2018. 01. vol.115 VENTURE CAPITAL NEWSLETTER www.kvca.or.kr KVCA 2018 美 FRB 벤처캐피탈의투자효과연구자료최근 10년바이오 / 의료벤처투자현황
Contents 03 2018 January vol.115 & NEWS & REVIEW 04 KVCA 2017 05 2017 Planning Manager 06 M&A 2017 4 M&A 2017 M&A 11 R&D 2017 Emerging Technologies Forum 2017 R&D 17 ISSUE 18 2018 20 FRB 22 24 Q&A 12 IBK Korea VC Awards 2017 4 13 15 25 2018 1 10 115 1 45 16 VR 3 02 2156 2100 www kvca or kr Market Trend 26 11 32 VC 10 37 LP
뉴스 & 리뷰 NEWS & REVIEW
04 뉴스 & 리뷰 KVCA 소식 NEWS & REVIEW 2017 벤처캐피탈송년의밤 12 7 2017 LP 100 VC LP MC 연탄나눔봉사활동 12 13 2 200 200 11 2017 10 40
2018 January 05 연수원소식 NEWS & REVIEW 투자심사예비인력양성과정 ( 벤처투자론 ) - 고려대학교멘토링데이 개최 2017 12 2 116 VC HR 2017 년벤처캐피탈 Planning Manager 고급과정 개최 Planning Manager 2017 2017 12 7 12 8 1 2 1 VC Case Tax Case Study VC KVF 벤처캐피탈뉴스레터
06 뉴스 & 리뷰 투자협력 M&A NEWS & REVIEW 벤처투자로드쇼 2017 IR 10 101 IR 382 151 11 IR IR 101 Venture IR 2017 11 www ventureir or kr IR 벤처투자사랑방 12 12 19 12 8 3 1 1 2017 110 11 VC VC Win Win httpcafe kvca or kr
투자협력 M&A 2018 January 07 NEWS & REVIEW 벤처기업확인 2017 2017 746 746 2017 174 46 76 132 318 3년미만 3년이상5년미만 5년이상7년미만 7년이상10년미만 10년이상 146 16 20 42 172 82 394 서울경기대전부산인천대구광주기타 61 66 51 78 50 15 79 226 120 ICT서비스유통 / 서비스 ICT제조전기 / 기계 / 장비화학 / 소재바이오 / 의료기타게임영상 / 공연 / 음반 11 776 16 575 0 5 250 3 455 463 6 871 CB 80 1 297 BW 18 152 4,500 4,000 3,853 3,500 3,729 기업수 금액 3,000 2,500 2,000 1,500 500 0 2,057 1,300 526 244 215 273 75 38 35 47 34 92 중소기업창업투자조합한국벤처투자조합신기술투자조합산업은행중소기업창업투자회사전문엔젤투자자기타 * PEF 벤처캐피탈뉴스레터
08 뉴스 & 리뷰 투자협력 M&A NEWS & REVIEW 환경산업투자유치지원 107 5 2017 7 10 107 5 40 IR 11 1 50 2017 13 5 000 IR 1 1 11 8 3 2017 4 45 IR 1 1 10 IR
2018 January 09 투자협력 M&A NEWS & REVIEW 2017 4 차 M&A 자문기관및중소 벤처기업워크샵개최 M&A M&A 12 18 2 30 317 2017 4 M&A M&A M&A M&A 2017 M&A M&A M&A M&A M&A 17 4 M&A 2017 2018 M&A M&A M&A M&A 2017 M&A 활성화지원사업주요성과 M&A 2016 3 M&A M&A M&A 2017 M&A 12 72 17 14 M&A DB 50 4 000 M&A M&A M&A M&A 16 125 17 141 16 VC 7 2018 11 21 24 M&A 450 M&A TV 벤처캐피탈뉴스레터
10 뉴스 & 리뷰 투자협력 M&A NEWS & REVIEW 1 M&A 82 48 10 M&A 12 M&A M&A 2018 M&A M&A M&A M&A M&A M&A 4,500 4,000 3,500 3,000 3,248 3,852 2016 2017 30 25 20 19 24 2016 2017 2,500 2,000 15 1,500 10 1,000 500 5 0 0 M&A 18 16 14 12 10 8 6 4 14 17 2016 2017 160 140 120 100 80 60 40 125 141 2016 2017 2 20 0 0
