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

《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》由会员分享，可在线阅读，更多相关《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（54页珍藏版）》请在课桌文档上搜索。

1、SiliconValleyBankStateoftheMarketsQ42021Macro:PandemicAftereffectssvb1115182529Fundraising：TwoEndsoftheSpectrumInvestment:RecordsBrokenEverywhereSpotlight:BlackVCEmergesBenchmarking:ReturntoGrowth1.iquidity：BringanUmbrellaInternational:GlobalPerspectiveExecutive SummaryARecord-BreakingYearAsweroundt

2、hefinalturnintothefourthquarter,itissafetocall2021arecordbreakingyear.Wehaveseen$88BraisedbyUSventurecapitalfunds,beating2O2O,sfull-yearrecordofS8andbringingUSVCdrypowdertoanall-timehighof$212B.Similarly.USVCinvestmentwillHkdyexceed$32OB.nearlydouble2020PfeViMShigh.WitharecordamountofVCseekinginnova

3、tioncompanyownership,roundssizevaluations,revenuemultiples,andthenumberofunicornsmintedhavereachednewhighs.Liquidityeventtrendsremainstrong,with52USVCbackedIPChIPOsandmorethan5BinaggregaMvaluereleasedintheIaM12months.M&AofUSVC-backedcompaniesisontracktohitarecord1.200dealsbyijWhitethisgivesUSmuchtoc

4、elebrate,theecosystemnotImmunefrommacroheadwinds.InflationIsthehighestlt,sbeensince2008.andaweakeningdollarmeansUSstartups(netsellersofthdollar)areworseoff.Withshortagesofchipsandthecostofshippingskyrocketing,manycompanieshaveover-orderedandstockpiledinventory,exacerbatingshortages.Findingandretaini

5、ngtalentisalsoaconcernformanyhigh-growthcompanies.The-GreatResignation-iscomingtofruitionasquitratesamongUSworkers,includingtechworkers,arethehighestrecorded.A”hesametime,weseeTheaGreatReshtjffllngchangingthenatureandlocationofjobsasmigrationsrampupandwecontinuetotransitionintoaremote仙Stworld.Withch

6、angecomenewapproaches；datashowsgrowthinthenumberofo*(kmandexecutiveroles,tothebenefitOfSmUPs.WhkhWiH加ableIomorgeasilyaccessexecutiveIaIenLFinally,awordofcaution.Companieshavethrownprofitabilitytothewind,revenuegrowthissquarelythefocus,andinvestorsarewillingtopayunprecedentedvaluationstogetinonthebes

7、tcompanies.The由ZZyingpaceofinvestment,companyspendingandexitsgivesuspause.Yettheproliferationofthetechsectorthroughnearlyeveryfacetofourdailylivesprovidessomevalidationfortheeuphoriawesobunfoldingintheinnovationeconomy.Whilewedoexpect(bepacetoslightlyslowInthecomingmonths,theinnovationeconomyisbyand

8、largehealthy.BobBlepHeddofCorporateBdnl(IngSiIiconVdIIeyBankMacro：ARecordYearPreparesforWinterSlowdownInnovationEconomyIndicatorDashboard：AsofQ32021MaCroeconcmkmeIcatorstuedgreenacross(heboard.Noiallincreasesarepositivethough,asconcernsIOCmovernfIationaFidIYUbsequenlFedreaction.Vemureveslmnlconlrues

9、unabatedandtsalreadysetarecordyear.AtMjndantcapitalcontinuestodriveIaUFstagevalualiois.AlthoughthemediaevaluationCtQPecSliBhLylhi5quarter,ftremainsabove2020levels.VentureftndraindefIinecfortiesecordquaefrunning,oerpssignalingthestartofaslowdown.Onecaveatistbaimanylargefundswereclosedearlierin,heyear

10、.TheaveragefundsizeWM$118MinQ2and$75M11Q3;because43%ofUSVCfmdraKnggoestothetop5%o4QndSbysize,acoupleoflargeIundraisesmakesabigdf,erence.T便lO-yerTreasuryyieldcre3tupinresponsetotheedsignalingitwouldtaaeassetpurchases.ThisisanOptimishcsignthattheOmraIeconomyhasw*athereJIVshocksof:heC0V1D19pandemic,ard

11、Qudntitdliveeasingcanbecutback.ThenumberofVefHUsbaCkElechIPOsdippedmQ3.MrHlIsurpassed(enumberofexMI。，2019and2020combined.KoiSurprlsingty.wttheSMefnumoerolactiveSPACs.thenumberofde-SPACscon:Muedtoclimb.One:hlngthatissurprisingisthenumberclM&Aransaclors.withthe:otalasofQ3SIr廊Sing:heculnumberofdealsin2

