The SVB State of the Markets report provides a quarterly update on the health and productivity of the global innovation economy. This quarter's report includes a special section on the booming Chinese tech industry.
Trends in Healthcare Investments and Exits 2018 - Mid-Year ReportSilicon Valley Bank
In our mid-year Healthcare Investments and Exits report, we analyzed the fundraising, investment, M&A and IPO activity of private, venture-backed biopharma, medical device and diagnostic/tools companies.
At mid-year, U.S. healthcare venture fundraising
reached $4.5 billion, and is on pace to closely match
the 2017 record of $9.1 billion. Great trends/insights from SVB.
Trends in Healthcare Investments and Exits: Mid-Year 2017Silicon Valley Bank
In our mid-year 2017 report on healthcare investing, SVB analyzed the fundraising, investment, M&A and IPO activity of private, venture-backed biopharma, medical device and diagnostic/tools companies.
Investment and fundraising in the healthcare ecosystem saw a banner first half of 2017, driven in part by advancements in artificial intelligence and machine learning for healthcare applications and a surge in Series A investments, particularly in biopharma.
In our annual Healthcare Investments and Exits report, SVB analyzed the fundraising, investment, M&A and IPO activity of private, venture-backed biopharma, medical device and diagnostic/tools companies.
In its mid-year report on the healthcare industry, Silicon Valley Bank analyzes the fundraising, investment, M&A and IPO activity of private, venture-backed biopharma, medical device and diagnostic/tools companies. Report author Jonathan Norris also provides his view of what's on the horizon for the second half of 2016.
What does 2017 hold for the Innovation Economy? In the latest State of the Markets report, SVB Analytics took a rear-view approach, identifying the factors that mattered most in 2016 and examining which trends and themes will play out in 2017.
In our annual report on the healthcare industry, Silicon Valley Bank analyzes the fundraising, investment, M&A and IPO activity of private, venture-backed biopharma, medical device and diagnostic/tools companies.
Silicon Valley Bank’s Trends in Healthcare Investments and Exits report analyzes the fundraising, investment, M&A and IPO activity of private, venture-backed biopharma, medical device and diagnostic/tools companies. Report author Jon Norris also gives his annual forecast of what’s likely to happen in 2016.
Trends in Healthcare Investments and Exits 2018 - Mid-Year ReportSilicon Valley Bank
In our mid-year Healthcare Investments and Exits report, we analyzed the fundraising, investment, M&A and IPO activity of private, venture-backed biopharma, medical device and diagnostic/tools companies.
At mid-year, U.S. healthcare venture fundraising
reached $4.5 billion, and is on pace to closely match
the 2017 record of $9.1 billion. Great trends/insights from SVB.
Trends in Healthcare Investments and Exits: Mid-Year 2017Silicon Valley Bank
In our mid-year 2017 report on healthcare investing, SVB analyzed the fundraising, investment, M&A and IPO activity of private, venture-backed biopharma, medical device and diagnostic/tools companies.
Investment and fundraising in the healthcare ecosystem saw a banner first half of 2017, driven in part by advancements in artificial intelligence and machine learning for healthcare applications and a surge in Series A investments, particularly in biopharma.
In our annual Healthcare Investments and Exits report, SVB analyzed the fundraising, investment, M&A and IPO activity of private, venture-backed biopharma, medical device and diagnostic/tools companies.
In its mid-year report on the healthcare industry, Silicon Valley Bank analyzes the fundraising, investment, M&A and IPO activity of private, venture-backed biopharma, medical device and diagnostic/tools companies. Report author Jonathan Norris also provides his view of what's on the horizon for the second half of 2016.
What does 2017 hold for the Innovation Economy? In the latest State of the Markets report, SVB Analytics took a rear-view approach, identifying the factors that mattered most in 2016 and examining which trends and themes will play out in 2017.
In our annual report on the healthcare industry, Silicon Valley Bank analyzes the fundraising, investment, M&A and IPO activity of private, venture-backed biopharma, medical device and diagnostic/tools companies.
Silicon Valley Bank’s Trends in Healthcare Investments and Exits report analyzes the fundraising, investment, M&A and IPO activity of private, venture-backed biopharma, medical device and diagnostic/tools companies. Report author Jon Norris also gives his annual forecast of what’s likely to happen in 2016.
Silicon Valley Bank's Life Science and Healthcare Startup Outlook Report examines how the industry's executives view 2017's opportunities and challenges. The report includes startups' thoughts on public policy issues as well as their expectations for fundraising and hiring.
Four months in, 2017 is shaping up to be a year of harvesting and replanting for the innovation economy.
The SVB Analytics team examined the private-company growth propelled by the large capital raises of 2014-15
and the subsequent plunge in large investments and exits in 2016. Given the activity we’ve seen in the first
quarter of 2017, we are forecasting significant harvesting of returns resulting from the last decade of sweeping
innovations.
Key insights from Silicon Valley Bank's Startup Outlook Report. SoCal startups are fueled by a flourishing ecosystem that includes a growing number of local equity capital sources from both venture capitalists and corporate investors. While their outlook is cautiously optimistic, they continue to hire.
What does the rest of 2016 hold for innovation companies? In a mid-year update on State of the Markets, the SVB Analytics team analyzed data from the first half of 2016 to identify key trends impacting SVB's clients.
The IPO Window Reopens:
We finally saw the IPO window crack open in Q3 2016, as proceeds from technology M&A are leaving investors flush with cash to reinvest and driving demand for IPOs and follow-on offerings.
In this third-quarter update on State of the Markets, my team analyzed investment and exit data to identify key trends impacting clients:
1. The number of IPOs exceeded private IPOs for the first time since Q2 2013, as crossover investors’ interest in large pre-IPO financings dropped off.
2. In the U.S., the pace of unicorn exits in Q3 exceeded new entrants.
3. After plummeting in the first half of 2016, values of publicly traded unicorns showed signs of recovery.
Learn more by reading the new State of the Markets report. As with any review of the markets, conditions can turn quickly. We are, however, confident that the fundamentals driving innovation will be strong through the end of 2016.
The outlook for the Chinese tech sector is strong, with a large number of startups saying they expect more M&A opportunities. Access to talent and raising capital remain challenging. Compared to the US and UK, a higher percentage of Chinese startups have women in senior company roles and at least one woman on
the founding team.
For the 10th year, Silicon Valley Bank is proud to present
our Startup Outlook Report. The innovation economy has
expanded greatly in the US and abroad in the past decade,
and so has Startup Outlook. In our first report, we surveyed
300 people, most of them in California. The 2019 report
includes the perspectives of nearly 1,400 technology and
healthcare founders and executives primarily in major
innovation hubs across the US, the UK, China and, for the
first time, Canada.
