KPMG Venture Pulse 2018 Q1

Aggregate venture capital (VC) invested soars past $45 billion for the fourth quarter in a row. Not so long ago, it was considered remarkable that VC invested worldwide flirted briefly with $50 billion in two given quarters, Q3’15 and Q2’16. But now, for the fourth consecutive quarter, VC invested has exceeded $45 billion, and in the most recent quarter, just barely fallen shy of $50 billion once more.
About Techcelerate Ventures

Tech Investment and Growth Advisory for Series A in the UK, operating in £150k to £5m investment market, working with #SaaS #FinTech #HealthTech #MarketPlaces and #PropTech companies.
KPMG International Venture Cooperative KPMG International International Cooperative KPMG International KPMG International KPMG International Cooperative KPMG International KPMG independent member firm
About Techcelerate Ventures

Tech Investment and Growth Advisory for Series A in the UK, operating in £150k to £5m investment market, working with #SaaS #FinTech #HealthTech #MarketPlaces and #PropTech companies.
1
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Venture 
Pulse
Q1 2018
Global analysis of
venture funding
11 April 2018
2
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Welcome 
message
Welcome to the Q1'18 edition of KPMG Enterprise's Venture Pulse 
Report  a quarterly report highlighting the key trends, opportunities, 
and challenges facing the venture capital (VC) market globally and in 
key jurisdictions around the world.
Q1'18 got off to a strong start, with five $1 billion+ mega-rounds, 
including two massive deals in Southeast Asia ($2.5 billion to 
Singapore-based Grab and $1.5 billion to Indonesia-based Go-Jek). 
U.S.-based Lyft, Uber and Faraday Futures accounted for the other 
mega-rounds. The U.S. continued to be the dominant market for VC 
investment, although investors have expanded beyond Silicon Valley 
to identify investment opportunities. Globally, investors have also 
diversified, making investments in a broader range of locations than 
ever before.
Softbank, which announced a $100 billion Vision Fund in 2017, 
played a big role in a number of this quarter's largest deals. 
Softbank's new fund continued to create ripples in the VC market, 
with other VC firms expected to respond with other mega-funds in 
order to compete effectively.
Ride-sharing was a big winner of VC investment this quarter as 
companies vied for market dominance in less saturated jurisdictions. 
The broader autotech sector was also high on the radar of investors, 
with everything from autonomous driving to electric vehicles. Artificial 
Intelligence (AI) was also a very hot sector in Q1'18, while the 
broader applicability of blockchain received a significant amount of 
interest. 
Looking ahead, there is optimism for the remainder of the year in 
most jurisdictions around the world despite some uncertainty over the 
impact of U.S. trade tariffs and the upcoming elections in a few key 
jurisdictions in Latin America.
In this quarter's edition of the Venture Pulse Report, we look at these 
and a number of other global and regional trends, including:
 The diversification of VC investments, both within the U.S. and 
globally.
 The increasing excitement around the applicability of AI in 
healthcare.
 The potential implications associated with Initial Coin Offerings 
(ICOs).
 The longevity of ride-sharing as an investment sector and whether 
it is reaching its peak.
We hope you find this edition of the Venture Pulse Report insightful. If 
you would like to discuss any of the results in more detail, please 
contact a KPMG adviser in your area.
You know KPMG, you might not 
know KPMG Enterprise. 
KPMG Enterprise advisers in 
member firms around the world are 
dedicated to working with 
businesses like yours. Whether 
you're an entrepreneur looking to 
get started, an innovative, fast 
growing company, or an established 
company looking to an exit, KPMG 
Enterprise advisers understand what 
is important to you and can help you 
navigate your challenges  no 
matter the size or stage of your 
business. You gain access to 
KPMG's global resources through a 
single point of contact  a trusted 
adviser to your company. it is a local 
touch with a global reach. 
Jonathan Lavender
Global Chairman, 
KPMG Enterprise, 
KPMG International
Brian Hughes
Co-Leader,
KPMG Enterprise 
Innovative Startups 
Network, KPMG 
International, and Partner, 
KPMG in the U.S.
Arik Speier
Co-Leader,
KPMG Enterprise 
Innovative Startups 
Network, KPMG 
International, and Partner,
KPMG in Israel
Contents
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
6
Global 
Americas 
29
42
U.S.
61
Europe
84
Asia
 Total capital invested reaches $49 billion in Q1'18
 Global median deal sizes increase dramatically for early and late stage VC
 First time financings plummet in capital invested and deal count
 Global venture investment in AI for healthcare remains strong
 VC hits record levels driven on back of U.S. strength
 Total venture capital invested soars past $29 billion  a new quarterly record
 Median deal size for Series A reaches new peak of $9.2 million
 Canadian VC reaches $800 million  powered by 7 financings in excess of $20 million
 Mexican VC drops dramatically  hampered by political and trade concerns
 Total capital invested soars past $28 billion to a new quarterly record
 Median deal size for Series D+ reaches $40 million
 Angel/Seed deal value share plummets from 8.6% in 2017 to 6.8% in 
2018 (YTD)
 Corporate VC reaches record levels
 VC investment remains robust in Q1'18
 Median deal sizes skyrocket for early stage and late stage deals
 CVC participation closes in on 25% of all VC deals
 First time venture financings remain weak
 Germany, Spain and France see a jump in venture financing
 Venture financing sustains historic highs as VC volume evens out
 Corporate participation nears 35% of all deals 
 Mega deals in Singapore and Indonesia lead the way
 Exit activity slows considerably
4
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Q1'18 summary
Aggregate VC invested soars past $45 billion for the fourth quarter in a row
Not so long ago, it was considered remarkable that VC invested worldwide flirted briefly with $50 billion 
in two given quarters, Q3'15 and Q2'16. But now, for the fourth consecutive quarter, VC invested has 
exceeded $45 billion, and in the most recent quarter, just barely fallen shy of $50 billion once more. 
This munificence occurs in tandem with a slow but steady decline in the tally of completed venture 
rounds worldwide, most dramatically at the early stage. The venture industry appears to be in the 
throes of a late-stage investment cycle, which in turn has been inflated and prolonged by a decided 
boom in capital in the private markets, fed by growth in financial markets since the global recession.
Massive late-stage deals still boost total figures, yet become even more numerous
2017 was marked by mammoth financings across the board, and 2018 is following suit, with five 
transactions exceeding $1 billion handily and one huge funding  Grab's $2.5 billion Series G round 
in particular dominating. Although their aggregate is not as enormous as has been seen in the past, 
with some quarters racking up to six or seven multibillion dollar rounds, it is worth noting that already 
there have been well over a hundred Series D or later financings in 2018, well on pace to at least 
match the tallies seen in 2016 and 2017. Moreover, among the top deals for the quarter across multiple 
regions, hardly any fall below $100 million in size. 
The most exuberant stage for valuations slides just slightly
By and large, venture valuations remain at historic highs. Nearly every series of financing saw median 
pre-money valuations soar even higher in the first quarter of 2018, barring just one: Series D or later. 
As the year progresses, the magnitude of increases and decreases will likely reduce as more rounds 
are closed so the mild decline in latest-stage valuations should not be overstated. That said, it is 
interesting to note that between 2015 and 2016, there was a similarly mild decline in valuations, 
potentially due to upsurge in choppiness across financial markets and concern around some 
macroeconomic trends at that time. As 2018 kicked off in much the same way, and recent tensions 
around trade have only intensified, perhaps that mild decline in the most exuberant of valuations 
could solidify.
In the wake of highest quarter ever, 2018 starts off strong
Q4'17 saw the highest quarterly tally for VC invested in Europe-headquartered companies, just barely 
soaring past $6 billion to even outpace the $5.9 billion recorded in Q2'17. It is worth noting that within 
Europe, the impact of outliers is that much more significant, much as is seen in the Asia-Pacific region. 
That said, as various metropolitan areas across the continent  such as Paris, Berlin, Madrid, etc. 
continue to see their more prominent, mature companies rake in plenty of capital, it is a testament to 
the ongoing attraction of the European tech scene across key software-enabled segments.
After three torrid quarters, Asia sees the flow of capital moderate
Similarly to Europe, key metro areas in a few countries are powering the Asian region's overall venture 
scene; Beijing was the most prominent last quarter, but now the title of the largest financing round of 
the quarter in the region goes to Singapore's Grab. This is a sign of how, albeit slowly, the region is 
seeing domestic capital and entrepreneurial ecosystems mature and grow, supporting startups to the 
extent they are able to rake in such massive sums in order to corner regional markets in segments 
such as ride-sharing.
All currency amounts are in USD, unless otherwise specified, data provided by PitchBook.
5
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Q1'18 summary
Corporate participation and corporate rounds signify industry evolution
In this edition of the Venture Pulse, the first to incorporate 2018 data, corporate financings of 
companies that otherwise meet all other criteria for venture-backed financings are included for the first 
time. Given the evolution of private markets and the venture industry in general, most notably the 
significant increase in corporate VC participation rates, this change was necessary to truly reflect the 
importance of the role that strategic acquirers and related investment arms are playing in the current 
landscape. Especially as private companies continue to elect to grow while staying private, more and 
more companies are looking to gain or maintain exposure to innovation within the private sphere, 
whether it be financial or related to intellectual property. Participation rates are at all-time highs.
The fundraising cycle experiences an upward spurt
On a quarterly basis, the volatility seen in fund closes can be more obscuring than enlightening. For 
example, in the most recent edition of the Venture Pulse, on a yearly and quarterly basis it seemed that 
the fundraising cycle could be geared for a cyclical decline, albeit mild. However, Q1 2018 saw a surge 
upward in the number of fund closes, although VC raised still remained relatively low to recent heights 
(although well within historical norms). On the surface, this could seem to contradict the conclusion 
drawn in the prior Venture Pulse. However, quarterly figures are more indications of momentum than 
anything else and it is especially worth noting that aggregate capital raised is still trending lower than 
recent highs, when the venture industry on the whole was much more exuberant. Especially as 
dealmaking indicates that the industry is progressing through the later stages of a prolonged cycle, it is 
likely that fundraising on the whole is still headed for a gentle downturn.
Longer-lived exit cycle could bode well for ongoing liquidity, though hurdles remain
When analyzing quarterly exit activity for VC, it is particularly important to bear in mind just how 
prolonged cycles within the industry can be. Since early 2015, there has been a clear yet slow-paced 
decline in the volume of venture-backed sales, even though quarterly tallies of exit value have 
remained remarkably steady by and large. Thus, predicting liquidity crises, especially for late-stage 
backers, would still be premature, especially as the decline in exit volume appears to have leveled off. 
That said, the appetite on the part of public market investors and strategic acquirers  the only 
possible exit routes for the most heavily valued venture-backed companies  will likely remain critical. 
And, given that few tech giants can still acquire many unicorns, public market sentiment is expected to 
be an increasingly important variable for sellers to consider.
All currency amounts are in USD, unless otherwise specified, data provided by PitchBook.
Globally, in Q1'18 
VC-backed 
c
$49.3B
ompanies raised
across
2,661 deals
7
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Global VC market starts year with a bang on the 
back of $1 billion+ mega-rounds
VC investment globally got off to a good start in Q1'18, with five $1 billion+ mega-deals driving 
funding up despite the ongoing decline in the number of VC deals. The U.S. accounted for 
well over half of global VC investment, although strong results were also seen in Europe and 
Asia. While the UK and China saw less VC investment this quarter than usual, less mature VC 
markets picked up the slack, including France, Indonesia and Brazil.
Dry powder still permeating VC market
Globally, there continued to be a significant amount of dry powder in the market during Q1'18, 
with VC investors feeling under pressure to deploy funds raised. This continued to drive bigger 
deals, more competition for deals and higher valuations in jurisdictions like the U.S. VC 
investors remained selective in deal-making, more willing to place bigger bets on a smaller 
number of high quality deals even if they had to compromise somewhat on valuations. 
Compared to last year, even the median size of early stage deals has grown  a trend 
expected to continue for the next few quarters.
Softbank Vision Fund propelling global mega-deals, causing other VC funds to 
respond
Following on the creation of its $100 billion Vision Fund, Japanese growth investment fund 
Softbank has made a number of significant investments. In Q1'18, Softbank participated in 
four of the quarter's largest deals as either a major or sole funder1. Softbank's attention 
focused primarily on software platforms across several industries, including Uber (ride-
hailing), DoorDash (food delivery) and Katerra (construction). 
With Softbank funding major mega-deals, other large VC funds are being forced to respond. 
While much smaller than Softbank's initiative, other firms are raising capital to better compete 
with Softbank. Already in 2018, Sequoia Capital has made inroads in collecting $12 billion 
across several funds, Battery Ventures raised $1.25 billion for new funds and Khosla Ventures 
added an additional $400 million for a total of $1.4 billion for two new open funds. 
Six different countries see new unicorns birthed in Q1'18
New VC backed unicorn companies  those with $1 billion+ valuations  were spread 
across the globe in Q1'18. While the majority of new unicorns appeared in the U.S., including 
Snowflake, HeartFlow and DoorDash  others reflected the growing number of innovation 
hubs globally, such as Cabify in Spain, Canva in Australia, Nubank in Brazil, OrCam in Israel 
and CAOCAO in China. Nubank was particularly exciting as it was one of Brazil's first VC 
backed unicorns.
1 http://fortune.com/2018/03/22/venture-capital-funding-gap-softbank/
8
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Global VC market starts year with a bang on the 
back of $1 billion+ mega-rounds, cont'd.
Vast applicability of AI driving growth in VC investment
After a record setting year of investment in 2017, AI continued to garner a significant amount 
of investment in all regions of the world during Q1'18. AI is considered one of the most 
transformative technologies in existence, with broad reach and applicability across industries 
and verticals. Financial services has been on the forefront of AI usage, although healthcare is 
quickly gaining significant momentum, likely as a result of the significant diversity of 
healthcare related AI capabilities being developed.
One of the biggest roadblocks to strong AI offerings seen over the past few quarters has 
been the availability and quality of data to teach AI effectively. To help address this, a number 
of companies have been conducting strategic acquisitions in order to gain the right data in 
sufficient quantities they need to better train their AI solutions. It is expected that AI will only 
continue to gain momentum in the foreseeable future.
Ride-sharing VC investments reaching fever pitch
Despite being seen as a saturated market in some countries, ride-sharing continued to attract 
massive investments during Q1'18, with Grab in Singapore raising $2.5 billion, Go-Jek in 
Indonesia raising $1.5 billion and Uber raising another $1.25 billion. The massive deals in 
Southeast Asia likely reflect the heating up of competition in markets that have been 
somewhat overlooked to date. There is little doubt that ride-sharing is reaching a fever pitch 
as companies vie to become market leaders, if only on a regional basis.
