PitchBook年一季度电子商务风险投资趋势（英）

EMERGING TECH RESEARCHE-Commerce VC TrendsVC activity across the e-commerce ecosystemQ12025REPORT PREVIEWThe full report is available through the PitchBook Platform.CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 2ContentsQ1 2025 E-Commerce VC TrendsInstitutional Research GroupAnalysisEric Bellomo Senior Research Analyst, E-commerce and Gaming eric.bellomo@pitchbook.comDataHarrison Waldock Data Analystpbinstitutionalresearch@pitchbook.comPublishingReport designed by Megan Woodard and Chloe LadwigPublished on May 29, 2025E-commerce landscape3E-commerce VC ecosystem market map4VC activity5E-commerce VC deal summary24For previous updates as well as our complete e-commerce research, please see the designated analyst workspace on the PitchBook Platform.CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 3Q1 2025 E-Commerce VC TrendsE-commercelandscapePrepurchasePurchase venuePurchase mediumPostpurchaseHorizontal platformsCONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 5Q1 2025 E-Commerce VC TrendsVC activityDeal and exit activityDeal activity rebounds in Q1, but a longer-term plateau persistsIn Q1 2025, e-commerce enablement VC deal activity outperformed Q4 2024 levels in both deal count (up 14.5%) and value (up 7.1%). The 134 transactions closed marked the highest deal count since Q1 2023, and the $2.9 billion invested was the highest deal value since Q4 2023 ($3.2 billion). The past nine quarters represent a new steady state in e-commerce, averaging $2.4 billion across 119 rounds, albeit with pressure to the downside. Looking at the broader trend, the 2014 to 2019 period marked a steady upward trajectory for e-commerce investment; a crescendo during the COVID-19 pandemic pulled forward digital commerce demand; and now, the 2023 to 2025 window reflects a plateau and a modest retreat in investor enthusiasm. For the remainder of 2025, we expect deal activity to remain flat until greater clarity is reached regarding the macroeconomic landscape.Tariffs introduce near-term spending frictionIn the near term, the impact of tariffs on B2B software-as-a-service (SaaS) spending may remain unsettled. Wide-ranging tariffs can increase prices, adversely impact shopper purchasing decisions, and erode merchant margins. Downstream, this could affect technology investment decisions as brands face tightening capital constraints. Merchants will form two camps: those that embrace austerity, pause all in-flight purchasing decisions, and seek to rein in costs; and those that lean into operational efficiency and enablement Source: PitchBook • Geography: Global • As of March 31, 2025E-commerce VC deal activity$3.3$4.0$5.2$9.9$12.3$17.3$44.3$29.5$9.9$9.1$2.93694234845726967141,12894549943613420152016201720182019202020212022202320242025Deal value ($B)Deal countSource: PitchBook • Geography: Global • As of March 31, 2025E-commerce VC exit activity$4.4$0.1$1.5$10.4$2.6$5.5$30.5$5.2$13.4$4.9$0.67212182222736048671920152016201720182019202020212022202320242025Exit value ($B)Exit countCONFIDEN