2024美国升级版生态系统报告（英文版）

TheUSScaleupsEcosystem Report–2024 June2024 Foreword Page/2 "TheUnitedStateshaslongbeenregardedasthefrontierwhereinnovatorsandentrepreneursthrive––andthathasnʼtwavered,evidentbythenearly20,000scaleupsfoundedorheadquarteredinthecountry.Inthisreport,weʼvetakenacloserlookatscaleupsintheUS. Ascaleupisacompanythathasprovenaproduct-marketfitandarepeatablebusinessmodel.Atthatstage,thesecompaniesfocusonmassivelyacceleratingandexecutingtheirbusinessplanmorethandefiningit. WedefinescaleupsascompaniesbeyondstartupstagethatareintheirSeriesA,B,orC+fundingroundsorhaverecentlyIPOʼd.They'realsocompaniesthatraisedmorethan$15millionintotalventurecapitalinvestmentand/orcompaniesthatreached$1billioninvaluationorexitedat$1billion. Venturecapitalistspoured$145billionintoUScompaniesin2023.Thecountryisalsothetopconverterofunicornstodecacorns.ThatʼsnottomentionthecountlessopportunitiesinnumerouscitiesacrosstheUSforscaleups. WiththehelpofDealroom,ourgoalistoprovidecontextaboutwhatmakestheUSscaleupsecosystemsodominant: ●Whatarethecharacteristicsthatallowscaleupstothrive? ●Whereistotalscaleupsfundingheadingin2024andbeyond? ●Isartificialintelligencethenewsafestbetforventurecapitalistsʼinvestments? WealsotakeadeeperdiveintotheriseofAIandlookatsubindustrieswiththelargestpotential––andthemostfunding. Ourteam,GROWwithSAPforscaleups,isdedicatedtoprovidingscaleupcompanieswiththetools,services,andsolutionstheyneedtocontinuegrowing.Wehelpcompaniesscaletheirbusiness,boostoperationalefficiencies,andexpandwithconfidence–allthroughourSaaSplatform.Backedbybestpractices,itcanhelpyoumanagecorebusinessfunctionslikefinance,accounting,operations,humanresources,andtravelexpenses. Withthismissioninmind,wecreatedthereportforscaleupleaders,investors,employees,andotherstakeholders. Thisisaninteractivereport,withlinkstodatasourcessharedthroughout.Thisgivesyouanopportunitytocut,slice,anddicethedataforyourownscaleupneeds. Thanksforreading.Letʼsdivein!" RomainGauthier Founder-GROWwithSAP Whatyouneedtoknow. TheUSdominateslate-stageoutcomes. TheUSattractsover60%oflatestagefundingandhas60%+ofallunicorns,whileaccountingformostoutlierswhichachievedmassivevaluationwithlimitedfunding. Itisalsothetopgeographyforconversiontounicornanddecacorn. TheUSisthetopgeographybynumberofscaleups. Successalsobreedsfurthersuccess:hundredsofstartupshavespunoutfromsomeofthemostnotableUSscaleups. Outsideitshomemadesuccesses,manyscaleupsmovetotheUSinordertoscale. 10%ofallUSUnicornswerefoundedabroad,amongwhich40%inEuropeand40%inIsrael. WedefineScaleupsas Companieswhichraisedabove $15MintotalVCinvestmentand/or ScaleupsareincreasinglygeographicallydistributedacrosstheUS. Onaverage,theUSisbackto2018levelsforVCinvestmentraised,butVCfundingisrisingagainin2024. TheBayAreastilldominateslargeoutcomesbutNY,BostonandLAareonafastergrowthtrajectorySomerisingecosystemssuchasPittsburgh,Denver,WashingtonDCandMiamiaregrowingalotfaster. GenAIandClimatetecharesomeofthetopfundedfrontiertechsegments. 25%ofallUSVCinvestmentwenttoAI-firstcompaniesin2023,mostlydrivenbyGenAI.Thispercentagehasneverbeenthishigh. ClimateTechVCfundinginsteaddropped58%in2023,despiteIRAheadwinds.EnergyandmobilitydominatedVCfundingwithEVBatteryrecycling,SolarEnergyandGreenHydrogenproduction. companieswhichreached$1Bvaluationorexitatonepointintime(unicornsand$1Bexits). Thesearecompanieswhichcurrentlymaintaintheirmaincenterofbusiness(HQ)intheUS,orwerefoundedintheUSandrelocatedoutsideofthecountry. Page/3 2Ecosystemtoday 3Frontiertech(AI&Climatetech) 1Ascalingpowerhouse Page/4 Entrepreneurshiphasspreadoutgloballyatearlierstages. ButtheUSkeepsattractingover60%oflatestagefundingandrecovereddominanceinrecentyears. Page/5 USshareofVCinvestmentbystage —Startup>$0-$15M—Breakout$15-$100M—Scaleup$100M SourceDealroom.co TheUSdominateslargeoutcomes.Itsglobalsharerosefrom50%to85%from<$250Mvaluationtocentacorns. TheBayAreahasadisproportio- -natedominanceintheUS. Page/6 Combinedenterprisevalueofallpublic&privatetechcompaniessince1990bylocation ▊BayArea▊RestofUSA▊UnitedKingdom▊RestofEurope▊Israel▊India▊China▊RestofAsia▊RestofWorld SourceDealroom.co LookingatVC-backedcompanies, theUShostslessthan40%ofearly-stagestartups,but55%ofallunicornsand60%+ofdecacornsandcentacorns. Page/7 NumberofVC-backedcompaniesbylocation. ▊BayArea▊RestofUSA▊UnitedKingdom▊RestofEurope▊Israel▊India▊China▊RestofAsia▊RestofWorld SourceDealroom.co Efficiency:fundingvsvaluation Despitelargefundingavailability,theUShasthemostoutliersofmassivevaluationwithlimitedfundingraised. Page/8 Scatterscaleupsfundingvs.Valuation($100M+totalfundingandvaluation) ◆Asia⬤EMEA⬤NorthAmerica SourceDealroom.co TheUSisthetopgeographyforconversiontounicornanddecacorn. %ofVC-backedstartupsthatbecomeunicorn%ofVC-backedstartupsthatbecomedecacorn ExcludingcompanieswhichrelocatedtotheUS,Israelwouldbe6that2% ExcludingcompanieswhichrelocatedtotheUS,Israelwouldbe7that0.09% Page/9 Source:Dealroom.co USconversionfunnelforVC-backedstartups. Prefundingcompanies VCbackedcompanies $1B+companiesfounde