ICOs gaining prominence globally as alternative funding mechanism
While some investors and regulators globally continued to view Initial Coin Offerings (ICOs) 
with some skepticism, the use of ICOs has become more mainstream. A number of startups 
globally have looked at ICOs as an alternative to traditional funding mechanisms. From a 
regulatory perspective, ICOs continued to come under some scrutiny, although a number of 
countries have made efforts to proactively support ICOs, including Japan and Switzerland.
Next to IPOs, ICOs are considered to be a much easier means of raising capital. While the 
use of ICOs is still relatively small, over time if the concept continues to gain momentum, it 
could have an impact on the VC market.
VC investors eying broader blockchain solutions
Over the past year, blockchain investments expanded well beyond digital currencies, with 
numerous investments to support use cases in areas like payments and remittances. While 
the majority of blockchain investment has occurred in the U.S. and UK to date, investments 
have been growing in other jurisdictions. In Q1'18, secure hardware wallet-maker Ledger 
closed a $77 million Series B in France.
9
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
During Q1'18, there was a significant increase in discussions, particularly among corporates, 
as to the ability to use blockchain technologies in both supply chain and logistics. For example, 
some began by using it to increase traceability and ensure products are transported according 
to regulatory requirements. The market for blockchain is well positioned to continue to mature 
and expand, with progress beyond use cases expected by the end of 2018.
Autotech interest growing globally
Autotech continued to be a big investment play globally in Q1'18, particularly for traditional 
corporates that have recognized they need to transform their business models. Many have 
made inroads into the transportation services space  partnering with or investing with ride-
sharing companies. For example, Daimler with Via and GM and Ford with Lyft. 
The trend of large automakers developing their own VC arms also continued this quarter, with 
Volvo launching its Volvo Cars Tech Fund2  an in-house VC fund focused on investing in 
startups able to help the company respond to changes in the auto sector. An automaker 
alliance including Nissan, Mitsubishi and Renault also announced plans to invest up to $1 
billion in mobility startups as part of its Alliance Ventures fund, with $200 million earmarked for 
investment during the first year3.
Trends to watch for globally
Over the next quarter, AI will continue to be a hot area to watch in addition to autotech and 
healthtech. While the U.S. will likely continue to lead VC investment globally, there will likely 
be an increase in the geographic diversity of VC investments.
Global VC market starts year with a bang on the 
back of $1 billion+ mega-rounds
2 https://www.wired.com/story/volvo-vc-fund-cars-tech-startups/
3 www.fortune.com/2018/01/10/renault-nissan-mitsubishi-vc-fund-alliance-ventures-auto-tech-startups/
10
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Global venture financing by stage
2010  Q1'18
The global venture landscape still is clearly exhibiting the effects of the massive inflows of capital seen over 
the past several years. Aggregate VC invested remains remarkably high, exceeding even the prior three 
huge quarters, while overall volume continues to slide, however slowly. Investors are staying cautious, but 
still willing to deploy huge sums into what seem to be the best opportunities. In addition, it should be noted 
that many firms, in order to avoid dilution, essentially must continue to participate in financings of existing 
portfolio companies.
Source: Venture Pulse, Q1'18. Global Analysis of Venture Funding, KPMG Enterprise. Data provided by PitchBook, April 11, 2018. 
Note: Refer to the Methodology section on page 103 to understand any possible data discrepancies between this edition and previous 
editions of Venture Pulse.
VC landscape still marked by surplus capital
"Overall, we saw a strong start to 2018, with over $49 billion in venture capital invested across 2,661 
deals globally. While transaction value remained near record levels, we continue to see a decrease in 
the number of investments, particularly at early stages. Artificial intelligence and machine learning 
continued to be a significant focus for venture capital investment in Q1'18, as more companies 
integrate these enabling technologies into their portfolio of solutions, and investors take note of 
their disruptive value."
Jonathan Lavender
Global Chairman, KPMG Enterprise, KPMG International
0
1,000
2,000
3,000
4,000
5,000
6,000
$0
$10
$20
$30
$40
$50
$60
1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q
2010
2011
2012
2013
2014
2015
2016
2017
2018
Capital invested ($B)
# of deals closed
Angel/Seed
Early VC
Later VC
11
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Global median deal size ($M) by stage
2010  2018*
Global up, flat or down rounds
2010  2018*
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. *As of 3/31/18. Data provided by PitchBook, April 11, 2018.
Declining volume & large capital flows combine 
to push medians up across the board
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2010
2012
2014
2016
2018*
Up
Flat
Down
$0.5
$0.5
$0.5
$0.5
$0.5
$0.6
$0.7
$1.0
$1.3
$2.5
$2.5
$2.1
$2.3
$2.8
$3.2
$3.6
$4.7
$7.7
$5.5
$6.3
$6.0
$5.9
$8.0
$9.3
$9.5
$10.2
$15.0
2010
2011
2012
2013
2014
2015
2016
2017
2018*
Angel/seed
Early stage VC
Later stage VC
"During Q1'18, investors 
continued to plow massive 
amounts into later stage deals as 
evidenced by the over $15.4B 
invested in Series D or later 
rounds. Investors remain 
selective though, competing for 
the best deals and investing 
aggressively in the chosen few. 
As a result, we continue to see 
high valuations at all stages of 
investment. "
Arik Speier
Co-Leader, KPMG 
Enterprise Innovative 
Startups Network, KPMG 
International and Partner, 
Head of Technology, 
KPMG in Israel
12
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Global median deal size ($M) by series
2010  2018*
With late-stage activity remaining more resilient, it is clear that by simple inflation, most of the money still 
flowing goes into later rounds of financing for more mature companies that are perceived to be safer 
investments. The rate of inflation at earlier stages, meanwhile, remains more reasonable as investors are 
shying away from more and more fundings at such a risky level.
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. *As of 3/31/18. Data provided by PitchBook, April 11, 2018.
Late-stage rounds see most dramatic inflation
$0.5
$0.5
$0.4
$0.4
$0.5
$0.6
$0.7
$1.0
$1.3
$2.5
$2.8
$2.7
$3.0
$3.5
$4.1
$5.0
$6.0
$8.5
$7.0
$7.2
$7.0
$7.0
$10.0
$12.0
$12.0
$14.6
$16.0
2010
2011
2012
2013
2014
2015
2016
2017
2018*
Seed
Series A
Series B
$10.0
$12.0
$11.5
$12.0
$15.1
$19.2
$22.5
$25.0
$31.6
$12.2
$14.9
$16.0
$16.0
$27.4
$35.0
$27.9
$40.0
$50.0
2010
2011
2012
2013
2014
2015
2016
2017
2018*
Series C
Series D+
13
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
$36.4
$46.0
$48.8
$52.8
$57.6
$76.0
$80.0
$90.8
$123.0
$66
$83
$91
$98
$150
$185
$170
$269
$255
2010
2011
2012
2013
2014
2015
2016
2017
2018*
Series C
Series D+
Global median pre-money valuation ($M) by series
2010  2018*
The unicorn phenomenon continues to skew even median figures somewhat at the latest of stages when it 
comes to pre-money valuations. Hence, significant jumps between years can still be observed that seem 
somewhat erratically optimistic. However, once again it is important to note that by now the inflation has 
permeated the entire capital stack. The first quarter of 2018 may still be recording an unprecedented high 
it is equally important to note that as the year progresses, that figure could revert downward somewhat, 
normalizing to very high yet not quite as record-setting levels.
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. *As of 3/31/18. Data provided by PitchBook, April 11, 2018.
As more late-stage data is recorded, 2018 
figures could normalize somewhat
$2.8
$3.3
$3.0
$3.2
$3.4
$4.0
$4.5
$5.2
$6.3
$6.1
$6.9
$7.8
$8.5
$10.8
$12.7
$14.0
$15.9
$20.3
$19.0
$20.4
$20.9
$24.8
$31.0
$38.8
$37.0
$42.0
$50.0
2010
2011
2012
2013
2014
2015
2016
2017
2018*
Seed
Series A
Series B
14
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Global deal share by series
2012  2018*, number of closed deals
Global deal share by series
2012  2018*, VC invested ($B)
Thus far, the aggregate decline in the volume of angel and seed activity recorded since 2015 has very 
roughly approximated the robust rise recorded between the depths of the financial crisis and that same 
peak. Consequently, it seems safest to conclude that the decline is cyclical, a rational response to rising 
prices at such a risky stage.
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. *As of 3/31/18. Data provided by PitchBook, April 11, 2018.
The early-stage decline seems mostly cyclical
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
2012 2013 2014 2015 2016 2017 2018*
Series D+
Series C
Series B
Series A
Angel/seed
$0
$20
$40
$60
$80
$100
$120
$140
2012 2013 2014 2015 2016 2017 2018*
Angel/seed
Series A
Series B
Series C
Series D+
15
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Global financing trends to VC-
backed companies by sector
2013  2018*, number of closed deals
Global financing trends to VC-backed
companies by sector
2013  2018*, VC invested ($B)
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. *As of 3/31/18. Data provided by PitchBook, April 11, 2018.
Pharma & biotech volume grows marginally
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
201320142015201620172018*Commercial
Services
Consumer Goods
& Recreation
Energy
HC Devices &
Supplies
HC Services &
Systems
IT Hardware
Media
Other
Pharma &
Biotech
Software
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
201320142015201620172018*
16
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Financing of VC-backed companies by region
2013  2018*, number of closed deals
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. *As of 3/31/18. Data provided by PitchBook, April 11, 2018.
Cautious investors return to developed markets
2017*
2016
2015
2014
2013
63.7%
27.2%
9.1%
61.1%
27.4%
11.5%
58.9%
26.3%
14.8%
57.2%
27.6%
15.1%
62.8%
25.4%
11.8%
67.3%
20.7%
12.0%
Americas
Europe
Asia Pacific
2013
2014
2015
2016
2017
2018*
17
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. *As of 3/31/18. Data provided by PitchBook, April 11, 2018.
Asia still sees robust sums of VC invested
2017*
2016
2015
2014
2013
Financing of VC-backed companies by region
2013  2018*, VC invested ($B)
69.3%
16.4%
14.2%
66.2%
14.7%
19.1%
57.9%
12.8%
29.2%
51.8%
11.2%
37.0%
51.5%
12.5%
36.1%
59.8%
10.5%
29.7%
Americas
Europe
Asia Pacific
2013
2014
2015
2016
2017
2018*
18
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Corporate VC participation in global venture deals
2010  Q1'18
Note: The capital invested is the sum of all the round values in which corporate venture capital investors participated, not the amount that 
corporate venture capital arms invested themselves. Likewise, the percentage of deals is calculated by taking the number of rounds in which 
corporate venture firms participated over total deals.
Whether by creating official venture investing units or unofficially increasing their participation in financing 
rounds, corporate entities have become an increasingly important component of the venture ecosystem as 
backers looking for financial or strategic gain, moving beyond traditional roles such as acquirers or 
competitors. The trendline of the volume of deals in which they participate only continues to march higher as 
of late. Granted, in a cautious, high-priced environment, corporates can justify joining in higher-priced rounds 
and enjoy access to relatively much richer balance sheets, but their evolution into an important supporting 
player in the global venture landscape is a novel development and sign of the maturation of the VC industry 
on the whole.
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. Data provided by PitchBook, April 11, 2018.
Corporate VC activity remains a key support of 
overall investment levels
0%
5%
10%
15%
20%
25%
$0
$5
$10
$15
$20
$25
$30
$35
$40
1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q
2010
2011
2012
2013
2014
2015
2016
2017
2018
Capital invested ($B)
% of total deal count
19
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Global first-time venture financings of companies
2010  2018*
When assessing a single quarter's tally of first-time financings relative to past yearly levels, it is critical to 
keep the long term in mind. The pace of investment in Q1 2018 could be an outlier low, even in the context 
of the overall steady slide of the past three years; accordingly, 2018 on the whole may not end up as low as 
this first quarter tally may suggest. That said, the macroeconomic conditions of global markets and 
economies are not especially auspicious for first-time financings of a very risky nature, given the power of 
current incumbents and numerous barriers to entry. Additionally, the venture cycle has resulted in very high 
prices overall, which further discourages initial check-writing.
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. *As of 3/31/18. Data provided by PitchBook, April 11, 2018.
Macroeconomic & cyclical factors continue to 
drag down first-time financing levels
$9
$12
$13
$12
$14
$20
$17
$14 $3
3,786
5,056
5,929
6,670
7,331
6,738
5,363
4,187
635
2010
2011
2012
2013
2014
2015
2016
2017
2018*
Capital invested ($B)
Deal count
20
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Q1'18 records a historically robust inflow of 
capital to unicorns both old and new
Global unicorn rounds
2010  Q1'18
Note: PitchBook defines a unicorn venture financing as a VC round that generates a post-money valuation of $1 billion or more. These are 
not necessarily first-time unicorn financing rounds, but also include further rounds raised by existing unicorns that maintain at least that 
valuation of $1 billion or more.
With Q1'18 recording several unicorn financing rounds  bolstered by existing unicorns raising significant 
sums, it must be said, and thereby generating still-massive private valuations  the past several quarters 
are now headed to record the steadiest volume of money still flowing to unicorns since their heyday in 2015 
and early 2016.
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. Data provided by PitchBook, April 11, 2018.
0
5
10
15
20
25
30
35
40
45
50
$0
$5
$10
$15
$20
$25
$30
1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q
2010
2011
2012
2013
2014
2015
2016
2017
2018
Capital invested ($B)
# of deals closed
21
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Global venture-backed exit activity
2010  Q1'18
Since a peak in the first quarter of 2015, aggregate venture-backed exit volume has slowly declined on the 
whole, with a few quarterly aberrations. Total exit value, however, has remained historically robust, by and 
large. The last three quarters of 2017 hovered quite close to $20 billion in aggregate exit value apiece. 
Multiple factors are suggested to be in play given these results, namely robust M&A appetite, volatility and 
high valuations in public markets discouraging smaller and encouraging larger businesses to go public and 
temporal issues relating to the supply of exit-ready venture portfolio companies. This year, especially given 
a recent uptick in IPO filings by prominent venture-backed businesses, may well prove key in assessing 
whether the exit cycle still has significant strength left or whether it may decline further.
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. Data provided by PitchBook, April 11, 2018.