For the first time, SVB surveyed technology and life science entrepreneurs based in Canada. Like their counterparts in the US, UK and China, Canadian startups are optimistic about the year ahead even amid economic volatility. And while eager to hire and fundraise, they recognize the challenges they face. Most startups say Canadian government support of the innovation economy is having a positive impact. When it comes to gender parity, 60 percent of Canadian startups have at least one woman in an executive position. Looking ahead, we asked which technologies will have the most promise a decade from now: Canadian startups say AI and life science.
Silicon Valley Bank’s annual Startup Outlook survey provides insight into how startups in the US, UK and China are feeling about the year ahead. The 2016 report finds that while startups across the globe are eternally optimistic, they are preparing for a new reality.
Learn more about the Startup Outlook Report and view the UK and China reports at www.svb.com/IEO.
Silicon Valley Bank’s annual healthcare M&A report, Trends in Healthcare Investments and Exits, examines the merger and acquisition and IPO activity of private, venture-backed bio-pharma and medical device companies.
The study found that healthcare IPOs tripled in 2013, leading to record potential IPO/big exit returns of $12.5 billion.
For a detailed analysis access the report at: http://www.svb.com/healthcare-report_2014/.
**Report updated on 8/4/2014
In a new report, SVB Analytics examines the challenges facing stakeholders in the U.S. healthcare system, the solutions made possible by technology advancements and opportunities for entrepreneurs and investors.
Learn more here: http://www.svb.com/Blogs/Alex_Lee/Digital_Health__Mapping_Digital_Health_Solutions/
What does the rest of 2016 hold for the innovation economy? SVB Analytics' State of the Markets Report provides a summary of key market indicators impacting the innovation economy, including venture capital funding and valuation trends, crossover investor activity, and what’s ahead for the second half of 2016.
Silicon Valley Bank’s annual Startup Outlook survey provides insight into how startups in the UK, US and China are feeling about the year ahead. The 2016 report finds that while startups across the globe are eternally optimistic, they are preparing for a new reality.
Learn more about the Startup Outlook Report and view the US and China reports at www.svb.com/IEO.
Silicon Valley Bank presents its eighth annual Startup Outlook report, capturing the sentiment of about 1,000 tech and healthcare entrepreneurs at a time of rapid transitions around the globe.
U.K. startups are planning for Brexit, and tech and healthcare entrepreneurs tell Silicon Valley Bank that while they are less optimistic about future business conditions compared to recent years, most plan to hire and keep their headquarters in Britain.
New startup investment in the healthcare sector has undergone a gradual slowdown since Q4 2018. Explore more global trends in our report on the healthcare sector here http://bit.ly/hlt_sector
Silicon Valley Bank’s annual Startup Outlook survey provides insight into how startups in China, the US and UK are feeling about the year ahead. The 2016 report finds that while startups across the globe are eternally optimistic, they are preparing for a new reality.
Learn more about the Startup Outlook Report and view the US and UK reports at www.svb.com/IEO.
Summary of findings
2018 VC-backed fintech deals and funding set an annual record: In 2018, - VC-backed fintech companies raised $39.57B across 1,707 deals globally. Deals were up 15% year-over-year while funding surged 120% on the back of 52 mega-rounds ($100M+) worth $24.88B combined.
Fintech is happening on global scale with deals outside of core markets (US, UK, and China) accounting for 39% of deals: Fintech deal hubs are starting to emerge globally. The count of unique fintech startups raising funding topped an annual high of 1,463 companies, and the unique number of investors reached 2,745 boosted by an influx of corporate investors.
Early-stage deals, as a percentage, fell to a 5-year low as investors concentrated bets in perceived winners: Global seed and Series A fintech deals grew 5% on an annual basis in 2018, but fell as a percentage of total deals to 57%. US early-stage deals were flat YOY as investors concentrated their bets in established fintech unicorns.
There are 39 VC-backed fintech unicorns worth a combined $147.37B: Q4'18 saw five new unicorns births (Plaid, Brex, Monzo, DevotedHealth, and Toss) and two in the first month of Q1’19 (N26 and Confluent). The cohort’s total valuation in 2018 was boosted by a record year for megarounds to existing unicorns, including Gusto and Robinhood, among others.
Silicon Valley Bank's Life Science and Healthcare Startup Outlook Report examines how the industry's executives view 2017's opportunities and challenges. The report includes startups' thoughts on public policy issues as well as their expectations for fundraising and hiring.
Four months in, 2017 is shaping up to be a year of harvesting and replanting for the innovation economy.
The SVB Analytics team examined the private-company growth propelled by the large capital raises of 2014-15
and the subsequent plunge in large investments and exits in 2016. Given the activity we’ve seen in the first
quarter of 2017, we are forecasting significant harvesting of returns resulting from the last decade of sweeping
innovations.
Key insights from Silicon Valley Bank's Startup Outlook Report. SoCal startups are fueled by a flourishing ecosystem that includes a growing number of local equity capital sources from both venture capitalists and corporate investors. While their outlook is cautiously optimistic, they continue to hire.
What does the rest of 2016 hold for innovation companies? In a mid-year update on State of the Markets, the SVB Analytics team analyzed data from the first half of 2016 to identify key trends impacting SVB's clients.
The IPO Window Reopens:
We finally saw the IPO window crack open in Q3 2016, as proceeds from technology M&A are leaving investors flush with cash to reinvest and driving demand for IPOs and follow-on offerings.
In this third-quarter update on State of the Markets, my team analyzed investment and exit data to identify key trends impacting clients:
1. The number of IPOs exceeded private IPOs for the first time since Q2 2013, as crossover investors’ interest in large pre-IPO financings dropped off.
2. In the U.S., the pace of unicorn exits in Q3 exceeded new entrants.
3. After plummeting in the first half of 2016, values of publicly traded unicorns showed signs of recovery.
Learn more by reading the new State of the Markets report. As with any review of the markets, conditions can turn quickly. We are, however, confident that the fundamentals driving innovation will be strong through the end of 2016.
The outlook for the Chinese tech sector is strong, with a large number of startups saying they expect more M&A opportunities. Access to talent and raising capital remain challenging. Compared to the US and UK, a higher percentage of Chinese startups have women in senior company roles and at least one woman on
the founding team.
For the 10th year, Silicon Valley Bank is proud to present
our Startup Outlook Report. The innovation economy has
expanded greatly in the US and abroad in the past decade,
and so has Startup Outlook. In our first report, we surveyed
300 people, most of them in California. The 2019 report
includes the perspectives of nearly 1,400 technology and
healthcare founders and executives primarily in major
innovation hubs across the US, the UK, China and, for the
first time, Canada.
For the first time, SVB surveyed technology and life science entrepreneurs based in Canada. Like their counterparts in the US, UK and China, Canadian startups are optimistic about the year ahead even amid economic volatility. And while eager to hire and fundraise, they recognize the challenges they face. Most startups say Canadian government support of the innovation economy is having a positive impact. When it comes to gender parity, 60 percent of Canadian startups have at least one woman in an executive position. Looking ahead, we asked which technologies will have the most promise a decade from now: Canadian startups say AI and life science.
