在線市場的未來報告

1、Page / 3Marketplace unicorns have grown 70% in value since Jan 2020 to more than $5 trillion, outperforming tech overall.Global online marketplaces (public companies and private unicorns) have seen their valuations grow 70% since Jan 2020 (50% for Nasdaq).Jan 2020May 2021Jan 2019$2.9T$2.2TQ1 2021Q1

2、2019Q1 2018Q1 2017$28BVC funding into marketplace startupsNew startups are building more vertically integrated models, to unlock lucrative new markets.As of April 2021, more than 370 marketplace unicorns have been created globally, yet the future and models of online marketplaces continue to evolve.

3、Some of the largest consumer spending categories, like homes, cars and jobs went digital in 2000s, but only on the discovery side - through search and comparison sites.With vertical integration, embedded finance, and increased consumer online penetration, these segments are about to be transformed b

4、y new models of “full stack” online marketplaces, unlocking huge new markets and growth opportunities.The biggest opportunities for online marketplace still lie ahead.Record investment for the most ambitious generation of marketplace startups ever.Online marketplace startups continue to raise billio

5、ns in funding, across every sector.Q1 2021 investment tripled year on year to an all-time high of $28B, with $12B more already raised in the first 5 weeks of Q2.Fashion (+142% value), Food Delivery (+132%) and Digital Health (+120%) have been the highest performing segments in 2020/21.Valuation of m

6、arketplaces (public + unicorns)+70%$5.0T2.8x$9.9BQ1 2020Introducing the new home for eCommerce & Marketplaces: marketplaces.dealroom.coAccess nowOver 32,000+ eCommerce & Marketplaces startups & morePowered byPage / 5The global acceleration of marketplacesRecord venture capital investmentVertical int

7、egration and software/finance enablementAppendix: Learn more about marketplaces123Table of contents.AThe global acceleration of marketplaces1The role of online marketplaces has been amplified.$47B$62B$42B$49B$39B$39B$39B$38BExpedia$40B$48B$1.6T$620B$240B$170B$136B$110B$104B$89B$78B$78BAmazon Alibaba

8、 Meituan PinduoduoShopify Uber Airbnb BookingMercadoLibreCoupang Didi ChuxingDoorDash CarvanaJD HealtheBayLinkedInGrab Instacart Delivery HeroWayfairChewy Zillow$34B$33BEpic Games $29BTeladoc $28BZalando $28BEtsy $27BFlipkart $25B$25BOcado $22BLyft $21BBack in June 2020, Adevinta, Dealroom and Speed

9、invest released a report on marketplaces, during the early stages of Covid pandemic. One year later, its time to take stock.In the last 15 months theres been a tech-driven bull market, the direction of which was anticipated by many, but the scale by few. The Nasdaq is up 50% since January 2020, now

10、worth $19 trillion.In parallel, venture capital is seeing investment records smashed. Tech is now seen as safe asset. Low interest rates result in an abundance of risk seeking capital. But more fundamentally, accelerated digital adoption during the pandemic created tailwinds, resulting in companies

11、beating expectations. And here, marketplaces have benefitted strongly; especially in areas like Food, Digital Health, and eCommerce.As a result of this acceleration, there are now 30 known marketplaces worth $20 billion or more, with the worlds top marketplaces (public companies and and private unic

12、orns) worth a combined $5 trillion.This report looks at which models are winning, where global growth is happening, and what trends are coming down the road.The worlds most valuable marketplaces Public companies * Private companies* Market capitalization of the entire business. Some cases like Amazo

13、n and Alibaba include also other non-marketplace businesses.Prosus not included as its mostly Tencents valuation while OLX Goup is estimated below $20B.Page / 7Source: Dealroom.co. Analysis of Google Finance data.Page / 8March 2020Public and private unicorn marketplaces have accelerated, growing by