2018 will likely prove significant for the exit cycle
0
100
200
300
400
500
600
$0
$10
$20
$30
$40
$50
$60
1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q
2010
2011
2012
2013
2014
2015
2016
2017
2018
Exit value ($B)
Exit count
22
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Global venture-backed exit activity 
(#) by type
2010  2018*
Global venture-backed exit activity 
($B) by type
2010  2018*
With companies such as Dropbox and Smartsheet finally filing to go public, 2018 could well see the surge 
of tech IPOs that was hoped for in 2017. That said, there could also be more exotic forms of liquidity events 
still enabling others to stay private, such as secondary market transactionse.g. Uber's deal with 
SoftBankor buyouts by private equity firms, even.
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. *As of 3/31/18. Data provided by PitchBook, April 11, 2018.
Could 2018 see a tech IPO resurgence?
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
Strategic Acquisition
Buyout
IPO
$0
$20
$40
$60
$80
$100
$120
$140
Strategic Acquisition
Buyout
IPO
23
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Global venture fundraising
2010  Q1'18
Given the overall venture industry's size, no matter how large of a fund Sequoia Capital may be able to 
raise, aggregate fundraising volume will be highly temporal and thereby prone to quarterly skewing. That 
said, the first quarter of 2018 sustained the slump observed in the back half of 2017, further suggesting that 
the tide may have turned for at least a period when it comes to limited partners' appetite for growing their 
allocations to VC and they are now looking to maintain. There will likely be a resurgence, of course, when 
rebalancing comes and a wave of fresh funds are potentially born from investors that are currently 
demonstrating success, but for now, that is likely a ways off.
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. Data provided by PitchBook, April 11, 2018.
Fundraising finally enters a sustained plateau
0
50
100
150
200
250
$0
$5
$10
$15
$20
$25
$30
$35
1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q
2010
2011
2012
2013
2014
2015
2016
2017
2018
Capital raised ($B)
# of funds raised
24
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Global venture fundraising (#) by size
2010  2018*
The earlier boom in the venture market, as noted in the prior edition of the Venture Pulse, definitely 
contributed to multiple general partners kicking off their own fundraising efforts, leading to robustness in the 
center of the market. Now, during an overall lull, that same center of the market is still leading the way in 
terms of volume, although it should be noted an intriguing yet plausible uptick in sub-$50 million fundraising 
is also persisting.
Global first-time vs. follow-on venture 
funds (#)
2010  2018*
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. *As of 3/31/18. Data provided by PitchBook, April 11, 2018.
Early 2018 figures indicate more robustness in 
the center and low end of the market
0
50
100
150
200
250
300
350
400
450
500
2010
2012
2014
2016
2018*
Under $50M
$50M-$100M
$100M-$250M
$250M-$500M $500M-$1B
$1B+
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
201020112012201320142015201620172018*First-time
Follow-on
25
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
VC investments on the rise as AI solutions take 
aim at healthcare
Over the last two years, the healthcare industry has become a major proving ground for AI 
capabilities, with both startups and VC investors recognizing the enormous potential that AI 
solutions can offer for improving patient care, expanding the reach of services, and reducing 
healthcare costs.
VC investment in AI for healthcare soars
Since 2015, VC investment in AI for healthcare has soared, reaching almost $1.3 billion across 103 
deals in 2017.  Investments continued to increase in Q1'18, with $320 million invested across 18 
deals: well on pace to at least match 2017's totals. Given the inefficiencies and high costs 
associated with healthcare in most regions of the world, it is very likely that funding for AI will only 
continue to grow. 
The use of AI and machine learning in healthcare is not a new endeavor. FDA-approved algorithms 
have been used since as early as 1998 to detect cancers in medical images. The difference today 
is that new technologies are making such efforts much easier. Use of the cloud and the rapid 
digitalization of information has improved access to data and the speed of computation. VC 
investors have seen the concept of AI become mainstream and are investing accordingly.
Providing benefits to all stakeholders
VC investors are excited about AI solutions because they can help meet a variety of needs for 
different stakeholders  from increasing patients' access to care and improving outcomes, to 
allowing doctors to be more efficient and improving quality control for health system regulators.
VC investors are also interested in the potential of AI to help impact broader health system 
inefficiencies. For example, life sciences companies could potentially use AI tools to 'fail fast', 
better identify population subsets where new drugs will do well and find secondary uses for old 
failed drugs. Such improvements could speedup drug approvals and reduce development costs. AI 
can also be used to improve supply chain management, disease prevention and support patient 
monitoring and care of chronic illnesses.
Corporates becoming more interested in AI in healthcare
Many corporates are just starting to put their toe in the water with respect to making investments in 
AI, using funding as a means to wrap their heads around how to leverage technologies effectively. 
Recent acquisitions in the space are likely to spur more corporate and private equity investments in 
the space.
On the not-for-profit side, the ability to make better, data-driven decisions is seen as a major 
benefit. However, most organizations recognize they will need to change their business models in 
order to get the most value from AI innovation. The challenge is that regulations are still somewhat 
behind so corporates do not want to get too far ahead of themselves. In the interim, not-for-profits 
in the space are still looking at making VC investments, building for-profit arms, and monetizing 
their data. 
26
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
VC investments on the rise as AI solutions take 
aim at healthcare, cont'd.
Data critical to AI value
Access to data is one of the critical enablers of the successful use of AI in healthcare. The advent 
of technologies like wearables that can provide constant streams of data and the development of 
analytics tools to manage and analyze available data quickly will continue to underpin the 
successful use of AI. Similar to other areas where AI is seen as a backbone for transformation 
such as autonomous driving  without access to the right data at scale, AI may not be able to live 
up to its potential. 
Trends to watch for related to AI in healthcare
Over the next few quarters, investments in AI for healthcare will likely focus primarily on improving 
back-end efficiencies, such as the use of RPA to support care, or the use of AI to process claims. 
In the short term, it is unlikely that AI investments will focus on direct patient diagnosis, but rather 
on ways of using AI to provide routine second opinions or to detect errors. 
While the majority of VC investments related to AI in healthcare have occurred in the U.S., there is 
likely to be increasing investment in other regions as investment in the space continues to heat 
up. While AI has the potential to reduce costs and improve quality in developed countries, it also 
has the potential to help address issues in developing regions with infrastructure deficiencies or 
scarce resources. China, in particular, is expected to see major investments in the near-term.
27
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Global venture financing of artificial intelligence (AI) & machine 
learning (ML) companies in healthcare
2010  Q1'18
Artificial intelligence (AI) and machine learning (ML) are often conflated; in essence, artificial intelligence 
can be understood as the overall field of computer science while machine learning is a subset. Investment 
within AI and ML applications in healthcare have exploded as of late, mainly as the enormous potential for 
accurate automation of tasks as routine as, say, radiology readings is fairly obvious. The key challenge is 
the degree of accuracy, as in the field of healthcare the rewards are enormous if one can automate 
analytics and disintermediate the complex chain of value, but given that human health and lives are at risk, 
predictions must be absolutely airtight. 
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. Data provided by PitchBook, April 11, 2018.
A recent, exponential rise
$0.1
$0.1
$0.2
$0.1
$0.7
$1.2
$0.3
9
8
15
28
30
49
65
103
18
2010
2011
2012
2013
2014
2015
2016
2017
2018*
Capital invested ($B)
# of deals closed
"For AI in healthtech to achieve its full potential, there needs to be a much broader understanding 
of the value of AI across healthcare workflows and the ability of AI to supplement existing 
processes. While this will take time due to some fundamental inertia of healthcare, the 
application of AI in healthtech will lead to an entirely new paradigm for providing tech-driven 
healthcare"
Bharat R. Rao, Ph.D. 
National Leader, Data & Analytics for Healthcare & Life Sciences, KPMG in the U.S.
28
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Top 10 global financings in Q1'18
Grab  $2,500M, Singapore
Transportation
Series G
Lyft  $1,700M, San Francisco, CA
Transportation
Series H
Faraday Future  $1,500M, Los Angeles, 
CA
Automotive
Early-stage VC
GO-JEK  $1,500M, Jakarta, Indonesia
E-commerce
Series E
Uber  $1,250M, San Francisco, CA
Transportation
Late-stage VC
7
8
6
9
10
5
4
3
2
1
Magic Leap  $963M, Plantation, FL
Augmented reality
Series D
Ofo  $866M, Beijing, China
Transportation
Late-stage VC
Katerra  $865M, Menlo Park, CA
Business software
Series D
Chehaoduo  $818M, Beijing, China
E-commerce
Series C
Douyu  $632M, Wuhan, China
Entertainment software
Corporate
Q1'18 top deals dominated by transportation
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. Data provided by PitchBook, April 11, 2018.
10
3
6
4
9
7
8
5
2
1
In Q1'18 VC-backed 
companies in the 
A
$29.4B
mericas raised
across
1,782 deals
30
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
VC investment in the Americas held strong in Q1'18. While the U.S. accounted for the vast majority 
of VC investment in the region, Latin America  particularly Brazil  saw some exciting funding 
and exit activity. 
U.S. remains VC leader, but market in Americas becoming more diversified
The U.S. continued to attract the majority of VC funding in the Americas. While the Bay Area was 
the primary draw, other U.S. cities like Boston, San Diego, Austin, Philadelphia and New York have 
also been able to attract significant investments in recent quarters. 
In Latin America, Mexico, Brazil and, most recently, Argentina have moved to support VC 
investment. In 2017, Argentina introduced a new entrepreneurship law aimed at making it easier for 
startups to do business by reducing red tape and providing easier access to capital.
Exemption from U.S. tariffs positive for Canada and Mexico
There continued to be uncertainty related to U.S. trade policies in the Americas during Q1'18, with 
the results of NAFTA renegotiations between the U.S., Canada and Mexico remaining a big 
question mark. The exclusion of both countries from global trade tariffs announced by the U.S. in 
Q1'18, however, was viewed as a positive sign by investors  with most taking a 'business as 
usual' approach to their activities.
Solid start for 2018 VC market in Canada 
Canada experienced a strong start to 2018, with a $223 million raise by biofuels producer Enerkam
and a $49 million raise by story-sharing platform Wattpad early in the quarter. China-based 
Tencent Holdings was the primary funder of the Wattpad deal  enhancing its interest in Canada; 
in 2017, Tencent made a strong investment in Canada's Element AI. Other Chinese VC investors 
have also taken note of Canada's attractiveness  with AI, biotech, and clean energy all seen as 
targets for investors. 
In Q1'18, the Canadian government's $1.2 billion Venture Capital Catalyst Initiative was rolled out. It is 
expected that this fund will help to spur additional VC investment throughout the remainder of 2018. 
Brazil sees big quarter of VC investment
Q1'18 was a bumper quarter for VC investment in Brazil, led by the $150 million raise by fintech 
company Nubank. The funding propelled Nubank to a $1 billion+ valuation, earning it Unicorn 
status  one of the first VC-backed companies in Brazil to earn the classification. 
In Q1'18, Brazilian Fintech PagSeguro, a well known payments company, went public in the largest 
IPO since SNAP in 2017. PagSeguro raised $2.27 billion from its IPO on the NYSE, making it the 
biggest IPO for a Brazilian company since BB Seguridade in 20114. In terms of VC exits, during 
Q1'18, China-based company Didi Chuxing acquired Brazil's biggest ride hailing company, 99 
(formerly 99taxis) for $1 billion.
There is a lot of optimism for VC investment in Brazil over the next few quarters, although an 
election slated for October could create some uncertainty. Fintech is expected to remain 
particularly attractive to investors. Healthtech, meanwhile, is expected to gain more attention from 
investors, particularly with respect to technologies that facilitate access to healthcare for those who 
do not have it. While there has been some interest in this space to date, the big investments 
expected have yet to be seen.
Optimism growing for VC market in Americas
4 https://www.bloomberg.com/news/articles/2018-01-24/brazil-s-pagseguro-raises-2-3b-in-largest-nyse-ipo-since-snap
31
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Optimism growing for VC market in Americas, 
cont'd.
5http://www.finsmes.com/2018/03/yogome-raises-26-9m-in-series-b-funding.html
Mexico sees VC investor interest rebound
While Q1'18 was a relatively slow quarter for VC deal flow in Mexico, both fintech and edtech
companies continued to gain investor attention. Deal values remained small overall, however there 
a few nice sized deals, including a $26 million raise by Mexico and San Francisco-based 
educational game company Yogome5. Availability of VC capital in Mexico increased in Q1'18, with 
Nexxus Capital announcing a new $350 million fund largely focused on Mexico. 
Late in 2017, Mexico also authorized the creation of BIVA, a second stock exchange, which is 
expected to go live within the next two quarters. It Is expected this move will help support exits and 
ease IPO processes in the coming years. In Q1'18, the Government of Mexico also approved new 
regulations for fintech  a move expected to spur additional development and investment in the 
sector. 
With a presidential election upcoming in June, there could be some short-term uncertainty among 
VC investors heading into Q2'18.
Trends to watch for in the Americas
The outlook is positive for VC investment in the Americas heading into Q2'18 and beyond, although 
upcoming elections in Mexico and Brazil could create some short-term uncertainty. In the U.S. and 
Canada, AI, blockchain and healthtech are expected to remain very high on the investor radar, 
while fintech will likely continue to drive the majority of VC investment in Latin America.
32
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Venture financing in the Americas
2010  Q1'18
Soaring past $29 billion, buoyed by seven financings of $500 million or more, the Americas saw aggregate 
VC invested for the quarter roar even higher than the prior several robust quarters seen in 2017. The 
impact of the population of late-stage, highly valued companies that have still elected to stay private cannot 
be understated.
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. Data provided by PitchBook, April 11, 2018.
VC invested roars higher, even as volume slides
0
500
1,000
1,500
2,000
2,500
3,000
3,500
$0
$5
$10
$15
$20
$25
$30
$35
1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q
2010
2011
2012
2013
2014
2015
2016
2017
2018
Capital invested ($B)
# of deals closed
Angel/Seed
Early VC
Later VC
33
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Median deal size ($M) by stage in the Americas
2010  2018*
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. *As of 3/31/18. Data provided by PitchBook, April 11, 2018.
Up, flat or down rounds in Americas
2010  2018*
Amid declining volume, up rounds predominate
$0.5
$0.5
$0.5
$0.5
$0.6
$0.8
$0.9
$1.0
$1.4
$2.7
$2.7
$2.7
$3.0
$3.3
$4.0
$4.9
$5.8
$9.0
$6.0
$7.5
$7.2
$6.7
$8.8
$10.0
$10.0
$11.0
$15.0
2010
2011
2012
2013
2014
2015
2016
2017
2018*
Angel/seed
Early stage VC
Later stage VC
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2010
2011
2012
2013
2014
2015
2016
2017
2018*
Up
Flat
Down
34
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. *As of 3/31/18. Data provided by PitchBook, April 11, 2018.
