2024年第四季度全球风险投资分析报告

Global analysis of venture fundingJanuary 15, 2025 Welcomemessage Welcome to the Q4’24 edition ofVenture Pulsethe KPMG PrivateEnterprise’s quarterly report highlighting the key trends, challenges,and opportunities facing the VC market globally and in keyjurisdictions around the world. While there continues to be a significant degree of global geopoliticaluncertainty, there is a feeling of cautious optimism in the VC marketheaded into Q1’25.In particular, there is growing confidence that theIPO door will open in 2025 as the level of uncertainty levels off in thewake of the US election. Already, a number of companies arepositioning for IPO exits, although it could take a quarter or two beforeIPO numbers actually materialize. AI is also expected to remain a veryhot area of investment, in addition to defense tech. Cybersecurity isalso well positioned to see increasing investment heading into Q1’25. You know KPMG. You might not knowKPMG Private Enterprise. KPMG Private Enterprise advisers inKPMG firms around the world are dedicatedto working with you and your business, nomatter where you are in your growthjourney—whether you’re looking to reachnew heights, embrace technology, plan foran exit, or manage the transition of wealthor your business to the next generation. 2024 was a particularly challenging year for the global VC market.Geopolitical conflicts and tensions, high interest rates, concerns aboutvaluations, the extended exit drought, and significant elections in anumber of major jurisdictions kept uncertainty very high throughoutmuch of the year. VC investors continued to be very selective withtheir investments, focusing primarily on later stage deals andcompanies with clear paths to profitability. In this quarter’s edition of Venture Pulse, we examine these andanumber of other interesting global and regional trends, including: •The extraordinary level of interest and investment in AI•The fall-off in VC investment at Angel and Seed stages•The growing optimism for exits heading into Q1’25•The increasing focus on defense tech The first three quarters of the year saw subdued levels of VCinvestment across the Americas, Europe and Asia. Q4’24, however,saw global VC investment rebound to a seven-quarter high. Thisuptick was driven in large part by eight $1 billion+ megadeals, whichtogether accounted for over $36 billion in investment. AI-focusedcompanies attracted the vast majority of these investments, includingUS-based Databricks ($10 billion), OpenAI ($6.6 billion), xAI($6 billion), Waymo ($5.6 billion), Anthropic ($4 billion), and UK-basedGreenScale ($1.3 billion). Conor MooreGlobal Head, KPMG PrivateEnterprise, KPMG International &PartnerKPMG in the US We hope you find this edition of Venture Pulse insightful. If you wouldlike to discuss any of the trends or results in more detail, please contacta KPMG advisor in your area. Francois ChadwickPartnerKPMG in the US At a regional level, the Americas saw VC investment rise significantlyin Q4’24, reaching a high not seen since Q2’22; Europe also saw VCinvestment rise quarter-over-quarter, although the total remainedrelatively subdued compared to historical trends. The VC market inAsia remained very soft, with VC investment falling to record lows. Lindsay HullSenior Director, Emerging GiantsGlobal Network, KPMG PrivateEnterpriseKPMG International #Q4VC Contents Global US •VC investment rises to $108.6 billionacross 7022 deals•Valuations rebound for latestage deals•Enterprise software and healthcarerobust•M&A remains biggest exit route•8 of top 10 deals in US •VC deal value surges to $74.6 billion across 2859 deals•Median deal size for D+ rises dramatically in 2024•First-time VC invested resurges•Fundraising by VCs falls short of 2023 totals•LPs continue to focus on follow-on funds Asia 34 Americas •VC investment falls to$12.8 billion across 1977 deals•Median deal sizes enter apotential plateau YoY•Valuations remain muted for2024•Investment in security anddomestic consumption remainrobust•Fundraising cycle hits a newannual low•Top ten deals spread among4 countries •VC-backed companies reach$78.7 billion across 3178 deals•Bumper quarter for VC investment•Median deal sizes rise for D+rises YoY•Canadian deal value has anotherbig quarter•Surges powered by megadeals•Software investment dominate top10 deals Europe •Investment strengthens slightly in Europe reaching $15.7 billion•D+ valuations regain ground YoY•Corporate VC participation remains steady•UK rebounds after slow Q3•Fundraising rallies to near 2023 levels•Top 10 deals spread among 7 countries Globally,inQ4’24VC-backedcompaniesraised$108.6billionacross7,022deals VCinvestmentgloballyrisestoseven-quarterhighasAIinterestskyrockets Americas attracts lion’s share of VC investment, as investment in Asia slumps As election uncertainty stabilizes, cautious optimism takes hold 2024 was a year packed with elections, from the European Union parliamentary elections to majorelections in the U