KPMG+2023年3季度全球创业投资分析-英

Venture Pulse Q3 2023 Global analysis of venture funding October 18, 2023 © 2023 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved. 2#Q3VCWelcome messageWelcome to the Q3’23 edition of KPMG’s Venture Pulse — a quarterly report highlighting the major trends, challenges, and opportunities facing the venture capital market globally and in key jurisdictions around the world. The data and insights in this report are a look back to venture capital investment during the July 1 to September 30 time frame.Global VC investment fell to a sixteen-quarter low this quarter as the VC market continued to feel the pressure of global economic and geopolitical uncertainties, ongoing concerns about valuations and downrounds, and a protracted lack of exit opportunities. Deal speeds continued to slow as VC investors remained cautious —undertaking more due diligence related to potential deals and prioritizing companies with clear paths to profitability. VC investors also continued to focus on improving the operational efficiencies of companies within their existing portfolios.On a regional basis, the US, and Asia both experienced slight declines however European deal activity picked up somewhat, in both VC investment and the total number of VC deals quarter-over-quarter. Mega deals returned to the fold in Q3’23, led by a massive $4 billion raise by US AI startup Anthropic. The top 5 deals globally also included a $2.27 billion raise by France-based battery producer Verkor, a $1.87 billion deal by China-based GTA Semiconductor, a $1.63 billion deal by Sweden-based H2 Green Steel and a $1 billion deal by electric vehicle producer RoxMotor in China. Overall, AI-focused startups continued to attract a significant amount of attention from VC investors globally, in addition to companies in the energy, electric vehicles, and cleantech spaces.After a lengthy drought, the last few weeks of Q3’23 saw some fresh IPO activity in the US, driven by the US-based IPOs of Arm — a UK-based chip designer, Instacart — a US-based grocery delivery company, and Klaviyo — a US-based marketing automation firm. All three companies saw relatively positive results on the first day of trading, although their results in the days since have been more mixed. Q4’23 will be critical to see whether the momentum generated by these IPOs is enough to open the IPO window further, although a full rebound in IPO activity is not expected before mid 2024.Heading into Q4’23, VC investment is expected to remain relatively soft globally — although AI will likely remain a very compelling area of investment in all regions of the world. Given the acceleration in AI, additional regulation in the space will also be something to watch for in the coming quarters. In this quarter’s edition of Venture Pulse, we examine these and a number of other global and regional trends, including:•The continued softness in fundraising gl