Median deal size ($M) by series in the Americas
2010  2018*
Bolstered significantly by the U.S., both Series A and Series B rounds are still seeing their median sizes climb 
higher, with Series A financings in particular jumping a significant amount. That jump, however, is likely to 
normalize somewhat as further quarters' worth of data is recorded.
Early-stage series climb even higher
$0.5
$0.5
$0.5
$0.5
$0.5
$0.7
$0.8
$1.0
$1.3
$2.4
$2.5
$2.7
$3.1
$3.5
$4.2
$5.0
$6.0
$9.2
$7.0
$7.0
$7.0
$7.0
$10.0
$11.0
$11.3
$14.0
$16.0
2010
2011
2012
2013
2014
2015
2016
2017
2018*
Seed
Series A
Series B
$10.0
$12.0
$11.6
$12.0
$14.1
$17.0
$20.8
$22.0
$30.0
$12.0
$14.8
$16.0
$16.0
$25.6
$30.0
$25.0
$33.0
$40.0
2010
2011
2012
2013
2014
2015
2016
2017
2018*
Series C
Series D+
35
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Median pre-money valuation ($M) by series in the Americas
2010  2018*
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. *As of 3/31/18. Data provided by PitchBook, April 11, 2018.
A phase shift is when one piece of material transforms into a new form, such as liquids hardening into 
solids  the significant jump between Series A valuations and Series B valuations, as well as Series C and 
Series D, signifies how companies that are able to surmount investor hurdles at each stage are still so richly 
rewarded with massive valuations, far surpassing those from prior rounds.
Series B & D stand out as clear phase shifts
$3.2
$3.8
$3.6
$4.0
$4.5
$5.0
$5.6
$6.0
$6.3
$6
$7
$8
$9
$11
$13
$14
$16
$20
$19
$20
$21
$25
$31
$39
$36
$42
$50
2010
2011
2012
2013
2014
2015
2016
2017
2018*
Seed
Series A
Series B
$37
$46
$48
$54
$56
$70
$80
$86
$120
$66
$84
$92
$98
$140
$166
$138
$225
$182
2010
2011
2012
2013
2014
2015
2016
2017
2018*
Series C
Series D+
36
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Deal share by series in the Americas
2010  2018*, number of closed deals
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. *As of 3/31/18. Data provided by PitchBook, April 11, 2018.
Deal share by series in the Americas
2010  2018*, VC invested ($B)
Q1 2018 sees diminishing across each series
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
2010
2011
2012
2013
2014
2015
2016
2017
2018*
Series D+
Series C
Series B
Series A
Angel/seed
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
2010
2011
2012
2013
2014
2015
2016
2017
2018*
Series D+
Series C
Series B
Series A
Angel/seed
37
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Venture financing of VC-backed companies by sector in the Americas
2010  2018*, VC invested ($B)
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. *As of 3/31/18. Data provided by PitchBook, April 11, 2018.
Venture financing of VC-backed companies by sector in the Americas
2010  2018*, # of closed deals
Healthcare & software remain most robust
0
2,000
4,000
6,000
8,000
10,000
12,000
2010
2011
2012
2013
2014
2015
2016
2017
2018*
Commercial
Services
Consumer Goods
& Recreation
Energy
HC Devices &
Supplies
HC Services &
Systems
IT Hardware
Media
Other
Pharma & Biotech
Software
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
$100
2010
2011
2012
2013
2014
2015
2016
2017
2018*
Commercial
Services
Consumer Goods
& Recreation
Energy
HC Devices &
Supplies
HC Services &
Systems
IT Hardware
Media
Other
Pharma & Biotech
Software
38
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Venture financing in Canada
2012  Q1'18
Skewed significantly by one hefty financing of clean fuel producer Enerkem, there were still seven financings 
of Canadian companies exceeding $20 million in Q1 2018, despite lowering volume. Although still appearing 
modest relative to the U.S., the Canadian entrepreneurial scene continues to attract a steady flow of VC.
A strong quarter for VC invested
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. Data provided by PitchBook, April 11, 2018.
0
20
40
60
80
100
120
140
160
180
200
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
2012
2013
2014
2015
2016
2017
2018
Capital invested ($M)
# of deals closed
"Canada continues to be a great place to invest, with a stable economy, strong talent base, and 
several mature innovation ecosystems. Interest rates remain low, while valuations of Canadian 
companies continue to be modest compared to companies in the U.S. and other jurisdictions 
globally. It is a great time for Angels, VCs, and PEs looking to place money in either early stage 
Canadian startups or in later-stage companies looking to scale up."
Sunil Mistry
Partner, KPMG Enterprise, Technology, Media and Telecommunications, 
KPMG in Canada
39
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Venture financing in Mexico
2012  Q1'18
Q1 2018 saw a new low unmatched in some time for Mexican venture activity, likely due to 
macroeconomic concerns sparked by political rhetoric and potential shifts in trade policies. It remains to 
be seen how long such maneuvering may affect the flow of private investment, as there are still budding 
startups in various niches across Mexico that could well attract interest once those perceived political 
shifts materialize into assessable form.
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. Data provided by PitchBook, April 11, 2018. 
Macro concerns still impact Mexican VC
0
5
10
15
20
25
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
$100
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
2012
2013
2014
2015
2016
2017
2018
Capital invested ($M)
# of deals closed
"2017 was a difficult year for Mexico given the uncertainties related to U.S. trade and immigration 
policies, but the VC market is starting to come back, with increases in both VC investments and 
the number of VC funds being directed to Mexico. In Q1'18, the government approved 
regulations focused on fintech, which could spur investment over the next few quarters."
Gerardo Rojas
Partner, 
KPMG in Mexico
40
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Venture financing in Brazil
2012  Q1'18
Once again, the quarterly tally of venture activity within Brazil was skewed markedly by digital credit card 
provider Nubank, which finally hit unicorn status with its latest infusion of funding. DST Global, QED 
Investors, Dragoneer Investment Group and more plowed $150 million of Series E funding into the 
business, which continues to exemplify the risky yet rewarding potential of tapping into key consumer 
segments in large, emerging economies.
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. Data provided by PitchBook, April 11, 2018. 
Marked by outliers, Q1 records strong VC invested
0
5
10
15
20
25
30
35
40
45
50
$0
$50
$100
$150
$200
$250
$300
$350
$400
$450
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
2012
2013
2014
2015
2016
2017
2018
Capital invested ($M)
# of deals closed
"In Q1'18, fintech was particularly hot in Brazil, with Nubank's $150 million raise and 
PagSeguro's successful IPO on the NYSE. Given Brazil's relatively poor healthcare system, it is 
no surprise that VC investors are also looking for opportunities in the healthtech space. While 
few deals have been conducted to date, healthtech is an area where we expect to see increased 
investment over the next twelve months."
Raphael Vianna
Director, 
KPMG in Brazil
41
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
California sees a typical clustering, although the 
East Coast saw some notable financings
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. Data provided by PitchBook, April 11, 2018.
10
7
6
3
8
5
4
9
2
1
Lyft  $1,700M, San Francisco, CA
Transportation
Series H
Faraday Future  $1,500M, Los 
Angeles, CA
Automotive
Early-stage VC
Uber  $1,250M, San Francisco, CA
Transportation
Late-stage VC
Magic Leap  $963M, Plantation, FL
Augmented reality
Series D
Katerra  $865M, Menlo Park, CA
Business software
Series D
7
8
6
9
10
5
4
3
2
1
DoorDash  $535M, San Francisco, CA
E-commerce
Series D
Moderna Therapeutics  $500M, Cambridge, 
MA
Biotechnology
Series G
Wag  $300M, Los Angeles, CA
Application software
Series D
Harmony Biosciences  $295M, Plymouth 
Meeting, PA
Biotechnology
Early-stage VC
Viela Bio  $282.25M, Gaithersburg, MD
Biotechnology
Series A
In Q1'18 U.S. 
VC-backed 
c
$28.2B
ompanies raised
across
1,693 deals
43
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
VC market in the U.S. sees roaring start to 2018
U.S. VC investment got off to a strong start in Q1'18, propelled by a number of mega-rounds, including 
$1 billion+ raises by electric vehicle manufacturer Faraday Future and ride-sharing company Uber.
Consumer-centric offerings big hit in 2018
While 2017 saw a rise in VC investment to B2B businesses in the U.S., the biggest winners in Q1'18 
were consumer focused companies. A number of large rounds went to companies focused on improving 
the lives of consumers  whether by offering convenience (e.g. food delivery company Door Dash, dog 
walker identification platform Wag), or by improving health (e.g. Harmony Biosciences, Moderna
Therapeutics). 
Spotlight on the IPO market
While the U.S. IPO market improved in 2017, it remained weak compared to previous years. With 
significant dry powder available, a number of aging startups shied away from IPO exits, using secondary 
transactions to provide some liquidity to their employees and early-stage investors. This trend continued 
into Q1'18.
Late in Q1'18, however, two unicorns went public: cloud-based security provider Zscaler and cloud-
storage provider Dropbox. Both companies have seen positive results, with Zscaler's stock price 
doubling in the first days of trading and Dropbox's stock increasing 36% on the first day of trading5. 
While Dropbox went public at a lower valuation than its most recent private round, post-IPO performance 
of companies in similar situations has been strong, calming concerns related to potential stigma. 
Heading into Q2'18, Spotify is set to directly list in April. This move likely reflects the desire to create 
liquidity without the costs associated with a traditional IPO. This move is not expected to spur direct 
listings as few companies have the requisite strength in their balance sheets. If the performance of 
Zscaler, Dropbox and Spotify over the next quarter is positive, however, the IPO market could see 
increased activity.
Food and grocery delivery attracting significant funding
The U.S. food and grocery delivery space continued to see significant VC investment in Q1'18. Food 
delivery company Door Dash joined the unicorn club following a $535 million funding round, while 
Instacart raised $200 million in its ongoing bid to compete with Amazon and Whole Foods. 
The surprising attractiveness of this sector may in part be due to the increasing belief among restaurants 
and grocery stores that home delivery is essential to their long-term sustainability. Looking forward, most 
investments in this space will likely be focused on late-stage companies looking to grow and compete.
Interest in healthtech and biotech growing rapidly
VC interest in healthtech and biotech remained high in Q1'18  no surprise given the significant cost of 
healthcare in the U.S., its aging population and demand for more efficient services. AI-related healthtech
in particular saw strong investment in Q1'18, with $166 million raised in the first 2 months alone. 
Healthtech and biotech startups continued to buck the trend on the exit front, with numerous companies 
hosting successful exits. 
6https://techcrunch.com/2018/03/16/security-startup-zscaler-ipo/
44
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
VC market in the U.S. sees roaring start to 
2018, cont'd.
8 https://www.bloomberg.com/news/articles/2017-12-22/sequoia-capital-is-said-to-explore-5-billion-mega-venture-fund
9 https://www.cnbc.com/2018/03/20/sequoia-sets-minimum-investment-of-250-million-to-join-growth-fund.html
Rise of mega-funds boosting ability of companies to stay private longer
In part to compete with Softbank's $100 billion Vision Fund, VC firms in the U.S. have begun developing 
their own mega-funds. In Q1'18, Sequoia Capital is in the process of raising up to $12 billion for its 
multiple funds8,9. The availability of capital for companies at later deal stages has been a key factor in 
companies staying private longer  a trend that will likely continue as long as capital remains available.
New York City gaining ground as tech hub
While the majority of VC investment in the U.S. has flowed to the Bay Area, investments have started to 
diversify geographically. One city quickly gaining attention is New York. Over the past year, New York's 
VC market grew dramatically, with more than 15 companies attracting $100 million+ funding rounds. 
Local universities have begun to target tech talent issues  a roadblock for NYC-based start-ups in the 
past. In 2017, Cornell opened a new Tech Campus on Roosevelt Island, and a major universities now 
have respectable tech programs. Accelerator and incubator programs have also grown, with more than 
100 now located across the city. A Partnership for New York City has sponsored several of these, 
including the New York Digital Innovation Lab, FinTech Innovation Lab New York and BioAccelerate
NYC.
While VC investment in NYC has focused predominantly on fintech and SAAS, the city has actively 
worked to develop its healthtech sector. In January, New York's Economic Development Corporation 
announced plans to create a new research and innovation hub for life sciences.
Trends to watch in the U.S.
In Q2'18, VC investment is expected to remain high. While there have been some recent tremors in the 
stock market, conditions remain positive for IPOs. If the experiences of Dropbox, Zscaler and Spotify 
prove positive, a number of aging unicorns could make public exits. This could lead to some return of 
capital by the end of the year and a rebound in investment in seed and angel stage deals. 
AI is expected to continue to attract significant investment in the U.S. for the foreseeable future in 
addition to biotech and healthtech. 
45
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Venture financing in the U.S.
2010  Q1'18
The money just keeps flowing. After three straight quarters each recording over $20 billion in VC invested, 
the first quarter of 2018 came close to $29 billion in total invested. What is more striking is that even though 
three $1 billion+ rounds were closed, the diversity of $100 million+ financings is what really drove that 
massive total, ranging from insurer Oscar to biotech Harmony Biosciences.
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. Data provided by PitchBook, April 11, 2018.
After three $20B+ quarters, an even higher tally
0
500
1,000
1,500
2,000
2,500
3,000
$0
$5
$10
$15
$20
$25
$30
1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q
2010
2011
2012
2013
2014
2015
2016
2017
2018
Capital invested ($B)
# of deals closed
Angel/Seed
Early VC
Later VC
"In the past, discussions about the VC markets have been primarily focused on the big 4 
markets  The Bay Area, New York, Boston and LA. Now we are seeing much more diversity 
with cities like Seattle, Chicago, Washington DC, San Diego Austin, Philadelphia and Atlanta 
drawing new investments. These cities have all recognized the importance of startups to their 
future viability and have therefore focused their attention on creating a fertile ecosystem where 
companies can nurture and grow. These new markets are also providing a lower cost and higher 
quality of life alternative."
Brian Hughes
Co-Leader, KPMG Enterprise Innovative Startups Network, KPMG International and 
National Co-Lead Partner, KPMG Venture Capital Practice, KPMG in the U.S.