14、70% in value since Jan 2020 from $2.9 to $5.0 trillion, outpacing even the Nasdaq.May 2021Jan 2020$775B$1.6T$871B$0.4T$0.7T$0.4T$2.5T$5.0T$2.9TCombined valuation of public and private unicorn marketplaces ($B) Private marketplaces unicorns Public marketplaces founded since 2005 Public marketplaces f

15、ounded before 2005 AmazonJan 2019$706B$0.3T$2.2T+28%Jan 2019 toJan 2020+70%since Jan 2020$0.9T$0.3T$1.1T$0.5T$0.9T$0.4T$1.5T$1.2T+62%+160%+36%+82%Examples:Source: Dealroom.co. Analysis of Google Finance data.Page / 9Marketplaces also outperformed the wider tech sector, with food and grocery delivery

16、, health and fashion driving this growth.Fashion142%Delivery132%Digital Health120%Home search60%59%TravelNasdaq(1)52%Mobility32%MSCI(1)23% valuation increase since Jan 2020 ($B) Private and public marketplace companies by segmentAmazon88%Car searchExamples GroceriesAllJobmarketplaces search82%70%69%

17、67%50%Acceleration of revenuesResilience in business modelSource: Dealroom.co. Analysis of Google Finance data.1. NASDAQ Composite index. MSCI stands for Morgan Stanley Capital International and is a global equity index.Page / 10. driven by accelerated growth, driven by accelerated digital adoption.

18、Source: Dealroom.co analysis of Google Finance data for market cap. Equity research for revenue growth.$37B$21B+76%$15B$27B +83%$14B$21B +52%$4B$15B +241%108%75%25%20%31%19%67%50%106%22%0$10B$20B$30B$40B025%50%75%100%Market cap (B) Jan 2020 May 20201Sharp increases in valuations and revenue multiple

19、s multiples .$16B +155%$6B2020 revenue growth (B) Jan 20 expectations Actual resultsRecord venture capital investment2Page / 12Similar trends were also seen in the private markets, with venture capital in Q1 2021 smashing the all-time investment record, and growing nearly 3x over Q1 2020.Q1 2020Q1 2

20、019Q1 2018Q1 2017$28B$24BGlobal VC investment in marketplaces$9.9B$17B$15B$8.9B$7.5BTravelperkGoStudentMajority of deals are full-stack models, logistics and last-mile delivery.$1.2B$300M$800M$530M$528M$460M$425M$290M$400M$160M$312M$82MQ1 2021AprilSource: Dealroom.co.Page / 13At the current pace, 20

21、21 investment into marketplaces would more than double from $59B to$132B.2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021$46B$59B$64B$75B$63B$41B$55B$28B$10B $11B$11B$4B2.9x2.6x2.5x2.4xVC investment in marketplaces by destination *Jan-May 2021 vs Jan-May 2020RowEurope Asia excl. ChinaUnit

22、ed StatesChina1.5x$15B$15B$8.7B$5.3BUnited StatesAsia excl. ChinaEuropeChina RoW$2.8B2021 VC investment by destination *Jan-May 2021* including primary capital raised via SPAC private placement.$132BMarketplaces Global VC investment Actual 2021 annualized based on Jan-AprilSource: Dealroom.co.Page /

23、 14Nearly all regions are seeing rapid growth in VC investment into marketplaces. Marketplaces VC investment by destination 2021 annualized based on Jan-AprilChinaEuropeLatin America$0.6B$0.8B $1.8B.$1.8B$3.2B$5.7B$4.5B$7.6B$6.7B$10B$9.1B $9.2B$5.3B$13B$16B$25B$24B$18B$17B$5.8B$3.1B$1.9B$4.6B$0.6B20

24、2020212010201120122013201420152016201720182019201920202021201020112012201320142015201620172018201020112012201320142015201620172018201920202021$2.9B$2.0B$1.7B$2.0B$1.0B$0.5B$0.3B$0.6B$0.3B $0.5B$0.1B $0.1BRest of the World$0.1B $0.2B $0.1B$0.3B$0.5B$0.6B$1.2B$0.6B$0.7B$1.1B$1.4B$1.0B20202021201020112

