硅谷银行-2021年第四季度市场状况报告：全球创新经济的生产率和健康度（英）-37正式版.docx

SiliconValleyBankStateoftheMarketsQ42021Macro:PandemicAftereffectssvb1115182529Fundraising：TwoEndsoftheSpectrumInvestment:RecordsBrokenEverywhereSpotlight:BlackVCEmergesBenchmarking:ReturntoGrowth1.iquidity：BringanUmbrellaInternational:GlobalPerspectiveExecutive SummaryARecord-BreakingYearAsweroundthefinalturnintothefourthquarter,itissafetocall2021arecordbreakingyear.Wehaveseen$88BraisedbyUSventurecapitalfunds,beating2O2O,sfull-yearrecordofS8andbringingUSVCdrypowdertoanall-timehighof$212B.Similarly.USVCinvestmentwillHkdyexceed$32OB.nearlydouble2020«PfeViMShigh.WitharecordamountofVCseekinginnovationcompanyownership,roundssizevaluations,revenuemultiples,andthenumberofunicornsmintedhavereachednewhighs.Liquidityeventtrendsremainstrong,with52USVCbackedIPChIPOsandmorethan5BinaggregaMvaluereleasedintheIaM12months.M&AofUSVC-backedcompaniesisontracktohitarecord1.200dealsbyijWhitethisgivesUSmuchtocelebrate,theecosystemnotImmunefrommacroheadwinds.InflationIsthehighestlt,sbeensince2008.andaweakeningdollarmeansUSstartups(netsellersofth«dollar)areworseoff.Withshortagesofchipsandthecostofshippingskyrocketing,manycompanieshaveover-orderedandstockpiledinventory,exacerbatingshortages.Findingandretainingtalentisalsoaconcernformanyhigh-growthcompanies.The-GreatResignation-iscomingtofruitionasquitratesamongUSworkers,includingtechworkers,arethehighestrecorded.A”hesametime,weseeTheaGreatReshtjffllng"changingthenatureandlocationofjobsasmigrationsrampupandwecontinuetotransitionintoaremote仙Stworld.Withchangecomenewapproaches；datashowsgrowthinthenumberofo*(kmandexecutiveroles,tothebenefitOfSmUPs.WhkhWiH加ableIomorgeasilyaccessexecutiveIaIenLFinally,awordofcaution.Companieshavethrownprofitabilitytothewind,revenuegrowthissquarelythefocus,andinvestorsarewillingtopayunprecedentedvaluationstogetinonthe"best"companies.The由ZZyingpaceofinvestment,companyspendingandexitsgivesuspause.Yettheproliferationofthetechsectorthroughnearlyeveryfacetofourdailylivesprovidessomevalidationfortheeuphoriawesobunfoldingintheinnovationeconomy.Whilewedoexpect(bepacetoslightlyslowInthecomingmonths,theinnovationeconomyisbyandlargehealthy.BobBlepHeddofCorporateBdnl(IngSiIiconVdIIeyBankMacro：ARecordYearPreparesforWinterSlowdownInnovationEconomyIndicatorDashboard：AsofQ32021MaCroeconcmkmeIcatorstuedgreenacross(heboard.Noiallincreasesarepositivethough,asconcernsIOCmovernfIationaFidIYUbsequenlFedreaction.Vemureveslmnlcon<lruesunabatedandtsalreadysetarecordyear.AtMjndantcapitalcontinuestodriveIaUFstagevalualiois.AlthoughthemediaevaluationCtQPecSliBhLylhi5quarter,ftremainsabove2020levels.Ventureftndra¾indefIinecfortiesecordquaefrunning,oerpssignalingthestartofaslowdown.Onecaveatistbaimanylargefundswereclosedearlierin,heyear.TheaveragefundsizeWM$118MinQ2and$75M11Q3;because43%ofUSVCfmdraKnggoestothetop5%o4QndSbysize,acoupleoflargeIundraisesmakesabigdf,erence.T便lO-yerTreasuryyieldcre3tupinresponsetotheedsignalingitwouldtaaeassetpurchases.ThisisanOptimishcsignthattheOmraIeconomyhasw*athere<JIVshocksof:heC0V1D19pandemic,ardQudntitdliveeasingcanbecutback.ThenumberofVefHUsbaCkElechIPOsdippedmQ3.MrHlIsurpassed(enumberofexMI。，2019and2020combined.KoiSurprlsingty.wttheSMefnumoerolactiveSPACs.thenumberofde-SPACscon:Muedtoclimb.One:hlngthatissurprisingisthenumberclM&Aransaclors.withthe:otalasofQ3SIr廊Sing:heculnumberofdealsin2020.DebtEquity$14.7B(jnatwyVC$84.5BEHQWr：WyV<Uvestment76%$150MEMediirlat7te1188%VaL3t(>n*J,JSVb>1.52%Cbf？en!10-veMTrtMuryYteMu0%$14.0B-QvrlyCjnvrfb.eI.33%DebtVome*89bpsLl%IXInvevneZ*e.26%,3PI地地L17QuarterlyVC-BkedTMIWh26%344Q>irte<iyVCBkedMSAE5%tM%f5S%1.iquidity32f68%QuirtrlyVGBackedDe-SPACsNM7<$2.0BWId8Prr>tc1%MadetQjarterlyWT"Seco*da11rV.jmefcMmUArof6wwjftf9t(6()(rtoio0?2Q2Z2)Wtmftf5)K,kMUilc<o*o<ftJfCWicmAufetf5xttf6/htnuf3nieMprJkrCwmtouMnfttv*tvV4e6eC*vrSVfl.M5<fDCK.*k>r0u115iawy.<>tf6c,-cryftMxtrfrto>c<vbeovr,:-.<Mew>ofvLSowZcMwXPCgitQilQantaBMogSVlSTATlOFTWIMARKETS：QABoatloadofInflationuslnflatl0RatesbycategoryShippingCostsandContainerCounts.,AIrifeCtaDfeConOrriCkXCeS-increasedmoneysupiy.aweakCkMIarandsupplyCkchaos-convergedin202LresultingintheIargesiincreaseinsinceSep<emoer200&AbimpmcoftsumerSpeMingpostIockdowncreateda"bullwpeffert"tatledioUneXperMireeseshdemand,asedonIhisshift,shippershadtoreactivatedockedShbPhSCwalwithextendedshippingtimesCJetoqu<rannePenOdSi11po5edbyChineseP(XKUSportsarebkedJQdue(oshortagesofIOngShoremenendTuckdrivers.Tafce:hePwio'LA,thebus*stcomauwrportintheWesternX(TNPhw.whichsearrecordJeVehofcnuinerbacklog.,hBisnothdpetigtteIlrbdanCeimportsandexportswhktsIHlmgcapacitygoowaste,asstownbythebr3se<Jnufnbe(oremptycortaine<sIeaVirM此JS.TwSelSWeSmpamultIpleaspectso(Iheirnovaiioneconomy,inducingse<niccrduciBw<chareaproductioninputfor12%ofUSGOP-cars,computersarcmedicalequpnemallrelyonchips.Tewee¾sodeliversemomfcct<xsaveriserfrom12bdoreneCOVID-19pande<nic(o21asolQ32021Forha,dwreStafXips.thereisanoboconnectiontorawnatefla.sandivetcfi,buteve<fosoftwarecomf>ates.thesesupplychainissuesw,IlcauseMaysbuyingequipmentfornewhiresOrraisccostsforCkxidstorjgtSofxIigbBsupplychaincosts(andCtxrpeflsation)havebeenabsorbedbyacombinationdp,icexreasesMinvesrmemdollars,buthawIongthiscanbemairraedis,mpa,t.dependpmonexpectationsforMWIongtneuopiychin<hacswillccffnue.OJOZToIl6TW0一56U>U0-6IOT3Pm8i£0【RHO*=mo3o252151o505-1o152on<g>11w(.2¼LTM)VrCeSept7008TrOEOWR3KOEO2。Z2只营。PercentageofEmptyContainersperShipperYearforthePortofLosAngelesUftw*f<*ryw.Eon:悔JhM0yuE2i6uf<<*ytew5oOfi<voritvveofovu>fftmofo，r11ob州J；lfret>6rwrewOrtfermfdWMr11rSOJfrto>vetoSVi*>njtfft>JOO(iofQJGJZlkv0*s.FafdAyTo/Us11oerkCt*MIN3.SvUMfxmna/ffrnor>fflrf(ouaaic>neeroomfSKBAnOheSemiconductorIndexandTimetoShip3Weeks*rw11S*wordto,ChipC<dertoDwvervSOXS三mc<MlurtyPer11unceAcbnvetoS&P500CnCIoQ420")103%1312Cx2i«£s-rozo。员3R2MD20T32吊3223HO2ws6r28SOC313s83BSwD二£3Talent-OutofOfficeUSUnemploymentRates1USQuitRates1MofHFuvnUntfnpfoyineHQ?*le,tyAveri0eTnefeisnodoubttenaureolworkhasfUficamentallyshiftedduringIhePaldemM.Rfrmctebadmethexnforlargeswathsofworkers.Inthsnewparadigm.WOrienacerealizingthatmoreHexibleoplionsafepIeTluI.especiallyif刈卜amIndemandlechskills：techunenpfoynemisneatlyQlreetimeslowerthanthenahonaHveragaThsfiexiiliry,pluschangesinPrlodtte5,hasdrM11recordquitratesAugust21mar<>ng施highestIeelSMninrecordedhistory.WithIhececouptingoftechworkersirom:heirdikes,IhemigrationoftaledthasaccdeoiEfromIradHioraIhubsIke5<FrargOandBoston(0emergirgtechferterslikeAustin.NashviLeardChrtocie.WithirreaygjobOOportunitiesand(惘reoca(bocofmaiorcor3,ations.eseemergingcenterprovidecareerswithaperceivedng¾efCualttyofl.Tn41howth<UPnd代<k=rMhMmil÷,PJw!8o.ste.amarkep!acethalCOnnedShighgrehRrthCompanieswitbtrustedaMflexibleexjtivetalent.WIewor<irgIfomanywhereisgainingr1onamongStangtoday.BoislerfoirchatCEOsareopentoremotekkadersatSeboardlevelaidforSPedMprojectsasopposedtoftHlimehires).Qn:Rates-Tot*2mrrHl3J34VUneEoywget-QUgrter憎AL.一-MKEO方KoZID7ZOrTO£。3RW3*W£323Z23is7WS一2.120EOWs2g一ZoSg35S0ZSRREOK2oK21DOeOeW22EDWOTSOrMIO612322828322SS号3三r3三0r350二OCitiesbyNetMigrationofTechWorkers2JU)C¾UaHuk.TKCW.N/3”丫4“MveccOIampattay.FLSettle.WAUCIWU9IUTopcitiesa«liel"rflcwoP«r1030BolsterAnalysisofOn-DemandExecutives3WhMCtOsWMII：Toptrendingeaecuttveworkrrti(i3.HB三!5三E三三三三三三Mentof/CoaclProjectUCIHMQErNAsquitratestooksei:ocontinuetorise.Oobterfoundan；MredseddemandforIMednFrxtiondlandotheron-CCrrandroles凯theexecutivelevel"Forsumps,it's3boontobeableICrewtFracticfialexecutiveIalaLYoUngcompampsgainfromIhegui<r(eandd“ipJneaseasonedexecUtivecant>in.Ihaltheyperhapscould(K>tafiocc,oT前eriSadytchirefuIIfme.”11UnC<y.