46
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Median deal size ($M) by stage in the U.S.
2010  2018*
Up, flat or down rounds in the U.S.
2010  2018*
In the last edition, the question was whether 2018 could maintain 2017's record median figures across the 
board. Granted, 2018 is only one quarter in, but thus far, it is significantly surpassing 2017 across every 
stage, most dramatically at the early stage.
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. *As of 3/31/18. Data provided by PitchBook, April 11, 2018.
The early stage continues to experience inflation
$0.5
$0.5
$0.5
$0.5
$0.6
$0.8
$0.9
$1.0
$1.4
$2.6
$2.7
$2.8
$3.0
$3.5
$4.3
$5.0
$6.0
$9.2
$6.0
$7.6
$7.3
$7.0
$9.0
$10.1
$10.0
$11.1
$15.0
2010
2011
2012
2013
2014
2015
2016
2017
2018*
Angel/seed
Early stage VC
Later stage VC
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2010
2011
2012
2013
2014
2015
2016
2017
2018*
Up
Flat
Down
47
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Median deal size ($M) by series in the U.S.
2010  2018*
Note: Figures rounded in some cases for legibility.
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. *As of 3/31/18. Data provided by PitchBook, April 11, 2018.
One quarter in, 2018 sees significant jumps
$0.5
$0.5
$0.5
$0.5
$0.5
$0.7
$0.8
$1.0
$1.4
$2.4
$2.5
$2.7
$3.1
$3.5
$4.2
$5.0
$6.0
$9.2
$7
$7
$7
$7
$10
$11
$12
$14
$16
2010
2011
2012
2013
2014
2015
2016
2017
2018*
Seed
Series A
Series B
$10
$12
$12
$12
$14
$17
$20
$24
$30
$12
$15
$16
$16
$26
$30
$25
$32
$40
2010
2011
2012
2013
2014
2015
2016
2017
2018*
Series C
Series D+
48
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Median pre-money valuation ($M) by series in the U.S.
2010  2018*
Note: Figures rounded in some cases for legibility.
It is important to lay out just why that median figure for Series D or later financings continues to skyrocket 
even higher. Not only are mature companies finally jumping into the valuation stratosphere for the first 
time and raising $100 million+ rounds that generate such massive valuations, but existing companies 
continue to be able to raise huge rounds of financings that maintain or even increase lofty valuations, as 
evidenced by Lyft's closing of a $1.7 billion round in the middle of March.
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. *As of 3/31/18. Data provided by PitchBook, April 11, 2018.
Unprecedented capital access continues
$3
$4
$4
$4
$5
$5
$6
$6
$6
$6
$7
$8
$9
$11
$13
$14
$16
$20
$19
$20
$21
$25
$31
$39
$36
$42
$50
2010
2011
2012
2013
2014
2015
2016
2017
2018*
Seed
Series A
Series B
$36
$47
$48
$54
$56
$70
$80
$88
$120
$66
$84
$92
$98
$139
$165
$139
$225
$181
2010
2011
2012
2013
2014
2015
2016
2017
2018*
Series C
Series D+
49
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Deal share by series in the U.S.
2018*, VC invested ($B)
Deal share by series in the U.S.
2018*, number of closed deals
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. *As of 3/31/18. Data provided by PitchBook, 
April 11, 2018. 
Angel, seed & Series A contract further
Deal share by series in the U.S.
2017, VC invested ($B)
Deal share by series in the U.S.
2017, number of closed deals
54.8%
23.6%
11.3%
5.7%
4.5%
8.6%
20.5%
23.1%
16.4%
31.4%
6.8%
20.5%
20.1%
14.4%
38.2%
Angel/seed
Series A
Series B
Series C
Series D+
51.3%
22.7%
13.6%
6.8%
5.7%
Angel/seed
Series A
Series B
Series C
Series D+
50
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Venture financing by sector in the U.S.
2014  2018*, number of closed deals
Venture financing by sector in the U.S.
2014  2018*, VC invested ($B)
Last year, the pharma & biotech space notched a historic $12.9 billion in VC invested in the U.S., far 
outstripping the prior tally of $10.4 billion in 2015. However, the other key healthcare segments were not far 
behind, with an equally historic high of $4 billion for the healthcare services and systems space and a very 
strong $4.73 billion for healthcare devices and supplies. Moreover, each space shows little sign of slowing, 
with a combined $2.3 billion+ already.
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. *As of 3/31/18. Data provided by PitchBook, April 11, 2018.
After a blockbuster year, healthcare stays strong
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2014
2015
2016
2017
2018*
Commercial
Services
Consumer
Goods &
Recreation
Energy
HC Devices
& Supplies
HC Services
& Systems
IT Hardware
Media
Other
Pharma &
Biotech
Software
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2014
2015
2016
2017
2018*
51
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Corporate participation in venture deals in the U.S.
2010  Q1'18
They cannot be expected to keep their wallets open forever  corporate VC arms did not participate in yet 
another $10 billion+ worth of venture financings in Q1 2018, but they did join in enough rounds that their 
overall industry participation rate soared even higher than any prior tally. Corporate VCs worldwide 
continue to be an even more important support of aggregate industry volume.
CVC participation ticks higher
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. Data provided by PitchBook, April 11, 2018.
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
$0
$2
$4
$6
$8
$10
$12
$14
$16
1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q
2010
2011
2012
2013
2014
2015
2016
2017
2018
Capital invested ($B)
% of total deal count
52
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
First-time venture financings of companies in the U.S.
2010  2018*
Q1 2018 was quite the quarter off for first-time financing activity, with a plunge to just over 400 completed 
financings summing to just $2.4 billion in total. While still outstripping other regions, it is clear that at this 
typically riskiest of stages, investor sentiment waxes and wanes more dramatically than ever nowadays, 
leading to an overall decline observed since 2014.
After a historically moderate year, first-time 
financiers take a breather in Q1 2018
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. *As of 3/31/18. Data provided by PitchBook, 
April 11, 2018.
$4.5
$6.3
$7.1
$7.1
$7.8
$8.8
$7.1
$7.5
$2.4
2,040
2,752
3,227
3,477
3,709
3,429
2,668
2,532
441
2010
2011
2012
2013
2014
2015
2016
2017
2018*
Capital invested ($B)
Deal count
53
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Venture-backed exit activity in the U.S.
2010  Q1'18
When analyzing quarterly figures, it is good to bear in mind that they are more indicative of momentum and 
sentiment than anything else, and accordingly, the drop observed in venture-backed exits in the U.S. in both 
value and volume should not be overinterpreted. What can be interpreted is the fact that there has been a 
slow, albeit choppy, slide in volume since 2014 and thus the exit cycle has appeared to enter a more muted 
plateau. However, given recent high-profile IPO filings and apparent sustained appetite for M&A on the part of 
strategics, that plateau appears likely to persist.
Q1 2018 tallies further signify a sustained 
plateau in exit activity
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. Data provided by PitchBook, April 11, 2018.
0
50
100
150
200
250
300
$0
$5
$10
$15
$20
$25
$30
$35
$40
1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q
2010
2011
2012
2013
2014
2015
2016
2017
2018
Exit value ($B)
Exit count
54
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Venture-backed exit activity (#) by 
type in the U.S.
2010  2018*
Venture-backed exit activity ($B) 
by type in the U.S.
2010  2018*
The bullish case for M&A as a source of liquidity for venture-backed companies in the U.S. in 2018 is quite 
strong, the last edition of the Venture Pulse stated, and at well over 100 acquisitions of venture-backed 
companies in the U.S. in 2018 already, it appears that the M&A cycle, although not quite as strong as it has 
been in past boom years, still has plenty of strength left.
Despite IPO hopes, M&A remains surest route
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. *As of 3/31/18. Data provided by PitchBook, April 11, 2018.
0
200
400
600
800
1,000
1,200
Strategic Acquisition
Buyout
IPO
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
Strategic Acquisition
Buyout
IPO
55
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Software, pharma & commercial services abound
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. *As of 3/31/18. Data provided by PitchBook, April 11, 2018.
"The food delivery space continues to attract significant investment in the U.S.  driven in part 
by small restaurants that see outsourcing food delivery as a means of becoming more profitable 
and achieving a broader reach. So many restaurants believe that not jumping on the food 
delivery bandwagon will leave them falling short."
Conor Moore 
National Co-Lead Partner, KPMG Venture Capital Practice, KPMG in the U.S.
Venture-backed exit activity ($B) by sector in the U.S.
2010  2018*
Venture-backed exit activity (#) by sector in the U.S.
2010  2018*
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
2010
2011
2012
2013
2014
2015
2016
2017
2018*
Commercial
Services
Consumer Goods &
Recreation
Energy
HC Devices &
Supplies
HC Services &
Systems
IT Hardware
Media
Other
0
200
400
600
800
1,000
1,200
2010
2011
2012
2013
2014
2015
2016
2017
2018*
Commercial
Services
Consumer Goods &
Recreation
Energy
HC Devices &
Supplies
HC Services &
Systems
IT Hardware
Media
Other
56
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
U.S. venture fundraising
2010  Q1'18
As the epicenter of the venture industry, the U.S. fundraising cycle does account for the majority of global 
volume. Accordingly, its quarterly figures serve as harbinger of sorts for global tallies. VC raised for the past 
three quarters has been historically healthy, but below tallies seen in the prior three years. Volume is down 
considerably too. Accordingly, the fundraising cycle has likely entered a somewhat slower period, with the 
potential for some shorter-term resurgence.
The U.S. fundraising cycle serves as potential 
harbinger for the industry
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. Data provided by PitchBook, April 11, 2018.
0
20
40
60
80
100
120
140
$0
$2
$4
$6
$8
$10
$12
$14
1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q
2010
2011
2012
2013
2014
2015
2016
2017
2018
Capital raised ($B)
# of funds raised
57
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Venture fundraising (#) by size in 
the U.S.
2010  2018*
Although there was a resurgence in volume of first-time funds in 2017, just barely topping the tally seen in 
2006, it is clear that such figures are very prone to skew. Moreover, it is understandable that follow-on funds 
are in general seen as more reliable by backers, relying on already existing relationships with GPs that have 
already demonstrated success.
First-time vs. follow-on venture funds 
(#) in the U.S.
2010  2018*
Follow-on funding remains most secure haven 
for LPs
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. *As of 3/31/18. Data provided by PitchBook, April 11, 2018.
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2010 2011 2012 2013 2014 2015 2016 2017 2018*
Under $50M
$50M-$100M
$100M-$250M
$250M-$500M $500M-$1B
$1B+
0
50
100
150
200
250
300
350
2010 2011 2012 2013 2014 2015 2016 2017 2018*
First-time
Follow-on
58
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
One quarter in, some first-time funds have 
enjoyed success
Venture fundraising ($B) by size in 
the U.S.
2010  2018*
First-time vs. follow-on funds ($B) 
in the U.S.
2010  2018*
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. *As of 3/31/18. Data provided by PitchBook, April 11, 2018.
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2010
2012
2014
2016
2018*
Under $50M
$50M-$100M
$100M-$250M
$250M-$500M $500M-$1B
$1B+
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2010
2012
2014
2016
2018*
Follow-on
First-time
59
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Thus far, 2018 sees activity tilt ever so slightly 
toward other U.S. regions
U.S. venture activity (#) by U.S. 
region
2010  2018*
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. *As of 3/31/18. Data provided by PitchBook, April 11, 2018.
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2010
2011
2012
2013
2014
2015
2016
2017
2018*
West Coast
Southeast
South
Other Territory
New England
Mountain
Midwest
Mid-Atlantic
Great Lakes
"The beauty of New York City is in its diversity, with a broad range of initiatives to fuel the 
ecosystem and jumpstart new ones including life-sciences, biotech and fintech. There have been 
a lot of changes to infrastructure and support in order to help innovative tech companies to flourish 
and thrive. These activities are changing the DNA of our entire city."
Salvatore Melilli
Partner, KPMG in the U.S.
60
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
U.S. venture-backed IPO activity
2010  2018*
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. *As of 3/31/18. Data provided by PitchBook, April 11, 2018.
As predicted in the most recent edition of the Venture Pulse by KPMG VC Practice U.S. Co-Lead Conor
Moore, 2018 may well see more venture-backed IPOs than 2017, if the recent filings by Dropbox and 
Smartsheet, two vaunted companies, are anything to go by. More importantly, the backdrop has rarely been 
more positive, as globally, IPO proceeds hit a 4-year high in Q1 2018.
Will a bevy of U.S. unicorns go public in 2018?
$3.6
$5.7
$21.6
$9.1
$10.7
$7.8
$2.9
$9.6
$2.1
41 
44 
62 
87 
125 
77 
41 
58 
15 
2010
2011
2012
2013
2014
2015
2016
2017
2018*
Total capital raised ($B)
IPO (#)
In Q1'18 European 
VC-backed 
c
$5.2B
ompanies raised
across
548 deals
62
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
VC market in Europe robust despite dip in 
investment
10 http://www.businessinsider.com/funding-circle-set-to-ipo-in-2018-2018-1
11https://www.euractiv.com/section/data-protection/news/macron-eyes-ai-at-european-level/
Following a record-setting high in Q4'17, VC investment dipped in Europe in Q1'18. Despite the 
decline, VC investment remained robust, increasing compared to the same quarter last year.
Fintech remains priority in Europe as ICOs gain prominence
Fintech was a big focus for VC investment this quarter, with challenger bank Atom Bank raising 
$206 million in order to fuel growth. The fintech market in general has matured substantially with 
more companies focusing on profitability over customer acquisition. Early fintech leaders 
TransferWise and Funding Circle are said to be considering exits10  which could make the 
remainder of 2018 exciting for fintech.
The use of ICOs as an alternative means of raising capital was also hot topic in Europe during 
Q1'18. While views are mixed, ICOs have recently evolved into a more mainstream funding option 
which could, over time, put pressure on the VC market. Switzerland has become a popular 
location to go in Europe to conduct ICOs but it will be interesting to see how the regulatory 
environment evolves.
AI gaining strength in Europe
AI continued to make headlines in Europe again this quarter. Late in the quarter French President 
Emmanuel Macron outlined a new strategy dedicated to building AI capabilities and businesses in 
France and Europe. As part of this commitment, France will allocate $1.85 billion to finance the 
development of tech start-ups focused on AI11.
UK sees slump in investment amid Brexit transition deal deadline
VC investment in the UK slowed in Q1'18, following a huge Q4'17, which saw over $2.8 billion 
invested. The number of deals in the UK continued to drop, with investors continuing to focus on 
making a smaller number of later-stage deals.
