Kinnevik Results Presentation Deck
2021 WAS A RECORD-BREAKING YEAR FOR GROWTH INVESTING
▪ 2021 was a record year in venture and growth investing in
the US and globally, driven by record-high inflows of
capital as investors pursued growth and risk in a low
interest rate environment. This led to -
H
■
1.
II.
III.
■
I
Private and Public Markets
expansive valuations - median fundraising multiples
expanded by >30%, and one new unicorn was created
per day, up 3x from 2020
All the while, dry powder across growth-focused private
equity to early-stage VC funds exceeded USD 900bn at
the start of 2022
■
more and larger rounds triggered more by supply than
by demand VC fundraising more than doubled to
>USD 600bn, the number of VC financings in >USD
100m companies almost tripled, and the number of
>USD 100m rounds grew by >140%
Coming into 2022, the venture and growth market had a
combination of -
an intensified fundraising environment with fast
processes and cross-over investors defocusing on
diligence and governance
high (mostly on-paper) returns;
well-funded businesses; and
massive amounts of dry-powder to be deployed
Source: PitchBook, Preqin, FactSet, Kinnevik Estimates
An Exuberant 2021
25.0x
20.0x
15.0x
10.0x
5.0x
300
200
100
Trailing Revenue Multiples
Median US VC
2019
Early Stage US VC
2017
2020
1
2018
New Private Unicorns
US, 2016-21
2019
2021
Late Stage US VC
2020
2021
Value Uplifts From Prior Round
US Late-Stage VC
1
2019
PE Growth
General VC
SPACs
Early VC
Late VC
■Median
2020
Dry Powder
100
4
■Average
End of 2021, Across Pockets, USDbn
2021
200
300
3.0x
2.5x
2.0x
1.5x
1.0x
0.5x
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