下面是小编为大家整理的2020年第一季度全球风险投资报告（2022年）,供大家参考。

　 To economies, public markets, and VC markets around the world, the novel coronavirus COVID-19 was a black swan event. Its rise in Q1’20 was unexpected and sudden, its impact massive and widespread. Every major region of the world is now working to stop its spread and to mitigate the resulting economic fallout.

　While the impact on the VC market was somewhat muffled in Q1’20 due to a strong pipeline of deals in most jurisdictions, the outlook for Q2’20 is much less promising.

　Calm before the storm — a solid start to 2020 Despite some global political and economic uncertainty, including the UK’s official exit from the European Union and the ongoing US-China trade war, 2020 started off on a mostly positive note. VC investment in both the Americas and Europe got off to strong starts. In the US, autonomous mobility company Waymo raised $2.25 billion, while cleantech infrastructure investor Generate Capital raised $1 billion. In Europe, UK-based Revolut led fundraising with a $500 million round, while Germany’s Lilium raised $240 million.

　VC investment in Asia, however, fell significantly, despite $3 billion raises by both Indonesia-based Gojek and China-based Kuaishou, and a $1 billion raise by China-based edtech, Yuanfudao on the last day of the quarter. Deals activity dropped very sharply in Asia, driven primarily by a slowdown in China, the first to be affected by COVID-19.

　Fintech remained a very hot area of investment globally during Q1’20. Digital banks in several jurisdictions raised strong funding rounds, including US-based Chime ($500 million), UK-based Revolut ($500 million), Sweden-based Klarna ($200 million), and Australia-based Xinja ($160 million).

　Responding to a global pandemic, corporates focusing on core business In February, COVID-19 began to make significant waves around the world, shattering expectations and creating turmoil in the public markets. In the wake of being called a pandemic by the World Health Organization in early March, numerous jurisdictions around the world took unprecedented action to slow the spread of the virus. International travel was limited or banned. Schools were closed and moved online. Bricks-and-mortar businesses and corporate offices not considered essential businesses were closed. People were told to stay home.

　Businesses around the world are currently working to cope with the ramifications of COVID-19. With the exception of strategic investments for example, to enhance digital connectivity and coworking, corporate VC investment will likely be minimal in the short-term as companies focus on ensuring the sustainability of their core business.

　Already cautious investors becoming more so Following WeWork’s failed IPO in 2019, VC investors appeared to be growing far more cautious with their investments. They increased their focus on profitability, particularly with respect to companies within their portfolios that were mulling the decision to IPO. They also focused less on seed and Series A companies, preferring safer bets and companies with sustainable cash flows.

　 With the sudden uncertainty created by COVID-19, VC investors are only expected to become even more risk averse. Many investors will likely sit on the fence until they better understand the impact of the virus. VC investors will likely need to take time to re-evaluate their portfolios given the current situation. With COVID-19 basically slamming the IPO market door shut at least for the short-term, some companies might require bridge funding to get through the market turbulence. Companies in the US could be particularly at risk given the upcoming presidential election. Should the pandemic not be resolved in Q2’20, any potential IPO exits could be pushed into 2021.

　Restrictions hindering cross-border VC deal activity Given travel and movement restrictions, cross-border VC investment will be very challenging heading into Q2’20. The inability to conduct in-person due diligence and face-to-face meetings will likely curtail a significant amount of cross-border activity, with some VC investors choosing to stick closer to home. Even when deals do get completed, transaction times will likely be much longer due to the need to create new processes to support alternative due diligence approaches.

　Growing number of benevolent investments While COVID-19 is creating many challenges for the VC market globally, it has also driven an upswell in benevolent and philanthropical investing as investors look to support companies looking for a vaccine or that have innovative ways of dealing with COVID-19. In the UK, for example, the Coalition for Epidemic Preparedness Innovations has invested $23.7 billion in companies that are working to develop a vaccine. Companies it has supported include Novavax (working with Oxford University), Moderna, and Inovio Pharmaceuticals 1 . Meanwhile, the Bill and Melinda Gates Foundation, working with Wellcome and Mastercard committed up to $125 million to accelerate the response to COVID-19 2 .

　Governments are also making significant investments focused on addressing the impacts of COVID-19. In March, German-based CureVac received $89 million from the European Commission so that it could scale its production of its potential COVID-19 vaccine 3 , while the Canadian Government invested $27 million to support a number of projects focused on developing, testing, and implementing measures to respond to the novel coronavirus 4 .