2018 January 11 R&D 사업 NEWS & REVIEW 2017 Emerging Technologies Forum 개최 12 5 2017 Emerging Technologies Forum 131 R&D R&D Auto business in the Future Naver D2 Startup Factory 4 2017 글로벌스타벤처육성 R&D 과제운영결과 17 R&D 3 VC 50 R&D 10 662 M&A 2 IPO 1 2017 2018 2 3 5 R&D 02 2156 2134 5 gsv kvca or kr 벤처캐피탈뉴스레터
12 뉴스 & 리뷰 협회장동정 NEWS & REVIEW 경제사절단으로대통령중국방문동행 12 12 260 13 14 16 IBK 창공 ( 創工 ) 센터개소식참석 12 19 IBK IBK IBK Korea VC Awards 2017 참석 The Start up Korea VC Korea VC Awards 12 14 VC 300 한국청년기업가정신재단제 4 차이사회참석 12 20 VR 4 10 2017 3 CI 2018 2018
회원사소식 2018 January 13 NEWS & REVIEW 네오플럭스 IPO NH 5 000 IPO IPO 대성창업투자 150 디에스씨인베스트먼트 185 5 50 15 NH 40 2 20 20 KB20 8 5 라이트하우스컴바인인베스트먼트 10 3 2 120 LP 70 30 BK 솔리더스인베스트먼트 CMG 30 30 CMG CMG 2012 ODF Capital Call 2017 120 스틱인베스트먼트 LP 1 2017 2018 1 유티씨인베스트먼트 16 IRR 15 59 1 038 1 681 에스브이인베스트먼트 SV 2 10 2009 벤처캐피탈뉴스레터
14 뉴스 & 리뷰 회원사소식 NEWS & REVIEW 엘앤에스벤처캐피탈 100 L&S SDC 20 39 39 50 60 케이티비네트워크 KTBN 11 AI 300 32 프리미어파트너스 40 1 2 8 10 2 10 8 000 9 500 컴퍼니케이파트너스 20 50 1
투자유망기업탐방 2018 January 15 NEWS & REVIEW 3D & 3D 3D SURGFLIX 3D 1 1 3D 1 N 2D 3D
16 뉴스 & 리뷰 NEWS & REVIEW 3D SURGFLIX 3D 주요사업현황 M FLIX 3D G FLIX 3D R FLIX 2D&3D 3D 2017 06 TIPS M FLIX 2017 05 2017 03 G FLIX 2016 04 TIPS 2015 12 VC 30 R FLIX 2014 02 2013 11 3 2011 12 2011 12
이슈 I S S U E
18 이슈 2018 LB 들어가며 IPO M&A Trade sale 3 2017 2018 5 5 5
2018 January 19 ISSUE 2017 년벤처생태계평가 8 700 2017 11 2 7 113 2016 3 18 2017 2 2017 12 3 2 7 10 2017 11 2 5 1 072 10 2017 2 ICT R&D 3 30 ICT ICT M&A M&A 2017 11 69 50 100 1 AHC 3 M&A 2018 년벤처생태계전망 2018 2018 2 3 4 ICT O2O 2018 2018 M&A 2017 2017 2018
20 이슈 FRB (Financing Ventures), 2017. 10 Federal Reserve Bank of St Louis VC VC 1970 2014 VC IPO 1 VC VC 50 VC 1 1970 VC 2015 590 590 2 VC 2 VC 1970 4 20 20 1 VC 1970 2015 2 VC 1970 2015 ($bl) (%) 총투자대비 VC 투자규모 (%) VC 투자금액 ($bl) 상장사중 VC 투자유치기업비중 (%) 시가총액중 VC 투자유치기업의시가총액비중 (%)
2018 January 21 ISSUE 1 VC 1 30 Top 30 VC Backed Companies 1 Apple Inc 11 Amgen Inc 21 Fedex Corp 2 Cisco Systems Inc 12 Yahoo Inc 22 Juniper Networks Inc 3 Microsoft Corp 13 Genentech Inc 23 Nextel Communications Inc 4 Alphabet Inc 14 Celgene Corp 24 Gap Inc 5 Facebook Inc 15 Ebay Inc 25 Viacom Inc 6 Oracle Corp 16 Compaq Computer Corp 26 Veritas Software Corp 7 Amazon Com Inc 17 Starbucks Corp 27 Salesforce Com Inc 8 Sun Microsystems Inc 18 Micron Technology Inc 28 Alexion Pharmaceuticals Inc 9 Gilead Sciences Inc 19 Applied Materials Inc 29 Adobe Systems Inc 10 Dell Inc 20 Regeneron Pharmaceuticals 30 Twitter Inc VC 30 1 VC ICT R&D VC 1970 2015 VC 1 VC VC 10 3 6 VC 1970 2014 VC IPO 1 R&D VC R&D 5 2 p VC R&D VC 4 9 p 7 0 p VC 37 3 VC IPO VC VC R&D VC VC VC VC Economic Research Federal Reserve Bank of St Louis httpsresearch stlouisfed org
