2021年第四季度风险投资报告

PitchBook Venture Monitor Q42021 Inpartnershipwith Insperity nvca CapitalinvestmentinUS Publiclistingsrecordabanner AnnualVCfundraisingtops startupsnearlydoublesyear year,unlockingmorethan $100billionforthefirsttime overyearto$330billion. $680billioninexitvalue. onbackofelevatedreturns. Page5 Page27 Page29 ThedefinitivereviewoftheUSventurecapitalecosystem PitchBook. nvca Insperity Credits&contact PitchBookData,Inc. NIZARTARIUNISeniorDirectorInstitutionalResearchGEditorial DYLANCOX,CFAHeadctPrivateMarketsRestarch RE5EARCH CAMERONSTANFIIL,CFASeniorAnalyst,VCKYLESTANFORD,CAIASeniorAnalyst,VCJOSHUACHAO.Ph.D.5eniorAnalyst,VC pbinstituticealrestarchepitchbaok.com Contents DATA 5USANHUDataAnalyst Report&coverdesignbyDREWSANDERSand Executivesummary3 JOEY5CHAFFER NVCApolicyhighlights NatlonalVentureCaplitalAssociatlon(NVCA) 4 BOSBYFRANKLINPresident&CEO MICMAELCHOWResearchDirector,NVCA,and Overview5VentureForward Angel,seed,andfirstfinancings SABRINAFANGVicePresidentofCommunicationsandMarketing Early-stageVC9 ROBINCEPPOSCemmunicatioinsManager Late-stageVC11 ContactNVCA nvc8.org Regionalspotlight15 nvcaginvca.org Insperity Dealsbysector16PAULJ.SARVADIChsirmanandCEO Insperity20 LARRYSHAFFERSeniorVicePresident,MarketinjandBusinessDevelopment Venturedebt22 RANDYFISHERSeiorStrstegyManager,Marketing2dBusittssDevelopmen Femalefounders23ContactInsperity Nontraditionalinvestors25 Exits27 Fundraising29 Q42021leaguetables31 2021leaguetables32 Methodology33 Ncte:ThisreportwasvpdstedonJanuoryi4,2022tocccourtfersnerrerindeercote. Q42021PITCHEO0K-NVCAVENTUREMONITOR Inperity.com/capitalgronth capitalgrowthginperity.cm PitchBook. nvca Insperity Executivesummary 2021beganwithabanginVCactivityandendedinspectacularfashion,producinganotherrecord-settingyear.Whilenanywerebullish ontheindustryatthestartof2021.possiblynoonepredictedhowremarkabletheyearwouldprovetobe. U5VC-backedcompaniesraised$329.6billionin2021,nearlydoublethepreviousrecordof$166.6billionraisedin2020.Investment activity(measuredinbothtotaldollarsinvestedandtotaldealcount)forseed&angel,early-,andlate-stagecompanlesallhitrecords,as (sized$100millionormore).Totaldealcountalsoincreasedsubstantiallytoanestimated17,054dealsin2021(upfrom12,173in2020), buttheIncreaselndealcountdidnotmatchthepaceofthesurgeInadditionalcapital,continulngthetrendofincreasingdealslzes. Exitswereahugepartofthestoryof2021,withapproximately$774.1bilioninannualexitvaluecreatedbyVC-backedcompaniesthat atestamentnotonlytothefavorableconditionspresentedbyrobustpublicmarketsandstrongvaluations,butalsototheavailabilityof SPACsasanacceptableandpopularalternativetoIPOs.ThatVC-backedcompanieswereabletogeneratesuchenormousexitvaluein backedcompaniestoUSpublicmarketsItisimportanttonotethatthestrongIPOactivityforVC-backedcompaniesin2021wasaresult ofearly-stageinvestmentfrominvestorsthatinmanycasesfirstpartneredwiththefounders1O+yearsago.Thosecompanieshavescaled Whatpartlymakes2021'sVCindustryactivitysoremarkableisthatthepandemiccontinueddespitewidespreadavailabilityofvaccines andanationalvaccinationcampalgn.Atthestartof2021,manyInvestorspredlictedthattheworldwouldhavereturnedtopre-pandemic waysbeforeyear-end,butanever-evolvingvirusandnewvariantsofconcernpreventedthoseforecastsfromcomingtrue,Whilesome Investorstocontinuedoingbusinessandappearheretostay,regardlessofthepanclemlc'sfuturetrajectory. Impactingsomehardwarecompaniesabilitytomanufacture,butsupplychainconstralintsareslowingsomecompanies'abllitytocreate productacrossvirtuallyallsectors,Workershortagesandthewarforskilledtalentarealsobeingfeltbroadlyandpushingupexpenses throughsalaryincreases.Theupwardpressureonlaborcostsissomewhatoffsetbythenewparadigmofremoteworkandtheassociated reducedrevenuesformostVC-backedcompanies,sincepricescanlargelyberaisedwithoutconsequenceinthecurrentinflationaryenvironment. TheQ4dataalsohighlightsthetaleofnontraditionalinvestorparticipationintheVCindustryoneofthebigstoriesoftheyear.In2021, $253.5billionindealvaluehadnontraditionalinvestorssuchascorporateVCfunds,hedgefunds,PEfirms,andsovereignwealthfunds participate(76.9%oftotalannualdealvalue),anddealsworth$138.9billionwereledbyatleastonenontraditionalinvestor(42.1% oftotalannualdealvalue).WhileinterestinVCbyinvestorstypicallyfocusedonotherassetclassesgenerallyoccurswheneverVC outperforms,suchinterestisusuallytranslentinnature.ItIsnotclearthatsuchisthecasethisgo-around,andcertainnontraditional investorsmaybeheretostay. Lookingto2022,nontraditionalinvestorinterestandmomentumwilllikelycontinue,partlyduetothecontinuedstrongoutperformance ofVCportfolios.Atthesametime,traditionalVCinvestorsareflushwithcapitaltodleploy:VCfundraisingtopped$100billionin2021 forthefirsttimeever,with$128.3billionraisedacross730funds$40bilionmorethan2020'spreviousrecordhigh.Thegoodnews companies.Thecohortofcompaniesraisingearly-stagefundlingin2022andtheenvironmentunderwhichtheywillscaletheirbusinesses overthecomingyearswilldeterminethelongevityandstrengthoffutureexitactivity. Q42021PITCHBO0K-NVCAVENTUREMON