During the quarter, there was some uncertainty related to the deadline for reaching a transition 
deal with the EU. The deal, signed mid-March, outlined a 21-month transition period during which 
the UK will remain under EU rules, but have no rights to comment on EU rules. The UK will also 
be able to negotiate its own trade agreements. In turn, the UK accepted full free movement rights 
for EU citizens who arrive in the UK during the transition period. This concession was welcomed 
by the UK startup community which is dependent on tech talent from the EU.
AR/VR and autotech lead charge in Germany VC market
Germany saw some tremendous VC deals in Q1'18, led by online automotive retailer Auto1 
Group's $561 million raise and a $270 million raise by BioNTech  a company developing 
personalized immunotherapies. Virtual reality and augmented reality gained momentum, with VC 
investors seeing widespread applicability in AR/VR's ability to solve physical challenges  from 
showcasing rental flats to enhancing training offerings. Blockchain also gained prominence, 
particularly among corporates interested in leveraging blockchain to improve efficiencies across 
their value chains.
63
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
VC market in Europe robust despite dip in 
investment, cont'd.
12 https://www.ft.com/content/5238039a-0cdc-11e8-839d-41ca06376bf2
13 https://techcrunch.com/2018/02/04/stripe-will-establish-an-engineering-hub-in-dublin/ 
14 https://techcrunch.com/2018/02/21/moovit-raises-another-50m-led-by-intel-for-its-urban-transit-app-plans-mobileye-collaboration/
Fundraising declining in Europe
Despite record levels of funding last year, VC firms in Europe were challenged with raising money. Total 
capital raised by VC firms dropped 25% following the Brexit vote, while the number of new funds hit a 
ten-year low in 2017. While Brexit uncertainties were likely responsible for some of the decline, the 
strong fundraising in the previous two years and the availability of dry powder might also have 
contributed to the pause. Foreign investors continued to be responsible for the biggest investments in 
Europe  a trend expected to continue through 201812.
Ireland continues to draw attention from large multinationals
Healthtech in Ireland was given a boost in Q1'18 with the $50 million raise by Fire1  a company 
providing monitoring for chronic heart conditions. The raise reflects the growing maturity of Ireland's 
startup ecosystem as Fire1's CEO Conor Hanley previously saw success as the founder of monitoring 
company BiancaMed. Other serial entrepreneurs are also beginning to reinvest in the country. 
In Q1'18, Ireland also continued to attract attention from global companies. For example, payments company 
Stripe announced plans to set up an engineering center in Ireland  its first outside of the U.S.13.
France growing into pivotal tech hub
France's innovation ecosystem continued to evolve in Q1'18, with the availability of VC funds rising and 
incubator programs like Station F beginning to bear fruit. Investors have focused significantly on technologies 
focused on solving societal and industrial issues (e.g. energy, mobility). Biotech and deeptech also gained 
attention  with AI, connected cars and cybersecurity seen as key areas of growth. 
AI is seen as a top priority for companies in France, both in terms of its ability to drive growth and its 
ability to improve efficiencies and reduce costs. In Q1'18, startup Shift Technology  a company using 
AI to make handling insurance fraud more efficient  raised $28 million.
Mobileye founder leads birth of new unicorn in Israel
During Q1'18, Israel saw the birth of a new unicorn, OrCam, a company providing assistive devices for 
the blind. The founder of OrCam previously founded Mobileye, the company acquired by Intel for $15 
billion in 2017. Intel also made another significant investment in Israel this quarter, putting $50 million in 
real-time transportation company Moovit14.
Trends to watch in Europe
VC investment in deeptech, particularly in AI-related technologies, is expected to increase across much 
of Europe, in addition to autotech, healthtech and blockchain. Cryptocurrencies are also expected to 
gain more attention in the near-term, with some regulators likely to move forward with regulatory rules to 
govern ICOs. The IPO market is also expected to see increasing activity, with Funding Circle planning 
an exit and others considering their options.
Over the longer-term, digital health is likely to gain more attention, particularly in the UK where the NHS 
recently released a digital roadmap.
64
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Venture financing in Europe
2010  Q1'18
While it appears venture financing volume may contract in Europe, particularly at the earliest of stages, as 
long as Europe's top companies can continue to raise such massive sums, VC invested will remain 
historically strong. Q1 2018 will not overtop the final quarter of 2017, but it still saw such notable rounds as 
those of Auto1 Group ($560 million+) and Cabify ($160 million), among others.
After massive year, 2018 is off to a strong start, 
despite another decline in volume
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. Data provided by PitchBook, April 11, 2018.
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
$0
$1
$2
$3
$4
$5
$6
$7
1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q
2010
2011
2012
2013
2014
2015
2016
2017
2018
Capital invested ($B)
# of deals closed
Angel/Seed
Early VC
Later VC
65
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Median deal size ($M) by stage in Europe
2010  2018*
Up, flat or down rounds in Europe
2010  2018*
Smaller totals skew even medians significantly 
higher in Q1 2018
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. *As of 3/31/18. Data provided by PitchBook, April 11, 2018.
$0.5
$0.4
$0.3
$0.3
$0.3
$0.5
$0.6
$0.8
$1.2
$1.7
$1.5
$1.4
$1.3
$1.4
$1.6
$1.7
$2.4
$4.7
$3.4
$3.3
$3.0
$3.3
$3.9
$4.1
$4.5
$5.6
$10.0
2010
2011
2012
2013
2014
2015
2016
2017
2018*
Angel/seed
Early stage VC
Later stage VC
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2010
2011
2012
2013
2014
2015
2016
2017
2018*
Up
Flat
Down
66
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Median deal size ($M) by series in Europe
2010  2018*
Median figures exhibit significant skew
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. *As of 3/31/18. Data provided by PitchBook, April 11, 2018.
$0.5
$0.4
$0.3
$0.3
$0.3
$0.5
$0.6
$0.8
$1.1
$2.4
$3.0
$2.5
$3.0
$3.2
$3.8
$4.6
$6.0
$7.2
$5.5
$6.7
$4.9
$6.0
$7.3
$10.5
$12.0
$12.7
$17.2
2010
2011
2012
2013
2014
2015
2016
2017
2018*
Seed
Series A
Series B
$11
$6
$10
$9
$14
$20
$20
$26
$37
$10
$14
$15
$11
$30
$47
$28
$45
$40
2010
2011
2012
2013
2014
2015
2016
2017
2018*
Series C
Series D+
67
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Deal share by series in Europe
2010  2018*, number of closed deals
Deal share by series in Europe
2010  2018*, VC invested ($B)
Thus far in 2018, proportions remain constant
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. *As of 3/31/18. Data provided by PitchBook, April 11, 2018.
0
500
1,000
1,500
2,000
2,500
3,000
3,500
2010
2011
2012
2013
2014
2015
2016
2017
2018*
Series D+
Series C
Series B
Series A
Angel/seed
$0
$2
$4
$6
$8
$10
$12
$14
$16
2010
2011
2012
2013
2014
2015
2016
2017
2018*
Series D+
Series C
Series B
Series A
Angel/seed
68
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
European venture financings by sector
2014  2018*, number of closed deals
European venture financings by sector
2014  2018*, VC invested ($B)
Reflecting overall trends in the U.S., Europe saw software, pharma & biotech businesses raise the most 
VC as well as record the largest volume of financings, all relatively speaking, in Q1 2018. Macroeconomic 
trends still favor software companies that can scale quickly at lower cost.
Software, pharma & biotech stay most resilient
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. *As of 3/31/18. Data provided by PitchBook, April 11, 2018.
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2014
2015
2016
2017
2018*
Commercial
Services
Consumer
Goods &
Recreation
Energy
HC Devices
& Supplies
HC Services
& Systems
IT Hardware
Media
Other
Pharma &
Biotech
Software
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2014
2015
2016
2017
2018*
69
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Corporate VC participation in venture deals in Europe
2010  Q1'18
CVC participation rate closing in on 25%
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. Data provided by PitchBook, April 11, 2018.
0%
5%
10%
15%
20%
25%
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q
2010
2011
2012
2013
2014
2015
2016
2017
2018
Capital invested ($B)
% of total deal count
70
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
After lackluster year, 2018 doesn't start off any 
better
First-time venture financings of companies in Europe
2010  2018*
Until 2017, the European venture scene never failed to record at least 1,000 first-time financings of young 
companies, and unfortunately 2018 hasn't fared any better thus far, notching under 100. It's not that new 
companies aren't being started in Europe  relevant data has yet to catch up, it being notoriously difficult to 
track new business creation  but that the current high-priced climate is discouraging their financings. 
Moreover, alternate forms of financing may well be more appealing for now.
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. *As of 3/31/18. Data provided by PitchBook, 
April 11, 2018.
$2.9
$3.3
$3.6
$2.9
$3.0
$3.0
$3.0
$2.1
$0.4
1,152
1,466
1,697
1,999
2,198
1,756
1,446
993
115
2010
2011
2012
2013
2014
2015
2016
2017
2018*
Capital invested ($B)
Deal count
71
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Venture-backed exit activity in Europe
2010  Q1'18
2017 closed on a historically healthy note, and as noted above in other sections of the Venture Pulse, one 
quarter's figures are too little to base any presumptions upon, so thus far it remains to be seen if the venture-
backed exit cycle in Europe has entered a true if gentle decline. The sudden decline in Q1 2018 is likeliest a 
one-quarter phenomenon.
Too soon to declare a true slide
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. Data provided by PitchBook, April 11, 2018.
0
20
40
60
80
100
120
140
160
180
$0
$1
$2
$3
$4
$5
$6
$7
$8
$9
1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q
2010
2011
2012
2013
2014
2015
2016
2017
2018
Exit value ($B)
Exit count
72
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
It is early days yet, but PE shops account for 
significant portion of all Q1 exits
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. *As of 3/31/18. Data provided by PitchBook, April 11, 2018.
Venture-backed exit activity (#) 
by type in Europe
2010  2018*
Venture-backed exit activity ($B) by 
type in Europe
2010  2018*
0
100
200
300
400
500
600
Strategic Acquisition
Buyout
IPO
$0
$5
$10
$15
$20
$25
Strategic Acquisition
Buyout
IPO
73
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
In positive sign, European fundraising jumps up 
in Q1 2018
European venture fundraising
2010  Q1'18
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. Data provided by PitchBook, April 11, 2018.
Again, fundraising figures by quarter are useful to analyze, but remain quite variable. Accordingly, it is a short-
term positive to note that European fundraising in both volume and value remained steady for yet another 
quarter, thus fulfilling past predictions that the continent was likely to enter a plateau muted in comparison to 
prior highs, yet still a somewhat encouraging indicator for venture financing going forward.
0
10
20
30
40
50
60
70
$0
$1
$2
$3
$4
$5
$6
$7
$8
1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q
2010
2011
2012
2013
2014
2015
2016
2017
2018
Capital raised ($B)
# of funds raised
74
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Venture fundraising (#) by size in Europe
2010  2018*
First-time vs. follow-on venture funds (#) in Europe
2010  2018*
Modest volume leads to centralization in the 
middle of the fundraising market
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. *As of 3/31/18. Data provided by PitchBook, April 11, 2018.
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2010
2011
2012
2013
2014
2015
2016
2017
2018*
Under $50M
$50M-$100M
$100M-$250M
$250M-$500M
$500M-$1B
$1B+
0
20
40
60
80
100
120
140
160
2010
2011
2012
2013
2014
2015
2016
2017
2018*
Follow-on
First-time
75
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Venture financing in the United Kingdom
2012  Q1'18
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. Data provided by PitchBook, April 11, 2018.
VCs still ply UK startups with plenty of capital
Even after a blockbuster year of $7 billion+ invested within the UK  bolstered significantly by mega-rounds, it 
should be noted  2018 is off to a more-than-healthy start, with one $100 million round pushing the nation's tally 
to near $1 billion.
0
50
100
150
200
250
300
350
400
450
500
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
2012
2013
2014
2015
2016
2017
2018
Capital invested ($M)
# of deals closed
"As startup companies have matured in the UK, they have shifted their focus from growth to 
profitability, particularly in the fintech space. Now we are seeing some fintechs succeeding; they 
are delivering on profitability objectives and positioning themselves for a potential exit over the 
next 1 to 2 years."
Patrick Imbach
Head of KPMG Tech Growth, KPMG in the UK
76
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Venture financing in London
2012  Q1'18
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. Data provided by PitchBook, April 11, 2018.
After a year of outliers, Q1 sees far fewer
A near-record final quarter of 2017 helped London record a second consecutive quarter of growth in VC 
invested, testifying to the impact of outlier financings such as those of Deliveroo. So far, 2018 has yet to 
observe such largesse, yet multiple notable businesses such as Made.com, Gousto, Kano and EToro still 
raised considerable sums. Each of those businesses tackles distinctly different segments, testifying to the 
London market's considerable size being able to host and exhibit diversity when it comes to sectors.
0
50
100
150
200
250
300
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
2012
2013
2014
2015
2016
2017
2018
Capital invested ($M)
# of deals closed
77
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Venture financing in Ireland
2012  Q1'18
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. Data provided by PitchBook, April 11, 2018.
2018 starts off strong with surge in VC invested
After a sluggish Q4, 2018 started off with a bang in Irish venture as just over $160 million was invested 
across just a handful of financings. Chief among them was Future Finance, preparing for expansion.
0
20
40
60
80
100
120
$0
$100
$200
$300
$400
$500
$600
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
2012
2013
2014
2015
2016
2017
2018
Capital invested ($M)
# of deals closed
"The VC market in Ireland is maturing quickly. Founders that have achieved successful exits with 
early tech companies are now re-investing in new businesses. We are also seeing global 
companies  like Stripe in Q1'18  expanding their operations in Ireland in order to take 
advantage of the access to high quality tech talent."
Anna Scally
Partner, Head of Technology, and Media and Fintech Lead, KPMG in Ireland
78
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Venture financing in Germany
2012  Q1'18
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. Data provided by PitchBook, April 11, 2018.
Even after bumper Q4, 2018 sees a jump
Skewed somewhat, Q4 2017 still could not top the impact of outlier financings in Q1 2018, which boosted overall VC 
invested to a massive $1.5 billion in total. it is important to note that Germany experienced much steadier volume in 
venture overall throughout the past several quarters, as well, when assessing the health of the domestic market.
