Venture Capital Activity in 2017

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Venture Capital Activity in 2017 VENTURE CAPITAL ACTIVITY IN 2017 Exclusive extract from the 2018 Preqin Global Private Equity & Venture Capital Report VENTURE CAPITAL ACTIVITY IN 2017 CONTENTS p3 Venture Capital Fundraising p4 Venture Capital Fund Managers p5 Venture Capital Performance Benchmarks p7 Venture Capital Deals p9 Deal Flow by Stage and Industry p10 Venture Capital Exits p11 Industry Focus: Internet p12 Industry Focus: Software p13 Industry Focus: Telecoms p14 Largest Venture Capital Deals and Notable Exits $55bn 11,145 21 Amount raised by the 417 venture Number of venture capital deals* Number of $1bn+ venture capital capital funds that closed in 2017. announced or completed globally deals* in 2017, up from 15 in 2016. in 2017, valued at a record $182bn. PREQIN’S VENTURE CAPITAL DATA AND INTELLIGENCE Preqin tracks all aspects of the venture capital industry, with comprehensive data on institutional investors, fundraising, fund managers, fund terms and conditions, fund performance, deals and exits, service providers and more. Our dedicated teams of analysts are strategically placed in key industry centres across the globe, ensuring our venture capital data is up to date and of the highest quality. Preqin’s platform can be used to: ■ Identify potential LPs for funds and use as a powerful investor relations and fund marketing tool. ■ Conduct market analysis and track trends in the private equity asset class. ■ Carry out competitor analysis. ■ Conduct due diligence on fi rms, with net-to-LP returns showing how well individual fund managers have performed over time. Get in touch today to fi nd out how Preqin’s venture capital data can help you: www.preqin.com/venturecapital *Figures exclude add-ons, grants, mergers, secondary stock purchases and venture debt. 2 © Preqin Ltd. 2018 / www.preqin.com EXCLUSIVE EXTRACT FROM THE 2018 PREQIN GLOBAL PRIVATE EQUITY & VENTURE CAPITAL REPORT VENTURE CAPITAL FUNDRAISING n 2017, 417 venture capital funds reached from Teacher Retirement System of of Europe-focused vehicles has increased Ia fi nal close, securing an aggregate $55bn Texas and San Francisco Employees’ each year since 2014 and stands at a record in capital (Fig. 1). Despite a 27% decrease Retirement System. $123mn for funds closed in 2017. China- in the number of funds closed compared ■ Rocket Internet’s debut fund, Rocket focused funds raised $10bn and formed with 2016, aggregate capital raised remains Internet Capital Partners Fund, was the the majority (57%) of Asia-focused funds to near the $48bn 10-year average for venture largest Europe-focused fund closed in reach a fi nal close. capital funds (2008-2017). the year ($1bn). ■ Seventy-eight percent of funds closed OUTLOOK Key Findings: in 2017 achieved 100% or more of There are a record 1,249 venture capital ■ Over half (52%) of the capital raised by their target size, the largest proportion funds in market targeting an aggregate venture capital funds closed in 2017 on record for 2008-2017 (Fig. 3). $138bn in capital, with $38bn already was secured by generalist vehicles, secured via interim closes. Venture capital followed by early stage (32%) and GEOGRAPHIC FOCUS is likely to remain a robust part of private expansion/late stage (16%) funds. North America-focused funds accounted equity fundraising throughout 2018, with ■ New Enterprise Associates 16, a US- for more than half of funds closed (53%) 26% of investors planning to increase focused early stage vehicle, was the and capital raised (55%) in 2017, with their allocations to the strategy according largest fund closed in 2017, securing the majority (58%) of capital raised by to Preqin's December 2017 investor $3.3bn with headlining commitments California-focused funds. The average size interviews. Fig. 1: Annual Venture Capital Fundraising by Primary Fig. 2: Aggregate Capital Raised by Venture Capital Funds by Geographic Focus, 2008 - 2017 Fund Type, 2008 - 2017 80 569 600 80 541 554 550 70 3 70 464 469 458 500 439 Closed ofFunds No. 60 60 414 2 21 417 450 3 1 4 400 34 50 342 2 50 17 350 12 2 17 9 14 32 40 300 40 32 29 28 7 33 33 10 15 6 7 250 30 1 2 30 29 13 7 200 2 3 16 8 6 10 5 18 9 20 5 39 150 20 16 8 5 3 34 7 29 31 30 100 10 3 6 Aggregate Capital Raised ($bn) 25 Aggregate Capital Raised ($bn) 10 24 10 17 20 4 5 19 18 15 16 50 14 13 12 16 7 8 10 0 0 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Year of Final Close Year of