J.P. 摩根-美股-银行业-美国中小型银行业：2020年Q1风险投资季报-2020.5.12.pdf

North America Equity Research 12 May 2020 U.S. Mid- and Small-Cap Banks 1Q20 Venture Capital Quarterly Strong Momentum in 1Q20 Prior to the Impact from COVID-19 With the Investment Tailwinds Now Faded Demonstrating significant momentum in the venture capital community prior to the U.S. Mid and Small Cap Banks COVID-19 pandemic wreaking havoc on exit markets, total venture capital AC investments in 1Q20 rose 14% q/q and totaled $26.4 billion. With investment dollars Steven Alexopoulos, CFA continuing the prior trend of flowing into larger deals, however, total deals fell 9% (1-212) 622-6041 from the prior quarter to 1,271 deals, the lowest quarterly total since 1Q13. The steven.alexopoulos@ sequential decline in deal count was led by a decrease in seed stage deals (down 27% Bloomberg JPMA ALEXOPOULOS GO q/q) with only 267 such deals recorded, the lowest amount since 4Q10. With total deal J.P. Morgan Securities LLC count falling and the value of VC investments rising, mega rounds (defined as $100+ Anthony Elian, CFA million in size) in 1Q20 totaled 58 deals worth $12.0 billion, marking an increase from (1-212) 622-5067 39 deals and $7.4 billion in 4Q19. Moreover, while total deal count fell 16% y/y in anthony.elian@ 1Q20, looking at the month of March alone, deal count fell 22% y/y, with much of this