Escolar Documentos
Profissional Documentos
Cultura Documentos
Venture Pulse
Q4 2015
Global Analysis of
Venture Funding
#Q4VC
Welcome message
2015 was a record-setting year for venture capital, with over $128 billion of total investment made
worldwide, topping 2014s total by 44 percent. What sets 2015 apart, however, lies in the size and
scope of the venture capital (VC) investments that were made.
From healthcare to Fin Tech, and retail to education, companies sparked changes that could
affect every sector and every business moving forward. Investors saw this potential and made
significant investments; in fact, 71 VC-backed companies achieved Unicorn status ($1 billion
valuation) during the year, compared to 53 in 2014.
The World Economic Forum calls this dawning era of transformation and innovation the Fourth
Industrial Revolution. At the end of this month, business and government leaders will come
together in Davos, Switzerland, to discuss how to navigate these unprecedented changes. But
the reality is that regular system-wide innovations are expected to continue to rock the
foundations of traditional industries well into the future and investors must enter uncharted
territories if they are to achieve success.
However, after 2 incredibly strong quarters, investors are becoming more cautious with their
funding. Weve seen VC investment drop from $38.7 billion in Q3 to $27.2 billion in Q4, while the
number of deals hit a low not seen since Q113. The drop-off was most noticeable in Asia, where
China and India received significantly less funding than in all previous quarters of 2015.
Comparatively, Europe experienced the least decrease in VC activity, although both the number
of deals and the total deal value in Europe remain small compared to other regions of the world.
The drop in VC investment signifies a shift in thinking as global investors seem to be taking a less
bullish view of the market. An uncertain global economy, a projected slowdown in China, and
expected interest rate increases following the recent increase in the US seem to be driving some
investors to hold back their investment dollars. These trends, along with a number of Q415 IPOs
falling short of recent private valuations appear to be making investors more cautious. Some
investors have even moved to write down a number of their major VC investments in order to
reflect fair market value. Investor caution will likely continue to impact VC activity heading into the
first quarter of 2016.
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
Dennis Fortnum
Global Head of
KPMG Enterprise,
KPMG International
Brian Hughes
Co-Leader,
KPMG Enterprise
Innovative Startups
Network, Partner, KPMG
in the US
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
Arik Speier
Co-Leader,
KPMG Enterprise
Innovative Startups
Network, Partner, KPMG
in Israel
#Q4VC
TABLE OF CONTENTS
SECTION
INVESTMENT ACTIVITY
Summary
Global Data
38
North America
62
Europe
78
Asia
#Q4VC
$128.5B
across
7872 deals
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
SUMMARY OF FINDINGS
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
SUMMARY OF FINDINGS
Asia investment activity craters, big year: Funding to VCbacked startups in Asia fell 32 percent versus Q315;
however, overall funding for 2015 was still a record high at
$39.7B, more than the previous 4 years combined.
Late-stage deal sizes reach 5 quarter high: Median latestage deal sizes in Europe weighed in at $18.6M in Q415, a 5
quarter high, and double Q414s median of $7.8M. Despite the
increase in round size, late-stage deals decreased on an
absolute basis in Q4 vs Q315.
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
In Q4 2015
GLOBALLY
VC-backed companies raised
$27.2 billion
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
#Q4VC
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
10
$140.0
9000
7872
7259
$120.0
8000
6442
$100.0
7000
5534
6000
$80.0
5000
4000
$60.0
3000
$40.0
2000
$20.0
1000
$49.1
$44.8
$50.2
$89.4
$128.5
$-
2011
2012
2013
Investm ents ($B)
2014
2015
Deals
Source: Venture Pulse, Q4'15, Global Analysis of Venture Funding, KPMG International and CB Insights (data provided by CB Insights) January 19th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
11
250 0
$40.0
$35.0
1709
1696
1377
1369
$25.0
1786
1873
1863
2029
2089
2013
2042
2080
2008
200 0
1742
1526
1511
1505
$30.0
1737
1958
150 0
1283
$20.0
100 0
$15.0
$10.0
500
$5.0
$12.3
$14.8
$11.6
$10.4
$9.8
$11.5
$12.3
$11.2
$11.5
$11.8
$12.2
$14.7
$17.8
$23.0
$20.9
$27.7
$27.9
$34.8
$38.7
$-
$27.2
0
Deals
Source: Venture Pulse, Q4'15, Global Analysis of Venture Funding, KPMG International and CB Insights (data provided by CB Insights) January 19th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
12
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
Brian Hughes
Co-Leader, KPMG Enterprise
Innovative Startups Network, and
National Co-Lead Partner, KPMG
Venture Capital Practice,
KPMG in the US
#Q4VC
13
Deal share to seed-stage investments dropped below 30% in Q415, reaching just 29%. Series A deals
reached a 5 quarter high at 26% deal share. Mid-stage (Series B Series C) deals accounted for 23% of
all deals in Q415, matching the previous 5 quarter high from Q315.
