風(fēng)投交易：數(shù)量縮水，規(guī)模看漲
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????這并不是大家的幻想。風(fēng)投資本家正在向初創(chuàng)公司投入更多的資金，而且越來(lái)越多。他們手中還擁有大量新基金來(lái)支持他們的投資活動(dòng)。 ????以下是2014年第二季度綜述： ????風(fēng)投資本交易 ????風(fēng)投資本家2014年第二季度支出了215億美元，這個(gè)數(shù)字創(chuàng)造了2000年第一季度（根據(jù)PitchBook的數(shù)據(jù)）以來(lái)的歷史新高。此外，這個(gè)數(shù)字較2013年第二季度的128億美元增長(zhǎng)了68%。然而，更有意思的是，2013年接受風(fēng)投資金的公司的數(shù)量更多（2,110家對(duì)1,590家）。事實(shí)上，交易數(shù)量已連續(xù)第四個(gè)季度出現(xiàn)下滑，但總投資額卻已經(jīng)是連續(xù)第四個(gè)季度上揚(yáng)。 |
????No, it’s not your imagination. Venture capitalists are paying more for startups. Much more. And they also have a lot of new funds from which to invest. ????Here’s the Q2 2014 roundup: ????VC deals ????Venture capitalists disbursed $21.5 billion in Q2 2014, which is the largest such number since Q1 2000 (according to PitchBook). Moreover, it’s 68% higher than the $12.8 billion invested in Q2 2013. What’s interesting, however, is that more companies were funded in the year-earlier period (2,110 vs. 1,590). In fact, the number of deals has dropped for four consecutive quarters, while the amount of total investment has risen for four consecutive quarters. |
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????風(fēng)投資本估價(jià) ????（根據(jù)PitchBook的數(shù)據(jù)）所有交易的投資前估價(jià)中值從2013年第二季度的1,380萬(wàn)美元上升到了2014年第二季度驚人的2,460萬(wàn)美元。雖然最高的增長(zhǎng)出現(xiàn)于后期階段的投資當(dāng)中，但風(fēng)投資本生命周期的每一個(gè)環(huán)節(jié)都承受了巨大的上行壓力。 |
????VC valuations ????Median pre-money valuations for all deals climbed from $13.8 million in Q2 2013 to a whopping $24.6 million in Q2 2014 (according to PitchBook) The largest increase was in later-stage deals, but every single part of the VC lifecycle experienced substantial upward pressures. |
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????風(fēng)投資本籌資 ????PitchBook的數(shù)據(jù)顯示，2014年第二季度，76支風(fēng)投基金交割了139億美元的資金。相對(duì)于2013年第二季度49支基金60億美元的籌資金額來(lái)說(shuō)，這個(gè)增長(zhǎng)幅度很驚人，即便與2014年第一季度的110億美元相比亦是如此。唯一的問(wèn)題在于，4家公司瓜分了第二季度籌資總額的近三分之一，而這反映了數(shù)十億美元風(fēng)投基金的回歸。有7支基金新加入籌資大軍；85%的基金達(dá)到了籌資目標(biāo)；籌資從推出到完成的平均時(shí)間為15.4個(gè)月。 |
????VC fundraising ????76 venture capital funds closed on $13.9 billion in Q2 2014, according to PitchBook. That’s a whopping increase over the 49 funds raising $6 billion in Q2 2013, and even over the 70 funds raising $11 billion in Q1 2014. The only caveat is that nearly one-third of the Q2 capital raise came from just four firms – reflecting the return of billion-dollar VC funds. Seven of the funds were first-timers, 85% met fundraising targets and the average time from launch to close was 15.4 months. |
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????退出 ????（根據(jù)湯森路透和美國(guó)風(fēng)投協(xié)會(huì)的數(shù)據(jù)）28家由風(fēng)投資本投資的企業(yè)于第二季度公布了在美國(guó)交易所的IPO（首次公開募股）價(jià)格，共籌集了49億美元。而2014年第一季度的這一數(shù)字為37家公司，34億美元；2013年第二季度的數(shù)字為22家公司，22.5億美元。 ????第二季度，22家進(jìn)行IPO的企業(yè)中有16家是生命科學(xué)公司，而這也是連續(xù)第五個(gè)季度有10家或以上數(shù)量的由風(fēng)投資本投資的生命科學(xué)公司進(jìn)行IPO。在28家首次公開募股的公司當(dāng)，22家來(lái)自于美國(guó)本土，然而單體募股金額最大的是一家中國(guó)公司（于納斯達(dá)克上市的JD.com籌集了20億美元）。97家由風(fēng)投資本投資的公司于第二季度被收購(gòu)，較第一季度111家公司的總數(shù)小幅下降，基本上與去年同期96家的總數(shù)持平。（財(cái)富中文網(wǎng)） |
????Exits ????28 VC-backed companies priced IPOs on U.S. exchanges in Q2, raising $4.9 billion (according to Thomson Reuters and The National Venture Capital Association). This compares to 37 VC-backed companies raising $3.4 billion via IPOs during Q1 2014, and 22 VC-backed companies raising $2.25 billion via IPOs in Q2 2013. Sixteen of the 22 second-quarter IPOs were for life sciences companies, marking the fifth consecutive quarter of double-digit IPOs for the VC-backed life sciences sector. Twenty-two of the 28 offerings were for U.S.-based companies, although the largest single offering (JD.com, which raised $2 billion and listed on the NASDAQ) was for a Chinese company. ????97 VC-backed companies were acquired in Q2, marking a slight decrease from Q1 (111) and essentially no change from the year-earlier period (96). |
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