　Digital solutions making a game-changing leap forward Numerous jurisdictions around the world have effectively shut down major segments of their economies, closed schools, and restricted the movement of people. With restrictions closing countless business offices, organizations are turning to digital solutions as a means to keep their people connected, connect with their clients and customers, and keep their operations moving forward. Companies and sectors that have lagged on the innovation front are now recognizing and working to bridge major gaps in their capabilities.

　This crisis-driven action and forced innovation will have resonating impacts long after COVID-19 finally abates. Companies will have realized the value of digital on an almost unheard-of scale. Consumers will have seen the value of e-commerce, edtech, digital entertainment and gaming, digital learning, and all manner of other digital services. This shift could forever accelerate retail and many other industries further along the digital continuum. Those who do not move may very well not survive.

　 1 https://canoe.com/health/cepi-ups-COVID-19-vaccine-funding-to-us23-7m 2 https://www.gatesfoundation.org/Media-Center/Press-Releases/2020/03/COVID-19-Therapeutics-Accelerator 3 https://www.labiotech.eu/medical/curevac-coronavirus-rna-covid/

　4 https://www.canada.ca/en/institutes-health-research/news/2020/03/government-of-canada-invests-27m-in-

　coronavirus-research.html

　 Dry powder could be a significant force Globally, VC investors are sitting on a significant amount of dry powder, one Pitchbook estimate suggesting approximately $189 billion 5 . While VC investors may hold back for some time, they don’t have the luxury of sitting on it for the long term as it could impact their timelines and the returns on their ongoing funds. A lot of money is waiting to be deployed and invested. When the uncertainty around COVID-19 begins to decrease, VC investors will be looking for ways to deploy these funds.

　Trends to watch for globally While traditional VC investment is expected to slow significantly over the next quarter, there are several niche segments of the market that could remain attractive to investors due to their applicability in the current environment. Health and biotech, for example, including companies focused on digital health, pharmaceuticals and life sciences, AI modeling to predict the spread of diseases, medtech and other related areas. Companies focused on productivity solutions, logistics and delivery, edtech, and online entertainment could also see some investment, along with cyber security and data protection companies given the significant increase in online services.

　Heading into Q2’20, valuations are expected to fall as companies struggle to attract funding given the significant levels of uncertainty, specifically around the impact of the uncertainty on sales forecasts. There could also be an increase in distressed investments in some jurisdictions as companies begin to run out of cash.

　 5

　https://pitchbook.com/news/articles/gloom-over-a-new-recession-shifts-the-vc-narrative-for-2020

　 Glob a l ve n t u re

　fin a n c ing 2012 –Q 1 " 20

　$100

　$90

　$80

　$70

　$60

　 8,000

　7,000

　6,000

　5,000

　$50

　$40

　$30

　$20

　$10 4,000

　3,000

　2,000

　1,000

　$0 0 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1 2012 2013 2014 2015 2016 2017 2018 2019

　2020 Deal value ($B) Deal count Angel/Seed Early VC Later VC

　Source:

　Venture

　Pulse,

　Q1’20.

　Global

　Analysis

　of

　Venture

　Funding,

　KPMG

　Private

　Enterprise.

　Data

　provided

　by

　PitchBook,

　4/21/20.

　Note:

　Refer

　to the

　Methodology

　section

　on

　page

　99

　to

　understand

　any

　possible

　data

　discrepancies

　between

　this

　edition

　and

　previous

　editions

　of

　Venture

　Pulse.

　 On the surface, the robust tally of VC invested belying the steep downturn in volume would seem to bode well for 2020, extending the remarkably strong nine-quarter stretch of venture activity. However, as the steep downturn suggests, steeper than any data lags could explain, the COVID-19 pandemic began to truly take a toll on investor sentiment and private markets in the closing weeks of March. By next quarter, looking back, Q1 2020 is likely to register as the calm before the storm.

　 “While COVID-19 is creating a significant amount of challenges globally, it is also showcasing the power of ingenuity and innovation. While VC activity is slowing down, we are seeing a strong increase in philanthropic investment in all regions of world as investors, corporates, governments and not-for-profits work to support innovative companies working on potential vaccines and treatments — or to help better understand and stop the spread of the virus.” Jonathan ...

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