硅谷银行（SVB）：风险监测报告2018Q4(英文版)(32页).pdf

1、Nearly $131 billion across 8,949 deals Page 4 The definitive review of the US venture capital ecosystem $120B+ exited33% increase from 2017 Page 27 Median fund size jumps 64% YoY Page 30 4Q 2018 In partnership with 2 4Q 2018 PITCHBOOK-NVCA VENTURE MONITOR Credits however, we believe that deal sizes

2、and valuations will remain above long-term historical averages, driven by many of the aforementioned factors such as company age, use of capital, and dry powder. On the valuation front, median pre-money valuations continued to climb across all stages, chiefly unabated in 2018. Valuation growth in 20

3、18 was once again quickest for the largest company sets, with ascending growth rates from angel they seek proceeds to capitalize additional years of R most biotech companies at IPO have no revenues. Instead, they seek IPO proceeds to capitalize additional years of research and development, targeting

4、 a new drug approval. These funds are also designed to put biotechs in a better position to land secondary financing down the road or be acquired based on clinical data. A quick time to M if that information is not explicitly known, the HQ country of the funds general partner is used. Only funds bas

5、ed in the United States that have held their final close are included in the fundraising numbers. The entirety of a funds committed capital is attributed to the year of the final close of the fund. Interim close amounts are not recorded in the year of the interim close. Deals We include equity inves

6、tments into startup companies from an outside source. Investment does not necessarily have to be taken from an institutional investor. This can include investment from individual angel investors, angel groups, seed funds, VC firms, corporate venture firms, and corporate investors. Investments receiv