22 이슈 11 10 joint venture 51 49 20 25
2018 January 23 ISSUE 51 33 49 49 CEO CEO 2 110 HNA map 2017 12 21 The Washington Post After Trump visit China to ease some foreign investment restrictions
24 이슈 벤처캐피탈법률 Q&A ISSUE Q 100 3 385 2 1 000 50 25 1 542 6 3 1 385 434 100 3 1 2 i ii 10 000 50 2 6 542 6 3 i ii iii iii iv 1998 6 12 97 11348 3 2004 4 14 2002 16791 3 407 1 1 1 31 2 1 000 10 000 25 3 1 385 2 2 386 1 386 2
시장동향 MARKET TREND
26 시장동향 11 2017 11 8 3 KVF 5 2 487 11 203 134 2 117 1 892 225 11 9 11 49 1 IPO 40 2 2 017 11 113 27 006 102 26 566 11 10 8 440 1 7 ( 억원 ) ( 개 ) 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 결성금액 120 108 조합수 102 113 82 41 54 33,605 26,195 26,346 26,566 27,006 16,649 9,065 12 13 14 15 16 16. 11 17. 11 140 120 100 80 60 40 20 0 2 017 11 33 0 21 4 15 4 11 9 65 7 64 4 1 3 p 2012 2013 2014 2015 2016 2016 11 2017 11 40 7 33 0 16 5 29 6 25 0 26 9 21 4 22 1 31 8 14 3 23 1 18 0 20 4 16 7 18 3 26 9 22 7 24 6 24 6 24 4 33 0 6 6 16 4 12 2 4 3 6 6 7 0 8 4 9 7 8 5 20 2 4 4 10 2 9 5 8 5 17 4 13 1 11 4 12 0 13 7 14 4 11 9 10 3 14 5 9 7 14 2 15 0 14 4 15 4 0 7 0 9 13 0 9 6 8 2 6 6 6 0 0 0 0 0 11 4 8 4 4 3 1 7 4 5 0 8 1 8 3 3 3 6 2 2 2 5 2 2 2 1 1 3 3 2 2 0 1 1 1 3 1 6 100 0 100 0 100 0 100 0 100 0 100 0 100 0
2018 January 27 MARKET TREND 11 930 e 100 375 60 4 LB 335 e 17 VC 2 017 11 8 2 3 e 930 LB e LB 1 375 335 GP e LB 1 335 KB NEW 250 5 20 KVF 5 115 KVF 1 162 KVF e 930 KVF BSK 7 E 300 KVF 375
28 시장동향 11 2 017 11 20 554 18 624 10 4 1 072 1 060 1 1 11 120 Grab Huajuan Live 2017 11 3 552 7 5 334 ( 억원 ) ( 개사 ) 25,000 1,400 신규투자금액 1,191 투자기업수 1,045 20,000 1,060 1,072 1,200 901 1,000 15,000 688 755 800 10,000 5,000 12,333 13,845 16,393 20,858 21,503 18,624 20,554 600 400 200 0 12 13 14 15 16 16. 11 17. 11 0 ( 억원 ) ( 개사 ) 80,000 투자잔액 3,552 4,000 70,000 투자기업수 3,202 3,500 3,130 2,916 60,000 3,000 2,573 50,000 2,328 2,500 2,042 40,000 75,334 2,000 30,000 65,058 55,552 63,670 1,500 20,000 46,255 40,943 36,248 1,000 10,000 500 0 12 13 14 15 16 16. 11 17. 11 0
