cbinsights-2019科技公司上市管道（英文）

1、1,,,,286 of the most promising and highly-valued private tech companies in the United States,The 2019 Tech IPO Pipeline,,2,,,W H A TI SC BI N S I G H T S ?,CB Insights is a tech market intelligence platform that an

2、alyzes millions of data points on venture capital, startups, patents, partnerships and news mentions to help you see tomorrow’s opportunities, today.,,CLICK HERE TO LEARN MORE,3,,,,,,,,,,,T R US T E D B Y T H E W O

3、R L D’ S L E A DI NGC OM P A NI E S,“We use CB Insights to find emerging trendsand interesting companies that might signal a shift in technology or require us to reallocate resources.”,Beti Cung, Corporate Strategy, M

4、icrosoft,,,,4,,,,@cbinsight@cbinsight#FutureFintechss,,,June 12 - 13, 2019New York, NYevents.cbinsights.com/future-of-fintechSave with early bird pricing until Dec 31, 2018,Contents,,Welcome remarksMacro trend

5、s19The 2019 Tech IPO Pipeline29Top Tech IPO Pipeline investors,5,Welcome remarks,6,7 T H,A NNUA L T E C H I P O P I P E L I NE R E P OR T,This is the 7th annual edition of the CB Insights Tech IPO Pipeline Report.

6、This year’s Tech IPO Pipeline features 286 of the most promising and highly valued private venture and private equity-backed technology companies in the United States.Our analysis finds that while tech IPO activity di

7、d not see a major spike in 2018, investment to potential candidates continues to grow significantly. Of note, there has been almost six times more $100M+ private financings than IPOs of US venture-backed tech companies

8、 this year. The continued frothiness in the private markets has minted more than 40 new US tech unicorns in 2018 YTD.Of the venture-backed US tech companies that went public this year, we find that the median time bet

9、ween their first financing and public offering was 10.1 years. Compare that to 2013, when the median time was just 6.9 years.As always, it is worth remembering that not all (and perhaps few) of these 286 companies wil

10、l IPO next year. Many have just crossed the $100M valuation threshold. Others continue to tap into creative sources of capital in the private markets. And some will get out-executed and may never see a liquidity event.

11、Still, 2019 is shaping up to be a blockbuster year for tech IPOs. Consider that if Uber, Airbnb, Pinterest, and Slack were to go public at their rumored IPO valuations, they would all rank among the 10 largest venture

12、-backed tech IPOs since 2012.Onward to 2019.,First, a look at the market…,7,7 T H,A NNUA L T E C H I P O P I P E L I NE R E P OR T,Tech IPOs continue to take longerNo boom in tech IPOs in 2018Big tech M&A rises,

13、but also replaces some would-be IPOsMega-round mania in 2018The SoftBank effectPrivate equity funds get active in late-stage buyouts,,,,,,The median time between first funding and IPO for US VC-backed tech companies

14、that went public in 2013 was,8,8,6.9 years,,,,,,The median time between first funding and IPO for US VC-backed tech companies that went public in 2018 YTD was,8,9,10.1 years,M A C R O T R E NDS,Companies are raising m

15、ore funding prior to IPOMedian amount of funding raised prior to tech IPOs by year ($M), 2012 – 2018 YTD (12/14/2018),,,,,,$64,10,Includes IPOs of US-headquartered VC-backed tech companies on major US exchanges only.,$9

16、8,$101,$92,$137,$185,$239,2012,2013,2014,2015,2016,2017,2018 YTD,There has been no upswing in tech IPOs in 2018,M A C R O T R E NDS,,,30,11,Includes IPOs of US-headquartered VC-backed tech companies on major US exchanges

17、 only.,29,IPOs of VC-backed US tech companies, 2012 – 2018 YTD (12/14/2018)33,16,12,19,19,2012,2013,2014,2015,2016,2017,2018,12,M A C R O T R E NDS,Will 2019 be the blockbuster year for tech IPOs?Largest US VC-backed t

18、ech IPOs since 2012 vs. potential IPO valuations of Uber, Lyft, Slack, and Pinterest,Valuation shown is at time of IPO,,,,$120.0B,$104.2B,$31.0B,$24.8B,$15.0B,$14.2B,$12.6B,$10.0B,$5.4B,$4.5B,,,,,,,,,,,,,,,Potential 201

19、9 tech IPOs,Largest US VC-backed tech,IPOs since 2012,13,Both tech and non-tech buyers drive billion-dollar tech M&A in 2018,Excludes billion-dollar VC-backed healthcare M&A,M A C R O T R E NDS,,Non-tech,Tech,Te

20、ch vs. non-tech buyers of VC-backed US companies for $1B+, 2013 – 2018 YTD (12/14/2018)201320142015201620172018 YTD,,,,,,,,,,2x,,,,,,,,,,,,,,,,,,,,,,14,Big M&A replaces some would-be tech IPOs,M A C R O T R E N