Silicon Valley Bank’s annual Startup Outlook survey provides insight into how startups in the US, UK and China are feeling about the year ahead. The 2016 report finds that while startups across the globe are eternally optimistic, they are preparing for a new reality.
Learn more about the Startup Outlook Report and view the UK and China reports at www.svb.com/IEO.
Silicon Valley Bank’s annual healthcare M&A report, Trends in Healthcare Investments and Exits, examines the merger and acquisition and IPO activity of private, venture-backed bio-pharma and medical device companies.
The study found that healthcare IPOs tripled in 2013, leading to record potential IPO/big exit returns of $12.5 billion.
For a detailed analysis access the report at: http://www.svb.com/healthcare-report_2014/.
**Report updated on 8/4/2014
In a new report, SVB Analytics examines the challenges facing stakeholders in the U.S. healthcare system, the solutions made possible by technology advancements and opportunities for entrepreneurs and investors.
Learn more here: http://www.svb.com/Blogs/Alex_Lee/Digital_Health__Mapping_Digital_Health_Solutions/
What does the rest of 2016 hold for the innovation economy? SVB Analytics' State of the Markets Report provides a summary of key market indicators impacting the innovation economy, including venture capital funding and valuation trends, crossover investor activity, and what’s ahead for the second half of 2016.
Silicon Valley Bank’s annual Startup Outlook survey provides insight into how startups in the UK, US and China are feeling about the year ahead. The 2016 report finds that while startups across the globe are eternally optimistic, they are preparing for a new reality.
Learn more about the Startup Outlook Report and view the US and China reports at www.svb.com/IEO.
Silicon Valley Bank presents its eighth annual Startup Outlook report, capturing the sentiment of about 1,000 tech and healthcare entrepreneurs at a time of rapid transitions around the globe.
U.K. startups are planning for Brexit, and tech and healthcare entrepreneurs tell Silicon Valley Bank that while they are less optimistic about future business conditions compared to recent years, most plan to hire and keep their headquarters in Britain.
New startup investment in the healthcare sector has undergone a gradual slowdown since Q4 2018. Explore more global trends in our report on the healthcare sector here http://bit.ly/hlt_sector
Silicon Valley Bank’s annual Startup Outlook survey provides insight into how startups in China, the US and UK are feeling about the year ahead. The 2016 report finds that while startups across the globe are eternally optimistic, they are preparing for a new reality.
Learn more about the Startup Outlook Report and view the US and UK reports at www.svb.com/IEO.
Summary of findings
2018 VC-backed fintech deals and funding set an annual record: In 2018, - VC-backed fintech companies raised $39.57B across 1,707 deals globally. Deals were up 15% year-over-year while funding surged 120% on the back of 52 mega-rounds ($100M+) worth $24.88B combined.
Fintech is happening on global scale with deals outside of core markets (US, UK, and China) accounting for 39% of deals: Fintech deal hubs are starting to emerge globally. The count of unique fintech startups raising funding topped an annual high of 1,463 companies, and the unique number of investors reached 2,745 boosted by an influx of corporate investors.
Early-stage deals, as a percentage, fell to a 5-year low as investors concentrated bets in perceived winners: Global seed and Series A fintech deals grew 5% on an annual basis in 2018, but fell as a percentage of total deals to 57%. US early-stage deals were flat YOY as investors concentrated their bets in established fintech unicorns.
There are 39 VC-backed fintech unicorns worth a combined $147.37B: Q4'18 saw five new unicorns births (Plaid, Brex, Monzo, DevotedHealth, and Toss) and two in the first month of Q1’19 (N26 and Confluent). The cohort’s total valuation in 2018 was boosted by a record year for megarounds to existing unicorns, including Gusto and Robinhood, among others.
CB Insights Global Fintech Report Q3 2019Jeff Martinez
Q3’19 fintech funding topped $8.9B, a quarterly record when adjusting for Ant Financial’s $14B investment in Q2’ As of Q3, fintech has raised $24.6B in 2019, already surpassing 2017’s annual total. Funding grew on the back of 19 $100M+ rounds worth approximately $4B in Q3’19.
Deals rebounded slightly in Q3’19 but are likely to fall short of 2018’s record as a result of a continued pullback in early stage investing: Fintech deals in Q3’19 grew 6% from Q2'19, but they have dropped in every quarter in 2019 when compared to the same time frame last year. Early stage (seed/angel and Series A) deals fell to an 11 quarter low and funding hit a 7 quarter low.
The US saw deals dip to an 11 quarter low while Asia saw deals spike and nearly surpass the US in Q3’19: The US saw deals dip as a result of a pull back in early stage deals, which also contributed to the overall drop in 2019 global deals through Q3’19. Asia saw deals rebound as China reclaimed the
lead from India as Asia’s top deal hub.
Southeast Asia fintech topped new annual highs: Southeast Asia set a new annual record with $701M raised across 87 deals through Q3’19 . The top 2 deals since 2015 occurred in 2019: a $100M Series B to Singapore based Deserka and a $100M Series C to Vietnam based MoMo.
India and China continued to battle over the title of Asia’s top fintech hub in Q3’19: China saw deals surge to 55 in the quarter, reclaiming the lead from India with 33 deals. India saw $674M in funding, narrowly pulling ahead of China’s $661M.
Challenger banks have raised over $3B in 2019 YTD and Q3’19 saw $1.3B invested a quarterly funding high: Q3’19 saw challenger banks funding bolstered by rounds to unicorns, including NuBank’s $400M Series F, which was the largest reported equity investment to a challenger bank and made
NuBank the highest valued challenger at $10B. Startup focused challenger banks saw competition heat up with deals to Ramp Financial, Mercury, and Stripe, which launched card issuing.
There are 58 VC backed fintech unicorns worth a combined $213.5B: Q3’19 saw 6 new fintech unicorn births (Hippo, Judo, Deposit Solutions, QuintoAndar, Dave , and C2FO), and 3 more have occurred in Q4’19 as of 11/11/19 (Next Insurance, Ebanx , and Riskified ). Other highly valued unicorns continued to raise late stage capital, including NuBank, Gusto, and Stripe, among others, but none signaled an IPO was imminent.
F-Prime Capital prepared a market analysis for 2018's year-end discussion. We are sharing it with our broader community in the hope that someone will find in informative, interesting or at least entertaining.
The U.S. Tech sector’s new record high has brought back memories of the dot-com bubble. But unlike then,
today’s Tech sector is not propped up by fanciful talk. It’s led by companies that are truly transforming the
economy and our lives.