25、0122013201420152016201720182019$5.8B$15B$26B$2.9BUSA$1.9B$5.2B$3.3B$5.5B$11B$22B$13B$11B$23B$20B $20B$15B201020112012201320142015201620172018201920202021$43BRest of Asia (excl China)$0.5B $0.5B $0.9B$1.8B$6.4B$8.4B$6.9B$17B $18B$14b $14B$9.0B201020112012201320142015201620172018201920202021$26BSource

26、: Dealroom.co.Page / 15In Europe super-rounds picked up after Q1 2020.$250M$165M$121M$165M$215M$290M$542M$108M$530M$154M$312M$240M$160M$191M$120M$115M$64M $196M$165MSource: Dealroom.co.Select rounds above $50M since January 2020HorizontalMobilityMeal and grocery deliveryClothes and AccessoriesTravel

27、EducationDigital healthLending$180MHome search$182M$100M$73M$183M$70M$107M$271M$73M$122M$162M$65M$70M$303MPage / 16Q1 2020Q2 2020Q3 2020Q4 2020Q1 2021There have been several billion dollar marketplace exits for investors, via IPO, M&A, and SPACs.$3.3B$6.2B$16B$6.3B$6.5B$1.6B IPO M&A SPACSource: Deal

28、room.co.$7.0B$2.2B$13B$6.7BM&A and IPOs of European marketplaces$10B$1.6B$1.2BPage / 17Globally and in Europe, venture is trending towards bigger rounds. Europe is still slightly behind the curve in terms of super rounds.Number of VC rounds in marketplaces $01m $14m $415m $1540m $40100m $100250m $25

29、0GlobalEuropeVenture capital has become more global, especially more flows from USA and Asia into European marketplaces.Venture capital amount invested from Europe Domestic USA Asia RoW Unknown HQGlobalEurope20172018201920202021201020112012201320142015201620172018201920202021201020112012201320142015

30、2016Source: Dealroom.co. For more information and underlying data check the platform.201720182019202020212010201120122013201420152016201720182019202020212010201120122013201420152016Mid stageEarly stageLate stagePage / 18Theres been an explosion of marketplace unicorns globally.2010201120122013201420

31、1520162017201820192020202104060100Marketplace companies reaching $1B valuations160152 USA14012085 China8082 Europe52 Rest of Asia 25 RoW20Marketplace unicorns and $1B+ exitsPet food3Cumulative 1990-today85252423USAChina United KingdomIndia GermanyFrance9Brazil8Singapore7Australia7South Korea6Spain3N

32、ew unicorns in 2021Cumulative 1990-todayNew unicorns in 2021Fashion48Fintech8Food delivery33Fashion6Travel24Groceries & Meal kits4Shared mobility22Digital Health4Property Search19Property Search3Groceries & Meal kits16B2B marketplace2Car search & rentJob searchTelemedicine Pharmacy161283TravelGroup

33、buyingFood delivery2112045View all marketplace unicornsUSAIndiaGermanyChina3France3Canada2Finland1Turkey1Brazil1152Source: Dealroom.co.Vertical integration and enablement3Page / 20Own logisticsOperational riskDiscoverCatalogue & curateOwn stockBalance sheet riskTransactionMinor financial riskOwn bra

34、ndsProduct-market riskvcaluheachianin and enablement with other products.DemAGdradena-doten&rs F/ eFSeeiannaoaaASnnbd-ctlAveereenIam-raentbnnseislaaneinbdttglieodn(fio(n(lSwcia(sIAhuntnnIaicpnteriogngprnegasfled,hsyoeistniipoas(svstnuboudruafbae/ynosmetcrcrraesiian,peonwadtidroa&nc/rnohrsrafuaensepd

35、eetps)ilse)lleysrs) entially happens into two directions: greater ownership of the valueSource: Dealroom.co.Marketplaces are going after bigger and bigger markets, enabled by new models. Embedded finance is another “virtual last mile” to unlock much larger markets.$2T$3TGlobal consumer market size *

