Seed stage deal volumes are the lowest since 2012. However, this may be the result of companies maturing
and moving further into the VC ecosystem rather and an indicator of poor investor confidence.
Sources: "Venture Monitor 3Q 2017." Pitchbook and National Venture Capital Association, 28 Sept. 2017, page 5.
Figure 3 Companies have gotten older
Figure 4 Deals have moved larger
Mega rounds are increasing the aggregate value of deals across the board – another indicator of investor
selectivity.
Sources: "Venture Monitor 3Q 2017." Pitchbook and National Venture Capital Association, 28 Sept. 2017, page 6.
Figure 5 Mega-deals propel US VC investment
$0.9 $1.0
$5.0
$6.1
$10.0
$11.1
$0
$2
$4
$6
$8
$10
$12
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017*
Angel/Seed Early VC
Late VC
PitchBook-NVCA Venture Monitor
*As of 9/30/2017
Median deal size ($M) by stage
2.4
3.4
5.1
6.5
8.6
0
1
2
3
4
5
6
7
8
9
10
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017*
Angel/Seed Series A Series B
Series C Series D+
Median company age (years) by series
PitchBook-NVCA Venture Monitor
*As of 9/30/2017
1Q
Non-unicorn Deal Value
Unicorn Deal Value
$0
$5
$10
$15
$20
$25
Unicorn deals driving growth of aggregate value
Unicorn round deal value versus non-unicorn round deal value ($B)
PitchBook-NVCA Venture Monitor
3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q
39
Taiwan Economic Forum
Volume 15, Number 4
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