2018 January 29 MARKET TREND 2 017 11 38 8 33 0 28 2 100% 80% 초기중기후기 ( 억원 ) 100% 5,500 6,887 7,279 8,558 7,438 6,602 7,986 248 215 266 289 336 304 280 80% 60% 40% 3,137 3,259 4,069 5,828 6,156 5,229 5,792 60% 40% 178 212 231 283 334 289 314 20% 3,696 3,699 5,045 6,472 7,909 6,790 6,776 20% 300 354 438 511 568 499 504 0% 12 13 14 15 16 16. 11 17. 11 0% 12 13 14 15 16 16. 11 17. 11 ICT 4 459 3 633 3 189 2 517 1 480 838 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 778 ICT 제조 1,269 3,494 4,459 ICT 서비스 2,153 1,954 전기 기계 장비 1,457 1,154 화학 소재 4,027 바이오 의료 3,189 2,517 2,197 영상 공연 음반 1,296 1,130 2,153 3,633 2012 2013 2014 2015 2016 2016 11 2017 11 ICT 2 099 2 955 1 951 1 463 959 778 1 269 ICT 918 1 553 1 913 4 019 4 062 3 494 4 459 2 433 2 297 1 560 1 620 2 125 1 954 2 153 1 395 989 827 1 486 1 502 1 457 1 154 1 052 1 463 2 928 3 170 4 686 4 027 3 189 2 360 1 963 2 790 2 706 2 678 2 197 2 517 1 126 940 1 762 1 683 1 427 1 296 1 130 608 1 092 2 046 3 043 2 494 2 153 3 633 342 593 616 1 668 1 570 1 265 1 050 12 333 13 845 16 393 20 858 21 503 18 621 20 554 게임 유통 서비스 16. 11 17. 11 1,265 1,050 기타
30 시장동향 11 9 195 44 7 4 446 21 6 707 20 9 0 7 p 21 6 11 3 10 8 0 5 p 8 5 5 6 2 9 p 10,000 9,000 8,000 7,000 6,000 9,065 9,195 16. 11 17. 11 5,000 4,000 4,446 3,899 3,000 2,000 1,000 0 보통주 우선주 2,366 2,581 2,014 2,319 투자사채 프로젝트 1,741 1,034 243 272 해외투자 조합지분투자 2012 2013 2014 2015 2016 2016 11 2017 11 2 403 3 425 3 297 4 226 4 437 3 899 4 446 4 887 5 038 6 103 8 786 10 398 9 065 9 195 CB BW 1 833 3 049 3 276 3 272 2 823 2 366 2 581 2 459 1 944 2 681 2 471 2 427 2 014 2 319 751 389 1 036 1 951 1 147 1 034 1 741 0 0 0 152 271 243 272 12 333 13 845 16 393 20 858 21 503 18 621 20 554 53 3 75 0 5 8 4 8 1 53 1 741 8 5
2018 January 31 MARKET TREND 11 7 743 51 8 IPO 25 0 15 0 11 91 453 436 96 4 11 6 7 4 1 VC ( 개사 ) SPAC 수 (%) SPAC 제외한 IPO 수 70 80.0 VC 투자를받는기업의 IPO 수 64 73.0 VC 투자비율 60 60 63.6 58 70.0 50 40 30 20 10 22 14 35 2 0 0 0 12 13 14 15 16 16. 11 17. 11 27 26 49.3 41 33 45 55.0 12 51.4 36 10 51.7 48 30 18 51 50.7 35 60.0 50.0 40.0 30.0 20.0 10.0 2012 2013 2014 2015 2016 2016 11 2017 11 IPO 1 220 1 072 1 411 2 784 2 817 2 602 1 931 M&A 72 22 163 150 329 211 261 1 533 1 613 1 639 1 605 1 924 1 663 1 162 2 655 2 363 3 080 3 724 3 724 3 144 3 160 1 165 1 025 1 311 1 614 1 045 907 848 188 736 217 342 476 399 381 6 833 6 831 7 821 10 219 10 315 8 926 7 743