*0Wti(igW*.D<MmrtepulnStPul.MN(.HMi-LM：1BIM孰PAMSVok.MV4；Ckwmc.OH53o.IiB>l0<'.MASVb>MoMougl<trrCiectttnrefuaclMMSEsecvtivesmostlikelytowcfcoutOMefnoMwortTopCgWh，怆IOUHXmDIfWQrtCJperIO×)O.CMOCFOCTOCFO1COoMcoBoaiaaHicmC8D0COOHg*Mn.，)SwfNCgdw*WH，otnQtUEW<JowNKf限9s3gWQ31.2)ImetfM<MoccV*W6yrefro«rV2020l>*J2IMt11911mmArtnGvbortf11rtAtow岬0<rtc*<CrtUXmyeE<!rkm/tW0wjinntfy11必*»«r0nv*“CATM也(woosSGfrMMlMI3)o<W,*w450<CMkMaFe>prt>ofCt(htoo/3Ax8*wdwc帅*totwiofwonn(SntitKtn)90ArwpiotformfrrrSmScdnrQptrm(fcr>urnrrQJJ<JnrwctotarSatscxSaverAur<ouMLaterSt0rBic41mtttli,otmbrr.BOiHNandSgMaywb$V1STATIOFTMIu11jpads叫JOspu11OMJB：SuisiejpunjBigger9Faster9USVCFundraisingActivityDistributionofFundsbySize1StrongerTeana11entattherecordfundagin2020seemslikeanageago.IrQ32021.VCfundraisingsurpassed20203totalmarkstofecodfmdinginQlandQ2.Sincethen,thePaCe(ZVtfllurefnda3ingMsslowedandMlIikelyremaCOWefforlieCKlof2021.NeverthHess,202：willbearecordyearl<xUSVCfuidasing,p<ojtedtooe107%M建enhan2019andt%MlPefthan2C2O.卜al"fam,InajhisfI.ts.j：>hlbarelyOUlPerrOnIMnginflationAsaJeSmLIhesearchforyieldhasOUOyRItheassetclassMaIorIhhaveInaMsedtheirUcc(rtargets,creatingaAoocofcapitalTbedistributionOMbiscapitaIischangingasmegakdsaretakingthelion'sshare,nearly50%Comparedto36%ir2017.Fuddsarealsobeirgraisedmo-equcHy.withIhemonthsbetweenfundsCfOnDing21%to3OmorthslorIlCMIlOOMfjmn2021.In2020.onlyfundsaboveSlCCMsaway>>teredfundraisingcycle,buth2021smeler.generallylessestablishedfundsalsoseeingashortwcycle.PemaPSasr.IPsareStaFnRtobranchOtftafterdcub.iMdownCnknownentitiesir2020.Attheo(hefncolliespectrumandaconsequenceolheightenedcompetitionfrommegafunds,manymorespecialstorfocusedFlndshavef(xmec：IheseIwofdorhaveCOmInUeCthehoiowingoutofthemid-levelfunds,weBgectiMsconttnitfofHliutowIectftw.ChangeinFundSizebyFundNumberuMdd50dCorrnnes-MedinM(XCSmMIfwt!i36%49%of<tprUlraisedz.85s工菱SKs工。53-S3工口3s7OSSsWoOtSHOCHxoiu上访S>ooax8ax0s=HoSN工。2SNCOI?OSSxwax8SSHoCsmXosxosXQ2a>olrrs衣，工OcM工OCBWosaNcsa>0Oax83x3SHS>005Wg二WoNWCM.3MedianMonthsBetweenFundsRaised13$304KX)MFgcb-untf>)100M：S*翦J/38140-,tx)100%80%60%40%1¾)0FUndI2为M23F>fd3心Fgd如5201720傅X>19?070McMx1)USVCAmbgrcar«rthenJOM.JMmivceattrmrtfrap<*cmfc9evmnrfcc11mnontftMdandHicsu6sc9Avnttfmrtcsrn.3iMonNc<vw11.l*w3,ZwntJentJSMllnOrRlw*HSvIBWAttackoftheGiantSeedFundSeedFundsOver$5OOMbyVintageYearMajorTechHubs*ShareofEmergingManagers1InMitulionaIMtvesmareeyeingtheeargssge