毕马威：2022年Q4全球风险投资报告_95页_3mb (1).pdf

Venture PulseQ4 2022Global analysis of venture fundingJanuary 18,20232#Q4VCWelcome to the Q422 edition of Venture Pulse KPMG raised$450 million,China-based SPIC Hydrogen Energy Private Enterprises quarterly report highlighting the key raised$631 million,China-based Voyah Car Technology raisetrends,opportunities,and challenges facing the VC market$631 million,Estonia-based Sunly raised$196 million,and globally and in key jurisdictions around the world.Belgium-based Tree Energy Solutions raised$129 million.Fintech also remained highly attractive to VC investors It was a challenging 2022 for VC investment globally,despite globally,in addition to B2B solutions and healthcare and strong fundraising activity and a major amount of dry power biotech.available in the market.The ongoing conflict in the Ukraine,rapidly rising interest rates,high levels of inflation,and Heading into Q123,VC investment globally is expected to concerns about a global recession all combined to drive VC remain subdued given the uncertainty in the market.Down investment down,particularly in the second half of the year.rounds will likely become more prevalent as companies are Global VC investment in Q422 was down significantly quarter-forced to raise capital despite the less-than-optimal market over-quarter and less than half the record level set during conditions.M&A activity could also pick up as companies Q421.begin to run out of cash and fail to attract new investment.VC investment in all regions fell quarter-over-quarter.The In this quarters edition of Venture Pulse,we examine these Americas continued to account for the largest share of VC and a number of other global and regional trends,including:investment globally during Q422,with the US accounting for The continued focus on cost-cutting and cash preservationthe vast majority of this investment.Asia came a distant The relative resilience of early-stage funding activitysecond,despite attracting six$500 million+megadeals this The funding challenges faced by unicorn companies quarter.Europe experienced the sharpest drop in VC The continued strength of fundraising globallyinvestment compared to Q322,dropping almost 40 percent in Q422.We hope you find this edition of Venture Pulse insightful.If The alternative energy and electric vehicles spaces attracted you would like to discuss any of the results in more detail,significant interest from investors in all regions during Q422.please contact a KPMG adviser in your area.In addition to large raises by GAC Aion($2.56 billion),US-based TerraPower raised$830 million and Form Energy Unless otherwise noted,all currencies reflected throughout this document are in US dollar.2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.You know KPMG.You might not know KPMG Private Enterprise.KPMG Private Enterprise advisers in KPMG firms around the world are dedicated to working with you and your business,no matter where you are in your growth journey whether youre looking to reach new heights,embrace technology,plan for an exit,or manage the transition of wealth or your business to the next generation.Jonathan LavenderGlobal HeadKPMG Private EnterpriseKPMG InternationalConor MooreHead of KPMG Private Enterprise in the Americas,Global Leader,Emerging Giants,KPMG Private Enterprise,KPMG International&Partner,KPMG in the USLindsay HullSenior Director,Emerging Giants Global Network,KPMG Private Enterprise,KPMG International3 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q4VCGlobal VC investment slows to$75.6 billion across 7641 deals Corporate VC participation dropped for 4thconsecutive quarter Venture backed exit activity remains subdued Global fundraising slows yearover year Chinese companies attract 6 of top 10 deals globally US VC deal value plummets to$36 billion across 2935 deals Investment in B2B,software and energy hold steady Corporate VC drops to lowest levels since Q419 Exits slide to lowest quarterly tally in years$1 billion+Mega-funds experience record yearAmericas VC-backed companies fall to$39.2 billion across 3322 deals Down-rounds decline as investors wait on sidelines Canadian VC remains resilient,propelled by mega deals VC deal value in Brazil drops for 4thconsecutive quarter Largest 10 deals in Americas all come from the United StatesEurope Investment drops again to$12.9 billion invested on 1936 deals VC invested in Series A remains remarkable strong Corporate VC participation cools for 3rdconsecutive quarter Exits slide to record lows VC Fundraising remains remarkably robust Top 10 deals spread among 7 different countriesAsia Venture Capital investment drops slightly$22.6 billion across 2157 deals Later stage valuations cool on a YoY basis First-time funds grow their proportion of volume Australia continues to attract