2023年网络市场报告（英）-25正式版

TheStateofOnlineMarketplacesin2023February2024Investinginthefutureofmarketplaces.Globalstartup&venturecapitalintelligenceplatform.AdevintaVenturesistheinvestmentarmofAdevinta,aleadingonlineclassifiedsgroupandchampionofsustainablecommercewithafocusonEurope.AdevintaVenturesinvestsinfast-growingEuropeanearlystagestart-upsinthemarketplacetechnologyspace-givingpromisingventuresthesupporttoacceleratetheirsuccess.Byinvestinginearlystageinnovation,AdevintaVenturesstaysontopofnewtrendsintechnologyanddrivesindustrytransformation.Dealroom.coisaglobalintelligenceplatformfordiscoveringandtrackingthemostpromisingcompanies,technologiesandecosystems.Clientsincludemanyoftheworld’sforemostorganizationssuchasSequoia,Accel,IndexVentures,McKinsey,BCG,Deloitte,Google,AWS,Microsoft,Stripe.Dealroompartnerscloselywithlocaltechecosystemdevelopmentagenciesandenablers,tocreateacomprehensivemulti-dimensionalblueprintofthetechecosystem,includingcapital,talent,innovation,entrepreneurshipandoveralleconomicdynamism.KeyTakeawaysVenturecapitalinvestmentinmarketplacesshiftstootherbusinessmodelslikeSaaSorhybridmodelsVerticalmarketplacesattracted90%ofthefundingoverthelastthreeyearsB2Bmarketplacesareontherise,beinglessimpactedbyeconomicuncertaintiesInvestmentsrosetowardsSaaSsolutionsandSaaSmarketplaces.Marketplacesmadeupthelowestshareofglobalventurecapitalinoveradecade.In2023,VCfundinginmarketplacestotalled$31.6B,adropdownto2014levels,primarilyduetoasharpdeclineinlatestagerounds.Specialisationiskeyasverticalmarketplaceshaveattracted90%ofthefundingoverthelast3years.Moreover,Fintech-enabledMarketplaces,SaaS-enabledmarketplacesandincreasinglyAI-enabledmarketplacesarebecominginherenttothesector.B2Bmarketplacesattractedanall-time-high20%shareofthefundinggoingtomarketplaces.B2Bmarketplacesareinfactlesssubjecttoeconomicuncertaintiesandoscillatoryconsumerspendingandboostedbythedigitizationofsupplychains.B2BMarketplacesarealsooftenSaaSand/orfintech-enabledtofullymeetthespecificneedsoftheirmerchantsandclients.GlobalVCfundingbybusinessmodelVerticalvshorizontalmarketplacesshareofVCfundingamountandroundcount(2020-2023)B2BshareofmarketplacesVCfundingCount&FundingamountSource:Dealroom.co3Theevolutionofmarketplaces✓

ThefirstgenerationofonlinemarketplacesexpandedfromtownsquaresandbulletinboardsintoeBayandCraigslist.Arecognisableonlinemigration.Butmarketplaceshaveevolvedmoreinthelast20yearsthanintheprevious200.✓

Theinitialwaveofmarketplacesfromthe2000stendedtobesupply-drivenandverticallyfocused.Thenextwaveofmarketplacesenabledthetransactiontotakeplaceontheplatform.Inthe2010s,marketplacesbecameon-demand,location-basedandalmostfullymanagedbytheoperatortoimprovetheuserexperience.✓

Today,weareatatimeofabundanceofcapital,e-commerceadoptionandmillionsofunbankedconsumersingrowthmarkets.Thenextgenerationofonlinemarketplacesembedfinancialservicestocreateabettervalueforthecustomer,increaseretentionandmonetization.✓