Final Close North America Europe Asia Rest of World No. of Funds Closed Early Stage Expansion/Late Stage Venture Capital (All Stages) Source: Preqin Venture Capital Online Source: Preqin Venture Capital Online Fig. 3: Venture Capital Funds Closed by Proportion of Target Size Fig. 4: Aggregate Capital Targeted by Venture Capital Funds in Achieved, 2008 - 2017 Market by Industry (As at January 2018) 100% 3% 9% 9% 11% 10% 80 74.4 90% 8% 15% 16% 15% 16% 21% 70 17% 80% 17% 11% 13% 20% 125% or More 60 31% 17% 23% 21% 70% 17% 50 101-124% 60% 31% 31% 31% 40 36% 32% ($bn) 30 27.0 50% 33% 100% 35% 38% 16.1 40% 41% 20 42% 8.0 50-99% 10 4.6 4.5 3.1 30% Aggregate Capital Targeted 33% 31% 33% 28% 30% 0 26% Less than 50% Proportion of Funds Closed 20% 22% 20% 10% 19% 16% Other 9% 11% 10% 13% 9% 9% 6% 5% 3% 0% Cleantech Diversified Healthcare Technology Consumer Information Discretionary Communications Year of Final Close & Media Telecoms, Source: Preqin Venture Capital Online Source: Preqin Venture Capital Online 3 VENTURE CAPITAL ACTIVITY IN 2017 VENTURE CAPITAL FUND MANAGERS Fig. 5: Venture Capital Fund Managers by Number of Funds Fig. 6: Number of Active Venture Capital Fund Managers by Raised Location Headquarters No. of Firms US 1,199 8% China 368 9% UK 94 1 Fund India 89 2-3 Funds South Korea 76 Canada 66 53% 4-5 Funds Japan 66 31% 6 or More Funds France 63 Singapore 50 Spain 48 Source: Preqin Venture Capital Online Source: Preqin Venture Capital Online Fig. 7: Venture Capital Fund Managers by Investment Stage Fig. 8: Venture Capital Fund Managers’ Industry Preferences for Preference Underlying Investments 80% 90% 71% 79% 70% 80% 61% 70% 60% 58% 56% 60% 53% 50% 50% 47% 50% 44% 40% 40% 35% 33% 30% 22% 30% 20% 18% 20% 20% Proportion of Firms 10% 5% Proportion of Firms 10% 0% 0% Investment Stage Preference Industry Preference Source: Preqin Venture Capital Online Source: Preqin Venture Capital Online Fig. 9: Largest Fund Managers by Total Capital Raised for Venture Capital Funds in the Last 10 Years Total Venture Capital Raised Total Estimated Venture Firm Headquarters in Last 10 Years ($bn) Capital Dry Powder ($bn) China Reform Fund Management Beijing, China 20.2 13.8 New Enterprise Associates Menlo Park, US 11.5 3.6 Tiger Global Management New York, US 10.5 2.3 Sequoia Capital Menlo Park, US 9.5 1.4 DST Global Hong Kong 7.2 1.6 Kleiner Perkins Caufi eld & Byers Menlo Park, US 7.0 1.8 Andreessen Horowitz Menlo Park, US 6.2 2.2 Deerfi eld Management New York, US 6.0 0.9 Accel Partners Palo Alto, US 4.9 1.8 Lightspeed Venture Partners Menlo Park, US 4.7 1.4 Source: Preqin Venture Capital Online 4 © Preqin Ltd. 2018 / www.preqin.com EXCLUSIVE EXTRACT FROM THE 2018 PREQIN GLOBAL PRIVATE EQUITY & VENTURE CAPITAL REPORT VENTURE CAPITAL PERFORMANCE BENCHMARKS FUND STRATEGY: Venture Capital GEOGRAPHIC FOCUS: All Regions AS AT: 30 June 2017 Median Fund Net Multiple Quartiles (X) Net IRR Quartiles (%) Net IRR Max/Min (%) No. of Called Dist (%) Value Vintage Q1 Median Q3 Q1 Median Q3 Max Min Funds (%) DPI (%) RVPI 2017 7 13.1 0.0 91.5 n/m 0.91 n/m n/m n/m n/m n/m n/m 2016 36 27.8 0.0 95.9 1.00 0.96 0.78 n/m n/m n/m n/m n/m 2015 26 51.3 0.0 103.2 1.22 1.04 0.86 n/m n/m n/m n/m n/m 2014 26 65.8 0.0 107.2 1.38 1.13 1.01 17.4 6.8 1.9 73.5 -13.1 2013 27 90.0 3.0 120.5 1.67 1.32 1.21 24.0 15.8 9.9 93.4 -21.8 2012 14 91.3 9.2 104.7 1.90 1.52 1.09 26.6 14.0 4.6 65.9 -11.3 2011 20 92.4 32.5 117.7 2.27 1.92 1.39 36.1 22.8 12.1 87.7 -13.6 2010 17 96.9 39.9 100.0 1.97 1.40 0.98 19.8 14.0 1.1 51.2 -1.3 2009 13 97.3 67.6 110.7 1.91 1.62 1.33 18.5 11.8 9.3 35.3 6.4 2008 24 97.4 70.9 66.5 2.18 1.36 1.06 23.0 8.3 1.2 51.6 -32.6 2007 28 100.0 80.9 53.0 1.88 1.45 0.93 15.0 7.9 -0.3 37.8 -66.7 2006 37 100.0 77.8 31.4 1.75 1.46 1.01 11.7 7.3 0.4 45.0 -25.1 2005 33 100.0 108.5 11.4 1.73 1.27 0.90 14.5 4.7 -2.0 104.9 -38.2 2004 21 100.0 89.0 0.0 1.84 1.05 0.73 15.1 3.1 -2.1 86.0 -79.2 2003 24 100.0 89.8 0.0 1.40 1.09 0.41 11.6 1.5 -8.7 35.1 -24.0 2002 26 100.0 97.2 0.0 1.57 1.12 0.63 13.7 3.9 -7.4 42.8 -47.2 2001 50 100.0 101.9 0.0 1.51 1.07 0.60 9.7 2.3 -6.5 28.0 -26.0 2000 71 100.0 84.5 0.0 1.20 0.89 0.46 5.8 -1.0 -7.7 52.9 -40.0 1999 56 100.0 65.5 0.0 1.20 0.66 0.36 6.3 -4.8 -13.5 154.7 -43.4 1998 63 100.0 124.0 0.0 1.68 1.24 0.62 16.1 7.9 -7.0 514.3 -71.8 1997 74 100.0 168.3 0.0 3.44 1.69 1.12 77.4 31.9 6.2 267.8 -30.0 1996 35 100.0 166.9 0.0 2.60 1.67 1.14 29.6 15.8 4.4 59.9 -19.9 Source: Preqin Venture Capital Online Fig.
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