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）》请在第壹文秘上搜索。

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,shippershadtoreactivatedockedShbPhSCwalwithextendedshippingtimesCJetoqurannePenOdSi11po5edbyChineseP(XKUSportsarebkedJQdue(oshortagesofIOngShoremenendTuckdrivers.Tafce:hePwioLA,thebus*stcomauwrportintheWesternX(TNPhw.whichsearrecordJeVehofcnuinerbacklog.,hBisnothdpetigtteIlrbdanCeimportsandexportswhktsIHlmgcapacitygoowaste,asstownbythebr