Superchargedmarketplacesarenowbecomingthenorm.EverythingisalreadyeitherFintech-orSaaS-enabled,andAI-enabledmarketplacesarealsoemerging.Theevolutionofmarketplaces1990s2000s2005-20102010-20152015-20202021+SUPERCHARGEDMARKETPLACESMANAGEDMARKETPLACESON-DEMANDTRANSACTIONALVERTICALSPECIALISTSSUPPLYAGGREGATORS5CapitalinvestmentinmarketplacesshiftstootherbusinessmodelslikeSaaSorhybridmodelsAkeyinfluenceistheriseofSaaSsolutionsandSaaSmarketplaces,drivinginvestmentstowardsthissector.GLOBALVCFUNDINGBYBUSINESSMODELPureplaymarketplace&e-commercemodelsarereceivingthelowestshareofglobalventurecapitalinoveradecade.Thisispartofalonghistoricaltrendwhichhasseenmarketplacefundinggaingreatershareuntilitpeakedin2015-2017andthendecreasedrightafter.In2023,VCfundinginmarketplacestotalled$31.6B,adropdownto2014levels,primarilyduetoasharpdeclineinlatestagerounds.SuperchargedmarketplaceshavebecomethenormMostsolutionsarenoweitherFintech-orSaaS-enabled,withtheaddedemergenceofAI-enabledmarketplacesBackinour2021report`Fintech-enabledMarketplaces:TheFutureofMarketplaces’,welookedathowFintech-enabledmarketplacesarecreatingmorevaluethaneithermarketplacesandfinancialservicesalone.Today,itismucheasiertoembedordevelopin-houseFintechorSaaSservicesthankstoadvancementsininfrastructure(embeddedfinanceproviders,APIs,no-codesoftwareetc).Marketplacestakeadvantageoftheirdataandonlinereachtooffertheseadditionalservicesanddrivenewrevenuestreamsandhighercustomerretention.“Addingfinancialservicescanmakeamarketplacemoreattractiveandenhancesit’sattractivenessbysimplifyingfinancialtransactionsforusers”Ontheotherhand,SaaSfeaturesenhancemarketplacesbyprovidingseamlessNOTABLEMARKETPLACESROUNDSIN2023interactionsandoperationalefficiency,whichcanboostuserengagementandsatisfaction.SaaS-enabledmarketplaceAdditionally,AIstreamlinesoperationsifitisenhancedwithintheproduct.AI-firstproductsormarketplaces(builtaroundessentialenablingtechnologiesofthenewAIera)canimprovetheoveralluserexperiencewithinmarketplaces.Fintech-enabledmarketplaceThecombinationofSaaS,Fintech,andAItransformsmarketplacesintodynamic,user-centricplatformsthatarebetterequippedtomeetthediverseneedsoftheirusers.AI-enabled9TheuseofAIiscreatinganewgenerationof"superchargedmarketplaces"thatsolvecomplexproblemsforcustomers,likeShakers“AtShakers,weareremovingthefrictionforcompanieswhenbuildingexternalteams,unlockingtalentatscale,andtransformingthewaycompaniesrelatetoindependentworkers.Thisapproachprovidesenhancedvalue&experienceforbothworkersandcorporations.”These"super-poweredmarketplaces"operateinthreeways:HéctorMata➔➔➔Ensuringvettedsupplyanddemand.CEO&FounderShakersUtilizingAItooptimizeworkflowsanduserexperience.Providingspecificfinancialsolutionstominimizefriction.10Verticalmarketplacesattracted90%ofthetotalfundingoverthelastthreeyearsVerticalvshorizontalmarketplacesshareofVCfundingamountandroundcount(2020-2023)*Notableverticalandhorizontalmarketplaceroundsin2023VERTICAL$550MGrowthEquityVC-Jul2023$297MGrowthEquityVC-Jul2023$150MSeriesE-Sep2023HORIZONTAL$600MGrowthEquityVC-Dec2023$448MSeriesF-Jan2023$340MSeriesE-Dec2023Count&FundingamountSource:Dealroom.coDataasofJan19th2024.