State of the Capital Markets – First Quarter 2018 Review and Second Quarter 2...The Lead Left
Review of Current Market Conditions
Analysis of Capital Markets Metrics Including Covenants, Pricing, and Leverage
Review of Credit Quality
Outlook for Second Quarter 2018
Positive signs of a continued recovery were prevalent in Q1 2021, with vaccinations gaining critical mass, GDP showing growth, and the country opening back up for business. Additionally, M&A continues to be a tidal wave of activity, preparing to make landfall in Q4 2021.
At the end of the year, we often reflect on the current state of the venture market in technology. We are sharing it with our broader community in the hope that someone will find it informative, interesting or at least entertaining.
China is the second-largest source of “unicorns” in the world. We expect most China unicorns to come from the Auto, FinTech, Internet, Healthcare and Tech Hard-ware sectors. Hong Kong and China exchanges are getting ready for the next big wave. Following the US, China is the second-largest source of “unicorns” (commonly defined as start-up companies with valuations of >US$1 bn).
Durante la primera mitad del año, la actividad global de fusiones y adquisiciones aumentó un 28,3% (fusiones y adquisiciones globales: $ 1,97 billones), el primero más fuerte desde la crisis.
La actividad en Latam America aumentó 62.3% ($ 45.6 bn). El informe incluye tablas de League of Financial Advisors
White Star Capital Eastern US Venture Capital Landscape 2019White Star Capital
Following in the footsteps of the reports that we have published on Canada, UK, Germany, France, Japan, and South Korea, we are delighted to share our newest report covering the NYC and US East Coast Venture Capital ecosystem. This report focuses not only on NYC but also includes Boston, which has been a long term power in the East Coast’s VC ecosystem, as well as emerging states including Florida, Georgia, North Carolina, Virginia, and the District of Columbia, each of which have had at least two companies raise mega-rounds of $100m or more.
Deloitte India: The beginning of new M&A sessionaakash malhotra
Learn about the changes that mergers and acquisitions are undergoing in the present era with Deloitte India. See More : https://www2.deloitte.com/ie/en/pages/finance/articles/the-beginning-of-a-new-MA-season.html
Our annual report finds significant numbers of startups continue to have no women in leadership, yet a growing percentage have programs in place to change that.
Silicon Valley Bank's Startup Outlook 2018 captures perspectives from US technology and healthcare entrepreneurs on the opportunities and challenges they see ahead for startups.
US startups tell SVB they are entering 2018 with confidence:
- Nearly two of three US startups believe that 2018 will be better than last year
- The number that plan to hire is at a five-year high
- Most startups expect M&A activity to stay strong
- Venture capital remains the go-to source for future funding
Read more at http://bit.svb.com/2DLLcgZ
How Paperless Payables Can Streamline Ops and Improve Cash FlowSilicon Valley Bank
Digitizing your accounts payable can make your whole company more agile by simplifying accounting and monitoring costs. Use Silicon Valley Bank’s checklist to help with your company’s transition to paperless payables.
Paying your suppliers by credit card is a smart financial move that is good for cash flow, financial management and overall expense reduction. But to access these gains, your vendors must first agree to accept your card payments.
The SVB Asset Management Economic Report, Q2 2017, is a review of and outlook on economic factors that impact global markets and business health.
In this edition, the team discusses the U.K.’s Article 50 notice and the FOMC’s current path towards normalization. The report also examines the Trump Administration’s first 100 days in office and current business sentiment.
Silicon Valley Bank presents its eighth annual Startup Outlook report, capturing the sentiment of about 1,000 tech and healthcare entrepreneurs at a time of rapid transitions around the globe.
U.S. startups are emerging from a healthy recalibration, and tech and healthcare entrepreneurs tell SVB that while they are less optimistic about future business conditions compared to recent years, they expect to hire, see improved exit paths and plan to tap venture capital to grow.
The SVB Asset Management Economic Report, Q1 2017, is a review of and outlook on economic and market factors that impact global markets and business health.
In this edition, the team discusses the Fed's recent activity and its intentions to raise benchmark interest rates three times in 2017. The report also focuses on how the new U.S. administration will impact domestic and global economies.
Silicon Valley Bank 2017 State of the Wine Industry ReportSilicon Valley Bank
The Silicon Valley Bank 2017 State of the Wine Industry Report identifies trends and current issues facing the U.S. wine industry and offers data and observations wineries can use to develop their business strategies.
Silicon Valley Bank's wine report is based on its in-house expertise as one of the largest bankers to the West Coast wine industry for nearly 20 years, a proprietary database of more than a decade of winery financials, ongoing research, and an annual survey of 500+ West Coast wineries. Learn more at http://www.svb.com/wine-report/.
Major Forecasts for 2017:
- Wines sold between $12 and $25 will grow in demand as will high-end luxury wines with an established brand. We expect to see small price increases in these segments, with volume and price drops for bottles priced under $9.
- Premium wine sales will increase between 10 and 14 percent above 2016 levels.
- Per capita consumption faces crosscurrents with retiring wine-loyal baby boomers being replaced by less affluent millennials who are ambivalent about their alcoholic beverage of choice. If economic conditions continue to improve, however, per capita consumption should be slightly higher in 2017.
- Today, millennials are beginning to affect the lower price range of premium sales. Their presence is most visible in the $8 to $11.99 red blend category, but they gradually will shift from blends to varietal wines or imports as their incomes grow.
- Even with winery M&A facing headwinds from higher interest rates, winery acquisitions should remain quite active through 2017.
- Farm labor supply and costs are the dominant concerns in the wine business in 2017.
Migrate Your Payments Platform Without Disrupting Your BusinessSilicon Valley Bank
Switching to a more robust payment platform can deliver benefits including better approval ratios, enhanced reporting, quicker funding, global payment acceptance and improved security. We'll review five key questions to gain an understanding of platform transition steps and share a helpful checklist for creating a project plan.
When you need tighter controls and maximum spending visibility, the way your company pays is key. Try these five tactics for sharpening your use of company credit cards.
Women hold influential positions in technology companies around the world, but there’s clearly room for more women in the C-suites and the boardrooms of the world’s most innovative companies. In our Innovation Economy Outlook 2016 survey of 900 executives worldwide, 63 percent say they have no women on their boards, and 44 percent have no women in executive positions, although that varies greatly when you look at it geographically.
Attending a job Interview for B1 and B2 Englsih learnersErika906060
It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
India Orthopedic Devices Market: Unlocking Growth Secrets, Trends and Develop...Kumar Satyam
According to TechSci Research report, “India Orthopedic Devices Market -Industry Size, Share, Trends, Competition Forecast & Opportunities, 2030”, the India Orthopedic Devices Market stood at USD 1,280.54 Million in 2024 and is anticipated to grow with a CAGR of 7.84% in the forecast period, 2026-2030F. The India Orthopedic Devices Market is being driven by several factors. The most prominent ones include an increase in the elderly population, who are more prone to orthopedic conditions such as osteoporosis and arthritis. Moreover, the rise in sports injuries and road accidents are also contributing to the demand for orthopedic devices. Advances in technology and the introduction of innovative implants and prosthetics have further propelled the market growth. Additionally, government initiatives aimed at improving healthcare infrastructure and the increasing prevalence of lifestyle diseases have led to an upward trend in orthopedic surgeries, thereby fueling the market demand for these devices.
