2019年Q1美国和全球风险投资报告（英文版）,Executive summary,2,US VC funding and deal activity fell in Q119 from near- record levels in 2018US VC funding and deal activity fell in Q119: US VC funding fell 36% in Q119 to $25B, with 4% fewer deals compared to Q418. Q418s $39B and 2018s $115B were the second largest quarter and year, respectively.US mega-rounds were down from a record Q418, but well above historic levels: US private companies raised 46 $100M+ rounds in Q119, down from a record Q418 but well above historic levels.Seed-stage deals continued to fall in Q119: Seed-stage deals as a percentage of total US deal activity continued to fall in Q119. Seed- stage deals began to decline starting in Q317, at 36% of all deals, falling to 24% in Q119.Artificial Intelligence-related funding fell for the second- straight quarter: AI-related companies raised $2B in Q119, falling 22% compared to Q418, the second straight quarterly decline.FinTech funding fell slightly after a record Q418: FinTech- related funding remained elevated at $3B in Q119, falling only 3% after a record Q418. Deal activity rose 13% in Q119, to 170 transactions.,Global funding fell 22% in Q119 after 2018 surge to near record levelsGlobal funding and deal activity fell in Q119: Funding fell by 22% to $52B, raised over 3,327 transactions. Deal activity fell by 5%.Asian funding dropped off: Asia-based private companies raised$18B in Q119, a 12% decrease compared to Q418. Deal activity fell 7% to 1,128 transactions, the second-straight quarterly decrease.North America minted 10 new unicorns: North America beat out Asia for the third-straight quarter in private companies newly valued at $1B+. NA saw 10 new $1B+ private company valuations, compared to 5 in Asia.Silicon Valley funding fell amid declining deal activity: Silicon Valley fell by 19% to $4B, raised over 118 deals. Deal activity fell for the third straight quarter.NY metro area funding jumped: NY metro-based VC backed companies raised $4.5B in Q119, a 110% increase compared to Q418. New York VC funding rounds included 6 mega-rounds, including one$1B round.,Note: Report includes all rounds to VC-backed companies. For a detailed brief on methodology, please reference page 94 of this report.,Table of contents4US Overall Trends12US Sector Activity45US Places59US Movers and Shakers74Global Trends,3,US Overall Trends,01,4,In Q1 2019,UNITED STATES,VC-backed companies raised$24.6B,6,8-quarter US financing trend,US funding and deal activity decreased in Q119Funding was down 36% in Q119 as $24.6B was invested across 1,279 deals. Deal activity declined for the third consecutive quarter.US-based unicorns brought in noteworthy deals. Flexport, Nuro, and WeWork all raised $900M+ rounds in Q119.,$19.6,$20.8,$20.0,$22.8,$24.5,$28.9,$38.7,$24.6,1,473,1,561,1,434,1,524,1,639,1,427,1,328,1,279,Q2'17,Q3'17,Q4'17,Q1'18,Q2'18,Q3'18,Q4'18,Q1'19,Investments ($B)Deals,7,US financing trends,”,moderate down, while the total amount invested stays relatively consistent.,“Over the past three quarters, weve seen the number of deals, Tom Ciccolella, Partner, US Ventures Leader at PwC,US deal share by stage,US seed-stage deals declined after six consecutive down or flat quartersSeed-stage deals declined to 24% of all deals, their lowest in recent quarters.Early-stage deals decreased slightly to 26%, their first decrease since