21、DS,,,,,,,,,,,Mega-rounds triumph over tech IPOs in 2018,M A C R O T R E NDS,,,,200,15,IPOs include US-headquartered VC-backed tech companies on major US exchanges only,100806040,120,2012,2013,2014,2015,2016,2017,

22、2018,$100M+ financing rounds to VC-backed tech companies vs. VC-backed tech IPOs, 2012 – 2018 YTD (12/14/2018)140$100M+ equity financing,rounds to US VC-backed tech companies,US VC-backed tech IPOs,New private tech u

23、nicorns significantly outpaced tech IPOs in 2018,M A C R O T R E NDS,,,,4035302520151050,16,IPOs include US-headquartered VC-backed tech companies on major US exchanges only,2012,2013,2014,2015,2016,2017,2018,Ne

24、w tech unicorns vs. VC-backed tech IPOs, 2012 – 2018 YTD (12/14/2018)5045New VC-backed US tech,unicorns,US VC-backed tech IPOs,17,SoftBank has led $100M+ financings to 16 US companies totaling over $10.8B in 2018 YTD

25、,M A C R O T R E NDS,*SoftBank invested $1B in a convertible note to WeWork in August 2018 and a warrant to pay $3B to buy shares before 9/2019 at $110 per share in November 2018.,**SoftBank invested $1.25B directly in U

26、ber in January 2018. Uber investors and employees also tendered shares to a SoftBank-led consortium worth $8B.,,,,,,,,,,,,,,$300M,,,,$375M,$300M$250M,$240M,$200M,$121M,$300M,$4B*$1.25B**$1.1B$1B$535M$400M$400M$40

27、0M,Financing Amount:,Firm:,Vista Equity leads PE investors getting active in late-stage private tech buyouts,M A C R O T R E NDS,Another trend in the late- stage startup market is tech- focused PE firms willing to a

28、cquire majority stakes in tech companies contemplating an IPO or exit.,Remaining to be seen is whether PE firms such as Vista start to cash out investments through stock market flotations rather than sales to othe

29、r PE firms or larger companies. Vista- backed Ping Identity has reportedly hired banks for a potential IPO.,,,5,3,6,2015,2016,2017,2018 YTD,Investments or M&A of private, VC-backed companies by Vista Equity Part

30、ners, 2012 – 2018 YTD (12/14/2018)9,,18,The 2019 Tech IPO Pipeline,,19,20,Last year’s tech IPO predictions – how they fared,T H E 2018 T E CH I P O PI PE L I N E,Secondary transactions not included.,,,,Our 2018 Tech IP

31、O Pipeline identified 355 tech companies that represented the cream of the crop within VC and private equity portfolios. Here are how our predictions did:355 tech IPO pipeline companies50% exited or raised financing

32、in 201857 companies exited via IPO or M&A16 companies went public120 raised additional financing in 2018$24B in financing raised,,,,,,In 2018, the 286 Tech IPO Pipeline companies raised:$30.5 billion,21,21,in e

33、quity financing,A selection of 2019 Tech IPO Pipeline companies,2019 T E CH I P O PI PE L I N E,,,,,,,,,,,,,,,,,,,,,,,,,,22,23,Mosaic was built with a grant from the National Science Foundation. Using non-traditional pub

34、lic signals ranging from customer signings to hiring activity to media sentiment to web traffic and mobile app data, Mosaic scores provide a rigorous, data driven way to understand the health and momentum of private com

35、panies. To learn more about Mosaic, visit https://www.cbinsights.com/company-mosaic.,2019 T E CH I P O PI PE L I N E,Top 5 IPO prospects – Ranked by Mosaic ScoreWe used our proprietary company rating algorithm, Mosaic,

36、 to identify a select group of companies that are most likely to go public in 2019. The list is below:,,,,,,2019 T E CH I P O PI PE L I N E,,,,,,,,,,,,,,,,,,,,,,,,,,$415,$552,$1,312,$2,202,$3,642,$11,039,$23,052,$19,412

37、,$21,755,$30,571,3,2,2,6,5,4,11,18,28,54,63,170138114,214,244,191,205,208,2000200120022003200420052006200720082009201020112012201320142015201620172018,,,$M Bar$M Line,2018 was a record fundraising ye

38、ar for Tech IPO Pipeline companies2000 – 2018 YTD (12/14/2018),,24,2019 T E CH I P O PI PE L I N E,,,,,,,,,,,,,,6,25,Mega-rounds to companies in the Tech IPO Pipeline continue to climb$100M+ financing rounds to Tech

39、IPO Pipeline companies by year; 2013 – 2018 YTD (12/14/2018),California-based companies dominate the Tech IPO Pipeline,2019 T E CH I P O PI PE L I N E,,,,,,,,,,,,,,,,,,,,,,,,177,44,19,9,5,5,4,4,3,3,13,,,,,,,,,,26,2019 T