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
Buy Verified PayPal Account | Buy Google 5 Star Reviewsusawebmarket
Buy Verified PayPal Account
Looking to buy verified PayPal accounts? Discover 7 expert tips for safely purchasing a verified PayPal account in 2024. Ensure security and reliability for your transactions.
PayPal Services Features-
🟢 Email Access
🟢 Bank Added
🟢 Card Verified
🟢 Full SSN Provided
🟢 Phone Number Access
🟢 Driving License Copy
🟢 Fasted Delivery
Client Satisfaction is Our First priority. Our services is very appropriate to buy. We assume that the first-rate way to purchase our offerings is to order on the website. If you have any worry in our cooperation usually You can order us on Skype or Telegram.
24/7 Hours Reply/Please Contact
usawebmarketEmail: support@usawebmarket.com
Skype: usawebmarket
Telegram: @usawebmarket
WhatsApp: +1(218) 203-5951
USA WEB MARKET is the Best Verified PayPal, Payoneer, Cash App, Skrill, Neteller, Stripe Account and SEO, SMM Service provider.100%Satisfection granted.100% replacement Granted.
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
Taurus Zodiac Sign_ Personality Traits and Sign Dates.pptxmy Pandit
Explore the world of the Taurus zodiac sign. Learn about their stability, determination, and appreciation for beauty. Discover how Taureans' grounded nature and hardworking mindset define their unique personality.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
What are the main advantages of using HR recruiter services.pdfHumanResourceDimensi1
HR recruiter services offer top talents to companies according to their specific needs. They handle all recruitment tasks from job posting to onboarding and help companies concentrate on their business growth. With their expertise and years of experience, they streamline the hiring process and save time and resources for the company.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
1. State of the Markets
Inside Views on the Health and Productivity
of the Global Innovation Economy
Third Quarter 2018
SPECIAL REPORT:
China’s Tech Growth Strategy
2. State of the Markets: Q3’18 2
State of the Markets: Third Quarter 2018
4 Bull Run: Tech Outswings the Market
8 Exit Conditions: Dual-Tracks Open
13 Emerging Sectors: Tech in the Real World
17 Venture in China: Investment Playbook
21 Spotlight on Shenzhen: Entrepreneurial Success
24 Southeast Asia: Expanding Influence
3. State of the Markets: Q3’18 3
State of the Markets: Third Quarter 2018
Tech Titans Dominate
Recent headlines might be all about tariffs, potential trade wars and turmoil, but investors’ appetite for tech
appears unabated. Tech titans continue to lead this bull market and monopolize top slots as the most valuable U.S.
companies. Yet while the IPO window remains open for emerging companies and both strategic and financial
buyers have ample cash on hand for deals, investors and operators would be wise to acknowledge the underlying
risks. The venture economy is not immune to economic downturns, so global growth rates bear watching.
Of course investors’ love affair with tech is not a U.S. phenomenon. This quarter we travel to China, which has
quickly established itself as a leading innovation economy with a proliferation of young unicorns. The “hardware
capital” of Shenzhen offers a fascinating case study, evolving from sleepy fishing village, to low-value
manufacturing, to global tech powerhouse in just a generation. China’s influence is spreading to Southeast Asia by
exporting tech and establishing programs to partner with neighboring countries. The influence of Chinese tech is
not a passing phase, but rather it’s just the beginning.
Bob Blee
Head of Corporate Finance
Silicon Valley Bank
4. State of the Markets: Q3’18 4
Bull Run: Tech
Outswings the Market
5. State of the Markets: Q3’18 5
U.S. Tech Giants Worth More Than Next 10 Companies
Source: S&P Capital IQ and SVB analysis.
$0.0T
$0.5T
$1.0T
$1.5T
$2.0T
$2.5T
$3.0T
$3.5T
$4.0T
1 2
#1
#2
#3
#5
#4
$3.8T
$3.1T
Top 5 vs. Next 10: Highest Market Cap at 6/30/18
A decade of robust consumer and business spending has helped tech lock down the top five slots as
the most valuable U.S. companies. Still, tech is susceptible to larger swings than the overall market.
-50%
0%
50%
100%
150%
200%
250%
300%
350%
1998 2002 2006 2010 2014 2018
Cumulative Returns for S&P 500 Tech vs. S&P 500
#6
S&P 500 Market Index
S&P 500 Information Technology
6. State of the Markets: Q3’18 6
Could Market Turmoil Spoil the Party for Venture?
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
1 53 105 157 209
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
1 53 105 157 209
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
1 53 105 157 209
$0B
$5B
$10B
$15B
$20B
$25B
$30B
$35B
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
$0B
$2B
$4B
$6B
$8B
$10B
$12B
$14B
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
Dot-com Era: Q2’98–Q1’02 Financial Crisis: Q4’05–Q3’09 Current Bull Run: Q3’16–Q2’18
S&P 500 Index Returns S&P 500 Index Returns S&P 500 Index Returns
U.S. Venture Investment U.S. Venture Investment U.S. Venture Investment
$0B
$5B
$10B
$15B
$20B
$25B
$30B
$35B
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
Venture capital by its very nature is a riskier asset. The last two bouts of U.S. market turmoil had
a marked effect on investment flows into emerging tech and life sciences companies.
Source: PwC/CB Insights MoneyTree, PitchBook/NVCA, S&P Capital IQ and SVB analysis.
7. -5%
0%
5%
10%
15%
20%
25%
Jul. 2017 Oct. 2017 Jan. 2018 Apr. 2018
State of the Markets: Q3’18 7
Coordinated Global Growth Falls Out of Sync
Notes: 1) OMSCI USA. 2) OMSCI EM. 3) OMSCI EAFE. 4) China 1 Year Benchmark Lending Rates, PBOC.
5) U.S. Fed Funds Rate. 6) UK Bank of England Official Bank Rate. 7) ECB Main Refinancing Operations Rate.
Source: S&P Capital IQ, Bloomberg, Federal Reserve Bank of New York and SVB analysis.
Cumulative Equity Market Returns: Q3’17–Q2’18 Benchmark Rates for Major Economies: 2006–1H’18
Performance 2H’17
United States1 +12%
Emerging Markets2 +17%
Developed Markets3 +9%
Q2’18
U.S. +6%
EM -9%
DM -4%
0%
1%
2%
3%
4%
5%
6%
7%
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
China4
U.K.6
E.U.7
U.S.5
The U.S. economy is powering global growth after stumbles in Europe and emerging markets in early
2018. To avoid overheating, the Federal Reserve continues to raise rates, and is now out of step with
other major economies. Tech companies, at scale, rely on global growth to substantiate lofty valuations.