16%
16%
14%
15%
16%
3%
4%
7%
3%
5%
7%
4%
4%
9%
4%
4%
8%
3%
3%
7%
13%
13%
14%
15%
16%
25%
22%
24%
23%
26%
34%
34%
32%
32%
29%
Q4'14
Q1'15
Q2'15
Q3'15
Q4'15
Seed / Angel
Series A
Series B
Series C
Series D
Series E+
Other
Source: Venture Pulse, Q4'15, Global Analysis of Venture Funding, KPMG International and CB Insights (data provided by CB Insights) January 19th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
14
$2.5
$2.5
$2.2
$2.3
$2.2
Q2'15
Q3'15
$2.0
$2.0
$1.5
$1.0
$0.5
$-
Q4'14
Q1'15
Q4'15
#Q4VC
15
$35.0
$31.3
$30.0
$22.0
$18.3
Q4'14
Q1'15
Q2'15
Q3'15
Q4'15
#Q4VC
16
13%
13%
14%
13%
12%
3%
6%
3%
5%
4%
5%
3%
6%
4%
6%
12%
13%
11%
11%
13%
20%
19%
18%
18%
16%
46%
47%
49%
49%
50%
Q4'14
Q1'15
Q2'15
Q3'15
Q4'15
Internet
Healthcare
Other
Source: Venture Pulse, Q4'15, Global Analysis of Venture Funding, KPMG International and CB Insights (data provided by CB Insights) January 19th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
17
78%
78%
78%
78%
76%
12% 10%
13% 11%
11% 12%
11% 11%
13% 9%
Q4'14
Q1'15
Q2'15
Q3'15
Q4'15
Tech
Healthcare
Other
Source: Venture Pulse, Q4'15, Global Analysis of Venture Funding, KPMG International and CB Insights (data provided by CB Insights) January 19th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
18
Q414 Q415
Q414 Q415
1315
1301
1343
1220
$19.0
1026
$20.8
$20.3
$16.4
$14.2
$10.6
$9.3
329
398
363
379
346
335
323
347
338
Q4'14
Q1'15
Q2'15
Q3'15
Q4'15
North Am erica
Europe
$9.7
$5.2
$3.5
$3.4
328
Asia
$14.1
$1.8
Q4'14
$3.0
$3.6
Q1'15
Q2'15
North Am erica
Q3'15
Europe
Q4'15
Asia
Source: Venture Pulse, Q4'15, Global Analysis of Venture Funding, KPMG International and CB Insights (data provided by CB Insights) January 19th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
19
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
Irene Chu
Partner, Head of High Growth
Technology & Innovation Group,
KPMG in Hong Kong
#Q4VC
20
24%
23%
25%
26%
25%
76%
77%
75%
74%
75%
Q4'14
Q1'15
Q2'15
Q3'15
Q4'15
Other Investors
Source: Venture Pulse, Q4'15, Global Analysis of Venture Funding, KPMG International and CB Insights (data provided by CB Insights) January 19th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
21
Top Deals
Fin Tech Investment Activity
Rong360
$158M // Series D
Social Finance
149
$5,000
$4,500
138
146
144
160
125
Symphony Communication
$4,000
120
$100M // Series B
$3,500
100
$3,000
$2,500
80
$2,000
60
Top Countries
United States
64 Deals // $792.7M
United Kingdom
$1,500
40
11 Deals // $127.4M
$1,000
20
India
$500
$2,158
$2,135
$3,567
$4,402
$1,336
$-
Q4'14
Q1'15
Q2'15
Investments ($M)
Q3'15
9 Deals // $54.5M
Q4'15
Deals
Source: Venture Pulse, Q4'15, Global Analysis of Venture Funding, KPMG International and CB Insights (data provided by CB Insights) January 19th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
22
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
Warren Mead
Global Co-Lead Partner, Fintech,
and Head of Challenger Banks,
KPMG in the UK
#Q4VC
23
Top Deals
Digital Health Investment Activity
Collective Health
$81M // Series C
Peloton Interactive
$2,000
140
128
$1,800
112
107
$1,600
120
109
99
100
$1,400
$1,200
80
Top Countries
$1,000
60
United States
$800
74 Deals // $918.5M
$600
40
India
$400
20
8 Deals // $52.9M
$200
$738
$710
$1,146
$1,716
Canada
$1,089
$-
Q4'14
Q1'15
Q2'15
Investm ents ($M)
Q3'15
Q4'15
4 Deals // $3.4M
Deals
Source: Venture Pulse, Q4'15, Global Analysis of Venture Funding, KPMG International and CB Insights (data provided by CB Insights) January 19th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
24
Giving Ed Tech an A+ in Q4
While Q415 VC investment may have declined across many industries, one sector that saw a significant upward curve over the
quarter was education technology. In Q4, buoyed by a number of $100M+ deals, VC investment in Ed Tech grew over 300 percent
compared to Q3 from $295 million to over $1 billion.
Ed Tech has been on the radar of investors for several quarters, if not more. Given the demand of parents, teachers and students for
innovative technologies to support learning, most investors have been focused less on whether to invest and more on where to
invest. From the technologies supporting MOOCs (Massive Open Online Courses) to interactive learning apps, testing programs and
technologies meant to increase the effectiveness of classroom learning, Ed Tech companies are working to transform education.