Q118.,30%,36%,30%,30%,28%,25%,25%,24%,26%,24%,26%,24%,24%,26%,27%,26%,19%,18%,19%,21%,21%,22%,23%,23%,9%,9%,9%,9%,10%,11%,10%,11%,16%,14%,17%,15%,17%,16%,15%,16%,Q2'18,Q3'18,Q4'18,Q1'19,Q2'17Seed Stage,Q3'17Early Stage,Q4'17Expansion Stage,Q1'18Later Stage,Other,8,Median US deal sizes by stage,Later-stage median deal size increased for second consecutive quarter in Q119Median later-stage deal size increased to $40M in Q119, an $8M increase from Q318, while median deal size shrank to $32M.Expansion-stage median deal size was flat at $20M.,$6.0$1.7,$6.0$1.1,$7.0$2.0,$7.0$1.6,$7.0$2.0,$6.5$1.5,$7.4$2.1,$7.0$2.0,$15.8,$15.5,$18.0,$16.0,$15.5,$16.0,$20.0,$20.0,$36.2,$30.9,$25.0,$31.0,$44.0,$32.0,$37.5,$40.0,Q1'19,Q2'17Q3'17Seed Stage Deal Size ($M),Q4'17Q1'18Early Stage Deal Size ($M),Q2'18Q3'18Expansion Stage Deal Size ($M),Q4'18Later Stage Deal Size ($M),9,US corporate deal participation,Corporate participation in US deals increased to 30%, its highest level in recent quartersCorporate participation in US deals increased in Q119 to 30%, its highest level in recent quarters.,76%,77%,77%,76%,75%,73%,73%,70%,24%,23%,23%,24%,25%,27%,27%,30%,Q2'17,Q3'17,Q4'17,Q1'18,Q2'18,Q3'18,Q4'18,Q1'19,Other Investors,Corp / CVC Deal Participation,10,US first venture financing share,First venture rounds as a share of total deals were flat in Q119First venture financings as a share of all US deals remained steady at 35% in Q119.,64%,66%,65%,67%,64%,65%,65%,65%,36%,34%,35%,33%,36%,35%,35%,35%,Q2'17,Q3'17,Q4'17,Q1'18,Q2'18,Q3'18,Q4'18,Q1'19,Other,% of Total First VC-Backed Deals,11,US Sectors,02,US deals and funding by Top 5 sectors,$10.6BInvested,$4.2BInvested,$2.8BInvested,$1.4BInvested,$0.5BInvested,Internet562 Deals,148 Deals Mobile & Telecommunications,141 Deals Software (Non-Internet / Mobile),57 Deals Consumer Products & Services,175 Deals Healthcare,13,US deal share by sector,Deal share for several sectors declined, with software (non-internet/mobile) deals increasing shareThe software (non-internet/mobile) sector increased slightly to 11% of US deals in Q119.,44%,46%,42%,46%,44%,44%,45%,44%,15%,13%,11%,12%,12%,12%,12%,12%,13%,15%,15%,13%,15%,15%,14%,14%,7%,8%,8%,8%,9%,8%,10%,11%,5%,6%,4%,15%,14%4%,18%,17%,15%5%,18%3%,16%5%,15%4%,Q1'18Q2'18,Q3'18Q4'18,Q2'17Internet,Q3'17Q4'17Mobile & Telecommunications,Healthcare,Software (non-internet/mobile),Consumer Products & Services,Q1'19Other,14,Artificial Intelligence,15,Artificial Intelligence: US funding over time,Artificial intelligence deal activity increased after three consecutive quarterly declinesArtificial intelligence deals increased in Q119 to 116 deals, up from 104 deals in Q418.While deals increased, funding dropped to $2B in Q119. Close to half of all artificial intelligence funding for Q119 was driven by a $940M investment in Nuro by SoftBank Group.,$1,334,$1,475,$1,487,$2,012,$2,384,$2,740,$2,568,$2,000,121,151,120,148,145,112,104,116,Q4'17,Q1'18,Q2'18,Q3'18,Q4'18,Q1'19,Q2'17Investments ($M),Q3'17Deals,16,Artificial Intelligence: US deal share over time,Artificial intelligence seed-stage deals increased for first time in five quartersSeed-stage deals rose to 32% in Q119, up from 27% in Q418, and the first increase since Q317.Seed-stage deals included investments in artificial intelligence for retail, such as cashier-less store startup AiFi and smart shopping cart startup Caper.,31%,45%,39%,36%,33%,29%,27%,32%,33%,28%,25%,32%,31%,30%,29%,26%,19%,18%,22%,18%,21%,7%,7%,7%,8%,9%,7%3%,8%,7%,8%,6%,5%,10%,Q2'18,Q3'18,Q4'18,Q1'19,Q2'17Seed