July
2017
Sept. Jan.
2018
April 2006 2010 2014 1H’18
8. State of the Markets: Q3’18 8
Exit Conditions:
Dual-Tracks Open
9. 0
10
20
30
40
50
Jul. 2015Oct. 2015Jan. 2016Apr. 2016Jul. 2016Oct. 2016Jan. 2017Apr. 2017Jul. 2017Oct. 2017Jan. 2018Apr. 2018
State of the Markets: Q3’18 9
IPOs Look More Attractive in 2018
Notes: 1) More information on BVP Cloud Index at: https://www.bvp.com/strategy/cloud-computing/index.
2) Revenue run rate = Most Recent Quarter’s Revenue x 4. Valuations based on total enterprise value.
Source: Bessemmer Venture Partners, S&P Capital IQ and SVB analysis.
BVP Cloud Index1: Rev. Run Rate Multiple (Median)2U.S. Equity Volatility Index (^VIX): 2H’15–1H’18
20
2.0x
3.0x
4.0x
5.0x
6.0x
7.0x
8.0x
9.0x
10.0x
7/1/2015 10/1/2015 1/1/2016 4/1/2016 7/1/2016 10/1/2016 1/1/2017 4/1/2017 7/1/2017 10/1/2017 1/1/2018 4/1/2018
The backlog of companies looking to access liquidity and capital with an IPO found low
valuations to start 2016 and high volatility to start 2018. However, heading into the summer of
2018 both indications appear ripe for public debuts. IPOs are likely to follow.
Low Volatility
July
2015
Jan.
2016
July Jan.
2017
July Jan.
2018
July
2015
Jan.
2016
July Jan.
2017
July Jan.
2018
10. $0.0B
$1.0B
$2.0B
$3.0B
$4.0B
$5.0B
$6.0B
$7.0B
$8.0B
MuleSoft AppDynamics iZettle AppNexus Adaptive Insights GitHub Mobike Glassdoor Ring Musical.ly PillPack
State of the Markets: Q3’18 10
IPOs Provide Price Discovery for Acquisitions
Notable $1B+ Tech Acquisitions: 2017–1H’18
Notes: 1) AppDynamics was reportedly pricing IPO below last private round.
2) Mobike was acquired at a 10% discount to their last private round.
Source: PitchBook, S&P Capital IQ, The Wall Street Journal, CNBC and SVB analysis.
Privately HeldIn IPO RegistrationPublic
Mar. 2018 .Jan. 20171 May 2018 June 2018 June 2018 June 2018 .Apr. 20182 June 2018 Apr. 2018 Dec. 2017 June 2018
Target
Last Public
Valuation
Valuation at
Acquisition
IPO Valuation
Last Private
Valuation
Acquirer
Deal Date
Legend
Strategics have been willing to pay up in 2018. Acquirers are so hungry for tech assets that several
companies in IPO registration have been acquired for healthy premiums before hitting the market.
11. 2H’13 2014 2015 2016 2017 1H'18
State of the Markets: Q3’18 11
Continued M&A for Scaled Mid-Market Companies
U.S. Venture-Backed Tech Acquisitions $250M–999M: Q3’13–Q2’18 Most Active Acquirers1
Note: 1) For acquisitions with the same criteria as the chart.
Source: PitchBook and SVB analysis.
Most Active Deals
Cisco 8 $3.1B
Oracle 6 $3.5B
Thoma Bravo 5 $2.4B
Vista Equity 4 $2.4B
Salesforce 4 $2.3B
GTCR 3 $1.7B
Intel 3 $1.1B
U.S. Tech Giants
Alphabet 2 $0.9B
Microsoft 2 $0.8B
Amazon 1 $0.5B
Facebook 1 $0.5B
Apple 0 $0.0B
0
10
20
30
40
$0.0B
$1.0B
$2.0B
$3.0B
$4.0B
$5.0B
$6.0B
$7.0B
$8.0B
2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q
Capital
Beneath the megadeals, financial buyers continue to offer another exit path for companies at <$1B.
Private equity deals accounted for more than one-third of 1H’18 transaction value in this range.
Strategic Buyers
Financial Buyers Deal Count
12. $0.0T
$0.5T
$1.0T
$1.5T
$2.0T
$2.5T
12/31/2007
State of the Markets: Q3’18 12
Ample Cash at the Ready for Tech M&A
Notes: 1) Net cash for strategic acquirers includes cash and ST & LT investments, net ST & LT debt. No consideration was
given to domicile of holdings. 2) Based on constituents of the S&P 500 as of June 30, 2018. 3) Based on dry powder for
private equity as of September 30, 2017, multiplied by SVB estimate of amount invested in technology deals.
Source: PitchBook and SVB analysis.
S&P 5002: Cash and Cash Equivalents: 2008–1H’18Net Cash: Financial and Strategic Buyers1
$107B
$145B
$109B
$51B
$44B
$1B
$0B
$20B
$40B
$60B
$80B
$100B
$120B
$140B
Private Equity Apple Google Microsoft Facebook Amazon
U.S. PE Tech
Dry Powder3
Capital remains plentiful for traditional acquirers: Private equity firms are nearing all-time highs
for dry powder, and strategics are cash- and equity-rich. As tech moves to disrupt all industries,
note that current S&P 500 constituents have doubled their cash over the last decade.
2008 2010 2012 2014 2016 2018
13. State of the Markets: Q3’18 13
Emerging Sectors:
Tech in the Real World
14. 0
30
60
90
120
$0M
$200M
$400M
$600M
$800M
1H'18201620142012
State of the Markets: Q3’18 14
Shifting Retail Trends Attract Capital
Note: 1) Based on annualized 1H’18 total.
Source: PitchBook, TechCrunch, The Wall Street Journal, Reuters, CNBC, company websites and SVB analysis.
Acquisitions & Investments for E-commerceLogistics: Venture Capital Raised and Deal Count
ProjectedFullYear1
China-based logistics firm
Acquired majority stake in
2017 at $20B valuation
Middle Eastern
e-commerce site
Acq. in July 2017 for $580M
SE Asian e-commerce site
Acquired majority stake in
2016 at $2B valuation
Middle Eastern
logistics firm
Acq. in Sept. 2017 by Souq
Invested $550M into
JD.com in June 2018
Invested in Jet in 2015
Invested $215M into JD.com
for 15% stake in March 2014
Invested in Flipkart in 2017
“The rival of my..
rival is my friend”
Helping accelerate
int’l expansion
Dominance in local
and regional markets
Indian e-commerce site
Acquired by Walmart for
$20B in April 2018
U.S. e-commerce and logistics
Acquired by Walmart for
$3.3B in Aug. 2016
Adapting to sales
moving online
Consumer expectations are shifting, and retail continues to migrate away from brick and mortar.
