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2018年欧洲风险投资总额上升4.2%,交易数量下跌25.9%

欧洲风险投资在2018年取得了丰收,尽管交易数量下跌超25%。

上述内容是数据和研究公司PitchBook欧洲风险投资年度报告的一部分,该报告表示2018年欧洲投资总额为205亿欧元,共3384笔交易,在年度投资金额上同比上升4.2%,但是交易数量却下跌25.9%。

但是2018年的交易规模呈现更大趋势。投资人更愿意在后期轮创企投入更多的资金,而不是对年轻企业的小额资金注入。

值得注意的是,PitchBook报告涉及所有行业,而不仅仅是技术产业,还包括制药和生物技术、能源、商业服务、媒体等等。

PitchBook与伦敦公关公司London & Partners几周前联合发布了欧洲科技行业的独立数据报告,主要关注英国资本。不过,该报告确实显示,2018年欧洲企业的风险融资总额略有下降——从2017年118.8亿欧元下降到了2018年的118.5亿欧元。从这点可以看出,2018年欧洲大约一半的风险投资都涉及科技公司。

该报告发现,虽然2018年伦敦科技企业融资总额下跌了29%,但是他们获得的融资仍是周边欧洲城市同行的近2倍。去年伦敦科技企业融资23亿美元,柏林和巴黎企业分别融资额为12亿美元和10亿美元。

退出

PitchBook报告显示,2018年退出价值达475亿欧元,同比上升164.8%,虽然退出数量同比下降30.5%(共373家退出)。这和风险投资中我们观察到的现象类似:更多的钱流向了更少的企业。

但是,值得注意的是,如果你把Spotify和Adyen的首次公开发行排除在外,退出价值实际上同比下降了4.2%,这有助于说明两个异常值对统计数据的影响。伦敦企业Farfetch在2018年也以数十亿美元估值退出,IPO估值为60亿美元。

此外,PitchBook的2018年报告显示,去年62只基金共筹资84亿欧元,筹资总额上升0.2%,但是筹资的基金数量减少了23.5%。

“尽管整个2018年,欧洲的风投生态系统在交易撮合、退出活动和融资方面都出现了下滑,但由于投资者越来越关注更少、更成熟的初创公司,整个欧洲风投生态仍保持在健康水平,”PitchBook分析师Cameron Stanfill指出,“值得注意的一个重要里程碑是,退出市场有能力在2018年支持三次数十亿美元的变现活动。它激发了投资者的信心,使投资者相信其有能力在企业发展的后期阶段支持企业。由于基金数量减少、规模扩大,2019年早期初创企业的融资情况将受到密切关注。”

Europe recorded a bumper year for venture capital (VC) investment in 2018, even though the overall number of deals fell by more than a quarter.

The findings were published as part of data and research company PitchBook’s annual European Venture Report, which revealed that a total of €20.5 billion ($23.3 billion) was invested across 3,384 deals in 2018 — this represents an increase of 4.2 percent in terms of the overall money invested. But the total number of deals dropped by 25.9 percent.

Translated: Deal sizes got bigger in 2018. Reading between the lines here, this also indicates that investors were more interested in putting in more money to companies at a later stage, rather than smaller cash injections into younger startups.

It’s worth noting here that the year-on-year comparative figures aren’t in relation to the original 2017 report, because the investment data and research firm subsequently amended the numbers with fresh data that emerged later. Additionally, we should highlight that the PitchBook report apples to all industries, not just technology, and incorporates pharmaceutical and biotech, energy, commercial services, media, and more.

PitchBook, in conjunction with London PR firm London & Partners, released separate figures for the European technology industry a few weeks ago, though it was chiefly focused on the U.K. capital. It did reveal, however, that total VC investment into European companies experienced a slight drop in 2018 — down to €11.85 billion ($13.46 billion) from the record €11.88 billion ($13.5 billion) in 2017. From this, we can extrapolate that roughly half of all European VC investments in 2018 involved technology companies.

That report also found that while investments into London-based technology companies fell by 29 percent in 2018, they still managed to attract nearly double the amount raised by their nearest counterparts in other European cities — London tech firms secured $2.3 billion last year, while Berlin and Paris companies raised $1.2 billion and $1 billion respectively.

Exits

Direct VC investments only conveys part of the story. The PitchBook report found that there was €47.5 billion ($54 billion) of exit value in 2018 — up 164.8 percent on the previous year — while the number of exits dropped 30.5 percent to 373. So this was similar to what we saw with VC funding: more money involving fewer companies.

However, it’s worth highlighting that if you take Spotify and Adyen’s respective IPOs out of the picture, exit value actually declined 4.2 percent year-on-year, which helps to illustrate the effect that just two outliers can have on the stats. London-based Farfetch was another multi-billion-dollar exit in 2018, which was valued at around $6 billion at its IPO.

Elsewhere, PitchBook’s 2018 report shows that VC funds raised €8.4 billion ($9.54 billion) last year across 62 funds, representing a modest 0.2 percent increase and 23.5 percent decrease, respectively.

“Despite declines in volume across dealmaking, exit activity and fundraising, Europe’s VC ecosystem did sustain healthy investment levels throughout 2018 as a result of increased investor focus on targeting fewer, more mature startups,” noted PitchBook analyst Cameron Stanfill. “An important milestone to note was the exit market’s ability to support three multi-billion-dollar liquidity events in 2018, as it inspires investor confidence in their ability to sponsor companies through the later stages of growth. An area that will be watched closely in 2019 is capital availability for early stage startups, with investors raising fewer, larger funds.”

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