12、020.DebtEquity$14.7B(jnatwyVC$84.5BEHQWr：WyVn*J,JSVb1.52%Cbf？en!10-veMTrtMuryYteMu0%$14.0B-QvrlyCjnvrfb.eI.33%DebtVome*89bpsLl%IXInvevneZ*e.26%,3PI地地L17QuarterlyVC-BkedTMIWh26%344QirteiyVCBkedMSAE5%tM%f5S%1.iquidity32f68%QuirtrlyVGBackedDe-SPACsNM7tc1%MadetQjarterlyWTSeco*da11rV.jmefcMmUArof6wwjftf9

13、t(6()(rtoio0?2Q2Z2)Wtmftf5)K,kMUilco*oftJfCWicmAufetf5xttf6/htnuf3nieMprJkrCwmtouMnfttv*tvV4e6eC*vrSVfl.M5r0u115iawy.tf6c,-cryftMxtrfrtocvbeovr,:-.ofvLSowZcMwXPCgitQilQantaBMogSVlSTATlOFTWIMARKETS：QABoatloadofInflationuslnflatl0RatesbycategoryShippingCostsandContainerCounts.,AIrifeCtaDfeConOrriCkXCe

14、S-increasedmoneysupiy.aweakCkMIarandsupplyCkchaos-convergedin202LresultingintheIargesiincreaseinsinceSepemoer200&AbimpmcoftsumerSpeMingpostIockdowncreatedabullwpefferttatledioUneXperMireeseshdemand,asedonIhisshift,shippershadtoreactivatedockedShbPhSCwalwithextendedshippingtimesCJetoqurannePenOdSi11p

15、o5edbyChineseP(XKUSportsarebkedJQdue(oshortagesofIOngShoremenendTuckdrivers.Tafce:hePwioLA,thebus*stcomauwrportintheWesternX(TNPhw.whichsearrecordJeVehofcnuinerbacklog.,hBisnothdpetigtteIlrbdanCeimportsandexportswhktsIHlmgcapacitygoowaste,asstownbythebr3seJnufnbe(oremptycortainesIeaVirM此JS.TwSelSWeS

16、mpamultIpleaspectso(Iheirnovaiioneconomy,inducingseniccrduciBwchareaproductioninputfor12%ofUSGOP-cars,computersarcmedicalequpnemallrelyonchips.Teweesodeliversemomfcctxsaveriserfrom12bdoreneCOVID-19pandenic(o21asolQ32021Forha,dwreStafXips.thereisanoboconnectiontorawnatefla.sandivetcfi,buteveates.thes

17、esupplychainissuesw,IlcauseMaysbuyingequipmentfornewhiresOrraisccostsforCkxidstorjgtSofxIigbBsupplychaincosts(andCtxrpeflsation)havebeenabsorbedbyacombinationdp,icexreasesMinvesrmemdollars,buthawIongthiscanbemairraedis,mpa,t.dependpmonexpectationsforMWIongtneuopiychinU0-6IOT3Pm8i0【RHO*=mo3o252151o50

18、5-1o152on11w(.2LTM)VrCeSept7008TrOEOWR3KOEO2。Z2只营。PercentageofEmptyContainersperShipperYearforthePortofLosAngelesUftw*f*ryw.Eon:悔JhM0yuE2i6uf*ytew5oOfifftmofo，r11ob州J；lfret6rwrewOrtfermfdWMr11rSOJfrtovetoSVi*njtfftJOO(iofQJGJZlkv0*s.FafdAyTo/Us11oerkCt*MIN3.SvUMfxmna/ffrnorfflrf(ouaaicneeroomfSKBAnO

19、heSemiconductorIndexandTimetoShip3Weeks*rw11S*wordto,ChipCdertoDwvervSOXS三mcMlurtyPer11unceAcbnvetoS&P500CnCIoQ420)103%1312Cx2is-rozo。员3R2MD20T32吊3223HO2ws6r28SOC313s83BSwD二3Talent-OutofOfficeUSUnemploymentRates1USQuitRates1MofHFuvnUntfnpfoyineHQ?*le,tyAveri0eTnefeisnodoubttenaureolworkhasfUficament

20、allyshiftedduringIhePaldemM.Rfrmctebadmethexnforlargeswathsofworkers.Inthsnewparadigm.WOrienacerealizingthatmoreHexibleoplionsafepIeTluI.especiallyif刈卜amIndemandlechskills：techunenpfoynemisneatlyQlreetimeslowerthanthenahonaHveragaThsfiexiiliry,pluschangesinPrlodtte5,hasdrM11recordquitratesAugust21ma