As e-commerce giants expand their logistics capabilities to cover both domestic and
international markets, startup investors are committing capital to the next generation.
15. 0 25 50 75 100 125
NEA
Polaris Partners
GV
Canaan Partners
Venrock
Kleiner Perkins
Khosla
Founders Fund
Data Collective
Sequoia
State of the Markets: Q3’18 15
Tech Venturing into Healthcare
Note: 1) Includes venture firms where less than one-third of deals over the past five years were in healthcare.
Source: PitchBook, The Wall Street Journal, company websites and SVB analysis.
Notable Efforts from Tech GiantsMost Active Generalist Investors1 in U.S. Healthcare: 2H’13–1H’18
Total Deals
Deal Value
Life sciences subsidiary
utilizing data to improve
patient care and outcomes
Biotech R&D subsidiary
in partnership with AbbVie
focused on longevity
ChinaInvts.
U.S.Invts.
Announced partnership
in Jan. 2018 to combat
rising healthcare costs
Online pharmacy
delivery startup acquired
for $1.0B in June 2018
Healthcare is a massive yet inefficient marketplace ripe for innovation and investment. But
tackling healthcare challenges is no easy task. Data-rich use cases for AI/ML in diagnostics and
genomics are drawing substantial interest.
$5.0B
$2.5B
$3.6B
$1.8B
$3.2B
$2.1B
$1.6B
$1.2B
$0.5B
$2.0B
16. State of the Markets: Q3’18 16
AI+: Vertical Applications of Artificial Intelligence
AI + Cybersecurity AI + Digital Health AI + Fintech
Most Well-Funded U.S. Startups: June 2018
Source: PitchBook and SVB analysis.
0%
5%
10%
15%
20%
25%
0
20
40
60
80
100
1H'18201620142012
U.S. Venture Deals
% of all Cybersecurity Deals
0%
5%
10%
15%
20%
25%
0
20
40
60
80
100
1H'18201620142012
U.S. Venture Deals
% of all Digital Health Deals
0%
5%
10%
15%
20%
25%
0
20
40
60
80
100
1H'18201620142012
U.S. Venture Deals
% of all Fintech Deals
$481M $330M $297M
Most Well-Funded U.S. Startups: June 2018 Most Well-Funded U.S. Startups: June 2018
$500M $237M $55M $1,357M $718M $439M
The future is out of the lab and into our lives, improving everything from portfolio returns to
human lifespans. The percentage of startups using AI has climbed in nearly every category.
17. State of the Markets: Q3’18 17
Venture in China:
Investment Playbook
18. 15 10 5 0 5 10 15
State of the Markets: Q3’18 18
A Younger Herd of Unicorns in China
Source: CB Insights, PitchBook and SVB analysis.
China has quickly established itself as a Top Two venture market. In China, the ratio of younger
(<4 years) to older unicorns (>10 years) is 1-to-1. In the U.S., that ratio is 1-to-4. This speaks to
how rapidly companies can reach an astronomical scale in this dynamic emerging market.
Distribution of Current Unicorns by Age as of June 2018: China vs. U.S.
U.S. Total:
20
18
16
14
12
10
8
6
4
2
0
China Total:
72 113+
Age
0
Count
Median: 9
Median: 6
19. $250B+.$50–$250B$20–$50B$10–$20B$5–$10B
State of the Markets: Q3’18 19
The Long Reach of China’s BATJ
Note: 1) Valuations based on market cap (Baidu, Alibaba, Tencent and JD.com) or most recent private round as of June 30, 2018.
Source: China Money Network, S&P Capital IQ, PitchBook, TechCrunch, company websites and SVB analysis.
BATJ and $5B+ China Unicorns
Jiedaibao
Pinduoduo
Unaffiliated
Valuation Band1
China’s internet giants are a dominant presence in the venture ecosystem. More than two-thirds
of China’s current unicorns with $5B+ valuations have received investment from at least one of
the BATJ. And now, Alibaba and Tencent may look to invest even earlier in companies’ life cycles.
Own/Acquired
Invested
Legend
20. State of the Markets: Q3’18 20
IPOs: How China’s Companies Decide Where to List
Source: S&P Capital IQ and SVB analysis.
China Tech IPO Gross Proceeds by Exchange: Capital Raised in $100M+ IPOs
$0.0B
$1.0B
$2.0B
$3.0B
$4.0B
$5.0B
$6.0B
2012 2013 2014 2015 2016 2017 1H'18
$22B
AlibabaJD.com
FIIFoxconn
Xiaomi
iQIYI
ZhongAn
Legend
Guosen
CRSC
Scaled companies in China face an international decision when it comes time to list and must
consider access to capital, liquidity and regulatory constraints. Six of China’s last eight $1B+ tech
IPOs chose exchanges in the U.S. and Hong Kong. Officials would like to see more list domestically.
U.S. H.K. China U.S. H.K. China U.S. H.K. China U.S. H.K. China U.S. H.K. China U.S. H.K. China U.S. H.K. China
2012 2013 2014 2015 2016 2017 1H’18
21. State of the Markets: Q3’18 21
Spotlight on Shenzhen:
Entrepreneurial Success
22. State of the Markets: Q3’18 22
Shenzhen: Economic Experiment Yields Results
Note: 1) Based on current fundraising efforts as of April 2018.
Source: South China Morning Post, S&P Capital IQ, China Money Network, company websites and SVB analysis.
City Population, Milestones and Company Formations: 1970–Today
0.0M
2.0M
4.0M
6.0M
8.0M
10.0M
12.0M
1970 1980 1990 2000 2010 Today
Shenzhen
New York City
Shenzhen’s Tech Giants
Designated China’s first
Special Economic Zone.
Shenzhen Stock
Exchange opens.
Launches int’l recruitment
effort, the “Peacock Plan.”
Small fishing community
with 2000-year history.
In the span of a generation, Shenzhen has climbed from a fishing village to a global tech powerhouse.
Deliberate structural planning and talent acquisition efforts, coupled with world-class hardware
manufacturing, have equipped a generation of market-oriented companies to compete globally.
Telecom equipment developer,
manufacturer and distributor
Market Cap: Privately Held
2017 Total Revenue: $92.5B
Internet social and gaming platform;
e.g. owns WeChat (1B+ MAU)
Market Cap (6/30/18): $473.5B
2017 Total Revenue: $36.5B
Consumer aerial drone and camera
developer and manufacturer
Market Cap (6/30/18): $15B1
2017 Total Revenue: Unknown
Telecom equipment and other
information technology provider
Market Cap (6/30/18): $7.9B
2017 Total Revenue: $16.7B
23. State of the Markets: Q3’18 23
Market-Oriented Approach Spurs Innovation
Notes: 1) Based on list of 96 companies under the supervision of the State-owned Assets Supervision and Administration Commission
(SASAC). 2) PCT Applications are applications filed under the Patent Cooperation Treaty. 3) Data as of 2016. 4) Data as of 2017.
