Venture Capital Report
[Pages:21]Venture Capital Report
U.S. | 3Q | 2018
VENTURE CAPITAL REPORT
VENTURE CAPITAL REPORT
The following report presents Dow Jones VentureSource's quarterly findings for U.S. venture capital fundraising, investment, valuation, and liquidity. The included charts and graphs offer a comprehensive view of the trends currently affecting the venture capital market. Highlights for 3Q 2018 include: ? U.S. venture capital fundraising decreased during 3Q 2018, both in terms of funds raised and number of closings, but the level of activity is still
considerable when compared with the same quarter last year. ? Venture capital investment in U.S. companies hit an all-time record, eclipsing the dot-com bubble peak by 17%. ? Both the number of IPOs and M&A deal values decreased compared to the previous quarter.
VENTURE CAPITAL REPORT 2
VENTURE FUNDRAISING DECREASES IN U.S. DURING 3Q 2018
FUNDRAISING
148 venture capital funds collected $12.81 billion in 3Q
200
2018, which represents a 27% decrease in the amount
raised from the prior quarter and a 9% drop in the number
160
of funds.
Insight Venture Partners X LP, a venture capital fund that
120
closed at $6.3 billion, was the largest of 3Q 2018, raising
$2.69 billion in its final closing, which accounted for 21% of
80
the total VC financing raised during the quarter.
40
U.S. VC Fundraising (2015?2018) Based on multiple closings
$20.00 $16.00 $12.00 $8.00 $4.00
0
$-
3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 3Q'18
Amount Raised ($B) $5.76 $9.15 $14.35 $11.91 $8.79 $9.58 $8.20 $14.38 $9.85 $5.65 $9.00 $17.61 $12.81
Number of Funds 78 104 131 119 117 149 174 160 120 142 148 162 148
VENTURE CAPITAL REPORT 3
LARGEST VC FUND CLOSINGS IN 3Q 2018
FUNDRAISING
Firm Name
Fund Name
Amount ($M)
City
Insight Venture Partners
Insight Venture Partners X LP
$2,689.79
New York
Lightspeed Venture Partners
Lightspeed Venture Partners Select III LP
$1,050.00
Menlo Park
Foundry Group LLC
Foundry Group Next 2018 LP
$750.00
Boulder
Lead Edge Capital Management LLC
Lead Edge Capital IV LP $520.00
New York
Ribbit Capital LP
Ribbit Capital V LP
$420.00
Palo Alto
State
Offering Status
Fund Type
Fund Category
NY
Closed
Multi-stage venture capital
Venture Capital
CA
Closed
Late-stage venture capital
Venture Capital
CO
Closed
Multi-stage venture capital
Venture Capital
NY
Closed
Multi-stage venture capital
Venture Capital
CA
Closed
Early-stage venture capital
Venture Capital
Closing Type Final Final Final Final Final
VENTURE CAPITAL REPORT 4
U.S. EQUITY INVESTMENT HITS ALL-TIME RECORD
FINANCING
Equity Financings in U.S.- Based, VC-Backed Companies (2015?2018)
Investment in U.S. companies surged 14% in 3Q 2018 from $35.00
1600
the previous quarter, hitting a new record for the second
consecutive quarter. Total funding now exceeds the peak $30.00
1400
of the first dot-com bubble (1Q 2000) by 17%, although the $25.00
1200
number of deals is 26% lower compared to that era. Deal
1000
volume also fell on a quarter-over-quarter basis, dropping $20.00
8%. Median deal sizes actually decreased 14% from 2Q,
800
indicating that the jump in total funding was concentrated $15.00
600
in a handful of extremely large rounds. When compared to $10.00
last quarter, financing rose most noticeably in the
400
Business & Financial Services, Consumer Goods, and $5.00
200
Consumer Services sectors; IT and Healthcare fell slightly.
$0.00
0
3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 3Q'18
Amount Raised ($B) $23.18 $23.78 $16.33 $19.34 $19.62 $14.20 $19.49 $21.48 $23.59 $21.87 $26.87 $27.61 $31.53
Number of Deals 1308 1376 1289 1293 1349 1206 1396 1433 1376 1293 1476 1498 1377
VENTURE CAPITAL REPORT 5
EQUITY FINANCINGS IN U.S.-BASED, VC-BACKED COMPANIES, BY ROUND CLASS (QUARTER OVER QUARTER, 2015?2018)
FINANCING
Number of Deals
500
450
400
350
300
250
200
150
100
50
0 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 3Q'18
Seed
108 133 117
89 120 107 145 165 150 147 147 181 155
First
384 385 348 361 366 333 337 342 274 266 315 361 282
Second 217 234 225 233 209 189 219 201 223 179 228 221 198
Later 429 432 422 415 453 379 442 402 419 406 473 438 424
Restart 3
2
4
4
3
1
6
1
4
0
2
0
4
VENTURE CAPITAL REPORT 6
EQUITY FINANCINGS IN U.S.-BASED, VC-BACKED COMPANIES, BY ROUND CLASS (QUARTER OVER QUARTER, 2015?2018)
FINANCING
Amount Raised ($B)
$18,000.00
$16,000.00
$14,000.00
$12,000.00
$10,000.00
$8,000.00
$6,000.00
$4,000.00
$2,000.00
$0.00 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 3Q'18
Seed $126.79 $177.54 $193.61 $154.44 $163.40 $202.78 $268.47 $417.22 $347.13 $396.55 $426.15 $525.26 $488.11
First $2,855.0$3,054.1 $2,201.9 $2,367.4 $3,179.11$2,168.8 $3,447.9$3,234.8$2,263.9$3,521.9 $4,237.9$3,686.2$4,033.3
Second $3,2713.7 $3,2153.1$2,2033.9 $2,7510.1 $2,445.1$2,0453.2$4,1702.8 $3,0797.3$3,6476.5 $3,1532.0$4,8568.6$3,6315.6 $5,2988.2
Later
$14,5938.
$160,174.
$105,158.
$9,5875.3$11,6646.1
$7,7072.1
$108,083.
$12,3670.
4 $14,512.1
$12,3788.
$14,6859.
$16,5959.
$16,9886.
4
8
8
6
6
9
2
2
8
3
3
Restart $55.49 $16.20 $61.84 $41.80 $543.60 $11.00 $82.85 $11.00 $40.58 $0.00 $29.60 $0.00 $35.10
VENTURE CAPITAL REPORT 7
EQUITY FINANCINGS IN U.S.-BASED, VC-BACKED COMPANIES, MEDIAN DEAL SIZE (2015?2018)
FINANCING
Median Equity Deal Size ($M)
$8.00
$7.00
$6.00
$5.00
$4.00
$3.00
$2.00
$1.00
$0.00 Median Equity Deal Size ($M)
3Q'15 $5.00
4Q'15 $5.00
1Q'16 $4.40
2Q'16 $4.21
3Q'16 $4.50
4Q'16 1Q'17 $4.70 $5.00
2Q'17 $5.22
3Q'17 $5.03
4Q'17 1Q'18 $5.76 $6.00
2Q'18 3Q'18 $7.00 $6.00
VENTURE CAPITAL REPORT 8
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