风险投资绕着风险走

    来自美国风险投资协会（National Venture Capital Association）第三季度数据显示，风投界仍在进行大笔投资，但有趋于谨慎的迹象，包括大幅缩减种子期投资、追求单宗交易更高的投资额。

    美国风险投资协会和普华永道（PricewaterhouseCoopers）联合发布的风险投资季度报告MoneyTree Report显示，第三季度达成风险投资交易876宗，投资总额69.5亿美元，分别低于前一季的1,015宗和78.8亿美元。（点击这里可从美国风险投资协会网站直接下载该报告。）

    不过，这已是近三年单季风险投资水平的次高，回到了2008年10月金融危机爆发前的水平。考虑到8月股市的动荡以及2011年风投业仅融资约150亿美元的事实，这样的投资水平已经相当不错的表现 。

    但是，单笔交易平均规模达到790万美元，创下了2007年第一季度（850万美元）以来的新高。种子期融资从4.03亿美元腰斩过半，降至1.79亿美元；早期投资较春季季度减少7%。与此同时，扩张期和相对后期的投资规模扩大，其中扩张期投资触及2008年年中以来的新高。首次融资交易也降至2009年以来的最低水平。

    虽然生物科技和制药行业受联邦监管和审核加强影响，融资活动普遍放缓，但第三季度最大的融资交易仍然是来自生物科技公司Reata Pharamceuticals。这家正在开发口服消炎药的公司从一家未披露名称的公司获得了3亿美元的融资。会议活动管理软件公司Cvent从Greenspring、Insight Venture Partners和恩颐投资（New Enterprise Associates）获得了总计1.359亿美元的融资。第三季度最后一宗超过1亿美元的融资交易归属于公寓租赁平台Airbnb公司，这是一家为旅行者提供与当地人同吃同住服务的全球性网站。该公司从投资机构Andreessen Horowitz、Digital Sky、General Catalyst Partners和Greylock Partners筹得了1.12亿美元。

    正如美国风险投资协会执行委员会成员兼Flybridge Capital Partners普通合伙人迈克尔•格里利在谈到这些数字时所说， “显然风投界正越来越喜欢近期就能产生收入的公司（面向消费者的网站/社交媒体），而不是产品开发前景不明的的公司（生命科学/清洁科技产业）。严苛的美国食品药品管理局（FDA）和消失的IPO市场等外部力量让某些依赖风投支持的公司处于不利境地。”

    Venture capitalists are still investing lots of money, according to third quarter data from the National Venture Capital Association, but there are signs they are getting a little more risk averse, cutting back steeply on seed deals and pursuing bigger investments.

    For the third quarter, VCs invested $6.95 billion in 876 deals, down from $7.88 billion and 1,015 deals the previous quarter, according to the MoneyTree Report from the NVCA and PricewaterhouseCoopers. (Here's a direct download of the report via the NVCA site).

    Still, that level of VC investment made for the second-best quarter over the past three years, back to just before the financial crisis erupted in October 2008. The activity level is still pretty good, considering the wild August in the stock market and the fact VCs will only raise about $15 billion in new money for 2011.

    But average deal size of $7.9 million is the largest since the first quarter of 2007, when the typical deal came in at $8.5 million. Seed-stage funding dropped by more than half from $403 million to $179 million and early stage investments backtracked 7% from the spring quarter. Meanwhile expansion- and later-stage investments grew, with expansion stage investments hitting their highest level since mid-2008. First time deals also slipped to their lowest level since 2009.

    While biotech and pharma deals are weakening due to tighter federal regulations and scrutiny of the sector, the biggest deal of the third quarter went to biotech firm Reata Pharamceuticals. The company, which is developing anti-inflammatories taken orally, raised $300 million from one undisclosed firm. Maker of event management software Cvent raised $135.9 million from Greenspring, Insight Venture Partners and New Enterprise Associates. The only other $100 million-plus investment of the quarter was claimed by Airbnb, which offers travelers a global network of accommodations offered by locals. It raised $112 million from Andreessen Horowitz, Digital Sky, General Catalyst Partners and Greylock Partners.

    As Michael Greeley, NVCA executive committee member and general partner at Flybridge Capital Partners notes in his take on the numbers, "Clearly VCs are increasingly drawn to businesses which can drive near-term revenue (consumer internet/social media) and/or don't have open-ended product development pathways (life sciences/cleantech). External forces like the hostile FDA or non-existent IPO markets are conspiring against certain VC-backed companies."