One needs only to look at the top VC investments in Ed Tech during Q4 to see the diversity. Companies such as:
HotChalk a California company working with universities to put degree programs online
TutorGroup a language training company based in Taiwan that provides an online platform for connecting learners with teachers
anywhere in the world
Udacity a Silicon Valley-based company that works with organizations to create skills-driven technology courses intended to
advance lifelong learning
Heading into 2016, we expect Ed Tech will continue to gain attention in the VC market. With many jurisdictions looking to modernize
and update their learning infrastructure, and to extend equal learning opportunities to all learners regardless of location the
opportunities presented by investing in innovative technologies could be manifold.
At the same time, we expect that VC investors in the Ed Tech space will become more particular about their investments over the
long term. Thats because some Ed Tech companies have found it difficult to monetize their offerings. In the US for example,
California is in the process of strengthening privacy laws to restrict app-related user information from being sold; other states are
likely to follow suit. This could hinder the ability of some Ed Tech app developers to make a profit.
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
25
Top Deals
Ed Tech Investment Activity
HotChalk
TutorGroup
$1,200
80
$200M // Series C
69
70
$1,000
60
60
58
60
Udacity
$105M // Series D
$800
47
50
Top Countries
$600
40
United States
30
$400
20
30 Deals // $627.9M
China
7 Deals // $414M
$200
10
$423
$699
$474
$295
Netherlands
$1,063
$-
Q4'14
Q1'15
Q2'15
Investm ents ($M)
Q3'15
Q4'15
3 Deals // $4.6M
Deals
Source: Venture Pulse, Q4'15, Global Analysis of Venture Funding, KPMG International and CB Insights (data provided by CB Insights) January 19th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
26
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
Conor Moore
National Co-Lead Partner,
KPMG Venture Capital Practice
KPMG in the US
#Q4VC
27
$3.0
$ Millions
$2.5
$2.0
$1.5
$1.0
$0.5
$-
Q4'14
Q1'15
Q2'15
North Am erica
Asia
Q3'15
Q4'15
Europe
Source: Venture Pulse, Q4'15, Global Analysis of Venture Funding, KPMG International and CB Insights (data provided by CB Insights) January 19th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
28
$ Millions
$200.0
$150.0
$100.0
$50.0
$-
Q4'14
Q1'15
North Am erica
Q2'15
Asia
Q3'15
Q4'15
Europe
Source: Venture Pulse, Q4'15, Global Analysis of Venture Funding, KPMG International and CB Insights (data provided by CB Insights) January 19th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
29
ARE MEGA-ROUNDS OVER? $100M+ ROUNDS TO VCBACKED COMPANIES ALMOST CUT IN HALF IN Q415
After Q315 saw a combined 72 $100M+ equity financings to VC-backed companies, the mega-round trend
cooled in Q4, with just 38 such deals. Both North America and Asia saw a significant decrease in megarounds vs exuberant levels seen in Q315. The quarter saw mega-financings dip in number to levels last
seen in Q314. Overall the mega-rounds in major markets in Q415 raised over $11.4B vs $20.3B in Q315.
39
30
27
27
25
22
18
18
16
8
16
1
Q4'14
Q1'15
Q2'15
North Am erica
Q3'15
Asia
Q4'15
Europe
Source: Venture Pulse, Q4'15, Global Analysis of Venture Funding, KPMG International and CB Insights (data provided by CB Insights) January 19th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
30
#Q4VC
31
23
24
17
13
Q4'14
Q1'15
12
Q2'15
Q3'15
Q4'15
Source: Venture Pulse, Q4'15, Global Analysis of Venture Funding, KPMG International and CB Insights (data provided by CB Insights) January 19th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
32
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
Arik Speier
Co-Leader, KPMG Enterprise
Innovative Startups Network and
Head of Technology,
KPMG in Israel
#Q4VC
33
The overall slow in deals and mega-rounds, in addition to valuation bubble concerns, led to fewer
Unicorns across all major continents. Europe, specifically, saw no new Unicorns in Q415, while North
America saw just seven, while Asia saw a slight increase with five, despite a continued economic
slowdown in China.
13
9
8
7
7
5
4
3
1
Q4'14
2
1
Q1'15
Q2'15
Asia
Europe
North Am erica
Q3'15
Q4'15
Other
Source: Venture Pulse, Q4'15, Global Analysis of Venture Funding, KPMG International and CB Insights (data provided by CB Insights) January 19th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
34
Company
Round
Country
Empreendimentos Pague
Menos
$150.6M
(Growth Equity)
Brazil
Signostics
$35M
(Private Equity)
Australia
$25M
(Series C)
Tanzania
$15M
(Series A-II)
Australia
Invoice2go.com
$15M
(Series C)
Australia
Trocafone
$12M
(Seed VC)
Brazil
Geofusion
$9.22M
(Seed VC-II)
Brazil
Dinda
$4.91M
(Series A)
Brazil
Monashees Capital
Cardiora
$3.5M
(Seed VC)
Australia
Pin Payments
$3.1M
(Series A)
Australia
Vix Investments
Off-Grid Electric
Canva
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
Select Investors
General Atlantic
#Q4VC
35
Company
Square
Pure Storage
Cardioxyl
Pharmaceuticals
Solidfire
SteelBrick
Exit Type
IPO
IPO
Acquisition
(Bristol-Myers
Squibb)
Acquisition
(NetApp)
Acquisition
(Salesforce)
$4.7B
$3.1B
$2.08B
$870M
$600M
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
Dave Hatfield,
President, Pure Storage
Emergence Capital
Partners, Salesforce
Ventures, Shasta
Ventures, Institutional VP
#Q4VC
36
Company
Exit Type
Acerta Pharma
Corp Majority
(AstraZeneca)
Avito
Corp Majority
(Naspers)
Novocure
Yongche
ShowroomPrive
.com
IPO
Corp Majority
(Letv.com)
IPO
$7.27B
BioGeneration Ventures,
Brabant Development
Agency
$2.35B
Kinnevik, Northzone
Ventures, Accel Partners,
Baring Vostok Capital
Partners
$1.81B
$1B
$958M
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
Morningside Group,
Qualcomm Ventures, China
Broadband Capital, DCM
Ventures
Pascal Soriot
CEO, AstraZeneca
Accel Partners
#Q4VC
37
In Q4 2015
NORTH
AMERICAN
VC-backed companies raised
$14.1 billion
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
38
#Q4VC
39
In North America, 2015 reached a 5 year funding high, reaching $74.2B across 4890 deals. Funding
was up 26% while deals fell 10% versus the previous year. Overall deal activity reached its lowest point
since 2012.