0
20
40
60
80
100
120
140
160
$0
$500
$1,000
$1,500
$2,000
$2,500
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
2012
2013
2014
2015
2016
2017
2018
Capital invested ($M)
# of deals closed
"Corporate investment in blockchain is on the rise in Germany. Blockchain use cases have moved 
well beyond the traditional areas of payments and cryptocurrencies. More companies are thinking 
about how to integrate blockchain into the DNA of their business model and across their value chain."
Tim Dmichen
Partner, KPMG in Germany
79
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Venture financing in Berlin
2012  Q1'18
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. Data provided by PitchBook, April 11, 2018.
Berlin-based Auto1 Group, N26 raise $720M+
In the wake of significantly steady activity, Berlin finally saw a jump in Q1 2018 owing primarily to a handful of 
financings, much like other outlier-skewed venture zones, when online used-car trading platform Auto1 Group 
closed on a $560 million+ round, in tandem with mobile banking provider N26 landing $160 million. 
0
10
20
30
40
50
60
70
80
$0
$200
$400
$600
$800
$1,000
$1,200
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
2012
2013
2014
2015
2016
2017
2018
Capital invested ($M)
# of deals closed
80
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Venture financing in Spain
2012  Q1'18
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. Data provided by PitchBook, April 11, 2018.
Cabify's round bolsters Q1 figures significantly
Thanks primarily to Cabify's massive funding of $160 million, the Spanish venture ecosystem recorded a 
strong surge to start 2018 off. That Cabify was able to make such a haul of VC, however, is more testament to 
how ride-hailing more and more appears to be not so much global as regional or even country-specific, given 
that Uber has retreated from Asia while Lyft challenges it ever more seriously in the U.S., and Didi appears to 
have cornered China for example. 
0
10
20
30
40
50
60
70
80
90
$0
$50
$100
$150
$200
$250
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
2012
2013
2014
2015
2016
2017
2018
Capital invested ($M)
# of deals closed
81
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Venture financing in France
2012  Q1'18
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. Data provided by PitchBook, April 11, 2018.
After strong year, 2018 starts off impressively
No less than $767 million worth of VC was invested in French companies in Q1 2018, even after a fairly strong 
year. The ongoing flow of capital testifies to a significantly robust crop of startups still raising late-stage rounds 
across an array of sectors, while a fair number of even Series A financings of $9 million or more contributed to 
that hefty total.
0
20
40
60
80
100
120
140
160
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
2012
2013
2014
2015
2016
2017
2018
Capital invested ($M)
# of deals closed
"France is quickly making a name for itself in the technology space  not only for the rapid growth of 
sectors like biotech and artificial intelligence, but for the support being granted to startups through 
public and private initiatives such as LaFrenchTech, Station F and France Digitale. The challenge for 
2018 will be helping successful startups scale and grow quickly."
Georges Gambarini
Innovation & Fundraising, Head of Innovative Startup Network
KPMG in France
82
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Venture financing in Paris
2012  Q1'18
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. Data provided by PitchBook, April 11, 2018.
Paris remains central hub of French VC
Over 10 Paris-based companies were able to raise sums exceeding $10 million  five exceeding 
$20 million  in Q1 2018 alone, spanning sectors ranging from drug discovery to business software to 
cryptocurrency security products. VCs are clearly still exhibiting strong interest in the Paris venture ecosystem.
0
10
20
30
40
50
60
70
80
$0
$100
$200
$300
$400
$500
$600
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
2012
2013
2014
2015
2016
2017
2018
Capital invested ($M)
# of deals closed
83
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
10
7
6
3
8
5
4
9
2
1
Auto1 Group  $560.2M, Berlin, Germany
E-commerce
Late-stage VC
BioNTech  $270M, Mainz, Germany
Biotechnology
Series A
Cabify  $160M, Madrid, Spain
Transportation
Series E
N26  $160M, Berlin, Germany
Financial software
Series C
Insightec  $150M, Tirat Carmel, Israel
Diagnostic equipment
Series E
7
8
6
9
10
5
4
3
2
1
EToro  $100M, London, UK
Financial software
Series E
Enterome  $87.7M, Paris, France
Drug discovery
Series D
Ledger  $77.2M, Paris, France
Computer hardware
Series B
SolarisBank  $70M, Berlin, Germany
Financial services
Series B
Frontier Car Group  $63.7M, Berlin, 
Germany
E-commerce
Series A
Q1'18 top deals spread across the continent
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. Data provided by PitchBook, April 11, 2018.
In Q1'18 VC-backed 
companies in the Asia 
region raised
$14.6B
across
317 deals
85
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Asia saw a significant amount of funding in Q1'18. While Indonesia and Singapore accounted for the 
largest deals during the quarter, China, India and Japan also saw quality investments.
Ride hailing attracts massive funding rounds 
In recent quarters, Southeast Asia has been identified as a major target for VC investment because of 
its relatively high population and low market penetration rates in sectors deemed saturated in other 
global markets. In Q1'18, investors placed big bets on ride hailing in the region, with Indonesia-based 
Grab raising $2.5 billion and Singapore-based Go-Jek raising $1.5 billion15.
Autotech and blockchain remain key priorities in China
Autotech continued to gain attention from VC investors in China during Q1'18, with auto trading 
marketplace Chehaoduo raising $818 million and electric car manufacturer Xpeng raising $348 million16. 
Autonomous driving was also high on the radar of investors, particularly corporates. VC investors see 
auto-trading platforms as a particularly lucrative market given China is the world's largest automotive 
market. Chehaoduo is only one of a number of well-funded startups in the space. Others include 
Renrenche, Uxin and Chezhibao.
VC investment in blockchain was also on the rise in China, with the first quarter seeing over half of the 
amount of blockchain-related funding raised during all of 2017.
Artificial intelligence becoming a big play in China 
AI is a national priority in China, helping to fuel its rise as a big bet among VC investors. In Q1'18, the 
National Congress published a series of strategic plans focused on AI, while corporates have continued 
to focus on integrating AI into their business models. During Q1'18, tech giant Tencent announced plans 
to open a robotics lab in Shenzhen as part of its plans to integrate AI into advanced manufacturing17. 
China also saw continued investment in facial recognition technologies following Q4'17's massive 
investment in SenseTime.
China has a distinct advantage in terms of AI development given its large population and massive pool 
of data aggregated. The availability of data, traditionally, has been a roadblock to the full realization of AI 
capabilities. This has led companies to consider making strategic acquisitions in order to gain the data 
required to support AI and machine learning. 
Hong Kong SAR making regulatory changes to attract innovative businesses
In Q1'18, the Hong Kong Stock Exchange issued a consultation paper detailing proposed rule changes 
to encourage new IPO exits, including allowing companies with variable voting rights to list in Hong 
Kong. The HKSE is also poised to allow biotechnology firms to list on the stock exchange prior to 
generating revenue. The final changes to the listing rules are expected to be introduced in late April 
2018.  Being one of top global financial centres, these changes are part of Hong Kong's bid to make 
itself a major capital markets hub for emerging and innovative Chinese companies interested in 
expanding overseas and to global companies looking to enter Asia.
Southeast Asia sees two $1billion+ mega-
rounds in Q1'18
15 https://venturebeat.com/2018/02/26/indonesian-uber-rival-go-jek-raised-1-5-billion-from-investors-including-google-and-blackrock/
16 https://www.chinamoneynetwork.com/2018/03/01/chehaoduo-formerly-guazi-raises-818m-series-c-round-led-tencent
17 https://www.technologyreview.com/the-download/610566/tencent-is-putting-a-robot-research-lab-in-chinas-manufacturing-heartland/
86
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Japan-based VC market continues to mature
Building on a record-setting 2017, VC investment in Japan got off to a very strong start in Q1'18, with 
raises by online asset management company Folio ($64 million), fintech robo-advisory firm WealthNavi
($41.7 million) and biotech company Megakaryon ($33 million).18
Many corporates in Japan have moved to make VC investments or otherwise support startup companies, 
now recognizing innovation as critical to their sustainability. In Q1'18, Panasonic announced a joint venture 
("BeeEdge") with San Francisco based Scrum Ventures in order to fund innovative technologies.
Fintech has become a major priority in Japan. The government has shown a strong commitment to 
positioning Tokyo as a regional financial center by encouraging fintech innovation. Japan has also 
catapulted to the forefront of innovation with respect to cryptocurrencies, in part due to the regulator 
proactively supporting the regulation of ICOs and cryptocurrencies. 
Big start to the year for the VC market in India
India's VC market got off to a great start in Q1'18, seeing a strong rebound in investment. Food and 
grocery delivery was the hottest area of investment this quarter, with unicorn company Zomato raising 
$200 million and BigBasket raising $300 million  both deals led by Chinese tech giant Alibaba. Swiggy
also raised $100 million in Q1'18 from Chinese company Meituan-Dianping. The large investments from 
Chinese giants highlights the perceived value of the food delivery space in India and the heating up of 
competition.
Q1'18 was also a good quarter for fintech in India, with Lendingkart raising $88 million and Fusion 
Microfinance raising $63 million. Fintech is expected to remain a priority for VC investors in India given 
its huge population of underbanked and unbanked. Other areas that gained traction this quarter included 
healthtech, agritech and edtech. Each of these areas is expected to see increasing investment over the 
remainder of the year.
Trends to watch for in Asia
AI is expected to be one of the biggest bets in Asia for the foreseeable future, with activity occurring in a 
number of jurisdictions including China, Singapore, and Indonesia. Healthtech and edtech are also 
expected to gain more attention from investors over the next few quarters. 
In China, a number of new technology sectors are also expected to see continued consolidation over the 
next few quarters  particularly bike sharing.
Southeast Asia sees two $1billion+ meag-
rounds in Q1'19, cont'd.
18 http://www.vec.or.jp/wordpress/wp-content/files/2017-4Q_EN.pdf
87
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Venture financing in Asia
2010  Q1'18
For the fourth consecutive quarter, the Asia-Pacific region recorded $13 billion+ in VC invested, leading 
one to the conclusion that its venture capital markets are truly entering a new level of maturity. Granted, 
outliers skew the entire region's tallies even more than they do in Europe. However, especially as financing 
volume has evened out, a new level of evolution may have been achieved by the VC scene.
VC volume evens out as VC invested sustains 
historic highs
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. Data provided by PitchBook, April 11, 2018.
0
100
200
300
400
500
600
700
800
900
$0
$5
$10
$15
$20
$25
1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q
2010
2011
2012
2013
2014
2015
2016
2017
2018
Capital invested ($B)
# of deals closed
Angel/Seed
Early VC
Later VC
"Venture capital activity and entrepreneurialism continue to grow in Japan, supported by the 
broader social and corporate ecosystem.  Underlying factors  such as large incumbents facing 
technology and market disruption, demographic and fiscal headwinds, and pressure from global 
competition  combined with growing acceptance of open innovation and risk-taking, support 
further acceleration in venture activity."
Paul Ford
Partner, Deal Advisory, KPMG in Japan
88
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Median deal size ($M) by stage in Asia
2010  2018*
Angel, seed & latest stages record moderate 
increases, suggesting potential plateau
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. *As of 3/31/18. Data provided by PitchBook, April 11, 2018.
After an upsurge at the latest stage post 2014, which showed the impact of the first huge venture-backed 
successes in the Asia-Pacific region, median transaction sizes retain new highs across the board in Q1 
2018, yet the increases over 2017 figures are more moderate than they have been in the past (excepting 
the early stage). This hints at a potential, high-priced plateau forming.
$0.3
$0.4
$0.3
$0.4
$0.5
$0.5
$0.5
$0.7
$1.0
$4.9
$5.0
$3.2
$3.0
$4.5
$5.0
$6.9
$6.6
$10.0
$10.0
$10.9
$8.8
$10.0
$16.0
$20.0
$17.0
$27.0
$30.0
2010
2011
2012
2013
2014
2015
2016
2017
2018*
Angel/seed
Early stage VC
Later stage VC
89
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Median deal size ($M) by series in Asia
2010  2018*
Note: Select figures are rounded for legibility.
Only Series B notches a significant increase
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. *As of 3/31/18. Data provided by PitchBook, April 11, 2018.
$0.3
$0.4
$0.3
$0.4
$0.5
$0.5
$0.5
$0.7
$1.0
$3.5
$5.0
$3.5
$2.5
$4.5
$5.0
$5.0
$6.0
$9.4
$8.0
$10.0
$7.8
$8.0
$15.0
$16.4
$15.0
$15.0
$18.8
2010
2011
2012
2013
2014
2015
2016
2017
2018*
Seed
Series A
Series B
$17.0
$15.8
$16.5
$15.0
$30.0
$35.0
$34.0
$41.7
$33.2
$50
$26
$30
$25
$60
$100
$50
$120
$100
2010
2011
2012
2013
2014
2015
2016
2017
2018*
Series C
Series D+
90
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Deal share by series in Asia
2010  2018*, number of closed deals
Deal share by series in Asia
2010  2018*, VC invested ($B)
As volume evens out, latest stage still sees 
most resilience
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. *As of 3/31/18. Data provided by PitchBook, April 11, 2018.
0
500
1,000
1,500
2,000
2,500
2010
2011
2012
2013
2014
2015
2016
2017
2018*
Series D+
Series C
Series B
Series A
Angel/seed
$0
$5
$10
$15
$20
$25
$30
$35
$40
2010
2011
2012
2013
2014
2015
2016
2017
2018*
Series D+
Series C
Series B
Series A
Angel/seed
91
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Software platforms still attract the most VC
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. *As of 3/31/18. Data provided by PitchBook, April 11, 2018.
Patrick Imbach
Co-Head of KPMG Tech Growth,
KPMG in the UK
Asia venture financings by sector
2014  2018*, number of closed deals
Asia venture financings by sector
2014  2018*, VC invested ($B)
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2014
2015
2016
2017
2018*
Commercial
Services
Consumer Goods &
Recreation
Energy
HC Devices &
Supplies
HC Services &
Systems
IT Hardware
Media
Other
Pharma & Biotech
Software
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2014
2015
2016
2017
2018*
Commercial
Services
Consumer Goods &
Recreation
Energy
HC Devices &
Supplies
HC Services &
Systems
IT Hardware
Media
Other
Pharma & Biotech
Software
92
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Corporate participation in venture deals in Asia
2014  Q1'18
Asian corporations remain key players across the entire venture ecosystem in the region. Whether 
government affiliated or the first monoliths interested in pursuing proliferation across multiple segments, they 
are motivated to invest in a broad swathe of businesses, and accordingly continue to join in well over a third 
of all venture activity occurring in the region.
CVCs retain a hefty participation rate
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. Data provided by PitchBook, April 11, 2018.