21、rng施highestIeelSMninrecordedhistory.WithIhececouptingoftechworkersirom:heirdikes,IhemigrationoftaledthasaccdeoiEfromIradHioraIhubsIke5FrargOandBoston(0emergirgtechferterslikeAustin.NashviLeardChrtocie.WithirreaygjobOOportunitiesand(惘reoca(bocofmaiorcor3,ations.eseemergingcenterprovidecareerswithaper

22、ceivedngefCualttyofl.Tn41howthUPnd代k=rMhMmil,PJw!8o.ste.amarkep!acethalCOnnedShighgrehRrthCompanieswitbtrustedaMflexibleexjtivetalent.WIeworirgIfomanywhereisgainingr1onamongStangtoday.BoislerfoirchatCEOsareopentoremotekkadersatSeboardlevelaidforSPedMprojectsasopposedtoftHlimehires).Qn:Rates-Tot*2mrr

23、Hl3J34VUneEoywget-QUgrter憎AL.一-MKEO方KoZID7ZOrTO。3RW3*W323Z23is7WS一2.120EOWs2g一ZoSg35S0ZSRREOK2oK21DOeOeW22EDWOTSOrMIO612322828322SS号3三r3三0r350二OCitiesbyNetMigrationofTechWorkers2JU)CUaHuk.TKCW.N/3”丫4“MveccOIampattay.FLSettle.WAUCIWU9IUTopcitiesalielrflcwoPr1030BolsterAnalysisofOn-DemandExecutives3Wh

24、MCtOsWMII：Toptrendingeaecuttveworkrrti(i3.HB三!5三E三三三三三三Mentof/CoaclProjectUCIHMQErNAsquitratestooksei:ocontinuetorise.Oobterfoundan；MredseddemandforIMednFrxtiondlandotheron-CCrrandroles凯theexecutivelevelForsumps,its3boontobeableICrewtFracticfialexecutiveIalaLYoUngcompampsgainfromIheguiin.Ihaltheyper

25、hapscould(Ktafiocc,oT前eriSadytchirefuIIfme.”11UnCy.*0Wti(igW*.Dl0MoMougltrrCiectttnrefuaclMMSEsecvtivesmostlikelytowcfcoutOMefnoMwortTopCgWh，怆IOUHXmDIfWQrtCJperIO)O.CMOCFOCTOCFO1COoMcoBoaiaaHicmC8D0COOHg*Mn.，)SwfNCgdw*WH，otnQtUEWJowNKf限9s3gWQ31.2)ImetfM*J2IMt11911mmArtnGvbortf11rtAtow岬0rtc*CrtUXmyeE

26、!rkm/tW0wjinntfy11必*r0nv*“CATM也(woosSGfrMMlMI3)oW,*w450prtofCt(htoo/3Ax8*wdwc帅*totwiofwonn(SntitKtn)90ArwpiotformfrrrSmScdnrQptrm(fcrurnrrQJJJnrwctotarSatscxSaverAurouMLaterSt0rBic41mtttli,otmbrr.BOiHNandSgMaywb$V1STATIOFTMIu11jpads叫JOspu11OMJB：SuisiejpunjBigger9Faster9USVCFundraisingActivityDistrib

27、utionofFundsbySize1StrongerTeana11entattherecordfundagin2020seemslikeanageago.IrQ32021.VCfundraisingsurpassed20203totalmarkstofecodfmdinginQlandQ2.Sincethen,thePaCe(ZVtfllurefnda3ingMsslowedandMlIikelyremaCOWefforlieCKlof2021.NeverthHess,202：willbearecordyearlxUSVCfuidasing,phlbarelyOUlPerrOnIMnginf

28、lationAsaJeSmLIhesearchforyieldhasOUOyRItheassetclassMaIorIhhaveInaMsedtheirUcc(rtargets,creatingaAoocofcapitalTbedistributionOMbiscapitaIischangingasmegakdsaretakingthelionsshare,nearly50%Comparedto36%ir2017.Fuddsarealsobeirgraisedmo-equcHy.withIhemonthsbetweenfundsCfOnDing21%to3OmorthslorIlCMIlOOM

29、fjmn2021.In2020.onlyfundsaboveSlCCMsawayteredfundraisingcycle,buth2021smeler.generallylessestablishedfundsalsoseeingashortwcycle.PemaPSasr.IPsareStaFnRtobranchOtftafterdcub.iMdownCnknownentitiesir2020.Attheo(hefncolliespectrumandaconsequenceolheightenedcompetitionfrommegafunds,manymorespecialstorfoc

30、usedFlndshavef(xmec：IheseIwofdorhaveCOmInUeCthehoiowingoutofthemid-levelfunds,weBgectiMsconttnitfofHliutowIectftw.ChangeinFundSizebyFundNumberuMdd50dCorrnnes-MedinM(XCSmMIfwt!i36%49%ofooax8ax0s=HoSN工。2SNCOI?OSSxwax8SSHoCsmXosxosXQ2aolrrs衣，工OcM工OCBWosaNcsa0Oax83x3SHS005Wg二WoNWCM.3MedianMonthsBetweenF