32 시장동향 VC 10 KRX IPO 2007 2016 10 102007 2016 1 6 695 12 4 10 2016 4 686 2015 114 100 2016 159 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 38 23 36 40 43 59 63 87 114 159 585 400 638 840 933 1 052 1 463 2 928 3 170 4 686 ( 억원 ) ( 개사 ) 5,000 159 180 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 638 2009 투자금액업체수 36 40 840 43 933 59 1,052 63 1,463 2,928 2010 2011 2012 2013 2014 2015 2016 87 114 3,170 159 4,686 160 140 120 100 80 60 40 20 0 ( 억원 ) ( 개사 ) 25,000 1,400 1,191 1,045 투자금액 20,000 1,200 업체수 901 1,000 15,000 613 688 755 800 560 524 10,000 20,858 21,503 600 16,393 12,608 13,845 400 10,910 12,333 5,000 8,671 200 0 2009 2010 2011 2012 2013 2014 2015 2016 0
2018 January 33 10 2016 30 NRDO No Research Development Only Research 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 219 126 46 139 94 156 136 356 385 1 605 154 147 76 183 130 216 431 538 1 042 1 327 212 127 516 518 708 680 896 2 035 1 742 1 754 585 400 638 840 933 1 052 1 463 2 928 3 170 4 686 3 650 2 908 2 476 3 192 3 722 3 696 3 699 5 045 6 472 7 909 3 774 2 553 2 601 2 904 3 296 3 137 3 259 4 069 5 828 6 156 2 493 1 786 3 594 4 814 5 590 5 500 6 887 7 279 8 558 7 438 9 917 7 247 8 671 10 910 12 608 12 333 13 845 16 393 20 858 21 503 100% 80% 60% 75.9 64.7 61.2 69.5 55.0 37.4 40% 28.3 20% 0% 14.0 10.1 11 20.5 14.8 12 29.5 9.3 13 18.4 12.1 14 32.9 12.1 15 34.3 16 100% 80% 44.3 44.6 49.8 44.4 41.0 34.5 60% 40% 26.1 25.4 23.5 24.8 27.9 28.7 20% 29.6 30.0 26.7 30.8 31.1 36.8 0% 11 12 13 14 15 16
34 시장동향 VC 10 2016 82 5 26 8 55 7 12 1 10 6 p 6 1 p 4 5 p 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 124 21 2 83 20 7 93 14 6 214 25 4 294 31 5 236 22 5 616 42 1 934 31 9 886 27 9 1 258 26 8 308 52 7 265 66 3 265 41 5 317 37 8 374 40 1 627 59 6 501 34 2 869 29 7 1 396 44 0 2 609 55 7 CB 153 26 1 42 10 5 158 24 8 212 25 2 67 7 2 82 7 8 117 8 0 812 27 7 370 11 7 505 10 8 BW 10 2 5 122 19 1 90 10 7 178 19 1 69 6 5 182 12 5 22 0 8 205 6 5 59 1 3 20 2 1 7 0 9 38 3 6 47 3 2 291 9 9 313 9 9 225 5 4 585 100 0 400 100 0 638 100 0 840 100 0 933 100 0 1 052 100 0 1 463 100 0 2 928 100 0 3 170 100 0 4 686 100 0 2007 7 255 9 999 137 8 51 9 2 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 281 73 710 473 453 549 791 639 1 667 1 619 7 255 451 31 584 170 534 279 685 723 3 522 3 020 9 999 160 5 42 5 82 3 35 9 117 9 50 8 86 6 113 1 211 3 186 5 137 8 2016 186 5