*Fintechisexcludedfromtheanalysis(Hyper)VerticalmarketplaceslikeCocolihavebeenexploringbusinessmodelinnovationstoboosttheircustomerexperience“Giventhelogisticalshortcomingsforsecondhandsalesinthefurnitureindustry,afull-stackserviceisimportanttoenablecircularityandsecondlifeforretailersandtheircustomers.AtCOCOLI,wecollaboratewithhyperlocal,national,andpan-Europeanlogisticpartnerstooffersuperiorpackingandpick-upservicesforallsellerswhileprovidingflexibleoptionssuchasconsignmentordropshipment,tailoredtomeetthespecificneedsofeachseller.Bycreatingaseamlessandreliableverticalizedplatform,weaimtodrivetheadoptionofsecond-handfurnitureasthepreferredGemmaComabellachoice,whilesimultaneouslyreducingwasteandpromotingacirculareconomy”.CEO&FounderCOCOLI12TheMajorHyper-VerticalizedMarketplacesof2023:EXPLORETHEFULLLANDSCAPE13FintechisthetopfundedMarketplaceindustryin2023,closelyfollowedbyFoodEnergyandFashionhavebeenthemostresilienttothedownturn.TOPMARKETPLACESINDUSTRIESBYFUNDINGFOR2023ANDYEAR-OVER-YEARGROWTHVIEWONLINEINDUSTRY2023GROWTHTOP3COMPANIESENERGYFASHIONAveragemarketplacedrop-62%Source:Dealroom.co14DataasofJan19th2024.TypesofB2BMarketplaces.Two-sidedmarketplacesbetweencompaniesandprofessionalsNotincludedinB2BmarketplacedefinitionfortheanalysisB2CmarketplaceswithbigB2Bsegmentasadd-onB2BsoftwareforB2CmarketplacesSaaS-enabledB2BmarketplacesTwo-sidedmarketplacesbetweenbusinessesSaaS-firstwithmarketplaceasadd-onMoredetailsonDealroom’smethodologyandwhatconsistsaB2Bmarketplacecanbefoundinthe“Methodology”segmentattheendofthereport.1520%ofMarketplaces’fundingwenttoB2BMarketplacesin2023,thehighestshareeverB2BSHAREOFMARKETPLACESVCFUNDINGSource:Dealroom.co16DataasofJan19th2024.However,B2Bmarketplacesraised$6.3Bin2023,a36%declinecomparedtothepreviousyear’sfundingleveland3xlessthanin2021B2BMARKETPLACESGLOBALVCFUNDINGVIEWONLINE€250m+LATE€100-250m€40–100m(seriesC)€15–40m(seriesB)BREAKOUTEARLY€4–15m(seriesA)€1–4m(seed)€0–1m(pre-seed)Source:Dealroom.co17DataasofJan19th2024.Ontherise:FintechthatenablesB2BMarketplacestocatertovitalfinancingneedsoftheirstakeholders,suchasAria“AtAria,wearededicatedtoinnovatingandresolvingeverytransactionalhurdlethatB2Bmarketplacesandplatformsface.Inparticular,weallowourpartnerstoofferinstantinvoicepayoutstotheirsellerswhileempoweringtheirbuyerswithflexiblepaymentoptionssuchaswiretransfersorNet30terms.ClémentCarrierTheshiftofB2Btradetothedigitalrealmmarksasignificantadvancementintheindustry.However,thistransitiondoesn'tfullymeetthenuancedneedsofmerchantsandtheirclients.FintechwillstreamlineprocessesandunlocknewpossibilitiesforgrowthinB2Bcommerce”.CEO&FounderAria18TheUnitedStatesstillleadswithmorefundingthantheUKandIndiacombinedSaudiArabia’sTOPMARKETPLACESINDUSTRIESBYFUNDINGFOR2023ANDYEAR-OVER-YEARGROWTHVIEWONLINEimpressivegrowthcanbeattributedtoafewmega-roundsraisedthisyear.COUNTRY2023GROWTHSource:Dealroom.coDataasofJan19th2024.Averagemarketplacedrop-62%19Marketplaceexitshavesurgedsince2022,fueledbyariseinacquisitionsandbuyouts.PublicmarketsarestilllargelyclosedtonewlistingsNUMBEROFGLOBALMARKETPLACESEXITSBYTYPE➔➔M&Aactivityremainsstrongandabovehistoricallevels.Howevermostofacquisitionsaresmallticketsizesandoftenatlowerthanhistoricalprivatevaluations.