风投脉搏, 2017年第一季度.pdf

1#Q1VC© 2017 KPMG International Cooperative (“KPMG International”). KPMG International provides no clientservices and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.Global analysis ofventure funding11 April 20172#Q1VC© 2017 KPMG International Cooperative (“KPMG International”). KPMG International provides no clientservices and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.Welcome to the Q1’2017 edition of KPMG’s Venture Pulse Report, highlighting the current trends, opportunities and challenges faced by the venture capital (VC) market, both globally and in key regions around the world. This edition takes a close look at some of the key events in the first quarter and anticipate trends and opportunities in venture capital investing for the remainder of the year.Caution tempered investor activity throughout Q1, continuing the trend from Q4’16. Global investor activity remained steady, if down from the highs seen in 2015 and 2016, with numbers buoyed by large deals in the US and Asian markets. The total number of deals continued to decline.The first quarter saw a continued focus on safer bets, resulting in longer decision cycles and increased attention on late-stage deals in most markets worldwide. In a related trend, Q1 has seen a continued concentration of capital in a smaller number of large VC funds, especially in the US and Europe, as investors reduce their risk exposure by focusing on a broader range of investments over a long fund lifespan. Angel and seed investment remained down in most global markets, with new startups needing to demonstrate more than a visionary idea to gain investor backing.Despite continued lows, there are positive signs for a turnaround in coming quarters. A significant buildup of dry powder in Asia and the US, coupled with signs that the US IPO market may be opening, bode well for activity during the rest of the year. Increasing clarity on global issues, such as Brexit negotiations following the triggering of Article 50, potential US tax reform and the state of China’s economy should also begin to strengthen investor confidence.This edition takes a closer look at these and other global and regional trends in this quarter’s Venture Pulse, including:― Hot sectors, including deep tech, fintech and Internet of Things (IoT)― US investors’ impact in Latin America ― The effects of the Chinese government’s shifting priorities― The opportunities of the growing medtech subsector, especially in the US and Europe.We hope you find this edition of the Venture Pulse Report insightful. If you would like to discuss any of the results in more detail, please contact a KPMG adviser in your area.© 2017 KPMG International Cooperative (“KPMG International”). KPMG International provides no clientservices and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.Dennis FortnumGlobal Chairman, KPMG Enterprise, KPMG InternationalBrian HughesCo-Leader,KPMG Enterprise Innovative Startups Network, Partner, KPMG in the USArik SpeierCo-Leader,KPMG Enterprise Innovative Startups Network, Partner,KPMG in IsraelYou know KPMG, you might not know KPMG Enterprise. KPMG Enterprise advisers in member firms around the world are dedicated to working with businesses like yours. Whether you’re an entrepreneur looking to get started, an innovative, fast growing company, or an established company looking to an exit, KPMG Enterprise advisers understand what is important to you and can help you navigate your challenges — no matter the size or stage of your business. You gain access to KPMG’s global resources through a single point of contact — a trusted adviser to your company. It’s a local touch with a global reach. 4Summary 6Global Americas 3349US72Europe101Asia© 2017 KPMG International Cooperative (“KPMG International”). KPMG International provides no clientservices and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.4#Q1VC© 2017 KPMG International Cooperative (“KPMG International”). KPMG International provides no clientservices and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.Activity decreases again, yet total VC invested enters a plateauGlobally, venture capital activity slid for the fourth consecutive quarter, from 3,201 completed financings in the final quarter of 2016 to 2,716 in Q1'17, representing a decrease of 15.2%. Across the same timeframe, however, total capital invested resurged, as $23.8 billion was invested in Q4 2016 and close to $27 billion in the first quarter of 2017. As the median transaction size worldwide has either steadily ramped up or stayed flat over those same 2 quarters, it is clear that investors’ appetite for cutting deals did not wane, nor did the supply of capital available to deploy but, rather, they grew more cautious. Activity across the Americas variesThe Americas sa...