significant deal value outperforms Q3 Chinese companies raise 7 of largest 10 deals in Asia 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.Global US|Americas|Europe|Asia4#Q4VC5 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q4VCVC investment globally dropped for the fourth straight quarter in Q422.While the total of VC investment looked particularly weak compared to the record quarterly high set during the same quarter last year,it remained comparable to investment levels seen prior to the onset of the COVID-19 pandemic.Challenging global macroeconomic conditions drive trends across regionsThe war in the Ukraine,high rates of inflation,rapidly rising interest rates,soaring energy prices,the looming threat of a global recession,and other macroeconomic factors combined to create a storm of challenges both within the global VC market and more broadly during Q422.These concerns drove a significant amount of alignment in major investment trends across regions,overshadowing many more localized concerns during the quarter.VC investment declines in key regionsVC investment in both the Americas and Asia dropped for the fourth straight quarter in Q422,while Europe experienced a third quarter of declining investment.Late stage VC investment saw the sharpest drop amidst falling valuations and concerns about the profitability and sustainability of business models given worsening global economic conditions.China accounted for the majority of$500 million+megadeals this quarter,including a$2.56 billion raise by GAC Aion,a$1 billion raise by SHEIN,a$631 million deal by SPIC Hydrogen Energy,a$631 million deal by Voyah Car Technology,a$562 million deal by ESWIN Material and$537 million going to Fei Hong Technology.Fundraising activity remains strong in 20222022 was the third-highest year for global fundraising activity,driven by robust fundraising in the US and very strong fundraising activity in Europe.Fundraising in Asia was the polar opposite,falling for the fourth-straight year to the lowest level seen since 2014.The number of VC funds dropped considerably during 2023,while average fund size grew considerably.The shift reflects LPs focusing their investments on funds managed by proven fund managers with extended track records of success rather than on first time funds.Cost-cutting becomes a key priority as companies preserve cash and VC investors focus on profitabilityIn Q422,numerous global technology companies,announced significant cost-cutting measures primarily headcount reductions and the reduction of real estate footprints.In the VC market,such efforts also became the norm this quarter as startups worked to preserve cash,delay new funding rounds,and respond to pressure from their investors to become more efficient.The prioritization on cost-cutting extended across companies operating in a wide variety of sectors.B2B and business productivity solutions already a strong area of VC investment will likely continue to gain steam over the next few quarters as both corporates and more mature startups look for ways to streamline their operations,bring more efficiencies into their business,and get more value from every dollar.Energy sector very robust among global VC investors2022 saw global VC investor interest in everything energy-related grow very rapidly,driven in part by a number of governments moving to prioritize energy independence and numerous companies considering energy alternatives and ways to become more efficient amidst soaring energy costs.In Q422,energy was an incredibly hot sector for VC investment,with numerous subsectors attracting large ticket sizes,including alternative energy vehicles,battery technologies,and alternative power generation and distribution technologies.Broader cleantech and ESG-related solutions also saw strong interest from VC investors.Global US|Americas|Europe|Asia6 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q4VCChina attracted several of the largest funding rounds in the Energy sector during Q422,with EV and EV battery companies attracting the largest deals,including:GAC Aion($2.56 billion),SPIC Hydrogen Energy($631 million),Voyah Car Technology($631 million),BYVIN Auto($444 million),Hithium($280 million).Other jurisdictions saw a broader range of energy companies attracting VC investment.In the US,innovative nuclear power company TerraPowerraised$830 million,while Seattle-based battery manufacturer Group 14 landed$614 million and renewable energy battery storage company Form Energy raised$450 million.In Europe,Sweden-based electric freight vehicle company Einride raised$500 million,followed Volta Trucks($295 million),France-based battery company Verkor($245.9 million),Estonia-based renewable energy infrastructure company Sunly($196 million),and Belgium-based hydrogen energy company