2018 January 35 2016 ICT 1 513 455 1 968 30 1 ICT 763 803 1 566 105 2 1 498 850 2 348 56 7 1 314 1 306 2 620 99 4 1 619 3 020 4 639 186 5 2 085 808 2 893 38 8 510 1 272 1 782 249 4 576 428 1 004 74 3 555 291 846 52 4 10 433 9 233 19 666 88 5 227 4 104 7 22 5 2015 2016 200 IPO 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 55 3 9 9 103 0 31 6 187 0 103 5 140 6 170 5 286 3 227 4 883 2 403 0 2 2 60 3 8 0 15 8 46 4 40 9 79 1 104 7 C B 51 9 16 5 11 3 21 1 159 2 61 6 32 2 23 1 28 1 20 5 B W 63 2 26 3 1 6 10 0 8 0 1 173 8 3 6 14 7 0 0 1 4 0 0 54 9 48 9 22 5 160 5 42 9 82 4 35 8 118 0 50 8 86 6 113 0 211 3 186 5 M&A 246 5 IPO 219 7 183 3 2015 M&A SPAC 443 0
36 시장동향 VC 10 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 IPO 347 2 194 4 277 6 82 9 218 8 97 4 159 1 224 5 278 2 219 7 M&A 48 1 15 9 49 5 443 0 246 5 51 9 16 5 12 8 23 4 41 9 19 9 13 1 24 2 9 6 17 8 46 5 9 9 51 6 19 4 16 9 52 0 61 3 64 0 220 7 183 3 0 0 1 4 0 0 54 9 48 9 22 5 160 5 42 9 82 4 35 8 118 0 50 8 86 6 113 0 211 3 186 5 IPO 10 VC 316 46 14 6 13 20 2016 36 7 VC 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 VC A 44 27 28 32 37 14 26 26 46 36 316 B 4 1 6 1 4 6 5 12 7 46 B A 9 1 3 7 21 4 3 1 10 8 23 1 19 2 26 1 19 4 14 6 2016 IPO valuation 1 353 VC IPO valuation 1 614 VC IPO valuation 2 235 IPO Valuation 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 VC IPO Valuation 38 48620 90245 37850 955 59 548 13 876 31 379 41 027 86 952 90 619 IPO Valuation 631 565 856 689 1 045 661 848 622 852 1 353 IPO Valuation 28 706 15 168 21 313 28 45343 037 8 547 24 50826 352 75 196 58 106 IPO Valuation 652 583 761 730 1 133 611 908 799 1 253 1 614 VC IPO Valuation 3 959 450 3 476 1 878 1 743 7 413 4 967 21 741 15 646 IPO Valuation 990 450 579 1 878 436 1 235 993 1 812 2 235
2018 January 37 LP 2017 4 600 300 2018 1 10 3 48 VC 1 400 2 3 000 785 1 100 VC HB 750 25 2 VC A B 5 20 500 VC 25 100 5 000 2017 12 1 334 12 134 100 KVF 1 200 10 1 334 110 6 510 5 80 3 8 500 3 3 000 1 2018 4 M&A LP IPO M&A 2 5 000 LP 5 000 M&A 1 500 3 000 PE VC 4 3 60 2 Follow on 2 3 3 380 600 2017 6 UTC 500 K2 LB 250 VC DSC
38 시장동향 LP 8 VC 2007 9 3 3 000 4 3 1 380 130 200 3 4 2018 700 2006 1 2 2006 9 2012 10 7 8 800 1 250 GP KTB 500 200 KTB 150 400 VC LB 150 PEF JKL 400 1 250 PEF VC 2016 2016 PEF IMM VIG VC IB 3 VC 3 1 3 2 3 3 2 2016 5 2017 4 2018 6 188 501 700 1 000 1 000 60 5
1990 45 16 VR 3 TEL. (02)2156-2141 FAX (02)2156-2110 E-mail newsletter@kvca.or.kr
VENTURE CAPITAL NEWSLETTER