Source: State-owned Assets Supervision and Administration Commission website, World Intellectual Property Organization,
The Economist analysis of WIPO and SIPO data, company websites and SVB analysis.
China’s Centrally Controlled
State-Owned Enterprises by City1
PCT Applications2 by City:
Percentage of China Total3
PCT Applications2 by Company:
Top 5 & Shenzhen Cos. in Top 1004
0%
15%
30%
45%
60%
75%
BJ SH SZ O
0%
15%
30%
45%
60%
75%
BJ SH SZ Other
Company
1 Huawei 4,204.
2 ZTE 2,965.
3 Intel 2,637.
4 Mitsubishi 2,521.
5 Qualcomm 2,163.
18 Shenzhen CSOT 972.
32 Tencent 560.
34 Yulong 517.
85 DJI Technology 238.
Rank PCT Apps.
ShanghaiBeijing Shenzhen Other ShanghaiBeijing Shenzhen Other
Shenzhen’s short history means little presence from incumbent state-owned enterprises. Instead,
special economic incentives attracted entrepreneurs, and free market forces drove them to be
innovators. Shenzhen-based companies now hold the top two spots in global patent applications.
24. State of the Markets: Q3’18 24
Southeast Asia:
Expanding Influence
25. State of the Markets: Q3’18 25
China Sees Itself in Southeast Asia
Note: 1) Includes Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam.
Source: The World Bank, eMarketer, China Internet Network Information Center, Hootsuite and SVB analysis.
Gross Domestic Product: 2000–2017
$0.0T
$5.0T
$10.0T
$15.0T
$20.0T
2000 2004 2008 2012 2016
Internet Users (IU) and YoY Growth Rates: Jan. 2018
China
SE Asia1
Population:
1,385M
Internet Users:
772M
Pop: 326M
IU: 280M
Pop: 574M
IU: 350M
6%
<2%
12%
2017
4.7x4.7x
U.S.
Today, China is looking to Southeast Asia as their engine of economic growth. With double-digit
growth for a user base that’s already larger than the U.S., China’s tech is finding opportunities to
go international.
China
U.S.
Southeast Asia1
26. China Investor:
HQ: Singapore
Logistics Real Estate Services
Investment: $306M in May 2018
Traveloka
Grab
State of the Markets: Q3’18 26
Finding Familiar Investments in Southeast Asia
Note: 1) Potential expansion efforts for Lazada operations under the control of Alibaba.
Source: S&P Capital IQ, PitchBook, Reuters, Forbes, TechCrunch and SVB analysis.
Notable SE Asian Companies with Significant Investment from China Companies and Venture Firms
Sea Lazada
Tokopedia The Redwood Group Bigo
GO-Jek
Headquarters: Singapore
Valuation: $5.0B
Publicly Traded on NYSE
China-Based Investors:
Business Line Expansion:
Headquarters: Singapore
Valuation: $10.0B
Series H in June 2018
China-Based Investors:
Headquarters: Jakarta
Valuation: $5.0B
Series E in Feb. 2018
China-Based Investors:
Headquarters: Singapore
Valuation: $2.0B
Acquisition in April 2016
China-Based Acquirer:
E-commerceGaming Payments
Business Line Expansion:
Payments
Ride
Hailing
Grocery Delivery
Motorcycle
Hailing
Payments
Business Line Expansion:
E-commerce Logistics? Payments?
Business Line Expansion1:
China Investors:
HQ: Jakarta
Travel Search Engine
Valuation: $1.0B in July 2017
China Investor:
HQ: Jakarta
E-commerce Marketplace
Investment: $1.1B in Aug. 2017
China Investor:
HQ: Singapore
Online Video Broadcasting
Investment: $272M in June 2018
The market opportunities in Southeast Asia bear a strong resemblance to those in China a decade
ago. This reflects the influence of strategic capital from China’s corporate giants and prominent
investors. Often, the focus is expanding services to an upgrading consumer class.
27. State of the Markets: Q3’18 27
Developing Pathways to New Market Opportunities
Belt and Road Initiative Infrastructure and Construction Investment by Country: Oct. 2013–June 2018
$8B
Kazakhstan
$24B
Russia
$6B
Kuwait
$9B
Saudi Arabia
$17B
Egypt
$9B
Ethiopia
$8B
Iraq $13B
Iran
$12B
Israel
$9B
India
$18B
UAE
$31B
Malaysia
$28B
Singapore
$25B
Indonesia
$7B
Thailand
$21B
Bangladesh
$9B
Sri Lanka
$7B
Vietnam
$18B
Laos
$9B
S. Korea
$7B
Philippines
$40B
Pakistan
Total to Date:
$420B
Legend: $10B+
$2B+
$7B
Cambodia
To ensure growth beyond opportunities in Southeast Asia, China is laying the groundwork to be a
more prominent regional player. The Belt and Road Initiative will establish modern trade routes for
goods from China to reach future generations of consumers in Southeast Asia and beyond.
Source: China Global Investment Tracker, with data compiled by The American Enterprise Institute
and The Heritage Foundation and SVB analysis.
29. State of the Markets: Q3’18 29
Report Authors
Steven Pipp, CFA
VP, Research
spipp@svb.com
Bob Blee
Head of Corporate Finance
bblee@svb.com
Bob Blee heads Silicon Valley Bank’s Corporate Finance Group,
which leads SVB's relationships with public and late stage
private companies in the Innovation sector throughout North
America, providing a full suite of lending and banking products,
as well as guidance as a trusted partner helping our clients
succeed and quickly scale.
Previously, Bob held a variety of roles in SVB’s California and
Midwest geographies, including heading seed, early and mid-
stage Infrastructure, Hardware, Consumer Internet and Fintech
banking in the Bay Area and Southern California, as well as
responsibility for SVB’s Mezzanine Lending and Loan
Syndications practices.
Bob sits on the nonprofit board of the Network for Teaching
Entrepreneurship (NFTE) and the Silicon Valley Advisory
Council of the Commonwealth Club. He is also active with his
alma mater, the University of Illinois.
Steven Pipp is a Vice President, Research, based in San Francisco,
CA, responsible for capital markets research and data-driven analysis
of the innovation economies that SVB serves globally.
Prior to his research role, Steven managed advisory and valuation
engagements for venture-backed technology companies as part of
SVB Analytics. Before joining SVB, Steven worked in Minneapolis,
MN, as a consultant and entrepreneur in clean energy technology.
Steven earned a Master of Science in Finance from Boston College and
a Bachelor of Science Business from the University of Minnesota. In
addition, he holds the Chartered Financial Analyst (CFA) designation.