40、 E CH I P O PI PE L I N E60% of Tech IPO Pipeline companies first raised between 2010 and 2014,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,1,27,7,5,2327,38,4445,2423,1115,422236,1,20172018,19951996019970,2019 T E

41、 CH I P O PI PE L I N E45 Tech IPO Pipeline companies first became unicorns in 2018,,,,,,,,,,,,,,,,45,28,18,10,20,12,1,3,2018,2017,2016,2015,2014,2013,2012,Top 2019 Tech IPO Pipeline Investors,,29,A16Z, KPCB, GV lead

42、Tech IPO Pipeline investors,I NV E S T OR T R E NDS,Andreessen Horowitz moves up two spots to first on the list of investors with the most investments in Tech IPO Pipeline companies this year.Andreessen Horowitz, Kl

43、einer Perkins, Google Ventures and Sequoia Capital all remained in the top 5, with Accel moving up two spots. Investors who made the ranking after not appearing on the top 20 last year include Y Combinator and Thriv

44、e Capital.,,,Investors ranked by highest number of portfolio companies in the 2019 Tech IPO Pipeline,30,A16Z, KPCB, GV lead Tech IPO Pipeline investors,I NV E S T OR T R E NDS,Andreessen Horowitz, Tiger Global, and Seq

45、uoia Capital topped all investors with the highest number of billion-dollar Tech IPO Pipeline companies in their portfolio, each with 20 or more. Sequoia Capital first invested in 45% of its pipeline companies in th

46、e billion-dollar club at the seed or Series A stage.The list is rounded out by a mix of venture capital firms such as Founders Fund, NEA, and Spark Capital, and traditionally late- stage investors such as Wellingto

47、n Management, Fidelity Investment, SoftBank,T. Rowe Price, and Baillie Gifford & Co.,,,Top ranked investors by 2019 Tech IPO Pipeline companies in the unicorn club,31,Top 2019 IPO Pipeline investors – By entry sta

48、ge,I NV E S T OR T R E NDS,,,,,,,,,,,,,,,,2,7,9,10,8,2,Series E+,Series C,Series B,Series A,Seed,Growth Equity,1. Andreessen Horowitz2. Kleiner Perkins Caufield & Byers,,,,,,,,,,,,,,,,3,5,99,5,5,1,Private EquitySe

49、ed Series A Series B Series C Series D Series E+,2. Google Ventures,,4. Sequoia Capital,,32,Top 2019 IPO Pipeline investors – By entry stage,I NV E S T OR T R E NDS,,,4. Accel6. SV Angel,6. New Enterprise Associate

50、s,8. Institutional Venture Partners,,,,,,,,,,,,,,2,6,9,14,3,2,Series D,Series C,Series B,Series A,Seed,Other,,,,,,,,1,12,17,Series C,Series A,Seed,,,,,,,,,,,,,,,,2,1,4,6,11,5,1,OtherSeed Series A Series B Series C S

51、eries D Series E+,,,,,,,,,,,,,,5,33,5,7,6,2,2,Series E+,Series D,Series C,Series B,Series A,Growth Equity,Top 2019 IPO Pipeline investors – By entry stage,I NV E S T OR T R E NDS,,,9. Tiger Global Management,10. Goldman

52、 Sachs,11. Y Combinator,11. ICONIQ Capital,,,,,,,,,,,,,,,,9,3,3,4,4,2,1,Growth EquityOther Series A Series B Series C Series D Series E+,,,,,,,,,,,,,,7,8,4,3,1,1,Series E+,Series D,Series C,Series B,Series A,Growth

53、 Equity,,,,,,,1,22,Series C1,Series B,Seed,,,,,,,,,,,,,,,,,4,34,11,3,2,1,1,1,Growth EquityOther Private EquitySeries B Series C Series D Series E+,Top 2019 IPO Pipeline investors – By entry stage,I NV E S T OR T R

54、 E NDS,,,13. Lightspeed Venture Partners,14. Founders Fund,14. Battery Ventures,16. Wellington Management,,,,,,,,,,,,4,7,7,3,1,Series C,Series B,Series A,Seed,Private Equity,,,,,,,,,,,,1,5,7,4,4,Series D,Series C,Series

55、B,Series A,Seed,,,,,,,,,,,,,,,,1,3,4,55,2,1,Growth EquitySeed Series A Series B Series C Series D Series E+,,35,Top 2019 IPO Pipeline investors – By entry stage,I NV E S T OR T R E NDS,,,16. General Catalyst18. T

56、hrive Capital,18. Khosla Ventures,,,,,,,,,,,,3,5,7,4,1,Series C,Series B,Series A,Seed,Growth Equity,,,,,,,,,,,,1,6,2,4,6,Series E+,Series C,Series B,Series A,Seed,,36,37,,,W H E R EI SA L LT H I SD A T AF R OM?,The