlyVCLaterVC

Globalup,flatordownrounds

2014–2022*

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

2014

2015

Up

20162017

2018

Flat

201920202021

Down

2022*

Source:VenturePulse,Q3’22,GlobalAnalysisofVentureFunding,KPMGPrivateEnterprise.*AsofSeptember30,2022.DataprovidedbyPitchBook,October19,2022.

#Q3VC

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9

Highdrypowdercontinuestoprovidepricingsupport

US

|

Americas

|

Europe

|

Asia

Globalmediandealsize($M)byseries

2014–2022*

$120

$100

$80

$60

$40

$20

$0

$100.0

$47.1

$25.9

$11.0

$2.1

$0.4

201420152016201720182019202020212022*

SeedAngelABCD+

Source:VenturePulse,Q3’22,GlobalAnalysisofVentureFunding,KPMGPrivateEnterprise.*AsofSeptember30,2022.DataprovidedbyPitchBook,October19,2022.

#Q3VC

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10

Valuationsholdsteadyevenamiddiminishingvolume

US

|

Americas

|

Europe

|

Asia

Globalmedianpre-moneyvaluation($M)byseries

2014–2022*

$1,200

$1,000

$960.0

$800

$600

$400

$300.0

$200

$120.0

$36.0$9.0

$0$3.25

2014

Seed

2015

2016

Angel

2017

A

2018

2019

B

2020

C

2021

D+

2022*

Source:VenturePulse,Q3’22,GlobalAnalysisofVentureFunding,KPMGPrivateEnterprise.*AsofSeptember30,2022.DataprovidedbyPitchBook,October19,2022.

#Q3VC

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11

Moststages,especiallythelatter,seecontractionyearoveryear

US

|

Americas

|

Europe

|

Asia

Globaldealsharebyseries

2014–2022*,numberofcloseddeals

35,000

Globaldealsharebyseries

2014–2022*,VCinvested($B)

$700

30,000

25,000

20,000

15,000

10,000

5,000

0

201420152016

SeriesD+SeriesC

20172018

SeriesB

20192020

SeriesA

20212022*

Angel&seed

$600

$500

$400

$300

$200

$100

$0

201420152016

SeriesD+SeriesC

20172018

SeriesB

20192020

SeriesA

20212022*

Angel&seed

Source:VenturePulse,Q3’22,GlobalAnalysisofVentureFunding,KPMGPrivateEnterprise.*AsofSeptember30,2022.DataprovidedbyPitchBook,October19,2022.

#Q3VC

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12

Capital-lightenterprisesinsoftwarekeepsecuringdeals

US

|

Americas

|

Europe

|

Asia

GlobalfinancingtrendstoVC-backedcompaniesbysector

2014–2022*,numberofcloseddeals

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

2014

2015

2016

2017

2018

2019

2020

2021

2022*

GlobalfinancingtrendstoVC-backedcompaniesbysector

2014–2022*,VCinvested($B)

Transportation

CommercialProducts&Services

ConsumerGoods&Services

Software

Pharma&Biotech

Other

Media

ITHardware

HCServices&

Systems

HCDevices&

Supplies

Energy

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

2014

2015

2016

2017

2018

2019

2020

2021

2022*

Source:VenturePulse,Q3’22,GlobalAnalysisofVentureFunding,KPMGPrivateEnterprise.*AsofSeptember30,2022.DataprovidedbyPitchBook,October19,2022.

#Q3VC

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13

First-timefinancingskeeprollingforwardundaunted

US

|

Americas

|

Europe

|

Asia

CorporateVCparticipationinglobalventuredeals

2014–Q3'22

3,500

$120

$100

$80

$60

$40

$20

$0

$9.9

$13.0

$10.8

$13.3

$16.2

$17.0

$30.4

$16.7

$25.9

$38.8

$19.8

$17.3

$14.6

$21.9

$31.0

$23.3

$36.7

$55.7

$39.5

$47.1

$32.4

$32.2

$37.3

$39.4

$38.9

$35.6

$60.7

$52.3

$66.4

$78.1

$99.5

$100.8

$77.9

$59.0

$40.5

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

201420152016201720182019202020212022

Dealvalue($B)Dealcount

3,000

2,500

2,000

1,500

1,000

500

0

Source:VenturePulse,Q3’22,GlobalAnalysisofVentureFunding,KPMGPrivateEnterprise.*AsofSeptember30,2022.DataprovidedbyPitchBook,October19,2022.

Globalfirst-timeventurefinancingsofcompanies

2014–2022*

$70

$60

$50

$40

$30

$20

$10

$0

$16.0

$28.6

$26.9

$24.0

$35.2

$32.6

$32.7

$63.8

$38.0

15,512

11,526

10,474

9,789

10,948

10,941

10,859

10,621

9,708

201420152016201720182019202020212022*

Dealvalue($B)Dealcount

18,000

16,000

14,000

12,000

10,000

8,000

6,000

4,000

2,000

0

Source:VenturePulse,Q3’22,GlobalAnalysisofVentureFunding,KPMGPrivateEnterprise.*AsofSeptember30,2022.Dataprovidedby

PitchBook,October19,2022.

Note:Thecapitalinvestedisthesumofalltheroundvaluesinwhichcorporateventurecapitalinvestorsparticipated,nottheamountthatcorporate

venturecapitalarmsinvestedthemselves.Likewise,dealcountisthenumberofroundsinwhichcorporateventurefirmsparticipated.

Corporateplayerscontinuetopullbackinsyncwiththebroadermarketworldwide.Thisisprimarilyinresponsetosheervolatilityinprivateandpublicfinancialmarketsratherthananysignificant,systemicshiftinstrategies.

Evenamidsignificantvolatility,first-timefinancingsareflowingatadecentclip.Somesectorsarebenefitingfromsignificantgovernmentsupportintheinterestsofdomesticsecurity,e.g.,semiconductormanufacturing.

#Q3VC

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14

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Exitsremaindownfortheyear

US

|

Americas

|

Europe

|

Asia

Globalunicornrounds

2014–Q3'22

$80300

$70

$60

$50

$40

$30

$20

$10

$0

$3.5

$5.9

$4.5

$7.7

$8.8

$6.6

$18.7

$8.1

$12.2

$27.8

$7.3

$4.1

$4.3

$11.8

$18.8

$13.8

$21.7

$28.2

$22.2

$38.3

$20.5

$18.1

$32.6

$24.5

$21.0

$20.5

$43.7

$34.9

$58.8

$66.1

$70.5

$69.1

$48.6

$39.6

$16.5

250

200

150

100

50

0

2014

2018

201520162017

Dealvalue($B)

2022

201920202021Dealcount

Source:VenturePulse,Q3’22,GlobalAnalysisofVentureFunding,KPMGPrivateEnterprise.*AsofSeptember30,2022.DataprovidedbyPitchBook,October19,2022.

Note:PitchBookdefinesaunicornventurefinancingasaVCroundthatgeneratesapost-moneyvaluationof$1billionormo