0%
5%
10%
15%
20%
25%
30%
35%
$0
$2
$4
$6
$8
$10
$12
$14
$16
$18
$20
1Q
2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
2014
2015
2016
2017
2018
Capital invested ($B)
% of total deal count
"Chinese tech giants have been successful at building and managing platform-based businesses. 
They are going after businesses that have massive users in different jurisdictions  not 
necessarily to generate big revenues in the short-term, but rather to own the customer base so 
that they can drive additional transactions by providing value-added services that connect 
consumers and merchants such as ordering and paying for lunch, transferring money or 
shopping for groceries  through their platform in the future."
Irene Chu
Partner, Head of Technology, Hong Kong Region, KPMG China
93
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Venture-backed exit activity in Asia
2010  Q1'18
It is obvious that the Asian startup ecosystem has much growth in store. Consequently, there will likely be 
much more severe turns of the liquidity cycle even on a yearly basis in the region  that said, quarterly should 
see significant downturns and upswings, so the most recent quarterly tally should not be overinterpreted.
A growing VC scene has yet to yield many exits
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. Data provided by PitchBook, April 11, 2018.
0
10
20
30
40
50
60
70
80
$0
$1
$2
$3
$4
$5
$6
$7
$8
$9
1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q
2010
2011
2012
2013
2014
2015
2016
2017
2018
Exit value ($B)
Exit count
94
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Venture-backed exit activity (#) 
by type in Asia
2013  2018*
Strategics still hold off in 2018 to start the year 
off, likely owing to macro policy concerns
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. *As of 3/31/18. Data provided by PitchBook, April 11, 2018.
Venture-backed exit activity ($B) by type 
in Asia
2013  2018*
0
50
100
150
200
250
2013 2014 2015 2016 2017 2018*
Strategic Acquisition
Buyout
IPO
$0
$20
$40
$60
$80
$100
$120
2013
2014
2015
2016
2017
2018*
Strategic Acquisition
Buyout
IPO
"Areas like AI, autotech, healthtech, and blockchain are expected to continue to attract more attention 
from VC investors in China and Hong Kong over the next few quarters. KPMG China's recent 
Leading Autotech 50 companies report , demonstrated  rapid growth in in the sub-vertical of intelligent 
and connected vehicles. It's excepted that many Autotech vertical will birth many unicorns. Given 
recent regulatory changes, there could also be a wave of emerging companies using Hong Kong as a 
base for expansion  either into China or from China into the rest of the world."
Philip Ng
Partner, Head of Technology, KPMG China
95
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Venture fundraising in Asia
2011  Q1'18
As past peaks have indicated, there can be quite a few venture funds closed within the Asia-Pacific region 
the thing is that there will be wild swings from quarter to quarter in aggregate tallies of count and capital 
raised, primarily as the ecosystem is still growing and maturing. Accordingly, the past few quarters suggest 
more of a slower plateau in the cycle than any overriding, detracting factor.
Fundraising volatility signifies the regional VC 
scene has a ways to grow
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. Data provided by PitchBook, April 11, 2018.
0
5
10
15
20
25
30
35
40
$0
$2
$4
$6
$8
$10
$12
$14
$16
$18
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
2011
2012
2013
2014
2015
2016
2017
2018
Capital raised ($B)
# of funds raised
96
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Venture fundraising (#) by size in Asia
2010  2018*
First-time vs. follow-on venture funds (#) in Asia
2010  2018*
A handful of sub-$50M funds close in Q1 to start 
2018 off
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. *As of 3/31/18. Data provided by PitchBook, April 11, 2018.
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2010
2011
2012
2013
2014
2015
2016
2017
2018*
Under $50M
$50M-$100M
$100M-$250M
$250M-$500M
$500M-$1B
$1B+
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2010
2011
2012
2013
2014
2015
2016
2017
2018*
First-time
Follow-on
97
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Venture financing in India
2012  Q1'18
Led by two massive rounds  the $300 million infusion of VC into online grocer BigBasket and the 
$100 million funding of Swiggy, an online food delivery platform  India saw its 2018 start off strong in 
terms of VC invested while the volume of completed transactions also evened out, after a steady decline.
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. Data provided by PitchBook, April 11, 2018.
Investing level stays steady, entering plateau
26 https://assets.kpmg.com/content/dam/kpmg/in/pdf/2017/04/Indian-languages-Defining-Indias-Internet.pdf
0
50
100
150
200
250
300
350
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
2012
2013
2014
2015
2016
2017
2018
Capital invested ($M)
# of deals closed
"The investment climate in India is strong. Q1'18 was a phenomenal quarter for the VC market 
and there is optimism that this trend will continue over the next few quarters. There is a lot of talk 
among VC investors as to where to invest next, with interest coming not only from traditional 
investors, but also from local and foreign CVCs and global VC funds." 
Sreedhar Prasad
Partner, Consumer Markets, Internet Business and Startups, KPMG in India
98
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Venture financing in China
2012  Q1'18
Completed financing volume in China increased slightly from Q4 2017 to the first quarter of 2018, but VC 
invested virtually halved. That mainly is due to the impact of outlier financings, as even Didi is not likely to 
raise billion-dollar-plus financings each quarter. However, over 20 financings of $100 million or more 
occurred in Q1 2018, speaking to just how much capital is still being drawn by Chinese companies.
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. Data provided by PitchBook, April 11, 2018.
After blockbuster Q4'17, a still-robust quarter
0
50
100
150
200
250
300
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
$18,000
$20,000
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
2012
2013
2014
2015
2016
2017
2018
Capital invested ($M)
# of deals closed
"A lot can be learned from the Chinese tech giants, Tencent and Alibaba. They are making big deals 
globally  in places like India, Malaysia and Indonesia  which are focused entirely on consumer 
plays. They are very good at tapping into consumer sentiment and when they get it wrong, they pivot 
quickly. No doubt they will continue to be active in some of the biggest deals in the future."
Egidio Zarrella
Clients and Innovation Partner, Hong Kong Region, KPMG China
99
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Source: Venture Pulse, Q1'18, Global Analysis of Venture Funding, KPMG Enterprise. Data provided by PitchBook, April 11, 2018.
Transportation & consumer the primary focus
Grab  $2,500M, Singapore
Transportation
Series G
GO-JEK  $1,500M, Jakarta, Indonesia
E-commerce
Series E
Ofo  $866M, Beijing, China
Transportation
Late-stage VC
Chehaoduo  $818M, Beijing, China
E-commerce
Series C
Douyu  $632M, Wuhan, China
Entertainment software
Corporate
7
8
6
9
10
5
4
3
2
1
CHJ Automotive  $474.7M, Beijing, China
Automotive
Series B
Huya (live streaming)  $461M, Guangzhou, 
China
Entertainment
Series B
Meicai  $450M, Beijing, China
E-commerce (consumables)
Series E
Xpeng  $348M, Guangzhou, China
Automotive
Series C
BigBasket  $300M, Bangalore, India
E-commerce (consumables)
Series E
6
3
8
5
9
2
1
10
7
4
100
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
KPMG Enterprise Innovative Startup Network. 
From seed to speed, we're here throughout 
your journey
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
101
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
About KPMG Enterprise
You know KPMG, you might not know KPMG Enterprise. 
KPMG Enterprise advisers in member firms around the world are dedicated to working with businesses 
like yours. Whether you're an entrepreneur looking to get started, an innovative, fast growing company, or 
an established company looking to an exit, KPMG Enterprise advisers understand what is important to you 
and can help you navigate your challenges  no matter the size or stage of your business. You gain 
access to KPMG's global resources through a single point of contact  a trusted adviser to your company. 
it is a local touch with a global reach. 
The KPMG Enterprise Global Network for Innovative Startups has extensive knowledge and experience 
working with the startup ecosystem. Whether you are looking to establish your operations, raise capital, 
expand abroad, or simply comply with regulatory requirements  we can help. From seed to speed, we're 
here throughout your journey.
About KPMG Enterprise
102
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
We acknowledge the contribution of the following individuals who assisted in the 
development of this publication:
Jonathan Lavender, Global Chairman, KPMG Enterprise, KPMG International 
Brian Hughes, Co-Leader, KPMG Enterprise Innovative Startups Network, and National Co-Lead Partner, 
KPMG Venture Capital Practice, KPMG in the U.S. 
Arik Speier, Co-Leader, KPMG Enterprise Innovative Startups Network, and Head of Technology, KPMG 
in Israel 
Anna Scally, Partner, Head of Technology and Media and Fintech Lead, KPMG in Ireland
Bharat R. Rao, Ph.D. National Leader, Data & Analytics for Healthcare & Life Sciences, KPMG in the U.S.
Conor Moore, National Co-Lead Partner, KPMG Venture Capital Practice, KPMG in the U.S.
Egidio Zarrella, Clients and Innovation Partner, Hong Kong Region, KPMG China
Georges Gambarini, Innovation & Fundraising, Head of Innovative Startup Network, KPMG in France 
Gerardo Rojas, Head of Deal Advisory, KPMG in Mexico
Gilad Nass, Innovation Advisory, KPMG in Israel
Irene Chu, Head of Technology, Hong Kong Region, KPMG China
Lindsay Hull, Associate Director, KPMG Enterprise Global Innovative Startups Network, 
KPMG in the U.S.
Melany Eli, Director, Marketing and Communications, KPMG Enterprise, KPMG International
Patrick Imbach, Head of KPMG Tech Growth, KPMG in the UK 
Paul Ford, Partner, Deal Advisory, KPMG in Japan
Philip Ng, Head of Technology, KPMG China
Raphael Vianna, Director, KPMG in Brazil
Salvatore Melilli, Partner, KPMG Venture Capital Practice, KPMG in the U.S.
Sonia Chiu, Manager, KPMG in the U.K.
Sreedhar Prasad, Partner, Consumer Markets, Internet Business and Startups, KPMG in India
Sunil Mistry, Partner, KPMG Enterprise, Technology, Media and Telecommunications, KPMG in Canada
Tim Dmichen, Partner, KPMG in Germany
Acknowledgements
103
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
KPMG has switched to PitchBook as the provider of venture data for the Venture 
Pulse report. Due to differing methodologies between data providers, there may 
be discrepancies between this and prior editions of the Venture Pulse report.
Please note that the MESA and Africa regions are NOT broken out in this report. Accordingly, if you add 
up the Americas, Asia-Pacific and Europe regional totals, they will not match the global total, as the 
global total takes into account those other regions. Those specific regions were not highlighted in this 
report due to a paucity of datasets and verifiable trends.
Fundraising
PitchBook defines venture capital funds as pools of capital raised for the purpose of investing in the equity 
of startup companies. In addition to funds raised by traditional venture capital firms, PitchBook also 
includes funds raised by any institution with the primary intent stated above. Funds identified as growth-
stage vehicles are classified as PE funds and are not included in this report. A fund's location is 
determined by the country in which the fund is domiciled, if that information is not explicitly known, the HQ 
country of the fund's general partner is used. Only funds based in the U.S. that have held their final close 
are included in the fundraising numbers. The entirety of a fund's committed capital is attributed to the year 
of the final close of the fund. Interim close amounts are not recorded in the year of the interim close.
Deals
PitchBook includes equity investments into startup companies from an outside source. Investment does 
not necessarily have to be taken from an institutional investor. This can include investment from individual 
angel investors, angel groups, seed funds, venture capital firms, corporate venture firms and corporate 
investors. Investments received as part of an accelerator program are not included, however, if the 
accelerator continues to invest in follow-on rounds, those further financings are included. All financings are 
of companies headquartered in the U.S.. The impact of initial coin offerings on early-stage venture 
financing as of yet remains indefinite. Furthermore, as classification and characterization of ICOs, 
particularly given their security concerns, remains crucial to render accurately, we have not detailed such 
activity in this publication until a sufficiently robust methodology and underlying store of datasets have 
been reached.
Angel/seed: PitchBook defines financings as angel rounds if there are no PE or VC firms involved in the 
company to date and it cannot determine if any PE or VC firms are participating. In addition, if there is a 
press release that states the round is an angel round, it is classified as such. If angels are the only 
investors, then a round is only marked as seed if it is explicitly stated.
Early-stage: Rounds are generally classified as Series A or B (which PitchBook typically aggregates 
together as early-stage) either by the series of stock issued in the financing or, if that information is 
unavailable, by a series of factors including: the age of the company, prior financing history, company 
status, participating investors and more.
Late-stage: Rounds are generally classified as Series C or D or later (which PitchBook typically 
aggregates together as late-stage) either by the series of stock issued in the financing or, if that 
information is unavailable, by a series of factors including: the age of the company, prior financing 
history, company status, participating investors, and more.
Corporate: Corporate rounds of funding for currently venture-backed startups that meet the criteria for 
other PitchBook venture financings are included in the Venture Pulse as of March 2018.
Methodology
104
#Q1VC
 2018 KPMG International Cooperative ("KPMG International"). KPMG International provides no client 
services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Growth equity: Rounds must include at least one investor tagged as growth/expansion, while deal size 
must either be $15 million or more (although rounds of undisclosed size that meet all other criteria are 
included). In addition, the deal must be classified as growth/expansion or later-stage VC in the PitchBook 
Platform. If the financing is tagged as late-stage VC it is included regardless of industry. 
Also, if a company is tagged with any PitchBook vertical, excepting manufacturing and infrastructure, it is 
kept. Otherwise, the following industries are excluded from growth equity financing calculations: buildings 
and property, thrifts and mortgage finance, real estate investment trusts, and oil & gas equipment, utilities, 
exploration, production and refining. Lastly, the company in question must not have had an M&A event, 
buyout, or IPO completed prior to the round in question.
Corporate venture capital: Financings classified as corporate venture capital include rounds that saw both 
firms investing via established CVC arms or corporations making equity investments off balance sheets or 
whatever other non-CVC method actually employed.
Exits
PitchBook includes the first majority liquidity event for holders of equity securities of venture-backed 
companies. This includes events where there is a public market for the shares (IPO) or the acquisition of 
the majority of the equity by another entity (corporate or financial acquisition). This does not include 
secondary sales, further sales after the initial liquidity event, or bankruptcies. M&A value is based on 
reported or disclosed figures, with no estimation used to assess the value of transactions for which the 
actual deal size is unknown.
Methodology, cont'd
kpmg.com/venturepulse [website]
@kpmg [Twitter]
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. 
2018 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.
The KPMG name and logo are registered trademarks or trademarks of KPMG 
International.
To connect with a KPMG adviser in your region email 
enterprise@kpmg.com