Tencent "First Line" Ji Zhenyu from Silicon Valley on July 11
In the first half of this year, the US venture capital market continued to be hot. Funds invested in startups totaled $57.5 billion.
According to data from market research firm Pitchbook, venture capital invested a total of 3912 start-up projects in the first half of the year. According to this investment rate, the total investment in venture capital this year is expected to exceed the level of last year, and once again hit the highest level since the Internet bubble.
The report shows that such a high total investment is mainly affected by the increase in investment in mid-to-late investment and unicorn companies. In addition, the amount of investment in each round is growing, especially in the case of angel rounds and seed rounds. obvious.
In addition, the exit of venture capital remained healthy in the first half of the year and is expected to continue to improve in the second half of the year. Venture capital financing continues to remain strong, especially for venture capital funds that are financing the first time in a segmented industry or regional strategy.
The data shows that 20% of all venture capital investments made in the first half of the year were invested in unicorn start-ups, a ratio that has remained unchanged since 2015. The medium-sized investment increased from US$1 million in 2017 to US$1.4 million. In 2018, the median number of start-ups for Angel Wheel and Seed Wheel financing was 3.11 years, which is longer than 2.4 years in 2017, indicating that startups are more patient in financing and spend more time polishing business models and Product form. Another major trend is the increase in the participation of large private equity in the mid to late period, accounting for 30% of the total investment.
In the first half of the year, the exit of VCs continued to be stable. A total of 419 cases were withdrawn, totaling US$28.7 billion. The number of exits was in line with the same period in 2017, but the total amount of exits declined slightly. Among them, the amount of exits of 500 million US dollars and above accounted for 50%. With the growing maturity of VC-backed startup business models, private-equity-based acquisitions are also taking a larger share, with 27 total acquisitions of $2 billion in the second quarter.
In terms of financing, a total of 157 venture capital funds raised a total of US$20.2 billion in the first half of the year. At this rate, the full year of 2018 is expected to be the second year in the past 10 years with a total annual financing of more than US$40 billion. In addition, the scale of venture capital funds has also become larger. The size of medium-sized funds has reached US$65 million, the highest level since 2008. The financing time has been shortened to 10.3 months, which is the shortest time since 2011 (10 months). .