$80.0
4648
$70.0
5008
6000
4890
5000
4260
$60.0
4000
$50.0
$40.0
3000
$30.0
2000
$20.0
1000
$10.0
$37.6
$32.7
$36.8
$58.6
$74.2
$-
2011
2012
2013
Investm ents ($B)
2014
2015
Deals
Source: Venture Pulse, Q4'15, Global Analysis of Venture Funding, KPMG International and CB Insights (data provided by CB Insights) January 19th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
40
1600
1407
1310
1260
$20.0
1195
1165
1099
1026
1208
1240
1423
1315
1315
1250
1301
1343
1220
1127
1066
1400
1200
1026
970
1000
$15.0
800
$10.0
600
400
$5.0
200
$9.8
$10.1
$9.9
$7.8
$7.4
$8.9
$8.7
$7.8
$8.2
$9.1
$9.1
$10.3
$12.6
$15.9
$13.6
$16.4
$19.0
$20.3
$20.8
$-
$14.1
0
Deals
Source: Venture Pulse, Q4'15, Global Analysis of Venture Funding, KPMG International and CB Insights (data provided by CB Insights) January 19th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
41
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
Francois Chadwick
National Tax Leader,
KPMG Venture Capital Practice
KPMG in the US
#Q4VC
42
17%
16%
15%
16%
17%
3%
5%
8%
4%
6%
8%
4%
4%
9%
5%
4%
9%
4%
4%
7%
12%
14%
15%
15%
16%
23%
21%
23%
23%
27%
31%
32%
30%
29%
25%
Q4'14
Q1'15
Q2'15
Q3'15
Q4'15
Seed / Angel
Series A
Series B
Series C
Series D
Series E+
Other
Source: Venture Pulse, Q4'15, Global Analysis of Venture Funding, KPMG International and CB Insights (data provided by CB Insights) January 19th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
43
$3.2
$2.6
$2.4
$2.3
$2.0
Q4'14
Q1'15
Q2'15
Q3'15
Q4'15
#Q4VC
44
$34.0
$30.0
$30.0
$22.8
$20.0
Q4'14
Q1'15
Q2'15
Q3'15
Q4'15
#Q4VC
45
13%
12%
3%
6%
4%
7%
13%
14%
15%
18%
16%
16%
14%
44%
43%
46%
47%
48%
Q4'14
Q1'15
Q2'15
Q3'15
Q4'15
15%
14%
15%
4%
6%
3%
6%
4%
6%
13%
15%
18%
Internet
Healthcare
Other
Source: Venture Pulse, Q4'15, Global Analysis of Venture Funding, KPMG International and CB Insights (data provided by CB Insights) January 19th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
46
Jet.com
E-commerce company with real-time
pricing algorithm
Series B
Palantir Technologies
Big data analytics software and services
Series K - II
Lyft
Mobile carhailing and
logistics app
Series F
$429.8M
$247.7M
$180M
$230M
$500M
Tenable Network Security
Creates vulnerability detection systems
for securing enterprise networks
Series B
HotChalk
Education technology company
Corporate Minority
Spruce Finance
Financing solutions for residential solar
systems, water conservation upgrades and
energy efficiency home improvements
Growth Equity
Vice Media
Youth media company
and digital content
creation studio
Corporate Minority - III
$212M $200M
$250M $231.5M
$300M
Sunnova Energy Corp.
Solar power company
providing services for
homeowners
Private Equity
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
47
22%
23%
24%
25%
23%
78%
77%
76%
75%
77%
Q4'14
Q1'15
Q2'15
Q3'15
Q4'15
Other Investors
Source: Venture Pulse, Q4'15, Global Analysis of Venture Funding, KPMG International and CB Insights (data provided by CB Insights) January 19th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
48
Rank
Investor
Rank
Investor
Accel Partners
10
True Ventures
Andreessen Horowitz
10
Sequoia Capital
10
Correlation Ventures
Greycroft Partners
10
ff Venture Capital
Khosla Ventures
10
Founder Collective
Formation 8
10
Foundry Group
Google Ventures
10
Salesforce Ventures
Source: Venture Pulse, Q4'15, Global Analysis of Venture Funding, KPMG International and CB Insights (data provided by CB Insights) January 19th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
49
6000
5240
$70.0
$60.0
4095
4454
4787
4672
5000
4000
$50.0
$40.0
3000
$30.0
2000
$20.0
1000
$10.0
$36.5
$31.9
$35.9
$57.4
$72.4
$-
2011
2012
2013
Investm ents ($B)
2014
2015
Deals
Source: Venture Pulse, Q4'15, Global Analysis of Venture Funding, KPMG International and CB Insights (data provided by CB Insights) January 19th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
50
US startups saw a $6B+ decrease in funding with Q415 seeing just one deal of $500M+, to Jet.com. While
funding was low, deal activity was even lower, falling for the second straight quarter to 981 deals, its
lowest total since Q411, and down 22% versus the same quarter a year prior.