36、$8T$8T$6TMediaTravelShared mobilityHealthFashionHousingInsurance & bankingEarly adopter markets that were enabled by the web itselfEducationMarkets that were enabled by smartphone adoption and increasingly last-mile logisticsMarkets where significantly more value can be created by embedding finance

37、into the marketplace$1T$1T$5TFoodGroceries deliveryExamples $4T$5TFreelanceCar workownershipFinance itself as bundle is new market (e.g. insurance or loan)$10TSources: Dealroom estimates, Worldbank, OECD, Eurostat, McKinsey for insurance & banking via A16Z. Freelance via Upwork and McKinsey.Page / 2

38、1Page / 22Whats next: launching a series of reports, exploring new marketplace models starting with fintech enabled marketplaces. Stay tuned!Fintech-enabled marketplacesB2B MarketplacesResponsible consumptionNew homeownership modelsRegulated servicesOnline real estate brokerage making instant cash o

39、ers.Connecting shippers with curriers online.Prevents waste by selling high-quality local, imperfect and oversupplied food.Rent your future home while you save for a down payment.Hire and retain sta in the healthcare industry.Online car retailer that oers instant buying, insurance and subscription.C

40、onnecting restaurants with suppliers online.Refurbished electronics marketplace.Co-own your home with option to increase equity ownership over time.Training and job placement in heavy industries (construction, oil & gas, defense and energy)Marketplaces for agriculture inputs.A marketplace for constr

41、uction equipment.Sell excess clothes & footwear inventory.Co-invests with home buyers.Compliance and carbon managementplatform.Appendix: learn more about marketplacesAPage / 24Marketplace stackThe broader marketplace & ecommerce ecosystem is increasingly connected.Buy now pay laterD2C banking, tradi

42、ngLendingThe king of search/intent. Has been moving into vertical search for longThe kings of interest. Are creating marketplaces for sellers (TikTok also for gigs)Competing directly with marketplaces & eCommerceSoftware directly competing with Amazons platformSaaS-first with add on marketplace for

43、doctorsAdvertisingFinancial productsSoftware toolsLogisticsPotentially levelling the playing field by enabling asset-light players to have full-stack capabilitiesPrivate labelsAlready #3 in U.S. online ads. Ad platform strategy likely followed by other marketplaces like Deliveroo etcInsuranceDiscove

44、ryLogisticsOwn productSoftwareFintechPage / 25What is a marketplace? What is a “full-stack” marketplace?DemandCustomer acquisitionListingsTransaction incl. paymentLogistics& software toolsOwn inventoryProductionSupplyListings Asset light, profit Low revenue perable userHomes, cars, jobs, horizontalT

45、ransactional marketplaces Still asset light, Possible long-termhigher take-ratestrategic disadvantageTravel, delivery, freelanceFull-stack marketplace Control over user Operational risk,-experiencerequires market densityOn-demand servicesMarket maker(iBuying) Create new suppl Capital intensityy, ver

46、ify quality& risk, requires homogenous marketTemporary trade on the booksHomes, cars, jobs, productseCommerce Same-day deliver High capital intensy of goods, control over ity, low marginsuser experienceFashion, groceriesDirect-to- consumer Own entire produ High capital intensct identity / experience

47、 ity, limited assortment/ sometimes with physicalstoresCosmetics, food, banking, wellness, lifestyle, eyewearTraditional marketplaceNew age marketplaceCompeting B2C modelsSource: Dealroom.co.Page / 26Where are we in the evolution of marketplaces?The first generation of online marketplaces translated

48、 town squares and bulletin boards into eBay and Craigslist. A recognisable online migration.But marketplaces have evolved more in the last 20 years than in the previous 200.Newer models like Uber and Cazoo have actually made the marketplace less visible to the consumer, reducing transaction complexi

49、ty.With every iteration, the overarching trend has been to remove friction and unlock new markets. In doing so, marketplaces are becoming more “full-stack”, vertically integrating from shop front and transaction to delivery and aftercare.While asset light models like Craigslist have proved resilient

