企业SaaS风险投资趋势（中）

ContentsQ1 2025 Enterprise SaaS VC TrendsEnterprise SaaS landscapeEnterprise SaaS VC ecosystem market mapVC activityEnterprise SaaS VC deal summary 34523 CONFIDENTIAL. NOT FOR REDISTRIBUTION.PG 2Institutional Research GroupAnalysisDerek HernandezSenior Research Analyst,Enterprise SaaS and Infrastructure SaaSderek.hernandez@pitchbook.comDataNick ZambranoData Analystpbinstitutionalresearch@pitchbook.comPublishingReport designed byChloe Ladwig, Julia MidkiffandJenna O’MalleyPublished on May 14, 2025 EnterpriseSaaSlandscapeOther application softwareCustomer relationshipmanagementEnterprise resource planningSupply chain managementAnalytic platformsKnowledge management systems VC activityQ1 2025 saw the greatest number of dollars invested in enterprise software-as-a-service (SaaS)companies we have ever recorded, at $58 billion, over two-thirds of which was driven by OpenAI’s$40 billion raise on March 31. The quarter flew far beyond the 2021 peak of $42.6 billion—over36% higher—and was led by the massive investment in AI opportunities now fully gripping theinvestment landscape for enterprise SaaS.By comparison, the last peak in Q4 2021 was largely driven by federal stimulus and near-zero-percent interest rates. These pushed a growth-at-all-costs mentality and elevated SaaS valuationsto unsustainable multiples. The hangover after 2021 lasted for several years until 2024 saw aresurgence in investments, especially for the many AI opportunities that have developed. AlthoughOpenAI, Anthropic, and xAI get much of the attention, the hundreds of deals every quarter areflush with AI-native and AI-enabled solutions. We expect this trend to strengthen into 2025and beyond.Q1 2025 deal value was dominated by a single raise by OpenAI of $40 billion at a $300 billion post-money valuation. This massively exceeded (by 2.2x) the value of all the other 714 deals done in thequarter, which together amounted to $18 billion. By comparison, Q4 2024 was also uplifted by twomegadeals by OpenAI ($6.6 billion) and xAI ($6 billion), though these together were just 31.5% thesize of OpenAI’s Q1 2025 raise.Backing out the megadeals of Q1 2025 and Q4 2024, these past four quarters have beenremarkably stable despite the recent market turmoil. In reverse order (excluding megadeals), Q12025 saw 714 companies raise $18 billion, Q4 2024 saw 731 companies raise $17.5 billion, Q3 2024saw 710 companies raise $18.4 billion, and Q2 2024 saw 808 companies raise $15 billion. Despitethe flashy foundational large language model raises, we are seeing a strong and consistent flow of investment dollars into enterprise solutions addressing the everyday needs of firms aroundthe globe, including enterprise resource planning, customer relationship management, analyticplatforms, supply chains, and knowledge management systems.Exits in Q1 2025 dipped QoQ to 93, down from 111 in Q4 2024. The figure remained high comparedwith the market softness in 2022 and 2023. Meanwhile, exit value decreased QoQ to $4.9 billion,down from $10.4 billion in Q4—excluding the acquisition of Wiz, which is captured by ourcybersecurity vertical. The largest single exit was Metaphysic, which exited to DNEG, NovatorPartners, and United Al Saqer Group via LBO in February at a $1.4 billion valuation. Nonetheless,total exit value declined 52.9% QoQ. In addition, the quarter recorded 65 acquisitions, 22 buyouts,five IPOs, and one reverse merger. Given recent market disruptions, as well as the highly publicizeddelays and suspensions of several major IPOs in the past few months—such as Klarna, Circle,StubHub, Chime, and Hinge Health—we no longer believe that IPOs will rebound in 2025.Overall, exit valuation disclosures remained low—23 of 93 disclosed valuations, or 24.7%—whichwe interpret as a generally weaker environment for sellers. Without a meaningful decrease in thecost of capital, valuations could remain pressured, causing exit disclosures, a proxy for exit sizesand multiples, to stay low. By comparison, 446 of 464 exits (96.1%) in 2021 disclosed valuation.Q1 2025 also saw the largest SaaS acquisition yet, with Google’s $32 billion purchase of cloudsecurity firm Wiz that reshaped the competitive landscape within cloud and cybersecurityovernight. This investment reflects Google’s commitment to closing the security gap withMicrosoft and Amazon Web Services, as well as demonstrating the escalating value placed oncybersecurity in the cloud era. While past cloud acquisitions were often focused on infrastructureor cost optimization, this marks a decisive pivot toward security-first strategies. This record- setting deal may portend a wave of follow-on M&A activity as hyperscalers and major SaaSplayers race to shore up their security capabilities in an ever more complex threat environment.Another sector of SaaS that has quietly but steadily gained importance over the past several yearsis the growing demand for cloud cost management, demonstrated by Flexera’s acquisition ofNetApp’s Spot financial