硅谷銀行（SVB）：2910Q2市場狀況報告(英文版)(33頁).pdf

1、State of the Markets Inside Views on the Health and Productivity of the Global Innovation Economy First Quarter 2019 2 2 State of the Markets: First Quarter 2019 As Good as it Gets? With all the dire headlines, lets not forget the epic run that venture has been on. Were now approaching a full decade

2、 of compounding tailwinds, with low rates and abundant capital bringing in risk-incentivized asset managers from around the globe. Weve only just begun harvesting this decade of innovation investing. Yet some investors are left pondering: Is this as good as it gets? For starters, it appears we have

3、entered into a new era of higher volatility in public markets. Trade turmoil, anti-globalization rhetoric and fears of a slowing global economy are also giving investors pause. And the US is no longer alone in shaping the future of technology or regulating its changing landscape. But much of what go

4、t us here will take us further. After a decade of support from private markets, the caliber of IPO candidates approaching 2019 is unmatched. The unicorns of today have raised nearly 4x the historical average for venture-backed tech companies at IPO. And new opportunities continue to open for entrepr

5、eneurs, as technology takes hold in long-unaffected industries. So while acknowledging the risks coming into focus, we also know that change and disruption are inherent to the venture economy. Its what we do. No matter what the future holds, its unlikely that innovation will be stifled. Bob Blee Hea

6、d of Corporate Finance Silicon Valley Bank State of the Markets: First Quarter 2019 3 3 State of the Markets: First Quarter 2019 4 Predictions: SVBs 2019 Outlook for Venture 5 US Venture: A Decade of Capital 9 IPO Conditions: Ample Opportunities, Few Takers 14 Exit Readiness: The Unicorn Generation

7、19 Emerging Sectors: Disrupting the Old Guard 23 Global Venture: International Exits Shine 27 Geopolitical Tensions: Technology in the Crosshairs State of the Markets: First Quarter 2019 4 4 SVBs Outlook for Venture in 2019 2018 ThemesCategory2019 Prediction Deal countsat the early stages fell for a

8、nother year from their 2015 highs. Capital remained robust, however; the median Seed deal size reached $2M for the first time. Early StageEarly Stage Withoutthe robust pool of Seed-funded companies from years past, SVB anticipates another year of steady capital in the early stages, despite declining

9、 deal counts. Recordswere shattered at the later stages, with nearly 200 venture deals of $100M+ in the US in 2018. Median pre-money valuations for Series D+ crossed $300M. Late StageLate Stage 2018could well be an anomaly for mega-round activity without renewed support from SoftBank or sovereign we

10、alth funds. Expect valuations in aggregate to slide. International startups took advantage of calm markets and strong valuations to list in 2018. The US, however, still has $500B worth of unicorns on paper waiting to be realized. ExitsExits Ifthe marquee names in venture set a positive sentiment ear

11、ly, 2019could represent the tipping point between demand for private and public capital at the late stage. US venture firms secured more than $50B in committed capital, the highest total since the dot-com era. 43% went to funds of $1B+, like Sequoias $8B Global Growth III. FundraisingFundraising The

12、 velocityof US venture firms fundraising efforts foreshadows another big year for capital commitments. 2019 should top $40B, even with a decrease from 2018. Corporates participated in one-in-six US VC deals in 2018, with new CVC groups forming in old guard industries facing disruption late in the ec

13、onomic cycle. CorporatesCorporates If stock prices (and management teams) remain stable, CVCs will remain heavily involved. Look for nearly 1,000 tech venture deals to have corporate participation. Sources: PitchBook, S logos represent valuations $5B+. Sources: PitchBook, CBInsights, The Wall Street

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16、 Executive Officer (Vorstand): Gregory W. Becker, Chairman of the Board of Directors (Aufsichtsratsvorsitzender): Roger F Dunbar. Silicon Valley Bank Germany Branch is a branch of Silicon Valley Bank. Silicon Valley Bank Germany Branch with registered office in Frankfurt am Main is registered with t

17、he local court of Frankfurt am Main under No. HRB 112038, Branch Directors (Geschftsleiter): Oscar C. Jazdowski, John K. Peck. Competent Supervisory Authority: Bundesanstalt fr Finanzdienstleistungsaufsicht (BaFin), Graurheindorfer Strae 108, 53117 Bonn, Germany. Silicon Valley Bank is not authorize

18、d to undertake regulated activity in Canada and provides banking services from its regulated entities in the United States and the United Kingdom. 2019 SVB Financial Group. All rights reserved. SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, MAKE NEXT HAPPEN NOW and the chevron device are trademarks

19、of SVB Financial Group, used under license. Silicon Valley Bank is a member of the FDIC and the Federal Reserve System. Silicon Valley Bank is the California bank subsidiary of SVB Financial Group (Nasdaq: SIVB). 3232State of the Markets: First Quarter 2019 See complete disclaimers on previous page.

20、See complete disclaimers on previous page. 2019 SVB Financial Group. All rights reserved. SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, MAKE NEXT HAPPEN NOW and the chevron device are trademarks of SVB Financial Group, used under license. Silicon Valley Bank is a member of the FDIC and the Federal

21、Reserve System. Silicon Valley Bank is the California bank subsidiary of SVB Financial Group (Nasdaq: SIVB). About Silicon Valley Bank For more than 35 years, Silicon Valley Bank has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. #SVBSOTM#SVBSOTM SVB_FinancialSVB_Financial Silicon Valley Bank SVBFinancialGroup