1600
1365
1249
1211
$20.0
1146
1127
1050
985
1157
1183
1198
1365
1261
1249
1227
1177
1076
1021
1400
1287
1200
981
933
1000
$15.0
800
$10.0
600
400
$5.0
200
$9.6
$10.0
$9.2
$7.7
$7.1
$8.7
$8.5
$7.6
$8.2
$8.9
$8.9
$9.8
$12.5
$15.6
$13.3
$16.0
$18.4
$20.0
$20.2
$-
$13.8
0
Deals
Source: Venture Pulse, Q4'15, Global Analysis of Venture Funding, KPMG International and CB Insights (data provided by CB Insights) January 19th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
51
525
522
501
401
167
138
Q4'14
114
134 123
Q1'15
149
127
98
Q2'15
California
New York
Q3'15
121
92
Q4'15
Massachusetts
Source: Venture Pulse, Q4'15, Global Analysis of Venture Funding, KPMG International and CB Insights (data provided by CB Insights) January 19th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
52
After California saw $12.1B invested in Q315 due to three $1B+ financings, funding fell off a cliff, reaching
just $6.8B in Q415. NY funding fell to $1.5B while MA funding fell to $1.4B.
$12.1
$11.9
$11.0
$7.9
$6.8
$1.1
Q4'14
$1.7
$1.6 $1.6
$2.2 $1.9
$1.4
Q2'15
Q1'15
$2.2
California
New York
Q3'15
$1.5 $1.4
Q4'15
Massachusetts
Source: Venture Pulse, Q4'15, Global Analysis of Venture Funding, KPMG International and CB Insights (data provided by CB Insights) January 19th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
53
Seed-stage investments took less than a fourth of all deals to VC-backed companies in the US in Q415,
dropping to a 5 quarter low of 24%. Conversely, Series A deal share reached a 5 quarter high, accounting
for 27% of all deals to US-based VC-backed companies.
17%
16%
15%
16%
17%
3%
5%
8%
5%
6%
8%
5%
4%
9%
5%
4%
9%
4%
4%
7%
12%
14%
15%
15%
17%
24%
20%
23%
23%
27%
31%
32%
29%
28%
24%
Q4'14
Q1'15
Q2'15
Q3'15
Q4'15
Seed / Angel
Series A
Series B
Series C
Series D
Series E+
Other
Source: Venture Pulse, Q4'15, Global Analysis of Venture Funding, KPMG International and CB Insights (data provided by CB Insights) January 19th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
54
17%
35%
California
New York
Massachusetts
Other US
28%
International
7%
13%
Source: Venture Pulse, Q4'15, Global Analysis of Venture Funding, KPMG International and CB Insights (data provided by CB Insights) January 19th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
55
Top Deals
California Investment Activity
Palantir Technologies
Lyft
$14,000
525
600
551
$247.7M // Series F
522
501
$12,000
500
401
$10,000
HotChalk
400
Top Cities
$8,000
300
San Francisco
$6,000
200
$4,000
Palo Alto
100
24 Deals // $694.3M
$2,000
$7,856
$11,041
$11,895
$12,111
$6,845
$-
Q4'14
Q1'15
Q2'15
Investm ents ($M)
Q3'15
Q4'15
San Diego
21 Deals // $503.5M
Deals
Source: Venture Pulse, Q4'15, Global Analysis of Venture Funding, KPMG International and CB Insights (data provided by CB Insights) January 19th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
56
Top Deals
New York Investment Activity
167
$2,500
180
149
$2,000
138
Vice Media
160
Vroom
134
140
121
$95M // Series C
120
$1,500
100
80
Top Cities
New York
$1,000
60
40
$500
20
$1,080
$1,560
$2,221
$2,172
$1,467
$-
Q4'14
Q1'15
Q2'15
Investm ents ($M)
Q3'15
Q4'15
Deals
Source: Venture Pulse, Q4'15, Global Analysis of Venture Funding, KPMG International and CB Insights (data provided by CB Insights) January 19th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
57
Top Deals
Massachusetts Investment Activity
Codiak Biosciences
$80M // Series A
$2,500
140
123
127
Digital Guardian
$66M // Series D
114
120
Cybereason
98
$2,000
92
100
$59M // Series C
$1,500
80
60
$1,000
Top Cities
Boston
31 Deals // $281.5M
40
Cambridge
$500
20
$1,732
$1,593
$1,448
$1,911
$1,354
0
$-
Q4'14
Q1'15
Q2'15
Investm ents ($M)
Q3'15
Q4'15
22 Deals // $492.7M
Waltham
9 Deals // $199M
Deals
Source: Venture Pulse, Q4'15, Global Analysis of Venture Funding, KPMG International and CB Insights (data provided by CB Insights) January 19th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
58
Top Deals
Texas Investment Activity
57
$800
60
53
Umbel
$20M // Series B
$700
47
50
43
$600
Phunware
$19.34M // Series F
40
$500
32
Top Cities
$400
30
Austin
$300
20
24 Deals // $145M
Houston
$200
10
$100
$706
$492
$516
$422
Dallas
$456
$-
4 Deals // $306.6M
Q4'14
Q1'15
Q2'15
Investm ents ($M)
Q3'15
2 Deals // $2.5M
Q4'15
Deals