.winsve<anotcblefirmsrang(very)IsrgeSeeCfunds.Wf11EwiSionaCaoitalflcwingtogiantseedfunds,emerging11anagearehavirgtodiRerrti3tIoQ&3I.Maryrewemergingmarwgenareeyeingnewgeog,aphi5,withFiOnda.Kew旭SeyaMTexasthemostpoja<OUtSkeo(themajorIeChhubs.ThesemanagersarealsoSeSdSgonrd(alMfaMgMlargetingareassbdiasdimatetKhcryptoorDEL31Notable2021FirmsgreylkSEQUOIASkhostVertlXMVAPIAiIrddHio11(oCompHitionfromIafgese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C ocrsv *nWf tfn(rs9M MncgentHybrids' Share of US VC Investment* 134% ComUe IrigM20 ?OI3 X)l 2015 ?016 2017 X)18 ?019 2020 20?!KoW6 H H -ZM/O 刀号褊 N2nz RRnn ROS3 20s OTOS-OT NCS6$1OOM US VC DealsTiger Global Portfolio Share of IPOs100M Deals Sh*e of Total VCJnmtMentTheChangingFaceofVentureIMbyTiger(JlOgLabondolinvestorsisMWrganewapproachtoVC.Insteecoftbetrdirx)(highduedIgerceandslow,methodicalprocesstoIrrVeSIiTgBtheyareflir11gthescriptbyPrOaCHwHyofferingubiamiaicapi:alathhwhilemcvirgveryquicklythrc<>gdgencear<jte,mSheflissarcewithlittlenfslhcompanyinvolvementaftertheCealclosesInvestmentVelocitybyInvestorTypeHybrdPVCtTB：CMortActv*VCslnt1?Mcntbs2PI200TheFastandtheUSTech：MedianMonthsBetweenRoundsbyValuationFuriousFundsT慵paceclventureInvevtmemisircwslng.Whithish砂gfedbythetin*betweenfinancingrou<c5Iailmg.ThetimetoratseasecondroundofNrzndnghasremainedstareforstartupsinboththetopandbottomquartso(theYaIuaonspe(trum.Thisrakessenseasi:ISSmleddyincompany'slifecycle,meaningmarketleaderhveyrtobees½Wishedapb«5SedwhcopiousamountsofcepHal.ForcompaniesthathaverasedseveralVemWerounds,thetianebetweenroundshasWESigfificarilybetween2020andK2I.ThcseostaUHhedcompan,seetheIagwi(HlCrefKCbetween-hehighestvak«dcompanies,whichraises70%120%,fasterthan*eIowesiValueCco<npanlwkTw?EeCianPerCertacquiredbyroundhasallenyearoveryMr.whileatthesametimedealsizeshveixrecSUbsiantidIIy-asignthattheeso<iattgpoweriswhIte(ounde-s.Wmaybeaharsreality,theImporarxeofmaintainingSVeSVnentvaluation)momentumkeytoensurequicker(andlikelyeasier)fundraisinginthefuture.Ineaoufldanceofcapitalchasingdo*11thebestdealshasCreeteCavaluabonmanic.Onarod-by-rouftdbass.vajction5lepjpfr(xprevsyearsseema/nostarbitrarycompariio2021.where:heyhavegrownatanuncecedertedrare.WhileWorrtsorrefcrsome,thebiggerpicturedeperdortheWilIngneSSofthenextroccsinvestorsIo(MyLodndeveniuallyeiihefIhePJbIbCma水elsor¾ac<ertc>ayupLUSTech：MedianPercentAcquiredbyRound1USTech：MedianValuationStep-UpbyRound22017X»8X)19t三230281svb>NM544Utfwjj67SPJ?)W(/5IKbftvOWrIniwzMrfU0MMtf4niW"f"16!但PWrlfr