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,asstownbythebr