Source: Venture Pulse, Q4'15, Global Analysis of Venture Funding, KPMG International and CB Insights (data provided by CB Insights) January 19th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
59
Top Deals
Pacific Northwest Investment Activity
Janrain
$27M // Series D
$800
60
$12.5M // Series A
51
49
44
$700
50
45
Planetary Resources
$12.23M // Series A
$600
40
34
Top Cities
$500
30
Seattle
$400
$300
20
21 Deals // $93.5M
Portland
$200
10
4 Deals // $39.3M
$100
$500
$805
$511
$459
Bellevue
$165
$-
Q4'14
Q1'15
Q2'15
Investm ents ($M)
Q3'15
Q4'15
4 Deals // $6.9M
Deals
Source: Venture Pulse, Q4'15, Global Analysis of Venture Funding, KPMG International and CB Insights (data provided by CB Insights) January 19th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
60
Top Deals
Canada Investment Activity
Aeryon Labs
Coveo
$600
80
$35M // Series D
70
66
70
$500
60
52
Cymax
$25M // Series A
$400
41
44
50
Top Cities
$300
40
Toronto
30
13 Deals // $60.41M
$200
20
Vancouver
8 Deals // $60M
$100
10
$368
$286
$285
$567
Halifax
$291
$-
Q4'14
Q1'15
Q2'15
Investm ents ($M)
Q3'15
Q4'15
5 Deals // $13.1M
Deals
Source: Venture Pulse, Q4'15, Global Analysis of Venture Funding, KPMG International and CB Insights (data provided by CB Insights) January 19th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
61
In Q4 2015
EUROPEAN
VC-backed companies raised
$3 billion
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
62
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
63
1600
1387
1267
1260
$14.0
1400
1086
$12.0
1200
$10.0
1000
746
$8.0
800
$6.0
600
$4.0
400
$2.0
200
$5.1
$5.9
$5.6
$8.4
$13.4
$-
2011
2012
2014
2013
Investm ents ($B)
2015
Deals
Source: Venture Pulse, Q4'15, Global Analysis of Venture Funding, KPMG International and CB Insights (data provided by CB Insights) January 19th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
64
$4.0
400
347
$3.5
306
$3.0
272
309
324
315
312
321
328
326
338
350
323
292
275
300
233
$2.5
204
250
197
$2.0
166
179
200
$1.5
150
$1.0
100
$0.5
50
$1.4
$1.3
$1.0
$1.4
$1.0
$1.4
$1.8
$1.7
$1.2
$1.5
$1.2
$1.6
$2.1
$2.4
$2.1
$1.8
$3.4
$3.6
$3.5
$-
$3.0
0
Deals
Source: Venture Pulse, Q4'15, Global Analysis of Venture Funding, KPMG International and CB Insights (data provided by CB Insights) January 19th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
65
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
Patrick Imbach
Head of High Growth
Technology Group,
KPMG in the UK
#Q4VC
66
15%
2%
3%
2%
3%
5%
9%
2%
2%
4%
9%
11%
27%
15%
1%
2%
8%
15%
20%
9%
18%
1%
1%
4%
10%
22%
26%
22%
25%
41%
41%
39%
43%
40%
Q4'14
Q1'15
Q2'15
Q3'15
Q4'15
Seed / Angel
Series A
Series B
Series C
Series D
Series E+
Other
Source: Venture Pulse, Q4'15, Global Analysis of Venture Funding, KPMG International and CB Insights (data provided by CB Insights) January 19th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
67
$2.0
$2.0
$2.0
$1.7
Q4'14
Q1'15
$1.6
Q2'15
Q3'15
Q4'15
#Q4VC
68
$18.6
$17.3
$16.0
$9.4
$7.8
Q4'14
Q1'15
Q2'15
Q3'15
Q4'15
#Q4VC
69
12%
2%
7%
16%
16%
47%
Q4'14
Internet
15%
16%
15%
13%
3%
5%
10%
4%
5%
3%
6%
4%
6%
11%
13%
13%
17%
17%
16%
46%
46%
48%
Q2'15
Q3'15
Q4'15
15%
52%
Q1'15
Mobile & Telecom m unications
Healthcare
Other
Source: Venture Pulse, Q4'15, Global Analysis of Venture Funding, KPMG International and CB Insights (data provided by CB Insights) January 19th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
70
Deliveroo
Online food delivery service
Series D
Avecto
Endpoint security technology
Growth Equity
$75.1M
$55M
$49M
$50M
$83M
O3B Networks
Network communications service
provider
Series H
$227.2M
GetYourGuide
Destination services for booking
vacation attractions & activities
Series C
$110M
CureVac
Biopharmaceutical company that
develops therapies based on messenger
RNA (mRNA)
Series F
$60M
EREN Groupe
Creates technologies to utilize
natural resources
Private Equity
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
Siteimprove
Web governance solutions
Growth Equity
$100M
Ebury Partners
Financial services company
Private Equity
$460M
Symphogen
Biotechnology company that produces
recombinant polyclonal antibody drugs
Convertible Note
ObsEva
Biopharmaceutical company developing drugs for
womens reproductive medicine
Series B
#Q4VC
71
21%
17%
22%
24%
23%
79%
83%
78%
76%
77%
Q4'14
Q1'15
Q2'15
Q3'15
Q4'15
Other Investors