Stage,Q3'17Early Stage,Q4'17Expansion Stage,Q1'18Later Stage,Other,17,Artificial Intelligence: Top states by deals,61 deals$1,473M Invested,1. CA,18 deals$248M Invested,8 deals$85M Invested,2. NY,3. MA,3. TX,18,8 deals$58M Invested,Artificial Intelligence: Largest US deals of Q119,Expansion Stage,Early Stage,Later Stage,Seed Stage,19,Cybersecurity,20,Cybersecurity: US funding over time,Cybersecurity funding was flat in Q119 at $1BCybersecurity funding was flat, while deal activity declined slightly to 48 transactionsThe quarter was led by large funding rounds to content delivery network services provider Cloudflare ($150M Series E+) and identity and access management software OneLogin ($100M Series D).,$1,353,$1,083,$847,$599,$1,702,$1,086,$1,050,$1,082,67,71,59,69,70,53,51,48,Q4'17,Q1'18,Q2'18,Q3'18,Q4'18,Q1'19,Q2'17Investments ($M),Q3'17Deals,21,Cybersecurity: US deal share over time,Cybersecurity later-stage deals increased significantly as a percentage of dealsLater-stage deals increased in Q119 to 25% as a share of cybersecurity deals.Seed-stage deals declined significantly as a percentage of deals in Q119.,21%,30%,27%,38%,17%,17%,22%,8%,27%,31%,20%,23%,19%,30%,27%,29%,30%,18%,34%,22%,36%,26%,24%,27%,16%,14%,10%,12%,16%,21%,16%,25%,6%,7%,8%,6%,13%,6%,12%,10%,Q3'18,Q4'18,Q1'19,Q2'17Seed Stage,Q3'17Early Stage,Q4'17Expansion Stage,Q1'18Later Stage,Q2'18Other,22,Cybersecurity: Top states by deals,25 deals$733M Invested,1. CA,4 deals$111M Invested,3 deals$44M Invested,3. MA,3 deals$5M Invested,2. NY,3 deals$2M Invested,3. CO,3. FL,23,Cybersecurity: Largest US deals of Q119,Expansion Stage,Early Stage,Later Stage,Seed Stage,24,FinTech,25,FinTech: US funding over time,FinTech funding decreased slightly in Q119, amid a jump in deal activityFinTech decreased slightly to $3.3B in Q119, down from $3.4B in Q418.The quarter was led by a large funding round for Clover Health, a data-driven health insurance startup. The company raised a $500M Series E+ from Greenoaks Capital Management.,$2,114,$2,117,$2,438,$2,482,$3,339,$2,989,$3,401,$3,292,152,156,155,212,178,168,150,170,Q4'17,Q1'18,Q2'18,Q3'18,Q4'18,Q1'19,Q2'17Q3'17Investments ($M),Deals,26,FinTech: US deal share over time,FinTech deal share was largely flat in Q119Despite no significant fluctuations, early-stage and “other” deal shares decreased slightly.While later-stage deal share was only 8% of FinTech deals in Q119, the category accounted for close to $1.4B in funding during the quarter, around 42% of total FinTech funding.,38%,38%,35%,37%,26%,26%,27%,27%,28%,20%,26%,25%,29%,32%,29%,28%,17%,21%,20%,18%,21%,23%,25%,25%,8%,12%,8%,9%,11%,10%,8%,8%,9%,9%,10%,10%,13%,10%,12%,11%,Q2'17,Q3'17,Q4'17,Q1'18,Q2'18,Q3'18,Q4'18,Q1'19,Seed Stage,Early Stage,Expansion Stage,Later Stage,Other,27,FinTech: Top states by deals,51 deals$1,253M Invested,1. CA,43 deals$575M Invested,14 deals$399M Invested,2. NY,3. MA,28,FinTech: Largest US deals of Q119,Expansion Stage,Early Stage,Later Stage,Seed Stage,29,US Places,03,$7,105M,US top five regions of Q119 by deals,98,118,131,205,236,San Francisco (N. Bay Area),New York Metro,New England,Silicon Valley (S. Bay Area),Midwest,$4,455M,31,$2,758M,$4,333M,$664M,US: Q119 funding by region,Total US:$24.6B,SF (N. Bay Area)$7,105M,Northwest$608M,32,AK/HI/PR$1M,North Central$75M,Southeast$412M,CO$313M,Texas$1,164M,New