➔➔➔Apartfromafewsuccesses,thelargestacquisitionsarelate-stagestartupsbeingboughtbymostlyPEfirmstakingadvantageoflowvaluations,challengingprivatefinancingmarketandnopossibilityofpublicmarketlisting.AnotherkeytrenddrivingM&Aactivityisstartupconsolidation.Startupsinastrongcashpositionandwithsolidfinancialbackingareacquiringcompetitorstolockinmarketdominance.Wearealsoseeingalargenumberoffiresalesandbankruptciesofcash-starvedandunprofitablestartups.Source:Dealroom.coDataasofJan19th2024.In2023,withfewerVCfundingavailable,Marketplacesareincreasinglyreliantondebt.Over$14Bindebtwasraised,arecord-high30%oftotalprivatefinancingraisedTOTALDEBT*FUNDINGANDASAPERCENTAGEOFGLOBALMARKETPLACEFUNDINGTOPDEBTROUNDSOF2023VIEWONLINE$550MDebt-Dec2023£500MLendingCapital-Sep2023$640MDebt-May2023$470MDebt-Aug2023$400MLendingCapital-Jun2023£300MDebt-Sep2023*Debtincludesherealsolendingcapital.Source:Dealroom.coDataasofJan19th2024.Privatevaluationshavenotyetrepricedofficiallyinmostcases,duetoariseininternalbridgeroundswhichlimitexternalvaluationinformation.Publicmarketsvaluationsbouncedback,butstillbelow2021levels.GLOBALCOMBINEDMARKETPLACEENTERPRISEVALUEBYOWNERSHIP%OFVCBACKEDPRIVATEMARKETPLACESWHICHRAISEDAROUNDIN2023VIEWONLINE14%ofVCbackedmarketplacesstartupshaveraisedcapitalin2023*.86%ofprivatestartupshavenotadjustedtheirvaluationsrecently.+0.85%YoY▲+46.74%YoY▲Source:Dealroom.coDataasofJan19th2024.22ThefuturemarketoutlookforMarketplacestartupsremainsuncertain.Althoughsignificantcapitalisaccessible,itsdeploymentmayproceedatamoremeasuredpaceoverthenext12-18monthsCAPITALAVAILABILITYISUNCERTAINSTARTUPSUCCESSThereisalotofdrypowderinVCfunds.Startupsuccessratehasnotchangedmuchhistorically.Startupshaveonaveragenotbecomemoresuccessfultoreachnextstagesingrowth(conversionrateshaveremainedmostlyunchangedhistorically*).Thelargernumberofbigsuccessesinrecentyearscamefromtheincreasedsizeofthefunnel.Over$500BhasbeenraisedbyVCfundssince2021,evenif2023isshowingastrongslowdowninfundraisingpace,withVCfundraisingdownnearly50%fromlastyear.Butdeploymenttimesaregettinglonger.WhileVCsweredeployinginlessthan2yearsinthe2020-2021bullmarket,deploymenttimesarenowbeingstretchedduetomorecautioninevolvingmarketconditionsandstrongerduediligence.Therearehoweverlimitstothisduetofeesandreturnexpectations.Fundingavailabilityandstartupsuccessdonotnecessarilycorrelate.Investorsareshiftingtheirstrategy,movingawayfromspreadingbetsthinlyandinsteadconcentratingeffortsonidentifyingpotentialwinnersatevenearlierstages.Theinfluenceofhottrendshasbecomemorepronouncedinshapinginvestmentdecisions.ThelastdecadeandmoreofVCfundinghoweverhappenedinalow-interestenvironmentandfreeofeconomicdownturns.Lookingbacktothe2007-2008cohortofmarketplacestartupstheyhaveshownhigherconversionratesdespitebeingmorecapitalconstrainedatinception.Thestartupenvironmentwashoweververydifferent,withamuchsmallercohortandlessintra-startupcompetitionsocomparisonsarehardtobemade.Source:Dealroom.coDataasofJan19th2024.MethodologyanddefinitionsStartups,scaleups,grownupsandtechVenturecapitalinvestmentMarketplacesdefinitionsUnderlyingdataCompaniesdesignedtogrowfast.Generally,suchcompaniesareVC-investablebusinesses.Sometimestheycanbecomeverybig(e.g.$1B+valuation).Investmentnum