50、 with the defensibility of high liquidity, full-stack scale eiciencies, combined with an abundance of cheap capital, have led to a rise in asset heavy models in recent years.New modelsNew models?Managed marketplacesOn-demandTransactionalVertical specialistsSupply aggregators1990s2000s2005-20102010-2

51、0152015-20182019+Page / 27Dierent segments are at vastly dierent stages of development, and can broadly be split into three categories.Travel and fashion were digitally enabled by the web itself, thus more asset-light and more capital eicient. Farfetch is innovating with new logistics model.Jobs, ca

52、rs and properties1.0 was about search. 2.0 is about taking a bigger role in the transactionthrough embedded finance. Digital health and groceries are the next big markets.VC invested since 2015Heavily invested and also competitive, especially meal delivery.EducationSource: Dealroom.co. Analysis of G

53、oogle Finance data.Abundance of venture capital emboldens asset-heavier marketplaces to take bigger bets.Asset-lighterAsset-heavierFood deliveryUsed carsMobilityMediaBankingHealthcareHousingTravelJobsSecond-hand fashionInspired by a slide from Sonali de Rycker (Accel Partners) presented at the Marke

54、tplaces Conference 2018Page / 28Page / 29$304M$330M$770M$300M$620M$136M$230M$110M$110M$159M$144M$60MRecord amounts of dry powder in Europe, including mega funds with focus on marketplaces.2015201620172018201920202021YTD$7.4B$9.1B$11B$14B$15B$20B$6.2BFundraising by European venture capital investorsV

55、iew all new fundsSelect new funds in 2020 and 2021Source: Dealroom.coPage / 30Public marketplaces and IPOs are hot.IPOs & SPACs of marketplaces DeliverooIPO$6.7BMar 2021 Auto1IPO$12BFeb 2021 WishIPO$8BDec 2020 AllegroIPO$16BSep 2020 CoupangIPO$78BMar 2021 GoodRxIPO$15BSep 2020 GoHealthIPO$4BJul 2020

56、 Hims & HersJan 2021AirbnbSPAC$2BIPO$106BDec 2020DoorDashDec 2020CazooIPO$49BSPAC$7.0BMar 2021GrabApr 2021TalkSpaceJan 2021LiliumSPAC$39.6BSPAC$1.4BSPAC$3.3BMar 2021$156B2018201720192020$163B2021$110B$169B$164B$34B$235B$6.0B$72B Traditional IPOs Announced or completed SPAC MergersAggregate Enterpris

57、e Value of IPOs and SPACsSource: Dealroom.coPage / 31Venture capital investment into Marketplaces by segment.Explore dataLogistics & DeliveryMobilityInvestingHealth platformsApparelGamingLendingTravel$10.3B (+382% YoY)$4.9B (+86%)$3.6 (+425%)$2.3B (+203%)$1.2B (+747%)$1.1B (+1600%)$0.7B (+4%)$0.2B (

58、-67%)Venture capital Jan-April 2021Page / 32Fashion is the leading segment, by the number of unicorns and $1B exits as well as future unicorns.3348242219161612833Fashion Food deliveryTravelShared mobility Property Search Groceries & Meal kits Car search & rentJob searchTelemedicine PharmacyPet foodC

59、umulative number of future unicornsFashion41Travel24Property Search Car search & rent Food delivery222024Groceries & Meal kits17TelemedicineJob searchShared mobility6Pet food3Pharmacy1119Cumulative number of unicorns and $1B exitsFood delivery and travel are the largest segments, by combined enterpr

60、ise value$380BFood deliveryTravel$337BFashion$297BShared mobility$249B$185BProperty SearchGroceries & Meal kits$144BCar search$129B$101B$84BTelemedicineJob search PharmacyPet food$78B$45BCumulative value of unicorns and $1B exitsSource: Dealroom.coPage / 33$656B$126B$98B$66B$85BThe biggest growers b