Source: Venture Pulse, Q4'15, Global Analysis of Venture Funding, KPMG International and CB Insights (data provided by CB Insights) January 19th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
72
Rank
Investor
Rank
Investor
High-Tech Gruenderfonds
DN Capital
Holtzbrinck Ventures
Elaia Partners
Alven Capital
Inventure
ISAI
Octopus Ventures
Partech Ventures
Playfair Capital
500 Startups
SEED Capital
Source: Venture Pulse, Q4'15, Global Analysis of Venture Funding, KPMG International and CB Insights (data provided by CB Insights) January 19th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
73
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
Tim Dmichen
Partner
KPMG in Germany
#Q4VC
74
O3B Networks
$460M // Series H
$1,600
120
113
113
$1,400
110
102
$100M // Series D
Ebury Partners
$1,200
96
95
Deliveroo
100
$1,000
90
Top Cities
$800
80
$600
70
London
72 Deals // $582.4M
$400
Cambridge
60
4 Deals // $19.4M
$200
$614
$1,089
$1,355
$1,009
$1,299
$-
50
Q4'14
Q1'15
Q2'15
Investm ents ($M)
Q3'15
Q4'15
Deals
Jersey
2 Deals // $476M
Source: Venture Pulse, Q4'15, Global Analysis of Venture Funding, KPMG International and CB Insights (data provided by CB Insights) January 19th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
75
CureVac
$110M // Series F
$1,400
80
70
72
GetYourGuide
$50M // Series C
70
$1,200
GoEuro
55
60
$1,000
50
46
$45M // Series B
50
Top Cities
$800
40
Berlin
$600
30
21 Deals // $204.7M
$400
20
$200
10
$231
$1,257
$410
$507
9 Deals // $49.4M
Heidelberg
$431
$-
Munich
Q4'14
Q1'15
Q2'15
Investm ents ($M)
Q3'15
Q4'15
3 Deals // $33.7M
Deals
Source: Venture Pulse, Q4'15, Global Analysis of Venture Funding, KPMG International and CB Insights (data provided by CB Insights) January 19th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
76
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
Anna Scally
Partner, Head of Technology, Media
and Telecommunications,
KPMG in Ireland
#Q4VC
77
In Q4 2015
ASIAN
VC-backed companies raised
$9.7 billion
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
78
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
79
$45.0
1600
$40.0
1400
1237
$35.0
1200
$30.0
875
1000
$25.0
800
597
$20.0
$15.0
466
600
400
$10.0
200
$5.0
$6.4
$4.7
$6.4
$21.1
$39.7
$-
2011
2012
2013
Investm ents ($B)
2014
2015
Deals
Source: Venture Pulse, Q4'15, Global Analysis of Venture Funding, KPMG International and CB Insights (data provided by CB Insights) January 19th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
80
450
398
400
363
$14.0
348
329
346
335
350
$12.0
293
300
267
263
$10.0
250
218
197
$8.0
197
169
150
$6.0
125
124
137
200
141
150
118
99
$4.0
100
$2.0
50
$1.1
$3.1
$1.1
$1.2
$1.3
$1.2
$1.2
$1.0
$1.7
$1.0
$1.6
$2.1
$2.8
$4.1
$4.9
$9.3
$5.2
$10.6
$14.2
$-
$9.7
0
Deals
Source: Venture Pulse, Q4'15, Global Analysis of Venture Funding, KPMG International and CB Insights (data provided by CB Insights) January 19th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
81
10%
2%
3%
7%
12%
2%
3%
7%
17%
15%
11%
1%
3%
8%
13%
3%
3%
8%
17%
21%
19%
31%
29%
27%
24%
25%
32%
32%
32%
29%
30%
Q4'14
Q1'15
Q2'15
Q3'15
Q4'15
Seed / Angel
Series A
Series B
Series C
Series D
Series E+
Other
Source: Venture Pulse, Q4'15, Global Analysis of Venture Funding, KPMG International and CB Insights (data provided by CB Insights) January 19th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
82
$2.5
$2.0
$2.0
Q4'14
Q1'15
$2.4
$2.0
Q2'15
Q3'15
Q4'15
#Q4VC
83
$230.0
$154.0
$96.0
Q4'14
Q1'15
$100.0
$85.0
Q2'15
Q3'15
Q4'15
#Q4VC
84
9%
3%
4%
3%
29%
51%
Q4'14
Internet
7%
4%
1%
5%
11%
2%
1%
5%
26%
23%
56%
Q1'15
Mobile & Telecom m unications
Healthcare
13%
2%
3%
4%
9%
3%
3%
5%
25%
24%
57%
53%
56%
Q2'15
Q3'15
Q4'15
Other
Source: Venture Pulse, Q4'15, Global Analysis of Venture Funding, KPMG International and CB Insights (data provided by CB Insights) January 19th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
85
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
Lyndon Fung
US Capital Markets Group
KPMG in China
#Q4VC
86
Pharmaron
R&D service provider for the
pharmaceutical and biotech
industries
Series D
$2.8B
$280M
Weiying Technology
Online ticketing app
Series C
$235.1M
$220M
$200M
$1.2B
$300M $200M
Womai
B2C healthy food
shopping website
Series C
Xuanyixia
Video design and creation
app
Series D
TutorGroup
Education technology company
Series C
$173M $275M
IIFL Wealth Management
Private wealth management firm
Growth Equity
Dada