Tree Energy Solutions($122 million).In wake of FTX meltdown,crypto-focused VC investments come under intense scrutinyThe bankruptcy of Americas-based FTX in the later half of Q422 put a significant amount of scrutiny on the diligence processes of VC firms and investors with respect to their investments in crypto-focused companies and enhanced calls for regulations to govern sector activities in many jurisdictions.The sudden collapse of a highly valued company backed by smart money will likely have a ripple effect on the VC market with many VC firms expected to re-evaluate their due diligence and investment decision-making,not only for investments in crypto companies,but on a broader basis as well.Existing crypto-focused startups are also expected to feel significant pressure to prove their business case and value as VC investors become more gun shy about writing checks.The next few quarters could see a shakeout in the space as less proven crypto companies fail to survive.Unicorn companies facing significant pressure as IPO window remains shut and valuations tumbleGiven the challenging market conditions,IPO activity among VC-backed companies globally stalled significantly over the course of 2022,including in the Americas,Europe,and much of Asia.China was a major exception,likely due to its capital market being less interconnected with the global economy.The lack of IPO opportunities has caused many unicorn companies to struggle,particularly those that had been planning for exits.During Q422,numerous unicorns laid off significant percentages of employees,reduced their real estate footprint,and undertook other cost-reduction initiatives in order to free up and conserve cash,improve profitability,and delay the need to raise additional funding at potentially much lower valuation levels.Trends to watch for in Q123Looking ahead to Q123,the VC market globally is expected to remain challenged,with consumer-focused businesses expected to see the most strain.The IPO window,particularly in the US will likely remain closed well into 2023,with little to suggest it will reopen fully in the first half of the year.As companies run out of cash,there will likely be an increasing number of down rounds and an in increase in M&A activity.Globally,there could also be a number of unicorn deaths over the next few quarters.Given the ongoing energy crisis in Europe and concerns about sustainability and climate change,the broader energy sector will likely remain very hot,with investors continuing to make big bets on alternative energy technologies,electric and hydrogen powered vehicles,and battery storage.On a global basis,cybersecurity,B2B solutions will likely remain very attractive areas of VC investment in Q123,in addition to health and biotech,regtech,and solutions with military applications.Investments in artificial intelligence are also expected to grow long-term,particularly in game changing areas like generative AI and conversational AI.Global US|Americas|Europe|Asia7 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q4VCGlobal venture financing2015Q422Source:Venture Pulse,Q422.Global Analysis of Venture Funding,KPMG Private Enterprise.Data provided by PitchBook,January 18,20232022 concluded with a continuation of the inexorable decline in venture dealmaking worldwide.As volatility in public equities surged and monetary regimes tightened,concerns around economic growth prospects and the level of valuations began to exert a toll throughout all of last year.Now,as in any downturn,it remains to be seen which arenas remain active as venture fund managers grapple with complex,murky scenarios.Key trends to look for include:How much geopolitical turmoil will continue to impact key production and supply chains,as well as close off markets Navigation of the complicated valuation environment given high dry powder levels yet materially slowing business conditions Still-intense competition for talent even amid an increasingly choppy labor market Challenging technical frontiers advancing that require implementation across product and service suites,e.g.,cybersecurity concern ratcheting up further“2022 ended with the VC market globally still weathering quite the storm of challenges from rising interest rates,depressed valuations,and the lack of IPO exits to the ramifications of the ongoing geopolitical issues.But there were some bright spots.Soaring energy costs sparked a significant uptick in VC investment in new energy alternatives,electric vehicles,and cleantech.Regtech and business productivity also saw strong VC investment in Q422,along with cybersecurity and defence.Heading into 2023,the acceleration of investment in energy alternatives is particularly exciting as such investment is critical for meeting the worlds climate change targets.”Jonathan Lav