31、undsRaised13$304KX)MFgcb-untf)100M：S*翦J/38140-,tx)100%80%60%40%1)0FUndI2为M23Ffd3心Fgd如5201720傅X19?070McMx1)USVCAmbgrcarrthenJOM.JMmivceattrmrtfrap*cmfc9evmnrfcc11mnontftMdandHicsu6sc9Avnttfmrtcsrn.3iMonNcvw11.l*w3,ZwntJentJSMllnOrRlw*HSvIBWAttackoftheGiantSeedFundSeedFundsOver$5OOMbyVintageYearMajorT

32、echHubs*ShareofEmergingManagers1InMitulionaIMtvesmareeyeingtheeargssge.winsveanotcblefirmsrang(very)IsrgeSeeCfunds.Wf11EwiSionaCaoitalflcwingtogiantseedfunds,emerging11anagearehavirgtodiRerrti3tIoQ&3I.Maryrewemergingmarwgenareeyeingnewgeog,aphi5,withFiOnda.Kew旭SeyaMTexasthemostpojagFlanagerStogetint

33、odeals,targefundstakethelionsshareofadeal,leavingHlleIorotherrvesors.Asaconsequence,somefoundersaresellingtberfouficerShareScprovideaccessIoirvesiocsthey(irnwil.Pfovidestfdiegcvalue,beIMeosecompeiEionforCeakwhasdrivendealSlwSandVaIUdtiOnShigher,hasforcedemergingrraragentcrasespecialpurposeVehideS(SP

34、Vs)tobeoole:oexerciselbePfO：awrightsfriA可SkthfMManogrrpriKTtcdaHr3iXfbffoiMtfWgsewtdwWfcrvtftfrroJOOamvonoM2Mom. 1) 4 r0vrr of fvm tm bflut tr MW XfaVnT IrodMioneI Ft JiIntb cttd K unds. CoAorJ yldn tCOMQ Capffal Nlanir dnup inng!v Portntrt. C ocrsv *nWf tfn(rs9M MncgentHybrids Share of US VC Invest

35、ment* 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.Insteecoftbetrdi

36、rx)(highduedIgerceandslow,methodicalprocesstoIrrVeSIiTgBtheyareflir11gthescriptbyPrOaCHwHyofferingubiamiaicapi:alathhwhilemcvirgveryquicklythrcgdgencearjte,mSheflissarcewithlittlenfslhcompanyinvolvementaftertheCealclosesInvestmentVelocitybyInvestorTypeHybrdPVCtTB：CMortActv*VCslnt1?Mcntbs2PI200TheFas

37、tandtheUSTech：MedianMonthsBetweenRoundsbyValuationFuriousFundsT慵paceclventureInvevtmemisircwslng.Whithish砂gfedbythetin*betweenfinancingrouc5Iailmg.ThetimetoratseasecondroundofNrzndnghasremainedstareforstartupsinboththetopandbottomquartso(theYaIuaonspe(trum.Thisrakessenseasi:ISSmleddyincompanyslifecy

38、cle,meaningmarketleaderhveyrtobeesWishedapb5SedwhcopiousamountsofcepHal.ForcompaniesthathaverasedseveralVemWerounds,thetianebetweenroundshasWESigfificarilybetween2020andK2I.ThcseostaUHhedcompan,seetheIagwi(HlCrefKCbetween-hehighestvakdcompanies,whichraises70%120%,fasterthan*eIowesiValueCconpanlwkTw?

39、EeCianPerCertacquiredbyroundhasallenyearoveryMr.whileatthesametimedealsizeshveixrecSUbsiantidIIy-asignthattheesoiattgpoweriswhIte(ounde-s.Wmaybeaharsreality,theImporarxeofmaintainingSVeSVnentvaluation)momentumkeytoensurequicker(andlikelyeasier)fundraisinginthefuture.Ineaoufldanceofcapitalchasingdo*1

40、1thebestdealshasCreeteCavaluabonmanic.Onarod-by-rouftdbass.vajction5lepjpfr(xprevsyearsseema/nostarbitrarycompariio2021.where:heyhavegrownatanuncecedertedrare.WhileWorrtsorrefcrsome,thebiggerpicturedeperdortheWilIngneSSofthenextroccsinvestorsIo(MyLodndeveniuallyeiihefIhePJbIbCma水elsoracayupLUSTech：MedianPercentAcquiredbyRound1USTech：MedianValuationStep-UpbyRound22017X8X)19t三230281svbNM544Utfwjj67SPJ?)W(/5IKbftvOWrIniwzMrfU0MMtf4niWf16!但PWrlfr