Crowdsourced O2O delivery app
Series D
Olacabs
Mobile taxi and car-hailing
app
Series F - III
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
Ele.me
Online food ordering website
Corporate Minority
#Q4VC
87
32%
27%
31%
31%
35%
68%
73%
69%
69%
65%
Q4'14
Q1'15
Q2'15
Q3'15
Q4'15
Other Investors
Source: Venture Pulse, Q4'15, Global Analysis of Venture Funding, KPMG International and CB Insights (data provided by CB Insights) January 19th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
88
Investor
Rank
Investor
500 Startups
Accel Partners
Kalaari Capital
Venturra Capital
14
East Ventures
14
Gobi Partners
Source: Venture Pulse, Q4'15, Global Analysis of Venture Funding, KPMG International and CB Insights (data provided by CB Insights) January 19th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
89
Top Deals
China Internet Plus
Holdings
140
Ele.me
116
120
$10,000
105
102
91
100
Dada
$8,000
$300M // Series D
71
80
Top Cities
$6,000
60
Beijing
$4,000
40
28 Deals // $1.7B
Shanghai
$2,000
20
$5,427
$3,234
$6,608
$10,267
23 Deals // $5.3B
$7,266
$-
Q4'14
Q1'15
Q2'15
Investm ents ($M)
Q3'15
Q4'15
Shenzhen
2 Deals // $77M
Deals
Source: Venture Pulse, Q4'15, Global Analysis of Venture Funding, KPMG International and CB Insights (data provided by CB Insights) January 19th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
90
Top Deals
India Investment Activity
Olacabs
$3,000
160
139
136
IIFL Wealth
Management
140
$2,500
114
120
$2,000
91
100
80
Top Cities
$1,500
80
Mumbai
60
24 Deals // $631M
$1,000
40
Bangalore
$500
20
$2,120
$1,205
$2,345
$2,796
$1,514
$-
Q4'14
Q1'15
Q2'15
Investm ents ($M)
Q3'15
Q4'15
20 Deals // $356.5M
Gurgaon
15 Deals // $184.8M
Deals
Source: Venture Pulse, Q4'15, Global Analysis of Venture Funding, KPMG International and CB Insights (data provided by CB Insights) January 19th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
91
Top Deals
Southeast Asia Investment Activity
Gogoro
$130M // Series B
$900
80
71
ASLAN
Pharmaceuticals
$800
70
$700
55
49
$600
60
$34M // Series C
Appier
$23M // Series B
47
50
Top Countries
$500
37
40
Singapore
$400
30
22 Deals // $89.4M
$300
20
$200
10
$100
$785
$139
$261
$551
$278
$-
Malaysia
19 Deals // $9.1M
Indonesia
0
Q4'14
Q1'15
Q2'15
Investm ents ($M)
Q3'15
13 Deals // $9.4M
Q4'15
Deals
Source: Venture Pulse, Q4'15, Global Analysis of Venture Funding, KPMG International and CB Insights (data provided by CB Insights) January 19th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
92
CB Insights and KPMG International encourage you to review the methodology and definitions employed
to better understand the numbers presented in this report. If you have any questions about the definitions
or methodological principles used, we encourage you to reach out to CB Insights directly. Additionally, if
you feel your firm has been underrepresented please send an email to info@cbinsights.com and we can
work together to ensure your firms investment data is up-to-date.
What is included:
What is excluded:
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
93
Contact us:
Brian Hughes
Co-Leader, KPMG Enterprise
Innovative Startups Network
E: bfhughes@kpmg.com
Arik Speier
Co-Leader, KPMG Enterprise
Innovative Startups Network
E: aspeier@kpmg.com
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#Q4VC
94
#Q4VC
95
kpmg.com/venturepulse [website]
@kpmg [Twitter]
www.cbinsights.com [website]
@cbinsights [Twitter]
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the
KPMG network of independent firms are affiliated with KPMG International. KPMG International provides
no client services. No member firm has any authority to obligate or bind KPMG International or any other
member firm third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
The information contained herein is of a general nature and is not intended to address the circumstances of
any particular individual or entity. Although we endeavor to provide accurate and timely information, there
can be no guarantee that such information is accurate as of the date it is received or that it will continue to
be accurate in the future. No one should act on such information without appropriate professional advice
after a thorough examination of the particular situation.
The KPMG name and logo are registered trademarks or trademarks of KPMG International.
#Q4VC
96