England$2,758M,Midwest$664M,Upstate NY$52M,DC/Metroplex$320M,LA/Orange County$1,464M,New York Metro$4,455MPhiladelphia Metro$321M,Silicon Valley (S. Bay Area)$4,333M,San Diego$204M,Sacramento/N. Cal$52M,Southwest$210M,South Central$23M,US: Q119 deals by region,SF (N. Bay Area)236 Deals,Northwest63 Deals,33,AK/HI/PR3 Deals,North Central 24 Deals,Southeast65 Deals,CO40 Deals,Texas66 Deals,New England131 Deals,Midwest98 Deals,Upstate NY7 Deals,DC/Metroplex48 Deals,LA/Orange County72 Deals,New YorkMetro205 DealsPhiladelphia Metro31 Deals,Silicon Valley (S. Bay Area)118 Deals,San Diego20 Deals,Sacramento/N. Cal9 Deals,Southwest18 Deals,South Central5 Deals,Total US:1,279 Deals,8-quarter financing trend: San Francisco (North Bay Area),San Francisco funding fell compared to Q418, but stayed within its historical rangeSan Francisco startups raised $7B over 236 deals in Q119.Q418 funding was pushed up by a $13B corporate minority investment in vape maker JUUL Labs.,$4,243,$3,855,$5,768,$6,716,$6,034,$8,890,$19,702,$7,105,277,290,263,318,311,278,256,236,Q4'17,Q1'18,Q2'18,Q3'18,Q4'18,Q1'19,Q2'17Investments ($M),Q3'17Deals,34,8-quarter financing trend: New York Metro,New York Metro funding increased sharply, deals increasedFunding jumped to $4.5B in the New York Metro area, an increase of 110% over Q418.Late-stage NYC-based companies raised six $100M+ funding rounds, including a $1B Series H raised by coworking space provider WeWork.,207,232,224,220,219,184169,205,$2,930Q2'17Investments ($M),$4,605Q3'17Deals,$3,1Q4'17,$2,700Q1'18,$2,898Q2'18,$5,888Q3'18,$2,122Q4'18,$4,455Q1'19,35,8-quarter financing trend: Silicon Valley (South Bay Area),Silicon Valley funding and deal activity declined,Silicon Valley funding fell 19% to $4B amid declining deal activity.Deals fell for the third-consecutive quarter to 118 transactions.,161,179,177,187,189,152,146,118,$4,230Q2'17Investments ($M),$2,653Q3'17Deals,$2,958Q4'17,$4,019Q1'18,$3,952Q2'18,$4,955Q3'18,$5,382Q4'18,$4,333Q1'19,36,8-quarter financing trend: New England,New England funding increased for the second-consecutive quarterNew England-based companies raised $2.7B in Q119, an 8% jump compared to Q418.Deal activity fell for the third-straight quarter, falling to 131 transactions.,134130,126,137,148,142,135,131,$1,559Q2'17Investments ($M),$1,978Q3'17Deals,$2,227Q4'17,$2,748Q1'18,$3,123Q2'18,$2,475Q3'18,$2,550Q4'18,$2,758Q1'19,37,8-quarter financing trend: LA/Orange County,LA funding and deal activity fell in Q119Deal activity in LA/Orange County declined for the fourth consecutive quarter, as funding dropped 27% to $1.5B.,$1,069,$1,582,$963,$1,764,$1,778,$849,$2,017,$1,464,112,124,105,120,112,105,100,72,Q4'17,Q1'18,Q2'18,Q3'18,Q4'18,Q1'19,Q2'17Investments ($M),Q3'17Deals,38,US: Top 10 states of Q119 by deals,461 deals$13,175M,201 deals$3,882M,117 deals$2,716M,66 deals$1,164M,45 deals$472M,1. CA,2. NY,3. MA,4. TX,5. WA,6. IL,43 deals$283M,40 deals$313M,34 deals$345M,27 deals$197M,22 deals$167M,7. CO,8. PA,9. VA,10. GA,39,Q119 Regional comparison: Deals CA vs. NY vs. MA,Deals declined in California and Massachusetts, jumped in New YorkNew York deal activity rose to 201 in Q119, from 164 in Q418.,591,634,585,656,670,571,541,461,195,220,214,218,217,177,164,201,114,117,114,121,126,123,123,117,Q2'17California,Q3'17New York,Q4'17Massachusetts,Q1'18,Q2'18,Q3'18,Q4'18,Q1'19,40,Q119 Regional comparison: Financing CA vs. NY vs. MA,